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 December 2017

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.134 trillion.
  • FTSE Nareit All Equity REITs equity market capitalization = $1.063 trillion.
  • 222 REITs are in the FTSE Nareit All REITs Index.
  • 188 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $1.020 trillion.

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 4.27%
  • FTSE Nareit All Equity REITs: 3.94%
  • S&P 500: 1.86%
  • Listed REITs (equity REITs and mREITs) paid out approximately $55.7 billion and public non-listed REITs paid out approximately $4.4 billion in dividends during 2016.
  • On average, 59 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 17 percent qualify as return of capital and 24 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q3 2017)

FTSE Nareit Equity REIT Index

  • Debt Ratio: 31.7%
  • Coverage Ratio: 4.5x
  • Fixed Charge Ratio: 4.1x
  • 71 REITs are rated investment grade, 69 percent by equity market capitalization.

FTSE Nareit All REIT Index

  • Debt Ratio: 41.9%
  • Coverage Ratio: 3.8x
  • Fixed Charge Ratio: 3.5x
  • 71 REITs are rated investment grade, 65 percent 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

  • Dec. 2017: $7.1 billion
  • Dec. 2012: $4.1 billion
  • Dec. 2007: $3.0 billion

Data as of Dec. 31, 2017, except where noted.

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