Key Highlights

  • Janus Living ranks first with Revenue of $268.3 million, up 78.3%, and FFO as adjusted of $0.25 per share.
  • Alexander's reported rental revenues of $72.1 million, up 34.9% (calculated), with Net Income of $27.4 million.
  • Sabra Health Care REIT posted total revenues of $249.6 million, up 31.3% (calculated), and AFFO of $0.45 per diluted share.
  • Healthpeak Properties reported revenue of $820.9 million, up 16.3% (calculated), and raised its FFO as Adjusted outlook to $1.76 to $1.78 per share.
  • UMH Properties reported total income of $74.1 million, up 10.8% (calculated), but a $2.1 million net loss to common shareholders.

Which REITs Reported the Fastest Revenue Growth in the Q3 2026 Earnings Season?

Five real estate Investment trusts are ranked here by year-over-year revenue growth for the third quarter of 2026, based on filings and releases dated Nov 2, 2026. Janus Living (NYSE:JAN) ranks first, with consolidated revenue of $268.3 million, up 78.3%. Alexander's (NYSE:ALX) is second, with rental revenues of $72.1 million, up 34.9% (calculated), and Sabra Health Care REIT (NASDAQ:SBRA) is third at $249.6 million, up 31.3% (calculated).

Healthpeak Properties (NYSE:DOC) ranks fourth with revenue of $820.9 million, up 16.3% (calculated), and UMH Properties (NYSE:UMH) is fifth with total income of $74.1 million, up 10.8% (calculated). The revenue measures are not identical: Alexander's figure is rental revenues and UMH's is total income, while the others are total or consolidated revenue.

Bases also differ, from about $72 million at Alexander's to about $821 million at Healthpeak. Three of the five posted positive net income, while Janus Living and UMH reported net losses, so revenue growth did not translate evenly into bottom-line results.

1. Janus Living: How Did Acquisitions Lift Revenue 78.3% While Net Income Turned Negative?

Janus Living, a senior housing REIT, reported consolidated revenue of $268.3 million and adjusted EBITDAre of $105 million, up 101%. FFO as adjusted rose 46% to $0.25 per share. The company still posted a net loss of $5.6 million, or $0.02 per share, as Depreciation and amortization jumped to $78.7 million from $30.9 million after the Acquisition wave.

It acquired 33 communities for about $1.75 billion in the quarter, helped by about $513 million of net proceeds from an August stock offering. Same-store adjusted NOI rose 25.9%. Full-year 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, which management attributed to depreciation on acquired communities.

2. Alexander's: What Did a Retail Lease Termination Do to Third Quarter Income?

Alexander's, a REIT that owns four New York City properties, reported net income of $27.4 million, or $5.33 per diluted share, versus $6.0 million. Rental revenues rose to $72.1 million from $53.4 million, and the filing attributes $18.8 million of the gain to higher straight-line revenue after a department-store tenant modified and then terminated its Rego Park lease in August 2026.

Net Operating Income rose to $46.2 million from $26.7 million, about 72.7% higher (calculated). Interest and Debt expense fell to $10.9 million after December 2025 Loan restructurings. The company paid dividends of $4.50 per share in the quarter, and its largest tenant generated about 55% of nine-month rental revenue, a concentration the filing flags.

3. Sabra Health Care REIT: How Much of the 31.3% Revenue Gain Came From Senior Housing?

Sabra Health Care REIT reported total revenues of $249.6 million versus $190.0 million. Resident fees and services rose 56% to $143.2 million, with $37.0 million of the increase tied to 23 senior housing communities acquired after Jul 1, 2025. Rental and related revenues increased to $103.2 million, including a $10.2 million deferred rent payment collected from an operator.

Net income attributable to common stockholders was $28.6 million, or $0.11 per diluted share, and AFFO was $0.45 per diluted share versus $0.37. For the nine months, net income fell to $44.3 million from $128.4 million, reflecting a $104.6 million provision for loan losses. Liquidity was about $1.2 billion, and a $0.30 Dividend is payable on Nov 30, 2026.

4. Healthpeak Properties: Why Did FFO as Adjusted Slip to $0.44 on Higher Revenue?

Healthpeak Properties reported revenue of $820.9 million, up from $705.9 million, and net income applicable to common shares of $17.1 million, or $0.02 per diluted share. The prior-year quarter showed a loss of $117.3 million that included a $175.8 million real estate impairment. FFO as Adjusted was $0.44 per share against $0.46 a year earlier.

Total same-store adjusted NOI rose 3.6%, led by senior housing at 25.9%, while lab was down 0.7%. The company raised 2026 FFO as Adjusted guidance to $1.76 to $1.78 per share but cut diluted earnings per share guidance to $0.39 to $0.41 from $0.48 to $0.52 on depreciation from recent senior housing purchases. Net debt to adjusted EBITDAre was 4.7x.

5. UMH Properties: Why Did Higher Income Still Produce a $2.1 Million Loss to Common Shareholders?

UMH Properties, which owns and operates manufactured home communities, reported total income of $74.1 million versus $66.9 million. Community NOI rose 10% to $36.2 million. Net income was $3.1 million, but after $5.3 million of preferred dividends the loss attributable to common shareholders was $2.1 million, or $0.02 per share.

The company tied the decline mainly to higher interest and depreciation expense and a $3.6 million Fair Value drop in marketable securities. Normalized FFO attributable to common shareholders rose to $22.1 million from $21.3 million, and same property occupancy reached 88.8%. Manufactured home sales rose 29% to $11.8 million.

REIT Revenue Growth Compared: Acquisition-Led Gains Against Steadier Portfolios

The five growth rates average 34.3% (calculated), and the gap between Janus Living and UMH Properties is 67.5 percentage points (calculated). Combined revenue measures total $1,485.0 million (calculated), of which Healthpeak accounts for 55.3% (calculated).

In dollar terms, Healthpeak added $115.0 million of revenue year over year (calculated), Sabra $59.6 million (calculated) and UMH $7.2 million (calculated). The two fastest growers lean on different drivers: Janus Living on acquisitions and Alexander's on a lease termination payment. Revenue definitions differ across the group, so the comparison is directional.

What to Watch Next: Monthly Dividend Dates, Pending Acquisitions and Sabra's Jan 4, 2027 Revolver Maturity

Janus Living pays monthly dividends of $0.0475 per share on Nov 23 and Dec 29, 2026, and a Nov 3, 2026 conference call was set, with $82 million of pending acquisitions still to close. Healthpeak pays monthly dividends on Nov 25 and Dec 30, 2026, and also set a Nov 3, 2026 call.

Sabra's dividend is payable on Nov 30, 2026, and its revolving Facility matures on Jan 4, 2027. UMH pays a $0.225 dividend on Dec 15, 2026. Alexander's next report covers results through Dec 31, 2026, and a higher ground rent at its Flushing property begins in February 2027.