Updated weekly on Wednesdays
Real estate investment trusts – or REITs, for short – can be fantastic securities for generating meaningful portfolio income.
The following downloadable REIT list contains a comprehensive list of U.S. real estate investment trusts along with metrics that matter, including:
- Stock price
- Dividend yield
- Market capitalization
- 5-year beta
You can view a preview of our REIT spreadsheet below:
|Ticker||Name||Price||Dividend Yield||Market Cap ($M)||P/E Ratio||Payout Ratio|
|AAT||American Assets Trust Inc.||36.49||2.9||1,742.0||17.6||51.6|
|ABR||Arbor Realty Trust||11.84||8.4||896.4||11.2||93.9|
|ACC||American Campus Communities Inc||40.22||4.6||5,500.3||17.6||80.5|
|ACRE||Ares Commercial Real Estate Corporation||14.07||8.2||405.5||10.7||87.5|
|ADC||Agree Realty Corporation||53.37||4.0||1,874.8||18.9||76.4|
|AHT||Ashford Hospitality Trust Inc||5.59||8.5||558.1||4.5||38.2|
|AIV||Apartment Investment and Management Company||42.76||3.5||6,775.6||17.3||61.1|
|AJX||Great Ajax Corp.||13.07||9.2||246.6||8.8||80.4|
|AKR||Acadia Realty Trust||27.22||3.9||2,240.5||19.3||75.8|
|AMH||American Homes 4 Rent of Beneficial Interest||20.77||1.0||6,136.5||20.2||19.5|
|AMT||American Tower Corporation (REIT)||144.73||2.2||64,225.3||20.8||45.2|
|ANH||Anworth Mortgage Asset Corporation||4.42||12.6||437.8|
|APLE||Apple Hospitality REIT Inc.||16.50||7.2||3,816.9||9.5||69.1|
|APTS||Preferred Apartment Communities Inc.||17.15||5.9||694.7||11.5||67.7|
|ARE||Alexandria Real Estate Equities Inc.||122.22||3.0||13,055.7||19.4||58.5|
|ARI||Apollo Commercial Real Estate Finance Inc||18.78||9.8||2,506.5||11.4||111.2|
|ARR||ARMOUR Residential REIT Inc.||21.05||10.8||890.3||10.5||113.4|
|AVB||AvalonBay Communities Inc.||175.15||3.3||24,345.8||19.8||66.2|
|BDN||Brandywine Realty Trust||14.46||4.9||2,620.1||10.8||53.0|
|BFS||Saul Centers Inc.||53.07||3.9||1,186.7||17.6||69.5|
|BHR||Braemar Hotels & Resorts Inc.||10.54||6.1||340.9||6.3||38.3|
|BRT||BRT Apartments Corp. (MD)||11.56||6.9||182.3||11.9||81.9|
|BRX||Brixmor Property Group Inc.||15.56||7.0||4,727.0||7.6||53.2|
|BXMT||Blackstone Mortgage Trust Inc.||32.95||7.4||3,939.6||12.9||96.2|
|BXP||Boston Properties Inc.||116.76||3.2||18,224.6||19.0||61.3|
|CBL||CBL & Associates Properties Inc.||3.43||22.7||607.8||1.8||40.2|
|CCI||Crown Castle International Corp. (REIT)||105.85||3.9||44,346.4||20.9||82.0|
|CDR||Cedar Realty Trust Inc.||4.04||4.9||370.3||6.7||33.2|
|CHCT||Community Healthcare Trust Incorporated||29.02||5.6||523.6||19.7||110.5|
|CHMI||Cherry Hill Mortgage Investment Corporation||17.69||11.0||281.7||8.4||92.3|
|CHSP||Chesapeake Lodging Trust of Beneficial Interest||29.41||5.4||1,805.2||13.0||69.4|
|CIM||Chimera Investment Corporation||17.41||11.5||3,255.8||7.2||83.0|
|CIO||City Office REIT Inc.||11.70||7.9||428.2||11.3||89.2|
|CLDT||Chatham Lodging Trust (REIT) of Beneficial Interest||19.59||6.7||910.2||9.7||64.8|
|CLI||Mack-Cali Realty Corporation||20.00||4.0||1,821.6||9.9||39.3|
|CMO||Capstead Mortgage Corporation||7.49||5.9||694.7|
|COR||CoreSite Realty Corporation||102.98||4.0||3,580.9||21.3||84.5|
|CORR||CorEnergy Infrastructure Trust Inc.||36.21||8.2||437.3||9.5||77.6|
|CPT||Camden Property Trust||91.28||3.3||8,536.1||19.7||66.0|
|CTT||CatchMark Timber Trust Inc. Class A||9.81||5.4||490.7||-29.7||-160.7|
|CUZ||Cousins Properties Incorporated||8.36||3.1||3,560.7||13.9||42.7|
|CXP||Columbia Property Trust Inc.||21.88||3.6||2,596.6||16.0||58.0|
|DCT||DCT Industrial Trust Inc||66.28||2.2||6,243.9||26.5||57.6|
|DEA||Easterly Government Properties Inc.||18.33||5.6||1,115.3||14.8||83.2|
|DEI||Douglas Emmett Inc.||36.89||2.7||6,314.2||18.7||50.4|
|DLR||Digital Realty Trust Inc.||110.23||3.7||23,749.2||17.4||64.0|
|DOC||Physicians Realty Trust of Beneficial Interest||16.59||5.6||3,016.6||15.5||86.1|
|DRE||Duke Realty Corporation||27.27||2.9||9,814.2||22.0||64.0|
|DRH||Diamondrock Hospitality Company||10.55||4.7||2,232.2||10.7||49.6|
|DX||Dynex Capital Inc.||5.95||12.1||342.8||7.4||89.8|
|EARN||Ellington Residential Mortgage REIT of Beneficial Interest||10.75||13.8||136.5||7.0||96.6|
|EDR||Education Realty Trust Inc.||41.49||3.8||3,344.3||22.2||83.4|
|EGP||EastGroup Properties Inc.||93.15||3.1||3,348.6||20.7||63.5|
|ELS||Equity Lifestyle Properties Inc.||93.87||2.3||8,409.1||25.2||58.8|
|EQC||Equity Commonwealth of Beneficial Interest||29.32||0.0||3,591.0||40.7||0.0|
|EQR||Equity Residential of Beneficial Interest||63.95||3.4||23,710.0||19.9||66.8|
|ESRT||Empire State Realty Trust Inc. Class A||16.15||2.6||4,925.7||17.0||44.0|
|ESS||Essex Property Trust Inc.||243.33||3.0||16,163.1||19.9||60.5|
|EXR||Extra Space Storage Inc||85.78||4.0||10,974.1||19.1||75.8|
|FCPT||Four Corners Property Trust Inc.||25.83||4.3||1,628.0||18.7||79.6|
|FPI||Farmland Partners Inc.||6.29||3.2||208.1||24.2||76.4|
|FR||First Industrial Realty Trust Inc.||30.22||2.9||3,845.0||19.0||54.2|
|FRT||Federal Realty Investment Trust||121.27||3.3||8,955.7||20.1||67.2|
|GEO||Geo Group Inc (The) REIT||23.89||7.9||2,891.1||9.7||76.6|
|GMRE||Global Medical REIT Inc.||9.24||8.7||199.9||13.2||114.3|
|GNL||Global Net Lease Inc.||19.41||10.9||1,400.0||9.3||101.6|
|GPT||Gramercy Property Trust||27.48||5.5||4,418.7||13.3||72.8|
|HASI||Hannon Armstrong Sustainable Infrastructure Capital Inc.||20.59||6.4||1,121.4||19.2||122.4|
|HCFT||Hunt Companies Finance Trust Inc.||3.61||6.6||85.5||10.6||70.6|
|HHC||The Howard Hughes Corporation||116.88||0.0||5,112.8||81.7||0.0|
|HIW||Highwoods Properties Inc.||44.97||4.1||4,696.1||13.1||53.6|
|HR||Healthcare Realty Trust Incorporated||28.02||4.3||3,519.0||18.0||76.7|
|HST||Host Hotels & Resorts Inc.||19.21||4.1||14,410.8||11.2||46.0|
|HT||Hersha Hospitality Trust Class A of Beneficial Interest||19.89||5.5||796.3||9.9||54.8|
|HTA||Healthcare Trust of America Inc. Class A||25.72||4.8||5,370.9||15.5||74.2|
|INN||Summit Hotel Properties Inc.||12.32||5.7||1,324.0||9.1||51.6|
|IRET||Investors Real Estate Trust Shares of Beneficial Interest||5.43||5.1||657.3||13.6||69.0|
|IRM||Iron Mountain Incorporated (Delaware)Common Stock REIT||31.86||7.3||9,199.6||15.0||109.3|
|IVR||INVESCO MORTGAGE CAPITAL INC||14.88||11.2||1,669.1|
|JCAP||Jernigan Capital Inc.||19.40||7.1||379.5||13.5||96.2|
|KIM||Kimco Realty Corporation||15.12||7.4||6,379.7||10.1||74.6|
|KRC||Kilroy Realty Corporation||70.58||2.6||7,148.3||20.0||51.2|
|KRG||Kite Realty Group Trust||15.56||8.1||1,306.1||7.7||62.4|
|LADR||Ladder Capital Corp Class A||17.54||7.4||1,947.0||10.3||76.2|
|LHO||LaSalle Hotel Properties||31.81||2.8||3,551.5||13.8||38.5|
|LPT||Liberty Property Trust||40.71||3.9||6,069.2||15.2||59.2|
|LSI||Life Storage Inc.||90.43||4.4||4,252.8||16.7||73.1|
|LTC||LTC Properties Inc.||43.41||5.2||1,730.5||14.3||74.8|
|LXP||Lexington Realty Trust||7.88||9.0||1,902.4||7.8||69.8|
|MAA||Mid-America Apartment Communities Inc.||97.49||3.8||11,180.7||16.3||61.1|
|MAC||Macerich Company (The)||51.22||5.8||7,247.2||13.2||76.2|
|MFA||MFA Financial Inc.||7.06||11.3||3,180.1||9.3||104.7|
|MGP||MGM Growth Properties LLC Class A representing limited liability company interests||27.94||6.3||7,382.8||13.4||84.3|
|MNR||Monmouth Real Estate Investment Corporation Class A||15.39||4.4||1,238.2||17.5||77.2|
|MPW||Medical Properties Trust Inc.||14.57||6.9||5,308.7||10.3||70.5|
|MRT||MedEquities Realty Trust Inc.||8.75||9.4||285.5||7.3||68.4|
|NHI||National Health Investors Inc.||72.18||5.5||3,070.8||13.2||72.6|
|NLY||Annaly Capital Management Inc||9.97||3.1||13,030.4||8.2||25.8|
|NNN||National Retail Properties||44.83||4.5||7,047.3||17.0||75.9|
|NRE||NorthStar Realty Europe Corp.||13.14||4.5||660.5||14.4||65.3|
|NRZ||New Residential Investment Corp.||17.80||11.3||6,015.6||7.4||83.5|
|NSA||National Storage Affiliates Trust of Beneficial Interest||25.81||4.5||1,468.5||19.7||88.0|
|NXRT||NexPoint Residential Trust Inc.||35.03||2.8||731.6||20.0||56.8|
|NYRT||New York REIT Inc.||14.41||102.5||243.3|
|O||Realty Income Corporation||57.60||4.6||16,692.0||18.5||84.9|
|OFC||Corporate Office Properties Trust||27.93||3.9||2,906.9||13.6||53.0|
|OHI||Omega Healthcare Investors Inc.||33.05||8.0||6,647.1||10.6||84.3|
|OLP||One Liberty Properties Inc.||25.88||6.9||503.0||12.3||85.1|
|ORC||Orchid Island Capital Inc.||6.89||13.7||363.7||3.9||54.1|
|OUT||OUTFRONT Media Inc.||18.56||7.7||2,612.7||9.4||72.0|
|PEB||Pebblebrook Hotel Trust of Beneficial Interest||31.75||4.7||2,228.6||11.5||54.0|
|PEI||Pennsylvania Real Estate Investment Trust||9.13||9.1||652.4||5.7||51.4|
|PGRE||Paramount Group Inc.||14.46||2.8||3,490.1||15.9||43.8|
|PMT||PennyMac Mortgage Investment Trust of Beneficial Interest||19.23||9.8||1,174.5||14.4||140.0|
|PSB||PS Business Parks Inc.||123.37||3.4||3,398.3||19.8||66.8|
|QTS||QTS Realty Trust Inc. Class A||40.66||4.0||2,089.9||14.5||58.1|
|RASFD||RAIT Financial Trust||2.60||0.0||4.8||-0.0||0.0|
|REG||Regency Centers Corporation||62.80||3.5||10,671.1||16.7||58.9|
|REXR||Rexford Industrial Realty Inc.||31.13||2.0||2,863.5||29.6||60.3|
|RHP||Ryman Hospitality Properties Inc. (REIT)||78.26||4.3||4,029.3||13.6||58.8|
|RLJ||RLJ Lodging Trust of Beneficial Interest $0.01 par value||19.69||6.6||3,521.9||8.3||54.4|
|RPAI||Retail Properties of America Inc. Class A||11.80||5.6||2,595.1||11.7||65.5|
|RPT||Ramco-Gershenson Properties Trust||12.92||6.8||1,038.0||9.4||64.1|
|RWT||Redwood Trust Inc.||16.19||7.4||1,345.1||9.5||70.0|
|RYN||Rayonier Inc. REIT||30.61||3.5||3,997.7||31.2||109.2|
|SKT||Tanger Factory Outlet Centers Inc.||21.59||6.4||2,048.1||10.1||65.1|
|SLD||Sutherland Asset Management Corporation||16.65||9.6||533.7||9.9||95.2|
|SLG||SL Green Realty Corp||91.88||3.5||8,023.9||14.3||50.0|
|SNR||New Senior Investment Group Inc.||5.78||8.9||482.2||6.3||55.7|
|SPG||Simon Property Group Inc.||171.96||4.6||53,831.7||14.5||66.6|
|STAG||Stag Industrial Inc.||26.03||5.4||2,737.7||14.9||80.6|
|STOR||STORE Capital Corporation||28.11||4.7||5,815.2||16.2||75.8|
|STWD||STARWOOD PROPERTY TRUST INC. Starwood Property Trust Inc.||21.73||8.8||5,803.5||9.5||83.8|
|SUI||Sun Communities Inc.||98.33||2.9||8,574.0||22.8||65.1|
|TCI||Transcontinental Realty Investors Inc.||30.60||0.0||266.8|
|TCO||Taubman Centers Inc.||53.97||4.8||3,304.6||14.3||69.2|
|TIER||TIER REIT Inc.||22.47||3.2||1,156.2||14.6||46.1|
|TWO||Two Harbors Investment Corp||14.53||8.6||3,587.1||7.3||62.9|
|UBA||Urstadt Biddle Properties Inc.||19.85||5.4||797.8||14.8||79.5|
|UBP||Urstadt Biddle Properties Inc.||16.81||5.7||664.3|
|UHT||Universal Health Realty Income Trust||71.83||3.7||985.5|
|UMH||UMH Properties Inc.||14.83||4.8||555.1||22.1||106.4|
|VNO||Vornado Realty Trust||68.01||3.7||13,054.1||19.4||71.2|
|WMC||Western Asset Mortgage Capital Corporation||9.87||12.4||414.5||7.4||92.4|
|WPC||W.P. Carey Inc. REIT||64.38||6.3||6,934.6||12.2||77.3|
|WPG||Washington Prime Group Inc.||6.49||15.4||1,207.5||4.1||63.6|
|WRI||Weingarten Realty Investors||27.62||5.7||3,566.9||11.7||66.4|
|XAN||Exantas Capital Corp.||11.14||5.3||356.5||-18.9||-100.6|
|Ticker||Name||Price||Dividend Yield||Market Cap ($M)||P/E Ratio||Payout Ratio|
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.
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.
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 primarily 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.
This trend is shown below.
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).
One might think that the high payout ratios of REITs would result in inferior total return performance compared to their peers (even though they have high dividend yields).
This is not the case.
In fact through the 20-year period ending in 2016, REITS – as measured by the MSCI U.S. REIT Index – actually outperformed the broader stock market as measured by the S&P 500 Index.
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 effect 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 its cash flow.
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-FFO reconciliation from a recent earnings release of Realty Income (O), one of the largest and most popular REIT securities.
In this quarter, Realty Income’s net income per unit was $0.27 and adjusted FFO per unit was $0.76, a difference of ~181%. This shows the profound effect that depreciation and amortization can have on the GAAP financial performance of real estate investment trusts.
The Complete REIT Spreadsheet List contains a list of all 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:
- The 2017 Dividend Kings List: Dividend Stocks With 50+ Years of Rising Dividends
- The 2017 Dividend Aristocrats List: 25+ Years of Rising Dividends
- The 2017 List of All 264 Dividend Achievers
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 stock databases:
- Warren Buffett’s Top 20 Stocks
- Seth Klarman’s Top 5 High Dividend Stocks
- Joel Greenblatt’s Top 20 High Dividend Stocks
- Bill Gates’ Stock Portfolio: Every Holding Analyzed
- Prem Watsa’s Dividend Stock Portfolio: Every Holding Analyzed
You might also be looking to create a highly customized dividend income stream to pay for life’s expenses.
The following two lists provide useful information on high dividend stocks and stocks that pay monthly dividends: