US equity REIT capital-raising activity more than halves in February

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

US equity real estate investment trusts' capital markets activity more than halved during February compared to the previous month.

US REITs raised $1.32 billion during February, down 66.7% from the previous month. Debt offerings pulled in $1.30 billion, while common equity offerings raised $23.1 million for the industry, according to S&P Global Market Intelligence data.

Healthpeak Properties attracts most capital

Healthcare-focused Healthpeak Properties Inc. announced an offering of $500.0 million in aggregate principal amount of 5.375% senior unsecured notes due 2035 on Feb. 5. This was the highest among all REITs in February.

Healthpeak Properties intends to use the net proceeds from the offering to repay borrowings outstanding under its commercial paper program and for general corporate purposes, which may include working capital, acquisitions, development and redevelopment activities, capital expenditures, and repaying or repurchasing other debt. Pending such uses, proceeds may initially be invested in short-term securities.

Multifamily REIT Essex Property Trust Inc. sold $400.0 million worth of 5.375% senior notes due 2035. Essex Property Trust intends to use the net proceeds of the offering to repay upcoming debt maturities, including a portion of the repayment of the $500.0 million aggregate principal amount outstanding of 3.500% senior notes due April, and for other general corporate and working capital purposes.

Retail REIT Brixmor Property Group Inc. sold $400 million aggregate principal amount of 5.200% senior notes due 2032. Brixmor Operating Partnership LP intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of outstanding debt under its unsecured revolving credit facility.

Diversified REIT MacKenzie Realty Capital Inc. raised $12.6 million from two common equity offerings.

On Feb. 13, MacKenzie completed a $10 million equity raise for the Aurora at Green Valley development. On Feb. 28, MacKenzie announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 2,826,299 common shares in a registered direct offering. The company also agreed to issue unregistered series A and series B common warrants in a concurrent private placement. The combined effective offering price for each common share and accompanying warrants was $1.71.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2025 by publicly listed US equity real estate investment trusts. – For further capital offerings research, try the global real estate capital offerings activity template.

Healthcare sector tops capital offerings

As of Feb. 28, the healthcare sector raised the most capital year-to-date at $3.04 billion. The office sector followed with $550.0 million raised. Industrial-focused REITs came in third with $521.1 million.

The retail sector raised $410.4 million, the residential sector pulled in $400.0 million and the self-storage sector raised $350.0 million. The diversified sector raised $12.6 million through February.