REITs posted record highs for funds from operations (FFO) and net operating income (NOI) in 2026’s second quarter while maintaining strong balance sheets, according to Nareit’s latest REIT Industry Tracker. More than 70% of REITs reported year-over-year increases in FFO, while nearly 80% reported year-over-year increases in NOI.
Industry Tracker data show that FFO reached $22.4 billion in Q2, up 12.4% Y-O-Y. Meanwhile, NOI reached $32.7 billion, up 6.8%. Additionally, same-store NOI experienced a 4.1% Y-O-Y gain, demonstrating that REIT operations outpaced inflation in the second quarter, which was 3.5%
“The strength we’re seeing from the REIT industry isn’t coming from one measure or sector,” said John Worth, EVP of research & investor outreach at Nareit. “Across the board, REITs continue to generate strong income from their properties reflecting rising occupancy while maintaining robust balance sheets. That combination speaks to the underlying resilience of the industry amid ongoing economic uncertainty.”
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