Publicly listed REITs raised more capital in the first quarter of 2017 than in any quarter since the second quarter of 2014. REITs raised $23.11 billion in equity and debt in 2017’s first quarter, just under the $23.97 billion raised in the second quarter of 2014.

Capital raised in 2017’s first quarter included $1.87 billion in three IPOs, $8.88 billion in secondary offerings of common shares, $924 million in preferred shares and $11.44 billion in unsecured debt.

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