Nareit’s REIT Industry Tracker Series – formerly the Nareit T-Tracker– is the first quarterly performance measurement of the U.S. listed REIT industry. The series includes three key REIT industry measures: funds from operations, net operating income, and the dividends that equity and mortgage REITs pay to their shareholders.
Key Takeaways for REIT Industry Tracker Q2:2026
12.4%
YOY FFO growth
34.4%
Leverage ratio
5.7%
REIT implied cap rate
- 72% of REITs reported year-over-year increases in increases in Funds from Operations (FFO), with FFO increasing 12.4% from one year ago
- Nearly 80% of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 6.8% from one year ago
- Same Store NOI experienced 4.1% year-over-year gain
- Occupancy for All Equity REITs was at 93.8%
- Leverage ratios remained low with debt-to-market assets at 34.4%
- Weighted average term to maturity of REIT debt was 5.8 years
- Weighted average interest rate on total debt was 4.2%
- 89.8% of total debt was at a fixed rate
- 83.0% of REITs’ total debt was unsecured
- REIT implied cap rate was 5.7%
- Gross acquisitions totaled $24.4 billion
- Dispositions totaled $8.9 billion
- Net acquisitions totaled $15.5 billion
