Editor's note: This article is published monthly with current data available at that time.

US equity real estate investment trust capital market activity plunged 85.4% month over month in June, with the industry pulling in $1.44 billion during the month, down from $9.88 billion in May.

The amount of capital raised during the month was 82.3% lower than the $8.14 billion collected during June 2023, according to S&P Global Market Intelligence data.

Most of the capital raised in June came through debt offerings, at $1.30 billion. Preferred equity offerings accounted for the remaining $140.7 million.

American Homes 4 Rent raises the largest amount

Single-family REIT American Homes 4 Rent collected the largest amount of capital in June, after selling $500.0 million of 5.500% senior notes due 2034. The REIT intends to use the net proceeds to repay its debts, which may include the repayment of all or a portion of the REIT's outstanding 2014-SFR3 asset-backed securitization notes. It may also use the proceeds for general corporate purposes, including property acquisitions and developments, the expansion or redevelopment of existing properties in the REIT's portfolio, as well as other capital expenditures.

Diversified REIT W. P. Carey Inc. and office-focused Piedmont Office Realty Trust Inc. were tied for the second spot, raising $400.0 million each.

W. P. Carey Inc. sold $400.0 million worth of 5.375% senior notes due 2034. Net proceeds from the sale will go toward general corporate purposes, which includes funding for potential future investments as well as repayment of debt.

Likewise, Piedmont Office Realty Trust sold $400.0 million worth of 6.875% senior notes due July 15, 2029. The office REIT intends to use the net proceeds of the sale to repay borrowings outstanding under the company's 2023 term loan and 2022 line of credit, and use the remaining amount for capital expenditures and other general corporate purposes.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2024 by publicly listed US equity real estate investment trusts. – For further capital offerings research, try the global real estate capital offerings activity template.

The largest single common equity offering during the first half of 2024 was Digital Realty Trust's $1.69 billion follow-on common equity offering. Hotel landlord Ryman Hospitality Properties Inc.'s $1.00 billion of unsecured notes, completed March 21, was the largest single debt offering completed year to date.

At $3.88 billion, Prologis Inc. has attracted the most capital overall year to date, followed by American Tower at $2.38 billion.

Specialty sector leads year-to-date capital offerings

The offerings in June brought the year-to-date total to $31.87 billion, down 15.2% from what the entire US REIT industry raised during the first half of 2023.

The specialty sector — including advertising, casino, communications, datacenter, energy infrastructure, farmland and timber — accounted for the largest share of total capital raised thus far in 2024 with $6.27 billion. The retail segment came in second at $5.00 billion, followed by the industrial sector at $4.60 billion.