REITs and Real Estate
REITs and Real Estate Retail and Office
Retail Occupancy at Year-End 2025
Malls (Simon), open-air (Kimco), street-retail (Federal Realty), and triple-net (Realty Income). Same word, different product.
Simon Sales and Rent
96.4% occupancy, $799 sales per square foot, $60.97 base minimum rent. Malls and outlets, not grocery-anchored.
Occupancy
96.4%
US malls and Premium Outlets at December 31, 2025.
SPG FY 2025 results
Sales per sq ft
$799
Tenant sales productivity on the mall and outlet book.
SPG FY 2025 results
Base minimum rent
$60.97
Base minimum rent per square foot at year-end 2025.
SPG FY 2025 results
Realty Income Rent Mix
Retail 79.1% of annualized rent, industrial 15.4%, gaming 3.1%. Occupancy 98.9% on 15,511 properties.
BXP Occupied vs Leased
Gateway office. The leased-minus-occupied gap is signed leases that have not commenced.
Alexandria Occupied vs Leased
Life-science campus. 90.9% occupied, 93.4% including leased space not yet delivered. Not CBD office.
Self-Storage Occupancy
Public Storage FY same-store average 92.0%. Extra Space 93.7%. Same-store pools are not the same.
Host Hotels revenue per available room
Comparable hotel RevPAR $229.24, up 3.8%. Total RevPAR $382.83, up 4.2%. Lodging operations, not a VICI rent check.
Comparable RevPAR
$229.24
Full-year 2025, up 3.8% versus 2024.
HST FY 2025 results
Comparable Total RevPAR
$382.83
Full-year 2025, up 4.2% versus 2024. Includes food, beverage, and ancillary.
HST FY 2025 results
Net income
$776M
Full-year 2025, up 9.8% versus 2024.
HST FY 2025 results
Adjusted EBITDAre
$1,757M
Full-year 2025, up 4.6% versus 2024.
HST FY 2025 results
Net Lease and Gaming
Realty Income is a diversified rent check. VICI is casino real estate. Host is hotel operations. Do not average the three.
| Name | Ticker | Sourced print | Read-through |
|---|---|---|---|
| Realty Income | O | 15,511 properties; 355.0 million sq ft; 98.9% occupancy | Retail 79.1% of annualized contractual rent. Industrial 15.4%. Gaming 3.1%. Rent recapture on re-leased properties was 103.9% in 2025. |
| Realty Income rent mix | O | Grocery 11.0%; convenience stores next; UK 14.3% of rent | Client-level concentration is the risk, not shop occupancy. Dollar stores, theaters, and casual dining are named lines, not the whole book. |
| VICI Properties | VICI | $4.0B 2025 revenue, +4.1% vs $3.8B | AFFO $2.5B (+6.6%). Net income $2.8B. This is a rent check on casino operators, not hotel RevPAR. |
| Host Hotels & Resorts | HST | Comparable hotel RevPAR $229.24, +3.8% | FY 2025. Comparable Total RevPAR $382.83, +4.2%. Operations sit with hotel brands. Full tiles are on the Host RevPAR card. |