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.
BXP Occupied vs Leased
Gateway office. The leased-minus-occupied gap is signed leases that have not commenced. Alexandria is on the roster; a 2025 occupancy print is not on this card.
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 | On the roster as the S&P 500 hotel REIT | Operations sit with hotel brands. A 2025 RevPAR print is not on this card because a primary figure was not pulled in this pass. |
