New data from second quarter 2025 show REITs had notable gains in net operating income (NOI) — 4.8 percent year-over-year, according to the Nareit Total REIT Industry Tracker Series report. More than 61 percent of REITs reported year-over-year increases in NOI. Notably, same-store NOI was up 2.7 percent, underscoring that REITs are keeping pace with inflation.
“Amid ongoing market uncertainty, REITs posted impressive net operating income,” said Nareit executive vice president of research and investor outreach John Worth. “When combined with their strong balance sheets, these results highlight REITs’ operational excellence while giving investors confidence that REITs are well-positioned to seize growth opportunities when market certainty and transactions increase.”
Second quarter 2025 data show REITs continue to maintain well-structured debt — 89.6 percent of listed REITs’ total debt was at a fixed rate, while 80.6 percent of their total debt was unsecur
