Editor's note: This article is updated on a quarterly basis and was last published July 4.

Publicly traded Canadian real estate investment trusts pulled in a total of C$987.7 million through capital offerings during the third quarter, up from the C$721.3 million collected during the previous quarter and a steep hike from the C$163.1 million raised a year earlier.

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

Retail REITs get majority share of capital

The retail sector, which consists of shopping centers and other retail properties, accounted for the largest share of capital raised during the first three quarters of the year at C$2.58 billion, about 87.2% of the total offerings year to date. The industrial and healthcare sectors collected the next-largest amounts, at C$200.0 million and C$86.3 million, respectively.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2023 by publicly traded Canadian real estate investment trusts. – For further capital offerings research, try the Global Real Estate Capital Offerings Activity template.

Choice Properties REIT pulls in most capital

Choice Properties REIT brought in the largest amount of capital during the third quarter as it sold C$350 million of unsecured debentures due Feb. 28, 2034. The retail-focused REIT said it intends to use the offering's net proceeds to repay part or all of the balance drawn on its credit facility and for general corporate purposes.

Shopping center REIT Primaris REIT followed, raising C$337.7 million through a debt offering completed Sept. 27.

RioCan Real Estate Investment Trust, another shopping center-focused REIT, collected C$300 million through an offering of senior debt due Sept. 29, 2026. The REIT said it will use the net proceeds primarily to repay exiting debt.

The single-largest debt issuance during the first nine months of 2023 was Choice Properties REIT's C$550 million offering completed March 1.