Real Estate Investment Trusts (REITs) have several ways to raise capital to purchase properties:

Equity offerings: REITs can raise capital by issuing new shares of stock to the public in an initial public offering (IPO) or follow-on offering. This allows them to raise a large amount of capital quickly, but it can also dilute the value of existing shares.

Debt financing: REITs can also raise capital by issuing debt securities such as bonds or mortgages. This allows them to borrow money at a fixed interest rate and repay it over time. Debt financing can provide a steady stream of capital for REITs to purchase properties, but it can also increase their leverage and risk.

Property sales: REITs can also raise capital by selling properties from their portfolio. This allows them to generate cash quickly and can also help to reduce their leverage and risk.

Private placement: REITs can also raise capital through private placements of securities, which allow them to sell shares or debt securities to a small group of investors. This can be a quicker and more cost-effective way to raise capital, but it is less liquid than an IPO or follow-on offering.

Joint venture: REITs can also raise capital by forming a joint venture with other investors, which allows them to share the costs and risks of acquiring and developing properties.