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REIT Industry Fact Sheet
Data as of June 30, 2014, except where noted.
All data are derived from, and apply only to, publicly traded US REITs.
· FTSE NAREIT All REITs equity market capitalization = $816 billion
· FTSE NAREIT All Equity REITs equity market capitalization = $742 billion
· REITs own approximately $1.7 trillion of commercial real estate assets, including stock exchange-listed and public, non-listed REITs
· 210 REITs are in the FTSE NAREIT All REITs Index
· 182 REITs trade on the New York Stock Exchange
· NYSE listed REITs equity market capitalization = $781 billion
- FTSE NAREIT All REITs: 4.03%
- FTSE NAREIT All Equity REITs: 3.52%
- S&P 500: 2.00%
· REITs paid out approximately $34 billion in dividends in 2013.
· On average, 68 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 13 percent qualify
as return of capital and 19 percent qualify as long-term capital gains.
Leverage and Coverage Ratios
(Balance sheet data as of March 31, 2014; share pricing as of June 30, 2014)
· Debt Ratio: 34.4%
· Coverage Ratio: 3.5x
· Fixed Charge Ratio: 3.2x
· 56 Equity REITs are rated investment grade, 65 percent by equity market capitalization.
· Debt Ratio: 46.7%
· Coverage Ratio: 3.1x
· Fixed Charge Ratio: 2.8x
· 56 REITs are rated investment grade, 60 percent by equity market capitalization.
- Coverage ratio equals EBITDA divided by interest expense.
- Fixed charge ratio equals EBITDA divided by interest expense plus preferred dividends.
Average Daily Dollar Trading Volume
· June 2014: $5.7 billion
· June 2009: $3.6 billion
· June 2004: $1.2 billion
· REITs have raised $35.1 billion in initial, debt and equity capital offerings in 2014. $15.7 billion has been raised in secondary equity common and preferred share offerings, $18.7 billion in unsecured debt offerings, and $763 million in initial public offerings.