Screen the sector where rental income and occupancy, not earnings, tell the real story.
Real estate is dominated by REITs — companies that own and lease property across offices, warehouses, apartments, malls and data centres, and pass most of their taxable income through as dividends. Because standard earnings metrics understate the cash a property portfolio throws off, screening here relies on REIT-specific measures like funds from operations, occupancy and dividend coverage rather than net income or a P/E ratio.
Illustrative — not investment advice.
| Ticker | Company | Sub-industry |
|---|---|---|
| PLD | Prologis | Industrial & logistics warehouses |
| AMT | American Tower | Wireless communication towers |
| EQIX | Equinix | Data centres |
| PSA | Public Storage | Self-storage facilities |
| SPG | Simon Property Group | Shopping malls & retail centres |
| O | Realty Income | Net-lease retail & commercial property |
| DLR | Digital Realty Trust | Data centres |
| WELL | Welltower | Senior housing & healthcare property |
| AVB | AvalonBay Communities | Apartment residential property |
| EQR | Equity Residential | Apartment residential property |
| VICI | VICI Properties | Gaming & entertainment property |
| CCI | Crown Castle | Wireless communication towers & fibre |
FFO adds back real-estate depreciation that distorts net income, making it the REIT sector’s real equivalent of earnings and the standard basis for valuing a property portfolio.
A property portfolio’s revenue depends directly on how much of it is leased; occupancy trend shows whether demand for a REIT’s specific buildings and locations is holding up.
Because REITs must distribute most taxable income, checking that FFO comfortably covers the dividend flags which payouts are safe and which are stretched.
Property portfolios are financed with substantial leverage by design; a reasonable debt ceiling separates REITs able to refinance comfortably from those exposed to a higher-rate environment.
Explosive demand for AI compute is driving record leasing and development for data-centre REITs, while tower operators benefit from ongoing wireless network densification.
Demand has split sharply between high-quality, well-located office space and older buildings struggling with remote-work-driven vacancy, making occupancy trend more important than ever within the office sub-sector.
REIT share prices move closely with interest-rate expectations because financing costs and the appeal of the dividend yield both hinge on where rates sit, adding a macro layer on top of property fundamentals.
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Add a sector filter, then stack valuation, quality, growth and income filters with ≥, ≤ and range operators to match your thesis.
Open any survivor for a DCF you control, then save it to a watchlist with a margin-of-safety target so each name carries an undervalued / fair / rich signal.
Screen for growing funds from operations, healthy occupancy rates, comfortable dividend coverage and manageable leverage. That favours REITs with durable rental income over those propping up the dividend with debt.
Open any ticker in Lemma Analysis and the DCF is pre-filled from years of financials, adapted to reflect how property portfolios generate cash. Adjust growth, margins and WACC to see fair value, then run a reverse DCF to see what the current price already assumes.
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Standard accounting depreciation charges down the value of buildings every year even when they’re holding or gaining value, which understates a REIT’s true cash generation — FFO adds that depreciation back to give a clearer picture of distributable cash.
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