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 2018 Q1 T-Tracker results (with charts)

Download the comprehensive T-Tracker data

Key Takeaways For Q1 2018

  • Fund from Operations totaled $15.3 billion, a 3.6 percent increase compared to the fourth quarter of 2017 and a 6.0 percent gain from the first quarter of 2017.
  • Net Operating Income totaled $23.9 billion, 6.5 percent higher than one year earlier and little changed from the fourth quarter of 2017.
  • Dividends paid by Equity and Mortgage REITs totaled $14.3 billion, an increase of 3.8 percent from the fourth quarter of 2017 and a 7.4 percent gain from the first quarter of 2017.
  • The top-performing Equity REIT property segments on a Same-Store NOI increase basis versus the first quarter of 2017 were Industrial (5.6 percent), Manufactured Homes (4.8 percent), Diversified (4.1 percent), and Office (3.5 percent).
  • Occupancy rates for all Equity REITs declined slightly to 93.6 compared to last quarter’s record high of 93.8 percent. First quarter 2018 occupancy rates were 18 basis points higher than in the first quarter of 2017.

“Solid operating fundamentals drove earnings growth in the first quarter,” said Calvin Schnure, Nareit Senior Vice President of Research & Economic Analysis. “The forward momentum in earnings growth contrasted with REITs’ mixed stock market performance, resulting in the lowest aggregate price to FFO ratio since 2011. At a time when price-earnings multiples for broad stock market indices have risen to post-crisis highs, REIT valuations remain attractive.”

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.