Nareit’s Total REIT Industry Tracker Series – the Nareit T-Tracker– is the first quarterly performance measure of the heartbeat of the U.S. listed REIT industry. The series includes three key REIT industry measures: the Nareit FFO Tracker, which monitors equity REIT Funds From Operations; the Nareit NOI Tracker, which reports the equity REIT industry’s Net Operating Income; and the Nareit Dividend Tracker, which monitors the dividends U.S. listed equity and mortgage REITs pay to their shareholders.
Download the 2023 Q4 T-Tracker results (PDF with charts)
Download the comprehensive T-Tracker data
Key Takeaways for T-Tracker 2023 Q4
- 79% of REITs’ total debt was unsecured in the fourth quarter of 2023
- 91% of total debt was at a fixed rate
- Leverage ratios remained modest with debt-to-market assets at 33.2%
- Weighted average term to maturity of REIT debt was nearly 6.5 years
- Weighted average interest rate on total debt was 4.1%
- Nearly two-thirds of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 2.4% from one year ago
- Same Store NOI experienced 3.6% year-over-year gains
- Occupancy stayed steady at 93.1%
- Nearly 60% of REITs reported year-over-year increases in Funds From Operations (FFO), with FFO increasing 1.6% from one year ago
- REIT implied cap rate was 5.7%
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