The first complete quarterly measure of the U.S. listed REIT industry’s operating and dividend performance.

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 2022 Q1 T-Tracker results (PDF with charts)

Download the comprehensive T-Tracker data

Key Takeaways for T-Tracker 2022 Q1

  • Leverage ratios remained low: Debt to book assets declined to 49.7% and debt to market assets was at 27.6%.
  • Interest coverage stayed steady at 6.1 times, the same as it was in the fourth quarter of 2021.
  • Net interest expense as a percent of net operating income (NOI) declined to a record low of 16.5%, from 18.7% in the prior quarter.
  • Weighted average term to maturity of REIT debt was more than 7 years—or 87.4 months—which is up from 86.7 months in the prior quarter.
  • Occupancy rates of all REIT-owned properties remained steady at 92.7% while the retail sector saw a notable increase of nearly 140 basis points to 96.5%.
  • Funds from Operations (FFO) reached an all-time high of $18.0 billion, a 7.2% increase from last quarter. Many sectors significantly contributed to this growth, including:
  • Lodging/resorts FFO rose 29.7% to $532 million.
  • Infrastructure FFO rose 24.0% to $2.7 billion.
  • Diversified FFO rose 17.6% to $607 million.
  • Health Care FFO rose 16.6% to $1.8 billion.
  • Retail FFO rose 9.3% to $3.5 billion.
  • Office FFO rose 0.9% to $1.6 billion.
  • Retail FFO was $3.5 billion, reaching pre-pandemic levels.
  • NOI totaled $27.4 billion, which is 5.4% higher than last quarter—and 15.1% higher than one year ago.
  • Same Store NOI increased 8.4% over the last four quarters, up from 7.8% last quarter.
  • Dividends for equity REITs were $13.5 billion total, while dividends for mREITs were $1.9 billion.
2022 Q1 T-Tracker chart - FFO reached an all-time high of $18.0 billion