Top 10 U.S. REITs to watch in 2026

A real estate investment trust, or REIT, owns income-producing property and is required to distribute most of its taxable income as dividends. The stocks on this list reach well beyond traditional commercial real estate – Welltower Inc. ($WELL) owns senior housing communities, Prologis, Inc. ($PLD) operates logistics warehouses across roughly 20 countries, and Equinix, Inc. ($EQIX) runs a global network of data centres.

How we built this list: We selected these companies based on their industry and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in US$. Data updated as of 29 September 2026.

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1. Welltower ($WELL)

Welltower (WELL) share price over the last year: started at US$178.14, ended at US$232.90, a change of +30.7%. Range over the period: high US$252.07, low US$165.94. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$232.90 · Daily: -0.03% · Market cap: US$167.90B · Sector: Real Estate · Industry: REITs

Welltower Inc. ($WELL) owns and operates a portfolio of more than 2,500 seniors and wellness housing communities across the United States, United Kingdom and Canada. The company positions these properties at the intersection of housing and hospitality – think independent living, assisted living, continuing care retirement communities and care homes, all under one corporate umbrella.

$WELL runs two distinct business lines. Its Seniors Housing Operating segment manages communities directly, while the Triple-net segment acquires single-tenant properties and leases them back to operators under triple-net leases, meaning the tenant typically covers property taxes, insurance and maintenance costs. That split gives the company exposure to both operational performance and long-term lease income.

CEO Shankh Mitra leads a company of 712 employees – a relatively lean headcount given the scale of the portfolio, which reflects the asset-light nature of the Triple-net model.

As a REIT, $WELL is required by law to distribute most of its taxable income to shareholders as dividends.

2. Prologis ($PLD)

Prologis (PLD) share price over the last year: started at US$114.52, ended at US$132.61, a change of +15.8%. Range over the period: high US$150.06, low US$111.23. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$132.61 · Daily: 0.1% · Market cap: US$125.86B · Sector: Real Estate · Industry: REITs

Prologis, Inc. ($PLD) owns and develops logistics facilities – warehouses and distribution centres – across approximately 20 countries on four continents. The business runs through two arms: a direct real estate segment covering rental operations, development activity and renewable energy assets, and a strategic capital segment that manages co-investment ventures with external partners.

Logistics real estate is the infrastructure behind how goods move from manufacturer to consumer, and $PLD's properties sit at the hubs of those supply chains. With just 2,802 employees overseeing a portfolio of that scale, the company measures its performance on an 'owned and managed' basis – meaning it counts both wholly-owned properties and those managed through its co-investment ventures.

CEO Dan Letter leads the business. The co-investment structure means $PLD can deploy capital alongside partners rather than funding every development from its own balance sheet, which shapes how the strategic capital segment contributes to overall results.

3. Equinix ($EQIX)

Equinix (EQIX) share price over the last year: started at US$783.24, ended at US$1,015.27, a change of +29.6%. Range over the period: high US$1,115.94, low US$726.09. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$1,015.27 · Daily: 0.4% · Market cap: US$99.76B · Sector: Real Estate · Industry: REITs

Equinix, Inc. ($EQIX) builds its real estate business around data centres. The company owns and operates facilities it calls International Business Exchange and xScale data centres across the Americas, Asia-Pacific, and EMEA.

Businesses colocate their servers and equipment inside those buildings. From there, they can use $EQIX's interconnection tools – Equinix Fabric and Fiber Connect among them – to link directly with other networks and companies sharing the same platform.

4. American Tower ($AMT)

American Tower (AMT) share price over the last year: started at US$192.32, ended at US$167.35, a change of −13.0%. Range over the period: high US$194.12, low US$162.11. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$167.35 · Daily: -0.4% · Market cap: US$78.28B · Sector: Real Estate · Industry: REITs

American Tower Corporation ($AMT) leases space on over 148,000 communications towers to tenants including wireless carriers, broadcasters and government agencies. Those towers sit across several property segments covering the U.S. and Canada, Latin America, Europe, and Africa and Asia-Pacific.

In the U.S., $AMT also owns and operates data centre facilities through a dedicated segment. A services arm handles tower-related work – structural analysis, construction management and related activities – rounding out a business that employs around 4,866 people under CEO Steve Vondran.

5. Simon Property Group ($SPG)

Simon Property Group (SPG) share price over the last year: started at US$187.67, ended at US$204.28, a change of +8.9%. Range over the period: high US$236.70, low US$173.35. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$204.28 · Daily: -0.1% · Market cap: US$66.18B · Sector: Real Estate · Industry: REITs

Simon Property Group ($SPG) owns and manages a portfolio of more than 250 properties, including traditional malls, Premium Outlets, The Mills, and mixed-use destinations. The focus is on physical retail – shopping, dining and entertainment under one roof, from the King of Prussia complex in Pennsylvania to Lenox Square in Atlanta.

$SPG is self-administered and self-managed, meaning it handles development and operations in-house with around 3,100 employees, under CEO Eli Simon. As a REIT, it's required to distribute the majority of its taxable income as dividends, which ties its income closely to the performance of its tenant base across those retail destinations.

6. Digital Realty ($DLR)

Digital Realty (DLR) share price over the last year: started at US$172.88, ended at US$176.56, a change of +2.1%. Range over the period: high US$203.91, low US$147.93. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$176.56 · Daily: -0.3% · Market cap: US$65.73B · Sector: Real Estate · Industry: REITs

Digital Realty Trust ($DLR) owns and operates data centres rather than office towers or shopping precincts. Its footprint covers more than 300 facilities across 55+ metro areas in 30+ countries on six continents, making it one of the more geographically dispersed real estate operators on this list.

The customers it houses range from cloud and IT services firms to healthcare providers, financial institutions and energy companies – essentially any organisation that needs to run or connect critical infrastructure at scale. $DLR's PlatformDIGITAL, according to the company, is designed to let those customers deploy infrastructure globally through a single provider relationship. Around 4,282 employees support that operation under CEO Andy Power.

7. Public Storage ($PSA)

Public Storage (PSA) share price over the last year: started at US$288.85, ended at US$285.58, a change of −1.1%. Range over the period: high US$330.47, low US$258.44. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$285.58 · Daily: 0.3% · Market cap: US$53.21B · Sector: Real Estate · Industry: REITs

Public Storage ($PSA) owns and operates self-storage facilities across 40 U.S. states, renting out individual storage units on month-to-month terms to both households and businesses. With interests in over 3,085 facilities, the company's footprint runs well beyond simply unlocking a roll-up door – $PSA also offers tenant reinsurance, sells packing merchandise in-store, manages facilities for third-party owners, and extends bridge loans to other self-storage operators.

Under CEO H. Thomas Boyle, the business groups these sideline activities into a separate Ancillary Operations segment, keeping them distinct from the core rental business. The result is a REIT that earns from storage rents first, but keeps several additional revenue streams running alongside.

8. Realty Income ($O)

Realty Income (O) share price over the last year: started at US$60.79, ended at US$55.14, a change of −9.3%. Range over the period: high US$67.56, low US$55.14. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$55.14 · Daily: -0.4% · Market cap: US$52.37B · Sector: Real Estate · Industry: REITs

Realty Income Corporation ($O) has built its business around one activity: leasing freestanding commercial properties to tenants under long-term net lease agreements, where the tenant typically covers property taxes, insurance, and maintenance rather than the landlord. The portfolio runs to more than 15,500 properties across all 50 U.S. states, the United Kingdom, and eight other countries in Europe.

The tenant mix leans heavily on everyday retail – grocery chains, convenience stores, drug stores, dollar stores, and quick-service restaurants all feature prominently, alongside automotive service centres, health and fitness operators, and gaming properties. Under CEO Sumit Roy, a team of 544 employees manages that entire property base, which reflects how the net lease structure keeps the day-to-day operational load on $O's side relatively contained.

9. Ventas ($VTR)

Ventas (VTR) share price over the last year: started at US$69.99, ended at US$86.91, a change of +24.2%. Range over the period: high US$100.53, low US$67.45. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$86.91 · Daily: -0.1% · Market cap: US$44.65B · Sector: Real Estate · Industry: REITs

Ventas, Inc. ($VTR) owns roughly 1,450 properties across North America and the United Kingdom, all of them tied to healthcare in some form. The portfolio takes in senior housing communities, outpatient medical buildings, research centres, hospitals and skilled nursing facilities.

The business runs across three segments. Senior housing – where $VTR owns the communities and engages third-party managers to run day-to-day operations – sits alongside an outpatient medical and research portfolio. The third segment covers properties leased on a triple-net basis, which means tenants typically carry the costs of taxes, insurance and maintenance rather than $VTR itself.

CEO Debra Cafaro oversees all of this with a relatively lean corporate headcount of 542 employees, reflecting how much of the operational work sits with those third-party managers on the ground.

10. Iron Mountain ($IRM)

Iron Mountain (IRM) share price over the last year: started at US$101.94, ended at US$111.50, a change of +9.4%. Range over the period: high US$133.06, low US$78.86. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$111.50 · Daily: 0.4% · Market cap: US$33.06B · Sector: Real Estate · Industry: REITs

Iron Mountain Incorporated ($IRM) runs a business that bridges physical records storage and digital infrastructure. Its Global Records and Information Management segment stores physical documents, handles secure shredding and manages media and archive collections. Digital solutions and consumer storage are also part of that segment.

The Global Data Center segment operates data centre facilities built to house and protect businesses' IT infrastructure. $IRM describes its broader purpose as helping organisations unlock value from stored assets, whether physical or digital. Bill Meaney leads the company, which employs 29,400 people across both segments.

Common questions

How do I invest in U.S. REITs in New Zealand?

Every REIT in this list trades on a U.S. stock exchange as an ordinary share, so you can buy them through a share trading platform that provides access to U.S. markets. You search the ticker, place an order, and shares settle through your platform's standard process. No separate REIT-specific account or structure is required.

What are the key risks of U.S. REITs?

Some of the key risks include interest rate sensitivity – REITs tend to carry significant debt, and higher rates can push up borrowing costs and weigh on valuations – along with tenant and occupancy risk if properties sit empty or tenants fail to meet their obligations. The sub-sector matters too: retail, logistics and data centres each face different demand conditions and competitive pressures. For NZ investors, movements in the NZD/USD rate affect what shares cost to buy and what proceeds are worth in New Zealand dollars.

What is a REIT and how does it structure its income?

A real estate investment trust (REIT) is a company that owns income-producing properties and is structured to distribute most of its taxable income to shareholders. Under U.S. rules, REITs are generally required to pay out at least 90% of their taxable income each year to maintain that status, which is why distributions are a regular part of how the structure operates. The amounts vary with occupancy rates, lease terms and financing costs. REITs trade on stock exchanges like ordinary shares, so they can be bought and sold during market hours.

How do the different REIT types in this list compare?

This list covers several distinct property categories: seniors housing and healthcare facilities, logistics warehouses, shopping malls, self-storage, commercial properties under long-term net leases, and digital infrastructure including data centres and communications towers. Each type has a different lease structure and tenant base. A net-lease REIT typically has tenants cover most operating costs directly, while a seniors housing REIT like $WELL manages its communities day-to-day and carries more direct operational exposure. Data centre REITs lease server space to technology businesses, so their revenues are tied to demand for computing capacity rather than physical foot traffic.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.

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