Yield Theory
Subscribe

REIT stocks

Real estate investment trusts own or finance income-producing property, from apartments and warehouses to cell towers and data centers, and must distribute most of their taxable income as dividends. They make money from rent, so occupancy, rent growth and the cost of capital drive results.

28 covered companies · Reviewed

How reit companies make money

Property ownership

Equity REITs lease space to tenants; property types range from residential (AvalonBay, Equity Residential) to industrial (Prologis) and retail (Simon Property).

Infrastructure and data centers

Tower REITs such as American Tower and data-center REITs such as Equinix and Digital Realty lease space and power to carriers and cloud providers.

Specialty REITs

Self-storage, healthcare, timber and gaming property owners, each with distinct lease structures.

What drives reit stocks

  • ◆Occupancy and rent growth by property type
  • ◆Interest rates and access to debt and equity capital
  • ◆New supply of competing property
  • ◆Tenant health and lease terms
  • ◆Acquisition and development returns versus funding costs

Key risks

  • ◆Rising rates increasing financing costs and lowering property values
  • ◆Oversupply in a property type
  • ◆Tenant bankruptcies
  • ◆Dividend cuts if cash flow falls

KPIs to track

Funds from operations (FFO)
Net income with real estate depreciation added back; the standard REIT earnings measure.
Same-store net operating income
Property-level profit growth on a comparable portfolio.
Occupancy
Share of space leased.
Leverage
Net debt relative to EBITDA or assets.

Fiscal calendars in this group

REITs report on a calendar year. GAAP net income understates cash earnings because of depreciation, so the net-income figures on stock pages are not comparable to FFO.

Fiscal year end (SEC)Companies
December 31AMT, ARE, AVB, BXP, CCI, CPT, DLR, DOC, EQIX, EQR, ESS, EXR, FRT, HST, IRM, KIM, MAA, O, PLD, PSA, REG, SBAC, SPG, UDR, VICI, VTR, WELL, WY

REIT stocks: company profiles and annual filings

American Tower Corporation (AMT)

American Tower is a real-estate investment trust that owns and leases wireless communications towers to mobile carriers around the world. Long-term leases with built-in escalators provide durable, recurring rent.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-24

BXP, Inc. (BXP)

BXP owns and develops premier office properties in major US gateway cities.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-27

Equinix, Inc. (EQIX)

Equinix operates a global network of data centers where enterprises and cloud providers interconnect their networks. Rising demand for AI and cloud computing supports the growth of its interconnection business.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-11

Prologis, Inc. (PLD)

Prologis is the largest owner and operator of logistics and warehouse real estate, leasing space near major population and transport hubs. Its portfolio is a direct beneficiary of e-commerce and supply-chain investment.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-13

Public Storage (PSA)

Public Storage is the largest owner and operator of self-storage facilities in the United States. Its flexible month-to-month leases let it reprice rents quickly as demand shifts.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-12

Realty Income Corporation (O)

Realty Income is a net-lease REIT that owns thousands of single-tenant retail and commercial properties leased under long-term agreements. It is known among income investors for its monthly dividend payments.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-25

Simon Property Group, Inc. (SPG)

Simon Property Group is the largest US owner of shopping malls and premium outlet centers. It has focused its portfolio on top-tier properties and mixed-use redevelopment to counter pressure on traditional retail.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-25

UDR, Inc. (UDR)

UDR owns and operates apartment communities across US metropolitan markets.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-17

Ventas, Inc. (VTR)

Ventas is a healthcare REIT owning senior housing, medical offices, and research facilities.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-06

Welltower Inc. (WELL)

Welltower is a healthcare REIT that owns senior housing, medical offices, and outpatient facilities.

Fiscal year end in SEC snapshot
December 31
Annual report period end
2025-12-31
10-K filed 2026-02-12

Compare companies in this industry

AMT vs ARE

Compare American Tower Corporation and Alexandria Real Estate Equities, Inc.: business context, fiscal calendars and official filings.

AMT vs AVB

Compare American Tower Corporation and AvalonBay Communities, Inc.: business context, fiscal calendars and official filings.

AMT vs BXP

Compare American Tower Corporation and BXP, Inc.: business context, fiscal calendars and official filings.

AMT vs CCI

Compare American Tower Corporation and Crown Castle Inc.: business context, fiscal calendars and official filings.

AMT vs CPT

Compare American Tower Corporation and Camden Property Trust: business context, fiscal calendars and official filings.

AMT vs DLR

Compare American Tower Corporation and Digital Realty Trust, Inc.: business context, fiscal calendars and official filings.

AMT vs DOC

Compare American Tower Corporation and Healthpeak Properties, Inc.: business context, fiscal calendars and official filings.

AMT vs EQIX

Compare American Tower Corporation and Equinix, Inc.: business context, fiscal calendars and official filings.

Research on reit companies

Total Return vs. Dividend Yield: What Investors MissFree research

Sources and method

Industry codes and annual filing references come from the SEC submissions snapshot linked to each issuer in our company catalog (snapshot ; newer filings may exist). Only groups with at least three distinct issuers, business descriptions and annual filing links are included. Multiple share classes of one issuer count as one company. This is a coverage directory, not a complete industry census or a ranking of investments.

The industry explanation above is editorial and general; it is not drawn from any single company's filing. Company-specific figures are on each stock page with a link to the filing they come from.

SEC Standard Industrial Classification code list explains the classification system. Read our research methodology or browse all industry directories.

What do the real estate investment trusts numbers leave unanswered?

Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.

Members-only research

Get this month’s call for $39

$39/mo or $249/yr · cancel future renewals anytime · sources included