Short answer: As of the November 6, 2026 close, the equity REITs with the lowest liabilities to assets are Terreno Realty (TRNO, 21.2%), Curbline Properties (CURB, 25.1%) and American Healthcare REIT (AHR, 25.8%).
Data as of the November 6, 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.
These 25 equity REITs carry the least debt and other liabilities relative to their assets, based on each company’s latest balance sheet filed with the SEC. The median equity REIT’s liabilities equal 53.3% of its total assets.
Low leverage gives a REIT room to keep buying property when borrowing gets expensive and makes the dividend harder to break in a downturn. It can also mean lower returns on equity in good times. Mortgage REITs are excluded because lending on borrowed money is their business model.
| # | REIT | Ticker | Sector | Liabilities to assets | Balance sheet date | Yield | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Terreno Realty | TRNO | Industrial | 21.2% | September 30, 2026 | 3.43% | B 76 |
| 2 | Curbline Properties | CURB | Retail | 25.1% | September 30, 2026 | 2.31% | C 68 |
| 3 | American Healthcare REIT | AHR | Healthcare | 25.8% | September 30, 2026 | 1.73% | B 82 |
| 4 | Global Self Storage | SELF | Self-Storage | 27.1% | September 30, 2026 | 6.03% | D 52 |
| 5 | Rayonier | RYN | Timber | 29.4% | September 30, 2026 | 4.83% | B 71 |
| 6 | Rexford Industrial | REXR | Industrial | 30.3% | September 30, 2026 | 4.60% | B 75 |
| 7 | CareTrust REIT | CTRE | Healthcare | 30.3% | September 30, 2026 | 4.08% | B 78 |
| 8 | Innovative Industrial Properties | IIPR | Industrial | 30.9% | September 30, 2026 | 13.86% | C 60 |
| 9 | Welltower | WELL | Healthcare | 32.4% | September 30, 2026 | 1.39% | A 88 |
| 10 | Apple Hospitality REIT | APLE | Hotels | 35.3% | September 30, 2026 | 5.08% | B 72 |
| 11 | Agree Realty | ADC | Net Lease | 36.6% | September 30, 2026 | 4.65% | A 86 |
| 12 | Farmland Partners | FPI | Farmland | 37.2% | September 30, 2026 | 4.09% | C 62 |
| 13 | Chatham Lodging Trust | CLDT | Hotels | 37.9% | September 30, 2026 | 2.58% | C 55 |
| 14 | FrontView REIT | FVR | Net Lease | 37.9% | September 30, 2026 | n/a | C 55 |
| 15 | LTC Properties | LTC | Healthcare | 38.0% | September 30, 2026 | 5.09% | C 66 |
| 16 | EastGroup Properties | EGP | Industrial | 38.2% | September 30, 2026 | 3.61% | B 80 |
| 17 | Sunstone Hotel Investors | SHO | Hotels | 38.3% | September 30, 2026 | 2.88% | C 67 |
| 18 | VICI Properties | VICI | Gaming | 38.7% | September 30, 2026 | 7.42% | B 82 |
| 19 | NETSTREIT | NTST | Net Lease | 38.8% | September 30, 2026 | 4.79% | B 70 |
| 20 | Essential Properties Realty Trust | EPRT | Net Lease | 40.4% | September 30, 2026 | 4.58% | B 80 |
| 21 | InvenTrust Properties | IVT | Retail | 40.9% | September 30, 2026 | 3.17% | C 66 |
| 22 | LXP Industrial Trust | LXP | Industrial | 41.6% | September 30, 2026 | n/a | C 66 |
| 23 | Prologis | PLD | Industrial | 41.9% | September 30, 2026 | 3.37% | A 86 |
| 24 | Weyerhaeuser | WY | Timber | 42.7% | September 30, 2026 | 4.00% | B 72 |
| 25 | Independence Realty Trust | IRT | Residential | 42.8% | September 30, 2026 | 4.80% | C 66 |
How This List Is Built
Total liabilities divided by total assets, both taken from the company’s most recent 10-Q or 10-K through the SEC’s XBRL data. A REIT is listed only when its reported total assets equal liabilities plus equity, and when the ratio is consistent with the prior quarter. This is a book-value measure; it is not net debt to EBITDA, which we will add as third-quarter results are filed.
Frequently Asked Questions
Which REIT has the least debt?
Terreno Realty (TRNO), whose liabilities equal 21.2% of total assets as of September 30, 2026.
What is a normal level of leverage for a REIT?
Among the 122 equity REITs with a verified balance sheet, the median ratio of liabilities to assets is 53.3%. Many REITs target debt below half of the value of their property, and credit rating agencies watch that level closely.
Why does REIT leverage matter more when rates rise?
Debt that matures must be refinanced at the new, higher rates, which cuts the cash left for dividends. Lower leverage means less refinancing and more room to absorb higher interest costs.
Why are mortgage REITs excluded?
Mortgage REITs borrow heavily by design to fund loans and securities, so their liabilities routinely exceed 80% of assets. Comparing them with property owners on this measure would be misleading.
Where does the leverage data come from?
From the balance sheet each REIT files with the SEC in its latest 10-Q or 10-K, read through the SEC’s structured XBRL data and checked for internal consistency before publishing.
Related Pages
Least rate-sensitive REITs · REIT dividend safety 2026 · Largest REITs · Dividend growth REITs yielding 4%+
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.