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

Publicly traded Canadian real estate investment trusts pulled in a total of C$1.10 billion through capital offerings in the second quarter.

The total amount raised spiked 52.5% compared with the same period in 2023, though it declined 8.3% from the capital raised in the first quarter.

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

Retail REITs get huge chunk of total capital

Only three property sectors pulled in capital during the first half of the year. The retail sector — comprising shopping centers and other retail properties — accounted for the largest share of capital raised during the first half of 2024 at C$1.85 billion, about 80.4% of the total offerings year to date. The diversified and industrial sectors collected C$250 million and C$200 million, respectively.

– 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.

Choice Properties REIT collects $500M

Retail-focused Choice Properties REIT pulled in the most capital in the second quarter, selling C$500 million of 5.030% series U senior unsecured debentures due Feb. 28, 2031. The company intends to use the net proceeds to help repay its outstanding C$550 million aggregate principal amount of 3.556% series K senior unsecured debentures, which will come due Sept. 9.

During the quarter, shopping center REITs First Capital REIT and RioCan REIT both raised C$300 million each.

First Capital REIT sold C$300 million worth of 5.455% series C senior unsecured debentures due June 12, 2032. The shopping center REIT intends to use the net proceeds to repay existing debt.

Likewise, RioCan REIT pulled in C$300 million through an offering of 5.455% series AK senior unsecured debentures due March 1, 2031, with plans to use the net proceeds to repay existing debt at maturity.

The largest single-debt offering during the first half was Choice Properties' C$500 million debt offering completed May 23.

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