2022 REITs List | See All 208 Now | Yields Up To 22.9%

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2022 REITs List | See All 208 Now | Yields Up To 22.9%

Updated on November 3rd, 2022 by Bob Ciura
Spreadsheet data updated daily

Real estate investment trusts – or REITs, for short – can be fantastic securities for generating meaningful portfolio income. REITs widely offer higher dividend yields than the average stock.

While the S&P 500 Index on average yields less than 2% right now, it is relatively easy to find REITs with dividend yields of 5% or higher.

The following downloadable REIT list contains a comprehensive list of U.S. Real Estate Investment Trusts, along with metrics that matter including:

You can download your free 200+ REIT list (along with important financial metrics like dividend yields and payout ratios) by clicking on the link below:


In addition to the downloadable Excel sheet of all REITs, this article discusses why income investors should pay particularly close attention to this asset class. And, we also include our top 7 REITs today based on expected total returns.

Table Of Contents

In addition to the full downloadable Excel spreadsheet, this article covers our top 7 REITs today, as ranked using expected total returns from The Sure Analysis Research Database.

The table of contents below allows for easy navigation.

How To Use The REIT List To Find Dividend Stock Ideas

REITs give investors the ability to experience the economic benefits associated with real estate ownership without the hassle of being a landlord in the traditional sense.

Because of the monthly rental cashflows generated by REITs, these securities are well-suited to investors that aim to generate income from their investment portfolios. Accordingly, dividend yield will be the primary metric of interest for many REIT investors.

For those unfamiliar with Microsoft Excel, the following images show how to filter for REITs with dividend yields between 5% and 7% using the ‘filter’ function of Excel.


Step 1: Download the Complete REIT Excel Spreadsheet List at the link above.

Step 2: Click on the filter icon at the top of the ‘Dividend Yield’ column in the Complete REIT Excel Spreadsheet List.

REIT Landing Page Excel Document 1

Step 3: Use the filter functions ‘Greater Than or Equal To’ and ‘Less Than or Equal To’ along with the numbers 0.05 ad 0.07 to display REITs with dividend yields between 5% and 7%.

This will help to eliminate any REITs with exceptionally high (and perhaps unsustainable) dividend yields.

Also, click on ‘Descending’ at the top of the filter window to list the REITs with the highest dividend yields at the top of the spreadsheet.

REIT Landing Page Excel Document 2

Now that you have the tools to identify high-quality REITs, the next section will show some of the benefits of owning this asset class in a diversified investment portfolio.

Why Invest in REITs?

REITs are, by design, a fantastic asset class for investors looking to generate income.

Thus, one of the primary benefits of investing in these securities is their high dividend yields.

The currently high dividend yields of REITs is not an isolated occurrence. In fact, this asset class has traded at a higher dividend yield than the S&P 500 for decades.

Related: Dividend investing versus real estate investing.

The high dividend yields of REITs are due to the regulatory implications of doing business as a real estate investment trust.

In exchange for listing as a REIT, these trusts must pay out at least 90% of their net income as dividend payments to their unitholders (REITs trade as units, not shares).

Sometimes you will see a payout ratio of less than 90% for a REIT, and that is likely because they are using funds from operations, not net income, in the denominator for REIT payout ratios (more on that later).

REIT Financial Metrics

REITs run unique business models. More than the vast majority of other business types, they are primarily involved in the ownership of long-lived assets.

From an accounting perspective, this means that REITs incur significant non-cash depreciation and amortization expenses.

How does this affect the bottom line of REITs?

Depreciation and amortization expenses reduce a company’s net income, which means that sometimes a REIT’s dividend will be higher than its net income, even though its dividends are safe based on cash flow.

Related: How To Value REITs

To give a better sense of financial performance and dividend safety, REITs eventually developed the financial metric funds from operations, or FFO.

Just like earnings, FFO can be reported on a per-unit basis, giving FFO/unit – the rough equivalent of earnings-per-share for a REIT.

FFO is determined by taking net income and adding back various non-cash charges that are seen to artificially impair a REIT’s perceived ability to pay its dividend.

For an example of how FFO is calculated, consider the following net income-to-FFO reconciliation from Realty Income (O), one of the largest and most popular REIT securities.

Source: Realty Income Annual Report

In 2021, net income was $359 million while FFO available to stockholders was above $1.4 billion, a sizable difference between the two metrics. This shows the profound effect that depreciation and amortization can have on the GAAP financial performance of real estate investment trusts.

The Top 7 REITs Today

Below we have ranked our top 7 REITs today based on expected total returns.

Expected total returns are in turn made up from dividend yield, expected growth on a per unit basis, and valuation multiple changes. Expected total return investing takes into account income (dividend yield), growth, and value.

Note: The REITs below have not been vetted for safety. These are high expected total return securities, but they may come with elevated risks.

We encourage investors to fully consider the risk/reward profile of these investments.

For the Top 10 REITs each month with 4%+ dividend yields, based on expected total returns and safety, see our Top 10 REITs service.

Top REIT #7: Office Properties Income Trust (OPI)

Office Properties Income Trust owns 178 buildings, which are primarily leased to single tenants with high credit quality. The REIT’s portfolio currently has a 94.3% occupancy rate and an average building age of 17 years. The U.S. Government is the largest tenant of OPI, as it represents 20% of the annual rental income of the REIT.

Source: Investor Presentation

In late July, OPI reported (7/28/2022) financial results for the second quarter of fiscal 2022. The occupancy rate grew sequentially from 91.2% to 94.3% thanks to strong leasing activity and asset sales. Normalized funds from operations (FFO) per share grew 6% over the prior year’s quarter, from $1.15 to $1.22.

OPI generates 64% of its annual rental income from investment-grade tenants. This is one of the highest percentages of rent paid by investment-grade tenants in the REIT sector. Moreover, U.S. Government tenants generate about 20% of total rental income and no other tenant accounts for more than 4% of annual income. This exceptional credit profile constitutes a meaningful competitive advantage.

On the other hand, OPI has greatly increased its debt load after its latest acquisition. Its net debt is excessive, as it stands at $2.4 billion, which is about 11 times the annual funds from operations and 2.5 times as much as the current market capitalization of the REIT. Fortunately, OPI is in the process of selling assets and hence it is likely to drive its leverage to healthier levels in the near future.

Click here to download our most recent Sure Analysis report on OPI (preview of page 1 of 3 shown below):

Top REIT #6: Innovative Industrial Properties (IIPR)

Innovative Industrial Properties, Inc. is a single-use “specialty REIT” that exclusively focuses on owning properties used for the cultivation and production of marijuana. Because the industry is in the midst of a legal transition, there are constraints on capital available to businesses engaged in the marijuana business.

Related: The Best Marijuana Stocks: List of 100+ Marijuana Industry Companies

The ongoing legalization of cannabis in the US has led to stunning returns and portfolio growth. The $2.8 billion REIT owns 110 properties in 19 states. Amid the cannabis boom over the past few years, as well as its exclusivity in terms of the listing giving the trust access to public markets, Innovate Industrial Properties remains one of the fastest-growing REITs in the world.

Source: Investor Presentation

On March 14th, 2022, Innovative Industrial increased its dividend by 16.7% to a quarterly rate of $1.75. The 16.7% increase compares to the previous quarter. Year-over-year, it implies an increase of 32.5%.

On August 3rd, 2022, Innovative Industrial announced its Q2 earnings for the period ending June 30th, 2022. For the quarter, revenues and normalized AFFO/share were $70.5 million and $2.14, an increase of 44.1%, and 30.4%, respectively. The company delivered another quarter of very high growth, with another four acquisitions completed during the quarter. Contractual rental escalations at certain properties also boosted results.

As of May 4th, 100% of IIPR’s properties were leased with a weighted-average remaining lease term of approximately 16 years, close to the previous quarter, which is once again very impressive. With its tenants enjoying resilient marijuana demand amid growing consumption, the company collected 99% of its contractual rent due for Q2.

Click here to download our most recent Sure Analysis report on IIPR (preview of page 1 of 3 shown below).

Top REIT #5: Safehold Inc. (SAFE)

Safehold is a ground lease real estate investment trust that engages in long-term sale and leasebacks of land underneath commercial properties across the United States and is the only REIT focused entirely on ground leases to support real estate investment and development. On August 03, Safehold released second-quarter results. Q2 earnings per share increased 32% to $0.37 year-over-year.

Revenue increased 47% to $64.9 million year-over-year. During the quarter, During the second quarter, Safehold closed $381 million of new originations, making the total portfolio to $5.9 billion. The company’s portfolio generated annualized in-place cash rent of $178 million with an annualized yield of 5.1% and an inflation-adjusted yield of 5.6%. The company also reported increase in UCA by an estimated $543 million in Q2, making the total UCA to an estimated $9.9 billion.

With a robust leasing momentum, occupancy stood at 99.3% at the end of Q2, retaining its sky-high levels sequentially. The company’s properties also featured a weighted average remaining lease term of around 22.7 years at the end of the quarter. This further illustrates tenants’ desire to secure long-term leases on their logistics properties.

Click here to download our most recent Sure Analysis report on SAFE (preview of page 1 of 3 shown below):

Top REIT #4: SL Green Realty (SLG)

SL Green Realty Corp was formed in 1980. It is an integrated real estate investment trust (REIT) that is focused on acquiring, managing, and maximizing the value of Manhattan commercial properties. It is Manhattan’s largest office landlord, and currently owns 73 buildings totaling 35 million square feet.

It is Manhattan’s largest office landlord, and currently owns 73 buildings totaling 35 million square feet.

Source: Investor Presentation

In mid-October, SLG reported (10/19/2022) financial results for the third quarter of fiscal 2022. Its occupancy rate edged up from 92.0% at the end of the previous quarter to 92.1%, but its same-store net operating income dipped -0.5% over the prior year’s quarter.

Given also the negative effect of some assets sales, its funds from operations (FFO) per share decreased -7% over the prior year’s quarter, from $1.78 to $1.66. The REIT exceeded the analysts’ consensus by $0.01. During the quarter, SLG signed 32 Manhattan office leases for a total of 930,232 square feet.

We expect annual returns of 23.9% going forward, comprised of 5% expected earnings growth, the 9.5% dividend yield, and a significant boost from an expanding P/FFO multiple.

Click here to download our most recent Sure Analysis report on SLG (preview of page 1 of 3 shown below):

Top REIT #3: Uniti Group (UNIT)

Uniti Group focuses on acquiring, constructing, and leasing out communications infrastructure in the United States. In particular, it owns millions of miles of fiber strand along with other communications real estate. In its recent past it has faced challenges due to its largest tenant filing for bankruptcy and renegotiating its lease with Uniti. However, the REIT is now on firmer footing and is pursuing growth opportunities.

Source: Investor Presentation

On August 4th, Uniti Group reported Q2 results. AFFO per share increased 11.3% to $0.44 year-over-year. Net income stood at $0.21 per diluted share, up by 8.3% per diluted share year-over-year. Revenue grew 5.9% to $283.98 million year-over-year. Adjusted EBITDA increased 5.3% to $227.2 million from $215.7 million in the year-ago period. Uniti reported total costs and expenses of $225.7 million, up from $214.0 million in the year-ago period.

Moreover, unrestricted cash and cash equivalents, and undrawn borrowing availability under its revolving credit agreement stood at ~$361.4 million at quarter-end. Meanwhile, the company raised its FY2022 adjusted EBITDA guidance to $887 million to $905 million, and 2022 revenue to $1.12 billion to $1.14 billion.

Click here to download our most recent Sure Analysis report on UNIT (preview of page 1 of 3 shown below):

Top REIT #2: AGNC Investment Corp. (AGNC)

American Capital Agency Corp was founded in 2008, and is a mortgage real estate investment trust that invests primarily in agency mortgage-backed securities (or MBS) on a leveraged basis.

The firm’s asset portfolio is comprised of residential mortgage pass-through securities, collateralized mortgage obligations (or CMO), and non-agency MBS. Many of these are guaranteed by government sponsored enterprises.

The majority of American Capital’s investments are fixed rate agency MBS. Most of these are MBS with a 30-year maturity period. AGNC derives nearly all its revenue in the form of interest income. It currently generates $1.2 billion in annual net revenue.

You can see an overview of the company’s second-quarter report in the image below:

Source: Investor Presentation

AGNC reported its Q2 2022 results on July 25, 2022. Q2 net spread and dollar roll income per share stood at 83 cents, up from 72 cents sequentially. Tangible net book value stood at $11.43 as of June 30, 2022. Economic return on tangible common equity stood at -10.1% compared to -14.4% sequentially. AGNC also reported a net loss per common share of $(0.87). The company’s investment portfolio as of June 30, 2022, stood at $61.3 billion.

Furthermore, the trust at an average repurchase price of $10.78 per share repurchased 4.7 million common shares. Meanwhile, cash and unencumbered agency MBS amounted approximately $2.8 billion at quarter end

We expect 27.1% annual returns for AGNC, made up of the 17.6% dividend yield, negative EPS growth of -0.9%, and a ~10.4% boost from a rising P/FFO multiple.

Click here to download our most recent Sure Analysis report on AGNC (preview of page 1 of 3 shown below):

Top REIT #1: Medical Properties Trust (MPW)

Medical Properties Trust is the only pure-play hospital REIT today. It owns a well-diversified portfolio of over 400 properties which are leased to over 30 different operators. The great majority of the assets are general acute care hospitals, but show some diversification into other specialty hospitals, including inpatient rehabilitation and long-term acute care.

The portfolio of assets is also well diversified across different geographies with properties in 29 states to mitigate the risk of demand and supply imbalances in individual markets. On top of its US portfolio, Medical Properties maintains a strategic exposure to key European markets, including Germany, the UK, Italy, and Australia.

Medical Properties reported Q2 results on August 3rd, 2022. Net income for the quarter stood at $0.32, up from $0.19 in the year-ago period. Normalized funds from operations (NFFO) came in at $0.46, up from $0.43 cents in the year-ago quarter. The company also reported that it has acquired three radiotherapy facilities in Spain for €27 million in May, signed an agreement to develop a behavioral health facility in McKinney, Texas in July, and acquired a hospital in Colombia for $26 million in late July.

Moreover, the company also amended its credit facility during the quarter updating the capacity to $2.0 billion and extending the revolver maturity dates and term loan to June 2026 and June 2027, respectively. Meanwhile, the trust still expects 2022 normalized funds from operations per share of $1.78 to $1.82, while 2022 net income of $1.88 to $1.92. Finally, revenue increased 4.8% to $400.22 million.

Click here to download our most recent Sure Analysis report on MPW (preview of page 1 of 3 shown below):

Final Thoughts

The REIT Spreadsheet list in this article contains a list of publicly-traded Real Estate Investment Trusts.

However, this database is certainly not the only place to find high-quality dividend stocks trading at fair or better prices.

In fact, one of the best methods to find high-quality dividend stocks is looking for stocks with long histories of steadily rising dividend payments. Companies that have increased their payouts through many market cycles are highly likely to continue doing so for a long time to come.

You can see more high-quality dividend stocks in the following Sure Dividend databases, each based on long streaks of steadily rising dividend payments:

Alternatively, another great place to look for high-quality business is inside the portfolios of highly successful investors. By analyzing the portfolios of legendary investors running multi-billion dollar investment portfolios, we are able to indirectly benefit from their million-dollar research budgets and personal investing expertise.

To that end, Sure Dividend has created the following two articles:

You might also be looking to create a highly customized dividend income stream to pay for life’s expenses.

The following lists provide useful information on high dividend stocks and stocks that pay monthly dividends:


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