Each month, Nareit®, the National Association of Real Estate Investment Trusts®, provides a statistical snapshot of the overall REIT market. More detailed information is available in REIT indexes. 

REIT Industry Monthly Data for May 2025

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.431 trillion
  • FTSE Nareit All Equity REITs equity market capitalization = $1.371 trillion
  • 197 REITs are in the FTSE Nareit All REITs Index.
  • 160 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $1.216 trillion

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 4.32%
  • FTSE Nareit All Equity REITs: 3.99%
  • S&P 500: 1.24%
  • Listed REITs (equity REITs and mREITs) paid out approximately $66.2 billion and public non-listed REITs paid out approximately $4.3 billion in dividends during 2024.
  • By market cap-weighted average, 78 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 12 percent qualify as return of capital and 9 percent qualify as long-term capital gains in 2024.

Leverage and Coverage Ratios

(Balance sheet data as of Q1 2025)

All Equity REITs

  • Debt Ratio: 32.5%
  • Coverage Ratio: 4.1x

Average Daily Dollar Trading Volume

  • May 2025: $9.7 billion
  • May 2020:  $9.8 billion
  • May 2015: $6.1 billion

Data as of May 30, 2025, except where noted.

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

Download the full data set