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 2018

Industry Size

  • FTSE Nareit All REITs equity market capitalization = $1.048 trillion
  • FTSE Nareit All Equity REITs equity market capitalization = $973.9 billion
  • 226 REITs are in the FTSE Nareit All REITs Index.
  • 186 REITs trade on the New York Stock Exchange.
  • NYSE listed REITs equity market capitalization = $935.6 billion

Dividends

Yield Comparison

  • FTSE Nareit All REITs: 4.80%
  • FTSE Nareit All Equity REITs: 4.37%
  • S&P 500: 2.22%
  • Listed REITs (equity REITs and mREITs) paid out approximately $53.2 billion and public non-listed REITs paid out approximately $4.3 billion in dividends during 2017.
  • On average, 76 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 10 percent qualify as return of capital and 14 percent qualify as long-term capital gains.

Leverage and Coverage Ratios

(Balance sheet data as of Q3 2018)

FTSE Nareit Equity REIT Index

  • Debt Ratio: 32.3%
  • Coverage Ratio: 4.5x
  • Fixed Charge Ratio: 4.2x
  • 67 REITs are rated investment grade, 67 percent by equity market capitalization.

FTSE Nareit All REIT Index

  • Debt Ratio: 43.4%
  • Coverage Ratio: 3.7x
  • Fixed Charge Ratio: 3.4x
  • 67 REITs are rated investment grade, 63 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

  • December 2018: $7.9 billion
  • December 2013: $4.7 billion
  • December 2008: $4.6 billion

Data as of December 31, 2018, except where noted.

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