REITwave REITwave
REITwave /
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DATA DELAYED 24-HR Free Tier: All 207 public REIT multiples, market caps & SEC comps are delayed by 1 day.
LIVE TAPE
VNQ VNQ Vanguard REIT $92.69 ▲ +0.04%
IYR IYR iShares RE $98.40 ▲ +0.03%
XLRE XLRE Real Estate SPDR $42.57 ▲ +0.12%
O O Realty Income $56.89 ▼ -0.30%
PLD PLD Prologis $122.40 ▲ +0.54%
EQIX EQIX Equinix $955.03 ▲ +0.25%
AMT AMT American Tower $204.15 ▲ +0.32%
SPG SPG Simon Property $162.80 ▲ +0.41%
VICI VICI VICI Properties $32.45 ▲ +0.18%
WELL WELL Welltower $237.32 ▼ -0.03%
DLR DLR Digital Realty $174.50 ▲ +0.65%
PSA PSA Public Storage $309.89 ▲ +0.25%
AVB AVB AvalonBay $215.30 ▲ +0.15%
ADC ADC Agree Realty $71.20 ▲ +0.38%
VNQ VNQ Vanguard REIT $92.69 ▲ +0.04%
IYR IYR iShares RE $98.40 ▲ +0.03%
XLRE XLRE Real Estate SPDR $42.57 ▲ +0.12%
O O Realty Income $56.89 ▼ -0.30%
PLD PLD Prologis $122.40 ▲ +0.54%
EQIX EQIX Equinix $955.03 ▲ +0.25%
AMT AMT American Tower $204.15 ▲ +0.32%
SPG SPG Simon Property $162.80 ▲ +0.41%
VICI VICI VICI Properties $32.45 ▲ +0.18%
WELL WELL Welltower $237.32 ▼ -0.03%
DLR DLR Digital Realty $174.50 ▲ +0.65%
PSA PSA Public Storage $309.89 ▲ +0.25%
AVB AVB AvalonBay $215.30 ▲ +0.15%
ADC ADC Agree Realty $71.20 ▲ +0.38%
Matching Properties: 0 Implied Value: $0.0B Avg Rent/SF: $0.00/yr Avg Occupancy: 0.0% Total Sq Ft: 0M

Institutional REIT Valuation Screener

Direct FFO/AFFO multiples, dividend safety scoring, balance sheet debt walls, and live NAV discounts.

Ticker Company Name Sector Live Price (Yahoo) 52-Week Range AFFO/Sh P/AFFO Div Yield AFFO Payout NAV / Sh NAV Discount Occupancy Net Debt/EBITDA Guidance Dividend Risk Actions

Head-to-Head REIT Comparison Engine

BATTLE CARDS

A side-by-side battle-card view comparing 2–3 REITs simultaneously across P/AFFO multiples, dividend safety scores, WALT, debt-to-EBITDA, and portfolio occupancy.

Popular Battles:
Select 2 to 3 US Equity REITs to compare side-by-side. Metrics update in real-time with live prices and SEC filings.

Head-to-Head Comparison Matrix

Direct cross-metric benchmarking across valuation, income durability, portfolio operations, and leverage.

Category Leader Highlighted

Institutional US REIT Sector Heatmap

Complete 207 US Equity REIT universe organized exclusively by real estate sector, sized by market capitalization, and colored by live performance & valuation spreads.

REITs Tracked: 207 Total Market Cap: $1.64T Avg Yield: 4.62% 1D Adv/Dec: 118 / 89

Post-Purchase Monitoring Terminal

Solving the #1 retail investor problem: tracking the exact balance sheet tripwires after you buy.

My Income Portfolio & Dividend Cash Flow Calendar

Aggregate real-time cash flow schedule, blended dividend yield on cost, and monthly cash arrival dates.

Total Portfolio Value $0.00 Cost Basis: $0.00
Annual Dividend Income $0.00 Avg: $0.00 / month
Blended Dividend Yield 0.00% Yield on Cost: 0.00%
Portfolio Safety Score -- Weighted Average
Unrealized Capital Gain $0.00 0.0%

12-Month Projected Dividend Cash Flow Schedule

Expected cash arrival by month with exact REIT payout distributions.

Monthly Payers Quarterly Payers

Portfolio Constituents & Payout Ledgers

0 Holdings
Ticker Company Name Sector Shares Cost / Sh Market Price Market Value Weight Div Rate Annual Income Yield Safety Action

Monthly Dividend Income Heatmap

/calendar

A visual 30-day calendar showing exact declared ex-dates and cash pay-dates so income investors can see how cash flow hits their account every week of the month.

Expected Cash Inflow $0.00 Selected Month Total
Peak Cash Flow Week -- Highest cash concentration
Cash Pay-Dates 0 Declared cash arrival dates
Ex-Dividend Cutoffs 0 Must own shares by close
Blended Yield of Payers 0.00% Weighted active distribution

Weekly Cash Flow Velocity How cash hits your account across the month

Peak Cash Velocity Normal Flow
November 2026 30-Day Distribution Grid
Heatmap Intensity: $0 Light Med High Peak
Sun
Mon
Tue
Wed
Thu
Fri
Sat

Declared Dividend Cash Flow Ledger

Exact declared payout dates, dividend amounts per share, and portfolio cash receipts.

0 Declared Events
Date Day Week Ticker Company Name Sector Event Type Div / Share Shares Cash Payout ($) Div Yield Safety Score Action

SEC EDGAR US REIT Universe & Executive Governance

Complete SIC 6798 registry of 207 US public REITs with CEO compensation extracted from official DEF 14A proxy statements.

SEC REITs Tracked 207
Median CEO Pay $8.9M
Avg Pay Ratio 103:1
Highest Paid PEO $25.0M (PLD)
Ticker Company Name SEC CIK Exchange Sector CEO / Principal Executive Officer Total Compensation (DEF 14A) Actually Paid (CAP) Pay Ratio (vs Median) Governance Rating SEC Filing

Institutional Newswire Hub (PR Newswire, GlobeNewswire, Business Wire)

Real-time press releases scraped live from the Big Three corporate wires, strictly filtered for US Real Estate Investment Trusts.

Live Releases 0
PR Newswire 0
GlobeNewswire 0
Business Wire 0
Dividends 0

Newswire Distribution

Syndicated wires automatically parsed and mapped against SEC CIKs and common stock tickers.

PR Newswire --
GlobeNewswire --
Business Wire --

Signal Categories

Tracked Global REITs 288 CompaniesMarketCap Global Universe
Total Global Workforce 189,361 Direct employees worldwide
Median Workforce per REIT 54 Shows lean passive capital allocation
Top Employer 24,000 (LINE) Lineage (Cold Storage Operations)
Top Efficiency (Cap/Employee) $240.2M Welltower ($WELL)
Download Full CSV (288 REITs) ↓
Rank Ticker Company Name Employees Market Cap Market Cap / Employee Operating Model Price (USD) Country Source Action
Tracked REIT ETFs 16 US & Global Institutional Funds
Total Industry AUM $66.4B Assets Under Management
Flagship Fund VNQ ($32.4B) Vanguard Real Estate ETF
Highest Dividend Yield 11.2% (MORT) VanEck Mortgage REIT Income
Official Holdings Feed BlackRock XML Live Varnish API Production Ingestion
Holdings Source: BlackRock iShares Live Varnish XML ↗
Ticker Fund Name Issuer Category Live Price 52-Week Range Div Yield Expense Ratio AUM ($B) Holdings Benchmark Index Action
Institutional Commercial Real Estate Finance Knowledge Base

Real Estate Finance Glossary
& Institutional Valuation Formulas

Authoritative dictionary of public equity REIT and commercial real estate financial terminology. Includes NAREIT GAAP reconciliation formulas, benchmark underwriting ranges, IRS Section 199A guidance, and interactive financial model shortcuts.

16 Core CRE Metrics
NAREIT Compliant Formulas
ASC 842 Lease Accounting
SEC DEF 14A Filings & Governance
Showing 16 institutional terms and formulas
Cash Flow & Earnings FFO

Funds From Operations (FFO)

Funds From Operations (FFO) is the non-GAAP financial metric defined by NAREIT to measure operating cash flow generated by a REIT. It equals GAAP Net Income plus real estate depreciation and amortization, minus gains or plus losses on property sales.

Formula FFO = GAAP Net Income + Real Estate Depreciation & Amortization - Gains on Property Sales + Losses on Property Sales
Target: Payout Ratio < 75-80% of FFO for safe dividend coverage
Associated REITs:
Cash Flow & Earnings AFFO

Adjusted Funds From Operations (AFFO)

Adjusted Funds From Operations (AFFO), or Cash Available for Distribution (CAD), is FFO minus recurring maintenance capital expenditures (maintenance CapEx) and tenant improvements, adjusted for straight-line rent. It represents the true recurring cash flow available to pay dividends.

Formula AFFO = FFO - Routine Maintenance CapEx - Tenant Improvements (TIs) - Leasing Commissions (LCs) - Straight-Line Rent Adjustment
Target: AFFO Payout < 80-85% is institutional gold standard
Associated REITs:
Valuation & Pricing Cap Rate

Capitalization Rate (Cap Rate)

The Capitalization Rate (Cap Rate) is the annual percentage rate of return on a commercial real estate property based on the Net Operating Income (NOI) it generates relative to its total acquisition cost or current market value, assuming an unleveraged all-cash purchase.

Formula Cap Rate (%) = (Net Operating Income (NOI) / Property Purchase Price or Asset Value) × 100
Target: Industrial 5.5-6.5%, Sunbelt Multifamily 5.0-5.8%, Grocery 6.2-7.0%
Associated REITs:
Lease Structures NNN

Triple Net Lease (NNN)

A Triple Net Lease (NNN) is a commercial real estate lease structure where the tenant is contractually responsible for all three primary property operating expenses: real estate taxes, building insurance, and structural maintenance, in addition to base rent.

Formula Landlord Net Cash Flow = Base Contractual Rent (Tenant Pays: Property Taxes + Insurance + Maintenance)
Target: 99%+ rent collection, zero landlord maintenance obligations
Associated REITs:
Portfolio Risk & Leases WALT

Weighted Average Lease Term (WALT)

Weighted Average Lease Term (WALT) measures the average remaining duration of all active lease contracts across a REIT's property portfolio, weighted by each tenant's annualized rental revenue or occupied square footage.

Formula WALT (Years) = ∑ (Individual Lease Remaining Years × Individual Tenant Annual Rent) / Total Portfolio Annual Rent
Target: > 8.0 Years preferred for defensive long-term lease stability
Associated REITs:
Valuation & Pricing P/NAV

Net Asset Value (NAV) Discount & Premium

Net Asset Value (NAV) is the estimated private market liquidation value of a REIT's real estate assets minus total liabilities. Trading at an NAV Discount means the public stock price is cheaper than the appraised bricks-and-mortar property value.

Formula NAV per Share = (Estimated Market Value of Properties + Cash - Total Debt & Liabilities) / Total Diluted Shares
Target: > 15% discount to NAV signals potential M&A or privatization target
Associated REITs:
Balance Sheet & Solvency Debt/EBITDA

Net Debt to Adjusted EBITDA

Net Debt to Adjusted EBITDA measures how many years of operating earnings it would take for a REIT to repay all outstanding debt obligations. It is the premier institutional credit rating metric for balance sheet leverage and solvency.

Formula Net Debt to EBITDA = (Total Debt - Cash & Cash Equivalents) / Annualized Adjusted EBITDAre
Target: < 6.0x is investment grade (BBB/Baa); > 7.5x triggers credit risk
Associated REITs:
Taxation & Accounting Sec 199A

Section 199A Qualified REIT Dividend Deduction

Section 199A of the US Internal Revenue Code allows individual taxpayers to take an automatic 20% tax deduction on qualified REIT ordinary dividend distributions, significantly reducing the effective federal income tax rate on REIT dividends.

Formula Taxable REIT Dividend = Total Ordinary REIT Dividends × (1 - 0.20) = Total Dividends × 0.80
Target: Allows up to 20% deduction on ordinary REIT dividends for US filers
Associated REITs:
Valuation & Pricing WACC

Weighted Average Cost of Capital (WACC) & Spread Accretion

A REIT's Cost of Capital is the blended cost of its debt (bond coupon yield) and equity (AFFO yield). When a REIT acquires real estate at a cap rate higher than its WACC, the transaction is accretive and boosts FFO per share.

Formula WACC = (Weight of Equity × Cost of Equity) + (Weight of Debt × After-Tax Cost of Debt)
Target: Nominal Cap Rate minus WACC = Investment Spread (+100 to +200 bps)
Associated REITs:
Taxation & Accounting SLR

Straight-Line Rent Accounting (ASC 842)

Straight-line rent is a GAAP accounting standard that averages total contractual rental revenue evenly over the entire multi-year lease term, creating non-cash revenue adjustments when leases have annual rent escalation steps.

Formula Annual GAAP Rent = Total Contractual Cash Rent Over Full Lease Duration / Total Lease Term (Years)
Target: Deduct non-cash straight-line rent from FFO to find true cash AFFO
Associated REITs:
Cash Flow & Earnings SS-NOI

Same-Store Net Operating Income (SS-NOI)

Same-Store Net Operating Income (SS-NOI) measures the year-over-year organic revenue and expense growth of stabilized properties owned and operated for at least one full calendar year, stripping out acquisitions and dispositions.

Formula SS-NOI Growth (%) = [(Same-Store NOI Current Period - Same-Store NOI Prior Period) / Same-Store NOI Prior Period] × 100
Target: +2.5% to +4.5% annualized SS-NOI organic growth target
Associated REITs:
Taxation & Accounting UPREIT

UpREIT & Section 721 Tax-Deferred Contribution

An UpREIT (Umbrella Partnership REIT) is a corporate structure where a REIT owns its properties through an operating partnership (OP). Private real estate owners can contribute physical properties in exchange for OP Units tax-deferred under IRC Section 721.

Formula Tax-Deferred Real Estate Contribution: Physical Property Transfer &rarr; Operating Partnership (OP) Units (Zero Immediate Capital Gains Tax)
Target: Allows property owners to exchange real estate for OP Units tax-deferred
Associated REITs:
Valuation & Pricing P/AFFO

Price to AFFO Multiple (P/AFFO)

The Price to AFFO multiple (P/AFFO) is the commercial real estate equivalent of the Price-to-Earnings (P/E) ratio, dividing a REIT's share price by its annual Adjusted Funds From Operations per share to determine relative valuation.

Formula P/AFFO = Current Stock Price / Annual AFFO Per Share
Target: 14x-18x historical fair value; > 22x premium, < 12x distressed value
Associated REITs:
Taxation & Accounting 90% Rule

90% REIT Distribution Rule (IRS Tax Exemption)

The 90% REIT Distribution Rule is a US federal statutory requirement under Internal Revenue Code Section 857 requiring a REIT to distribute at least 90% of its taxable income to shareholders annually as dividends to maintain corporate tax-exempt status.

Formula Annual Dividend Requirement = Taxable Real Estate Income × 90% (or greater)
Target: Must distribute >= 90% of taxable income to eliminate corporate tax
Associated REITs:
Portfolio Risk & Leases RevPAR

Revenue Per Available Room (RevPAR)

Revenue Per Available Room (RevPAR) is the premier operating performance metric for Hotel and Lodging REITs, calculated by multiplying an asset's Average Daily Rate (ADR) by its occupancy rate.

Formula RevPAR = Average Daily Rate (ADR) × Occupancy Rate (%) = Total Room Revenue / Total Available Rooms
Target: Average Daily Rate (ADR) x Occupancy Rate; key cyclical lodging metric
Associated REITs:
Balance Sheet & Solvency Debt Cliff

Debt Refinancing Cliff & Maturity Wall

A debt refinancing cliff refers to a high concentration of low-coupon bonds and mortgages maturing within a 1-to-3 year window that must be refinanced at significantly higher prevailing interest rates, eroding AFFO cash flow.

Formula Annual Interest Surge = Maturing Debt Volume × (New Refinancing Coupon - Maturing Coupon)
Target: < 15% of total debt maturing within next 24 months
Associated REITs:

Master Metric Formulas & Underwriting Benchmark Matrix

Institutional rules of thumb, formula specifications, and financial model triggers.

16 Benchmarks
Metric / Acronym Category Core Mathematical Formula Institutional Target Range Guide
Funds From Operations (FFO) [FFO] Cash Flow & Earnings FFO = GAAP Net Income + Real Estate Depreciation & Amortization - Gains on Property Sales + Los... Payout Ratio < 75-80% of FFO for safe dividend coverage Guide →
Adjusted Funds From Operations (AFFO) [AFFO] Cash Flow & Earnings AFFO = FFO - Routine Maintenance CapEx - Tenant Improvements (TIs) - Leasing Commissions (LCs) ... AFFO Payout < 80-85% is institutional gold standard Guide →
Capitalization Rate (Cap Rate) [Cap Rate] Valuation & Pricing Cap Rate (%) = (Net Operating Income (NOI) / Property Purchase Price or Asset Value) × 100 Industrial 5.5-6.5%, Sunbelt Multifamily 5.0-5.8%, Grocery 6.2-7.0% Guide →
Triple Net Lease (NNN) [NNN] Lease Structures Landlord Net Cash Flow = Base Contractual Rent (Tenant Pays: Property Taxes + Insurance + Maint... 99%+ rent collection, zero landlord maintenance obligations Guide →
Weighted Average Lease Term (WALT) [WALT] Portfolio Risk & Leases WALT (Years) = ∑ (Individual Lease Remaining Years × Individual Tenant Annual Rent) / Total Por... > 8.0 Years preferred for defensive long-term lease stability Guide →
Net Asset Value (NAV) Discount & Premium [P/NAV] Valuation & Pricing NAV per Share = (Estimated Market Value of Properties + Cash - Total Debt & Liabilities) / Tota... > 15% discount to NAV signals potential M&A or privatization target Guide →
Net Debt to Adjusted EBITDA [Debt/EBITDA] Balance Sheet & Solvency Net Debt to EBITDA = (Total Debt - Cash & Cash Equivalents) / Annualized Adjusted EBITDAre < 6.0x is investment grade (BBB/Baa); > 7.5x triggers credit risk Guide →
Section 199A Qualified REIT Dividend Deduction [Sec 199A] Taxation & Accounting Taxable REIT Dividend = Total Ordinary REIT Dividends × (1 - 0.20) = Total Dividends × 0.80 Allows up to 20% deduction on ordinary REIT dividends for US filers Guide →
Weighted Average Cost of Capital (WACC) & Spread Accretion [WACC] Valuation & Pricing WACC = (Weight of Equity × Cost of Equity) + (Weight of Debt × After-Tax Cost of Debt) Nominal Cap Rate minus WACC = Investment Spread (+100 to +200 bps) Guide →
Straight-Line Rent Accounting (ASC 842) [SLR] Taxation & Accounting Annual GAAP Rent = Total Contractual Cash Rent Over Full Lease Duration / Total Lease Term (Yea... Deduct non-cash straight-line rent from FFO to find true cash AFFO Guide →
Same-Store Net Operating Income (SS-NOI) [SS-NOI] Cash Flow & Earnings SS-NOI Growth (%) = [(Same-Store NOI Current Period - Same-Store NOI Prior Period) / Same-Store... +2.5% to +4.5% annualized SS-NOI organic growth target Guide →
UpREIT & Section 721 Tax-Deferred Contribution [UPREIT] Taxation & Accounting Tax-Deferred Real Estate Contribution: Physical Property Transfer &rarr; Operating Partnership ... Allows property owners to exchange real estate for OP Units tax-deferred Guide →
Price to AFFO Multiple (P/AFFO) [P/AFFO] Valuation & Pricing P/AFFO = Current Stock Price / Annual AFFO Per Share 14x-18x historical fair value; > 22x premium, < 12x distressed value Guide →
90% REIT Distribution Rule (IRS Tax Exemption) [90% Rule] Taxation & Accounting Annual Dividend Requirement = Taxable Real Estate Income × 90% (or greater) Must distribute >= 90% of taxable income to eliminate corporate tax Guide →
Revenue Per Available Room (RevPAR) [RevPAR] Portfolio Risk & Leases RevPAR = Average Daily Rate (ADR) × Occupancy Rate (%) = Total Room Revenue / Total Available R... Average Daily Rate (ADR) x Occupancy Rate; key cyclical lodging metric Guide →
Debt Refinancing Cliff & Maturity Wall [Debt Cliff] Balance Sheet & Solvency Annual Interest Surge = Maturing Debt Volume × (New Refinancing Coupon - Maturing Coupon) < 15% of total debt maturing within next 24 months Guide →
Institutional Grade Real Estate Platform

Transparent Institutional Pricing
at 1/100th the Cost of Bloomberg

Whether you're a high-yield dividend investor guarding retirement cash flow, a commercial syndicator underwriting deals, or a real estate fund running quantitative screens, REITwave gives you institutional GIS maps, debt cliff shock models, and real-time SEC EDGAR intelligence at unbeatable ROI.

207 SEC-Registered US REITs (SIC 6798)
120,000+ Geolocated Properties Across 50 States
14-Day Risk-Free Trial
100% Tax-Deductible Investment Research Expense
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New: Live Excel & Google Sheets Formula Add-in (=REITWAVE) Included in Pro

Underwrite directly inside your financial models. Pull live AFFO yields, cap rates, consensus NAV, and debt multiples across 207 US REITs without copy-pasting.

Explorer

For retail researchers, university students, and casual dividend hobbyists.
$ 0 / month
Free forever · No credit card required
What's Included:
20-minute delayed quotes for 207 US REITs
Core Valuation Screener (P/FFO & yield filters)
Top 25 Flagship Assets on Geospatial Map
Public Sector Heatmap (S&P Real Estate)
1 Portfolio (up to 5 tickers)
Standard Dividend Compounding Calculator
Public 3-Wire Headlines (30-min delay)

Starter

For high-yield dividend investors, FIRE allocators & active retail stock pickers.
$ 19 / month
Billed annually ($228/yr) · Save $120
Everything in Explorer, plus:
Real-time live quotes & tick updates
30-Day Monthly Dividend Income Heatmap
1-Click Apple & Google Calendar (.ICS) sync
Unlimited Custom Portfolios with Yield-on-Cost
Balance Sheet Tripwire Watchlist & early cut warnings
Cap-Rate Net Asset Value (NAV) sensitivity calculator
25 PDF & CSV Tearsheets per month
Priority email support (24h SLA)
FOR DESKS & FUNDS

Institutional

For real estate hedge funds, prop desks, developers, family offices & platforms.
$ 249 / month
Billed annually ($2,988/yr) · Save $600
Everything in Pro, plus:
Enterprise Excel & Sheets Deployment (Central M365 Admin Manifest + Team Keys)
Programmatic REST API Access (100,000 req/mo)
Real-time SEC 8-K Regulatory Webhook streams
Bulk Database Feeds (full 207 REITs & 120k assets in CSV/JSON)
100% Whitelabel Map Embeds (zero REITwave branding)
3 Analyst Team Seats included (+$49/seat)
Custom GIS Shapefile & private portfolio layer ingestion
Dedicated CRE Quantitative Analyst & private Slack/Teams
Enterprise 99.9% Uptime SLA & Custom ACH/Wire Invoicing

Calculate Your REITwave Value & ROI

See exactly how many analyst hours, capital preservation dollars, and legacy software costs REITwave delivers.

Saves $15,000 - $30,000+ vs. Bloomberg & Green Street
Select Your Role / Investor Profile:
Portfolio Value Monitored: $250,000
$25k $1M $2.5M $5M+
Primary Value Catalyst: 30-Day Cash Flow Heatmap, automated dividend safety tripwires, and early cut warnings.
Annual Time Saved
120 hrs/yr
$9,000 time value
Capital Preservation / Avoided Loss
+$20,000
Early tripwire dividend risk
Legacy Terminal Savings
$17,052
vs. Green Street / CoStar
Recommended Plan
Pro
$79/mo billed annually
Net Annual Value Generated
Estimated Return on Investment: 36.1x ROI
+$34,200/yr

Comprehensive Feature Comparison

Detailed feature-by-feature breakdown across all 4 REITwave membership tiers.

Platform Capabilities Explorer
$0 Free
Starter
$19/mo
Pro
$59/mo
Institutional
$249/mo

Trusted by Commercial Allocators & REIT Analysts

See why institutional syndicators, financial advisors, and private wealth managers choose REITwave.

"We replaced our $18,000 Green Street subscription with REITwave Pro. The Cap-Rate NAV sensitivity and Debt Refi Cliff shock models give us everything our Investment Committee asks for in 2 minutes instead of 3 days of junior analyst modeling."
MV
Marcus Vance, CFA
Managing Director, Core CRE Capital
Pro Member
"The whitelabel map embeds and state footprint analytics are game changers for our limited partner updates. Our investors love interacting with the real-world assets behind our industrial syndication notes."
ER
Elena Rostova
Principal Syndicator, Sunbelt Logistics Partners
Institutional Member
"The 30-Day Dividend Income Heatmap and Apple Calendar sync are indispensable. Seeing the exact cash-inflow distribution across each week has completely transformed how I manage retirement liquidity."
DH
David K. Henderson
Private Wealth & Dividend Growth Allocator
Starter Member
"Having programmatic REST API access to 120,000+ geolocated properties alongside live SEC DEF 14A proxy pay ratios allows our quantitative screening models to run seamlessly every morning."
SL
Sarah Lin
VP of Acquisitions, Urban Core Net Lease Fund
Institutional Member

Frequently Asked Questions

Everything you need to know about plans, trials, tax deductions, and institutional licensing.

Need 10+ Team Seats, Custom GIS Layers, or Private Feeds?

We work directly with commercial brokerages, university endowments, sovereign wealth funds, and PropTech developers to deliver dedicated servers, customized geospatial shapefiles, and custom single sign-on (SSO/SAML).

Formula Engine Microsoft Excel (Office.js) & Google Sheets (Apps Script)

Embedded Financial Modeling Engine: =REITWAVE(...)

Turn REITwave into an integral underwriting engine inside your Excel and Google Sheets financial models. Pull live AFFO yields, consensus NAVs, implied cap rates, occupancy, and debt multiples across 207 US REITs directly into your spreadsheet cells with zero copy-pasting.

Live Formula Sandbox & Tester

Test formulas live against REITwave's ultra-low latency REST formula resolver

fx =REITWAVE("O", "AFFO_YIELD")
Result: 7.82% 12ms
GS

Google Sheets Setup

Runs via Google Apps Script Custom Functions
60-Second Setup
  1. Open any spreadsheet in Google Sheets.
  2. Click Extensions → Apps Script in the top menu.
  3. Paste the REITwave JavaScript code below and click Save (Ctrl+S).
  4. Type =REITWAVE("O", "AFFO_YIELD") in any cell!
AppsScript_REITwave.js
function REITWAVE(ticker, metric, apiKey) {
  if (!ticker || !metric) return "#N/A: Missing ticker or metric";
  var cleanTicker = ticker.toString().trim().toUpperCase();
  var cleanMetric = metric.toString().trim().toUpperCase();
  var cache = CacheService.getScriptCache();
  var cacheKey = "rw_" + cleanTicker + "_" + cleanMetric;
  var cachedVal = cache.get(cacheKey);
  if (cachedVal !== null) {
    var num = Number(cachedVal);
    return isNaN(num) ? cachedVal : num;
  }
  var url = "https://reitwave.com/api/sheets/quote?ticker=" + encodeURIComponent(cleanTicker) + 
            "&metric=" + encodeURIComponent(cleanMetric) +
            (apiKey ? "&api_key=" + encodeURIComponent(apiKey) : "");
  try {
    var response = UrlFetchApp.fetch(url, { muteHttpExceptions: true });
    if (response.getResponseCode() !== 200) {
      return "#ERROR: " + response.getContentText();
    }
    var data = JSON.parse(response.getContentText());
    cache.put(cacheKey, data.value.toString(), 600);
    var num = Number(data.value);
    return isNaN(num) ? data.value : num;
  } catch (err) {
    return "#ERR: Connection failed";
  }
}
XL

Microsoft Excel Setup

Office.js Custom Functions Manifest (Web, Mac, Windows Desktop)
Office 365 Ready
  1. Download the REITwave Excel Manifest (.xml).
  2. Open Excel Online or Excel Desktop → Click Insert → Add-ins.
  3. Select Upload My Add-in and select the downloaded manifest.xml file.
  4. In any workbook cell, enter =REITWAVE("PLD", "PRICE")!
reitwave_excel_manifest.xml
OfficeApp 1.1 Schema • Secure HTTPS Runtime
Download XML
Enterprise Deployment: IT Administrators can deploy the manifest centrally to all analysts via the Microsoft 365 Admin Center (Integrated Apps → Deploy Add-in).

Supported Financial Metrics & Formula Syntax

Metric Key Description Example Formula Sample Output
AFFO_YIELD Adjusted Funds From Operations Yield (%) =REITWAVE("O", "AFFO_YIELD") 7.82
PRICE Live or fallback share price ($) =REITWAVE("PLD", "PRICE") 126.45
P_AFFO Price to AFFO multiple (x) =REITWAVE("O", "P_AFFO") 12.78
DIVIDEND_YIELD Forward annualized dividend yield (%) =REITWAVE("VICI", "DIVIDEND_YIELD") 5.42
CAP_RATE Institutional private market benchmark cap rate (%) =REITWAVE("EQIX", "CAP_RATE") 6.0
OCCUPANCY Portfolio physical/economic occupancy rate (%) =REITWAVE("O", "OCCUPANCY") 98.8
WALT Weighted Average Lease Term (Years) =REITWAVE("O", "WALT") 9.4
DEBT_TO_EBITDA Net Debt to Adjusted EBITDA leverage multiple (x) =REITWAVE("PSA", "DEBT_TO_EBITDA") 4.1
NAV Consensus Net Asset Value per share ($) =REITWAVE("O", "NAV") 64.50
NAV_DISCOUNT Premium (+) or Discount (-) to Consensus NAV (%) =REITWAVE("O", "NAV_DISCOUNT") -11.8

CRE Appraisal Dossier & Real-Time Alert Webhooks

MAI STANDARD

Underwrite commercial real estate property net operating income (NOI), cap rate dislocation spreads, and replacement costs. Subscribe custom webhook endpoints to real-time events.

Commercial Property Appraisal Dossier

Direct Capitalization of In-Place NOI & Sales Comps
Indicated Property Value
$67,131,147
$209.79 / sqft
Net Operating Income (NOI)
$4,095,000
OER: 2.5% (NNN)
Direct Capitalization Rate
6.10%
Terminal: 6.60% · IRR: 7.75%
Replacement Cost Spread
+7.58%
Cost: $195/sqft
Lease & Underwriting Risk Dimensions
Anchor Tenant: FedEx Ground
Credit Rating: BBB (Investment Grade)
WALT (Lease Duration): 8.4 Years
Mark-to-Market Rent Spread: +12.8% Under-rented
Phase I Environmental ESA: Clean
FEMA Flood Hazard Area: Zone X (Minimal Risk)

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3D WebGL Multi-Dimensional Matrix

APACHE ECHARTS-GL 60 FPS GPU HARDWARE ACCELERATED

Multi-dimensional institutional matrix plotting debt rollover risk across commercial real estate sectors and maturity vintages.

Total Maturing Debt
$220.4B
Tracked public REIT debt book
2026-2027 Refi Cliff
$68.7B
Critical 24-month rollover
Weighted Avg Coupon
4.28%
Existing portfolio interest rate
Floating / High Risk Rate
$21.5B
Exposed to immediate spread shock
Left-Click + Drag: Rotate 3D • Right-Click: Pan • Scroll: Zoom
Institutional 3D Insights
The 2026–2027 maturity vintage represents the highest refinancing hurdle for Data Centers and Healthcare REITs ($68.7B total volume), where legacy debt under 3.5% will reprice into senior unsecured market yields near 6.0%.

ECharts ThemeRiver: Sector Flow & Capital Drift

APACHE ECHARTS THEMERIVER STREAM GRAPH VISUALIZATION

Continuous stream visualizing how REIT sectors flow, expand, and contract over multi-year macroeconomic cycles (Data Centers & Logistics vs Office/Malls).

Universe Market Cap
$1.64 Trillion
207 public US equity REITs
Fastest Expansion
Data Centers (+425%)
AI power and compute demand
Deepest Tributary
Data Centers ($378B)
Largest equity share by sector
Sector Compression
Office (-52%)
Work-from-home structural shift
Hover Sector River to Inspect Volume • Timeline Slider Below
ThemeRiver Structural Insights
Visualizes how institutional equity drifted over 6 years: hyperscale AI data centers and logistics expanded from 24% to over 42% of public REIT capital, while suburban and central office contracted.

Institutional Valuation & Cap Rate Boxplot

APACHE ECHARTS BOXPLOT DYNAMIC NEON SQL STATS

Five-number statistical distribution (Min, Q1, Median, Q3, Max & Outliers) calculated dynamically across all 207 US REITs and 2,443 commercial assets.

Analyzed Samples
207 REITs
Dynamically calculated from Neon DB
Universe Median
15.2x P/FFO
50th percentile midpoint
Interquartile Range (IQR)
5.4x Spread
Middle 50% core distribution
Outliers Detected
12 Outliers
> 1.5x IQR statistical divergence
Hover Sector Box to Inspect Min, Q1, Median, Q3, Max
Boxplot Distribution Insights
Boxplot whiskers isolate extreme outliers from core sector medians. Tightly packed boxes indicate homogenous defensive assets (Logistics & Towers), while wide boxes identify massive market dislocation and deep-value dispersion.

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