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

US equity real estate investment trust capital market activity saw a massive spike month over month in July, with the industry raising $7.57 billion during the month, compared to $1.82 billion in June.

On an annual basis, the amount of capital raised in July shot up 56.7% from the $4.83 billion collected during July 2023, according to S&P Global Market Intelligence data.

The majority of capital raised in July came through common equity offerings, at $5.33 billion. Debt offerings accounted for the remaining $2.24 billion.

Lineage Inc.'s IPO pulls in the largest capital in July

Industrial REIT Lineage Inc. raised the most capital during the month, pulling in about $5.10 billion through its IPO common equity offering, completed July 24. This recent offering is currently the largest single common equity offering year to date, overtaking the top spot from Digital Realty Trust Inc.'s $1.69 billion follow-on common equity offering.

The newly listed REIT intends to use the net proceeds to repay borrowings outstanding under its delayed draw term loan and repay borrowings outstanding under its revolving credit facility.

It also intends to fund one-time cash grants to certain of the REIT's employees in connection with this offering, and it estimated cash to pay tax withholding obligations associated with stock grants and redeem its series A preferred stock.

The remainder of the proceeds will be used for general corporate purposes, which may include repayment of additional borrowings outstanding under its revolving credit facility.

– 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.

Casino landlord Gaming & Leisure Properties Inc. also amassed a huge amount of capital in July, raising $1.20 billion after selling $800 million of 5.625% senior notes due 2034 and $400 million of 6.250% senior notes due 2054. The casino REIT intends to use the net proceeds for working capital and general corporate purposes, including debt repayment, funding of announced transactions, improvement or development of projects, capital expenditures and other general business purposes.

Healthcare-focused Welltower Inc. collected the third-largest amount, as it sold $1.04 billion of 3.125% exchangeable senior notes due 2029. The REIT intends to use the net proceeds of this offering for general corporate purposes, which might include debt repayment or redemption, as well as investment in healthcare, wellness and senior housing properties. Welltower Inc.'s recent debt offering also ended up being the largest single debt offering completed year to date, snatching the No. 1 ranking from hotel landlord Ryman Hospitality Properties Inc.'s $1.00 billion of unsecured notes, completed March 21.

Overall, Lineage Inc. has attracted the most capital overall year to date at $5.10 billion, followed by Prologis Inc. at $3.88 billion and American Tower Corp. at $2.38 billion

Industrial sector tops capital offerings YTD

The offerings in July brought the year-to-date total to $40.04 billion, down 5.6% from what the entire US REIT industry raised during the first seven months of 2023.

By property sector, industrial REITs accounted for the largest share of total capital raised year to date, with $9.77 billion. The specialty sector — including advertising, casino, communications, datacenter, energy infrastructure, farmland and timber — came in second, with $7.86 billion raised, followed by retail-focused REITs at $5.14 billion.