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

Publicly traded Canadian real estate investment trusts raised C$1.10 billion through capital offerings in the third quarter. The amount represented a 35.9% hike from C$809.7 million a year earlier. There was no change compared with the previous quarter.

All the capital raised in the third quarter came from debt offerings.

Retail REITs raise almost 80% of total capital

Only four property sectors raised capital during the first three quarters of the year. The retail sector — comprising shopping centers and other retail properties — accounted for the largest share of capital raised during the first three quarters of 2024 at C$2.70 billion, representing 79.4% of all offerings year to date. The diversified and office sectors collected C$250 million each, while the industrial segment raised C$200 million.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2024 by publicly traded Canadian real estate investment trusts. – For further capital offerings research, try the Global Real Estate Capital Offerings Activity template.

Primaris REIT pulls in $500M

Shopping center landlord Primaris REIT attracted the most capital in the third quarter, pulling in C$500 million after selling C$300 million of 4.998% series E debentures due March 15, 2030, and C$200 million of 5.304% series F debentures maturing March 15, 2032. The company intends to use the net proceeds to repay its existing debt of C$440 million and for general trust purposes.

Another shopping center REIT, SmartCentres REIT, came in second with the sale of C$350.0 million of 5.162% series AA senior unsecured debentures due Aug. 1, 2030. The net proceeds from the sale will be used to refinance the REIT's existing debt, including the repayment of its C$100 million series O senior unsecured debentures due Aug. 28, 2024, as well as for general corporate purposes.

Office REIT Allied Properties REIT pulled in C$250.0 million through an offering of 5.534% series J senior unsecured debentures due Sept. 26, 2028. The office landlord intends to use the net proceeds to repay short-term, variable-rate indebtedness.

The largest single-debt offering during the first three quarters of 2024 was Choice Properties REIT's C$500 million debt offering completed May 23.

RioCan REIT has raised the most capital overall so far at C$750 million, followed by First Capital REIT at C$600 million.