Market cap of REITs in the U.S. 2019-2023, by property type

The FTSE Nareit All Equity REITs index is a free-float adjusted, market capitalization-weighted index of equity real estate investment trusts (REITs) in the United States. As of December 2023, the market cap of the index was 1.3 trillion U.S. dollars, up from 1.2 trillion U.S. dollars in December 2021. To be included in the index, the 140 constituents have to have more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. Infrastructure, residential, and retail real estate are the largest REIT segments: Industrial real estate REITs had a market cap of 178 billion U.S. dollars as of December 2023, while retail had a market cap of almost 190 billion U.S. dollars. The number of REITs has remained fairly constant in recent years, but the market cap has increased notably.