Green bond issuance by US REITs down in H1 2025

Green bond issuance by US equity real estate investment trusts subsided in the first half of 2025, according to an S&P Global Market Intelligence analysis.

Datacenter REIT Equinix Inc. was the sole US REIT to issue green bonds in the first half, raising roughly $1.67 billion through two euro-denominated offerings. The two green bond offerings represented about 6.7% of total bond proceeds raised by REITs during the six-month period.

The offerings consisted of €750 million of 3.25% senior notes due 2029 and €750 million of 4.0% senior notes due 2034.

Green bond offerings by US REITs have fallen significantly from their peak in 2021, when REITs raised $14.38 billion, representing 18.2% of the total proceeds raised by REITs through bonds during that year.

In 2024, five US REITs issued green bonds totaling $4.25 billion in proceeds, while only $1.60 billion was raised through green bond offerings in 2023.

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Green bond proceeds cross $42B

Since 2018, 25 US REITs have issued green bonds, totaling $42.67 billion in proceeds.

Following the latest green bond issuance, Equinix's total proceeds from green bonds aggregated to nearly $8.44 billion since 2018, the most of any US REIT.

Digital Realty Trust Inc., the other public datacenter REIT, ranked second with $7.03 billion raised through green bonds over the measured period. Digital Realty also sold $500 million of green bonds in 2015.

Office REIT BXP Inc. ranked third with $5.05 billion raised through green bonds, followed by industrial REIT Prologis Inc. with $3.52 billion and office REIT Alexandria Real Estate Equities Inc. with $3.20 billion.