Nareit’s annual update of REIT property counts and estimated gross asset values by state and property sector is now available on the REITs Across America website . At the end of 2023, U.S. public REITs owned an estimated 580,000 properties—up 1% from the previous year—and 15 million acres of timberland across the U.S.
Nareit has tracked the changes in the REIT industry’s property holdings since 2018, accounting for the changes in REIT portfolios and the composition of the REIT industry as companies enter and exit. REITs Across America covers all U.S. public REITs. In 2023, Nareit introduced gaming as a standalone property sector in the FTSE Nareit All Equity REITs Index. Accordingly, REITs Across America now features gaming as a separate property type.
- Data centers had the largest year-over-year increase, up 17% from 2022 to 268 properties at the end of 2023—although down overall from the 2020 peak of 357 properties.
- Residential property types apartment and single family rental, as well as storage, had the largest percentage increase in properties since 2018 at 35%. Apartments were down slightly in 2023 and single family was flat, but storage was up 6% for the year.
- Specialty, including gaming for comparison with previous years before gaming was broken out into its own sector, is up 6% for the year, but down 5% since 2018.
- Retail was down slightly in 2023 after yearly increases since 2018. Retail’s five-year growth is the second highest overall at 27%.
- Industrial was up 1% year-over-year but is up 24% since 2018.
- Health Care, lodging/resorts, and outdoor advertising were all up less than 4% for the year, but down from their 2018 level. Health care and outdoor advertising were down 5% since 2018; and lodging/resorts has had the largest decline, down 32% since 2018.
- Office had the largest decline for the year at 3%, while timberlands and cell towers were down 1%. Since 2018, office had the second largest decline, down 24%, while timberland acres are down 4% and towers are up 4%.
