Although REIT total returns were negative in the third quarter of 2023, they enjoyed a resurgence in November 2023. All equity REITs posted a gain of 11.9% for the month, and mortgage REITs were up 14.4%; the S&P 500 was also up 9.1%. REITs continued to offer attractive dividends. As of November 2023, all equity and mortgage REITs offered dividends of 4.1% and 12.6%, respectively. REIT operational performance remained solid in the third quarter of 2023 (the most recent data available). Aggregate REIT NOI rose by 6.3% over the past four quarters, indicating that REITs have been keeping pace with inflation. REIT balance sheets continued to remain sound as well. As of the third quarter of 2023, the average REIT leverage (debt to market assets) ratio was 36.2% and the weighted average term to maturity of total debt was 78.4 months, or 6.5 years. Download the latest data.
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- Footnotes
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1 Source: FactSet, FTSE Nareit US, FTSE EPRA/Nareit Global
2 Source: Nareit T-Tracker®, except where noted. Operational Performance is dollar weighted from the FTSE Nareit All Equity REITs index.
3 YTD % change is calculated from the start of the year to the current quarter.
4 Source: Green Street Advisors All REIT Premium to NAV
5 Source: Bureau of Economic Analysis GDP report and Bureau of Labor Statistics Employment and CPI reports