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.
68 listed REITs have a market value under $2 billion as of October 19, 2026, ranked here by REIT Rankings grade. 2 of them are graded B or better.
Small-cap REITs get less analyst coverage, which can leave quality names mispriced and weak names under-examined. They also pay more to borrow and can be hit harder when rates rise. The grade column helps sort one from the other.
| # | REIT | Ticker | Sector | Market cap | Yield | Year to date | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Getty Realty | GTY | Net Lease | $1.7B | 6.97% | +1.7% | B 73 |
| 2 | NETSTREIT | NTST | Net Lease | $1.7B | 5.35% | -4.7% | B 71 |
| 3 | Xenia Hotels & Resorts | XHR | Hotels | $1.8B | 2.92% | +35.5% | C 65 |
| 4 | Postal Realty Trust | PSTL | Net Lease | $642M | 4.62% | +31.5% | C 64 |
| 5 | UMH Properties | UMH | Residential | $1.3B | n/a | -5.1% | C 64 |
| 6 | Ellington Financial | EFC | Mortgage | $1.5B | 13.74% | -16.4% | C 63 |
| 7 | American Assets Trust | AAT | Office | $1.3B | 6.60% | +8.9% | C 63 |
| 8 | Saul Centers | BFS | Retail | $717M | 8.14% | -8.1% | C 63 |
| 9 | RLJ Lodging Trust | RLJ | Hotels | $1.8B | 5.12% | +57.3% | C 63 |
| 10 | Chicago Atlantic Real Estate Finance | REFI | Mortgage | $225M | 21.44% | -28.5% | C 63 |
| 11 | Centerspace | CSR | Residential | $921M | 5.61% | -17.8% | C 62 |
| 12 | Farmland Partners | FPI | Farmland | $434M | 3.62% | +2.6% | C 62 |
| 13 | Safehold | SAFE | Specialty | $785M | 6.39% | -19.1% | C 62 |
| 14 | Summit Hotel Properties | INN | Hotels | $718M | n/a | +36.8% | C 62 |
| 15 | Innovative Industrial Properties | IIPR | Industrial | $1.4B | 14.73% | +9.0% | C 61 |
| 16 | Alpine Income Property Trust | PINE | Net Lease | $312M | 7.24% | +5.8% | C 60 |
| 17 | SmartStop Self Storage REIT | SMA | Self-Storage | $1.9B | 4.71% | +8.7% | C 60 |
| 18 | NexPoint Residential Trust | NXRT | Residential | $458M | 11.82% | -40.4% | C 60 |
| 19 | One Liberty Properties | OLP | Net Lease | $470M | 8.36% | +6.1% | C 60 |
| 20 | Strawberry Fields REIT | STRW | Healthcare | $179M | n/a | -3.3% | C 60 |
| 21 | Alexanders | ALX | Retail | $1.2B | 7.73% | +6.8% | C 59 |
| 22 | CTO Realty Growth | CTO | Retail | $676M | 7.59% | +8.8% | C 58 |
| 23 | Redwood Trust | RWT | Mortgage | $367M | 24.66% | -47.2% | C 58 |
| 24 | Universal Health Realty Income Trust | UHT | Healthcare | $510M | n/a | -6.4% | C 58 |
| 25 | Douglas Emmett | DEI | Office | $1.6B | 8.03% | -13.9% | C 57 |
| 26 | MFA Financial | MFA | Mortgage | $648M | 22.46% | -31.1% | C 57 |
| 27 | Chatham Lodging Trust | CLDT | Hotels | $652M | 2.86% | +105.6% | C 56 |
| 28 | FrontView REIT | FVR | Net Lease | $410M | n/a | +13.6% | C 56 |
| 29 | Brandywine Realty Trust | BDN | Office | $452M | 12.31% | -11.0% | C 56 |
| 30 | Seven Hills Realty Trust | SEVN | Mortgage | $137M | 18.45% | -31.8% | C 56 |
| 31 | PennyMac Mortgage Investment Trust | PMT | Mortgage | $589M | 23.70% | -46.2% | C 56 |
| 32 | Gladstone Commercial | GOOD | Net Lease | $575M | n/a | +11.2% | C 55 |
| 33 | Easterly Government Properties | DEA | Office | $1.0B | 8.38% | +1.3% | C 55 |
| 34 | Gladstone Land | LAND | Farmland | $381M | n/a | -3.4% | C 55 |
| 35 | Chimera Investment | CIM | Mortgage | $680M | 22.17% | -34.7% | C 55 |
| 36 | BRT Apartments | BRT | Residential | $246M | 7.64% | -10.9% | D 54 |
| 37 | Blackstone Mortgage Trust | BXMT | Mortgage | $1.7B | 18.34% | -46.4% | D 54 |
| 38 | Hudson Pacific Properties | HPP | Office | $489M | n/a | -16.7% | D 54 |
| 39 | AG Mortgage Investment Trust | MITT | Mortgage | $166M | 18.36% | -38.6% | D 54 |
| 40 | JBG SMITH Properties | JBGS | Office | $639M | 6.48% | -36.5% | D 53 |
| 41 | Global Self Storage | SELF | Self-Storage | $57M | 5.85% | -2.2% | D 52 |
| 42 | NexPoint Real Estate Finance | NREF | Mortgage | $286M | 13.20% | +7.6% | D 52 |
| 43 | AH Realty Trust | AHRT | Retail | $437M | 9.56% | -11.5% | D 52 |
| 44 | Angel Oak Mortgage REIT | AOMR | Mortgage | $164M | 18.13% | -18.0% | D 51 |
| 45 | BrightSpire Capital | BRSP | Mortgage | $454M | 17.83% | -35.9% | D 51 |
| 46 | Global Net Lease | GNL | Net Lease | $1.5B | 10.38% | -14.9% | D 51 |
| 47 | Community Healthcare Trust | CHCT | Healthcare | $366M | n/a | -22.2% | D 50 |
| 48 | TPG RE Finance Trust | TRTX | Mortgage | $449M | 16.52% | -32.5% | D 50 |
| 49 | Diversified Healthcare Trust | DHC | Healthcare | $1.8B | 0.54% | +52.0% | D 49 |
| 50 | Franklin BSP Realty Trust | FBRT | Mortgage | $494M | 13.45% | -40.7% | D 48 |
| 51 | Medical Properties Trust | MPT | Healthcare | $1.7B | 12.63% | -43.0% | D 47 |
| 52 | Adamas Trust | ADAM | Mortgage | $662M | 16.28% | +1.0% | D 46 |
| 53 | ARMOUR Residential REIT | ARR | Mortgage | $1.7B | 23.45% | -30.6% | D 45 |
| 54 | CBL Properties | CBL | Retail | $1.5B | 5.19% | +30.1% | D 45 |
| 55 | Invesco Mortgage Capital | IVR | Mortgage | $564M | 27.48% | -37.7% | D 44 |
| 56 | Industrial Logistics Properties Trust | ILPT | Industrial | $436M | n/a | +17.9% | D 43 |
| 57 | Orion Properties | ONL | Office | $112M | 4.08% | -13.3% | D 43 |
| 58 | Ares Commercial Real Estate | ACRE | Mortgage | $184M | 18.07% | -30.5% | D 43 |
| 59 | Arbor Realty Trust | ABR | Mortgage | $498M | 25.47% | -65.6% | D 42 |
| 60 | KKR Real Estate Finance Trust | KREF | Mortgage | $333M | 7.03% | -30.8% | D 42 |
| 61 | Service Properties Trust | SVC | Hotels | $767M | 3.38% | -35.6% | D 37 |
| 62 | Granite Point Mortgage Trust | GPMT | Mortgage | $233M | n/a | -79.8% | D 36 |
| 63 | Orchid Island Capital | ORC | Mortgage | $952M | 25.16% | -33.8% | D 36 |
| 64 | Ready Capital | RC | Mortgage | $192M | 3.45% | -46.8% | D 33 |
| 65 | Advanced Flower Capital | AFCG | Mortgage | $69M | 6.60% | +6.3% | D 32 |
| 66 | Ashford Hospitality Trust | AHT | Hotels | $12M | n/a | -56.8% | D 30 |
| 67 | Office Properties Income Trust | OPI | Office | $286M | n/a | n/a | n/a |
| 68 | Uniti Group | UNIT | Specialty | $1.3B | n/a | -22.4% | n/a |
How This List Is Built
Market value is common shares from the latest SEC filing multiplied by the closing price verified across Nasdaq and Cboe. REITs below $2 billion are included and sorted by grade, highest first.
Frequently Asked Questions
What counts as a small-cap REIT?
On this page, any listed REIT with common equity worth less than $2 billion. 68 REITs qualify as of October 19, 2026.
Which small-cap REITs are highest rated?
By grade: Getty Realty (73), NETSTREIT (71), Xenia Hotels & Resorts (65).
Are small-cap REITs riskier?
Generally yes: higher borrowing costs, smaller portfolios and fewer analysts. In exchange they can grow faster from a small base and are more likely to be acquired by larger REITs.
Why do small REITs get acquired?
Large REITs with cheaper capital can buy a smaller REIT’s properties and refinance them at lower cost, which makes small-cap REITs common takeover targets.
How often is this list updated?
Daily. A REIT moves on or off the list as its market value crosses $2 billion.
Related Pages
Largest REITs · REITs under $10 · REITs under $20 · Highest-yielding 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.