Key Highlights

  • American Assets Trust raised 2026 FFO guidance to $2.04 to $2.10 from $1.96 to $2.10 with results released on Tuesday, October 27.
  • CTO Realty Growth lifted 2026 investment volume to $472 million from a $300 million to $400 million range.
  • InvenTrust Properties reported a blended leasing spread of 14.2% and leased occupancy of 96.4%.
  • LXP Industrial Trust reported $1.54 diluted EPS, including a $94.5 million sale gain, ahead of a $61.20 per share cash take-private.
  • Millrose Properties guided fourth-quarter AFFO to $0.82 to $0.84 per share after $0.80 in the third quarter.

Which Smaller REITs and Real Estate Lenders Reported Earnings on October 27, and What Did Their Results Show?

Seven smaller real estate companies reported or filed around Tuesday, October 27, 2026. InvenTrust Properties (NYSE:IVT) raised the low end of its 2026 Core FFO range to $1.94 to $1.96, American Assets Trust (NYSE:AAT) lifted 2026 FFO guidance to $2.04 to $2.10, and CTO Realty Growth (NYSE:CTO) raised Core FFO guidance to $2.11 to $2.14. Millrose Properties (NYSE:MRP) reported $0.80 diluted EPS and AFFO of $0.80, and guided fourth-quarter AFFO to $0.82 to $0.84. LXP Industrial Trust (NYSE:LXP) filed a quarterly report showing $1.54 diluted EPS, mostly from a $94.5 million sale gain, ahead of its $61.20 per share take-private. Seven Hills Realty Trust (NASDAQ:SEVN) earned $0.36 per share, and BrightSpire Capital (NYSE:BRSP) reported GAAP EPS of $0.37 with distributable earnings of $0.08.

InvenTrust Properties: Did Leasing Spreads Justify the Higher Core FFO Range?

InvenTrust, which owns grocery-anchored shopping centers mainly in the Sun Belt, reported Core FFO of $0.50 per diluted share versus $0.47 and Nareit FFO of $0.53 versus $0.49. Total income rose to $87.1 million from $74.5 million and same property NOI grew 3.1% to $50.4 million. Comparable leases carried a blended spread of 14.2%, made up of 41.7% on new leases and 10.9% on renewals, and leased occupancy was 96.4%. Same property NOI growth guidance moved to 3.75% to 4.25% from 3.25% to 4.25%.

American Assets Trust: What Drove the 8.3% Same-Store Cash NOI Gain?

American Assets Trust reported FFO of $0.56 per diluted share versus $0.49, with GAAP EPS of $0.13 versus $0.07 and revenue up about 4.3% to $114.3 million. Same-store cash NOI climbed 8.3% to $69.8 million, with office up 7.9%, retail up 9.6% and multifamily up 10.2%, though the nine-month figure is 2.3%. The guidance raise lifted the low end by $0.08 and the midpoint by $0.04 to $2.07. Office leased status improved to 85.8% from 84.4% at June 30, and a $0.34 dividend is payable December 17 to holders of record on December 10.

CTO Realty Growth: Can $472 Million of Investments Offset a GAAP Loss?

CTO, an owner of shopping centers and mixed-use properties that also makes commercial loans, reported Core FFO of $0.53 versus $0.48, while GAAP diluted EPS was a loss of $0.19 against income of $0.03 after investment and other income swung to a $9.4 million loss. Revenue rose about 24.3% (calculated) to $46.9 million. Core FFO guidance rose to $2.11 to $2.14 from $2.09 to $2.13, and deals included Zona Rosa at $63.3 million, Summit Woods Crossing at $103.0 million and a $32.0 million preferred equity investment at a 17.0% initial yield. Its stake in Alpine Income Property Trust (NYSE:PINE) contributed $2.2 million of income.

LXP Industrial Trust: How Much of $1.54 per Share Came From Property Sales?

LXP reported net income to common of $90.3 million, or $1.54 per diluted share versus $0.59, driven by a $94.5 million gain on sale of real estate. Without the gain, net income would have been a loss of about $4.2 million (calculated). The quarter carried $5.6 million of merger costs. Second-quarter Adjusted Company FFO was $0.84 per share.

Under the July 19, 2026 agreement, a buyer group tied to Brookfield Asset Management (NYSE:BAM) and CPP Investments will pay $61.20 per share in cash, with closing expected on or about November 2, 2026 and an outside date of January 19, 2027. Shareholders were scheduled to vote on Monday, October 26, but the filings do not yet state the outcome. The dividend is suspended.

Millrose Properties: Can Non-Lennar Growth Deliver the $0.82 to $0.84 Fourth-Quarter AFFO Guide?

Millrose, which buys homesites and grants builders options to purchase them, reported third-quarter results before the open on Tuesday, October 27. Net income was about $130 million, or $0.80 per diluted share, and AFFO was $0.80 per share, versus screened EPS of $0.78 against a $0.77 estimate (as screened).

Invested capital outside the master agreement with Lennar (NYSE:LEN) rose $521 million to about $3.4 billion at a 10.8% yield. Funding for Dream Finders Homes (NYSE:DFH) and its Beazer Homes (NYSE:BZH) purchase closed October 20. The board raised the dividend to $0.79, the sixth straight increase, and authorized a $250 million buyback. Debt to capitalization was about 36%.

Seven Hills Realty Trust: Did the Dallas Payoff and Reserve Release Drive $0.36?

Seven Hills, an externally managed originator of floating-rate commercial real estate first mortgages, reported net income of $8.052 million, or $0.36 per share, versus $0.23, with a screened estimate of $0.26. Distributable earnings were $0.17 per share, or $0.24 excluding a $1.5 million realized loss on the Dallas office loan, which was repaid at 97% of par. The quarter included a $3.6 million reversal of credit losses, and office fell to 13% of the portfolio from 19%. A $0.28 distribution is expected around November 12.

BrightSpire Capital: Why Was GAAP EPS $0.37 Against $0.08 of Distributable Earnings?

BrightSpire, a commercial real estate credit REIT, reported GAAP net income to common of $46.9 million, or $0.37 per share, helped by $60.3 million of gains on sales. Adjusted distributable earnings were $0.14 per share, matching the screened estimate. It sold triple net lease industrial assets for $300 million gross, with a $200 million mortgage assumed. The watchlist rose 38% to $187 million, and it repurchased 2.1 million shares for $9.9 million. The $0.16 dividend exceeds adjusted distributable earnings by $0.02 per share (calculated).

REIT Earnings Compared: Guidance Raises, FFO Growth and the Gap Between GAAP and Cash Measures

Calculated from the reported figures, FFO per share rose about 14.3% at American Assets Trust ($0.56 versus $0.49), Core FFO rose about 10.4% at CTO ($0.53 versus $0.48) and Core FFO rose about 6.4% at InvenTrust ($0.50 versus $0.47), though the measures are not identical. Guidance midpoints rose $0.04 at American Assets Trust (to $2.07 from $2.03), about $0.015 at CTO (to $2.125 from $2.11) and $0.01 at InvenTrust (to $1.95 from $1.94), all calculated from the ranges.

GAAP results diverged from cash measures at several names. CTO's GAAP EPS of negative $0.19 sat $0.72 below its Core FFO of $0.53, while BrightSpire's $0.37 GAAP EPS was $0.29 above its $0.08 of distributable earnings and Seven Hills' $0.36 was $0.19 above its $0.17 (all calculated). LXP's $1.54 depended on a $94.5 million gain, whereas Millrose's $0.80 GAAP EPS matched its $0.80 AFFO, which exceeds its $0.79 dividend by $0.01, and the $0.83 midpoint of its fourth-quarter guide sits $0.03 above the third quarter (all calculated).

What to Watch Next: October 28 Calls, LXP's Expected November 2 Closing and the Payout Dates

Calls for InvenTrust, American Assets Trust, CTO, Seven Hills and BrightSpire were scheduled for Wednesday, October 28. LXP expects to close on or about November 2, 2026, with an outside date of January 19, 2027. Seven Hills expects its distribution around November 12, American Assets Trust pays on December 17, and CTO expects a Carolina Pavilion sale late in the fourth quarter. Millrose's fourth-quarter AFFO against its $0.82 to $0.84 guide and leverage versus 33% are next.