REITs have raised approximately $10 billion in 2026, a figure that does not include first quarter ATM issuance due to a lag in reporting. This total represents a $2.2 billion decrease over the same period in 2025, when REITs raised $12.2 billion. In 2025, REITs raised $78.4 billion in the capital markets, down slightly from the $84.7 billion raised in 2024.
Of the first quarter total, $6.3 billion came from debt offerings, $2.4 billion came from common equity offerings, and $340 million came from preferred equity offerings. The first REIT IPO of 2026, which had a health care focus, priced in March and raised $966 million. Two other IPOs have been announced in the health care and data center sectors.
Secondary debt offerings accounted for 63% of capital raised in the quarter. Nareit’s historical capital offerings summary can be found here.
M&A activity in the first quarter of 2026 exceeded calendar year 2025. Four deals were announced in the first quarter, with an aggregate transaction value of $26.1 billion, including debt assumption. Of the $316 billion in public REIT mergers and acquisitions from 2019–2026, 57% of the transaction value represents deals between listed REITs in the same property sector. REIT privatizations have been accompanied by large shareholder premiums.
2026 Capital Raising
- Non-ATM equity issuance totaled $3.7 billion in 2026: Q1, with $2.4 billion coming from follow-on common equity offerings, $966 million from one IPO, and $340 million coming from preferred equity offerings.
- Debt issuance continued to be the primary funding source in the first quarter, with $6.3 billion issued, compared to $8.9 billion over the same period in 2025. In the first quarter of 2026, the average coupon for REIT unsecured debt offerings was 4.7% compared to 5.4% in 2025.
Mergers & Acquisitions
Five acquisitions of listed REITs were announced in the first quarter of 2026, reflecting an aggregate transaction value of $26.1 billion. The one public-to-public acquisition came in at $9.9 billion with a premium of $5.1 billion. The average transaction value of the three equity REIT privatizations was $2.2 billion, with a premium of $491 million. In 2025, five REIT M&A deals were completed, with a value of $14.4 billion. In 2024, two deals to acquire listed REITs were announced, with a total deal value of $12.9 billion. Since the beginning of 2021, deals for 49 REITs have been announced or completed. Of the $279 billion represented by these acquisitions, 77% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
Property acquisitions in 2025 amounted to $67.3 billion, with $47.3 billion in dispositions. In 2024, $47.6 billion in acquisitions and $40.5 billion in dispositions were posted. Health care, retail, and residential led in 2025, with acquisitions of $25.8 billion, $14.9 billion, and $8.1 billion, respectively. See Nareit’s REIT Industry Tracker for further details.