US real estate investment trusts (REITs) raised $22.5 billion from secondary debt and equity offerings in the second quarter, with $16.3 billion coming from debt offerings, $6.1 billion coming from common equity offerings, and $100 million coming from preferred equity offerings.
According to data from Nareit, REITs raised a total of $39.7 billion during the first half of the year, with $25.2 billion coming from secondary debt offerings, $8.7 billion from secondary common equity offerings, and $800 million from secondary preferred equity offerings.
Debt issuance continued to be the primary funding source in the second quarter, with $16.3 billion issued. Year-to-date non-ATM (At-the-Market) equity issuance totaled $9.5 billion, with $8.7 billion coming from common equity offerings and $800 million coming from preferred equity offerings.
Nareit observed there were no merger and acquisition deals in this sector during the first half of the year – in comparison, $12.9 billion in acquisitions of publicly traded US REITs were announced in 2024.
