Real Estate Investment Trusts stocks: intrinsic value, ROIC & growth
159 U.S. real estate investment trusts companies with at least three years of SEC filings, ranked by size. 35 of the 101 with a current price trade below their Graham intrinsic value. The median company earned a 3.2% average return on invested capital and grew revenue 4.7% a year.
Updated October 18, 2026
159companies
35below Graham value
3.2%median 10-yr ROIC
4.7%median revenue CAGR
Most undervalued real estate investment trusts stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| SUI | SUN COMMUNITIES INC | +205% | $118.08 | $360.06 | 67% below | $14.7B | 4.5% | 15.7% |
| SAFE | Safehold Inc. | +196% | $11.34 | $33.61 | 66% below | $814.1M | 2.1% | -2.3% |
| RYN | RAYONIER INC | +194% | $18.99 | $55.84 | 66% below | $3.0B | 6.7% | -5.6% |
| VICI | Vici Properties | +152% | $23.60 | $59.58 | 60% below | $25.1B | 5.5% | 46.6% |
| FPI | Farmland Partners Inc. | +96% | $10.35 | $20.26 | 49% below | $530.5M | 3.3% | 6.0% |
| KRG | KITE REALTY GROUP TRUST | +85% | $24.61 | $45.51 | 46% below | $5.4B | 1.7% | 10.1% |
| SBAC | SBA Communications | +74% | $187.06 | $325.51 | 43% below | $20.1B | 8.2% | -19.0% |
| SPG | Simon Property Group | +46% | $205.44 | $299.51 | 31% below | $67.0B | 9.1% | 1.8% |
| EPRT | ESSENTIAL PROPERTIES REALTY TRUST, INC. | +42% | $26.09 | $37.08 | 30% below | $5.2B | 4.5% | 33.9% |
| CUBE | CubeSmart | +18% | $38.99 | $45.90 | 15% below | $8.9B | 7.7% | 8.9% |
Highest-ROIC real estate investment trusts stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| ALX | ALEXANDERS INC | 29.9% | $233.66 | — | — | $1.2B | 29.9% | -0.7% |
| EXR | Extra Space Storage | 17.6% | $139.61 | $74.76 | 87% above | $29.6B | 17.6% | 14.0% |
| AHR | American Healthcare REIT, Inc. | 16.9% | $53.23 | $13.95 | 282% above | $8.9B | 16.9% | 109.9% |
| PSA | Public Storage | 14.8% | $298.31 | $115.20 | 159% above | $52.5B | 14.8% | 7.3% |
| ESRT | Empire State Realty Trust, Inc. | 11.3% | $4.62 | — | — | $1.2B | 11.3% | 1.4% |
| FCPT | Four Corners Property Trust, Inc. | 11.2% | $21.99 | — | — | $2.3B | 11.2% | -14.1% |
| LAMR | LAMAR ADVERTISING CO/NEW | 11.2% | $150.10 | $115.39 | 30% above | $15.3B | 11.2% | 4.7% |
| FR | FIRST INDUSTRIAL REALTY TRUST INC | 10.3% | $58.76 | $35.07 | 68% above | $7.8B | 10.3% | 7.5% |
| HIW | HIGHWOODS PROPERTIES, INC. | 10.2% | $29.34 | — | — | $3.2B | 10.2% | 38.7% |
| EGP | EASTGROUP PROPERTIES INC | 9.5% | $196.37 | $84.54 | 132% above | $10.4B | 9.5% | 12.3% |
All real estate investment trusts stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| WELL | Welltower | $234.85 | — | — | $159.6B | 2.6% | 7.8% |
| REG | Regency Centers | $73.24 | — | — | $145.8B | 4.8% | 10.7% |
| PLD | Prologis | $125.75 | $57.62 | 118% above | $120.3B | 4.6% | 14.8% |
| EQIX | Equinix | $985.98 | $457.05 | 116% above | $96.7B | 4.8% | 11.0% |
| AMT | American Tower | $185.27 | $114.14 | 62% above | $86.8B | 8.1% | -18.3% |
| SPG | Simon Property Group | $205.44 | $299.51 | 31% below | $67.0B | 9.1% | 1.8% |
| DLR | Digital Realty | $175.97 | $118.91 | 48% above | $61.2B | 4.5% | 12.4% |
| PSA | Public Storage | $298.31 | $115.20 | 159% above | $52.5B | 14.8% | 7.3% |
| O | Realty Income | $56.08 | $7.39 | 659% above | $50.9B | 3.2% | 20.1% |
| VTR | Ventas | $85.86 | — | — | $39.7B | 1.7% | 6.0% |
| CCI | Crown Castle | $82.26 | $8.59 | 858% above | $35.9B | 4.8% | -12.1% |
| IRM | Iron Mountain | $112.51 | $5.06 | 2124% above | $33.5B | 7.0% | 7.8% |
| EXR | Extra Space Storage | $139.61 | $74.76 | 87% above | $29.6B | 17.6% | 14.0% |
| VICI | Vici Properties | $23.60 | $59.58 | 60% below | $25.1B | 5.5% | 46.6% |
| SBAC | SBA Communications | $187.06 | $325.51 | 43% below | $20.1B | 8.2% | -19.0% |
| ESS | Essex Property Trust | $269.43 | $179.99 | 50% above | $17.4B | 8.0% | -42.2% |
| HST | Host Hotels & Resorts | $23.97 | $23.25 | 3% above | $16.6B | 4.7% | 1.3% |
| BSTT | Blackstone Real Estate Income Trust, Inc. | — | — | — | — | 3.6% | 63.2% |
| KIM | Kimco Realty | $22.91 | $7.87 | 191% above | $15.5B | 3.8% | 6.9% |
| LAMR | LAMAR ADVERTISING CO/NEW | $150.10 | $115.39 | 30% above | $15.3B | 11.2% | 4.7% |
| SUI | SUN COMMUNITIES INC | $118.08 | $360.06 | 67% below | $14.7B | 4.5% | 15.7% |
| WPC | W. P. Carey Inc. | $65.14 | $8.81 | 639% above | $14.4B | 6.2% | 6.9% |
| WY | Weyerhaeuser | $19.61 | — | — | $14.2B | 8.8% | 0.9% |
| OHI | OMEGA HEALTHCARE INVESTORS INC | $45.64 | $15.00 | 204% above | $13.9B | 4.8% | 3.1% |
| MAA | Mid-America Apartment Communities | $116.63 | $50.87 | 129% above | $13.7B | 7.1% | 4.7% |
| DOC | Healthpeak Properties | $18.98 | — | — | $13.2B | 3.2% | -13.1% |
| ELS | EQUITY LIFESTYLE PROPERTIES INC | $61.21 | $42.49 | 44% above | $12.2B | 7.0% | 6.5% |
| UDR | UDR, Inc. | $34.26 | $9.26 | 270% above | $11.3B | 3.8% | -0.0% |
| CPT | Camden Property Trust | $98.59 | — | — | $10.7B | 5.2% | -37.4% |
| EGP | EASTGROUP PROPERTIES INC | $196.37 | $84.54 | 132% above | $10.4B | 9.5% | 12.3% |
| BXP | BXP, Inc. | $59.20 | — | — | $9.4B | 6.4% | 3.5% |
| FRT | Federal Realty Investment Trust | $106.32 | $60.81 | 75% above | $9.2B | 4.6% | 5.3% |
| CUBE | CubeSmart | $38.99 | $45.90 | 15% below | $8.9B | 7.7% | 8.9% |
| AHR | American Healthcare REIT, Inc. | $53.23 | $13.95 | 282% above | $8.9B | 16.9% | 109.9% |
| REXR | Rexford Industrial Realty, Inc. | $36.84 | $21.38 | 72% above | $8.6B | 2.2% | 2.5% |
| BRX | Brixmor Property Group Inc. | $27.66 | $16.91 | 64% above | $8.5B | 3.8% | 3.6% |
| RHP | Ryman Hospitality Properties, Inc. | $125.98 | $41.70 | 202% above | $8.3B | 7.6% | 9.4% |
| NNN | NNN REIT, INC. | $41.54 | $31.43 | 32% above | $7.8B | 9.0% | 5.9% |
| FR | FIRST INDUSTRIAL REALTY TRUST INC | $58.76 | $35.07 | 68% above | $7.8B | 10.3% | 7.5% |
| LINE | Lineage, Inc. | $33.28 | — | — | $7.6B | 1.7% | 2.8% |
| ADC | AGREE REALTY CORP | $67.04 | $9.38 | 615% above | $7.5B | 4.8% | 25.7% |
| ARE | Alexandria Real Estate Equities | $41.62 | $57.06 | 27% below | $7.1B | 1.2% | 14.1% |
| STAG | STAG Industrial, Inc. | $35.83 | $43.44 | 18% below | $6.7B | 3.0% | 14.5% |
| VNO | VORNADO REALTY TRUST | $32.93 | $28.19 | 17% above | $6.6B | 8.7% | -1.1% |
| HR | Healthcare Realty Trust Inc | $17.48 | — | — | $6.1B | -0.1% | -26.7% |
| MAC | MACERICH CO | $22.96 | $0.48 | 4683% above | $5.8B | -2.3% | -0.3% |
| KRG | KITE REALTY GROUP TRUST | $24.61 | $45.51 | 46% below | $5.4B | 1.7% | 10.1% |
| EPRT | ESSENTIAL PROPERTIES REALTY TRUST, INC. | $26.09 | $37.08 | 30% below | $5.2B | 4.5% | 33.9% |
| OUT | OUTFRONT Media Inc. | $30.38 | $9.47 | 221% above | $5.1B | 4.8% | 2.1% |
| SBRA | Sabra Health Care REIT, Inc. | $19.34 | $0.33 | 5761% above | $4.7B | 1.7% | 3.6% |
| CUZ | COUSINS PROPERTIES INC | $27.64 | $0.60 | 4507% above | $4.7B | 3.0% | 16.1% |
| STWD | STARWOOD PROPERTY TRUST, INC. | $12.46 | $2.66 | 368% above | $4.4B | 6.3% | 10.0% |
| EPR | EPR PROPERTIES | $55.71 | $26.20 | 113% above | $4.3B | 5.0% | 4.3% |
| KRC | KILROY REALTY CORP | $34.83 | $6.16 | 465% above | $4.1B | 6.0% | -32.4% |
| APLE | Apple Hospitality REIT, Inc. | $17.05 | $15.64 | 9% above | $4.1B | 4.0% | 3.5% |
| COLD | AMERICOLD REALTY TRUST | $13.82 | $2.00 | 591% above | $3.9B | 0.1% | 6.3% |
| HHH | Howard Hughes Holdings Inc. | $68.69 | $73.41 | 6% below | $3.8B | 3.2% | 0.8% |
| CDP | COPT DEFENSE PROPERTIES | $33.29 | $35.91 | 7% below | $3.8B | 2.9% | -1.5% |
| BNL | Broadstone Net Lease, Inc. | $18.13 | $3.70 | 390% above | $3.6B | 2.6% | 13.7% |
| LXP | LXP Industrial Trust | $61.06 | $38.47 | 59% above | $3.6B | 8.8% | -20.3% |
| IRT | INDEPENDENCE REALTY TRUST, INC. | $14.77 | $2.58 | 472% above | $3.5B | 1.8% | 17.6% |
| SLG | SL GREEN REALTY CORP | $47.00 | $2.66 | 1667% above | $3.3B | 4.5% | 19.8% |
| CXW | CoreCivic, Inc. | $30.67 | — | — | $3.3B | 5.2% | 2.0% |
| HIW | HIGHWOODS PROPERTIES, INC. | $29.34 | — | — | $3.2B | 10.2% | 38.7% |
| SWDR | Starwood Real Estate Income Trust, Inc. | — | — | — | — | 4.0% | 60.0% |
| SMA | SmartStop Self Storage REIT, Inc. | $34.16 | $2.33 | 1366% above | $3.1B | 0.5% | 22.5% |
| RYN | RAYONIER INC | $18.99 | $55.84 | 66% below | $3.0B | 6.7% | -5.6% |
| DRH | DiamondRock Hospitality Co | $13.42 | $1.07 | 1154% above | $2.8B | 1.2% | 2.5% |
| AKR | ACADIA REALTY TRUST | $18.59 | — | — | $2.4B | 0.8% | 8.9% |
| IVT | InvenTrust Properties Corp. | $30.07 | $30.01 | 0% above | $2.4B | 0.5% | 2.0% |
| PEB | Pebblebrook Hotel Trust | $19.49 | $12.01 | 62% above | $2.3B | 1.1% | 6.8% |
| FCPT | Four Corners Property Trust, Inc. | $21.99 | — | — | $2.3B | 11.2% | -14.1% |
| LTC | LTC PROPERTIES INC | $43.68 | $24.87 | 76% above | $2.0B | 6.7% | 5.6% |
| DHC | DIVERSIFIED HEALTHCARE TRUST | $7.59 | $10.69 | 29% below | $1.8B | -0.4% | 4.2% |
| MPT | MEDICAL PROPERTIES TRUST INC | $3.01 | $28.39 | 89% below | $1.8B | 1.9% | 6.7% |
| RLJ | RLJ Lodging Trust | $11.65 | — | — | $1.7B | 0.4% | 1.7% |
| GNL | Global Net Lease, Inc. | $7.43 | $8.24 | 10% below | $1.7B | 4.6% | 9.8% |
| DEI | Douglas Emmett Inc | $9.76 | — | — | $1.6B | 1.3% | 30.9% |
| AAT | American Assets Trust, Inc. | $21.28 | $11.13 | 91% above | $1.6B | 4.4% | 0.1% |
| CBL | CBL & ASSOCIATES PROPERTIES INC | $49.47 | $91.74 | 46% below | $1.5B | -0.1% | -36.9% |
| NSA | National Storage Affiliates Trust | — | $22.92 | — | — | 7.4% | 15.9% |
| NTST | NETSTREIT Corp. | $17.19 | $2.66 | 546% above | $1.4B | 0.2% | 42.0% |
| UMH | UMH PROPERTIES, INC. | $15.24 | — | — | $1.3B | 1.9% | 17.0% |
| OGCP | Empire State Realty OP, L.P. | $4.70 | — | — | $1.3B | — | 1.4% |
| ESRT | Empire State Realty Trust, Inc. | $4.62 | — | — | $1.2B | 11.3% | 1.4% |
| ESBA | Empire State Realty OP, L.P. | $4.60 | — | — | $1.2B | — | 1.4% |
| FISK | Empire State Realty OP, L.P. | $4.51 | — | — | $1.2B | — | 1.4% |
| ALX | ALEXANDERS INC | $233.66 | — | — | $1.2B | 29.9% | -0.7% |
| SVC | Service Properties Trust | $6.15 | $0.60 | 925% above | $1.0B | -1.8% | -4.0% |
| ZARE | Ares Real Estate Income Trust Inc. | — | $4.23 | — | — | 5.8% | 9.7% |
| DEA | Easterly Government Properties, Inc. | $21.82 | $7.42 | 194% above | $983.2M | 0.7% | 13.8% |
| CSR | CENTERSPACE | $56.04 | $21.00 | 167% above | $940.1M | 2.9% | -7.2% |
| SAFE | Safehold Inc. | $11.34 | $33.61 | 66% below | $814.1M | 2.1% | -2.3% |
| CMRF | CIM REAL ESTATE FINANCE TRUST, INC. | $1.83 | — | — | $797.2M | 0.9% | 0.2% |
| JBGS | JBG SMITH Properties | $11.15 | $5.69 | 96% above | $751.1M | -1.6% | 0.5% |
| NHPBP | National Healthcare Properties, Inc. | $25.44 | — | — | $720.1M | -2.9% | 1.4% |
| BFS | SAUL CENTERS, INC. | $29.49 | $1.17 | 2421% above | $714.8M | 7.5% | 3.3% |
| CLDT | Chatham Lodging Trust | $14.05 | — | — | $702.4M | 2.4% | -0.0% |
| INN | Summit Hotel Properties, Inc. | $6.54 | $3.48 | 88% above | $698.8M | 2.6% | 4.9% |
| NHPAP | National Healthcare Properties, Inc. | — | — | — | — | -2.9% | 1.4% |
| CTO | CTO Realty Growth, Inc. | $20.54 | — | — | $663.3M | 4.8% | 8.6% |
| PMT | PennyMac Mortgage Investment Trust | $6.92 | $32.88 | 79% below | $602.0M | 2.2% | -8.1% |
| VRE | Veris Residential, Inc. | — | — | — | — | 0.1% | -8.0% |
| PSTL | Postal Realty Trust, Inc. | $21.99 | $15.61 | 41% above | $535.4M | 3.1% | 42.8% |
| FBRT | Franklin BSP Realty Trust, Inc. | $6.21 | — | — | $535.3M | 6.0% | -6.9% |
| FPI | Farmland Partners Inc. | $10.35 | $20.26 | 49% below | $530.5M | 3.3% | 6.0% |
| UHT | UNIVERSAL HEALTH REALTY INCOME TRUST | $38.15 | $26.84 | 42% above | $528.9M | 6.2% | 4.4% |
| FVR | FrontView REIT, Inc. | $17.15 | — | — | $477.5M | -1.6% | 17.9% |
| BRSP | BrightSpire Capital, Inc. | $3.69 | $7.19 | 49% below | $468.2M | -1.5% | 8.5% |
| NXRT | NexPoint Residential Trust, Inc. | $18.37 | $0.80 | 2196% above | $466.4M | 4.2% | 7.3% |
| BDN | BRANDYWINE REALTY TRUST | $2.63 | $1.79 | 47% above | $456.2M | 2.8% | -0.9% |
| NHP | National Healthcare Properties, Inc. | $15.11 | — | — | $427.7M | -2.9% | 1.4% |
| TCI | TRANSCONTINENTAL REALTY INVESTORS INC | $48.41 | — | — | $418.2M | -0.2% | -9.3% |
| XRN | Chiron Real Estate Inc. | $30.34 | $0.33 | 9094% above | $405.9M | 1.4% | 16.7% |
| SILA | Sila Realty Trust, Inc. | — | $19.93 | — | — | 4.1% | 14.9% |
| CHCT | Community Healthcare Trust Inc | $13.24 | — | — | $355.6M | 1.6% | 19.1% |
| INRE | Inland Real Estate Income Trust, Inc. | $9.51 | — | — | $343.4M | -1.1% | 2.6% |
| HLTC | National Healthcare Properties, Inc. | $11.74 | — | — | $332.3M | -2.9% | 1.4% |
| WSR | Whitestone REIT | — | $31.55 | — | — | 2.2% | 4.9% |
| CLPR | Clipper Realty Inc. | $3.15 | — | — | — | -1.2% | 5.7% |
| NLCP | NewLake Capital Partners, Inc. | $13.74 | $42.52 | 68% below | $288.4M | 3.4% | 33.5% |
| PINE | Alpine Income Property Trust, Inc. | $17.93 | $4.65 | 286% above | $278.9M | 1.9% | 26.4% |
| BRT | BRT Apartments Corp. | $13.55 | $1.26 | 975% above | $244.0M | -2.1% | 0.3% |
| REFI | Chicago Atlantic Real Estate Finance, Inc. | $9.31 | $4.70 | 98% above | $199.5M | 9.5% | — |
| ACRE | Ares Commercial Real Estate Corp | $3.45 | $6.35 | 46% below | $189.4M | 1.3% | 2.2% |
| SITC | SITE Centers Corp. | $3.43 | $111.60 | 97% below | $179.9M | 18.8% | -6.4% |
| STRW | Strawberry Fields REIT, Inc. | $12.86 | $19.93 | 35% below | $163.3M | 1.5% | 15.5% |
| ELME | Elme Communities | $1.76 | $0.35 | 403% above | $154.7M | 3.2% | -3.2% |
| NLOP | Net Lease Office Properties | $9.75 | — | — | $144.4M | -10.0% | -5.3% |
| ONL | Orion Properties Inc. | $2.06 | $8.97 | 77% below | $115.8M | -4.4% | 18.4% |
| BHR | Braemar Hotels & Resorts Inc. | $1.43 | $9.29 | 85% below | $96.7M | 3.2% | 6.3% |
| MDV | MODIV INDUSTRIAL, INC. | — | $8.30 | — | — | -2.2% | 55.7% |
| CHMI | Cherry Hill Mortgage Investment Corp | $2.49 | $1.48 | 68% above | $85.7M | 0.6% | 9.5% |
| GBCS | SELECTIS HEALTH, INC. | — | $3.65 | — | — | -5.2% | 34.6% |
| SUNS | Sunrise Realty Trust, Inc. | $6.39 | $30.89 | 79% below | $81.6M | 8.8% | 103.0% |
| ACR | ACRES Commercial Realty Corp. | $10.40 | — | — | $77.1M | -0.0% | 40.2% |
| STSR | Strategic Student & Senior Housing Trust, Inc. | — | — | — | — | -2.8% | 33.9% |
| SOHON | Sotherly Hotels Inc. | $3.53 | $14.13 | 75% below | $71.4M | 2.3% | 1.6% |
| TPTA | Terra Property Trust, Inc. | — | $3.46 | — | — | -1.0% | -6.0% |
| SOHOB | Sotherly Hotels Inc. | $3.42 | $14.13 | 76% below | $69.3M | 2.3% | 1.6% |
| PRXA | PROCACCIANTI HOTEL REIT, INC. | — | — | — | — | 4.2% | 18.2% |
| SGST | Strategic Storage Trust VI, Inc. | — | — | — | — | -45.6% | 122.5% |
| SELF | Global Self Storage, Inc. | $4.91 | $5.13 | 4% below | $55.1M | 3.3% | 45.6% |
| LOAN | MANHATTAN BRIDGE CAPITAL, INC | $3.51 | $5.01 | 30% below | $40.1M | 12.9% | 7.2% |
| FSP | FRANKLIN STREET PROPERTIES CORP /MA/ | $0.38 | — | — | $39.7M | -0.1% | -9.0% |
| BMNM | BIMINI CAPITAL MANAGEMENT, INC. | $2.85 | — | — | — | -10.0% | 3.6% |
| HGIT | HINES GLOBAL INCOME TRUST, INC. | — | — | — | — | -1.2% | -4.7% |
| BHM | Bluerock Homes Trust, Inc. | $8.05 | $296.62 | 97% below | $31.3M | 3.1% | 64.6% |
| PW | Power REIT | $6.99 | $10.60 | 34% below | $23.9M | -6.5% | 0.2% |
| AVB | AvalonBay Communities | — | $51.97 | — | — | 9.0% | 2.6% |
| MDRR | Medalist Diversified, Inc. | $10.47 | $0.45 | 2227% above | $13.2M | -3.9% | 6.7% |
| AHT | ASHFORD HOSPITALITY TRUST INC | $1.83 | — | — | $10.9M | 1.9% | -3.3% |
| IHT | INNSUITES HOSPITALITY TRUST | $1.19 | — | — | $10.4M | -7.3% | -6.0% |
| KBSR | KBS Real Estate Investment Trust III, Inc. | $0.06 | — | — | $9.5M | -0.1% | -29.8% |
| CMCT | Creative Media & Community Trust Corp | $4.51 | $96.39 | 95% below | $4.1M | 5.1% | -1.4% |
| SQFT | Presidio Property Trust, Inc. | $0.79 | — | — | $2.9M | 11.4% | -8.9% |
| GIPR | GENERATION INCOME PROPERTIES, INC. | $0.38 | — | — | $2.0M | -37.8% | 22.6% |
| FREVS | FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. | $18.54 | $4.05 | 358% above | $138.5K | 5.7% | -4.9% |
| WHLR | Wheeler Real Estate Investment Trust, Inc. | $0.38 | $1,608.67 | 100% below | $40.5K | -30.6% | -30.1% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue