Data as of the October 19, 2026 close. Every figure on this page is checked against at least two independent sources, or two separate SEC filings, before it is published. How we verify data.
72 of the 129 listed REITs with a verified dividend yield more than the 10-year Treasury, which closed at 5.12% on October 20, 2026. 45 of them are equity REITs that own property; 27 are mortgage REITs, whose yields come from leveraged lending rather than rent.
When a REIT yields less than Treasuries, its investors are accepting less current income than a government bond pays in exchange for dividend growth and property value. The spread column shows how much more each REIT pays than the 10-year. A wide spread can reflect real value or real risk, which is why the grade sits next to it.
| # | REIT | Ticker | Sector | Dividend yield | Spread over 10-year | Annual dividend | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Invesco Mortgage Capital | IVR | Mortgage | 27.48% | +22.36 pts | $1.44 | D 44 |
| 2 | Arbor Realty Trust | ABR | Mortgage | 25.47% | +20.35 pts | $0.68 | D 41 |
| 3 | Orchid Island Capital | ORC | Mortgage | 25.16% | +20.04 pts | $1.20 | D 35 |
| 4 | Redwood Trust | RWT | Mortgage | 24.66% | +19.54 pts | $0.72 | C 58 |
| 5 | PennyMac Mortgage Investment Trust | PMT | Mortgage | 23.70% | +18.58 pts | $1.60 | C 56 |
| 6 | ARMOUR Residential REIT | ARR | Mortgage | 23.45% | +18.33 pts | $2.88 | D 45 |
| 7 | MFA Financial | MFA | Mortgage | 22.46% | +17.34 pts | $1.44 | C 57 |
| 8 | Chimera Investment | CIM | Mortgage | 22.17% | +17.05 pts | $1.80 | C 55 |
| 9 | Chicago Atlantic Real Estate Finance | REFI | Mortgage | 21.44% | +16.32 pts | $1.88 | C 63 |
| 10 | Dynex Capital | DX | Mortgage | 19.32% | +14.20 pts | $2.04 | C 63 |
| 11 | Seven Hills Realty Trust | SEVN | Mortgage | 18.45% | +13.33 pts | $1.12 | C 56 |
| 12 | AG Mortgage Investment Trust | MITT | Mortgage | 18.36% | +13.24 pts | $0.96 | D 54 |
| 13 | Blackstone Mortgage Trust | BXMT | Mortgage | 18.34% | +13.22 pts | $1.88 | D 54 |
| 14 | Angel Oak Mortgage REIT | AOMR | Mortgage | 18.13% | +13.01 pts | $1.28 | D 51 |
| 15 | Ares Commercial Real Estate | ACRE | Mortgage | 18.07% | +12.95 pts | $0.60 | D 43 |
| 16 | BrightSpire Capital | BRSP | Mortgage | 17.83% | +12.71 pts | $0.64 | D 51 |
| 17 | AGNC Investment | AGNC | Mortgage | 17.06% | +11.94 pts | $1.44 | C 61 |
| 18 | Annaly Capital Management | NLY | Mortgage | 16.93% | +11.81 pts | $3.00 | C 64 |
| 19 | TPG RE Finance Trust | TRTX | Mortgage | 16.52% | +11.40 pts | $0.96 | D 50 |
| 20 | Adamas Trust | ADAM | Mortgage | 16.28% | +11.16 pts | $1.20† | D 46 |
| 21 | Starwood Property Trust | STWD | Mortgage | 16.03% | +10.91 pts | $1.92 | C 67 |
| 22 | Innovative Industrial Properties | IIPR | Industrial | 14.73% | +9.61 pts | $7.60 | C 61 |
| 23 | Ellington Financial | EFC | Mortgage | 13.74% | +8.62 pts | $1.56 | C 63 |
| 24 | Franklin BSP Realty Trust | FBRT | Mortgage | 13.45% | +8.33 pts | $0.80 | D 48 |
| 25 | NexPoint Real Estate Finance | NREF | Mortgage | 13.20% | +8.08 pts | $2.00 | D 52 |
| 26 | Medical Properties Trust | MPT | Healthcare | 12.63% | +7.51 pts | $0.36 | D 47 |
| 27 | Brandywine Realty Trust | BDN | Office | 12.31% | +7.19 pts | $0.32 | C 55 |
| 28 | Rithm Capital | RITM | Mortgage | 11.85% | +6.73 pts | $1.00 | C 68 |
| 29 | NexPoint Residential Trust | NXRT | Residential | 11.82% | +6.70 pts | $2.12 | C 60 |
| 30 | Global Net Lease | GNL | Net Lease | 10.38% | +5.26 pts | $0.76 | D 51 |
| 31 | AH Realty Trust | AHRT | Retail | 9.56% | +4.44 pts | $0.56 | D 52 |
| 32 | Gaming and Leisure Properties | GLPI | Gaming | 8.45% | +3.33 pts | $3.28 | B 76 |
| 33 | Easterly Government Properties | DEA | Office | 8.38% | +3.26 pts | $1.80 | C 55 |
| 34 | One Liberty Properties | OLP | Net Lease | 8.36% | +3.24 pts | $1.80 | C 60 |
| 35 | Saul Centers | BFS | Retail | 8.14% | +3.02 pts | $2.36 | C 63 |
| 36 | Douglas Emmett | DEI | Office | 8.03% | +2.91 pts | $0.76 | C 57 |
| 37 | VICI Properties | VICI | Gaming | 7.97% | +2.85 pts | $1.84† | B 82 |
| 38 | Alexanders | ALX | Retail | 7.73% | +2.61 pts | $18.00 | C 58 |
| 39 | BRT Apartments | BRT | Residential | 7.64% | +2.52 pts | $1.00 | D 54 |
| 40 | CTO Realty Growth | CTO | Retail | 7.59% | +2.47 pts | $1.52 | C 58 |
| 41 | Alpine Income Property Trust | PINE | Net Lease | 7.24% | +2.12 pts | $1.28† | C 60 |
| 42 | Alexandria Real Estate Equities | ARE | Office | 7.09% | +1.97 pts | $2.88 | C 58 |
| 43 | KKR Real Estate Finance Trust | KREF | Mortgage | 7.03% | +1.91 pts | $0.40 | D 42 |
| 44 | Highwoods Properties | HIW | Office | 7.01% | +1.89 pts | $2.00 | C 66 |
| 45 | Getty Realty | GTY | Net Lease | 6.97% | +1.85 pts | $1.94 | B 73 |
| 46 | EPR Properties | EPR | Net Lease | 6.85% | +1.73 pts | $3.72 | C 68 |
| 47 | Americold Realty Trust | COLD | Industrial | 6.71% | +1.59 pts | $0.92 | C 60 |
| 48 | Healthpeak Properties | DOC | Healthcare | 6.65% | +1.53 pts | $1.22† | B 72 |
| 49 | Broadstone Net Lease | BNL | Net Lease | 6.64% | +1.52 pts | $1.17 | B 72 |
| 50 | American Assets Trust | AAT | Office | 6.60% | +1.48 pts | $1.36 | C 63 |
| 51 | Advanced Flower Capital | AFCG | Mortgage | 6.60% | +1.48 pts | $0.20 | D 33 |
| 52 | JBG SMITH Properties | JBGS | Office | 6.48% | +1.36 pts | $0.70 | D 53 |
| 53 | Safehold | SAFE | Specialty | 6.39% | +1.27 pts | $0.71 | C 62 |
| 54 | Kilroy Realty | KRC | Office | 6.35% | +1.23 pts | $2.16 | C 65 |
| 55 | Sabra Health Care REIT | SBRA | Healthcare | 6.29% | +1.17 pts | $1.20 | B 73 |
| 56 | Park Hotels & Resorts | PK | Hotels | 6.21% | +1.09 pts | $1.00 | C 60 |
| 57 | NNN REIT | NNN | Net Lease | 6.07% | +0.95 pts | $2.48† | B 79 |
| 58 | Omega Healthcare Investors | OHI | Healthcare | 6.06% | +0.94 pts | $2.72† | B 74 |
| 59 | W. P. Carey | WPC | Net Lease | 5.96% | +0.84 pts | $3.80† | B 76 |
| 60 | Realty Income | O | Net Lease | 5.88% | +0.76 pts | $3.26† | A 87 |
| 61 | Global Self Storage | SELF | Self-Storage | 5.85% | +0.73 pts | $0.29† | D 52 |
| 62 | National Health Investors | NHI | Healthcare | 5.81% | +0.69 pts | $3.76† | B 74 |
| 63 | Centerspace | CSR | Residential | 5.61% | +0.49 pts | $3.08 | C 62 |
| 64 | Apple Hospitality REIT | APLE | Hotels | 5.58% | +0.46 pts | $0.96 | B 72 |
| 65 | Healthcare Realty Trust | HR | Healthcare | 5.57% | +0.45 pts | $0.96 | C 60 |
| 66 | Rayonier | RYN | Timber | 5.56% | +0.44 pts | $1.04 | B 71 |
| 67 | CubeSmart | CUBE | Self-Storage | 5.50% | +0.38 pts | $2.12 | B 73 |
| 68 | SL Green Realty | SLG | Office | 5.49% | +0.37 pts | $2.47 | D 53 |
| 69 | LTC Properties | LTC | Healthcare | 5.39% | +0.27 pts | $2.28 | C 67 |
| 70 | NETSTREIT | NTST | Net Lease | 5.35% | +0.23 pts | $0.90† | B 71 |
| 71 | Crown Castle | CCI | Infrastructure | 5.25% | +0.13 pts | $4.25 | C 62 |
| 72 | CBL Properties | CBL | Retail | 5.19% | +0.07 pts | $2.50 | D 45 |
† The current dividend rate is above the per-share dividend in the latest 10-Q, consistent with a recent increase. The prior rate is confirmed by the filing; the new rate comes from payment records and is confirmed when the next 10-Q is filed.
How This List Is Built
Dividend yield is the indicated annual dividend (the latest regular payment times the number of payments per year) divided by the closing price. The closing price must match between Nasdaq and Cboe, and the dividend rate must match the per-share dividend in the company’s latest 10-Q filed with the SEC. The Treasury yield is the official daily par yield published by the U.S. Treasury. Special dividends are excluded.
Frequently Asked Questions
How many REITs yield more than the 10-year Treasury?
72 of 129 listed REITs with a verified dividend, as of October 19, 2026. 45 are equity REITs and 27 are mortgage REITs. The 10-year Treasury yielded 5.12% that day, and the median REIT yielded 5.57%.
Which equity REIT pays the most over Treasuries?
Innovative Industrial Properties (IIPR) yields 14.73%, which is 9.61 percentage points above the 10-year Treasury. It carries a REIT Rankings grade of C. A high spread is a reason to look harder at dividend safety, not proof of value.
Why do most REITs yield less than Treasuries right now?
Treasury yields rose faster than REIT dividends. The 10-year yield was 5.00% on September 15, 2026, the day before the Federal Reserve raised rates, and 5.12% on October 20, 2026. REIT dividends grow with rents over years, so when bond yields jump, most REIT yields end up below them until prices adjust or dividends catch up.
Is a REIT that yields more than Treasuries a better investment?
Not by itself. A Treasury pays a fixed coupon with no credit risk, while a REIT dividend can grow or be cut. Many of the highest REIT yields belong to companies the market expects to cut. Compare the spread with the grade, the payout record on our REIT dividend safety page and the balance sheet before drawing conclusions.
How is the dividend yield on this page calculated?
Indicated annual dividend divided by the verified closing price. The indicated dividend is the latest regular payment multiplied by the payment frequency, checked against the dividend per share reported in the most recent 10-Q. Special and one-time dividends are excluded.
Related Pages
Highest-yielding REITs · REITs and interest rates · REIT dividend safety 2026 · Monthly dividend REITs
REIT Rankings publishes data and grades, not investment advice. Nothing on this page is a recommendation to buy, sell or hold any security. Do your own research or consult a licensed advisor.