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 Q4:2025
6.3%
YOY NOI growth
36.0%
Leverage ratio
5.9%
REIT implied cap rate
- Over 60% of REITs reported year-over-year increases in increases in Funds from Operations (FFO), with FFO decreasing 3.0% from one year ago
- Over 75% of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 6.3% from one year ago
- Same Store NOI experienced 3.7% year-over-year gain
- Occupancy for All Equity REITs was at 93.4%
- Leverage ratios remained low with debt-to-market assets at 36.0%
- Weighted average term to maturity of REIT debt was 6.0 years
- Weighted average interest rate on total debt was 4.1%
- 89.4% of total debt was at a fixed rate
- 80.0% of REITs’ total debt was unsecured
- REIT implied cap rate was 5.9%
- Gross acquisitions totaled $25.0 billion
- Dispositions totaled $18.9 billion
- Net acquisitions totaled $6.2 billion
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