US REIT capital raising activity slightly down in May

Capital-raising activity by US equity real estate investment trusts dipped in May.

US equity REITs raised a total of $4.14 billion, down from $4.22 billion in April and declining nearly 54% from the same month in 2025, according to S&P Global Market Intelligence data.

Blackstone Digital Infrastructure Trust closes IPO

Blackstone Digital Infrastructure Trust Inc. completed its IPO on May 13, raising approximately $2.01 billion.

The data center REIT offered 100,490,000 shares, including overallotments, at $20.00 apiece. The vehicle will invest the net proceeds of this offering primarily in data center assets, with the remaining funds allocated for general corporate purposes. The REIT expects to complete this investment in data center assets over six to 12 months after the launch of the offering.

As of May 31, Blackstone Digital Infrastructure Trust's IPO was the largest single-transaction capital raise of 2026 among US REITs.

Retail REIT Macerich Co. raised $463.7 million through its follow-on offering completed May 11. Macerich offered 19.2 million shares of common stock at $21.0 per share, with an option for the underwriters to purchase up to 2,880,000 additional shares.

Macerich will contribute any net proceeds from the sale of its common shares to The Macerich Partnership LP in exchange for securities of the operating partnership that have economic interests substantially similar to those of Macerich common stock. Macerich Partnership will use net proceeds from the offering to repay borrowings under its revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall in Maryland, and for general corporate purposes.

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Healthcare REIT Healthcare Realty Trust Inc., through a subsidiary, raised $700.0 million in a debt offering completed May 5. Healthcare Realty Holdings LP issued 3.00% exchangeable notes due 2032, which were guaranteed by Healthcare Realty Trust on a senior, unsecured basis.

Telecom tower REIT American Tower Corp. raised $869.6 million through a debt offering completed May 19. American Tower offered €750.0 million of 4.000% senior notes due 2033. The REIT plans to use net proceeds from the offering to repay existing debt drawn under the 2021 multicurrency credit facility and for general corporate purposes.

Healthcare REIT Chiron Real Estate Inc. brought in $100.0 million through a private placement of 1 million shares of series C preferred stock. The REIT sold the shares at $100.00 apiece to Maewyn XRN LP, Petrus Special Opportunities Fund LP, certain entities advised by Canyon Capital Advisors LLC and certain entities advised by Diameter Capital Partners LP. This was the year's sole preferred equity offering by any US REIT as of May 31.

Specialty sector raises bulk of capital

The specialty sector — encompassing advertising, casinos, communications, data centers, energy infrastructure, farmland and timber — led capital-raising activity among all US REIT segments through May 31.

Specialty REITs brought in $6.40 billion, surpassing the retail segment, which came in second with $4.38 billion in capital raised. Healthcare REITs followed with a $3.07 billion aggregate capital raise.

The industrial sector ranked fourth, raising $2.34 billion, followed by the office sector with $1.75 billion, hotel sector with $1.20 billion and diversified sector with $1.19 billion.