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Industry data and research highlights the investment performance benefits and opportunities of REIT-based real estate investments to institutional and individual investors, financial advisers, policymakers and the media. Nareit provides a range of stock performance data for both domestic and global REITs as well as a series of industry performance measures tracked daily, monthly and yearly. 

Though REITs have not been immune to capital market uncertainty and mortgage market turmoil, they continue to have sound operations, solid balance sheets, and successful equity and unsecured debt issuances in the capital markets.

The stock exchange-listed U.S. REIT industry delivered double-digit increases in operating performance, measured by Funds From Operations (FFO) and Net Operating Income (NOI), as well as dividends paid to shareholders in calendar 2015 and the year’s fourth quarter compared to the same periods in 2014, according to the latest NAREIT T-Tracker report. The listed REIT industry’s total FFO, NOI and dividends paid increased in each of the four quarters of 2015 over the same quarter in the prior year.  

In an environment in which corporate earnings have been lagging in many industries, the stock exchange-listed U.S. Equity REIT industry continues to deliver solid increases in operating performance fueled by strong occupancies and rent growth.

U.S. stock exchange-listed Equity REITs delivered record Funds From Operations of $15.6 billion in the second quarter of 2017, according to the NAREIT T-Tracker®, a quarterly composite performance measure of the entire U.S. listed REIT industry. This year’s second quarter was the first in which REIT industry FFO exceeded $15 billion, and followed just three years after the REIT industry first broke the $10 billion mark in the second quarter of 2014.

Operating performance of U.S. stock exchange-listed Equity REITs eased modestly in the third quarter, following increases in the first two quarters of the year. 

U.S. stock exchange-listed Equity REITs drove operating and earnings growth higher in the fourth quarter, highlighted by record occupancy rates and rising Funds from Operations.

U.S. stock exchange-listed Equity REITs showed a decline in Funds From Operations (FFO) in the first quarter of 2017 compared with the final quarter of last year, but delivered gains in most other operating performance measures, including Net Operating Income (NOI) and occupancy rates. 

Funds from operations (FFO) for all equity REITs increased 7.4 percent in 2018’s fourth quarter over the same quarter in 2017.

 Occupancy Rates Remain Near Record High While Leverage Reaches New Low.

U.S. REITs achieved moderate earnings growth in the first quarter of 2018. Sustained earnings growth contributed to a decline in the industry’s aggregate price-to-FFO ratio to 15.8x, underscoring attractive valuations amid solid industry fundamentals.

FFO rose 5.6% as the economy reopened and REITs display resilience with strong balance sheets, low leverage ratios.

New data from the second quarter show that REITs continue to have well-structured debt—79% of REITs’ total debt was unsecured, while 91% of listed REITs’ total debt was at a fixed rate, according to the Nareit Total REIT Industry Tracker Series (T-Tracker®) report released today.

During this period of divergent public and private property valuations, the commercial real estate mortgage market has been marked by higher interest rates and stricter underwriting standards.

Commercial property performance and valuation metrics diverge from time to time.