Nareit T-Tracker®: Quarterly Operating Performance Series

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.

Download the 2020 Q2 T-Tracker results (with charts)

Download the comprehensive T-Tracker data

Key Takeaways For Q2 2020

  • Funds from operations (FFO) fell 21.7% from the first quarter, to $11.6 billion. This is $29.3% lower than the second quarter of 2019.
  • Net operating income (NOI) totaled $21.0 billion, 12.3% lower than the prior quarter and 15,6% below one year earlier.
  • Dividends paid by equity REITs totaled $11.5 billion, and dividends paid by mREITs totaled $1.7 billion. The $13.1 billion overall dividends paid was 9.6% lower than in the second quarter of 2019.
  • Occupancy rates were 89.9%, down 290 basis points from the prior quarter.
  • The ratio of debt to total book assets was 50.8%, little changed from the prior quarter. Leverage ratios are far below the 58.3% during the financial crisis of 2008, as REITs raised billions of dollars of equity capital over the past decade.
  • The weighted average interest coverage ratio declined from 4.1x in Q1 to 3.4x in Q2. Coverage ratios remain well above the 2.6x during the financial crisis in 2008.

“The sharp decline in REIT earnings reflects the record contraction in GDP in the second quarter. Economic activity hit bottom in April, however, and began rebounding over the past four months,” said Calvin Schnure, Nareit senior economist. “In fact, retail sales in July had already risen above pre-pandemic levels, which should bolster the revenues of Retail REITs during the third quarter.”


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 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.