SPG - Q4 Equity REITs FFO rise 11.3% led by retail rebound: Nareit T-Tracker

As per the Nareit T-Tracker, funds from operations for all equity REITs surged 11.3% Q/Q to $13.9B in 4Q20 following a 10.3% increased in 3Q20.Overall REIT industry FFO was 16% lower Y/Y; increases in Q3 & Q4, however, reversed half of the declines that occurred in Q1 & Q2.Dividends paid rose 3% to $12.1B from 3Q20 levels; includes a 3.5% increase in dividends paid by equity REITs but a 0.2% decline in dividends paid by mREITs.Total dividends are down 28.8% Y/Y.Sector Analysis:As evident, Lodging/resorts and retail REITs were most directly impacted by shutdowns and social distancing and thus FFO remains significantly lower from prior year.Sectors that support the digital economy - data centers, infrastructure, and industrial REITs - experienced a surge in business and FFO in 2H20.Office, residential, diversified, self storage, health care, and specialty, posted gains on balance in 4Q20.Investors are now shifting to cyclical sectors that suffered big losses in

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Q4 Equity REITs FFO rise 11.3% led by retail rebound: Nareit T-Tracker