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 2025 Q1 T-Tracker results (PDF with charts)
Download the comprehensive T-Tracker data
Key Takeaways for REIT Industry Tracker Q1:2025
- Leverage ratios remained low with debt-to-market assets at 32.5%
- Weighted average term to maturity of REIT debt was 6.2 years
- Weighted average interest rate on total debt was 4.2%
- 79.4% of REITs’ total debt was unsecured in the first quarter of 2025
- 90.9% of total debt was at a fixed rate
- Occupancy was at 92.8%
- Nearly two-thirds of REITs reported year-over-year increases in Net Operating Income (NOI), with NOI increasing 2.3% from one year ago
- Same Store NOI experienced 3.2% year-over-year gain, underscoring that REITs are keeping pace with inflation
- A little more than half of REITs reported year-over-year increases in Funds From Operations (FFO), with FFO increasing 2.9% from one year ago
- REIT implied cap rate was 5.6%
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