REITs Reported $15.8 Billion Total FFO in Q3: Nareit T-Tracker

REITs reported a total of $15.8 billion in funds from operations (FFO) in the third quarter, according to the Nareit T-Tracker. Industry FFO was 3.5% lower than in Q2, largely due to a significant charge to settle outstanding litigation by a one REIT. Total FFO excluding this charge would have been 1.2% higher than Q2 at $16.6 billion.

Earnings growth broadened across the REIT sector in the third quarter, with 65.9% of REITs reporting higher FFO than one year ago. This was the highest proportion of REITs with rising earnings since 2016:Q4.

There has been strong demand for space at REIT-owned properties. Occupancy rates edged down 10 bps from the prior quarter and remain close to their record highs.

Net acquisitions have rebounded this year as higher stock prices and a price premium to NAV have reduced REITs’ cost of capital. Net acquisitions totaled $4.9 billion in the third quarter, and the total year-to-date of $18.8 billion is the highest since 2015.

For more information on REIT operating performance, as well as full tables and charts available for download, see the T-Tracker.

Get Nareit Market Commentary blog posts delivered straight to your inbox.


The Market Commentary blog on presents analysis of the macro- and micro-economic fundamentals impacting the REIT and commercial real estate industry. The Nareit economics team offers their commentary on the state of the market, the outlook for commercial real estate and breaking macroeconomic news. The opinions set forth here are solely those of its author(s), and do not necessarily reflect the views of the Nareit or its membership. For more, see our Terms of Use.