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U.S. real estate investment trusts’ first-quarter funds from operations were a record high at over $18 billion, a 30.9% surge from a year ago, according to Nareit’s Total REIT Industry Tracker Series report.
Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.
Sectors that took a beating during the pandemic showed strong earnings improvement, such as free-standing retail, which was up 37.3% during the quarter, and lodging/resorts, which was up 29.7%, according to the report.
The self-storage, industrial, infrastructure, residential, data center, retail and specialty sectors recorded FFO that surpassed pre-pandemic levels. Sectors with FFO below pre-pandemic levels include healthcare, office, diversified and lodging/resorts.
CHART OF THE WEEK: North American RE companies’ net-zero progress