U.S. REITs raised $21.3 billion from secondary debt and equity offerings in the third quarter of 2025. Of that total, $14.0 billion came from debt offerings, $6.6 billion came from common equity offerings, and $740 million came from preferred equity offerings. The first REIT IPO of 2025, with a focus on the data center segment, priced on September 30 and began trading in October.
Secondary debt offerings accounted for 65.6% of capital raised in the quarter, up from 59.5% in the second quarter and 50.5% during the third quarter of 2024. Nareit’s historical capital offerings summary can be found here.
Though M&A activity has remained subdued, one deal was announced in the third quarter with an aggregate transaction value of $5.7 billion. In 2024, $12.9 billion in acquisitions of publicly traded U.S. REITs were announced. Of the $282 billion in public REIT mergers and acquisitions from 2019–2025, nearly 60% of the transaction value represents deals between listed REITs in the same property sector.
2025 Capital Raising
- Non-ATM equity issuance totals $16.8 billion year-to-date in 2025, with $15.3 billion coming from common equity offerings and $1.5 billion coming from preferred equity offerings. REITs raised $9.9 billion through ATM offerings through the second quarter, after raising $23.1 billion through ATM offerings in 2024.
- Debt issuance continued to be the primary funding source in the third quarter, with $14.0 billion issued. REITs have raised $39.2 billion through secondary debt offerings year to date in 2025, compared to $48.1 billion in 2024. In the third quarter of 2025, the average coupon for REIT unsecured debt offerings was 5.45% compared to 5.60% year to date in 2025.
Mergers & Acquisitions
One acquisition of a listed REIT was announced in 2025, reflecting an aggregate transaction value of $5.7 billion. In 2024, two REIT M&A deals were announced, with a value of $12.9 billion. In 2023, 11 deals to acquire listed REITs were announced, with a total deal value of $44 billion and 95% of the value reflecting acquisitions by listed REITs. In 2022, 10 deals to acquire listed U.S. REITs were announced, representing a total deal value of $83 billion. Since the beginning of 2021, deals for 40 REITs have been announced or completed. Of the $245 billion represented by these acquisitions, 77% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
Property acquisitions through the first half of 2025 amounted to $26.1 billion, with $17.7 billion in dispositions. In 2024, $47.6 billion in acquisitions and $40.5 billion in dispositions were posted. In the first half of 2025, health care, retail, and residential led with acquisitions of $6.7 billion, $6.2 billion, and $3.6 billion, respectively. See Nareit’s REIT Industry Tracker for further details.