Editor's note: This is a recurring monthly article using the most current data available at the time of publishing.

Capital market activity by US equity real estate investment trusts soared in November with the entire industry raising $6.06 billion, a massive hike from the $1.58 billion recorded in October.

On an annual basis, the amount of capital raised fell 11.4% from $6.84 billion in November 2023, according to S&P Global Market Intelligence data.

The majority of the capital raised in November came through debt offerings, at $5.00 billion. Common equity offerings accounted for $1.05 billion, while the remaining $5.9 million was obtained through a preferred equity offering.

Equinix gets biggest boost

Datacenter-focused Equinix Inc. pulled in the most capital in November at roughly $1.22 billion after selling $687.4 million of 3.250% senior notes due 2031 and $528.9 million of 3.625% senior notes due 2034. The REIT intends to use the net proceeds to finance or refinance one or more of its eligible green projects.

Communications REIT American Tower Corp. followed, raising $1.20 billion from the sale of two sets of notes worth $600.0 million each — 5.000% senior notes due 2030 and 5.400% senior notes due 2035 — on Nov. 18. The company intends to use the net proceeds to repay existing debt under its 2021 multicurrency credit facility and its 2021 credit facility.

Datacenter REIT Digital Realty Trust Inc. collected the third-largest amount, selling $1.15 billion of 1.875% exchangeable senior notes due Nov. 15, 2029. This was also the largest single-debt offering completed year to date.

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The largest single common equity offering in the 11 months to Nov. 30 was industrial REIT Lineage Inc.'s $5.10 billion IPO, which was completed July 24. Healthcare-focused Welltower Inc.'s offering of $1.04 billion of 3.125% exchangeable senior notes, completed July 9, was the second-largest single debt offering completed year to date, following Digital Realty's $1.15 billion offering.

Prologis Inc. has pulled in the most capital overall year to date at $5.17 billion, followed by Lineage at $5.10 billion and Digital Realty at $4.93 billion.

Specialty sector leads capital offerings

November's offerings brought the year-to-date total to $68.43 billion, up 19.1% compared with the amount raised by the entire US REIT industry during the first 11 months of 2023.

The specialty sector — including advertising, casino, communications, datacenter, energy infrastructure, farmland and timber — accounted for the largest share of capital raised thus far in 2024 with $15.44 billion. The industrial segment came in second at $12.44 billion, followed by the retail sector at $11.01 billion.