The first complete quarterly measure of the U.S. listed REIT industry’s operating and dividend performance
NAREIT’s Total REIT Industry Tracker Series – the NAREIT T-Tracker® – is the first quarterly performance measure of the heartbeat of the U.S. listed REIT industry. The series includes three key REIT industry measures: the NAREIT FFO Tracker, which monitors equity REIT Funds From Operations; the NAREIT NOI Tracker, which reports the equity REIT industry’s Net Operating Income; and the NAREIT Dividend Tracker, which monitors the dividends U.S. listed equity and mortgage REITs pay to their shareholders.
Key Takeaways For Q3 2016
- Total FFO of the listed U.S Equity REIT industry was $14.0 billion in the third quarter of 2016, down from $14.5 billion in the second quarter of 2016 but greater than the $13.1 billion in the third quarter of 2015.
- Total Equity REIT NOI was $21.5 billion in this year’s third quarter, down from $21.6 billion in the second quarter but up from $20.2 billion in the same quarter last year.
- The top-performing Equity REIT property segments on a Same-Store NOI basis in the third quarter of 2016 vs. the third quarter of 2015 were: Self Storage (6.0 percent); Manufactured homes (5.6 percent); Industrial (4.9 percent), Apartments (4.5 percent) and Data Centers (4.5 percent).
- Dividends per share rose by 3.2 percent from the previous quarter and 6.3 percent from the same quarter in 2015.
- The price-to-FFO per share multiple for all Equity REITs was 18.1x in the third quarter of 2016, down 60 basis points from the second quarter. The FFO price multiple has stayed within a range of 17x to 20x since 2012; the current multiple is slightly below the middle of this range.
- The occupancy rate of properties owned by of all listed Equity REITs reached a record high of 94.1 percent in the third quarter of 2016. This is 76 basis points higher than the occupancy rate one year ago.
“The underlying economic fundamentals for REITs and real estate continue to improve, as demand for commercial space and a modest pace of new construction combined to push occupancy rates for the REIT industry to new highs,” said Calvin Schnure, NAREIT’s Senior Vice President of Research & Economic Analysis. “Landlords are gaining pricing flexibility as vacancy rates edge lower.
- Q2 2016 Charts (pdf)
- Q2 2016 Data (xlsx)
- Q1 2016 Charts (pdf)
- Q1 2016 Data (xlsx)
- Q4 2015 Charts (pdf)
- Q4 2015 Data (xlsx)
- Q3 2015 Charts (pdf)
- Q3 2015 Data (xlsx)
- Q2 2015 Charts (pdf)
- Q2 2015 Data (xlsx)
- Q1 2015 Charts (pdf)
- Q1 2015 Data (xlsx)
The NAREIT Total Equity REIT Industry Tracker Series (NAREIT T-Tracker) is provided for informational, non-commercial purposes only. The T-Tracker data are not intended to constitute investment advice of any kind and may not be relied on as such. Historical data and analysis do not predict future performance. Data is provided "as is" and NAREIT does not warrant the accuracy, completeness, non-infringement, originality, timeliness or any other characteristic of the T-Tracker data.
This information is solely educational in nature and is not intended by NAREIT to serve as the primary basis for any investment decision. NAREIT is not acting as an investment adviser, investment fiduciary, broker, dealer or other market participant, and no offer or solicitation to buy or sell any security or real estate investment is being made. Investments and solicitations for investment must be made directly through an agent, employee or representative of a particular investment or fund and cannot be made through NAREIT. NAREIT does not allow any agent, employee or representative to personally solicit any investment or accept any monies to be invested in a particular security or real estate investment.
All REIT data are derived from, and apply only to, publicly traded securities. While such data are believed to be reliable when prepared or provided, such data are subject to change or restatement. NAREIT does not warrant or guarantee such data for accuracy or completeness, and shall not be liable under any legal theory for such data or any errors or omissions therein. See http://reit.com/TermsofUse.aspx for important information regarding this data, the underlying assumptions and the limitations of NAREIT’s liability therefor, all of which are incorporated by reference herein.
Performance results are provided only as a barometer or measure of past performance, and future values will fluctuate from those used in the underlying data. Any investment returns or performance data (past, hypothetical or otherwise) shown herein or in such data are not necessarily indicative of future returns or performance.