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

US equity real estate investment trust capital market activity soared in November, with the industry pulling in $5.06 billion during the month, a massive increase from $1.32 billion raised in October.

The total was 89.3% higher than the $2.67 billion the industry collected in November 2022, according to S&P Global Market Intelligence data.

Nearly all of the capital raised in November came via debt as REITs secured $5.05 billion through note offerings. Common equity offerings accounted for $2.7 million, while the remaining approximately $900,000 was obtained through preferred equity offerings

Service Properties Trust, Simon Property Group, top the charts

Hotel landlord Service Properties Trust and regional mall REIT Simon Property Group Inc. brought in the most capital during the month, raising $1 billion each.

Service Properties Trust sold $1.00 billion worth of 8.625% senior secured notes due 2031. Net proceeds will be used repay outstanding debt.

Simon Property Group Inc. raised $1.00 billion after selling two sets of notes worth $500 million each with maturity dates of 2034 and 2054. The company also intends to use the net proceeds to repay debt, particularly all or a portion of its 3.750% notes due February 2024, its 2.00% notes due September 2024 and its 3.375% notes due October 2024. The company will also use the remaining net proceeds for general corporate purposes, including repayment of other unsecured debts.

Single tenant-focused Realty Income Corp. followed close behind as it pulled in a total of $951.5 million through two debt offerings.

– 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 Nov. 30, the single-largest common equity issuance year to date is Welltower Inc., which has raised about $3.59 billion through its common stock at-the-market program.

Communications-focused Uniti Group Inc.'s $2.60 billion offering, which wrapped up Feb. 2, continues to be the largest debt offering completed year to date.

At $7.01 billion, American Tower has raised the most capital overall year to date, followed by industrial REIT Prologis Inc. at $5.37 billion.

Specialty sector tops year-to-date capital offerings

Offerings in November brought the year-to-date total to $53.38 billion, 18.0% higher than what the sector raised during the first 11 months of 2022.

The specialty sector — including advertising, casino, communications, datacenter, energy infrastructure, farmland and timber — accounted for the largest share of total capital raised thus far in 2023 at $17.38 billion. The retail sector came in second at $9.40 billion, followed by the industrial sector at $7.91 billion.