Commercial REIT Results—April 2024

Industrial REIT payout ratios exceed those for office and all REITs, according to S&P Global.

U.S. equity REIT's average AFFO payout ratios
Data as of May 3, 2024. Source: S&P Global Market Intelligence 

As of May 3, publicly traded U.S. equity REITs had an average 2024Q1 AFFO payout ratio estimate of 74.7 percent.

Among these sectors, industrial REITs had the highest average AFFO payout ratio estimate for the first quarter of 2024, at 83.0 percent. The office sector had the lowest average AFFO payout ratio estimate of 60.7 percent.

Iman Niazi is a senior associate in the Real Estate Client Operations Department of S&P Global Market Intelligence

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