Editor's note: This article is published monthly with current data as available.

US equity real estate investment trust capital market activity grew in 2023, with the industry raising a total of $58.27 billion.

The total was a 13.5% increase from the $51.36 billion raised by the industry in 2022, according to S&P Global Market Intelligence data.

The majority of the capital raised in 2023 came through debt offerings, which brought in $44.87 billion for REITs. Common equity offerings accounted for $12.66 billion, while the remaining $748.5 million was obtained through preferred equity offerings.

Specialty sector pulled in over 30% of capital offerings

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The specialty sector — advertising, casino, communications, datacenter, energy infrastructure, farmland and timber real estate — accounted for the largest share of total capital raised in 2023 with $18.88 billion. The healthcare sector came in second with $9.44 billion, followed by the retail segment with $9.40 billion.

American Tower raised the most capital

At $7.01 billion, American Tower Corp. pulled in the most capital overall in 2023, followed by healthcare REIT Welltower Inc., at $6.12 billion.

In 2023, Welltower attracted the most capital in a single common stock offering transaction, at $1.50 billion, which was completed Nov. 6. Communications-focused Uniti Group Inc.'s $2.60 billion offering, which wrapped up Feb. 2, was the single-largest debt offering completed in 2023. Meanwhile, single-family REIT Bluerock Homes Trust Inc. pulled in a total of $500 million through a preferred equity offering completed June 30.

Capital offering activity down more than 50% month-over-month

During December 2023, all of the capital raised came from debt offerings, at $3.04 billion. It was 53.6% below the $6.56 billion raised in November and also down 53.9% from the amount raised in December 2022.

Communications REIT Crown Castle Inc. brought in the most capital during the month, at $1.50 billion, after selling two sets of notes worth $750 million each with maturity dates of 2029 and 2034. The company intends to use the net proceeds to repay a portion of the outstanding debt under its commercial paper program and to pay transaction-related costs.

Healthcare-focused Diversified Healthcare Trust came in second, as it sold $940.5 million worth of zero-coupon senior secured notes due January 2026. The REIT intends to use the net proceeds to repay all of its outstanding debt maturing in 2024, as well as for general corporate purposes.

In the same month, multifamily REIT AvalonBay Communities Inc. and office-focused Piedmont Office Realty Trust Inc. raised $400 million and $200 million, respectively, through debt offerings.