U.S. REITs Raise $20B in Q3 2026; IPO Market Cools

REITs raised $19.8 billion in the third quarter of 2026 through secondary debt and equity offerings, matching capital-raising activities from Q2, Nareit reported. On a year-to-date basis, REITs have raised $65.7 billion including at-the-market fundraising through Q2, a comparable figure to the YTD total of $67.9 billion through Q3 2025.

Of Q3’s total, $14.9 billion came from debt offerings, $4.7 billion from common equity offerings, and $173 million from preferred equity offerings. After an active first half of 2026, the REIT IPO market cooled with no offerings in Q3. Borrowing costs for REIT debt have risen during 2026, with a weighted average coupon of 5.4% in Q3 compared to 4.7% in Q1.

On the M&A front, three deals for public U.S. REITs totaling $8.6 billion were announced in the quarter, with $3.6 billion (42%) of this representing public-REIT to public-REIT deals. One take-private deal was announced over this period, valued at $4.9 billion.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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