The first quarter of 2020 shows the beginning of the impact of the COVID-19 pandemic on the REIT industry. The quarter ended with negative returns for all sectors except data centers and infrastructure returns which were basically flat. The FTSE Nareit All Equity REITs index was down 23.4% in Q1. Annual growth in FFO for the first quarter of 2020 was down 6.2% for equity REITs with lodging/resorts and diversified posting the largest losses. The industrial sector’s FFO was up 32.7% year over year. Debt to book assets fell to 50.5% in the first quarter while debt to market assets increased to 37.0%, reflecting the fall in stock prices. Macroeconomic indicators show the economic slow-down with GDP down 4.9%. Download the 2020 Q1 data.
Get quarterly REIT performance data and the latest REIT-related research sent to your inbox. Subscribe to Nareit Research, a quarterly enewsletter.
1Source: FactSet, FTSE Nareit US, FTSE EPRA/Nareit Global
2Source: Nareit T-Tracker®, except where noted. Operational Performance is dollar weighted from the FTSE Nareit All Equity REITs index.
3Gross acquisitions less dispositions over the prior 4 quarters as a portion of undepreciated book value of total property holdings, reported in basis points
4Source: Green Street Advisors All REIT Premium to NAV
5Source: Bureau of Economic Analysis GDP report and Bureau of Labor Statistics Employment and CPI reports