Key Highlights

  • Cousins Properties reported FFO of $0.75 per share, up from $0.69, and leased 546,000 square feet.
  • Digital Realty reported Core FFO of $2.10 per share and raised its 2026 Core FFO guidance to $8.30 to $8.35.
  • COPT Defense Properties reported FFO of $0.71 per share and a quarterly Dividend of $0.32.
  • Gaming and Leisure Properties reported AFFO of $311.7 million, up from $282.0 million.
  • Healthcare Realty Trust reported Normalized FFO of $0.42 per share and cut its net loss to $15.8 million.

Which REITs reported funds from operations gains in the third quarter of 2026?

Five real estate Investment trusts reported third quarter 2026 results, and each one posted a higher or steady cash Earnings measure. Cousins Properties (NYSE:CUZ), an owner of Sun Belt lifestyle office buildings, reported funds from operations of $0.75 per share against $0.69 a year earlier. Digital Realty (NYSE:DLR), a Data Center operator, reported Core FFO of $2.10 per share versus $1.89 and Revenue of $1.9 billion, up 21%.

COPT Defense Properties (NYSE:CDP), which owns properties near U.S. defense installations, reported FFO of $0.71 per diluted share versus $0.69. Gaming and Leisure Properties (NASDAQ:GLPI), a triple-net lessor of casino real estate, reported adjusted funds from operations of $311.7 million versus $282.0 million. Healthcare Realty Trust (NYSE:HR), an outpatient medical REIT, reported Normalized FFO of $0.42 per share versus $0.41.

Each company uses its own FFO definition, so the per share figures are not directly comparable, and Gaming and Leisure Properties reports AFFO in dollars rather than per share.

Cousins Properties: How strong were Sun Belt office leasing spreads?

Cousins reported third quarter results for the period ended September 30, 2026. FFO was $123.8 million, Net Income available to common stockholders was $17.0 million versus $8.6 million, and total revenues were $259.4 million versus $248.3 million.

The company leased 546,000 square feet, including 220,000 square feet of new and expansion leases. Straight-line net rent per square foot rose 31.9% on space that had been leased within the past year, and same property NOI rose 3.3%. On July 29, 2026 it sold One Eleven Congress in Austin for $208.0 million, after an earlier $36.6 million Impairment on that building.

Digital Realty: How large is the record signed Lease backlog?

Digital Realty reported record bookings expected to generate $855 million of annualized GAAP base rent at 100% share. Backlog of signed but not commenced leases reached a record $2.5 billion at 100% share, or $1.8 billion at the company's share.

Net income available to common stockholders was $185 million, or $0.48 per share, versus $0.15. Renewal leases rose 11.8% on a cash basis. Total Debt was about $19.5 billion at September 30, 2026, with net debt to Adjusted EBITDA of 5.2x.

COPT Defense Properties: Did same property results keep growing?

COPT Defense reported net income of $49.8 million, or $0.41 per diluted share, versus $43.7 million, or $0.37. Same Property NOI was $114.3 million versus $111.3 million a year earlier, but below the $115.0 million recorded in the second quarter.

Same Property cash NOI was $110.3 million, below the $112.3 million of the second quarter. Adjusted EBITDA was $111.4 million versus $103.8 million, and diluted AFFO was $65.4 million versus $63.3 million. The quarterly dividend was $0.32 per share against $0.305.

Gaming and Leisure Properties: Why did net income fall while AFFO rose?

Total revenues rose 9.5% to $435.4 million, with recent acquisitions adding $43.2 million of cash rental income. Net income fell to $213.8 million, or $0.71 per diluted share, from $248.5 million, or $0.85, because a provision for Credit losses of $36.2 million replaced a prior year benefit.

FFO was $275.9 million versus $315.5 million, while AFFO, which adds the provision back, rose to $311.7 million. The board declared a dividend of $0.82 per share on September 1, 2026, up from $0.78.

Healthcare Realty Trust: How did the net loss narrow as revenue slipped?

Revenues were $286.6 million versus $297.8 million, as dispositions removed $28.7 million of rental income and leasing added $15.6 million. Net loss attributable to common stockholders was $15.8 million, or $0.05 per share, versus $57.7 million, or $0.17.

Impairment charges fell to $16.2 million from $104.4 million, and interest expense fell 14.8% to $44.8 million. Occupancy across the total portfolio was 91.2% at September 30, 2026, and same store occupancy was 93.1%.

How do the five REITs compare on calculated figures?

The calculated per share growth in each company's headline cash earnings measure runs from 2.4% to 11.1%:

  • Digital Realty Core FFO per share: up 11.1% (calculated, $2.10 versus $1.89).
  • Cousins FFO per share: up 8.7% (calculated, $0.75 versus $0.69).
  • COPT Defense FFO per share: up 2.9% (calculated, $0.71 versus $0.69).
  • Healthcare Realty Normalized FFO per share: up 2.4% (calculated, $0.42 versus $0.41).
  • Gaming and Leisure Properties AFFO: up 10.5% (calculated, $311.7 million versus $282.0 million).

Dividend coverage also differs. COPT Defense's $0.32 dividend equals about 45.1% of its $0.71 FFO per share (calculated), while Healthcare Realty's $0.24 dividend equals about 57.1% of its $0.42 Normalized FFO per share (calculated). Cousins also nearly doubled net income available to common stockholders, up about 97.7% (calculated, $17.0 million versus $8.6 million), while Healthcare Realty remained loss making.

The common thread is that cash earnings measures improved while GAAP results were shaped by impairments and credit loss provisions, so the headline measure each company chose matters when reading the results.

What to Watch Next: Backlog Conversion, Credit Provisions and Buybacks

Digital Realty guided 2026 Core FFO per share to $8.30 to $8.35 excluding net promote, with revenue of $7.050 billion to $7.125 billion. After the quarter it agreed to raise its Teraco ownership from 61% to approximately 77%, and conversion of its $2.5 billion backlog is the main item to follow.

Cousins repaid the remaining $115.9 million on its 201 North Tryon Mortgage after quarter end. Gaming and Leisure Properties agreed on October 27, 2026 to form a joint venture to redevelop the former Hollywood Casino Joliet site into a Warehouse and distribution park over about five years, with a $61 million Capital Account credit and roughly a 20% interest.

Healthcare Realty declared a $0.24 dividend payable November 20, 2026 to holders of record on November 10, 2026, and its board authorized a repurchase program of up to $500.0 million on October 26, 2026. COPT Defense will be judged on whether same property cash NOI recovers from its sequential decline.