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%
