Key Highlights

  • Realty Income's Revenue totaled $1,621.6 million, a rise near 10.3% (calculated) on the prior-year base of $1,470.6 million.
  • All five REITs combined generated $4,052.2 million (calculated), and Realty Income's portion is 40.0% (calculated) of that sum.
  • At $820.9 million, Healthpeak Properties' sales outpaced the rest with roughly 16.3% (calculated) growth.
  • Revenue shrank at SBA Communications (down 2.5%) and at UDR (down 0.9%) relative to last year.
  • Vornado Realty Trust was the one loss-maker, while the group as a whole netted $820.1 million (calculated), or a 20.2% Margin on combined sales.

Who Topped Third Quarter 2026 REIT Revenue Among These Five?

Five real estate Investment trusts stand out on revenue for the third quarter of 2026, drawn from results released or filed Nov 2, 2026. Realty Income (NYSE:O) tops the table with $1,621.6 million, followed by Healthpeak Properties (NYSE:DOC) with $820.9 million, SBA Communications (NASDAQ:SBAC) with $713.9 million, Vornado Realty Trust (NYSE:VNO) with $467.7 million and UDR (NYSE:UDR) with $428.1 million.

Net results ran between Vornado's $47.1 million loss and Realty Income's $403.9 million profit. Three names grew, Realty Income by about 10.3% (calculated), Healthpeak by 16.3% (calculated) and Vornado by 3.1% (calculated); SBA Communications and UDR shrank 2.5% and 0.9%.

A direct comparison has limits. Net lease, healthcare, wireless towers, offices, retail and apartments make up the mix here, and every name leads with a per-share yardstick of its own choosing: AFFO, FFO as adjusted or FFO. UDR's Bottom Line also carries a $190.1 million property sale gain.

1. Realty Income: What Sustained Its AFFO Guidance Increase on $1,621.6 Million in Sales?

Sales reached $1,621.6 million, roughly 10.3% (calculated) more than a year before, and AFFO per share rose 3.7% to $1.12 from $1.08. Net Income for common holders climbed to $403.9 million ($0.43 a share) from $315.8 million, but management cautioned that impairments, Credit loss provisions and gains on property sales can move the line materially.

Investment during the period totaled $2.6 billion, with $2.2 billion on a pro-rata basis, and the initial weighted average cash Yield was 6.8%; occupancy finished at 98.8%. The full-year AFFO per share outlook moved to a $4.45 through $4.46 band from a prior $4.44 through $4.45, and the $10.0 billion investment goal survived intact, with $7.9 billion closed through Sep 30, 2026. A 116th consecutive quarterly Dividend increase was announced in September 2026.

2. Healthpeak Properties: Why a 16.3% Revenue Climb Accompanied Lower FFO as Adjusted

Healthpeak's revenue reached $820.9 million, a calculated rise of about 16.3% from $705.9 million. Earnings applicable to common shares landed at $17.1 million, or $0.02 for each diluted share, following a year-earlier loss of $117.3 million that absorbed a $175.8 million impairment. Per share, FFO as adjusted slipped to $0.44 from $0.46.

Same-store adjusted NOI expanded 3.6%, propelled by senior housing's 25.9% gain while lab slipped 0.7%. For FFO as adjusted, the forecast moved to $1.76 through $1.78 from $1.73 through $1.77. Diluted EPS guidance, though, shrank to $0.39 through $0.41 (earlier $0.48 through $0.52) because Depreciation grew after the recent senior housing buys. Payouts of $0.10167 per share, paid monthly, are due Nov 25 and Dec 30, 2026.

3. SBA Communications: Following a 2.5% Revenue Slide and AFFO Per Share at $3.19

SBA Communications' revenue totaled $713.9 million, a decline of 2.5% (calculated) from $732.3 million. Site development receipts dropped to $48.5 million, down from $75.9 million, while site leasing advanced 1.4%, landing at $665.4 million. Earnings credited to the company were $231.3 million, or $2.19 for each diluted share, and AFFO per share ended at $3.19, a 3.3% drop.

Domestic site leasing receipts fell 3.4%, while overseas leasing climbed 13.3%. Buybacks retired 1.7 million shares at a cost of $300.0 million, and the 2026 AFFO per share forecast was raised to between $12.15 and $12.37, adding $0.08 at the midpoint. Shareholders on the books as of Nov 12, 2026 will receive the $1.25 payment, which arrives Dec 10, 2026.

4. Vornado Realty Trust: Making Sense of a Net Loss Alongside $0.62 FFO Per Share

Vornado booked $467.7 million in sales, a calculated 3.1% gain, yet it also reported a $47.1 million loss to common shareholders, equal to $0.25 a share. Depreciation and amortization of $169.0 million gets added back, lifting FFO plus assumed conversions to $122.6 million ($0.62 per share) from $117.4 million ($0.58).

Deals in New York office space spanned 489,000 square feet at a first-year rent of $122.96 per square foot. The 350 Park Avenue tower joint venture formed Oct 20, 2026 should yield a fourth quarter net gain around $485 million. Vornado ended with $1.9 billion of Liquidity and retains roughly $286.6 million under its buyback authorization.

5. UDR: Untangling a $190.1 Million Property Sale Gain From Steady FFO as Adjusted

UDR's revenue receded 0.9% to $428.1 million from $431.9 million because property dispositions more than offset other gains. Income to common stockholders reached $214.9 million, or $0.67 on a diluted basis, compared with $0.12 last year, largely due to the $190.1 million gain on real estate sales. FFO as adjusted stayed flat at $0.65 per share.

Same-store NOI rose 1.6% and physical occupancy hit 96.5%. The firm finished a $2.0 billion joint venture and took in $1.34 billion of equity. Its full-year FFO as adjusted range now sits between $2.54 and $2.56 per share, narrowed from $2.49 through $2.57, and the midpoint lands $0.02 higher (calculated). The monthly dividend stands at $0.145 per share.

Group Ranking: Gaps in Size, Speed of Growth and How Revenue Became Profit

Combined, the group produced $4,052.2 million (calculated), and Realty Income's slice is 40.0% (calculated). Its revenue is around 3.8 times UDR's (calculated), a spread of $1,193.5 million (calculated) separating first from fifth.

Converting sales to earnings, the net margins based on the reported figures are 24.9% at Realty Income, 2.1% at Healthpeak, 32.4% at SBA Communications, negative 10.1% at Vornado and 50.2% at UDR (calculated). Taken as a single pool, $820.1 million of net income on that revenue equals a 20.2% margin (calculated).

These margins reflect differing definitions and one-off items. UDR's figure includes the $190.1 million sale gain, Healthpeak's comparison year held a $175.8 million impairment, and Vornado posted a net loss while its FFO was higher. Per-share yardsticks change from one company to the next, so they are not comparable side by side.

What to Watch Next: Tower Note Retirement, Payout Calendar and Vornado's Expected Fourth Quarter Gain

SBA Communications expects to retire $1,165.0 million of tower-related securities on Nov 9, 2026, with its outlook assuming a 5.25% refinancing rate. The payout is due Dec 10, 2026 for shareholders registered on Nov 12, 2026. Healthpeak's monthly payouts land on Nov 25 and Dec 30, 2026.

Healthpeak and UDR each have conference calls set for Nov 3, 2026. The Dec 31, 2026 UDR payment will mark the company's 220th straight monthly dividend. An estimated $485 million gain is what Vornado projects for the fourth quarter, with no date attached.

Realty Income's fourth quarter report is where the year's result against its $10.0 billion investment target will become clear, and no date appears for that release.