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

Download the 2018 Q4 T-Tracker results (with charts)

Download the comprehensive T-Tracker data

Key Takeaways For Q4 2018

  • Fund from Operations (FFO) totaled $15.9 billion, a 3.2 percent decrease from the third quarter of 2018. FFO was 7.4 percent higher than one year earlier, however, as robust increases in Q1 and Q2 outweighed declines in Q3 and Q4.
  • Net Operating Income totaled $24.6 billion, 1.2 percent higher sequentially and 3.7 percent above the fourth quarter of 2017.
  • Dividends paid by Equity and Mortgage REITs totaled $13.9 billion, a 1.6 percent decrease from the prior quarter, and marginally above the fourth quarter of 2017. A merger transaction prompted a shift forward of dividend payments that would normally have taken place in Q4 into Q3. Had this shift not occurred, total dividend payments in Q4 would have been approximately 1.9 percent higher Q/Q and 2.1 percent above over one year earlier.
  • The top-performing Equity REIT property segments on a Same-Store NOI over the past four quarters were Manufactured Homes (7.1 percent), Office (5.2 percent), Industrial (4.3 percent) and Single Family Homes (3.5 percent).
  • Occupancy rates for all Equity REITs edged down 40 basis points from the record high in Q3, to 93.8 percent.

“REIT operating performance continues to benefit from economic tailwinds that drive demand for leased space in commercial real estate,” said Nareit Senior Vice President of Research and Economic Analysis Calvin Schnure. “High occupancy rates support rent growth and also capital appreciation of the properties owned by REITs.”


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 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.