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Nareit: REIT Finances Remain Healthy

New third-quarter data show that REITs continue to have well-structured debt, according to the Nareit Total REIT Industry Tracker Series report. Seventy-nine percent of REITs’ total debt was unsecured, while 91% of listed REITs’ total debt was at a fixed rate,

Q3 2023 data also show that REIT balance sheets are solid and well-positioned for economic and capital market uncertainty, Nareit said. On average, leverage ratios remained modest with debt-to-market assets at 36.2%, while the weighted average term to maturity of REIT debt was 6.5 years and the weighted average interest rate on total debt was 4.0%

“REITs’ balance sheets are in good shape, largely because REITs continue to exercise great discipline in managing them,” said John Worth, Nareit EVP of Research & Investor Outreach. “That discipline, combined with REITs’ ongoing solid operational performance, is enabling REITs to navigate tighter credit conditions and the ongoing high interest rate environment.”

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