2026 Multifamily REIT Values

As of May 1, the health-care sector led all publicly traded U.S. equity REIT sectors in terms of the last 12 months funds from operations multiple. The sector posted a 57.24x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 33.13 percentage points. The self storage and equity all REIT sectors followed with price to LTM FFO multiples of 27.82x and 24.11x, respectively. The U.S. manufactured homes REIT sector ranked second to last with 19.45x with the apartment REIT index last with 16.14x.

Among the REITs focused in the self storage sector, SmartStop Self Storage REIT Inc. had the highest price to LTM FFO multiple of 24.9x.

Among multifamily REITs, Veris Residential Inc. topped the list with a 25.6x price to LTM FFO multiple, followed by Camden Property Trust and Equity Residential with a 16.8x price to LTM FFO multiples.

NexPoint Residential Trust Inc. and Elme Communities were at the bottom of the list with a 11.5x and a 2.8x price to LTM FFO multiple, respectively. 

Psalm Uy is a senior associate in the real estate client operations department of S&P Global Market Intelligence. If you are interested in learning more about the products and services available within S&P Global Real Estate data, please visit us here.

—Posted on May 20, 2026