REITs
All research in REITs — 11 reports.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.