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 November 2019

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.322 trillion
  • FTSE Nareit All Equity REITs equity market capitalization = $1.232 trillion
  • 219 REITs are in the FTSE Nareit All REITs Index.
  • 184 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $1.175 trillion

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 3.97%
  • FTSE Nareit All Equity REITs: 3.59%
  • S&P 500: 1.93%
  • 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 Q2 2019)

FTSE Nareit Equity REIT Index

  • Debt Ratio: 29.1%
  • Coverage Ratio: 4.7x
  • Fixed Charge Ratio: 4.3x
  • 66 REITs are rated investment grade, 74% by equity market capitalization.

FTSE Nareit All REIT Index

  • Debt Ratio: 42.7%
  • Coverage Ratio: 2.9x
  • Fixed Charge Ratio: 2.7x
  • 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

  • November 2019: $7.4 billion
  • November 2014: $5.3 billion
  • November 2009: $3.1 billion

Data as of November 30, 2019, except where noted.

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