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.