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 2023 Q3 T-Tracker results (PDF with charts)

Download the comprehensive T-Tracker data

Key Takeaways for T-Tracker 2023 Q3

  • 79% of REIT’s total debt was unsecured in the third quarter of 2023
  • 91% of total debt was at a fixed rate
  • Leverage ratios remained modest with debt-to-market assets at 36.2%
  • Weighted average term to maturity of REIT debt was 6.5 years
  • Weighted average interest rate on total debt was 4.0%
  • Nearly 75% of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 6.3% from one year ago
  • Same Store NOI experienced 4.6% year-over-year gains
  • Occupancy stayed steady at 93.3%
  • Nearly two-thirds of REITs reported year-over-year increases in Funds From Operations (FFO)
  • REIT implied cap rate was 6.5%


T Tracker 2023 Q3 chart