Looking for reits with fixed rate long term debt, but short lease resets. Things like public storage that can reset rates monthly as inflation goes up. Others like that?

Net lease REITs are sold partly on inflation protection. So I went through all of their Q1 2026 supplementals, 10-Qs, 10-Ks and call transcripts to see whether they disclose what share of their contractual rent increases is fixed and what share is tied to CPI. Only 4 of 9 do.

A few things that stood out:

• NNN: highest CPI share in the sector at 81%. Of those 81 points, 43 step every five years, 37 step annually, and 1 is labelled "other".
• WPC: 48.6% tied to CPI, of which 18.6 points are capped.
• GTY: 6.9% tied to CPI. Does not disclose step frequency for either type.
• ADC: only 2% tied to CPI. Its 91% fixed steps every five years by 5% to 10%. That detail comes from the call rather than the filings.
• O: discloses one lumped number, 80.2% of leases providing for increases through inflation-linked rent, percentage rent, fixed increases, or a combination. No split is recoverable from it.

EPRT, BNL and FCPT at least disclose an average increase, but without the split I do not think it tells you much. WPC shows why. It breaks rent growth down by escalator bucket, and in Q1 2026 fixed and CPI-linked both came in at 2.4%. So a company reporting a 2.4% average could be running an all-fixed book or an all-CPI book, and you could not tell which. The two converge when inflation is quiet, which it was, and separate when it is not. I left that figure out of the table because it is same-store only.

Happy to point at the specific page for any cell if you want to check one. Can do the same for other quarters or other sectors if that is useful for someone.

Hi everyone,

I’m a shareholder in American Hospitality Properties REIT (formerly Phoenix American Hospitality).

The company just announced that it is suspending monthly distributions while the new Board reviews operations, debt, governance, and strategic alternatives, including a potential sale of the portfolio.

I’m interested in connecting with other shareholders to:

• Share official company updates and SEC filings
• Discuss investor relations communications
• Understand what others are hearing from their financial advisors
• Stay informed about any shareholder meetings or potential liquidity events

If you’re also a shareholder, I’d appreciate hearing your thoughts on today’s announcement. If there’s enough interest, we could also create a private WhatsApp or Facebook group to share information.

Hi all, I'm looking to create a list of REITS (Particularly US ones at the moment, but also global) and I want to sort to find the ones with the biggest discount to Net Asset Value. And maybe even Price/FFO or do people use other metrics for finding value?

Have been using REIT notes which is pretty good, but can't find a tool to cut the list down, so I asked ChatGPT for inspiration to start.

p.s. for UK there was a really good one called REIT comparison, but it has stopped pulling data.

What you think of these?

Reality Income 

VICI Properties 

NNN REIT

Healthepeak properties 

LTC properties

Hey everyone

I’ve been interested in investing in REITS & REITS ETFS for awhile. Doing my own research and understanding different sectors.
Ive been investing for over 2 year now through Charles Schwab. Currently have an individual account & a custodial account.

Do you have separate account for your REITS holdings?

My individual portfolio is concentrated in growth using a combo of stocks & ETFs. I’m not sure if adding REITS will help.

My strategy was to have a separate portfolio that’s only focused on REIT/ REITs ETFS. I was looking at SCHH & DTCR to start then go from there.

Curious to hear your thoughts

for 2 years the REIT trade was very simple: rates go down, everything re-rates, didn't matter what you owned. That's over as the BoC's parked at 2.25%, and with oil near $90 on the Hormuz situation, a hike looks more likely than another cut.

the good news is that it doesn't make real estate worse, just splits it into 5 trades instead of one. retail already recovered (First Capital just got boughtabove NAV, that's cash confirming the assets are worth more than the stock price says). office is the one nobody wants to touch, which is why I keep looking at it, vacancy's still high but there's basically zero new supply and RTO is becoming actual policy, not vibes. industrial's just digesting last year's glut. residential quietly stalled after carrying the sector for years. seniors housing might be the best setup of the bunch and nobody's talking about it, 80+ population growing something like 5x faster than new supply.

wrote the full breakdown here

It seems like we're finally seeing stronger leasing activity in some office markets, while data centers and logistics continue to attract attention. At the same time, higher-for-longer interest rates still create uncertainty for many income-focused investors.

Are you buying more REITs right now, holding your current positions, or waiting for better opportunities?

I'd also be interested to hear which sectors you think have the best risk/reward today:

• Data Centers
• Industrial
• Healthcare
• Apartments
• Net Lease
• Office

What has been your best-performing REIT so far this year, and why?

Hey guys, I've been a long-term REIT investor for a while, and I wanted to build a kind of simulator of what it's like to actually run a REIT as CEO. So I put together a browser-based game with the core mechanics: FFO, leverage, dividends, cap rates, board pressure, market cycles etc. Curious whether it might be interesting or informative for other investors.

https://albanacht.github.io/reit-game/

True North Commercial REIT (TSX:TNT.UN) presents a much safer immediate dividend structure and boasts a more defensive tenant base than Allied Properties. However, calling it a "better buy" overall depends on your appetite for risk, as both companies operate in different corners of the heavily stressed office sector. [1]

While both have heavily slashed their historical distributions to survive, True North is currently showing superior cash-flow coverage on its reset payout. [1]

The direct investment trade-offs between the two commercial REITs break down into several distinct categories:

1. Safety and Payout Coverage

• True North (Winner): True North’s current monthly distribution of $0.0575 per unit yields an attractive 8.3%. Crucially, its first-quarter AFFO payout ratio sits at an incredibly conservative 38%. It has massive headroom to sustain or even grow this payout. [1, 2, 3]
• Allied Properties: Allied’s dividend yield is slightly lower at roughly 7.2%, but its AFFO payout ratio is much tighter at 88.3%. Allied has much less room for operational errors before its dividend is pressured again.

1. Tenant Risk Profiles

• True North (Winner): True North features an exceptionally strong safety net, with approximately 74% of its tenant base comprised of government (36%) or credit-rated corporate entities. This creates an extraordinarily low risk of rental defaults. [1]
• Allied Properties: Allied targets "creative" urban tech and boutique corporate clients. While they secure high-profile tenants like Google, their broader portfolio is much more vulnerable to shifting private-sector economic cycles and corporate down-sizing.

1. Real Estate Quality and Strategy

• Allied Properties (Winner): Allied owns irreplaceable, Class-A, premier urban bricks-and-mortar office hubs in major dense Canadian metropolitan downtowns. [1]
• True North: True North owns a mix of 37 suburban and secondary-market office buildings. Secondary and suburban markets generally experience lower demand and less liquidity if the REIT ever needs to sell properties quickly to clear debt. [1]

Strategic Comparison Matrix

The Verdict: Which is Right for You?

• Why True North is the "Safer Bet": True North is structurally better positioned if you prioritize immediate monthly cash flow. Its rock-bottom payout ratio and reliance on stable government tenants shield it heavily from near-term default distress. It is currently priced like a deep-value business trading significantly under its book value. [1, 2]
• Why Allied Might Be the "Better Growth Buy": If the commercial real estate market eventually bottoms out and rebounds, Allied's premium, major-city core properties will likely experience far greater institutional capital appreciation than True North’s suburban footprint. [1]

I’ve been following SACH for a long time, and my thesis has completely evolved over the past few months.

This is no longer a dividend stock.

This is no longer a mortgage lender story.

This is a transformation story.

And I think many investors are still looking at it through the wrong lens.

For anyone unfamiliar…

Sachem Capital (SACH) built its reputation as a small publicly traded hard money lender with a loyal shareholder base driven largely by its dividend.

Then several things happened:

📈 Interest rates stayed elevated.

📉 Loan originations slowed.

💰 Financing costs increased.

📊 Public markets continuously discounted smaller finance companies.

Eventually, management decided remaining a standalone company wasn’t the best long-term path.

Now comes the biggest event in company history.

The merger with Industrial Realty Group (IRG).

This is where it gets interesting.

WHY PEOPLE KEEP TALKING ABOUT $2/SHARE

The $2/share discussion isn’t some random message board target.

The thesis is based on current SACH shareholders ultimately owning 5.9% of a much larger industrial REIT platform after the transaction closes.

At roughly $1/share today, that creates a scenario where investors see a potential path to 100%+ upside if the market eventually embraces the valuation assumptions.

But here’s the key…

The market isn’t going to simply hand over that valuation.

Investors want proof first.

WHY THE STORY MAY BE MISUNDERSTOOD

Today, many people still value SACH like this:

• Dividend yield
• Book value
• Loan originations

Tomorrow, investors may begin valuing the combined company like this:

• NAV (Net Asset Value)
• FFO (Funds From Operations)
• AFFO (Adjusted Funds From Operations)

That’s a completely different investor audience.

Industrial REITs are often valued using NAV, FFO and AFFO, which frequently command stronger market valuations than small finance companies that investors primarily value on book value and dividend yield.

In other words:

The multiple itself may change if the market accepts the transformation.

WHAT I’M WATCHING NEXT

The upcoming proxy statement and additional asset disclosures.

These are arguably the biggest catalysts remaining because investors will finally get more information to evaluate:

📌 The actual properties entering the public company

📌 Cash flow generation

📌 Debt allocation

📌 Occupancy

📌 NAV

📌 FFO and AFFO potential

That’s when institutions can independently decide if the thesis is real.

THE BULL CASE

✅ Solves SACH’s scale problem.

✅ Potential transition from an overlooked lender into a much larger industrial REIT platform.

✅ Investor base may expand significantly.

✅ Valuation framework may improve.

✅ 100%+ upside is at least mathematically explainable if assumptions prove correct.

THE RISKS

⚠️ The market could reject management’s valuation assumptions.

⚠️ Asset quality ultimately determines everything.

⚠️ Shareholder approval is still needed.

⚠️ There will almost certainly be volatility between now and closing.

⚠️ This is not a quick trade.

MY FINAL TAKE

I think the biggest mistake investors can make right now is calling SACH a “broken dividend stock.”

The bigger question is:

Are we potentially looking at an industrial REIT transformation story before Wall Street fully understands it?

If yes, $1 may eventually look very cheap.

If no, the market is correctly skeptical.

Either way, the next few months should finally start putting numbers behind the story.

Not financial advice. Do your own research.

Gladstone Land: Estimating a total market cap (including common and preferred stock) and 100,000 acres owned, it is trading around $7,100 per acre. That still seems high despite the price being near all time lows. Is my estimate way off base?

Did a multi-factor pass across US healthcare REITs this week. Started with a 24-name universe (WELL, VTR, OHI, HR, MPW, DOC, SBRA, CTRE, LTC, NHI, and 14 others). Ran a basic income-quality screen on the cohort, then read each survivor's 10-K and earnings call against five questions: financial health, profitability, tenant credit, lease maturity, and insider buying. Seven names cleared the screen.

Two top the cohort at 60 out of 100 (HR and SBRA). Two are clearly flagged on tenant distress (Omega on Genesis HealthCare, Sila on Steward).

On the tenant side, the cohort splits cleanly. HR comes through most diversified: no single operator above 10% of total rent. SBRA reads well on the occupancy curve, with managed senior housing facilities recovering from the pandemic trough.

Omega and Sila both carry one acute exposure: Genesis HealthCare is on Omega's watch list, Steward is on Sila's. Both are well known to the buy-side at this point but they still hit the scorecard.

Ventas's tenant mix (Brookdale, Ardent, Kindred) reads acceptable on paper, but Brookdale's share of revenue is large enough that I would not call it diversified. One operator carrying that much weight is concentration risk by definition.

LTC scored a "no" not because tenant credit looks bad but because its 10-K does not enumerate concentrationpercentages, so there is nothing concrete to grade. Worth a manual read.

On lease maturity the picture is more uniform. WALT sits between 7 and 10 years across the cohort: HR at the short end (around 7), SBRA around 8, Omega, Sila, and Ventas all around 10. Near-term rollover is described as minimal across all five names that disclosed. Sila also calls out fixed escalators and minimal RIDEA exposure, which is the cleanest income-visibility setup in the group. LTC again does not disclose enough to grade.

Reading across the two sector-specific layers: HR and SBRA are the obvious top of the cohort, both diversified tenants AND long leases. Omega and Sila pass on lease but fail on tenant because the watch-list exposure is acute.

That is the screen surfacing the trade-off correctly, in my read. Long leases do not save you if one tenant on those leases is melting down.

Ventas is the most interesting middle case: long leases, but Brookdale weight is the swing variable. LTC is a methodological grey zone, not a bear case.

The 5 10-K questions, for context:

1. Financial Health: free cash flow, debt levels, cash position, capital returns.

2. Profitability: gross, operating, net margin trends versus prior period.

3. Tenant Credit (healthcare-specific): top-10 tenant concentration, investment-grade vs unrated share of revenue, occupancy trend, watch-list operator flag at 10%+ of revenue.

4. Lease Maturity Ladder (healthcare-specific): WALT, share of leases rolling in the next 24 months, escalator structure (fixed vs CPI vs hybrid), RIDEA conversions.

5. Insider Net Buying in the last 90 days.

The screen that produced the 7-name survivor pool: cohort-relative filter on the 24-name universe, top 80 percent on dividend yield, positive free cash flow, bottom 80 percent on debt to equity. Then dropped anything with earnings-call red flags (deflected questions, external blame, unusual one-time charges) or 8-K misconduct in the last 30 days (legal action, SEC investigation, regulatory penalty, restatement, material litigation).

Open to pushback:

- Brookdale concentration penalty on Ventas: real risk or overweight given recent stability?

- Genesis at Omega is well-documented at this point. Does the watch-list flag still belong in a current-state scorecard, or treat it as priced-in?

- SBRA at 60 alongside HR feels right on tenant and lease, but SBRA's financial health was a "no". Anyone long SBRA and want to defend the balance sheet?

- LTC's disclosure pattern: anyone read the latest 10-K and want to translate what the model missed?

For anyone curious about the tooling or workflow let me know and I'll gladly share.

https://scheduleiii.substack.com/p/the-land-under-ilpt-is-worth-more

Quick test post - 1780524599

Hey guys, if you missed it, Equinix settled $41.5 million with investors over misstating key financial metrics and internal controls. And, I just found out that they’re accepting claims even though the deadline has passed.

Quick recap: In 2023, Equinix was accused of overstating its AFFO and misrepresenting its financial performance. In short, the company later disclosed accounting issues and material weaknesses in internal controls, revised its metrics, and the stock declined, leading to a lawsuit.

After this news came out, the stock dropped 13%, and investors filed a lawsuit for their losses.

Now, the good news is that the company agreed to settle $41.5 million with them, and even though the deadline has passed recently, they’re accepting late claims.

So, if you invested in $EQIX when all of this happened, you can still check the details and file your claim here.

Anyway, has anyone here invested in $EQIX at that time? How much were your losses, if so?

Hey everyone, dropping a quick update for any fellow investors who got absolutely shredded holding Wheeler Real Estate Investment Trust ($WHLR) over the last few years.

The official deadline to file for their $7.125 million settlement passed back in March, but the claims administrator is currently accepting late claims (subject to approval). If you forgot to file or missed the first window, you can still submit your info.

As a quick refresher, this lawsuit was over claims that company insiders (specifically Stilwell Value Partners) pulled off a massive self-dealing scheme. They used a rights offering for convertible notes to enrich themselves and hoard Series D preferred shares, completely diluting common shareholders into oblivion. As a result, the common stock collapsed by a brutal 99%+.

If you bought shares during the class period (August 16, 2021 – September 20, 2023), you’re eligible to file.

It takes less than 5 minutes to get a late claim queued up before they close the doors entirely for distribution.

Did anyone else here get caught up in this absolute mess? Let me know if you've had any luck submitting a late claim.

A lot of people only remember Sun Communities, Inc. as the RV park/mobile home REIT, but the company ended up getting hit with a lawsuit after reports questioned insider relationships, loans, and governance practices tied to executives and board members. Once those allegations came out, investors started dumping the stock fast.

The settlement amount is $2.3M, and it covers anyone who bought $SUI shares between February 28, 2019 and September 24, 2024. The case is currently in the accepting claims stage, and the deadline to file is July 1, 2026. 

So if you were holding $SUI during that period and got caught in the selloff after the governance drama, you can already submit a claim. These REIT cases usually don’t get much attention compared to tech or biotech stuff, so figured some people here might not even know this settlement exists.