Key Highlights

  • The largest loss in the group belonged to Diversified Healthcare Trust, at $50.2 million, after $164.0 million the year before.
  • Across the group, losses sum to $113.1 million (calculated); the two largest Supply 86.0% (calculated).
  • Vornado's common-holder loss was $47.1 million, though FFO reached $0.62 per share.
  • Janus Living's Top Line increased 78%, reaching $268.3 million, even as Depreciation pushed it to a $5.6 million loss.
  • Acadia's $3.6 million loss was the group's narrowest, even as same-property NOI rose 10.2%.

Ranking the Third-Quarter 2026 Losses Across Five Property Trusts

Filings and releases dated Nov 2, 2026 provide the basis for ordering these five real estate Investment trusts by their net loss. Diversified Healthcare Trust (NASDAQ:DHC) tops the table at a $50.2 million loss, trailed by Vornado Realty Trust (NYSE:VNO) at $47.1 million, AH Realty Trust (NYSE:AHRT) at $6.6 million, Janus Living (NYSE:JAN) at $5.6 million and, last, Acadia Realty Trust (NYSE:AKR) at $3.6 million.

Most of these trusts also disclose a yardstick that excludes non-cash items like depreciation, the funds from operations figure, and several posted gains on it. Losses under GAAP trace back to write-downs, a bigger depreciation charge, or weaker investment income, with no single shared trigger.

Definitions vary: Vornado reports on a common-holder basis, AH Realty counts both common Equity and operating unit holders, and the Revenue range is $52.3 million at the low end and $467.7 million at the high end. Every value reflects what the issuer disclosed.

1. Diversified Healthcare Trust: Impairments Retreat as Operating Income Climbs

The company's net Deficit was $50.2 million, equal to $0.21 a share; a year before it was $164.0 million ($0.68). Write-downs on Assets shrank to $14.5 million, compared with $93.2 million, while interest costs declined 24.0%, landing at $37.2 million. Top-line figures show $367.7 million, which equals a 5.4% (calculated) retreat from the $388.7 million base once properties were sold.

Property-level NOI grew 27.5%, reaching $80.8 million; the senior housing segment supplied $49.7 million of it after a 67.7% increase, and comparable occupancy moved from 82.4% to 84.4%. Normalized FFO came to $30.7 million, equal to $0.13 a share. Shareholders will get a $0.01 distribution around Nov 12, 2026, as the board approved.

2. Vornado Realty Trust: FFO Climbs Even as Common Holders Post a Loss

Vornado's common-holder result was a $47.1 million loss, or $0.25 a share, versus Earnings of $11.6 million. Sales went up roughly 3.1% (calculated), reaching $467.7 million. Including assumed conversions, FFO reached $122.6 million (equal to $0.62 a share), up from $117.4 million, which was $0.58 per share.

Depreciation and amortization totaled $169.0 million, versus $117.1 million, while interest and other investment income dropped, now at $5.1 million compared with $22.4 million a year earlier. The share of NOI attributable to Vornado reached $300.1 million. A joint venture tied to the 350 Park Avenue office building, established Oct 20, 2026, should generate roughly $485 million of net gain, recognized in Q4.

3. AH Realty Trust: Raised Full-Year Guidance Despite a Larger Loss

AH Realty posted a $6.6 million loss ($0.07 a share), up from $3.6 million ($0.04), and the figure absorbed a $3.4 million write-down on multifamily holdings. FFO as adjusted reached $15.3 million, which is $0.16 a share, down from $17.0 million, which was $0.17. Sales came to $52.3 million, roughly 1.5% less (calculated).

Guidance for FFO as adjusted in 2026 was lifted, now sitting between $0.57 and $0.59 per share, which is 11.5% over the original band. Same-store cash NOI improved 6.8% in retail and 5.2% in office. Two multifamily properties were disposed of on Oct 30, 2026 for $95.5 million, and Debt stood at $1.0 billion at period end.

4. Janus Living: Acquisition-Fueled Sales Growth Alongside a Small Net Loss

Revenue at Janus Living ran 78% higher, arriving at $268.3 million; FFO as adjusted rose 46% to $0.25 a share. Even so, the company booked a net loss amounting to $5.6 million, or $0.02 a share, compared with a $0.01 earnings figure a year before. Depreciation climbed to $78.7 million, up from $30.9 million, following a string of senior housing buys, while $3.4 million of Transaction Costs were added.

During the quarter the company bought 33 communities at a cost near $1.75 billion, and an August follow-on offering brought in roughly $513 million. Cash stood at $338 million with zero debt as of Sep 30, 2026. Guidance for FFO as adjusted went up to between $0.97 and $0.99 a share, while diluted EPS guidance was trimmed to a range of $0.08 through $0.10, versus $0.34 through $0.37 previously.

5. Acadia Realty Trust: Impairments Behind a $3.6 Million Loss Amid Strong Same-Property Results

Acadia's loss to shareholders stood at $3.6 million, against income of $5.6 million the year before; write-downs of $11.7 million account for much of the gap. The per-share number is quoted as $0.03 in both periods. Revenue dropped about 6.0% (calculated) to $95.0 million, though FFO as adjusted climbed 7%, reaching $0.31 a share.

Same-property NOI expanded 10.2%, and street retail exceeded a 15% increase. The same-property growth outlook was lifted to a band of 7.5% to 8.5%; the $1.24 to $1.26 FFO target held steady. Roughly $150 million of street retail properties were acquired, and a distribution of $0.20 per share was approved by the board.

Loss Totals and Revenue Ratios Across the Five Trusts

The five losses come to $113.1 million (calculated), averaging $22.6 million (calculated). Diversified Healthcare Trust plus Vornado jointly account for 86.0% (calculated), while Diversified's loss is 13.9 times Acadia's (calculated).

Divided by revenue, the ratios run as follows: Diversified 13.7% (calculated), AH Realty 12.6%, Vornado 10.1% (calculated), Acadia 3.8% (calculated), and Janus Living 2.1%. Combined revenue sums to $1,251.0 million (calculated). Diversified's revenue fell because of property divestitures, and Janus Living's 78% gain reflects purchases.

Net income and FFO diverge across this set. Four firms posted improved FFO figures; the exception is AH Realty, whose FFO as adjusted slid to $0.16 against $0.17 earlier. Acadia's red ink came with $11.7 million in impairments even as same-property NOI rose.

What to Watch Next: Payout Timing, Call Schedules and Vornado's Expected Fourth-Quarter Gain

A $0.01 Diversified distribution is set for around Nov 12, 2026. One of its assets has a $10.5 million sale agreement, and the timing of closing is unspecified. Vornado's fourth-quarter expectation centers on a 350 Park Avenue gain of about $485 million.

Both AH Realty and Janus Living have calls set; the date is Nov 3, 2026. AH Realty also plans a November sale of Greenside Apartments. Janus Living schedules monthly $0.0475 per-share payments on Nov 23 and Dec 29, 2026; $82 million in acquisitions is awaiting closure in the fourth quarter.

Two San Francisco tenants are due to open in November at Acadia, and openings at its Dallas Henderson Avenue project run through 2027. The filings contain no payment date for the $0.20 distribution.