US REIT at-the-market activity dips in Q1 2026

Beginning with S&P Global Market Intelligence's second-quarter 2019 analysis of at-the-market program usage by real estate investment trusts, Market Intelligence included forward at-the-market sales settled during the respective quarter as part of the total capital raised. Forward sales conducted during the quarter but not yet settled as of quarter-end were not included in the quarterly total. Because of this methodology change, prior quarterly totals presented in this article may not match historical articles published by Market Intelligence.

At-the-market offering activity by US equity real estate investment trusts dropped in the first quarter of 2026.

Thirty-three US REITs utilized their at-the-market (ATM) offering programs during the recent quarter, raising $4.15 billion in aggregate proceeds, down 8.5% from the quarter prior and 17.8% year over year, according to an analysis by S&P Global Market Intelligence.

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Issuance in Q1 2026

Healthcare REIT Welltower Inc. raised the most capital during the first quarter, selling nearly 7.7 million shares of common stock through its ATM program for $1.56 billion in gross proceeds.

Data center REIT Digital Realty Trust Inc. ranked second, selling 4.9 million shares of common stock through its ATM program for $875 million in net proceeds.

Healthcare REIT Ventas Inc. entered into forward sale agreements under its ATM program for 13.8 million shares of common stock for gross proceeds of $1.2 billion. It also settled 10.6 million shares of common stock under its outstanding forward sale agreements for net cash proceeds of $800.0 million.

Industrial REIT Terreno Realty Corp. and healthcare REIT CareTrust REIT Inc. raised $135.0 million and $129.5 million in gross proceeds, respectively, through their ATM programs.

Additionally, US REITs sold millions of shares on a forward basis through their ATM programs during the first quarter, which remain unsettled and are excluded from the $4.15 billion quarterly total.

American Healthcare REIT Inc. sold more than 7 million shares on a forward basis. The healthcare REIT also settled 639,345 shares of common stock under forward sale agreements for gross proceeds of $31.1 million.

Postal Realty Trust Inc. sold 512,421 shares directly through its ATM program for $8.5 million of net proceeds. Additionally, the REIT sold 2,768,105 shares on a forward basis through its ATM program while also settling 151,314 shares of forward sale agreements for $3.1 million in net proceeds.

Single-tenant retail REIT Agree Realty Corp. sold just over 8.7 million shares of common stock through the forward component of its ATM program for anticipated net proceeds of approximately $658 million.

Realty Income Corp., another single-tenant retail REIT, sold 8.2 million shares of common stock on a forward basis through its ATM program.

Healthcare-focused Sabra Health Care REIT Inc. sold 6.4 million common shares on a forward basis at an initial weighted average price of $20.19 per share, net of commissions.

Single-tenant retail REIT NETSTREIT Corp. sold nearly 4 million shares of common stock on a forward basis under the company's ATM program at a weighted-average price of $18.81 per share.

Other REITs that sold more than 1 million shares through their ATM programs on a forward basis during the quarter included Brixmor Property Group Inc., Broadstone Net Lease Inc., Curbline Properties Corp. and NNN REIT Inc.

In the aggregate, healthcare REITs raised $2.67 billion through their ATM programs during the first quarter, the most of any property sector.

The data center REIT sector was next with $875.0 million.

The industrial and single-tenant retail sectors followed, raising $214.3 million and $206.6 million, respectively.