Market returns for the domestic and global REIT industry excluding emerging markets were positive as economic recovery continues in Q2 2021. Second quarter returns by property sector were mostly positive (except for lodging/resorts and timberland which were down slightly) with residential (10.9%) at the top followed by industrial (6.9%) and self-storage (5.5%). Total REIT FFO in the second quarter has fully recovered to, and is slightly above, its pre-Covid level in the fourth quarter of 2019. REIT balance sheets continued to remain strong and REITs increased their weighted average term to maturity on debt to a record high of 88 months. Annualized GDP showed another quarter of solid growth at 6.5%, while the unemployment rate remained steady at 5.9%. Download the 2021 Q2 data.
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1: FactSet, FTSE Nareit US, FTSE EPRA/Nareit Global
2: Nareit T-Tracker®, except where noted. Operational Performance is dollar weighted from the FTSE Nareit All Equity REITs index.
3: Gross acquisitions less dispositions over the prior 4 quarters as a portion of undepreciated book value of total property holdings, reported in basis points
4: Green Street Advisors All REIT Premium to NAV 5Source: Bureau of Economic Analysis GDP report and Bureau of Labor Statistics Employment and CPI reports