As of Sept. 30, 2003, REITs have raised more than $18 billion through IPOs as well as debt and equity offerings in 2003, putting the industry on pace for its highest total since 1998. REITs raised $9.2 billion, or 50 percent, of this capital through unsecured and secured debt offerings. An additional $7.2 billion, or 39 percent, has been raised through secondary equity offerings. The largest equity offering to date was Host Marriott Corporation’s (NYSE: HMT) August common stock offering which raised $254 million. Equity Office Properties Trust (NYSE: EOP) led the debt offerings category, raising $1 billion through unsecured debt offerings to date in 2003. The remaining $1.7 billion was raised through four initial public offerings, American Financial Realty Trust (NYSE: AFR), Maguire Properties, Inc. (NYSE: MPG), Gladstone Commercial Corp. (Nasdaq: Good) and Ashford Hospitality Trust (NYSE: AHT).

Source: NAREIT. ¹Data as of Sept. 30, 2003.

Source: NAREIT. ¹Data as of Sept. 30, 2003.