REIT Methodology
Every REIT metric on this site — and why the number you see can be wrong when it matters.
NAV per share
Pulled from Yahoo Finance Ticker.info.bookValue. This reflects the REIT's latest reported net asset value per unit, which is published with quarterly results.
Limitation: NAV is a point-in-time accounting figure and lags the market. A REIT that reported NAV 60 days ago in a region where rates moved 100bp since then likely has a stale NAV.
NAV Premium / Discount
nav_premium_discount = (price_to_nav − 1) × 100
Where price_to_nav is Yahoo Finance's priceToBook. Positive = trading at a premium to NAV, negative = discount.
Outlier handling: Homepage "Biggest Discounts" excludes REITs showing < −60% NAV discount — at that magnitude the value is almost always a data-quality artifact (delisted, suspended, or stale NAV) rather than a genuine discount. Such tickers are still available on the main rankings table but marked.
Distribution Safety Score
Composite 0–100. Each of four components contributes 25 points if it passes its threshold, 0 otherwise:
| Component | Threshold | Source |
|---|---|---|
| Payout ratio | < 90% | yfinance payoutRatio |
| Coverage ratio | > 1.1× | Quarterly report (not yet automated) |
| Occupancy | > 90% | Quarterly report (not yet automated) |
| Debt / assets | < 40% | yfinance totalDebt / totalAssets |
Components that aren't in yfinance (coverage ratio, occupancy, WALE) stay null until we wire in quarterly-report parsing. A REIT with only payout + debt data can therefore score at most 50/100 even if both pass — the UI shows the raw score; higher numbers for REITs with more complete fundamentals are genuinely safer.
Aristocrat flag
A REIT earns the Aristocrat badge when:
- it has paid a distribution every calendar year for at least 10 years, AND
- the annual distribution has not been cut year-over-year in the last 5 years.
Derived from Ticker.dividends history in yfinance. Limitation: yfinance dividend history depth varies by ticker — thinly traded REITs may only have 5–7 years recorded, disqualifying them from aristocrat status even if the actual payment streak is longer.
5-year distribution growth (CAGR)
Compound annual growth rate of the total calendar-year distribution, measured between the earliest and latest of the 5 most recent completed years.
Requires at least 5 completed years of distribution history. REITs listed more recently show null.
Refresh cadence
Fundamentals collected daily at 02:45 UTC; derived metrics recomputed at 03:15 UTC. Full table on the site-wide methodology page.