REIT Guides
FFO vs AFFO, cap-rate NAV, mREIT book value and CPR speeds, and tower escalators across the REIT vertical.
What Is FFO? Funds From Operations Explained
The Nareit definition, how FFO is calculated from net income, and why net income fails for a REIT.
FFO vs AFFO: What's the Difference
Nareit defines FFO; nobody defines AFFO. The adjustments each REIT makes, and how to read them.
How to Calculate NAV for a REIT
Direct capitalisation, cap rate selection, and per-share NAV step-by-step.
Cap Rates by Property Type
Ranges for industrial, office, retail, residential, data centres, and more.
REIT Implied Cap Rate: Reading Discount to NAV
The market's cap rate on a REIT's own portfolio, and how the gap to market cap rates shows discount or premium to NAV.
REIT Screening Checklist: 8 Key Metrics
Occupancy, NOI growth, AFFO payout, leverage. Good/caution/red flag thresholds included.
Industrial vs Office REITs
Demand drivers, lease structures, and valuation divergence post-2020.
Mortgage REITs
Agency vs Hybrid Mortgage REITs: Two Different Machines
Agency carry vs hybrid MSRs and CRE loan books; three risk books under one label.
Book Value per Share: the mREIT Scoreboard
BVPS vs tangible net BVPS; economic return and P/B as the market's BVPS forecast.
CPR and Prepayment Risk in Agency MBS
CPR definition, NLY/AGNC portfolio speeds, and duration interaction with leverage.
mREIT Leverage: Economic vs At-Risk Definitions
NLY 5.6× economic vs AGNC 7.2× at-risk; the denominators barely differ, so most of the gap is real.
CRE Debt REITs: Office Exposure and Non-Accruals
Office mix on different bases; distributable earnings vs dividend coverage at STWD and BXMT.
Mortgage REIT Research Profiles
Infrastructure & Digital REITs
Tower REIT Lease Escalators: the 3% Machine
US ~3% fixed escalators; escalator − churn + colo drives mid-single-digit organic billings growth.
Churn in Tower and Data Centre REITs
Definition differences across AMT, CCI, SBAC, and EQIX; domestic tower band ~1–2%.
AFFO for Towers: What It Shows That FFO Misses
AFFO as dividend-capacity metric; why AFFO per share ranks nothing, and the P/AFFO band that does.
Data Centre REITs and the Power Constraint
Grid queues and regional load growth; bookings without power visibility are option value.
Colocation vs Hyperscale: Two Data Centre Economics
EQIX interconnection density vs DLR hyperscale bookings; AFFO vs Core FFO headline bases.