REITs raised $19.8 billion in the third quarter through secondary debt and equity offerings, matching capital-raising activities from the second quarter. On a year-to-date basis, REITs have raised $65.7 billion including at-the-market fundraising through the second quarter. Through the third quarter of 2025, REITs raised $65.9 billion, a figure that excludes at-the-market offerings for the third quarter for consistency.
Of the third quarter total, $14.9 billion came from debt offerings, $4.7 billion from common equity offerings, and $173 million from preferred equity offerings. After an active first half of 2026, the REIT IPO market cooled with no offerings in Q3. On a year-to-date basis, REIT capital-raising predominantly came from the secondary debt market, accounting for $32.6 billion, with $29.0 billion from common equity offerings (including Q2 ATM issuance), $543 million from preferred equity offerings, and $3.5 billion from IPOs.Through the third quarter of 2025, debt offerings accounted for 59% of total capital raised, declining to 50% over the same period in 2026. Borrowing costs for REIT debt have risen over the course of 2026, with a weighted average coupon of 5.4% in the third quarter compared to 4.7% in 2026: Q1.
Nareit’s historical capital offerings summary can be found here.
On the M&A front, three deals for public U.S. REITs totaling $8.6 billion were announced in the quarter, with $3.6 billion (42%) of this representing public-REIT to public-REIT deals. One take-private deal was announced over this period with a total deal value of $4.9 billion. Of the $391 billion in public REIT mergers and acquisitions from 2019–2026, 62% of the transaction value represents deals between listed REITs in the same property sector.
2026 Capital Raising
- Non-ATM equity issuance totaled $4.9 billion in 2026: Q3, with $4.7 billion coming from follow-on common equity offerings, and $173 million from preferred equity offerings.
- Debt issuance accounted for most of the capital raised in the quarter, with $14.9 billion issued, compared to $14.0 billion over the same period in 2025.
Mergers & Acquisitions
Fourteen acquisitions of listed REITs have been announced in 2026, reflecting an aggregate transaction value of $100.9 billion. Six public-to-public deals totaled $75.6 billion, while the eight privatizations came to $25.3 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 70 REITs have been announced or completed. Of the $391.3 billion represented by these acquisitions, 75% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
As of 2026: Q2, property acquisitions totaled $24.4 billion, with $8.9 billion in dispositions. Property acquisitions in 2025 were $69.1 billion, along with $49.2 billion in dispositions. Health care, retail, and data centers accounted for the most acquisition activity in the second quarter, with acquisitions of $9.5 billion, $4.7 billion, and $4.3 billion, respectively. See Nareit’s REIT Industry Tracker for further details.