REITs have delivered strong investment performance thus far in 2026. As of Aug. 20, the FTSE Nareit All Equity REITs Index posted a total return of 16.9%, besting the Russell 1000 Index by 4.4 percentage points. Strength in REIT operations underpinned this robust total return performance. Nareit’s REIT Industry Tracker shows that year-over-year funds from operations (FFO), net operating income (NOI), and same-store NOI (SS NOI) growth rates remained solid in the second quarter of 2026 as FFO and NOI reached record highs.
The chart above presents year-over-year FFO, NOI, and SS NOI growth rates for U.S. public equity REITs from Nareit’s REIT Industry Tracker for the first and second quarters of 2026. FFO and NOI reached record highs in the second quarter of 2026. FFO totaled $22.4 billion—a 12.4% year-over-year increase. NOI rose 6.8% to $32.7 billion.
In the second quarter, year-over-year FFO, NOI, and SS NOI growth rates remained solid at 12.4%, 6.8%, and 4.1%, respectively. NOI and SS NOI growth rates improved from the prior quarter and FFO continued to post double-digit growth. All three measures kept pace with inflation in 2026. In addition:
- More than 70% of REITs posted positive year-over-year FFO growth rates;
- Nearly 80% realized positive NOI growth; and
- Over 66% had SS NOI gains.
REITs have continued to reliably deliver solid operational performance in an uncertain economic environment. This highlights their asset selection and managerial expertise. It also should help drive future REIT investment performance and assist REITs to take advantage of future organic and inorganic growth opportunities.