Key Highlights

  • CubeSmart reported FFO as adjusted of $0.66 per share and same-store NOI growth of 2.1%.
  • Pebblebrook Hotel Trust reported same-property RevPAR of $256.66, up from $236.96, and a $0.56 loss per share.
  • Weyerhaeuser reported adjusted EBITDA of $248 million, up 14%, and agreed to sell about 81,000 Arkansas acres for $146 million.
  • Gaming and Leisure Properties reported AFFO of $311.7 million and Revenue of $435.4 million.
  • Healthcare Realty Trust reported Normalized FFO of $0.42 per share and revenue of $286.6 million.

How did storage, hotel and timber REIT Earnings look in the third quarter of 2026?

Five property owners reported third quarter 2026 results around October 29, 2026, and the picture was mixed. CubeSmart (NYSE:CUBE), a self-storage REIT, reported diluted EPS of $0.42 and FFO as adjusted of $0.66 per share. Pebblebrook Hotel Trust (NYSE:PEB), which owns urban and resort hotels, reported revenues of $402.7 million and Adjusted EBITDAre of $107.9 million but a net loss of $0.56 per common share.

Weyerhaeuser (NYSE:WY), a timberland owner and wood products maker, reported net earnings of $61 million, or $0.08 per diluted share, on net sales of $1.9 billion. Gaming and Leisure Properties (NASDAQ:GLPI), a casino landlord, reported AFFO of $311.7 million, and Healthcare Realty Trust (NYSE:HR), an outpatient medical owner, reported Normalized FFO of $0.42 per share. The last two do not fit the storage, hotel or timber labels, so they are described below on their own terms.

CubeSmart: Did same-store NOI growth outpace revenue growth?

CubeSmart reported Net Income attributable to common shareholders of $94.4 million, versus $82.9 million, and FFO as adjusted of $150.3 million, versus $149.0 million. Same-store NOI across 623 stores rose 2.1%, from a 1.9% increase in revenues and a 1.3% increase in operating expenses.

Same-store occupancy averaged 90.5% and ended the quarter at 89.9%. The company agreed to contribute 15 stores to a joint venture with a Heitman affiliate at an agreed value of $197.0 million, keeping a 20% interest, and repurchased 2.1 million shares for $83.9 million.

Pebblebrook Hotel Trust: How did RevPAR rise while a net loss was reported?

Same-property RevPAR was $256.66 versus $236.96, with ADR of $318.52 and occupancy of 80.6% versus 79.6%. Hotel EBITDA was $115.2 million versus $105.4 million, and Adjusted FFO was $71.6 million versus $60.2 million.

A $77.3 million Impairment on three hotels led to a net loss attributable to common shareholders of $63.1 million, or $0.56 per share, versus $43.4 million, or $0.37. The company owned 43 hotels at quarter end versus 46 a year earlier, cash was $287.5 million, and total Debt had a Face Value of $2.1 billion with nothing drawn on the revolver.

Weyerhaeuser: How did adjusted EBITDA reach $248 million?

Net sales were $1,862 million versus $1,717 million. Net earnings were $61 million versus $80 million a year earlier, though net earnings before special items were $40 million in the prior year quarter, and there were no special items this quarter.

Adjusted EBITDA was $248 million versus $217 million, and below $310 million in the second quarter of 2026. Timberlands adjusted EBITDA was $133 million, Strategic Land Solutions was $86 million and Wood Products was $91 million. Net cash from operations was $193 million versus $210 million, and cash and cash equivalents were $349 million at September 30, 2026.

Gaming and Leisure Properties: Why did net income fall as revenue rose?

Revenues rose 9.5% to $435.4 million, helped by $43.2 million of added cash rental income from acquisitions. Net income was $213.8 million, or $0.71 per diluted share, versus $248.5 million, or $0.85, as a $36.2 million Credit loss provision replaced a prior year benefit.

AFFO rose to $311.7 million from $282.0 million, and Adjusted EBITDA was $413.9 million versus $366.4 million. The quarterly Dividend was $0.82 per share, up from $0.78.

Healthcare Realty Trust: Did a smaller loss offset lower revenue?

Revenues were $286.6 million versus $297.8 million, as 2025 and 2026 dispositions removed $28.7 million of rental income. The net loss attributable to common stockholders narrowed to $15.8 million, or $0.05 per share, from $57.7 million, or $0.17.

Impairment charges were $16.2 million versus $104.4 million, and Normalized FFO was $145.9 million, or $0.42 per share, versus $0.41. Occupancy across the total portfolio was 91.2% at September 30, 2026, and same store occupancy was 93.1%. The company bought back 2.8 million shares for $49.9 million during the quarter.

How do the five companies compare on calculated figures?

Profit measures grew faster than revenue at most of these companies:

  • Weyerhaeuser adjusted EBITDA: up about 14.3% (calculated, $248 million versus $217 million).
  • CubeSmart net income attributable to common shareholders: up about 13.9% (calculated).
  • Pebblebrook Adjusted EBITDAre: up about 8.8% (calculated, $107.9 million versus $99.2 million).
  • Pebblebrook same-property RevPAR: up about 8.3% (calculated, $256.66 versus $236.96).
  • Healthcare Realty Normalized FFO per share: up about 2.4% (calculated, $0.42 versus $0.41).

Pebblebrook's $77.3 million impairment exceeds its $63.1 million net loss by $14.2 million (calculated), which shows how much of the loss is a noncash charge. Gaming and Leisure Properties grew revenue 9.5% and AFFO about 10.5% (calculated), while Healthcare Realty revenue fell about 3.7% (calculated). CubeSmart's FFO as adjusted rose just under 1% in dollars (calculated, $150.3 million versus $149.0 million), well below its net income growth.

These measures use different bases, including FFO, AFFO and adjusted EBITDA variants, so they describe direction rather than a strict ranking.

What to Watch Next: Land Sales, Joint Ventures and Buybacks

Weyerhaeuser expects the Arkansas timberland sale to close in the fourth quarter of 2026. For the fourth quarter it expects Timberlands to be comparable to the third quarter and Strategic Land Solutions adjusted EBITDA to be about $45 million lower, with full year Strategic Land Solutions adjusted EBITDA of about $450 million.

Pebblebrook closed the sale of The Hotel Zags for $10.0 million on October 8, 2026. CubeSmart's Heitman joint venture is still to close, and its third-party platform stands at 882 stores.

Gaming and Leisure Properties agreed on October 27, 2026 to form a joint venture to redevelop the former Hollywood Casino Joliet site over about five years. Healthcare Realty declared a $0.24 dividend payable November 20, 2026, and its board authorized a repurchase program of up to $500.0 million on October 26, 2026.