REIT Net Debt to EBITDA by Company: 2025 Ranked

Most Large REITs Sit Between 4x and 6x

At the end of 2025, eighteen large US equity REITs reported net debt to EBITDA between 3.03x and 7.86x. Fifteen of the eighteen sat between 4.1x and 5.7x. Only two were below 4x and one above 6x.

Net debt to EBITDA is borrowing, less cash, divided by a year of earnings before interest, tax, depreciation and amortisation. REITs usually report it on EBITDAre, Nareit’s version, which also strips out gains and losses on property sales. The REIT screening checklist explains how to read the ratio.

Net Debt to EBITDA at 31 December 2025, Ranked

Every figure is the company’s own, from its fourth-quarter 2025 results or supplemental package, filed with the SEC between January and February 2026. None is recalculated.

Eight of the eighteen sit between 4.5x and 5.5x, the band the screening checklist calls typical. Seven are below it and three above.

Property Type Explains Part of the Spread

Within one property type the spread stays wide: the five apartment REITs run from 4.1x at Camden to 5.5x at UDR. The two net lease REITs, Realty Income and NNN, sit at 5.4x and 5.6x. Their income comes from long leases with rent fixed in advance, which the checklist says can support more borrowing than income that has to be re-let every few years.

The one office REIT in the set reports the highest figure. BXP’s 7.86x compares with 8.21x at the end of September, on the same basis.

Five Definitions to Check

Most REITs adjust Nareit’s EBITDAre; the table shows each one’s own version.

• The period. Camden, Rexford, AvalonBay, Digital Realty, Prologis, Realty Income, UDR, NNN, Alexandria, BXP and Welltower annualise a quarter’s earnings. Sun Communities, Public Storage, Equity Residential, Mid-America, Regency and Invitation Homes use the trailing twelve months. Ventas reports 5.2x on both bases. A REIT that bought or built during the year looks less levered on an annualised quarter, because an annualised quarter counts the new income for a full year, while trailing twelve months counts it only from the purchase.
• The adjustments. One company can report two answers. Welltower’s supplement shows net debt to EBITDA of 3.99x and net debt to adjusted EBITDA of 3.03x. The headline uses the second.
• Preferred equity. Public Storage, Regency and Alexandria count preferred stock alongside debt. That raises their figures against peers that leave it out.
• Joint ventures. Prologis, BXP, Ventas and Regency report their own share of joint-venture debt and earnings. Digital Realty adds its share of unconsolidated debt and its finance lease obligations.
• Gains. Prologis’s adjusted EBITDA includes development gains. Excluding them, the company reports 5.4x rather than 5.3x.

Cash Moves the Numerator

Net debt deducts cash, so a REIT holding the proceeds of an equity raise or an asset sale reports lower leverage until it spends them. Welltower held $5.2bn of cash and restricted cash at 31 December 2025, which its net debt figure deducts. Read the cash line before reading a low ratio as a permanent feature.

Names Not in the Table

Simon Property, VICI, Federal Realty, Extra Space, Essex and Kimco are not ranked: we found no net debt to EBITDA figure in their fourth-quarter 2025 SEC exhibits. Host Hotels reports a leverage ratio defined by its credit facility, which is a different measure. CubeSmart’s figure appeared only in a later investor presentation.

Adding a REIT to the Table

To add a REIT, check the first four definitions above in its own filing and note any difference beside the figure.