U.S. REITs raised $17.6 billion from secondary debt and equity offerings in the first quarter of 2024. $12.9 billion came from debt, $3.7 billion came from follow-on common equity offerings, and $210 million was raised through preferred equity offerings. One IPO was completed, raising $773 million. ATM program usage data are reported to Nareit on a lagged basis, so the total capital raised is expected to increase when available. In 2023: Q4, REITs raised $6.7 billion through at-the-market equity offerings. Nareit’s historical capital offerings summary can be found here.
In 2024, an investor group made up of Blackstone Real Estate Income Trust and Blackstone Real Estate Partners X announced deals to acquire U.S. residential REIT Apartment Income REIT for $9.2 billion and Canadian residential company Tricon Residential for $8.8 billion. In 2023, 11 acquisitions of publicly traded U.S. REITs were announced, raising $44 billion. Of the $263 billion in public REIT mergers and acquisitions from 2019-2023, 65% of the transaction value represents deals between listed REITs in the same property sector.
2024 Capital Raising
- Non-ATM equity issuance totals $4.6 billion year-to-date in 2024, including common and preferred equity offerings as well as IPOs. REITs raised $19.6 billion through ATM offerings in 2023.
- Debt issuance totaled $12.9 billion raised at the secondary market year-to-date in 2024, up from the $10.9 billion issued during the same period in 2023.
Mergers & Acquisitions
One deal for a publicly listed U.S. REIT, with a total deal value of $9.2 billion, has been announced in 2024. In 2023, 11 deals were announced, with a total deal value of $44 billion and 95% of the value reflecting acquisitions by other listed REITs. In 2022, 10 deals were announced, representing a total deal value of $83 billion. Since the beginning of 2021, deals for 38 REITs have been announced or completed. Of the $235 billion represented by these acquisitions, 81% is attributed to acquisitions by other public REITs.
Property Acquisitions & Dispositions
REITs posted $9.4 billion in property acquisitions and $8.3 billion in dispositions in 2023: Q4, with year-to-date totals of $70.3 billion in acquisitions and $25.1 billion in dispositions. In 2022, $108.7 billion in acquisitions and $35.7 billion in dispositions were posted. In 2023: Q4, retail, health care, and industrial led with acquisitions of $2.9 billion, $2.7 billion, and $1.1 billion, respectively. See Nareit’s T-Tracker for further details.
