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 2022 Q2 T-Tracker results (PDF with charts)

Download the comprehensive T-Tracker data

Key Takeaways for T-Tracker 2022 Q2

  • Funds from Operations (FFO) reached an all-time high of $19.6 billion, a 9.8% increase from last quarter. Nearly 84% of REITs reported increased FFO from a year ago.
  • Every sector except specialty and health care achieved quarter over quarter FFO growth, including:
    • Lodging/resorts FFO rose 129.8% to $1.3 billion.
    • Diversified FFO rose 71.0% to $566 million.
    • Self Storage FFO rose 14.7% to $1.5 billion.
    • Data Centers FFO rose 5.8% to $950 million.
    • Industrial FFO rose 4.0% to $1.8 billion.
  • NOI reached an all-time high of $28.5 billion, which is 3.9% higher than last quarter—and 9.9% higher than one year ago. 92.0% of REITs reported an increased NOI from one year ago.
  • Occupancy rates of all REIT-owned properties increased to 93.7%, the first quarter in which they reached and exceeded pre-pandemic levels.
    • Retail occupancy rates grew over 100 basis points from the previous quarter to 96.9%.
    • Industrial and office REIT occupancy changed slightly from the previous quarter, with industrial and office REITs increasing to 97.1% and 90.0%, respectively.
  • Net acquisitions have slowed to $11.0 billion dollars, down from $16.7 billion in the previous quarter.
  • Same Store NOI rose 8.3% over the last four quarters.
  • Dividends for equity REITs were $12.7 billion total, while dividends for mREITs were $1.9 billion.
  • Net interest expense as a percent of net operating income (NOI) declined to a record low of 16.8%, from 17.7% in the prior quarter.
  • Weighted average term to maturity of REIT debt was more than 7 years—or 87 months—which is up from 85.5 months in the prior quarter.
  • Leverage ratios remained low compared to the historical average: Debt to book assets fell over 35 bps to 49.5% and debt to market assets rose almost 475 bps to 33.1%.
  • Interest coverage increased to 6.1 times.
T-Tracker Q2 2022 chart