Key Highlights

  • Welltower (NYSE:WELL) grew normalized FFO 24.6% to USD 1.67 and raised guidance. Public Storage (NYSE:PSA) grew core FFO only 0.7% to USD 4.34 even as it lifted its full-year range to USD 16.90 to 17.10.
  • Sun Communities (NYSE:SUI) reported core FFO of USD 2.35, up from USD 2.28, after selling its UK business for about USD 1.03 billion. Brixmor Property Group (NYSE:BRX) posted Nareit FFO of USD 0.60 and a record 95.6% leased occupancy.
  • Alexandria Real Estate Equities (NYSE:ARE) reported FFO per share of USD 1.54, down from USD 2.22, after USD 637.9 million of impairments, and same property NOI fell 6.7%, the weakest result in this group.
  • Same property NOI ranged from growth of 15.8% at Welltower and 6.6% at Brixmor to declines of 6.7% at Alexandria, so the five REITs reported sharply different trends on October 26, 2026.

Welltower (NYSE:WELL): Seniors Housing Drives 24.6% FFO Growth

Welltower (NYSE:WELL) reported normalized FFO of USD 1.67 per share, up 24.6% from USD 1.34, on revenue of USD 3.72 billion. Same store NOI rose 15.8%, led by Seniors Housing Operating at 21.0%, where occupancy gained 320 basis points and pricing rose 5.3%. The company completed USD 4.1 billion of investments in the quarter and has USD 21.0 billion closed or under contract, with net debt to adjusted EBITDA at 3.02 times. It raised 2026 normalized FFO guidance to USD 6.47 to 6.53. Published market data showed EPS of USD 0.67 against USD 0.71, a 6.14% miss, a measure REITs rarely headline. Welltower (NYSE:WELL) pays a quarterly dividend of USD 0.85. Risks include slower occupancy gains, integration of large deals and a valuation that already assumes strong growth. The dividend is the 222nd consecutive quarterly payment, payable November 19, 2026. Normalized FFO adds back depreciation, which is why net income of USD 0.54 per share looks far lower than the USD 1.67 headline measure for the same quarter.

Public Storage (NYSE:PSA): Slow Growth, Raised Guidance, Big Deals

Public Storage (NYSE:PSA) reported third quarter 2026 core FFO of USD 4.34 per share, up 0.7% from USD 4.31. Same store revenue and NOI each rose 0.5% and average occupancy was 92.2%. Net income per share fell 35.5% to USD 1.69, and published market data showed an EPS miss, USD 2.11 against USD 2.29. Even so, the company raised 2026 core FFO guidance to USD 16.90 to 17.10 and closed the all-stock National Storage Affiliates acquisition on July 22, 2026 and the Public Storage Canada deal on September 1, 2026 for USD 1.2 billion including debt. Public Storage (NYSE:PSA) now relies on acquisitions for growth, which brings integration costs and share dilution. Weak housing turnover and rent competition are the other risks. Excluding the two large deals, the company bought 25 facilities for USD 258.4 million in the quarter. An all-stock deal issues new shares, so per-share growth depends on how much cash flow the acquired facilities add relative to those shares.

Sun Communities (NYSE:SUI): Core FFO of USD 2.35 and a UK Exit

Sun Communities (NYSE:SUI) reported third quarter 2026 core FFO of USD 2.35 per share, up from USD 2.28, and published market data showed EPS of USD 1.16 against USD 0.97, a 19.67% beat on a different basis. Same Property NOI rose 3.6%. The company sold its UK business, Park Holidays, on September 22, 2026 for about USD 1.03 billion in net proceeds, repaid USD 266.6 million of mortgages and repurchased 2.4 million shares for USD 293.3 million. Full-year core FFO guidance is USD 6.97 to 7.05, with manufactured housing NOI growth guidance raised to 6.9% to 7.2% and RV guidance cut to 0.0% to 0.8%. Sun Communities (NYSE:SUI) also recorded USD 17.2 million of impairments. RV weakness and slightly lower occupancy are the risks. Preliminary 2027 rent increases are 5.4% for manufactured housing and 4.4% for annual RV. Same Property adjusted blended occupancy was 98.8%, down 50 basis points, a small slip that could widen if RV demand weakens further.

Brixmor Property Group (NYSE:BRX): Record Occupancy and 6.6% NOI Growth

Brixmor Property Group (NYSE:BRX) reported third quarter 2026 Nareit FFO of USD 0.60 per share, up from USD 0.56, and same property NOI growth of 6.6%. Total leased occupancy reached a record 95.6%, with small shop space a record 92.8% leased. Comparable leasing spreads were 25.3%, with 42.6% on new leases and 19.4% on renewals. Published market data showed EPS of USD 0.26 against USD 0.22, a 15.6% beat on a different basis. Management raised 2026 Nareit FFO guidance to USD 2.36 to 2.38 and same property NOI growth to 5.50% to 5.75%. Brixmor Property Group (NYSE:BRX) is near full occupancy, so growth must come more from rent increases. Retail tenant credit and refinancing costs are the risks. Anchor space was 97.0% leased, and nine-month same property NOI growth was 6.2%. Net income per share was USD 0.28 against USD 0.31 a year earlier, a different measure from the FFO figure that REITs usually emphasize. Narrowing the NOI range at the low end signals management sees fewer downside outcomes.

Alexandria Real Estate Equities (NYSE:ARE): USD 637.9 Million of Impairments

Alexandria Real Estate Equities (NYSE:ARE) reported a third quarter 2026 net loss of USD 3.74 per share, including USD 637.9 million of real estate impairments on assets held for sale. FFO per share as adjusted was USD 1.54 against USD 2.22 a year earlier, same property NOI fell 6.7%, and operating occupancy was 87.1%. Dispositions reached USD 234.4 million in the quarter and an October partial interest sale of Campus Point brought USD 475.0 million. The company kept the midpoint of 2026 FFO guidance at USD 6.40 but cut its disposition range to USD 1.10 billion to USD 2.70 billion. Alexandria Real Estate Equities (NYSE:ARE) guides leverage of 5.6 to 6.2 times net debt and preferred stock to adjusted EBITDA. Weak life science demand and asset sale pricing are the risks. Occupancy was 90.8% including executed leases with future occupancy, and the renewal rental rate change was negative 2.4%. Impairments were USD 865.9 million year to date, and the charge is non-cash though it reflects lower asset values.

Where Things Stand

The top five REIT reports on October 26, 2026 were those of Welltower, Brixmor, Sun Communities, Public Storage and Alexandria, ranked by operating momentum, which is a description of results and not a recommendation. Welltower (NYSE:WELL) had the strongest growth, with normalized FFO up 24.6%. Brixmor Property Group (NYSE:BRX) followed with record occupancy and a 6.6% NOI gain. Sun Communities (NYSE:SUI) combined a modest core FFO gain with portfolio sales. Public Storage (NYSE:PSA) depends on acquisitions for growth. Alexandria Real Estate Equities (NYSE:ARE) is in a repair phase, with impairments and weaker occupancy. Rates, leasing and asset values remain the common risks.