REIT Industry Financial Snapshot

Each month, Nareit provides a statistical snapshot of the overall REIT market. More detailed information is available in REIT indexes. 

REIT Industry Monthly Data for July 2019

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.262 trillion
  • FTSE Nareit All Equity REITs equity market capitalization = $1.175 trillion
  • 221 REITs are in the FTSE Nareit All REITs Index.
  • 185 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $1.121 trillion

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 4.06%
  • FTSE Nareit All Equity REITs: 3.69%
  • S&P 500: 1.97%
  • Listed REITs (equity REITs and mREITs) paid out approximately $65.3 billion and public non-listed REITs paid out approximately $4.9 billion in dividends during 2018.
  • On average, 70 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 15 percent qualify as return of capital and 16 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q1 2019)

FTSE Nareit Equity REIT Index

  • Debt Ratio: 31.3%
  • Coverage Ratio: 4.4x
  • Fixed Charge Ratio: 4.1x
  • 66 REITs are rated investment grade, 74% by equity market capitalization.

FTSE Nareit All REIT Index

  • Debt Ratio: 43.7%
  • Coverage Ratio: 3.1x
  • Fixed Charge Ratio: 2.9x
  • 66 REITs are rated investment grade, 69% by equity market capitalization.

Coverage ratio equals EBITDA divided by interest expense.

Fixed-charge ratio equals EBITDA divided by interest expense plus preferred dividends.

Average Daily Dollar Trading Volume

  • July 2019: $6.6 billion
  • July 2014: $4.6 billion
  • July 2009: $2.9 billion

Data as of July 31, 2019, except where noted.

All data are derived from, and apply only to, listed U.S. REITs unless otherwise noted.