REIT Industry Financial Snapshot

REIT Industry Monthly Data for August 2016

Industry Size

  • FTSE NAREIT All REITs equity market capitalization = $1.065 trillion
  • FTSE NAREIT All Equity REITs equity market capitalization = $1.001 trillion
  • 219 REITs are in the FTSE NAREIT All REITs Index
  • 189 REITs trade on the New York Stock Exchange
  • NYSE listed REITs equity market capitalization = $986 billion

Dividends

Yield Comparison

  • FTSE NAREIT All REITs: 3.87%
  • FTSE NAREIT All Equity REITs: 3.61%
  • S&P 500: 2.11%
  • Stock exchange-listed REITs paid out approximately $46.5 billion and public non-listed REITs paid out approximately $4.5 billion in dividends during 2015.
  • On average, 66 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 12 percent qualify as return of capital and 22 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q2 2016)

Equity REITs

  • Debt Ratio: 31.0%
  • Coverage Ratio: 5.0x
  • Fixed Charge Ratio: 4.5x
  • 46 Equity REITs are rated investment grade, 68 percent by equity market capitalization.

All REITs

  • Debt Ratio: 40.6%
  • Coverage Ratio: 3.8x
  • Fixed Charge Ratio: 3.5x
  • 46 REITs are rated investment grade, 62 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

  • August 2016: $6.6 billion
  • August 2011: $6.1 billion
  • August 2006: $2.2 billion

Data as of August 31 2016, except where noted.

All data are derived from, and apply only to, publicly traded US REITs.

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