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 | Quality Score |
|---|---|---|---|
| PLD | Prologis | Industrial & logistics warehouses | 5.3/10 |
| AMT | American Tower | Wireless communication towers | 5.6/10 |
| EQIX | Equinix | Data centres | 4.9/10 |
| PSA | Public Storage | Self-storage facilities | 6.4/10 |
| SPG | Simon Property Group | Shopping malls & retail centres | 5.8/10 |
| O | Realty Income | Net-lease retail & commercial property | 5.7/10 |
| DLR | Digital Realty Trust | Data centres | 2.4/10 |
| WELL | Welltower | Senior housing & healthcare property | 5.7/10 |
| AVB | AvalonBay Communities | Apartment residential property | — |
| EQR | Equity Residential | Apartment residential property | — |
| VICI | VICI Properties | Gaming & entertainment property | 6.0/10 |
| CCI | Crown Castle | Wireless communication towers & fibre | 4.2/10 |
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.
Each one opens the screener with these filters already on the bar — change any of them, or save the screen under your own name.
Income first — a dividend-yield floor, with valuation and free-cash-flow filters to screen out yield traps.
Durable, capital-efficient businesses: high returns on capital and fat margins, still growing.
Smaller companies compounding revenue faster than the market has noticed, and paying for themselves in cash.
Every card above opens the screener with the sector filter and its own bounds already on the bar. Change any of them — nothing here is fixed.
Stack valuation, profitability, growth, dividend and financial-health filters. Each one is a range with presets, the table answers as you move a bound, and every filter says how many companies it excluded for want of a value.
Open any survivor for the four intrinsic-value models, 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 the company’s Intrinsic Value tab: Lemma Analysis prices it four ways at once — Advanced DCF, Ben Graham, Simple DCF and the Dividend Discount Model — and draws all four on one axis against today’s price, with every assumption editable and a bear/base/bull case behind each one. There is deliberately no blended figure; which methods fit the company is stated instead, with the reason beside any that does not. Depreciation on property distorts a REIT’s reported cash flow, and the payout is the whole point of the structure, so the dividend model is the reading to lead with here. Intrinsic Value is free for 3 companies a day with no account needed, and unlimited on Ultimate, which every new account gets for seven days without a card.
There is no one answer for a sector, and a page that gave you one would be stating a figure it cannot keep true. What the Fair Value tab does instead is ask it per company: seven multiples — P/E, Yield, P/FCF, P/OCF, P/S, EV/EBITDA and P/B — each measured against that company’s own history, so today’s reading is a percentile of what the market has actually paid for it rather than a comparison with a sector average. Depreciation on property depresses a REIT’s reported earnings, so a P/E misleads here by construction — the cash-flow and dividend lenses are the ones to lead with. Fair Value is free for 3 companies a day with no account needed, and unlimited on Ultimate, which every new account gets for seven days without a card.
Yes — the screener is part of Ultimate. Every new account gets Ultimate for seven days with no credit card, which is enough to build a real estate screen, sort it and keep it; a screen you save stays on your account.
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.
The screener is part of Ultimate, and every new account gets it for seven days: create an account, confirm your email, and the trial starts without a card. What you have built stays yours either way — a screen is an address, so the link you saved keeps working the day you subscribe.