REIT Capital Offerings Rise to $80B in 2025

Fundraising Remained Strong

REIT capital offerings climbed to about $79.9B in 2025, marking a $3.6B increase over the prior year, reports Nareit. This total excludes potential additional funds from fourth quarter ATM issuance, which is reported with a lag. Quarterly activity slowed in Q4, with $6.7B raised—mostly through debt offerings.

In 2025, non-ATM equity issuance reached $18.5B, while ATM proceeds through Q3 added $16.2B. Debt issuance remained the dominant funding method for REITs, with $5.1B in Q4 and $44.4B raised for the year. Favorable borrowing conditions contributed, as average Q4 coupons for unsecured debt fell to 4.6%.

M&A Activity Picks Up

M&A activity slowed through most of 2025 but picked up by year’s end. REITs announced five deals worth $18.2B in Q4, pushing the year’s total M&A volume to $24B. That nearly doubled the $12.9B reported in 2024 and reflected greater public REIT consolidation across property sectors.

Property Transactions Maintained Momentum

Through the third quarter of 2025, REIT property acquisitions totaled $40.5B, with $25.6B in dispositions. Retail, health care, and residential properties led in acquisition volume, posting $10.9B, $10.1B, and $5B, respectively. Despite a slow final quarter, REITs continued to actively manage portfolios in response to market conditions.

What’s Next

With REIT capital offerings reaching $80B and M&A volumes nearly doubling, the sector showed adaptability in capital raising and deal-making despite market headwinds. Third-quarter fundraising stood out as one of the year’s strongest periods, driven largely by debt issuance even as M&A activity remained muted. The outlook for 2026 will depend on continued debt market access and strategic portfolio moves across major property types.