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.

Total proceeds raised by US equity real estate investment trusts through at-the-market offering programs fell in the second quarter of 2024.

Aggregate proceeds for the quarter came to $3.36 billion, a 17.6% drop from the quarter prior and down 29.2% year over year, according to an analysis by S&P Global Market Intelligence.

The four REITs with the most proceeds raised during the second quarter all came from the healthcare sector.

Welltower Inc. raised nearly half of the proceeds for the quarter, selling 16.7 million shares through its at-the-market (ATM) program for $1.61 billion in gross proceeds.

Ventas Inc. ranked second, selling 8.6 million shares through its ATM program during the quarter for $420.7 million in gross proceeds.

CareTrust REIT Inc. and Omega Healthcare Investors Inc. followed next, raising $306.5 million and $231.9 million in proceeds, respectively.

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Single-tenant REITs Realty Income Corp. and Agree Realty Corp. sold 3.5 million and 3.2 million shares of common stock, respectively, on a forward basis through their ATM programs during the quarter, none of which were settled in the second quarter.

Other REITs that sold shares on a forward basis during the quarter included Sabra Health Care REIT Inc., NETSTREIT Corp., EastGroup Properties Inc., Getty Realty Corp., Alexandria Real Estate Equities Inc. and STAG Industrial Inc.

By property sector, healthcare REITs raised nearly $2.63 billion through their ATM programs during the quarter, about 78.3% of the total proceeds raised by equity REITs during the quarter.

The single-tenant and datacenter sectors followed next, raising $225.5 million and $178.8 million, respectively.