REIT Stocks: The Complete List, Ranked by Dividend Safety
We rate 92 equity REITs for dividend safety, and 29 of them earn a Safe or Very Safe Dividend Safety Score. Four rate Very Safe: Essex Property Trust (ESS), Public Storage (PSA), Sun Communities (SUI) and Equinix (EQIX).
Safety and yield rarely line up. The 29 safest REITs have a median yield of 4.0%, against 4.7% for all 92, and only 16 of them yield 4% or more.
We also rate 24 mortgage REITs, which own loans and mortgage-backed securities rather than buildings. Only one of them earns a Dividend Safety Score better than Unsafe.
Prefer to watch? Our October 2026 video, Finally Time to Buy REITs? Or a Falling Knife?, explains why the safest REITs fell hardest in this fall's sell-off and what that means for their yields.
REIT Stocks List
A real estate investment trust (REIT) owns income-producing property and must pay out at least 90% of its taxable income as dividends, according to the IRS. Our guide to investing in REITs explains how they work.
Below, we cover the 29 REITs we rate Safe or Very Safe, ranked by Dividend Safety Score. Ties are broken by uninterrupted dividend streak, then by yield. After them, we list the other 63 equity REITs by property type, then the mortgage REITs.
Each payout chart uses adjusted funds from operations, a REIT's version of free cash flow. Our guide to the most important metrics for REIT investing explains it.
Essex Property Trust (ESS)
Sector: Real Estate – Multi-Family Residential REITs
Dividend Yield: 3.8%
Dividend Safety Score: Very Safe (93)
Uninterrupted Dividend Streak: 31 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 3.8%
Dividend Safety Score: Very Safe (93)
Uninterrupted Dividend Streak: 31 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Essex has the highest Dividend Safety Score of any REIT we rate. The apartment landlord has raised its dividend for 32 straight years.
Its communities sit in Southern California, Northern California and Seattle, where expensive land and strict zoning make new apartments hard to build. Net debt of about five times EBITDA is a moderate load for a REIT.
Essex pays out about 72% of its adjusted funds from operations, and that ratio has stayed between 63% and 76% every year since 2016.
Its communities sit in Southern California, Northern California and Seattle, where expensive land and strict zoning make new apartments hard to build. Net debt of about five times EBITDA is a moderate load for a REIT.
Essex pays out about 72% of its adjusted funds from operations, and that ratio has stayed between 63% and 76% every year since 2016.
Public Storage (PSA)
Sector: Real Estate – Self-Storage REITs
Dividend Yield: 3.6%
Dividend Safety Score: Very Safe (90)
Uninterrupted Dividend Streak: 45 years
Credit Rating: A
Payment Frequency: Quarterly
Dividend Yield: 3.6%
Dividend Safety Score: Very Safe (90)
Uninterrupted Dividend Streak: 45 years
Credit Rating: A
Payment Frequency: Quarterly
Public Storage is the largest self-storage owner in the country, and its A credit rating is among the strongest of any REIT. We trimmed its Dividend Safety Score from 96 to 90, still Very Safe, in March 2026 when it agreed to buy National Storage for $10.5 billion.
The deal adds more than 1,000 properties, mostly in the Sunbelt, as higher costs and softer demand push smaller operators to sell. Occupancy has dipped to about 92% from a pandemic peak near 96%, and the dividend has been flat since 2023.
Debt is low for a REIT at about three times EBITDA, and Public Storage pays out about 77% of its adjusted funds from operations.
The deal adds more than 1,000 properties, mostly in the Sunbelt, as higher costs and softer demand push smaller operators to sell. Occupancy has dipped to about 92% from a pandemic peak near 96%, and the dividend has been flat since 2023.
Debt is low for a REIT at about three times EBITDA, and Public Storage pays out about 77% of its adjusted funds from operations.
Sun Communities (SUI)
Sector: Real Estate – Housing REITs
Dividend Yield: 3.7%
Dividend Safety Score: Very Safe (90)
Uninterrupted Dividend Streak: 32 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 3.7%
Dividend Safety Score: Very Safe (90)
Uninterrupted Dividend Streak: 32 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Sun Communities rents land to people who own their homes, which makes its income unusually steady. Moving a manufactured home is costly, so residents rarely leave.
It also owns RV resorts and holiday parks in the United States and the United Kingdom. Net debt of a little over three times EBITDA is low for a REIT.
Its payout ratio has stayed at or below 73% every year since 2016, and it sits near 70% today.
It also owns RV resorts and holiday parks in the United States and the United Kingdom. Net debt of a little over three times EBITDA is low for a REIT.
Its payout ratio has stayed at or below 73% every year since 2016, and it sits near 70% today.
Equinix (EQIX)
Sector: Real Estate – Data Center REITs
Dividend Yield: 2.0%
Dividend Safety Score: Very Safe (86)
Uninterrupted Dividend Streak: 10 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 2.0%
Dividend Safety Score: Very Safe (86)
Uninterrupted Dividend Streak: 10 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Equinix runs data centers where cloud providers, banks and telecom companies connect their networks to one another. It raised its dividend 10% in February 2026.
Its low yield reflects how fast investors expect it to grow, not a weak dividend. Net debt of about four times EBITDA is moderate for a REIT.
Equinix pays out less than half of its adjusted funds from operations, the lowest payout ratio on this list, and that ratio has stayed between 42% and 49% since 2016.
Its low yield reflects how fast investors expect it to grow, not a weak dividend. Net debt of about four times EBITDA is moderate for a REIT.
Equinix pays out less than half of its adjusted funds from operations, the lowest payout ratio on this list, and that ratio has stayed between 42% and 49% since 2016.
Federal Realty (FRT)
Sector: Real Estate – Retail REITs
Dividend Yield: 4.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 64 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 4.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 64 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Federal Realty has raised its dividend for 59 consecutive years, the longest streak of any REIT. We raised its Dividend Safety Score from 70 to 80, higher inside the Safe range, in July 2026.
Most of its shopping centers are anchored by grocery stores in affluent coastal markets such as Silicon Valley, New York and the Washington area. Management expects core funds from operations per share to grow about 6% a year, which should bring its leverage to the lowest level in at least a decade.
Most of its shopping centers are anchored by grocery stores in affluent coastal markets such as Silicon Valley, New York and the Washington area. Management expects core funds from operations per share to grow about 6% a year, which should bring its leverage to the lowest level in at least a decade.
Realty Income (O)
Sector: Real Estate – Retail REITs
Dividend Yield: 5.5%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 57 years
Credit Rating: A-
Payment Frequency: Monthly
Dividend Yield: 5.5%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 57 years
Credit Rating: A-
Payment Frequency: Monthly
Realty Income has raised its monthly dividend every year since going public in 1994. Thousands of retail, industrial and gaming properties are leased to tenants who also pay the taxes, insurance and upkeep.
Those long leases make it trade like a bond. When the 10-year Treasury yield jumped this fall, Realty Income's shares fell about 17%, more than most REITs, though nothing changed at the business. Dividend growth has also slowed to about 1% over the past year.
Realty Income's payout ratio has fallen from 83% in 2016 to about 73%.
Those long leases make it trade like a bond. When the 10-year Treasury yield jumped this fall, Realty Income's shares fell about 17%, more than most REITs, though nothing changed at the business. Dividend growth has also slowed to about 1% over the past year.
Realty Income's payout ratio has fallen from 83% in 2016 to about 73%.
NNN REIT (NNN)
Sector: Real Estate – Retail REITs
Dividend Yield: 6.0%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 38 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 6.0%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 38 years
Credit Rating: BBB+
Payment Frequency: Quarterly
NNN REIT has raised its dividend for 37 straight years, including a 3.3% increase in July 2026. It leases freestanding convenience stores, restaurants and auto service shops under triple-net leases that usually start at more than a decade.
Like Realty Income, its shares fell about 17% in this fall's sell-off even though its results held steady.
NNN pays out about 68% of its adjusted funds from operations, and that ratio has held near 70% since 2021.
Like Realty Income, its shares fell about 17% in this fall's sell-off even though its results held steady.
NNN pays out about 68% of its adjusted funds from operations, and that ratio has held near 70% since 2021.
Mid-America Apartment Communities (MAA)
Sector: Real Estate – Multi-Family Residential REITs
Dividend Yield: 5.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 31 years
Credit Rating: A-
Payment Frequency: Quarterly
Dividend Yield: 5.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 31 years
Credit Rating: A-
Payment Frequency: Quarterly
We lowered Mid-America's Dividend Safety Score from Very Safe to Safe in July 2026. A wave of new apartment construction across its Sunbelt markets forced landlords to offer concessions, and weaker pricing on new leases squeezed profits.
MAA kept its communities about 95% occupied by continuing to raise rents on renewals, and it holds an A- credit rating. Coverage is still adequate, but the dividend has less room for another weak stretch.
Its payout ratio has climbed from 61% in 2022 to about 82%.
MAA kept its communities about 95% occupied by continuing to raise rents on renewals, and it holds an A- credit rating. Coverage is still adequate, but the dividend has less room for another weak stretch.
Its payout ratio has climbed from 61% in 2022 to about 82%.
Equity LifeStyle Properties (ELS)
Sector: Real Estate – Housing REITs
Dividend Yield: 3.5%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 21 years
Credit Rating: Not rated by S&P
Payment Frequency: Quarterly
Dividend Yield: 3.5%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 21 years
Credit Rating: Not rated by S&P
Payment Frequency: Quarterly
Equity LifeStyle owns manufactured home communities, RV resorts and marinas, many in retirement and vacation destinations. We lowered its Dividend Safety Score from Very Safe to Safe in April 2026 as its payout ratio approached 80%.
Roughly 35% of its properties are in Florida, which brings steady demand from retirees but also more exposure to rising insurance costs and storms. It still raised its dividend 5.3% in January 2026.
The payout ratio has risen from 59% in 2016 to about 80%.
Roughly 35% of its properties are in Florida, which brings steady demand from retirees but also more exposure to rising insurance costs and storms. It still raised its dividend 5.3% in January 2026.
The payout ratio has risen from 59% in 2016 to about 80%.
Digital Realty (DLR)
Sector: Real Estate – Data Center REITs
Dividend Yield: 2.7%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 21 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 2.7%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 21 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Digital Realty leases data center space to cloud providers, telecom companies and large businesses around the world. Net debt of about four and a half times EBITDA is moderate for a REIT.
Its dividend has been flat since 2022 while cash flow caught up, bringing its payout ratio down from 84% in 2023 to about 65%.
Its dividend has been flat since 2022 while cash flow caught up, bringing its payout ratio down from 84% in 2023 to about 65%.
Extra Space Storage (EXR)
Sector: Real Estate – Self-Storage REITs
Dividend Yield: 4.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 16 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 4.1%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 16 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Extra Space is the second-largest self-storage REIT. It rents month-to-month units to households and businesses and sells tenant insurance through its own reinsurance arm.
Month-to-month rentals let it raise prices quickly when demand is strong, but storage demand has cooled since the pandemic, and its dividend has been flat since 2023. We expect it to pay out about 80% of its adjusted funds from operations next year.
Month-to-month rentals let it raise prices quickly when demand is strong, but storage demand has cooled since the pandemic, and its dividend has been flat since 2023. We expect it to pay out about 80% of its adjusted funds from operations next year.
Camden Property Trust (CPT)
Sector: Real Estate – Multi-Family Residential REITs
Dividend Yield: 4.2%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 15 years
Credit Rating: A-
Payment Frequency: Quarterly
Dividend Yield: 4.2%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 15 years
Credit Rating: A-
Payment Frequency: Quarterly
Camden owns and manages apartment communities across a wide range of U.S. markets, from garden-style complexes to high-rises, and it holds an A- credit rating.
Net debt of a little under five times EBITDA is moderate for a REIT. Dividend growth has slowed to about 1%, the size of its February 2026 increase.
Camden's payout ratio has stayed between 65% and 80% every year since 2016.
Net debt of a little under five times EBITDA is moderate for a REIT. Dividend growth has slowed to about 1%, the size of its February 2026 increase.
Camden's payout ratio has stayed between 65% and 80% every year since 2016.
Welltower (WELL)
Sector: Real Estate – Health Care REITs
Dividend Yield: 1.4%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 5 years
Credit Rating: A-
Payment Frequency: Quarterly
Dividend Yield: 1.4%
Dividend Safety Score: Safe (80)
Uninterrupted Dividend Streak: 5 years
Credit Rating: A-
Payment Frequency: Quarterly
Welltower is the largest REIT we rate by market value. It owns senior housing communities and shares in their operating results, so it profits directly as occupancy rises.
With the population over 80 growing fast and little new senior housing being built, occupancy has recovered and profits have surged. Welltower raised its dividend 14.9% in June 2026, and its yield is low because the share price has climbed much faster than the payout.
Its payout ratio has dropped from 96% in 2018 to about 60%.
With the population over 80 growing fast and little new senior housing being built, occupancy has recovered and profits have surged. Welltower raised its dividend 14.9% in June 2026, and its yield is low because the share price has climbed much faster than the payout.
Its payout ratio has dropped from 96% in 2018 to about 60%.
American Tower (AMT)
Sector: Real Estate – Telecom Tower REITs
Dividend Yield: 3.8%
Dividend Safety Score: Safe (78)
Uninterrupted Dividend Streak: 13 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 3.8%
Dividend Safety Score: Safe (78)
Uninterrupted Dividend Streak: 13 years
Credit Rating: BBB+
Payment Frequency: Quarterly
American Tower leases space on its cell towers to wireless carriers under long-term contracts, and it owns CoreSite data centers in major U.S. markets. Its shares barely moved in this fall's REIT sell-off.
It raised its dividend 5% earlier this year, and its leverage of just under five times EBITDA is its lowest since 2019.
The payout ratio has risen from 37% in 2016 to about 64% as the dividend grew faster than cash flow.
It raised its dividend 5% earlier this year, and its leverage of just under five times EBITDA is its lowest since 2019.
The payout ratio has risen from 37% in 2016 to about 64% as the dividend grew faster than cash flow.
EastGroup Properties (EGP)
Sector: Real Estate – Industrial REITs
Dividend Yield: 3.5%
Dividend Safety Score: Safe (73)
Uninterrupted Dividend Streak: 31 years
Credit Rating: Not rated by S&P
Payment Frequency: Quarterly
Dividend Yield: 3.5%
Dividend Safety Score: Safe (73)
Uninterrupted Dividend Streak: 31 years
Credit Rating: Not rated by S&P
Payment Frequency: Quarterly
EastGroup owns mid-sized warehouses in fast-growing markets such as Texas, Florida, California and Arizona, leased to businesses that want to be close to their customers. It raised its dividend 12.9% in August 2026.
Net debt of about three times EBITDA is very low for a REIT, which leaves plenty of flexibility.
That fast dividend growth has pushed its payout ratio from 57% in 2020 to about 88%, high for a warehouse owner.
Net debt of about three times EBITDA is very low for a REIT, which leaves plenty of flexibility.
That fast dividend growth has pushed its payout ratio from 57% in 2020 to about 88%, high for a warehouse owner.
UDR (UDR)
Sector: Real Estate – Multi-Family Residential REITs
Dividend Yield: 4.7%
Dividend Safety Score: Safe (71)
Uninterrupted Dividend Streak: 15 years
Credit Rating: BBB+
Payment Frequency: Monthly
Dividend Yield: 4.7%
Dividend Safety Score: Safe (71)
Uninterrupted Dividend Streak: 15 years
Credit Rating: BBB+
Payment Frequency: Monthly
UDR switched from quarterly to monthly dividends in July 2026 without changing the annual amount. The apartment REIT owns communities on the West Coast, in the Sunbelt and in the Northeast.
Net debt of nearly six times EBITDA is on the high side for a REIT, and UDR cut its dividend during the 2008 financial crisis.
Its payout ratio has held between 71% and 80% every year since 2016.
Net debt of nearly six times EBITDA is on the high side for a REIT, and UDR cut its dividend during the 2008 financial crisis.
Its payout ratio has held between 71% and 80% every year since 2016.
Regency Centers (REG)
Sector: Real Estate – Retail REITs
Dividend Yield: 4.2%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 15 years
Credit Rating: A-
Payment Frequency: Quarterly
Dividend Yield: 4.2%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 15 years
Credit Rating: A-
Payment Frequency: Quarterly
Regency owns grocery-anchored shopping centers in suburban areas with strong demographics, and it holds an A- credit rating. We upgraded its Dividend Safety Score to Safe in October 2021 as foot traffic recovered from the pandemic.
Net debt of about four and a half times EBITDA is moderate for a REIT.
Apart from a spike to 96% in 2020, its payout ratio has stayed between 68% and 79%.
Net debt of about four and a half times EBITDA is moderate for a REIT.
Apart from a spike to 96% in 2020, its payout ratio has stayed between 68% and 79%.
Agree Realty (ADC)
Sector: Real Estate – Retail REITs
Dividend Yield: 4.6%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 14 years
Credit Rating: BBB+
Payment Frequency: Monthly
Dividend Yield: 4.6%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 14 years
Credit Rating: BBB+
Payment Frequency: Monthly
Agree Realty leases stores to national chains such as Walmart, Lowe's and Dollar General, and it pays its dividend monthly. It has raised its payout about 5% a year over the past five years.
We upgraded its Dividend Safety Score in March 2023 as leverage fell and its tenants improved. Its shares fell about 18% in this fall's sell-off as investors treated its long leases like bonds.
Agree's payout ratio has edged down from 76% in 2016 to about 70%.
We upgraded its Dividend Safety Score in March 2023 as leverage fell and its tenants improved. Its shares fell about 18% in this fall's sell-off as investors treated its long leases like bonds.
Agree's payout ratio has edged down from 76% in 2016 to about 70%.
Rexford Industrial (REXR)
Sector: Real Estate – Industrial REITs
Dividend Yield: 4.5%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 12 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 4.5%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 12 years
Credit Rating: BBB+
Payment Frequency: Quarterly
We lowered Rexford's Dividend Safety Score from Very Safe to Safe in June 2026. Southern California warehouse rents have fallen about 20% from their 2023 peak, and leases signed during the boom are resetting lower.
About 30% of its rental income comes up for renewal through 2028, and about 30% of its debt matures in 2027. Scarce land still limits new supply in its markets, and net debt of about four times EBITDA is moderate for a REIT.
We expect its payout ratio to reach about 89% next year.
About 30% of its rental income comes up for renewal through 2028, and about 30% of its debt matures in 2027. Scarce land still limits new supply in its markets, and net debt of about four times EBITDA is moderate for a REIT.
We expect its payout ratio to reach about 89% next year.
AMH (AMH)
Sector: Real Estate – Housing REITs
Dividend Yield: 4.0%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 12 years
Credit Rating: BBB
Payment Frequency: Quarterly
Dividend Yield: 4.0%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 12 years
Credit Rating: BBB
Payment Frequency: Quarterly
AMH owns and rents single-family homes, mostly in the Southeast, Midwest, Southwest and Mountain West. It raised its dividend 10% in February 2026.
Its dividend was small relative to cash flow until 2021, so the payout ratio has climbed quickly as AMH raised the payout. We expect it to ease to about 71% next year.
Its dividend was small relative to cash flow until 2021, so the payout ratio has climbed quickly as AMH raised the payout. We expect it to ease to about 71% next year.
Kimco Realty (KIM)
Sector: Real Estate – Retail REITs
Dividend Yield: 4.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 5 years
Credit Rating: A-
Payment Frequency: Quarterly
Dividend Yield: 4.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 5 years
Credit Rating: A-
Payment Frequency: Quarterly
Kimco owns open-air, grocery-anchored shopping centers in Sun Belt and coastal metro areas, and it holds an A- credit rating.
It suspended its dividend in 2020 when the pandemic shut many of its tenants, then restored it. We upgraded its Dividend Safety Score in December 2021 as occupancy and its payout ratio improved.
Its payout ratio has held at about 80% since 2024.
It suspended its dividend in 2020 when the pandemic shut many of its tenants, then restored it. We upgraded its Dividend Safety Score in December 2021 as occupancy and its payout ratio improved.
Its payout ratio has held at about 80% since 2024.
Phillips Edison (PECO)
Sector: Real Estate – Retail REITs
Dividend Yield: 3.4%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 5 years
Credit Rating: BBB
Payment Frequency: Monthly
Dividend Yield: 3.4%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 5 years
Credit Rating: BBB
Payment Frequency: Monthly
Phillips Edison owns grocery-anchored shopping centers whose top tenants include Kroger, Publix, Albertsons and Ahold Delhaize. It pays monthly and raised its dividend 6.2% in September 2026.
It listed its shares in 2021, so its dividend has not been tested by a recession as a public company.
Its payout ratio of about 58% is the lowest on this list after Equinix.
It listed its shares in 2021, so its dividend has not been tested by a recession as a public company.
Its payout ratio of about 58% is the lowest on this list after Equinix.
Simon Property Group (SPG)
Sector: Real Estate – Retail REITs
Dividend Yield: 4.0%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 4 years
Credit Rating: A
Payment Frequency: Quarterly
Dividend Yield: 4.0%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 4 years
Credit Rating: A
Payment Frequency: Quarterly
We upgraded Simon Property Group's Dividend Safety Score to Safe on November 6, 2026. One of the largest mall owners in the country, it has brought its leverage back toward pre-pandemic levels, and S&P raised its credit rating to A in August 2025.
Simon cut its dividend by 38% in 2020 when malls were forced to close, but it has rebuilt the payout since and raised it again on November 5. Its largest tenant accounts for only about 2.5% of base rent.
Simon pays out about 73% of its adjusted funds from operations.
Simon cut its dividend by 38% in 2020 when malls were forced to close, but it has rebuilt the payout since and raised it again on November 5. Its largest tenant accounts for only about 2.5% of base rent.
Simon pays out about 73% of its adjusted funds from operations.
Ventas (VTR)
Sector: Real Estate – Health Care REITs
Dividend Yield: 2.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 4 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 2.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 4 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Ventas owns senior housing, outpatient medical buildings and research centers. We upgraded its Dividend Safety Score to Safe in July 2025 as occupancy in its senior housing communities recovered.
Ventas cut its dividend by more than 40% during the pandemic, when move-in restrictions hit senior housing. It raised the payout 8.3% in February 2026.
We expect its payout ratio to fall to about 61% next year.
Ventas cut its dividend by more than 40% during the pandemic, when move-in restrictions hit senior housing. It raised the payout 8.3% in February 2026.
We expect its payout ratio to fall to about 61% next year.
W. P. Carey (WPC)
Sector: Real Estate – Diversified REITs
Dividend Yield: 5.8%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 1 years
Credit Rating: BBB+
Payment Frequency: Quarterly
Dividend Yield: 5.8%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 1 years
Credit Rating: BBB+
Payment Frequency: Quarterly
W. P. Carey owns warehouses, industrial buildings, stores and self-storage leased to single tenants in the United States and Europe. It cut its dividend 20% in late 2023 when it spun off most of its office properties, ending more than two decades of increases.
The reset left a stronger balance sheet and a portfolio tilted toward faster-growing property types, and the dividend has grown about 4.5% over the past year.
Its payout ratio has fallen from 88% in 2020 to about 71%.
The reset left a stronger balance sheet and a portfolio tilted toward faster-growing property types, and the dividend has grown about 4.5% over the past year.
Its payout ratio has fallen from 88% in 2020 to about 71%.
Vivmark Residential (VMRK)
Sector: Real Estate – Multi-Family Residential REITs
Dividend Yield: 4.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 0 years
Credit Rating: A
Payment Frequency: Quarterly
Dividend Yield: 4.3%
Dividend Safety Score: Safe (70)
Uninterrupted Dividend Streak: 0 years
Credit Rating: A
Payment Frequency: Quarterly
Vivmark Residential formed in 2026 and is one of the largest apartment owners in the country, with communities in Boston, New York, Washington, D.C., Southern California, Seattle, Denver and Dallas.
We began rating it in August 2026. It holds an A credit rating and net debt of about four times EBITDA, and we expect it to pay out about 78% of its adjusted funds from operations next year.
We began rating it in August 2026. It holds an A credit rating and net debt of about four times EBITDA, and we expect it to pay out about 78% of its adjusted funds from operations next year.
CubeSmart (CUBE)
Sector: Real Estate – Self-Storage REITs
Dividend Yield: 4.7%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 16 years
Credit Rating: BBB
Payment Frequency: Quarterly
Dividend Yield: 4.7%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 16 years
Credit Rating: BBB
Payment Frequency: Quarterly
CubeSmart sits one point inside the Safe range. The self-storage REIT rents month-to-month, which lets it adjust prices quickly, and net debt of just under five times EBITDA is moderate for a REIT.
As storage demand cooled, its payout ratio crept up from 69% in 2021 to about 83%, and we expect about 85% next year.
As storage demand cooled, its payout ratio crept up from 69% in 2021 to about 83%, and we expect about 85% next year.
Prologis (PLD)
Sector: Real Estate – Industrial REITs
Dividend Yield: 3.3%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 14 years
Credit Rating: A
Payment Frequency: Quarterly
Dividend Yield: 3.3%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 14 years
Credit Rating: A
Payment Frequency: Quarterly
Prologis is the world's largest owner of logistics real estate, with warehouses near major cities, and it holds an A credit rating. It also sits one point inside the Safe range.
Rent growth has cooled since the pandemic boom, and its payout ratio rose from 63% in 2022 to 89% in 2025 before easing to about 79%.
Rent growth has cooled since the pandemic boom, and its payout ratio rose from 63% in 2022 to 89% in 2025 before easing to about 79%.
CareTrust (CTRE)
Sector: Real Estate – Health Care REITs
Dividend Yield: 4.0%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 11 years
Credit Rating: BB+
Payment Frequency: Quarterly
Dividend Yield: 4.0%
Dividend Safety Score: Safe (61)
Uninterrupted Dividend Streak: 11 years
Credit Rating: BB+
Payment Frequency: Quarterly
CareTrust leases skilled nursing and senior housing facilities to operators in the United States and the United Kingdom under triple-net leases. It is the only REIT on this list rated below investment grade by S&P.
Debt is very low for a REIT at about two times EBITDA, and it raised its dividend 16.4% in March 2026. We expect its payout ratio to fall to about 70% next year.
Debt is very low for a REIT at about two times EBITDA, and it raised its dividend 16.4% in March 2026. We expect its payout ratio to fall to about 70% next year.
Other REITs We Rate, by Property Type
These 63 equity REITs earn a Dividend Safety Score of Borderline Safe or lower. Many still pay steady dividends, but each carries more risk of a cut over a full economic cycle. Yields are as of November 10, 2026.
Retail
- RioCan (RIOCF): 5.4% yield, Borderline Safe
- Netstreit (NTST): 4.7% yield, Borderline Safe
- Kite Realty Group (KRG): 4.5% yield, Borderline Safe
- Brixmor Property Group (BRX): 4.4% yield, Borderline Safe
- Tanger (SKT): 3.2% yield, Borderline Safe
- Macerich (MAC): 2.7% yield, Borderline Safe
- Getty Realty (GTY): 6.9% yield, Borderline Safe
Health Care
- Healthpeak Properties (DOC): 5.9% yield, Borderline Safe
- Omega Healthcare (OHI): 5.6% yield, Borderline Safe
- National Health Investors (NHI): 5.3% yield, Borderline Safe
- Community Healthcare Trust (CHCT): 8.9% yield, Borderline Safe. It cut its dividend 31% in August 2026.
- Alexandria Real Estate (ARE): 6.3% yield, Borderline Safe. It cut its dividend 45% in December 2025.
- Sabra Health Care (SBRA): 5.6% yield, Borderline Safe
- Universal Health Realty (UHT): 7.7% yield, Unsafe
- Chiron Real Estate (XRN): 7.1% yield, Unsafe. It cut its dividend 36% in May 2026.
- LTC Properties (LTC): 5.1% yield, Unsafe
- Healthcare Realty (HR): 5.0% yield, Unsafe
- Medical Properties Trust (MPT): 19.8% yield, Very Unsafe
Office
- Cousins Properties (CUZ): 4.3% yield, Borderline Safe
- Douglas Emmett (DEI): 7.3% yield, Borderline Safe
- Kilroy Realty (KRC): 5.9% yield, Borderline Safe
- Postal Realty (PSTL): 4.3% yield, Borderline Safe
- Highwoods Properties (HIW): 6.4% yield, Unsafe
- BXP (BXP): 4.2% yield, Unsafe
- Easterly Government Properties (DEA): 7.9% yield, Unsafe
- SL Green Realty (SLG): 4.7% yield, Unsafe
- Brandywine Realty (BDN): 9.9% yield, Very Unsafe
- Orion Properties (ONL): 2.8% yield, Very Unsafe
Specialty
- Safehold (SAFE): ground leases, 6.6% yield, Borderline Safe
- Lamar (LAMR): billboards, 4.2% yield, Borderline Safe
- Iron Mountain (IRM): records storage and data centers, 3.6% yield, Borderline Safe
- VICI Properties (VICI): casinos, 7.3% yield, Borderline Safe
- Four Corners Property Trust (FCPT): restaurants, 6.5% yield, Borderline Safe
- EPR Properties (EPR): entertainment venues, 6.1% yield, Borderline Safe
- Outfront Media (OUT): billboards, 4.2% yield, Borderline Safe
- Gaming and Leisure Properties (GLPI): casinos, 8.3% yield, Borderline Safe
- Gladstone Land (LAND): farmland, 8.0% yield, Unsafe
Industrial
- Americold Realty Trust (COLD): cold storage, 5.7% yield, Borderline Safe
- STAG Industrial (STAG): 4.1% yield, Borderline Safe
- First Industrial Realty Trust (FR): 3.6% yield, Borderline Safe
- Terreno Realty (TRNO): 3.4% yield, Borderline Safe
- One Liberty Properties (OLP): 8.4% yield, Unsafe
- NewLake Capital Partners (NLCP): cannabis facilities, 12.3% yield, Unsafe
- Innovative Industrial Properties (IIPR): cannabis facilities, 13.7% yield, Very Unsafe
Diversified and Net Lease
- Broadstone Net Lease (BNL): 6.6% yield, Borderline Safe
- Essential Properties Realty Trust (EPRT): 4.5% yield, Borderline Safe
- Alpine Income Property Trust (PINE): 7.6% yield, Borderline Safe
- CTO Realty (CTO): 7.5% yield, Borderline Safe
- AH Realty Trust (AHRT): 8.7% yield, Unsafe
- Gladstone Commercial (GOOD): 11.7% yield, Unsafe
- Global Net Lease (GNL): 11.1% yield, Very Unsafe
Hotels and Resorts
- Apple Hospitality (APLE): 4.9% yield, Borderline Safe
- Host Hotels & Resorts (HST): 3.2% yield, Borderline Safe
- Park Hotels & Resorts (PK): 6.1% yield, Unsafe
- Service Properties (SVC): 3.9% yield, Unsafe. It cut its dividend 95% in October 2024.
Apartments
- Independence Realty Trust (IRT): 4.8% yield, Borderline Safe
- BRT Apartments (BRT): 7.7% yield, Borderline Safe
Single-Family and Manufactured Homes
- Invitation Homes (INVH): 4.4% yield, Borderline Safe
- UMH Properties (UMH): 6.1% yield, Borderline Safe
Cell Towers
- SBA Communications (SBAC): 2.6% yield, Borderline Safe
- Crown Castle (CCI): 4.8% yield, Borderline Safe
Timber
- Rayonier (RYN): 4.8% yield, Borderline Safe
- Weyerhaeuser (WY): 4.0% yield, Borderline Safe
Mortgage REITs
Mortgage REITs own home and commercial loans or mortgage-backed securities, usually with heavy borrowing, rather than buildings. Their earnings depend on the gap between what their loans pay and what they pay to borrow. Our guide to mortgage REITs covers how they work.
Of the 24 we rate, Starwood Property Trust (STWD) is the only one with a Dividend Safety Score better than Unsafe. Several of the others have cut their dividends in the past year.
Borderline Safe
- Starwood Property Trust (STWD): 15.9% yield, Borderline Safe
Unsafe
- Annaly Capital Management (NLY): 15.8% yield, Unsafe
- NexPoint Real Estate Finance (NREF): 14.8% yield, Unsafe
- KKR Real Estate Finance (KREF): 7.0% yield, Unsafe. It cut its dividend 60% in April 2026.
- MFA Financial (MFA): 22.9% yield, Unsafe
- Chicago Atlantic Real Estate Finance (REFI): 21.2% yield, Unsafe
- Adamas Trust (ADAM): 21.1% yield, Unsafe
- BrightSpire (BRSP): 19.0% yield, Unsafe
- Dynex Capital (DX): 18.9% yield, Unsafe
- Ellington Financial (EFC): 13.7% yield, Unsafe
- Rithm Capital (RITM): 10.6% yield, Unsafe
- Sachem Capital (SACH): 4.9% yield, Unsafe. It cut its dividend 80% in June 2026.
- Ladder Capital (LADR): 10.3% yield, Unsafe
- AGNC Investment (AGNC): 16.1% yield, Unsafe
- PennyMac Mortgage Investment Trust (PMT): 20.0% yield, Unsafe
- ARMOUR Residential REIT (ARR): 22.6% yield, Unsafe
Very Unsafe
- Invesco Mortgage Capital (IVR): 26.4% yield, Very Unsafe
- Chimera Investment (CIM): 24.7% yield, Very Unsafe
- Granite Point Mortgage Trust (GPMT): 13.3% yield, Very Unsafe. It cut its dividend 80% in September 2026.
- Rithm Property Trust (RPT): 12.5% yield, Very Unsafe
- Blackstone Mortgage Trust (BXMT): 10.7% yield, Very Unsafe. It cut its dividend 36% in October 2026.
- Ares Commercial Real Estate (ACRE): 16.3% yield, Very Unsafe
- Ready Capital (RC): 3.9% yield, Very Unsafe. It cut its dividend 92% in December 2025.
- Orchid Island Capital (ORC): 24.0% yield, Very Unsafe. It cut its dividend 17% in April 2026.
REITs and Interest Rates in 2026
The 10-year Treasury yield rose from about 4.7% in late July to 5.2% in early October, and the median REIT we rate fell about 12% including dividends. Of the 92, 88 lost money.
The REITs that fell hardest weren't the riskiest. Nine investment-grade landlords with long single-tenant leases, including Realty Income, NNN, Agree Realty and W. P. Carey, fell about 17%, against about 11% for everything else. Hotel REITs, whose room rates reset every night, fell about 4%.
Long leases make those REITs trade like bonds, so their prices move with Treasury yields even when the business is fine. Our guide to how higher interest rates impact REITs explains why.
Frequently Asked Questions
How many REITs do you rate?
We rate 92 equity REITs and 24 mortgage REITs. Of the equity REITs, 29 earn a Safe or Very Safe Dividend Safety Score, 43 rate Borderline Safe and 20 score Unsafe or Very Unsafe.
We rate 92 equity REITs and 24 mortgage REITs. Of the equity REITs, 29 earn a Safe or Very Safe Dividend Safety Score, 43 rate Borderline Safe and 20 score Unsafe or Very Unsafe.
Which REITs have the longest dividend growth streaks?
Federal Realty has raised its dividend for 59 consecutive years, the longest streak of any REIT. NNN REIT (37 years) and Essex Property Trust (32 years) are also among the leaders, and Realty Income has raised its dividend every year since going public in 1994.
Federal Realty has raised its dividend for 59 consecutive years, the longest streak of any REIT. NNN REIT (37 years) and Essex Property Trust (32 years) are also among the leaders, and Realty Income has raised its dividend every year since going public in 1994.
What are the highest-yielding REIT stocks?
As of November 10, 2026, the highest-yielding equity REITs we rate are Medical Properties Trust (19.8%), Innovative Industrial Properties (13.7%), NewLake Capital Partners (12.3%), Gladstone Commercial (11.7%) and Global Net Lease (11.1%). None earns a Dividend Safety Score better than Unsafe.
As of November 10, 2026, the highest-yielding equity REITs we rate are Medical Properties Trust (19.8%), Innovative Industrial Properties (13.7%), NewLake Capital Partners (12.3%), Gladstone Commercial (11.7%) and Global Net Lease (11.1%). None earns a Dividend Safety Score better than Unsafe.
Which REITs pay monthly dividends?
Thirteen of the equity REITs we rate pay monthly. Realty Income, Agree Realty, UDR and Phillips Edison all rate Safe. Our list of monthly dividend stocks ranks them alongside other monthly payers.
Thirteen of the equity REITs we rate pay monthly. Realty Income, Agree Realty, UDR and Phillips Edison all rate Safe. Our list of monthly dividend stocks ranks them alongside other monthly payers.
What is the difference between equity REITs and mortgage REITs?
Equity REITs own buildings and collect rent. Mortgage REITs own loans and mortgage-backed securities and earn the gap between what those pay and what they cost to finance. Of the 24 mortgage REITs we rate, 23 score Unsafe or Very Unsafe.
Equity REITs own buildings and collect rent. Mortgage REITs own loans and mortgage-backed securities and earn the gap between what those pay and what they cost to finance. Of the 24 mortgage REITs we rate, 23 score Unsafe or Very Unsafe.
Why did REIT stocks fall in 2026?
Higher Treasury yields. As the 10-year Treasury yield rose from about 4.7% to 5.2% between late July and early October, the median REIT we rate fell about 12%, and REITs with the longest leases fell the most.
Higher Treasury yields. As the 10-year Treasury yield rose from about 4.7% to 5.2% between late July and early October, the median REIT we rate fell about 12%, and REITs with the longest leases fell the most.
Looking for income beyond real estate? See our list of high dividend stocks, ranked by Dividend Safety Score.
We update this list as our Dividend Safety Scores change and after each earnings season.
