Covers the first half of 2026 (January 1, 2026 to June 30, 2026). Every figure on this page comes from the REIT’s own quarterly report filed with the SEC, with a link to the filing beside it. Figures that could not be isolated for the quarter are marked Held back rather than estimated. How we track nontraded REIT capital flows.
Distribution coverage here is net cash from operating activities divided by cash distributions paid to common stockholders over the first half of 2026, both taken from the statement of cash flows. A ratio above one means operations generated more cash than the fund paid out. 20 of the 24 nontraded REITs with both figures covered their distributions from operations; 4 did not.
This is a cash test, not an accounting one. It ignores depreciation, unrealized gains and the fair value marks that drive net asset value. It also ignores distributions reinvested through the plan, which are non-cash, so the distributions figure is the cash that actually left the fund. A REIT can show a healthy coverage ratio while its NAV falls, and the reverse.
Uncovered distributions are funded from something other than operations: offering proceeds, borrowings, asset sales or cash on hand. Each REIT discloses the sources of its distributions in the quarterly report, and that disclosure is the place to look next for any fund below one.
| # | REIT | Coverage | Distributions paid | Operating cash flow | Source |
|---|---|---|---|---|---|
| 1 | EQT Exeter Real Estate Income Trust | 29.32x | $0.3 M | $7.8 M | 10-Q August 12, 2026 |
| 2 | Invesco Real Estate Income Trust | 3.85x | $7.0 M | $26.9 M | 10-Q August 10, 2026 |
| 3 | Invesco Commercial Real Estate Finance Trust | 3.73x | $15.7 M | $58.6 M | 10-Q August 10, 2026 |
| 4 | J.P. Morgan Real Estate Income Trust | 2.97x | $9.3 M | $27.7 M | 10-Q August 12, 2026 |
| 5 | Cohen & Steers Income Opportunities REIT | 2.70x | $2.2 M | $5.8 M | 10-Q August 12, 2026 |
| 6 | North Haven Net REIT | 2.36x | $18.0 M | $42.5 M | 10-Q August 7, 2026 |
| 7 | Blackstone Real Estate Income Trust | 2.17x | $560.0 M | $1.21 B | 10-Q August 7, 2026 |
| 8 | Blue Owl Digital Infrastructure Trust | 1.98x | $23.0 M | $45.5 M | 10-Q August 12, 2026 |
| 9 | Cantor Fitzgerald Income Trust | 1.87x | $3.8 M | $7.1 M | 10-Q August 13, 2026 |
| 10 | Fortress Net Lease REIT | 1.83x | $32.7 M | $59.9 M | 10-Q August 11, 2026 |
| 11 | Rithm Perpetual Life Residential Trust | 1.82x | $2.5 M | $4.6 M | 10-Q August 10, 2026 |
| 12 | Goldman Sachs Real Estate Finance Trust | 1.76x | $11.6 M | $20.3 M | 10-Q August 13, 2026 |
| 13 | Fortress Credit Realty Income Trust | 1.74x | $30.8 M | $53.5 M | 10-Q August 12, 2026 |
| 14 | Blue Owl Real Estate Net Lease Trust | 1.73x | $145.6 M | $252.1 M | 10-Q August 12, 2026 |
| 15 | Apollo Realty Income Solutions | 1.64x | $32.0 M | $52.4 M | 10-Q August 11, 2026 |
| 16 | Sculptor Diversified Real Estate Income Trust | 1.21x | $14.2 M | $17.2 M | 10-Q August 13, 2026 |
| 17 | Nuveen Global Cities REIT | 1.18x | $34.4 M | $40.6 M | 10-Q August 13, 2026 |
| 18 | New Mountain Net Lease Trust | 1.18x | $29.5 M | $34.7 M | 10-Q July 30, 2026 |
| 19 | Franklin BSP Real Estate Debt | 1.16x | $8.8 M | $10.2 M | 10-Q August 11, 2026 |
| 20 | Starwood Real Estate Income Trust | 1.01x | $158.5 M | $160.3 M | 10-Q August 12, 2026 |
| 21 | RREEF Property Trust | 0.90x | $3.7 M | $3.3 M | 10-Q August 13, 2026 |
| 22 | Ares Industrial Real Estate Income Trust | 0.87x | $63.7 M | $55.4 M | 10-Q August 12, 2026 |
| 23 | Ares Real Estate Income Trust | 0.45x | $59.5 M | $26.8 M | 10-Q August 12, 2026 |
| 24 | Hines Global Income Trust | 0.19x | $44.0 M | $8.5 M | 10-Q August 14, 2026 |
Held back this edition (distributions paid or operating cash flow not isolated in the filings): Brookfield Real Estate Income Trust, BlackRock Monticello Debt Real Estate Investment Trust, FS Credit Real Estate Income Trust, JLL Income Property Trust, Starwood Credit Real Estate Income Trust.
Six-month figures for the period ended June 30, 2026. Operating cash flow is as reported, including working capital movements, which can swing a single period for credit-focused funds whose interest income and expense settle on different schedules. Compare the same fund across editions rather than reading one period in isolation.
Why cash coverage matters for a perpetual fund
A perpetual nontraded REIT pays a monthly distribution set as an annual rate on net asset value. The rate rarely moves, so when income falls the gap is closed with capital. In a fund that is raising more than it repurchases, the gap is invisible to shareholders for a long time. In a fund with net outflows it is not, because the same cash is needed to meet the repurchase queue. Reading this page beside the net flows page is the fastest way to find a fund where both pressures meet.
This is the Spring 2026 edition of an ongoing seasonal series. Companion pages: capital raised, net flows, distribution coverage, and the nontraded REIT profiles.
Frequently Asked Questions
How is nontraded REIT distribution coverage calculated here?
Net cash provided by operating activities divided by cash distributions paid to common stockholders, both from the statement of cash flows for the first half of 2026. A result of one point zero means operations exactly covered the cash paid out; above one is covered, below one is not. Reinvested distributions are excluded because no cash leaves the fund.
How many nontraded REITs covered their distributions in the first half of 2026?
20 of the 24 SEC-filing nontraded REITs with both figures available covered their cash distributions from operating cash flow. 4 did not and funded part of the payout from capital, borrowings or asset sales.
What is the difference between this and FFO or AFFO coverage?
FFO and AFFO are accounting measures that add back depreciation and adjust for non-cash items, and each sponsor defines them slightly differently. Operating cash flow is a GAAP line that every REIT reports the same way. It is noisier quarter to quarter but it cannot be redefined, which is why this series uses it.
Why does a credit REIT show unusual coverage in one period?
Credit-focused nontraded REITs earn interest that is received on a different schedule from the interest they pay on repurchase facilities and credit lines, so working capital swings can push a single six-month figure well above or below the underlying run rate. The fix is to compare the same fund across several editions.
Does uncovered distribution mean the dividend will be cut?
Not necessarily. Many funds pay partly from capital by design during their ramp, and a fund with strong inflows can sustain that for years. It means the distribution is not being earned from operations today, which raises the bar for the portfolio to catch up. The sources-of-distributions table in each quarterly filing shows exactly what funded the shortfall.
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.