Key Highlights

  • Extra Space Storage raised 2026 core FFO guidance to $8.40 to $8.50 from $8.25 to $8.40.
  • Ventas raised normalized FFO guidance to $3.87 to $3.90, with third-quarter normalized FFO up 10% to $0.99.
  • CoStar Group doubled adjusted EBITDA to $229 million and raised its 2026 range to $820 million to $840 million.
  • W. P. Carey lifted 2026 AFFO guidance to $5.23 to $5.29 per share from $5.19 to $5.27.
  • BXP guided 2026 FFO to $7.06 to $7.08 per share, with occupancy up to 89.4%.

Which REITs Raised 2026 FFO Guidance on October 27?

Five real estate investment trusts and one real estate data company lifted 2026 outlooks with results on Tuesday, October 27. Ventas (NYSE:VTR) raised normalized FFO guidance to $3.87 to $3.90 after $0.99 in the quarter, and Extra Space Storage (NYSE:EXR) moved core FFO guidance to $8.40 to $8.50 on lower same-store costs. Essex Property Trust (NYSE:ESS) set Core FFO at $16.10 to $16.22, W. P. Carey (NYSE:WPC) set AFFO at $5.23 to $5.29, and BXP (NYSE:BXP) set FFO at $7.06 to $7.08.

CoStar Group (NASDAQ:CSGP) is not a REIT, but it reported adjusted EBITDA of $229 million, up from $114 million, and raised its full-year range. The raises were modest for most REITs, as the comparisons below show.

Ventas: Did Senior Housing Growth Lift the Outlook?

Ventas reported normalized FFO of $0.99, up 10% from $0.90, on revenue of $1,831.8 million. Same-store cash NOI rose 10.6%, driven by a 15.5% gain in the senior housing operating portfolio, where occupancy rose 290 basis points.

Net debt to further adjusted EBITDA fell to 4.4 times from 5.3 times a year earlier, helped by $3.9 billion of settled forward equity. Guidance for Nareit FFO is $3.83 to $3.86, and the call is on Wednesday, October 28. The raise was attributed mainly to accretive senior housing investments, with $5.2 billion invested year to date.

Extra Space Storage: How Did Falling Costs Lift Core FFO?

Extra Space Storage reported core FFO of $2.17, up 4.3%, on revenue of $889.8 million, up 3.6%. Same-store expenses fell 1.8%, with repairs down 20.0% and insurance down 16.5%, while occupancy rose to 94.0% from 93.7%.

The company bought back 2.39 million shares for $327.1 million and approved a new $500 million authorization on October 15. Acquisition guidance rose to $400 million from $300 million, and the president becomes chief executive on January 1, 2027.

Essex Property Trust: Is Northern California Strength Enough?

Essex Property Trust reported Core FFO of $4.00, up 0.8% and $0.01 above its own guidance midpoint. Same-property revenue rose 3.0%, with Northern California revenue up 5.4% and Seattle up only 1.3% as expenses climbed 5.3%.

Fourth-quarter Core FFO is guided to $3.95 to $4.07. Net debt to adjusted EBITDAre was 5.4 times, and an Oakland community of 378 units was acquired after quarter end. Also, 21,600 multifamily deliveries are projected for 2026, falling to 17,600 in 2027.

W. P. Carey: Why Did AFFO Guidance Rise to $5.23-$5.29?

W. P. Carey reported AFFO of $1.33 per share, up 6.4% from $1.25, on revenue of $468.3 million, up 8.6%. The raise reflects a better outlook for rent loss and lower tax expense, partly offset by one-time rent abatements, mainly in the fourth quarter.

Investment volume guidance is $1.8 billion to $2.1 billion, up from $1.7 billion to $2.1 billion. The portfolio is 98.6% occupied, and the quarterly dividend is $0.950 per share, a $3.80 annualized rate, up 4.4%. About $538 million of forward equity remains available.

BXP: Does Rising Occupancy Offset a Heavier Debt Load?

BXP reported FFO of $1.89, up from $1.74 and about $0.08 above its guidance midpoint, on revenue of $911.4 million. Occupancy reached 89.4%, up 100 basis points from the second quarter, while cash same-property NOI slipped 0.3%.

Net debt to annualized EBITDAre fell to 7.52 times from 7.94 times, but debt to market capitalization rose to 60.08%. San Francisco leasing rolled down 8.31%, and the dividend is $0.70 per share. The company closed a $1.2 billion construction loan for 343 Madison Avenue and issued $700 million of 6.050% notes.

CoStar Group: Why Did Adjusted EBITDA Double?

CoStar Group reported revenue of $952 million, up 14%, and adjusted EBITDA of $229 million, a margin of about 24.1%, against guidance of $190 million to $210 million. Residential adjusted EBITDA swung to $49 million from a loss of $69 million.

Full-year adjusted EBITDA is guided to $820 million to $840 million, up $30 million at the midpoint from July. The company agreed to buy Vexcel for about $730 million in cash, with closing expected in the first quarter of 2027. Nine-month buybacks were $668 million, against $115 million a year earlier.

REIT FFO Guidance Compared: Whose Midpoint Rose the Most?

On calculated midpoints, Extra Space Storage's core FFO rose about 1.5% ($8.45 versus $8.325), Ventas about 0.3% ($3.885 versus $3.875), W. P. Carey about 0.6% ($5.26 versus $5.23) and Essex Property Trust about 0.1% ($16.16 versus $16.14). BXP's release did not state prior ranges, and CoStar Group's adjusted EBITDA midpoint rose 3.75% ($830 million versus $800 million, calculated).

Third-quarter FFO growth against a year earlier was about 10% at Ventas, 8.6% at BXP (calculated), 6.4% at W. P. Carey, 4.3% at Extra Space Storage and 0.8% at Essex Property Trust. CoStar Group's adjusted EPS rose about 65.2% ($0.38 versus $0.23, calculated). Leverage ranged from 4.4 times at Ventas to 7.52 times at BXP, and Essex Property Trust sat at 5.4 times. Quarterly dividends were $1.62 at Extra Space Storage, $0.950 at W. P. Carey and $0.70 at BXP.

What to Watch Next: October 28 Calls and 2027 Milestones

Calls on Wednesday, October 28, include Ventas, BXP at 10:00 a.m. Eastern, W. P. Carey at 11:00 a.m. Eastern and Extra Space Storage at 1:00 p.m. Eastern. Extra Space Storage's implied fourth-quarter core FFO is about $2.03 to $2.13 (calculated), and its chief executive handover is on January 1, 2027. Essex Property Trust reports fourth-quarter results in early 2027, and CoStar Group expects the Vexcel deal to close in the first quarter of 2027.