US REIT share repurchase activity triples YOY in Q1 2026

The value of US equity real estate investment trust share repurchases rose quarter on quarter and more than tripled year over year during the first quarter of 2026.

The overall US REIT industry bought back almost $3.21 billion of common stock, a 10.8% increase over the prior quarter and over 3x the $993.6 million in the first quarter of 2025, according to an S&P Global Market Intelligence analysis of equity REITs that trade on the Nasdaq, NYSE or NYSE American.

Largest common stock repurchases

Single family-focused Invitation Homes Inc. was the biggest repurchaser in the quarter from a value standpoint, buying back $438.8 million of common stock. The 17.1 million shares it repurchased represented approximately 2.8% of total shares outstanding.

Multifamily REIT Camden Property Trust came in second place, repurchasing 2.6 million common shares for $278.8 million, representing about 2.5% of total shares outstanding.

Two other multifamily REITs Equity Residential and AvalonBay Communities Inc. followed, buying back $219.3 million and $211.6 million of common stock, respectively.

Meanwhile, AH Realty Trust Inc. was the most active repurchaser in proportion to total shares outstanding. The diversified REIT bought back 3.7 million common shares for approximately $20.9 million, representing about 4.6% of total outstanding shares.

Shopping center landlord Kite Realty Group Trust bought back 6.1 million common shares during the first quarter for about $153.8 million, representing about 2.9% of total common stock outstanding.

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Repurchases by property sector

Among all property sectors, multifamily REITs were the biggest repurchasers, buying back $974.8 million in shares during the first quarter.

Single family REITs followed, buying back about $553.9 million of common stock, while office REITs ranked third, repurchasing about $256.1 million.

Rounding up the top 5 were the industrial sector, repurchasing $231.9 million, and the communications REITs, which redeemed about $211.0 million.

12 new repurchase plans

Twelve REITs announced new share repurchase programs during the first quarter.

The largest new share plan announced was from regional mall landlord Simon Property Group Inc., as its board in February authorized the repurchase of up to $2.0 billion of its shares.

Also in February, multifamily REIT AvalonBay Communities terminated its then-existing stock repurchase program, and adopted a new stock repurchase program for up to $1.0 billion worth of common stock.

Multifamily REIT Camden Property Trust's board of trust managers authorized a new share repurchase plan of up to $600 million in February, which replaced the $500 million share repurchase plan authorized in October 2022.

Three REITs — industrial-focused Rexford Industrial Realty Inc., shopping center landlord Regency Centers Corp. and single family REIT American Homes 4 Rent — announced new common share repurchase programs with a capacity of $500 million each.

Office-focused Cousins Properties Inc.'s board approved a buy back worth $250 million on Feb. 17, while diversified REIT First Industrial Realty Trust Inc.'s board authorized a program of the same amount on March 13.

On Feb. 13, diversified REIT Broadstone Net Lease Inc.'s board re-authorized the repurchase of up to $150.0 million of its common stock for a 12-month period ending on March 14, 2027.

Other US REITs that announced new share repurchase programs in the first quarter included industrial-focused Innovative Industrial Properties Inc., single family REIT Bluerock Homes Trust Inc. and multifamily-focused BRT Apartments Corp.