REIT Roundup - November 4, 2026

First edition. Every Wednesday, this series takes the REIT watchlist, runs the $100-a-quarter math on the names that earned a look, and checks the one thing that matters: does the cash flow actually cover the dividend?

The tape: the sector did almost nothing for 90 days — the Real Estate Select Sector SPDR (XLRE) is down 0.1% on price over the last 90 days of closes — and then woke up. XLRE is up 7.1% in the last five sessions as third-quarter prints landed, and four of the six names below raised guidance with theirs. Crown Castle is the watchlist's big 13-week mover, up about 26% counting its dividend. NNN REIT went the other way, down about 11% counting its dividend over 13 weeks, on numbers that look fine. That gap is the story of the week.

One rule of the series: REITs are judged on funds from operations (FFO) and adjusted FFO (AFFO) — the cash earnings after real operating costs — not GAAP EPS. Depreciation makes GAAP profit look far worse than the cash actually coming in the door. Every coverage check below divides the dividend by AFFO, or by the closest figure the company reports, labeled as such.

Each name below gets the same treatment: the dividend and its next ex-dividend date, the shares it takes to collect $100 a quarter, the latest earnings, and the coverage check.

One name sits out on purpose: Arbor Realty Trust (ABR) suspended its dividend on October 30, and the shares are down roughly 62% over 13 weeks counting dividends. There is no $100 math on a $0 dividend — we covered the suspension in Three Earnings, Three Wrecks.

Realty Income (O) — net lease — monthly payer

Official website · Price: $59.22 at the November 4, 2026 close

O fell 5.8% on price over the last 90 days of closes ($62.90 on August 4 to $59.22 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $0.2715 a share, paid monthly — $3.258 a year, a 5.5% yield at $59.22. The 676th straight monthly dividend was declared on October 13: payable November 13 to stockholders of record on October 30. That ex-date has passed, so the November check is already spoken for; the December declaration is the next one to watch. The $100 math: three monthly payments make $0.8145 a quarter, so it takes 123 shares to clear $100 a quarter — $7,284.06 at the November 4 close.

Earnings (Q3 2026, reported November 2): AFFO of $1.12 a share, up 3.7% from a year ago and ahead of the $1.10–$1.11 consensus, on revenue of $1.62 billion. Full-year AFFO guidance inched up to $4.45–$4.46 a share. Occupancy held at 98.8%, and re-leased space came back at 103.5% of the prior rent. The next earnings date has not been announced yet.

The BogusAPY check: Realty Income paid $0.813 a share in dividends during the quarter — 72.6% of its $1.12 AFFO, by the company's own math. Score: covered by cash flow, with room.

Digital Realty (DLR) — data centers

Official website · Price: $184.88 at the November 4, 2026 close

DLR fell 4.7% on price over the last 90 days of closes ($193.89 on August 4 to $184.88 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $1.22 a share, paid quarterly — $4.88 a year, a 2.6% yield at $184.88. No new dividend had been declared as of November 4; the last one went ex-dividend September 15 and was paid September 30, also $1.22. The $100 math: 82 shares to clear $100 a quarter — $15,160.16 at the November 4 close. That is the most expensive $100 on this week's page, and it is not close.

Earnings (Q3 2026, reported October 29): Core FFO of $2.10 a share, up 11% from a year ago and ahead of the roughly $1.98 consensus, on revenue of $1.90 billion, up 21%. Full-year Core FFO guidance rose to $8.30–$8.35 a share, and the company signed a record quarter of leases. The next earnings date has not been announced yet.

The BogusAPY check: Digital Realty reports Core FFO rather than AFFO, so the check runs on that: the $1.22 dividend is 58% of the $2.10 Core FFO. Score: covered by cash flow — the lowest payout ratio this week. The trade is the yield: you are paying for growth, not income.

EPR Properties (EPR) — experiential — monthly payer

Official website · Price: $60.74 at the November 4, 2026 close

EPR fell 0.8% on price over the last 90 days of closes ($61.22 on August 4 to $60.74 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $0.31 a share, paid monthly — $3.72 a year, a 6.1% yield at $60.74, the highest yield in this week's six. Declared October 27: ex-dividend November 30, paid December 15. The $100 math: three monthly payments make $0.93 a quarter, so 108 shares clear $100 a quarter — $6,559.92 at the November 4 close.

Earnings (Q3 2026, reported October 28): FFO as adjusted of $1.49 a share, up 8.8% from a year ago, on revenue of $204.1 million, up 12%. Full-year guidance rose to $5.49–$5.57 a share of FFO as adjusted. The portfolio — movie theaters, ski resorts, attractions, schools — ended the quarter 99% leased, with $7.6 billion of gross investment across 350 properties. The next earnings date has not been announced yet.

The BogusAPY check: three monthly payments add up to $0.93 a quarter — 62% of the $1.49 FFO as adjusted. One wrinkle worth knowing: EPR changed its AFFO definition this quarter and no longer deducts maintenance capital spending, which flatters AFFO comparisons, so we ran this check on FFO as adjusted instead. Score: covered by cash flow.

NNN REIT (NNN) — net lease retail

Official website · Price: $41.63 at the November 4, 2026 close

NNN fell 11.7% on price over the last 90 days of closes ($47.17 on August 4 to $41.63 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $0.62 a share, paid quarterly — $2.48 a year, a 6.0% yield at $41.63. Declared October 15: payable November 13 to stockholders of record on October 30 — that ex-date has passed. The increase behind it was the 37th straight annual raise. The $100 math: 162 shares to clear $100 a quarter — $6,744.06 at the November 4 close.

Earnings (Q3 2026, reported November 4): AFFO of $0.91 a share, up 5.8% from a year ago; Core FFO of $0.90, up 5.9%; revenue of $249.7 million, up 8.5%. Occupancy hit 99.2%. Full-year AFFO guidance stayed at $3.55–$3.59 a share. The next earnings date has not been announced yet.

The BogusAPY check: the $0.62 dividend is 68% of the $0.91 AFFO — the company prints the same 68% itself. Score: covered by cash flow. The stock is down anyway: the payout is clean, the price is the puzzle.

Crown Castle (CCI) — cell towers

Official website · Price: $92.17 at the November 4, 2026 close

CCI rose 18.7% on price over the last 90 days of closes ($77.66 on August 4 to $92.17 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $1.0625 a share, paid quarterly — $4.25 a year, a 4.6% yield at $92.17. No new dividend had been declared as of November 4; the last one went ex-dividend September 15 and was paid September 30. The $100 math: 95 shares to clear $100 a quarter — $8,756.15 at the November 4 close.

Earnings (Q3 2026, reported October 21): AFFO of $1.24 a share, up 11% from a year ago and ahead of the $1.20 consensus — but read the ingredients. Site rental revenue fell 5% to $966 million as DISH terminations and Sprint cancellations bit, and the AFFO growth came from lower interest costs and a smaller share count after the fiber and small-cell sale. Full-year AFFO guidance rose a token $5 million at the midpoint. The next earnings date has not been announced yet.

The BogusAPY check: the $1.0625 dividend is 86% of the $1.24 AFFO — the tightest coverage in this week's six. Score: covered, but tight — and covered by cheaper debt and fewer shares more than by rent growth. This is the one to re-check first next quarter.

Omega Healthcare Investors (OHI) — healthcare — skilled nursing

Official website · Price: $49.17 at the November 4, 2026 close

OHI rose 0.9% on price over the last 90 days of closes ($48.74 on August 4 to $49.17 on November 4, 2026). Data: Yahoo Finance daily closes, checked November 4, 2026.

Dividend: $0.68 a share, paid quarterly — $2.72 a year, a 5.5% yield at $49.17. Declared alongside earnings: ex-dividend November 5 — tomorrow — and paid November 16. The $100 math: 148 shares to clear $100 a quarter — $7,277.16 at the November 4 close.

Earnings (Q3 2026, reported November 3): adjusted FFO of $0.82 a share, up from $0.79 a year ago and a cent ahead of consensus, on revenue of $341 million. Full-year AFFO guidance rose to $3.28–$3.30 a share. Omega has put $1.5 billion into new investments this year, including $946 million since the quarter ended — growth bought with new shares and debt is the thing to watch here. The next earnings date has not been announced yet.

The BogusAPY check: the $0.68 dividend is 83% of the $0.82 AFFO — and 87% of the $0.78 of funds available for distribution (FAD), the stricter measure Omega also reports. Score: covered, but tight. The cushion is a few cents, not a few dimes.

The $100 table

The whole page on one table. Shares are rounded up to the next whole share, so every row clears $100 a quarter by a little. Want to run the math at a different price or a different target? That is what the yield calculator is for.

Ticker	Yield	Dividend & frequency	Shares for $100/quarter	Cost of those shares	Next ex-date	Pay date
O	5.5%	$0.2715 monthly	123	$7,284.06	Oct 30, 2026 (passed)	Nov 13, 2026
DLR	2.6%	$1.22 quarterly	82	$15,160.16	Not yet declared	Not yet declared
EPR	6.1%	$0.31 monthly	108	$6,559.92	Nov 30, 2026	Dec 15, 2026
NNN	6.0%	$0.62 quarterly	162	$6,744.06	Oct 30, 2026 (passed)	Nov 13, 2026
CCI	4.6%	$1.0625 quarterly	95	$8,756.15	Not yet declared	Not yet declared
OHI	5.5%	$0.68 quarterly	148	$7,277.16	Nov 5, 2026	Nov 16, 2026

"Not yet declared" means exactly that — the board had not announced the next payment by November 4, and we do not guess dates. Yields and costs use the November 4, 2026 close.

Check it yourself: links and sources

• Realty Income — official website; the 676th monthly dividend declaration (October 13, 2026) and the Q3 2026 earnings release (November 2, 2026).
• Digital Realty — official investor website; Q3 2026 earnings release (October 29, 2026).
• EPR Properties — official website; Q3 2026 earnings release (October 28, 2026) and the October 27, 2026 monthly dividend declaration.
• NNN REIT — official website; Q3 2026 earnings release (November 4, 2026).
• Crown Castle — official investor website; Q3 2026 earnings release (October 21, 2026).
• Omega Healthcare Investors — official website; Q3 2026 earnings release and quarterly dividend announcement (November 3, 2026).
• Prices, 90-day charts and 13-week returns: Yahoo Finance daily closes, pulled November 4, 2026. Dividend amounts and dates cross-checked against company dividend declarations and histories.
• Still to come: Simon Property Group (SPG) reports Q3 after the close on November 5 — it gets its hearing in next week's edition if the print moves.

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Sources: company earnings releases and dividend declarations linked above; Yahoo Finance price data. All figures checked November 4, 2026. Company logos are used for editorial identification only; no affiliation or endorsement is implied. Not financial advice.