REITs raised approximately $20 billion in the second quarter through secondary debt, equity, and initial public offerings. This represents an increase of $2.7 billion from the first quarter. On a year-to-date basis, REITs have raised $36.2 billion. Through the second quarter of 2025, REITs raised $34.7 billion, a figure that excludes at-the-market offerings for the second quarter for consistency.
Of the second quarter total, $10.5 billion came from debt offerings, $6.3 billion from common equity offerings, and $100 million from preferred equity offerings. The REIT IPO market continued to be active, with two IPOs raising $2.5 billion. On a year-to-date basis, $17.6 billion came from debt offerings, $14.7 billion from common equity offerings (including Q1 ATM issuance), $370 million from preferred equity offerings, and $3.5 billion from IPOs.
In 2025, debt offerings were a more significant funding source, accounting for 73% of total capital raised, declining to 48% in 2026. In the first half of 2025, $25.2 billion came from debt offerings, $13.7 billion from common equity offerings (including Q1 ATM issuance), and $800 million from preferred equity offerings.
Nareit’s historical capital offerings summary can be found here.
On the M&A front, five deals for public U.S. REITs totaling $42.7 billion were announced in the quarter, with $36.9 billion (86%) of this representing public-REIT to public-REIT deals. Three take-private deals were announced over this period with an aggregate deal value of $5.8 billion. Of the $358 billion in public REIT mergers and acquisitions from 2019–2026, 60% of the transaction value represents deals between listed REITs in the same property sector.
2026 Capital Raising
- Non-ATM equity issuance totaled $8.9 billion in 2026: Q2, with $6.3 billion coming from follow-on common equity offerings, $2.5 billion from two IPOs, and $100 million from preferred equity offerings.
- Debt issuance made up the majority of capital raised in the quarter, with $10.5 billion issued, compared to $16.3 billion over the same period in 2025. In the second quarter of 2026, the average coupon for REIT unsecured debt offerings was 5.5%.
Mergers & Acquisitions
Nine acquisitions of listed REITs have been announced in 2026, reflecting an aggregate transaction value of $67.2 billion. Three public-to-public deals totaled $46.8 billion, while the six privatizations came to $20.4 billion. 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 2019, deals for 65 REITs have been announced or completed. Of the $358 billion represented by these acquisitions, 74% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
As of 2026: Q1, property acquisitions amounted to $12.1 billion, with $7.9 billion in dispositions. Property acquisitions in 2025 were $67.3 billion, along with $47.3 billion in dispositions. Health care, retail, and office posted the most acquisition activity in the first quarter, with acquisitions of $4.6 billion, $3.7 billion, and $1.2 billion, respectively. See Nareit’s REIT Industry Tracker for further details.