Market returns for the domestic and global REIT industry excluding emerging markets remained positive as economic recovery is under way in Q1 2021. First quarter returns by property sector are all positive with self-storage (13.2%) at the top followed by timberland (9.7%), retail (9.6%), and industrial (9.7%). Annual FFO growth continued to recover, growing at a 2% rate after two quarters of double digit growth. After three consecutive quarters of recovery, REIT Q1 FFO is at nearly 85% of its pre-Covid level in the fourth quarter of 2019. REIT balance sheets remained strong and REITs increased their weighted average term to maturity on debt to a record high of 87 months. Annualized GDP showed another quarter of solid growth at 6.4%, while the unemployment rate was down less than one percentage point. Download the 2021 Q1 data.
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