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.
Most REIT prices fall when Treasury yields rise. This list ranks the 136 listed REITs with a verified measurement from least to most sensitive. The median REIT has typically moved -3.2% for each 0.25-point rise in the 10-year Treasury yield over the past year; 1 REITs have tended to rise instead.
Sensitivity comes from weekly price changes measured against weekly changes in the 10-year yield over 52 weeks. It describes the past year, not a promise about the next move.
Least Rate-Sensitive REITs
| # | REIT | Ticker | Sector | Typical move per 0.25-point rise in the 10-year yield | Since Sept. 15 | Year to date | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Highwoods Properties | HIW | Office | +0.3% | -7.3% | +10.5% | C 66 |
| 2 | Strawberry Fields REIT | STRW | Healthcare | -0.1% | -9.1% | -3.3% | C 60 |
| 3 | Cousins Properties | CUZ | Office | -0.2% | -2.7% | +5.5% | B 74 |
| 4 | Kilroy Realty | KRC | Office | -0.7% | -1.4% | -9.0% | C 65 |
| 5 | Advanced Flower Capital | AFCG | Mortgage | -0.9% | -13.9% | +6.3% | D 32 |
| 6 | LXP Industrial Trust | LXP | Industrial | -1.0% | +0.4% | +23.2% | C 66 |
| 7 | Global Self Storage | SELF | Self-Storage | -1.1% | -1.4% | -2.2% | D 52 |
| 8 | Global Net Lease | GNL | Net Lease | -1.4% | -18.8% | -14.9% | D 51 |
| 9 | Essex Property Trust | ESS | Residential | -1.4% | -3.4% | +1.9% | B 82 |
| 10 | Alexanders | ALX | Retail | -1.5% | -5.2% | +6.8% | C 59 |
| 11 | COPT Defense Properties | CDP | Office | -1.5% | -5.4% | +17.8% | B 70 |
| 12 | Easterly Government Properties | DEA | Office | -1.6% | -9.5% | +1.3% | C 55 |
| 13 | Centerspace | CSR | Residential | -1.6% | -5.2% | -17.8% | C 62 |
| 14 | RLJ Lodging Trust | RLJ | Hotels | -1.7% | +6.8% | +57.3% | C 63 |
| 15 | Sunstone Hotel Investors | SHO | Hotels | -1.7% | +8.9% | +34.1% | C 67 |
| 16 | Rexford Industrial | REXR | Industrial | -1.7% | -5.8% | -6.1% | B 75 |
| 17 | Franklin BSP Realty Trust | FBRT | Mortgage | -1.8% | -23.8% | -40.7% | D 48 |
| 18 | Ventas | VTR | Healthcare | -1.9% | -4.6% | +9.2% | B 79 |
| 19 | Douglas Emmett | DEI | Office | -1.9% | -8.6% | -13.9% | C 57 |
| 20 | Host Hotels & Resorts | HST | Hotels | -1.9% | +9.3% | +36.4% | B 78 |
| 21 | Community Healthcare Trust | CHCT | Healthcare | -2.0% | -12.8% | -22.2% | D 50 |
| 22 | UMH Properties | UMH | Residential | -2.0% | -3.0% | -5.1% | C 64 |
| 23 | Chicago Atlantic Real Estate Finance | REFI | Mortgage | -2.1% | -19.8% | -28.5% | C 63 |
| 24 | Broadstone Net Lease | BNL | Net Lease | -2.2% | -11.6% | +1.7% | B 72 |
| 25 | BRT Apartments | BRT | Residential | -2.2% | -7.4% | -10.9% | D 54 |
Most Rate-Sensitive REITs
| # | REIT | Ticker | Sector | Typical move per 0.25-point rise in the 10-year yield | Since Sept. 15 | Year to date | Grade |
|---|---|---|---|---|---|---|---|
| 1 | SBA Communications | SBAC | Infrastructure | -7.7% | -0.0% | -5.3% | B 76 |
| 2 | Safehold | SAFE | Specialty | -6.0% | -19.6% | -19.1% | C 62 |
| 3 | Crown Castle | CCI | Infrastructure | -5.5% | +10.7% | -8.8% | C 62 |
| 4 | Americold Realty Trust | COLD | Industrial | -5.5% | -8.4% | +6.7% | C 60 |
| 5 | Adamas Trust | ADAM | Mortgage | -5.2% | -17.7% | +1.0% | D 46 |
| 6 | Brandywine Realty Trust | BDN | Office | -5.1% | -10.3% | -11.0% | C 56 |
| 7 | Chimera Investment | CIM | Mortgage | -5.1% | -25.2% | -34.7% | C 55 |
| 8 | Ares Commercial Real Estate | ACRE | Mortgage | -4.9% | -23.3% | -30.5% | D 43 |
| 9 | AGNC Investment | AGNC | Mortgage | -4.9% | -15.3% | -21.3% | C 61 |
| 10 | Weyerhaeuser | WY | Timber | -4.9% | -13.9% | -18.9% | B 73 |
Excluded: REITs in liquidation, wind-down or with suspended dividends (Apartment Investment and Management, Apollo Commercial Real Estate Finance, Braemar Hotels & Resorts, Elme Communities, Franklin Street Properties, Piedmont Office Realty Trust, SITE Centers), because returning capital to shareholders moves their share prices for reasons unrelated to the market.
Also excluded: REITs whose 52-week low is less than half their 52-week high (Arbor Realty Trust, Ashford Hospitality Trust, Blackstone Mortgage Trust, CBL Properties, Chatham Lodging Trust, Diversified Healthcare Trust, Empire State Realty Trust, Granite Point Mortgage Trust, Hudson Pacific Properties, JBG SMITH Properties, Medical Properties Trust, PennyMac Mortgage Investment Trust, Ready Capital, Redwood Trust, Service Properties Trust, Uniti Group), because company-specific news swamps any measurable link to interest rates.
How This List Is Built
For each REIT we regress weekly closing-price returns on weekly changes in the official 10-year Treasury par yield over the past 52 weeks, then scale the slope to a 0.25-point change in the yield. The calculation is run twice, once on Nasdaq closes and once on Cboe closes, and a REIT is listed only when the two results agree. Our REITs and interest rates study covers the sector view.
Frequently Asked Questions
Which REITs are least sensitive to interest rates?
Highwoods Properties (HIW) leads, having typically moved +0.3% for each 0.25-point rise in the 10-year yield over the past year. The 25 least sensitive REITs come mostly from these sectors: Office (6), Residential (4), Healthcare (3).
Which REITs are most sensitive to interest rates?
SBA Communications (-7.7%), Safehold (-6.0%), Crown Castle (-5.5%) are the most rate-sensitive on our measure.
Why do REIT prices fall when interest rates rise?
Three reasons: higher Treasury yields make REIT dividends less attractive by comparison, higher borrowing costs squeeze the returns on new property purchases, and higher capitalization rates lower the market value of the property a REIT owns.
Do all REITs fall when rates rise?
No. 1 of 136 REITs measured have tended to rise when the 10-year yield climbed, usually because their cash flow grows quickly or their business benefits from the conditions that push rates up.
How is rate sensitivity measured?
Weekly price returns are compared with weekly changes in the 10-year Treasury yield over 52 weeks, and the slope is expressed as the typical price move for a 0.25-point rise in the yield. It is calculated separately from two price sources that must agree.
Related Pages
REITs and interest rates · REITs since the Fed rate hike · REITs yielding more than Treasuries · Lowest-leverage 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.