REIT Industry Financial Snapshot

REIT Industry Monthly Data for December 2015

Industry Size

  • FTSE NAREIT All REITs equity market capitalization = $939 billion
  • FTSE NAREIT All Equity REITs equity market capitalization = $882 billion
  • 223 REITs are in the FTSE NAREIT All REITs Index
  • 198 REITs trade on the New York Stock Exchange
  • NYSE listed REITs equity market capitalization = $892 billion

Dividends

Yield Comparison

  • FTSE NAREIT All REITs: 4.30%
  • FTSE NAREIT All Equity REITs: 3.84%
  • S&P 500: 2.18%
  • Stock exchange-listed REITs paid out approximately $42 billion and public non-listed REITs paid out approximately $4 billion in dividends during 2014.
  • On average, 67 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 17 percent qualify as return of capital and 16 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q3 2015)

Equity REITs

  • Debt Ratio: 36.0%
  • Coverage Ratio: 4.3x
  • Fixed Charge Ratio: 3.9x
  • 46 Equity REITs are rated investment grade, 68 percent by equity market capitalization.

All REITs

  • Debt Ratio: 46.4%
  • Coverage Ratio: 4.0x
  • Fixed Charge Ratio: 3.7x
  • 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

  • December 2015: $6.2 billion
  • December 2010: $3.4 billion
  • December 2005: $1.7 billion

Data as of December 31, 2015, except where noted.

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