Nareit T-Tracker®: Quarterly Operating Performance Series

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.

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 2017 Q3 T-Tracker results (with charts)

Download the comprehensive T-Tracker data

Key Takeaways For Q3 2017

  • Total FFO of the listed U.S Equity REIT industry was $14.8 billion in the third quarter of 2017, down 4.5 percent from $15.5 billion in the second quarter. Total FFO was 7.8 percent higher than during the third quarter of 2016.
  • Total Equity REIT NOI was $23.1 billion in third quarter of 2017, down 1.5 percent from $23.5 billion in prior quarter. NOI was 6.9 percent higher than one year earlier.
  • Same-Store NOI (SS NOI) rose 3.2 percent from the same quarter one year ago. The top-performing Equity REIT property segments on an SS NOI basis in the third quarter of 2017 were: Manufactured Homes (7.1 percent); Diversified (7.0 percent); Single Family Homes (6.8 percent); Industrial (4.7 percent); and Data Centers (4.2 percent).
  • Dividends paid by both Equity and Mortgage REITs totaled $12.8 billion, a 0.6 percent increase from the prior quarter. Total dividends paid were 4.1 percent higher than the same quarter last year.
  • The occupancy rate of properties owned by of all listed Equity REITs rose 50 basis points to a record high of 94.0 percent.

Equity and Mortgage REIT Dividends Chart

“REITs have strengthened their balance sheets by raising $38 billion of common and preferred equity in the first three quarters of 2017, which exceeds the full-year total equity capital raised for the past several years,” said Calvin Schnure, Nareit’s SVP of research & economic analysis. “Total shareholder equity has risen to 44.5 percent of assets, more than 12 percentage points higher than a decade ago. These solid positions help make REITs a stable investment while also preparing for future growth.”

Disclaimer

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 http://reit.com/TermsofUse.aspx 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.