A quarter of listed REIT debt comes due in 2027 and 2028: $82.3 billion across 58 REITs, from 17 % of the debt in industrial to 39 % in office.

$82.3 billion of scheduled debt comes due in 2027 and 2028, 25.5 % of what these 58 REITs owe.

Every U.S. listed REIT puts a table in its annual report with the principal it owes in each of the next five years and after. We read that table, as tagged in the filing, for 58 REITs with a complete schedule in the annual report for 2025. Together they owe $322.9 billion. The schedule is as of 31 Dec 2025, so 2026 is the first year: $36.5 billion, 11.3 %. Then $40.6 billion in 2027 (12.6 %), $41.7 billion in 2028 (12.9 %), $42.1 billion in 2029 and $34.9 billion in 2030. The rest, $127.1 billion, comes after 2030.

The two years together are $82.3 billion. The largest single piles: Crown Castle $6.8 billion, Simon Property Group $6.2 billion, Welltower $5.0 billion, Prologis $4.8 billion. The four together are 27.8 % of the total, so the wall is made of a few large balance sheets and many small ones; the firms with the heaviest load against their own debt are a different list. 14 of the 58 owe 40 % or more of their debt in these two years: Universal Health Realty Income Trust 96 %, SL Green Realty 71 %, Acadia Realty 62 %, Invitation Homes 52 %, Easterly Government Properties 47 % are the first five. 8 owe less than 15 %.

Pick a property type to see its ladder, year by year.

What this count is. It is 58 of the 104 REITs we looked up; the other 46 left out a year of their schedule or the whole of it in the tagged filing and are not in any total. Those left out include several of the largest in office and retail, so the totals describe the companies that report a full table, not the whole sector. The schedule is principal at face value and does not include loans a REIT has already extended, refinanced or paid down since 31 Dec 2025.

A maturity is not a default. A REIT with an unused credit line, or with cash from sales, can repay without refinancing. The table says how much has to be rolled or repaid, not at what price.

Office owes 38.9 % of its debt in the two years, industrial 17.3 %.

Divide by each type's own debt and the order changes. Office owes 38.9 % of its debt in 2027 and 2028 (8 companies, $8.7 billion of $22.3 billion). Single-family 35.7 %. Lodging 34.5 %. Healthcare 26.7 %. At the other end, industrial owes 17.3 % (6 companies), because most of its debt is dated 2031 or later.

Dollars give a different answer. The biggest piles by type are retail $14.1 billion, healthcare $13.2 billion, data centers and towers $10.0 billion. A type can carry a large amount and a small share.

Switch the views: dollars, share of the type's debt, and the average rate the type reports.

How many companies sit behind each bar matters. Self storage is two companies, apartments four, data centers and towers two, and single-family two; one refinancing moves their share. Treat those four bars as a list of firms, not a market.

The company ranking below shows every firm, with its own ladder, and opens the filing it comes from.

The REITs that report one pay 3.97 % on average, 0.91 points under today's 10-year yield.

A maturity wall matters through the rate at which it is refinanced. 19 of the 58 companies tag an average interest rate on their debt in the same filing. Weighted by debt, it is 3.97 % on $102.4 billion. The 10-year Treasury yield, from the Federal Reserve data series, was 4.18 % on 31 Dec 2025 and 4.88 % on 9 Nov 2026. Only 4 of the 19 report an average at or above today's 10-year yield: Piedmont Realty 5.58 %, Xenia Hotels & Resorts 5.51 %, Outfront Media 5.30 %, W. P. Carey 5.00 %.

The reported averages run from 3.20 % (Prologis) to 5.58 % (Piedmont Realty). A new unsecured note is usually priced off a Treasury plus a spread, so a company whose average sits under the 10-year yield will usually pay more on the replacement, by an amount that depends on its spread and the term. We do not estimate that spread here.

Pick a company to see its rate, its ladder and its filing.

What this rate is. It is the average on the whole debt stack at year-end 2025 as the company reports it, fixed and floating, secured and unsecured. It is not the coupon of the notes that mature in 2027 and 2028, which sit in the notes to the filing and differ by series. Companies that do not tag one rate are blank, which is why the type averages below cover fewer firms than the debt totals.

For a lender the useful question follows from that: the maturing note's own coupon and the replacement rate, firm by firm, in the debt footnote of the filing.

What to do with this

If you lend to, buy from or sell to a listed REIT: read the debt footnote of the filing, not the total. The schedule says what falls due; the notes say which series, at what coupon, and whether the line behind it is drawn. A REIT with 40 % of its debt due in two years and an undrawn line is a different credit from one with the same share and none.

Titleman reads the credit file of a property loan, the offering memorandum, rent roll, operating statement and sponsor materials, and returns the issues and the questions for the borrower. For a refinancing, the maturity date and the in-place rate are where the questions start.