U.S. REITs raised $12.2 billion from secondary debt and equity offerings in the first quarter of 2025. $8.9 billion came from debt offerings, $2.6 billion came from common equity offerings, and $700 million came from preferred equity offerings.
In the fourth quarter of 2024, REITs posted their largest quarterly at-the-market capital raising total of $8.4 billion. For further details on the current or prior year, Nareit’s historical capital offerings summary can be found here.
M&A activity has continued to be quiet, with no deals announced in the first quarter of 2025. In 2024, $12.9 billion in acquisitions of publicly traded U.S. REITs were announced. Of the $272 billion in public REIT mergers and acquisitions from 2019–2024, 56% of the transaction value represents deals between listed REITs in the same property sector.
2025 Capital Raising
- Non-ATM equity issuance totals $3.3 billion year-to-date in 2025, with $2.6 billion coming from common equity offerings and $700 million coming from preferred equity offerings. REITs raised $23.1 billion at-the-market in 2024, setting a new fundraising record. In 2023, REITs raised $19.6 billion through ATM offerings.
- Debt issuance rose to $8.9 billion in the first quarter. REITs raised $48.1 billion through secondary debt offerings in 2024, compared to $29.4 billion in 2023. In the first quarter of 2025 the average yield to maturity for REIT unsecured debt offerings was 6.5%.
Mergers & Acquisitions
No acquisitions of listed REITs have been announced in 2025. In 2024, two 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 37 REITs have been announced or completed. Of the $225 billion represented by these acquisitions, 81% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
Property acquisitions for the fourth quarter of 2024 amounted to $16.9 billion with $15.2 billion in dispositions. In 2024, $46.5 billion in acquisitions and $39.1 billion in dispositions were posted. In the fourth quarter of 2024, health care, retail, and industrial led with acquisitions of $4.7 billion, $4.3 billion, and $1.9 billion, respectively. See Nareit’s REIT IndustryTracker for further details.