Canadian REIT capital offerings dip more than 30% annually in Q3 2025

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

Publicly traded Canadian real estate investment trusts raised C$700.0 million through capital offerings in the third quarter. The amount represented a 36.4% drop from C$1.10 billion a year earlier. It was also a 22.2% decline compared to the C$900.0 million raised in the previous quarter.

All the capital raised in the third quarter came from debt offerings.

Retail sector gets over half of raised capital YTD

Five major property sectors pulled in capital during the first three quarters of the year. The retail sector — comprising shopping centers and other retail properties — accounted for the biggest share at C$2.35 billion, equal to 55.4% of all offerings year to date.

The office segment was second, pulling in 20.0% of the total capital at C$850.0 million. Both the healthcare and industrial sectors collected C$500.0 million each, while the diversified sector raised C$40.3 million.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2025 by publicly traded Canadian real estate investment trusts. – For further capital offerings research, try the Global Real Estate Capital Offerings Activity template.

Choice Properties REIT pulls in C$500M in Q3

Retail REIT Choice Properties REIT attracted the most capital in the third quarter, raising a total of C$500.0 million after selling C$350.0 million of 4.628% series W senior unsecured debentures due Aug. 8, 2035, and C$150.0 million of 5.369% series X senior unsecured debentures due Aug. 8, 2055. The net proceeds from the offerings will be used to repay the retail REIT's existing debts, including the redemption in full of the REIT's C$200 million aggregate principal amount of 4.055% series F senior unsecured debentures due Nov. 24, 2025, on Sept. 5, and for general business purposes.

Industrial REIT Dream Industrial REIT sold C$200.0 million of 4.287% series G senior unsecured debentures due July 3, 2030. The industrial REIT intends to use the net proceeds from the offering to repay its existing debts, including the pre-funding of the repayment of a debt that will mature in December 2025, as well as for general trust purposes.

The largest single-debt offering during the first half was office REIT Allied Properties REIT's C$450 million debt offering, completed Feb. 24. The offering's net proceeds will finance or refinance Eligible Green Projects and the full repayment of the construction loan on 19 Duncan Street in Toronto. The balance is to be applied toward the repayment of its series C senior unsecured debentures due April 21, 2025.

Allied Properties REIT has raised the most capital year to date at C$850 million, followed by Choice Properties REIT at C$800 million.