FTSE Nareit US Real Estate Index Series (LSEG / FTSE Russell)

Every REIT number anyone quotes eventually rests on a document most people never open. This record is that document set. LSEG FTSE Russell administers the FTSE Nareit US Real Estate Index Series - described by its administrator as "a comprehensive family of REIT-focused indices spanning the commercial real estate industry" - and Datadory delivers the family's three working layers as one catalog record.

The methodology layer: ground rules for the US Real Estate Index Series, the Capped Index Series and the Preferred Stock Index, issued in English and in Japanese, with a Product Highlights summary alongside - five rulebooks running 200 KB to 1.3 MB apiece.

The measurement layer: factsheet metric sets covering eight issue codes - the series itself (NAREITSRS), All REITs (FNAR), All Equity REITs (FNER), Equity REITs (FNRE), Preferred Stock (FNPSI), the Capped Series (NAREITCAPPEDSRS) and the New Economy Index (FNNEI) among them - each carrying performance, risk and constituent statistics for its index.

The taxonomy layer: the FTSE Nareit Classification Structure workbook, nineteen kilobytes of spreadsheet holding roughly forty classified indices across four columns - Code, Index Name, Property Sector, Property Sub Sector. That last file is why this page matters far outside index land: it is where Equity Diversified becomes FN10, code N710, with sub-sector row N711 beneath it - the definition every downstream Diversified REIT comparison borrows, usually without saying so.

Four slices of the classification structure, read straight out of the workbook during the August 2026 verification pass:

# one row: where Diversified REITs gets its benchmark identity
File : ftse-nareit-classification-structure.xlsx   Grain: one row per classified index
Code            : N710
Index Name      : Equity Diversified (FN10)
Property Sector : Equity Diversified

# one tier down - same family, finer cut
Code       : N711
Index Name : Equity Diversified        # sub-sector row

# two peers off the same sheet
Code       : N700    Index Name : Equity REITs (FNRE)
Code       : N900    Index Name : Mortgage REITs (FNMR)

# and the tier above every sector row
Headline Indices : FTSE NAREIT ALL REITS (FNAR)

Two things worth noticing. First, the grain is unforgivingly clean - one row per classified index, four documented columns, nothing inferred: N710 says Equity Diversified because a cell in a parsed file says so, not because a marketing page implies it. Second, the Code column does all the structural work: N710 ties the Equity Diversified sector entry to its sub-sector child N711, N700 gathers the equity side, N900 opens the mortgage block that later splits into Home Financing and Commercial Financing, and every sector row ultimately rolls up to the headline tier. A hierarchy you can reconstruct with one join is a hierarchy you can actually model.

Six fields define the record, and every one was verified by parsing - the workbook was opened and its columns read in place during the August 2026 research pass, not guessed from document titles.

Code is the short numeric identifier and the join spine of the entire structure. Index Name carries the full styled name with ticker-style code attached - "Equity Diversified (FN10)", not a paraphrase of it. Property Sector assigns the top grouping; Property Sub Sector holds the finer cut on its own row, so a sector and its children remain distinguishable instead of collapsing into one label.

Above the sectors sits Headline Indices, the tier label for FNAR, FNCO, FNR5, FNER, FNRE and the mortgage indices - the aggregates the rest of the market actually quotes. And Factsheet metrics is the sixth entry: less a column than a promise that each issue code brings its own performance, risk and constituent statistics, which is why this dictionary widens per index rather than per cell.

Confidence on all six: verified, observed values attached - N710, FN10, the works.

The six-field spine covers every classified index; the extensions below fold into additional fields on request because they depend on the cut you specify:

1. Constituent-level resolution. Joins from the public REIT company directory map a classified index such as FN10 back toward the listed companies inside it, turning a taxonomy row into an investable name list.
2. Value histories aligned to the codes. Where the family publishes them - including the daily, yen-denominated capped Equity REITs construction marked as a regulated-benchmark export - histories attach to the same Code spine as the classification rows.
3. Higher-frequency panels from the Nareit siblings. Monthly property index values, daily and monthly returns, and the quarterly T-Tracker operating series key onto identical sector names, so a reclassification can be read next to what the market did about it.
4. Derived views computed on delivery. Code-to-name crosswalks, rollups from the subsector grid, or a taxonomy map joining your internal property categories onto the Property Sector and Sub Sector columns.

Name the extensions when you request the sample; they fold in rather than padding every extract.

• Geography: the United States REIT market - the constituents behind the FTSE Nareit family - with two deliberate reaches beyond it: a Japanese-language edition of the rules and one yen-denominated capped construction, useful when a cross-border desk needs the same benchmark read in another currency and language.
• Temporal: the documentation set is current as published, and the classification workbook moves with the taxonomy - roughly forty indices stand classified today, arranged so that sectors entering or leaving the family leave evidence in the Code sequence. Within the family sits one historical values construction on a daily clock.
• Granularity: three grains in one record. Per-index factsheet metric sets, per-construction rulebooks, and a classification table at Property Sector and Sub Sector level with one row per index. The finest grain is the one everyone else inherits: the subsector row that makes Equity Diversified (N711) a thing separate from its parent N710.

API, files, or your warehouse. Daily, weekly, or hourly.

Name the issue codes, the tiers or the property sectors when you request the sample and it lands shaped to that scope with the field dictionary unchanged, so it appends cleanly to later pulls. Most teams take the classification workbook whole - forty rows is not a big table - and pair it with whichever slice of the family they are working: factsheet metrics per index, or the Nareit-distributed return panels keyed onto the same sector names. Long-to-wide reshaping of the taxonomy, crosswalk tables against your internal categories and code-level joins are cut at delivery, not left as homework. The schema stays fixed either way; the Code column guarantees it.

• Index and product teams work the family end to end: headline tiers against sector rows, capped against uncapped, preferred against common - picking the construction whose rules actually match the exposure they want to track.
• Property analysts and consultants treat the classification structure as the Rosetta stone for sector mapping: when a client's internal categories say "mixed-use corporate real estate," the workbook says what FTSE Nareit calls it and where it lands.
• IR and strategy teams at diversified REITs borrow the official definition - FN10, code N710 - whenever the conglomerate-discount argument needs a benchmark line that was not invented in-house.
• Compliance, valuation and reporting desks anchor methodology claims to the rulebook and the regulated-benchmark markings, citing versions rather than folklore.
• Journalists, academics and students cite the administrator's own definitions when a paper or explainer needs to say precisely what a REIT index contains.

• Investors & Quant Researchers get the definitional layer under their own backtests: when the returns panel says Diversified, this record says exactly what was counted - relevance 3.
• Market Researchers & Consultants get the taxonomy that lets twenty client taxonomies become one comparable grid - relevance 3.
• Competitive Intelligence & Product Teams get benchmark selection done properly: rules read before capital commits, capped versus uncapped understood before tracking error surprises anyone - relevance 2.
• Journalists, Academics & Students get citable definitions straight from the administrator, with observed example values attached - relevance 2.

This record is the rulebook; the rest of the industry slice is what happens when the rules meet money. The Nareit Annual Index Values & Returns record supplies the year-by-year values and returns of the very series defined here - investment sectors from 1972, fourteen property sectors from 1994, Diversified named. The REIT Market Data Reports Hub carries the faster clocks: daily and monthly index returns, monthly property index values, the quarterly T-Tracker operating series. The public REIT company directory resolves which listed firms sit inside a sector-year cell. Outside the family, the Census CPS/HVS tables bring vacancy, homeownership and rents, so priced benchmarks can be read against housing fundamentals. Rules, returns, cadence, constituents, fundamentals - five records, one research stack, and this one holds the definitions the other four lean on.