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 2023 Q1 T-Tracker results (PDF with charts)
Download the comprehensive T-Tracker data
Key Takeaways for T-Tracker 2023 Q1
REITs continue to have well-structured debt.
- 76% of REIT debt is unsecured
- 87% of REIT debt is at a fixed rate
REIT balance sheets are solid and well-positioned for economic and capital market uncertainty.
- Leverage ratios remained modest with debt-to-market assets at 33.9%
- Weighted average term to maturity of debt was nearly 7 years
- Weighted average interest rate on total debt was 3.9%
REITs displayed operational strength in the first quarter
- Funds from operations (FFO) was $18.7 billion, up 5.3% from a year ago
- Net operating income (NOI) and same store NOI experienced 2.2% and 7.2% year-over-year gains, respectively
- Dividends paid was $14.7 billion, up 7.7% from a year ago
