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 April 2020

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.081 trillion
  • FTSE Nareit All Equity REITs equity market capitalization = $1.030 trillion
  • 219 REITs are in the FTSE Nareit All REITs Index.
  • 186 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $940 billion

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 4.76%
  • FTSE Nareit All Equity REITs: 4.32%
  • S&P 500: 2.03%
  • Listed REITs (equity REITs and mREITs) paid out approximately $56.7 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 Q3 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: 43.9%
  • 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

  • April 2020: $9.8 billion
  • April 2015: $5.9 billion
  • April 2010: $3.7 billion

Data as of April 30, 2020, except where noted.

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