Key Highlights

  • Realty Income led the group with Revenue of $1,621.6 million, up about 10.3% (calculated) from $1,470.6 million.
  • The five REITs reported combined revenue of $4,052.2 million (calculated), and Realty Income is 40.0% of it (calculated).
  • Healthpeak Properties grew revenue about 16.3% (calculated) to $820.9 million, the fastest growth among the five.
  • SBA Communications and UDR reported lower revenue, down 2.5% and 0.9% from a year earlier.
  • Combined Net Income was $820.1 million (calculated), a 20.2% Margin on combined revenue, with Vornado Realty Trust the only net loss.

Which REITs Reported the Highest Revenue in Q3 2026?

Five real estate Investment trusts reported the highest revenue in this group for the third quarter of 2026, with results released or filed on Nov 2, 2026. Ranked by revenue, Realty Income (NYSE:O) came first at $1,621.6 million, followed by Healthpeak Properties (NYSE:DOC) at $820.9 million, SBA Communications (NASDAQ:SBAC) at $713.9 million, Vornado Realty Trust (NYSE:VNO) at $467.7 million and UDR (NYSE:UDR) at $428.1 million.

Net income ran from a $47.1 million loss at Vornado to $403.9 million at Realty Income. Realty Income, Healthpeak Properties and Vornado grew revenue, by about 10.3%, 16.3% and 3.1% (calculated), while SBA Communications and UDR reported declines of 2.5% and 0.9%.

The bases differ in Business model and metrics: net lease, healthcare, wireless towers, office and retail, and apartments. Each company leads with its own per-share measure, such as AFFO, FFO as adjusted or FFO, so those figures are not directly comparable, and UDR's net income includes a $190.1 million gain on property sales.

1. Realty Income: How Did $1,621.6 Million of Revenue Support Higher AFFO Guidance?

Realty Income reported revenue up about 10.3% (calculated) to $1,621.6 million, with AFFO of $1.12 per share, up 3.7% from $1.08. Net income available to common stockholders rose to $403.9 million, or $0.43 per share, from $315.8 million, though the company noted impairments, Credit loss provisions and sale gains can swing that figure.

It invested $2.6 billion in the quarter, $2.2 billion at its pro-rata share, at a 6.8% initial weighted average cash yield. Occupancy was 98.8%. Full-year AFFO per share guidance rose to $4.45 to $4.46 from $4.44 to $4.45, and the company kept its $10.0 billion investment Volume target, with $7.9 billion completed through Sep 30, 2026. It announced its 116th consecutive quarterly Dividend increase in September 2026.

2. Healthpeak Properties: Why Did Revenue Grow 16.3% While FFO as Adjusted Slipped?

Healthpeak reported revenue up about 16.3% (calculated) to $820.9 million from $705.9 million, and net income applicable to common shares of $17.1 million, or $0.02 per diluted share, against a loss of $117.3 million that included a $175.8 million impairment. FFO as adjusted was $0.44 per share versus $0.46.

Same-store adjusted NOI rose 3.6%, with senior housing up 25.9% and lab down 0.7%. FFO as adjusted guidance rose to $1.76 to $1.78 per share from $1.73 to $1.77, while Diluted Earnings per Share guidance fell to $0.39 to $0.41 from $0.48 to $0.52 on Depreciation tied to recent senior housing purchases. Monthly dividends of $0.10167 per share are scheduled for Nov 25 and Dec 30, 2026.

3. SBA Communications: What Held AFFO Per Share to $3.19 as Revenue Slipped 2.5%?

SBA Communications reported revenue of $713.9 million, down 2.5% (calculated) from $732.3 million, as site development revenue fell to $48.5 million from $75.9 million while site leasing revenue rose 1.4% to $665.4 million. Net income attributable to the company was $231.3 million, or $2.19 per diluted share. AFFO per share was $3.19, down 3.3%.

Domestic site leasing revenue fell 3.4%, while international rose 13.3%. The company repurchased 1.7 million shares for $300.0 million and raised its 2026 AFFO per share outlook to $12.15 to $12.37, up $0.08 at the midpoint. A $1.25 dividend is payable Dec 10, 2026 to holders of record on Nov 12, 2026.

4. Vornado Realty Trust: How Did a Net Loss Fit With FFO of $0.62 Per Share?

Vornado reported revenue up about 3.1% (calculated) to $467.7 million and a net loss to common shareholders of $47.1 million, or $0.25 per share. FFO plus assumed conversions rose to $122.6 million, or $0.62 per share, from $117.4 million, or $0.58, because depreciation and amortization of $169.0 million is added back.

In New York office, it leased 489,000 square feet at an initial rent of $122.96 per square foot. A joint venture formed on Oct 20, 2026 for a 350 Park Avenue tower is expected to produce a net gain of about $485 million in the fourth quarter. Liquidity was $1.9 billion, and about $286.6 million of buyback authorization remains.

5. UDR: Did a $190.1 Million Gain Overshadow Flat FFO as Adjusted?

UDR reported revenue of $428.1 million, down 0.9% from $431.9 million as property sales offset growth. Net income attributable to common stockholders was $214.9 million, or $0.67 per diluted share, versus $0.12, reflecting a $190.1 million gain on the sale of real estate. FFO as adjusted was $0.65 per share, unchanged from a year earlier.

Same-store NOI grew 1.6%, with physical occupancy of 96.5%. UDR closed a $2.0 billion joint venture and received $1.34 billion of equity. Full-year FFO as adjusted guidance is now $2.54 to $2.56 per share from $2.49 to $2.57, a narrower range whose midpoint is $0.02 higher (calculated). The monthly dividend is $0.145 per share.

REIT Revenue Ranking: Scale, Growth and Profit Conversion Across the Top Five

Combined revenue for the five is $4,052.2 million (calculated), with Realty Income contributing 40.0% (calculated). Its revenue is about 3.8 times UDR's (calculated), a gap of $1,193.5 million (calculated) between first and fifth place.

Profit conversion varies widely. Net margins computed from the articles' figures are 24.9% for Realty Income, 2.1% for Healthpeak Properties, 32.4% for SBA Communications, negative 10.1% for Vornado and 50.2% for UDR (calculated). Pooled across the group, net income of $820.1 million on that revenue is a 20.2% margin (calculated).

These margins use different net income definitions and one-time items. UDR's includes a $190.1 million property sale gain, Healthpeak Properties' prior-year comparison included a $175.8 million impairment, and Vornado's net loss sits next to higher FFO. Per-share measures differ by company and are not directly comparable.

What to Watch Next: Tower Securities Repayment, Dividend Dates and the Vornado Venture Gain

SBA Communications anticipates repaying $1,165.0 million of tower securities on Nov 9, 2026, which its outlook assumes will be refinanced at 5.25%, and its dividend is payable Dec 10, 2026 to holders of record on Nov 12, 2026. Healthpeak Properties' monthly dividends are scheduled for Nov 25 and Dec 30, 2026.

Healthpeak Properties and UDR both scheduled conference calls for Nov 3, 2026. UDR's December payment on Dec 31, 2026 will mark its 220th consecutive monthly dividend. Vornado expects its estimated $485 million gain in the fourth quarter, with no specific date given.

Realty Income's materials point to its fourth quarter report for the full-year outcome against the $10.0 billion investment target, also without a stated date.