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REITs
Alle Analysen in REITs — 29 Analysen.
37/100
67Buffett
Gaming and Leisure Properties: AFFO Rose 10.1% While the Stock De-Rated to 9.8x, and PENN Still Writes 54.7% of the Rent
Gaming and Leisure Properties is a triple-net gaming REIT that owns and finances 71 regional U.S. casino and related facilities, collecting contractually senior rent while the operators carry almost every property-level cost. Q2 2026 AFFO rose 10.1% to USD 304.0m and management raised full-year guidance to USD 4.10–4.12 per share and unit, yet the stock fell to USD 40.24, a 9.79x P/AFFO and an 8.15% dividend yield far outside its 2023–25 valuation center. Rating Hold: the yield is paying for genuine duration and tenant-concentration risk, with PENN alone writing 54.7% of cash rent, and USD 40.24 still sits above the conservative value range of USD 36–39.
44/100
71Buffett
Lamar Advertising: A 6.1% Organic Quarter and 2.9x Leverage, but 17.2x AFFO Leaves No Margin of Safety
Lamar Advertising is an outdoor-advertising REIT that owns about 159,300 billboard displays across the United States and monetizes scarce permitted locations rather than producing creative work, with roughly 77% to 79% of revenue coming from local advertisers. Second-quarter 2026 revenue rose 6.5% to $616.7 million while acquisition-adjusted revenue rose 6.1%, so the acceleration was organic rather than bought; adjusted EBITDA margin reached a company-record 49.2%, management raised 2026 AFFO guidance to $8.75 to $8.90 a share, and net leverage of 2.9x sits well below the stated 3.5 to 4.0x target. Rating Hold: at $151.98 the shares trade at about 17.2x guided AFFO for a 5.81% yield against a 4.66% ten-year Treasury, inside the $145 to $165 acceptable-hold band but far above the $95 to $100 ideal buy range, so no conservative margin of safety exists.
42/100
40Buffett
Federal Realty Investment Trust: A Deep-Dive Research Report from a Long-Term Business Owner's Perspective
Federal Realty Investment Trust is a high-quality U.S. open-air retail REIT with scarce locations, disciplined dividends, and a long operating record. Its asset quality and leasing momentum are strong, but at about 15.9x forward FFO and a 3.8% dividend yield below Treasuries, the current price leaves limited margin of safety, with a fair buy range of USD 85-100. Report rating Watch: a durable compounder worth tracking, but not yet cheap enough for a conservative new position.
39/100
Camden Property Trust: A Value-Investing Deep Dive
Camden is a U.S. Sunbelt apartment REIT with real cash flow, a sound balance sheet, and A-/A3/A- credit ratings. The core thesis is that asset quality and disciplined management are offset by a narrow moat, negative same-store NOI, and a current price of USD 106.56 that sits close to fair value with limited margin of safety. Research rating Watch: a solid apartment REIT worth tracking, with a fair buy zone around USD 80 to USD 90.
39/100
48Buffett
UDR Deep Value Investment Research
UDR is a U.S. multifamily apartment REIT with diversified assets, investment-grade credit, and steady operating execution. The core thesis is that its moat is a combination of location, scale, and low financing cost rather than a brand monopoly, while the current price of about $36.91 sits near the lower end of a reasonable intrinsic value range without a sufficient margin of safety. Research rating Watch: a sound business, but the preferred buying range is $30-34.
39/100
Regency Centers In-Depth Value Investment Research
Regency Centers is a U.S. grocery-anchored, open-air neighborhood and community shopping center REIT with e-commerce-resistant demand, A-/A3 credit ratings, and steady same-property growth. The core thesis is that this is a high-quality, understandable business, but at roughly $77 the stock is already near the upper end of fair value at about 16.8x forward operating earnings, leaving too little margin of safety. Report rating Watch: a durable compounder to track closely, with an ideal entry range of $58-$68.
40/100
Weyerhaeuser In-Depth Value Investment Research
One of North America's largest timberland and wood-products platforms, Weyerhaeuser controls about 10.4 million acres of U.S. timberlands and owns high-quality assets, but Wood Products remains commodity-like, highly cyclical, and weak in pricing power. The business is understandable and its cash flow is real, yet volatility is substantial; at about $24.51 per share, the stock sits within a reasonable intrinsic-value range but trades above the conservative range, leaving no obvious margin of safety. Research rating Watch: a high-quality real-asset platform worth tracking, with an ideal buy range of $17 to $20.
39/100
Mid-America Apartment Communities Deep Value Investment Research
Mid-America Apartment Communities is a U.S. Sun Belt multifamily REIT with owned-and-operated apartments, diversified recurring revenue, and a solid asset base and balance sheet, though its moat is not especially deep. At roughly $129 per share, the stock implies a conservative owner earnings multiple of about 21-22x and a 4.5%-4.8% yield, close to the 10-year U.S. Treasury yield, leaving an insufficient margin of safety. Research rating Watch: a good company that deserves long-term tracking, but the ideal buy range is $95-110.
36/100
26Buffett
Host Hotels & Resorts Deep Value Investment Research
Host Hotels & Resorts is the largest publicly traded upscale hotel REIT in the United States and the only investment-grade name in the category. Its asset quality and capital allocation are solid, but the business remains highly cyclical, capital intensive, and only moderately protected by moat-like advantages. Research rating Watch: at about $22.98, the stock sits near the middle of a fair intrinsic-value range, with limited margin of safety and a preferred buy zone of $18-20.
40/100
Kimco Realty Deep Value Investment Research
The largest open-air, grocery-anchored community shopping center REIT in the United States, with stable rental cash flow, a strong balance sheet, and a moderately strong moat. The business is understandable and good-quality, but at a current share price of about $24 and roughly 13x forward FFO, the stock trades at a premium to conservative intrinsic value and lacks a sufficient margin of safety. Research rating Watch: a sound REIT to keep high on the watchlist, with an ideal entry range of $18-21.
39/100
Invitation Homes Deep Value Investment Research
Invitation Homes is a U.S. single-family rental REIT that wholly owns and manages more than 109,000 homes. Its scale, operating system, and financing advantages are real, but the business remains sensitive to rates and costs, with only mid-speed growth. Research rating Watch: at about $29 and 17.8x AFFO, the stock looks roughly fair to slightly expensive, with insufficient margin of safety and an ideal buy range of $20 to $24.
45/100
53Buffett
SBA Communications Value Investing Analysis
A U.S. and overseas macro-tower leasing REIT; site leasing accounts for 97.9% of segment operating profit and the moat is real, but at the current $204.62 there is no margin of safety; neutral intrinsic value is about $188, ideal buy $150–170, rating Watch.
40/100
Equity Residential Deep Value Investment Research
A core U.S. coastal apartment REIT with high-quality assets and steady cash flow; the AVB merger has already been announced. Rating: Watch — the current price of $66 is close to fair value with a thin margin of safety, with an ideal buy range of $56-61.
46/100
VICI Properties Experiential Real Estate REIT Long-Term Research
VICI Properties is a U.S. and Canadian experiential real estate REIT owning landmark gaming properties leased to Caesars, MGM, Venetian, and other operators under ultra-long triple-net leases. At $28.63, the stock trades at roughly 11.7x 2026 AFFO with a dividend yield of about 6.3%, while the ideal buy range is $25-29. Research rating Cautious Buy: a high-quality, high-visibility income asset, but tenant concentration and capital-allocation risks require price discipline.
40/100
Extra Space Storage: A Long-Term Owner's View of a Self-Storage Platform REIT
America's largest self-storage management company; 2026Q1 same-store NOI grew +1.2%, recovering from a period of supply pressure. The 4.5% dividend yield roughly matches the 10-year Treasury, and the current price of $144 sits in the middle-to-upper portion of the fair value range; the fair buy range is $110-125.
47/100
57Buffett
Iron Mountain Deep Dive: A Hybrid REIT with High Retention, High Leverage, and High Capital Spending
Iron Mountain is repositioning from an archive leader into a hybrid data center and ALM REIT, with 98% customer retention and a 51.8% data center margin that point to solid business quality. The core thesis is that the legacy records business remains sticky while growth increasingly depends on capital-intensive data center execution. Research rating Watch: a durable business, but negative $1.0 billion GAAP FCF, 4.8x leverage, and a current price near $128 leave limited margin of safety; the ideal buy range is $85-100.
41/100
Ventas: A Value Investing Deep Dive
A U.S. healthcare and senior housing REIT with 1,409 properties; SHOP same-store NOI grew +15.4% year over year with occupancy at 90.4%. On a conservative Owner Earnings basis the yield is only 3.4%, and the current $88.37 sits at the upper edge of the optimistic range.
42/100
Realty Income: A Deep Value-Investing Study
The world's sixth-largest REIT, with 15,571 properties and a 98.9% occupancy rate. At roughly $62 the stock sits in the upper-middle of its fair-value range, above the $48-55 ideal buy zone; quality is high but the margin of safety is thin. Rating Watch: the issue is not the company's quality but its price.
45/100
78Buffett
Public Storage: An In-Depth Value-Investing Analysis
The largest U.S. self-storage REIT, with 3,176 facilities; at about $305 the market has already priced in its high quality, with an implied cap rate of roughly 4.5%, so the rating is Watch and the ideal buy range is $230–260.
44/100
Digital Realty: An In-Depth Value Investing Analysis
The world's leading data center REIT, with a Q1 2026 backlog of $1.8 billion, 1,169MW under construction, and 61% pre-leased; but at a current 23.9x 2026 Core FFO, a conservative 32.8x Owner Earnings multiple, and a 2.54% dividend yield below the 4.555% 10-year Treasury, this is a good business at a not-good-enough price. Ideal buy $135-155; at the current $192 the margin of safety is insufficient. Rating: Watch.
45/100
76Buffett
Simon Property Group: A Long-Term Owner's Perspective
The largest high-quality retail real estate REIT in the U.S., rated A/A3 with 93.8% fixed-rate debt and 96% occupancy; at the current $204.41 the stock sits in the upper-middle of its fair-value range, and its 4.4% dividend yield is actually below the 10Y Treasury, leaving a thin margin of safety, so we assign a Hold rating.
46/100
51Buffett
Equinix Long-Term Owner's Perspective Research
Equinix is a global neutral data center REIT, with recurring revenue accounting for 94.8% of 2025 revenue and more than 500,000 interconnections. The core thesis is that it is a high-quality platform with real cash-generation capacity, but reported FCF remains pressured by expansionary capital expenditure, the forward AFFO multiple is about 25.3x, the dividend yield is 1.9% and below Treasuries, and the ideal buy range is USD 700-850. Rating Watch: a durable compounder, but the current margin of safety is not obvious.
43/100
Prologis: A Long-Term Owner's Perspective
The world's leading logistics real estate REIT: 1.3 billion square feet, $235 billion in AUM, 4.8x leverage, and 2025 AFFO of $4.335 billion. At the current price of $145.90 the stock already sits in the optimistic value band, with an owner earnings yield of just 3.0%, below the 10Y Treasury, leaving an insufficient margin of safety.
47/100
Welltower: A Long-Term Owner's Perspective
Welltower is a senior housing and healthcare real estate platform positioned for aging-driven demand. The core issue is valuation: at $216.17 and roughly 34x P/NFFO, the market has already paid for an optimistic long-term scenario, while the failed 2026 say-on-pay vote warrants governance monitoring. Research rating Watch: a high-quality compounder worth following, but current pricing leaves limited margin of safety.
35/100
BXP: A Deep Value Investment Analysis
A gateway-city Class A office REIT. At $60.29, the stock trades at 8.87x Price/FFO, 1.86x PB, and a 4.64% dividend yield. Asset quality is better than the industry average, but a demand re-rating plus heavy capex still pressure free cash flow. Rating Watch: a high-quality asset base in a headwind industry, priced fairly rather than cheaply; ideal buy price $40–48.
41/100
Crown Castle: A Deep Value-Investing Analysis
The only publicly listed pure-play tower-asset REIT in the U.S.; completed the Fiber / Small Cell divestiture on 2026-05-01. At $91.46 / a $39.97 billion market cap, deleveraging + re-rating expectations are already partly priced in; fair range $75–90, ideal buy $70–80. Rating: Watch.
40/100
AvalonBay Communities Apartment REIT and Merger Research
AvalonBay is a high-barrier regional apartment REIT with 2025 Core FFO of $11.24/share; on 2026-05-21 it announced a stock-for-stock merger of equals with EQR (2.793 EQR shares per AVB share). Rating Watch: the current price of $185.65 sits right at the implied exchange parity of $184.90, leaving no Buffett-style margin of safety.
45/100
78Buffett
American Tower: Long-Term Value Study of a Communications-Tower REIT
AMT is the world's leading communications-tower REIT, trading at a forward P/AFFO of 16.8x, EV/EBITDA of 16.9x, and net leverage of 4.9x. At the current $183.85 it sits in the middle of its fair-value range, a fair price rather than an undervalued one, lacking a 20-25% margin of safety. Rating: Watch.
34/100
Kilroy Realty Corporation: A Value Investing Deep Dive
A high-quality West Coast office and life science REIT in the United States, with real cash flow and a dividend yield near 6.5%, but occupancy below 80% and unrelenting industry headwinds leave today's price without a margin of safety. Rating Watch: a genuine landlord whose recovery is not yet certain enough, and whose current price is reasonable-to-low rather than clearly mispriced.