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.
Key Takeaways for REIT Industry Tracker Q3:2025
17.3%
YOY FFO increase
32.9%
Leverage ratio
5.6%
REIT implied cap rate
- Over 60% of REITs reported year-over-year increases in Funds From Operations (FFO), with FFO increasing 17.3% from one year ago
- Over 60% of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 5.2% from one year ago
- Same Store NOI experienced 2.8% year-over-year gain
- Occupancy for All Equity REITs was at 93.0%
- Weighted average term to maturity of REIT debt was 6.2 years
- Weighted average interest rate on total debt was 4.1%
- 88.7% of REITs’ total debt was at a fixed rate
- 80.6% of REITs’ total debt was unsecured
- Net acquisitions totaled $4.7 billion
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