REITs raised $19.8 billion in the third quarter of 2026 through secondary debt and equity offerings, matching capital-raising activities from Q2, Nareit reported. On a year-to-date basis, REITs have raised $65.7 billion including at-the-market fundraising through Q2, a comparable figure to the YTD total of $67.9 billion through Q3 2025.
Of Q3’s total, $14.9 billion came from debt offerings, $4.7 billion from common equity offerings, and $173 million from preferred equity offerings. After an active first half of 2026, the REIT IPO market cooled with no offerings in Q3. Borrowing costs for REIT debt have risen during 2026, with a weighted average coupon of 5.4% in Q3 compared to 4.7% in Q1.
On the M&A front, three deals for public U.S. REITs totaling $8.6 billion were announced in the quarter, with $3.6 billion (42%) of this representing public-REIT to public-REIT deals. One take-private deal was announced over this period, valued at $4.9 billion.
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