John Barwick

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.

The FTSE EPRA Nareit Developed Extended Index posted a total return of 0.5% in September. 

The FTSE Nareit All Equity REITs Index rose 0.4% in September as the Federal Reserve, noting the softening labor market, cut the federal funds rate by 25 basis points.

The FTSE EPRA Nareit Developed Extended Index rose 3.7% in August, led by Asia and North America.

The FTSE Nareit All Equity REITs Index rose 3.3% in August, outperforming the broader stock market. The Dow Jones U.S. Total Stock Market rose 2.3% and the Russell 1000 rose 2.1% for the month.

The FTSE EPRA Nareit Developed Extended Index fell 1.4% in July.

The FTSE Nareit All Equity REITs Index declined 1.1% in a volatile July, falling in six of the final seven trading sessions.

U.S. REITs raised $22.5 billion from secondary debt and equity offerings in the second quarter of 2025.

The FTSE EPRA Nareit Developed Extended Index rose 1.2% in June.

Global listed real estate has slightly outperformed global equities year-to-date.