REIT Industry Financial Snapshot

REIT Industry Monthly Data for October 2016

Industry Size

  • FTSE NAREIT All REITs equity market capitalization = $999.8 billion
  • FTSE NAREIT All Equity REITs equity market capitalization = $937.7 billion
  • 221 REITs are in the FTSE NAREIT All REITs Index
  • 190 REITs trade on the New York Stock Exchange
  • NYSE listed REITs equity market capitalization = $922.6 billion

Dividends

Yield Comparison

  • FTSE NAREIT All REITs: 4.27%
  • FTSE NAREIT All Equity REITs: 3.91%
  • S&P 500: 2.17%
  • 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: 4.6x
  • 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

  • October 2016: $6.4 billion
  • October 2011: $4.7 billion
  • October 2006: $2.3 billion

Data as of October 31 2016, except where noted.

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

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