REIT Earnings Declined 9% in First Quarter on COVID-19 Issues

May 21, 2020 | Calvin Schnure | Nareit

REIT earnings were impacted by the COVID-19 crisis in the first quarter, with funds from operation (FFO) declining 9.0% from the prior quarter, to $15.0 billion, according to the Nareit T-Tracker®. The effects of the pandemic varied widely across the property sectors. FFO for the lodging/resorts sector declined 67.2% and accounted for half of the total decline in REIT earnings. FFO of regional malls experienced an 11.6% decline. Industrial REITs, on the other hand, saw earnings rise 21.7% from the prior quarter, and single family home REITs posted a 7.0% increase.

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