Methodology
Data sources
- Financial Modeling Prep (stable API) — identity, price & market cap, dividend schedule, and GAAP financial statements for listed REITs.
- Tiingo — identity and end-of-day prices.
- SEC EDGAR earnings 8-Ks — reported FFO/AFFO per share and Net Debt / Adjusted EBITDA(re), extracted from each REIT's latest earnings release (EX-99.1). Each profile links the source. Other supplemental figures (same-store NOI, occupancy, leasing detail, tax character, fees, redemption/gating, NAV) are the next track.
How each headline number is derived
- Dividend yield uses the latest declared dividend, annualized — the most recently declared regular payout multiplied by the payment frequency (e.g. a quarterly $0.74 → $2.96/yr). One-off special / liquidating distributions are excluded, and an anomalous payout falls back to the median of recent regular payments. A dividend change that has been announced but not yet declared with an ex-date is not reflected until it is.
- FFO, AFFO and leverage are the company's reported figures, pulled from its latest earnings 8-K — never estimated from GAAP (a net-income + depreciation proxy overstates reported FFO by ignoring gains on sales). Net debt / EBITDA uses the company's reported Net Debt / Adjusted EBITDA(re) where stated; only as a fallback is a GAAP-EBITDA figure shown, explicitly marked “GAAP est.”
- Cash-flow metrics (operating cash flow per share, P/OCF, payout of OCF) are computed directly from GAAP statements and shown alongside — they are real reported figures, not estimates.
Sector classification
The standard we follow is Nareit's — the property sectors of the FTSE Nareit US Real Estate Index Series, the US industry convention. Every REIT on this site is assigned to exactly one of: Office, Industrial, Retail, Residential, Diversified, Lodging & Resorts, Health Care, Self-Storage, Timberland, Infrastructure (Nareit's tower / telecommunications sector), Data Centers, Gaming or Specialty. Mortgage REITs are broken out separately, as Nareit does, because they finance real estate rather than own it.
How a borderline REIT resolves. On Nareit's basis: the property type the company actually owns and operates. A REIT holding more than one type is assigned to the type producing the majority of its rental revenue; where no type is a majority, it is Diversified. That is the rule — a new or ambiguous REIT is resolved against it rather than case by case.
In practice we start from the data provider's industry bucket, which is frequently wrong (it tags self-storage owners as Industrial, and mis-sorts tower owners), and correct it to the standard above. Nareit's taxonomy is an industry convention, not a regulatory designation.
When data is missing
A blank is never shown as a real value. Anything we cannot source renders as — “not disclosed.” Some fields (consensus NAV for traded REITs, credit ratings) have no free programmatic source and will stay not-disclosed until a source is added.
Definitions are non-standard
REIT non-GAAP metrics are defined differently by each company. As the supplemental pipeline comes online, each figure will carry the issuing company's own definition, and comparisons across companies will warn when definitions differ.
Not investment advice
This site is for research only. It presents facts and figures and does not recommend buying or selling any security.
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