U.S. REITs raised $6.4 billion in the third quarter of 2025, marking a 30.9 percent increase from the previous quarter, according to S&P Global Market Intelligence data. However, when compared to the third quarter of 2024, REITs saw a 12 percent decrease.
Healthcare dominated REITs, as it composed more than two-thirds of total proceeds. Welltower led the sector, raising $2.9 billion. Single-tenant retail REITs followed healthcare, with $703.5 million in proceeds. Ventas Inc. generated $788.2 million in proceeds, and Digital Realty Trust, a data center REIT, sold 2.9 million shares totaling $501 million in net proceeds.
Casino and retail REIT activity was high, as VICI Properties, a casino REIT, saw $375.7 million in net proceeds, and Realty Income, a retail REIT, generated $319.7 million in gross proceeds, according to S&P Global Market Intelligence.
