REIT Industry Financial Snapshot

REIT Industry Monthly Data for September 2017

Industry Size

  • FTSE NAREIT All REITs equity market capitalization = $1.115 trillion
  • FTSE NAREIT All Equity REITs equity market capitalization = $1.043 trillion
  • 225 REITs are in the FTSE NAREIT All REITs Index
  • 191 REITs trade on the New York Stock Exchange
  • NYSE listed REITs equity market capitalization = $1.005 trillion

Dividends

Yield Comparison

  • FTSE NAREIT All REITs: 4.17%
  • FTSE NAREIT All Equity REITs: 3.85%
  • S&P 500: 1.97%
  • Stock exchange-listed REITs paid out approximately $55.7 billion and public non-listed REITs paid out approximately $4.4 billion in dividends during 2016.
  • On average, 59 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 17 percent qualify as return of capital and 24 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q2 2017)

Equity REITs

  • Debt Ratio: 31.7%
  • Coverage Ratio: 4.5x
  • Fixed Charge Ratio: 4.1x
  • 71 Equity REITs are rated investment grade, 69 percent by equity market capitalization.

All REITs

  • Debt Ratio: 41.2%
  • Coverage Ratio: 3.8x
  • Fixed Charge Ratio: 3.5x
  • 71 REITs are rated investment grade, 65 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

  • September 2017: $7.5 billion
  • September 2012: $4.8 billion
  • September 2007: $3.0 billion

Data as of September 2017, except where noted.

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