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

Capital markets activity by US equity real estate investment trusts slowed in July as the industry collected a total of $4.25 billion, a more than 38% drop from the $6.87 billion raised in June but a massive jump from the $426.4 million raised a year earlier.

The majority of the capital raised in July came through debt offerings, at $3.4 billion. Common equity offerings accounted for the remaining $847.5 million, according to S&P Global Market Intelligence data.

Public Storage raises $2.2B in July

Public Storage pulled in the biggest amount of capital during the month, selling a total of $2.20 billion worth of notes in a multi-tranche series. The series included $700 million of 5.100% notes due 2033, $600 million of 5.350% notes due 2053, $500 million of 5.125% notes due 2029 and $400 million of floating-rate notes due 2025.

The self-storage REIT intends to use the net proceeds to fund its $2.20 billion acquisition of the Simply Storage Management LLC portfolio from Blackstone REIT Inc., which was announced July 24, the same date as the completion of the four debt offerings. The acquisition of the portfolio, which consists of 127 self-storage properties totaling about 9 million net rentable square feet, is expected to close in the third quarter.

"This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management," Public Storage CEO Joe Russell said in a press release.

Healthcare-focused Welltower Inc. followed, as it sold approximately $826.9 million in common shares under its current $2.53 billion at-the-market offering program announced May 3.

Single-family rental REIT Invitation Homes Inc. also amassed sizable capital in July, raising a total of $800 million through two debt offerings Single tenant-focused Essential Properties Realty Trust Inc. collected $20.6 million through a common stock offering.

– Set email alerts for future Data Dispatch articles. – Access a spreadsheet listing the offerings completed year to date in 2023 by publicly listed US equity real estate investment trusts. – For further capital offerings research, try the global real estate capital offerings activity template.

As of July 31, the single largest common equity offerings year to date came through Welltower's at-the-market offering program. Through July, Welltower raised about $2.17 billion through its common stock at-the-market program. Communications-focused Uniti Group Inc.'s $2.60 billion offering, which wrapped up Feb. 2, remained the largest debt offering completed year to date.

At $5.51 billion, telecom tower-focused American Tower Corp. has raised the most capital year to date, followed by industrial REIT Prologis Inc. at $5.37 billion.

Specialty REITs lead other sectors YTD

The offerings in July brought the year-to-date total to $39.67 billion, 12.7% higher than the capital raised during the same period in 2022.

The specialty sector — including advertising, casino, communications, datacenter, energy infrastructure, farmland and timber real estate — accounted for the largest share of total capital raised thus far in 2023 with $13.70 billion. The industrial sector was next at $7.03 billion, followed by the retail sector at $5.44 billion.