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 Q3 T-Tracker results (PDF with charts)

Download the comprehensive T-Tracker data

Key Takeaways for T-Tracker 2022 Q3

  • FFO increased to $19.9 billion in the third quarter of 2022—a 14.9% increase from one year ago.
  • 81% of REITs reported increases in FFO year-over-year, including
    • Lodging/resorts FFO up 125.6%
    • Specialty up 32.9%
    • Industrial up 30.9%
    • Self storage up 27.1%
    • Residential up 19.9%
    • Retail up 19.9%
    • Infrastructure up 10.5%
  • NOI was $27.7 billion—an 8.1% increase from a year ago.
  • Same Store NOI was $11.8 billion—a 7.1% increase over the past four quarters.
  • REITs remain well-prepared for a period of higher interest rates:
    • Leverage ratios were near historic lows with debt-to-market assets at 34.5%.
    • Fixed rate debt accounted for 82.6% of total debt.
    • Interest coverage increased to 6 times.
    • Net interest expense as a percent of NOI was near its historic low at 18.9%
    • Weighted average term to maturity of REIT debt was more than 7 years—or 84 months.
T-Tracker Q3 2022 FFO chart