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 2024 Q1 T-Tracker results (PDF with charts)

Download the comprehensive T-Tracker data

Key Takeaways for T-Tracker 2024 Q1

  • 79.2% of REITs’ total debt was unsecured in the first quarter of 2024
  • 89.6% of total debt was at a fixed rate
  • Leverage ratios remained modest with debt-to-market assets at 33.8%
  • Weighted average term to maturity of REIT debt was nearly 6.5 years
  • Weighted average interest rate on total debt was 4.1%
  • More than two-thirds of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 2.8% from one year ago
  • Same Store NOI experienced 3.2% year-over-year gains
  • Occupancy stayed steady at 93.2%
  • Nearly two-thirds of REITs reported year-over-year increases in Funds From Operations (FFO), with FFO increasing 1.0% from one year ago
  • REIT implied cap rate was 5.8%
2024 Q1 t Tracker chart