2025 Commercial REIT Results

By Jerra Joy Agravio

May 30, 2025

REITsForward AFFO Payout Ratios

S&P’s latest report on the sector’s performance. Read the report.

A chart of commercial REIT results through May 2025
Source: S&P Global Market Intelligence

As of May 2025, publicly traded U.S. equity REITs had an average 2025Q1 AFFO payout ratio estimate of 80.5 percent.

Industrial REITs had the highest average AFFO payout ratio estimate for the first quarter of 2025 at 86.3 percent. The office sector had the lowest average AFFO payout ratio estimate at 71.1 percent.

Jerra Joy Agravio is a senior associate in the Real Estate Client Operations Department of S&P Global Market Intelligence. If you are interested in learning more about the products and services available within S&P Global Real Estate data, please visit us here.

—Posted on May 30, 2025

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