Top 15 Specialty REIT Stocks, Ranked by Marvin Scores
Marvin ranks 15 specialty REITs by Overall score within their industry. EPR Properties, Gaming and Leisure Properties and Lamar Advertising lead the list. Margins, growth and debt vary widely across the group.
Specialty REITs are real estate investment trusts that own property outside the usual categories such as offices, apartments and shops. This list covers 15 companies that Marvin groups in the REIT - Specialty industry, shown from the highest Overall score to the lowest.
The group is mixed, so the figures matter more than the label. Some companies show high operating margins and steady but modest growth, while others carry heavy debt or saw revenue fall last year. REITs often use borrowing, so the debt-to-equity figure is worth a look.
Marvin's scores only compare each company with others in its industry today. They do not predict future results, and a few figures are missing for some companies. Treat this list as a starting point for your own research.
The list
How Marvin ranked these stocks
Marvin included companies above a minimum size, roughly mid-sized or larger, and ranked them by Overall score, highest first, within the REIT - Specialty industry. Overall, Quality and Opportunity scores are relative to each company's own industry. A high score means a company compares well with other specialty REITs, not with every stock in the market.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The REIT - Specialty industry, highest Overall score first.
The stocks, one by one
EPR Properties EPR
EPR Properties has the top Overall score here at 95, helped by an operating margin of 55.1% and a return on equity of 11.4%. Revenue grew a modest 2.9% last year, and a debt-to-equity ratio of 1.53 shows a notable reliance on borrowing.
Gaming and Leisure Properties, Inc. GLPI
Gaming and Leisure Properties posted a very high operating margin of 82.5% and a return on equity of 19.4%, supporting an Overall score of 89. Caution: revenue growth was only 4.1%, and debt-to-equity of 1.68 points to meaningful borrowing.
Lamar Advertising Company LAMR
Lamar Advertising earns an Overall score of 83, with a gross margin of 67.4% and an operating margin of 31.8%. Caution: debt-to-equity of 5.00 is high, and the very large return on equity of 55.9% may partly reflect that debt.
American Tower Corporation AMT
American Tower grew revenue 5.1% last year with an operating margin of 44.8%, a healthy pace and margin for the group. Caution: debt-to-equity of 12.10 is very heavy, which also helps explain the high return on equity of 94.5%.
Uniti Group Inc. UNIT
Uniti Group's Overall score of 67 rests on an Opportunity score of 95, while its Quality score is only 17. Revenue grew 91.5%, but the operating margin is thin at 3.2% and debt-to-equity is very high at 68.63.
SBA Communications Corporation SBAC
SBA Communications shows a gross margin of 75.2% and an operating margin of 47.6%, strong profitability, with revenue growth of 5.1% and a Quality score of 67. Caution: return on equity and debt-to-equity are not available, so the debt picture is unclear.
Outfront Media Inc. OUT
Outfront Media has an Opportunity score of 83 but a lower Quality score of 45. Revenue growth was nearly flat at 0.0%, and the operating margin is 20.5%. Caution: debt-to-equity of 6.10 is fairly high.
Equinix, Inc. EQIX
Equinix grew revenue 5.4% last year with an operating margin of 21.8%, and its debt-to-equity of 1.64 is lower than many peers here. Caution: return on equity is 10.7%, and the Opportunity score of 39 is low.
Digital Realty Trust, Inc. DLR
Digital Realty Trust has a Quality score of 78 and revenue growth of 10.0%, among the faster rates in this list. Caution: the Opportunity score is just 17, the operating margin is thin at 11.5%, and debt-to-equity is not available.
Farmland Partners Inc. FPI
Farmland Partners has low debt, with debt-to-equity of 0.49, and a return on equity of 5.5%. Caution: revenue fell -10.4% last year, the Overall score is 39, and operating margin is not available.
Crown Castle Inc. CCI
Crown Castle shows a gross margin of 97.5% and an operating margin of 47.7%, signs of a profitable business model. Caution: revenue shrank -4.4%, the Opportunity score is only 11, and return on equity and debt figures are missing.
Weyerhaeuser Company WY
Weyerhaeuser has modest debt, with debt-to-equity of 0.56, but thinner profitability: an operating margin of 12.3% and a gross margin of 14.5%. Caution: revenue fell -3.1%, and return on equity is only 5.0%.
Iron Mountain Incorporated IRM
Iron Mountain grew revenue 12.2% last year, the fastest pace among the more established names here, with an operating margin of 18.8%. Caution: the Quality score is only 23, and return on equity and debt-to-equity are not available.
Gladstone Land Corporation LAND
Gladstone Land has relatively low debt, with debt-to-equity of 0.72, and revenue grew 3.7%. Caution: return on equity was negative at -1.0%, the Quality score is just 11, and operating margin is not available.
Rayonier Inc. REIT RYN
Rayonier has low borrowing, with debt-to-equity of 0.39, and a return on equity of 8.7%. Caution: revenue dropped -51.0% last year, the operating margin is thin at 4.1%, and the Overall score is the lowest here at 12.
Common questions
What is a specialty REIT?
A specialty REIT is a real estate investment trust that owns property that doesn't fit the common categories such as offices, apartments or retail. REITs generally own real estate and pass much of their income on to shareholders. Marvin groups these companies under REIT - Specialty.
What do the Marvin scores mean?
Overall, Quality and Opportunity scores run from zero to one hundred and compare each company only with others in its own industry. A higher score means the company looks stronger than other specialty REITs today. The scores are not predictions and are not advice to buy or sell.
Why does debt matter for REITs?
REITs often borrow to buy and hold property, so debt-to-equity is a useful figure to check. In this list it ranges from low, such as 0.39 for Rayonier, to very high, such as 68.63 for Uniti Group. A higher ratio means more of the business is funded by borrowing.
Keep reading
- Top 20 REIT Stocks by Marvin Score
- Top 15 Fastest-Growing Profitable Real Estate Companies
- Top 15 Real Estate Stocks Marvin Rates Most Attractive Now
- Top 15 Real Estate Companies With the Strongest Businesses
Free account. Build your own AI-made watchlists, follow Marvin's scores and share lists.
Create a free account
Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.