US equity REIT capital offerings activity up 47% month over month in January

Editor's note: This article is published monthly with current data available at that time.

Capital markets activity by U.S. equity real estate investment trusts was up in January, pulling in a total of $4.46 billion, a 47.3% increase from the $3.03 billion raised in December 2022 but a 1.9% drop from the amount raised a year earlier.

The majority of capital raised in January came through debt offerings, at $4.26 billion, while preferred equity offerings accounted for the remaining $200.0 million, according to S&P Global Market Intelligence data.

Prologis opens 2023 with highest amount of capital collected

Industrial REIT Prologis Inc. raised the most capital during the month, totaling $1.36 billion, after selling $706.5 million of unsecured notes due 2043 and another set of unsecured notes worth $652.2 million due 2030.

Single tenant-focused Realty Income Corp. followed with a total of $1.10 billion through two senior debt offerings. Crown Castle Inc. came in third, selling $1.00 billion of unsecured notes due Jan. 11, 2028.

* Set email alerts for future Data Dispatch articles. * Access a spreadsheet listing the offerings completed year-to-date in 2023 by publicly listed U.S. equity real estate investment trusts. * For further capital offerings research, try the global real estate capital offerings activity template.

Industrial sector leads year-to-date capital offerings

By property sector, industrial REITs raised the most capital in January at $1.36 billion. The specialty sector — composed of advertising, casino, communications, data center, energy infrastructure, land, prison and timber REITs — followed with $1.20 billion raised in aggregate. Retail REITs came in third with $1.10 billion.

During the same month, the residential and the healthcare sectors pulled in $400 million worth of capital each.