Key Highlights

  • Cousins Properties posted FFO of $0.75 per share, compared with $0.69, and leased 546,000 square feet.
  • Digital Realty posted Core FFO of $2.10 per share and lifted its 2026 Core FFO guidance to $8.30 to $8.35.
  • COPT Defense Properties reported FFO of $0.71 per share and a $0.32 quarterly dividend.
  • Gaming and Leisure Properties reported AFFO of $311.7 million, compared with $282.0 million a year earlier.
  • Healthcare Realty Trust reported Normalized FFO of $0.42 per share and narrowed its net loss to $15.8 million.

Did funds from operations rise at these REITs in the third quarter of 2026?

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

COPT Defense Properties (NYSE:CDP), whose holdings sit near U.S. defense installations, reported FFO of $0.71 per diluted share, against $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, compared with $282.0 million. Healthcare Realty Trust (NYSE:HR), an outpatient medical REIT, reported Normalized FFO of $0.42 per share, against $0.41.

Every company applies its own FFO definition, so the per share numbers cannot be compared directly, and Gaming and Leisure Properties states AFFO in dollars rather than per share.

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

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

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

Digital Realty: How big is the record Backlog of signed leases?

Digital Realty reported record bookings expected to produce $855 million of annualized GAAP base rent at 100% share. Its backlog of signed leases not yet commenced hit 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, compared with $0.15. Renewal leases increased 11.8% on a cash basis. Total Debt stood at about $19.5 billion at September 30, 2026, with net debt to Adjusted EBITDA of 5.2x.

COPT Defense Properties: Did same property income keep climbing?

COPT Defense reported net income of $49.8 million, or $0.41 per diluted share, compared with $43.7 million, or $0.37. Same Property NOI came to $114.3 million, up from $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, under the second quarter's $112.3 million. Adjusted EBITDA reached $111.4 million, compared with $103.8 million, and diluted AFFO was $65.4 million, against $63.3 million. The quarterly Dividend stood at $0.32 per share, up from $0.305.

Gaming and Leisure Properties: What pulled net income down as AFFO climbed?

Total revenues grew 9.5% to $435.4 million, with recent acquisitions contributing $43.2 million of cash rental income. Net income declined to $213.8 million, or $0.71 per diluted share, from $248.5 million, or $0.85, as a $36.2 million provision for Credit losses took the place of a benefit recorded in the prior year.

FFO came to $275.9 million, compared with $315.5 million, while AFFO, which adds the provision back, rose to $311.7 million. On September 1, 2026, the board declared a dividend of $0.82 per share, up from $0.78.

Healthcare Realty Trust: How did the net loss shrink while revenue dipped?

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

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

How do the five REITs line up on calculated measures?

Calculated per share growth in each company's headline cash earnings measure ranges 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 compared with $282.0 million).

Dividend coverage also varies. COPT Defense's $0.32 dividend is about 45.1% of its $0.71 FFO per share (calculated), while Healthcare Realty's $0.24 dividend is 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 against $8.6 million), while Healthcare Realty stayed in a loss position.

A shared theme is that cash earnings measures improved while GAAP results were shaped by impairments and credit loss provisions, so the headline measure each company picked matters when reading the results.

What to Watch Next: Backlog Conversion, Credit Charges and Repurchases

Digital Realty set 2026 Core FFO per share guidance at $8.30 to $8.35 excluding net promote, with revenue of $7.050 billion to $7.125 billion. After the quarter it agreed to lift its Teraco ownership from 61% to approximately 77%, and converting its $2.5 billion backlog into revenue is the main item to track.

After quarter end, Cousins paid off the remaining $115.9 million on its 201 North Tryon mortgage. On October 27, 2026, Gaming and Leisure Properties agreed to form a joint venture that will 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 measured on whether same property cash NOI recovers from its sequential decline.