Key Highlights

  • Diversified Healthcare Trust posted the largest REIT loss of the five at $50.2 million, narrowed from $164.0 million a year earlier.
  • The five net losses total $113.1 million (calculated), and the top two account for 86.0% of that total (calculated).
  • Vornado Realty Trust reported a $47.1 million loss to common shareholders but funds from operations of $0.62 per share.
  • Janus Living grew Revenue 78% to $268.3 million and still reported a $5.6 million net loss on higher depreciation.
  • Acadia Realty Trust had the smallest loss at $3.6 million, with same-property net Operating Income up 10.2%.

Which REITs Reported the Largest Net Losses in Q3 2026?

Five real estate Investment trusts posted the largest net losses in this group for the third quarter of 2026, with results released or filed on Nov 2, 2026. Ranked from largest to smallest, Diversified Healthcare Trust (NASDAQ:DHC) lost $50.2 million, Vornado Realty Trust (NYSE:VNO) $47.1 million, AH Realty Trust (NYSE:AHRT) $6.6 million, Janus Living (NYSE:JAN) $5.6 million and Acadia Realty Trust (NYSE:AKR) $3.6 million.

Most of these REITs also reported funds from operations (FFO), the measure that adds back non-cash charges such as depreciation, and several showed gains on it. The GAAP losses came from impairments, higher Depreciation or lower investment income rather than a single common cause.

The bases are not identical. Vornado's loss is attributable to common shareholders, AH Realty Trust's is available to common stockholders and operating Partnership unitholders, and revenue ranges from $52.3 million to $467.7 million. Each figure is as stated in that company's own materials.

1. Diversified Healthcare Trust: How Did the Loss Narrow to $50.2 Million?

Diversified Healthcare Trust reported a net loss of $50.2 million, or $0.21 per share, versus $164.0 million, or $0.68, a year earlier. Asset impairments fell to $14.5 million from $93.2 million, and interest expense dropped 24.0% to $37.2 million. Revenue was $367.7 million, down 5.4% (calculated) from $388.7 million after property sales.

Net operating income rose 27.5% to $80.8 million, led by senior housing operating portfolio income, up 67.7% to $49.7 million, with comparable occupancy at 84.4% versus 82.4%. Normalized FFO was $30.7 million, or $0.13 per share. The board declared a $0.01 per share distribution payable on or about Nov 12, 2026.

2. Vornado Realty Trust: Why Did FFO Rise While Net Income Turned Negative?

Vornado reported a net loss to common shareholders of $47.1 million, or $0.25 per share, against net income of $11.6 million. FFO plus assumed conversions rose to $122.6 million, or $0.62 per share, from $117.4 million, or $0.58. Revenue rose about 3.1% (calculated) to $467.7 million.

Depreciation and amortization climbed to $169.0 million from $117.1 million, and interest and other investment income fell to $5.1 million from $22.4 million. Net operating income at share rose to $300.1 million. A joint venture formed on Oct 20, 2026 for a 350 Park Avenue office tower is expected to bring a net gain of about $485 million in the fourth quarter.

3. AH Realty Trust: Can a Wider Loss Sit Alongside Higher Guidance?

AH Realty Trust reported a net loss of $6.6 million, or $0.07 per share, compared with $3.6 million, or $0.04, a year earlier, including a $3.4 million Impairment on multifamily assets. FFO as adjusted was $15.3 million, or $0.16 per share, versus $17.0 million, or $0.17. Revenue was $52.3 million, about 1.5% lower (calculated).

The company still raised full-year 2026 FFO as adjusted guidance to $0.57 to $0.59 per share, 11.5% above its original range. Retail same-store cash NOI rose 6.8% and office rose 5.2%. On Oct 30, 2026 it sold two multifamily Assets for $95.5 million, and total Debt was $1.0 billion at quarter end.

4. Janus Living: Why Did 78% Revenue Growth Still Leave a $5.6 Million Loss?

Janus Living reported revenue up 78% to $268.3 million and FFO as adjusted of $0.25 per share, up 46%, yet a net loss of $5.6 million, or $0.02 per share, versus income of $0.01 a year earlier. Depreciation and amortization jumped to $78.7 million from $30.9 million after a wave of senior housing purchases, and Transaction Costs added $3.4 million.

It acquired 33 communities for about $1.75 billion in the quarter and raised about $513 million in an August follow-on offering. It held $338 million of cash and no debt at Sep 30, 2026. FFO as adjusted guidance rose to $0.97 to $0.99 per share, but Diluted Earnings per Share guidance fell to $0.08 to $0.10 from $0.34 to $0.37.

5. Acadia Realty Trust: What Produced a $3.6 Million Loss Despite 10.2% Same-Property Growth?

Acadia reported a net loss attributable to shareholders of $3.6 million, compared with income of $5.6 million a year earlier, after $11.7 million of impairment charges. The article gives the per-share figure for both periods as $0.03. Revenue was $95.0 million, down about 6.0% (calculated), while FFO as adjusted rose 7% to $0.31 per share.

Same-property net operating income grew 10.2%, with street retail up more than 15%. Same-property growth guidance was raised to 7.5% to 8.5%, while FFO guidance of $1.24 to $1.26 per share was maintained. The company acquired about $150 million of street retail assets in the quarter and declared a $0.20 per share distribution.

REIT Loss Gap: Impairments and Depreciation Versus Funds From Operations

The five losses total $113.1 million (calculated), an average of $22.6 million (calculated). Diversified Healthcare Trust and Vornado together make up 86.0% of the total (calculated), and Diversified Healthcare Trust's loss is about 13.9 times Acadia's (calculated).

Scaled to revenue, Diversified Healthcare Trust's loss equals 13.7% (calculated), AH Realty Trust's 12.6% and Vornado's 10.1% (calculated), while Janus Living's is 2.1% and Acadia's 3.8% (calculated). Combined revenue is $1,251.0 million (calculated), but Janus Living's 78% growth reflects acquisitions and Diversified Healthcare Trust's decline reflects sales.

Net loss and FFO tell different stories here. Four of the five reported higher FFO measures, while AH Realty Trust's FFO as adjusted fell to $0.16 from $0.17. Acadia's loss followed $11.7 million of impairments alongside same-property net operating income growth.

What to Watch Next: Distribution Dates, Conference Calls and the Fourth-Quarter Vornado Gain

Diversified Healthcare Trust's $0.01 distribution is payable on or about Nov 12, 2026, and one property was under agreement to sell for $10.5 million, with no closing date given. Vornado expects the roughly $485 million 350 Park Avenue gain in the fourth quarter.

AH Realty Trust and Janus Living both scheduled conference calls for Nov 3, 2026. AH Realty Trust also expects to sell Greenside Apartments in November, while Janus Living has monthly dividends of $0.0475 per share scheduled for Nov 23 and Dec 29, 2026 and $82 million of acquisitions pending for the fourth quarter.

Acadia expects two San Francisco tenants to open in November, and its Henderson Avenue project in Dallas has openings through 2027. No payment date for its $0.20 distribution was stated in its materials.