US REITs raise record proceeds through ATM programs in Q2 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.

Proceeds raised through common stock at-the-market programs of US equity real estate investment trusts surged to an all-time quarterly high in the second quarter of 2026.

US equity REITs have largely preferred issuing common stock through at-the-market offering programs rather than standard follow-on equity offerings in recent years.

Thirty-eight US REITs utilized their at-the-market (ATM) offering programs during the recent quarter, raising $9.67 billion in aggregate proceeds. This is more than double the $4.15 billion raised by the sector the quarter prior and represents an all-time quarterly high for the sector, according to an analysis by S&P Global Market Intelligence.

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Issuance in Q2 2026

Healthcare REIT Welltower Inc. raised the most proceeds through its ATM program during the second quarter, selling approximately 13.9 million shares of common stock for gross proceeds of $2.92 billion.

Ventas Inc., another healthcare REIT, entered forward sale agreements under its ATM program for 20.9 million shares of common stock during the second quarter and settled 20.8 million of its forward shares for $1.7 billion in net proceeds.

Data center-focused Digital Realty Trust Inc. sold almost 8.6 million shares through its ATM program during the recent quarter for $1.64 billion in gross proceeds.

Single-tenant retail REIT Realty Income Corp. sold 13.9 million shares of common stock on a forward basis during the quarter and settled 13.7 million shares for $840.0 million in gross proceeds.

Healthcare REIT CareTrust REIT Inc. sold 9.5 million shares through its ATM program for $363.6 million in gross proceeds, while casino REIT Gaming & Leisure Properties Inc. also settled 7.6 million shares of its outstanding forward sale agreements for $351.0 million in net proceeds.

The use of forward sale provisions in ATM programs continued to grow within the US REIT sector, with millions of shares sold on a forward basis during the second quarter. Unsettled forward sales are excluded from the $9.67 billion quarterly total.

Single-tenant REIT NETSTREIT Corp. sold more than 9 million shares on a forward basis through its ATM program during the quarter, all of which are unsettled.

American Healthcare REIT Inc. sold 8.8 million shares on a forward basis during the quarter and settled 4.7 million shares of its forward sale agreements for $228.7 million in gross proceeds.

More than half of the total proceeds raised by US REITs through ATM programs during the second quarter were by healthcare REITs, at $5.53 billion in aggregate.

The data center REIT sector followed, raising $1.64 billion through ATM programs during the quarter.

The single-tenant retail REIT sector also raised $1.18 billion in aggregate proceeds through ATM programs.

The casino and diversified sectors raised $351.0 million and $292.3 million, respectively, followed by the industrial and shopping center REIT sectors at $227.9 million and $219.5 million, respectively.