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 CARDSA 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.
Head-to-Head Comparison Matrix
Direct cross-metric benchmarking across valuation, income durability, portfolio operations, and leverage.
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.
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.
12-Month Projected Dividend Cash Flow Schedule
Expected cash arrival by month with exact REIT payout distributions.
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
/calendarA 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.
Weekly Cash Flow Velocity How cash hits your account across the month
Declared Dividend Cash Flow Ledger
Exact declared payout dates, dividend amounts per share, and portfolio cash receipts.
| Date | Day | Week | Ticker | Company Name | Sector | Event Type | Div / Share | Shares | Cash Payout ($) | Div Yield | Safety Score | Action |
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SEC EDGAR US REIT Universe & Executive Governance
Complete SIC 6798 registry of 207 US public REITs with CEO compensation extracted from official DEF 14A proxy statements.
| Ticker | Company Name | SEC CIK | Exchange | Sector | CEO / Principal Executive Officer | Total Compensation (DEF 14A) | Actually Paid (CAP) | Pay Ratio (vs Median) | Governance Rating | SEC Filing |
|---|
Institutional Newswire Hub (PR Newswire, GlobeNewswire, Business Wire)
Real-time press releases scraped live from the Big Three corporate wires, strictly filtered for US Real Estate Investment Trusts.
| Rank | Ticker | Company Name | Employees | Market Cap | Market Cap / Employee | Operating Model | Price (USD) | Country | Source | Action |
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| Ticker | Fund Name | Issuer | Category | Live Price | 52-Week Range | Div Yield | Expense Ratio | AUM ($B) | Holdings | Benchmark Index | Action |
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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.
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.
FFO = GAAP Net Income + Real Estate Depreciation & Amortization - Gains on Property Sales + Losses on Property Sales
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.
AFFO = FFO - Routine Maintenance CapEx - Tenant Improvements (TIs) - Leasing Commissions (LCs) - Straight-Line Rent Adjustment
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.
Cap Rate (%) = (Net Operating Income (NOI) / Property Purchase Price or Asset Value) × 100
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.
Landlord Net Cash Flow = Base Contractual Rent (Tenant Pays: Property Taxes + Insurance + Maintenance)
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.
WALT (Years) = ∑ (Individual Lease Remaining Years × Individual Tenant Annual Rent) / Total Portfolio Annual Rent
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.
NAV per Share = (Estimated Market Value of Properties + Cash - Total Debt & Liabilities) / Total Diluted Shares
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.
Net Debt to EBITDA = (Total Debt - Cash & Cash Equivalents) / Annualized Adjusted EBITDAre
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.
Taxable REIT Dividend = Total Ordinary REIT Dividends × (1 - 0.20) = Total Dividends × 0.80
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.
WACC = (Weight of Equity × Cost of Equity) + (Weight of Debt × After-Tax Cost of Debt)
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.
Annual GAAP Rent = Total Contractual Cash Rent Over Full Lease Duration / Total Lease Term (Years)
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.
SS-NOI Growth (%) = [(Same-Store NOI Current Period - Same-Store NOI Prior Period) / Same-Store NOI Prior Period] × 100
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.
Tax-Deferred Real Estate Contribution: Physical Property Transfer → Operating Partnership (OP) Units (Zero Immediate Capital Gains Tax)
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.
P/AFFO = Current Stock Price / Annual AFFO Per Share
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.
Annual Dividend Requirement = Taxable Real Estate Income × 90% (or greater)
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.
RevPAR = Average Daily Rate (ADR) × Occupancy Rate (%) = Total Room Revenue / Total Available Rooms
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.
Annual Interest Surge = Maturing Debt Volume × (New Refinancing Coupon - Maturing Coupon)
Master Metric Formulas & Underwriting Benchmark Matrix
Institutional rules of thumb, formula specifications, and financial model triggers.
| 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 → 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 → |
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.
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
Starter
Pro
Institutional
Calculate Your REITwave Value & ROI
See exactly how many analyst hours, capital preservation dollars, and legacy software costs REITwave delivers.
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.
Frequently Asked Questions
Everything you need to know about plans, trials, tax deductions, and institutional licensing.
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
Google Sheets Setup
Runs via Google Apps Script Custom Functions- Open any spreadsheet in Google Sheets.
- Click Extensions → Apps Script in the top menu.
- Paste the REITwave JavaScript code below and click Save (Ctrl+S).
- Type
=REITWAVE("O", "AFFO_YIELD")in any cell!
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";
}
}
Microsoft Excel Setup
Office.js Custom Functions Manifest (Web, Mac, Windows Desktop)- Download the REITwave Excel Manifest (.xml).
- Open Excel Online or Excel Desktop → Click Insert → Add-ins.
- Select Upload My Add-in and select the downloaded
manifest.xmlfile. - In any workbook cell, enter
=REITWAVE("PLD", "PRICE")!
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 STANDARDUnderwrite 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
Real-Time Alert Webhooks
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3D WebGL Multi-Dimensional Matrix
APACHE ECHARTS-GL 60 FPS GPU HARDWARE ACCELERATEDMulti-dimensional institutional matrix plotting debt rollover risk across commercial real estate sectors and maturity vintages.
ECharts ThemeRiver: Sector Flow & Capital Drift
APACHE ECHARTS THEMERIVER STREAM GRAPH VISUALIZATIONContinuous stream visualizing how REIT sectors flow, expand, and contract over multi-year macroeconomic cycles (Data Centers & Logistics vs Office/Malls).
Institutional Valuation & Cap Rate Boxplot
APACHE ECHARTS BOXPLOT DYNAMIC NEON SQL STATSFive-number statistical distribution (Min, Q1, Median, Q3, Max & Outliers) calculated dynamically across all 207 US REITs and 2,443 commercial assets.