US REIT M&A transaction value jumps in H1 2026

The value of M&A transactions involving US publicly traded real estate investment trusts surged in the first half of 2026, with seven announced deals worth a combined $55.98 billion, according to an S&P Global Market Intelligence analysis.

For comparison, six deals totaling $16.28 billion in transaction value were announced in the prior six months, while two deals, worth $1.72 billion, were announced a year earlier.

The analysis encompasses real estate deals in which either the buyer or target is an equity REIT listed on the Nasdaq, NYSE or NYSE American.

Of the seven deals announced in the first half of 2026, four were privatizations of public equity REITs, while three were mergers between existing equity REITs. Nearly 85% of the aggregate transaction value stemmed from public REIT mergers.

2026 deals

The most recent and largest deal in the first half of 2026 was a merger of equals in the multifamily sector between Equity Residential and AvalonBay Communities Inc., announced May 21 and valued at about $36.27 billion. The combined entity will have more than 180,000 rental apartments, according to a news release.

Under the terms of the deal, AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each AvalonBay share owned. Upon closing, AvalonBay shareholders will own approximately 51.2% of the combined entity on a fully diluted basis, while Equity Residential shareholders will own about 48.8%. The transaction is expected to be completed in the second half of 2026.

On May 4, Global Net Lease Inc. announced its agreement to acquire industrial REIT Modiv Industrial Inc. in an all-stock transaction valued at about $535 million. Global Net Lease expects the merger to be immediately 4% accretive to its adjusted funds from operations per share, according to a news release. Global Net Lease intends to fully repay all of Modiv's existing balance sheet debt and pay off Modiv's preferred stock using its revolving credit facility and cash on hand, requiring no external capital to complete the transaction.

In terms of privatizations announced in the second quarter, Blue Owl Real Estate Capital LLC, a unit of Blue Owl Capital Inc., disclosed April 20 that it had agreed to acquire healthcare REIT Sila Realty Trust Inc. in an all-cash transaction valued at nearly $2.40 billion. Additionally, shopping center REIT Whitestone REIT announced April 9 that it had agreed to be taken private by Ares Management Corp. in an all-cash transaction valued at approximately $1.67 billion.

Three REIT deals were announced in the first quarter.

Public Storage agreed to acquire fellow self-storage REIT National Storage Affiliates Trust in an all-stock transaction valued at $10.50 billion. Meanwhile, Veris Residential Inc. and Peakstone Realty Trust both agreed to be taken private in all-cash transactions valued at $3.40 billion and $1.20 billion, respectively.