Specialty REITs with the lowest PE ratio

Ranked

101

of 164 specialty REITs we cover

Median

22.8×

Lowest

2.5×

MDRR

Range

2.5× to 175×

#	Company	PE	PE vs its 10 years	Revenue growth (TTM)	Market cap
1	MDRRMedalist Diversified	2.5×	n/a	−0.7%	$15.4M
2	IVRInvesco Mortgage Capital	3.7×	3rd pct	n/m	$596.3M
3	DXDynex Capital	4.2×	30th pct	n/m	$2.7B
4	NLYAnnaly Capital Management	4.6×	48th pct	n/m	$13.8B
5	ADAMAdamas Trust	4.6×	4th pct	n/m	$702M
6	AGNCAGNC Investment	4.7×	12th pct	n/m	$10.5B
7	PMTPennyMac Mortgage Investment Trust	5.0×	6th pct	+14.6%	$613.9M
8	MFAMFA Financial	6.5×	8th pct	n/m	$673.2M
9	SUNSSunrise Realty Trust	6.5×	2nd pct	+44.3%	$85.8M
10	REFIChicago Atlantic Real Estate Finance	6.8×	2nd pct	n/m	$240.1M
11	SAFESafehold	6.9×	0th pct	+12.1%	$795.3M
12	CBLCBL & Associates Properties	7.2×	1st pct	+9.0%	$1.5B
13	MITTTPG Mortgage Investment Trust	7.4×	41st pct	n/m	$173M
14	NREFNexPoint Real Estate Finance	7.5×	52nd pct	n/m	$294.2M
15	ALXAlexanders	7.5×	1st pct	−1.5%	$1.3B
16	ARIApollo Commercial Real Estate Finance	8.0×	12th pct	−14.7%	$823.1M
17	XRNChiron Real Estate	8.1×	n/a	+8.0%	$397.1M
18	LOANManhattan Bridge Capital	8.3×	1st pct	−9.5%	$39.5M
19	SEVNSeven Hills Realty Trust	9.2×	68th pct	−2.1%	$140.4M
20	GLPIGaming & Leisure Properties	11.6×	1st pct	+5.8%	$11.5B
21	TRTXTPG RE Finance Trust	11.6×	41st pct	−2.6%	$482.1M
22	HHHHoward Hughes	14.2×	21st pct	+34.0%	$4.2B
23	CHMICherry Hill Mortgage Investment	14.2×	51st pct	+124.5%	$94.6M
24	OLPOne Liberty Properties	14.2×	17th pct	n/m	$487.8M
25	FBRTFranklin BSP Realty Trust	14.5×	57th pct	+42.5%	$518.2M
26	CTOCTO Realty Growth	14.5×	51st pct	+14.3%	$741.5M
27	KRGKite Realty Group Trust	15.2×	1st pct	−5.6%	$4.9B
28	RITMRithm Capital	15.7×	90th pct	−23.9%	$5.2B
29	LTCLTC Properties	16.0×	32nd pct	+59.8%	$2.4B
30	HSTHost Hotels & Resorts	16.6×	44th pct	+4.9%	$16.9B
31	OHIOmega Healthcare Investors	16.7×	17th pct	+15.0%	$14B
32	EPREPR Properties	17.9×	11th pct	+4.5%	$4.3B
33	DRHDiamondRock Hospitality	19.1×	15th pct	+1.0%	$2.8B
34	IORIncome Opportunity Realty Investors	19.1×	83rd pct	n/m	$71.6M
35	NHINational Health Investors	19.4×	33rd pct	+23.9%	$3.3B
36	CHCTCommunity Healthcare Trust	19.4×	0th pct	+5.7%	$372.5M
37	STRWStrawberry Fields REIT	19.8×	23rd pct	+18.3%	$179.4M
38	FRFirst Industrial Realty Trust	19.9×	22nd pct	+8.4%	$7.2B
39	SBACSBA Communications	19.9×	4th pct	+5.4%	$19.6B
40	BRXBrixmor Property	20.0×	55th pct	+5.8%	$8.6B
41	FCPTFour Corners Property Trust	20.0×	17th pct	+9.6%	$2.4B
42	HIWHighwoods Properties	20.1×	44th pct	+3.0%	$3.4B
43	NNNNNN REIT	20.5×	25th pct	+6.5%	$8B
44	FPIFarmland Partners	20.5×	28th pct	−6.4%	$447.2M
45	EPRTEssential Properties Realty Trust	20.7×	11th pct	+22.3%	$5.8B
46	STWDStarwood Property Trust	21.3×	96th pct	+11.8%	$4.7B
47	WPCW. P. Carey	21.8×	13th pct	+9.0%	$14.6B
48	FRTFederal Realty Investment Trust	22.0×	14th pct	+8.0%	$9.4B
49	OUTOUTFRONT Media	22.3×	41st pct	+7.6%	$5.5B
50	UDRUDR	22.8×	1st pct	+1.5%	$11.5B
51	BNLBroadstone Net Lease	22.8×	45th pct	+7.7%	$3.3B
52	CTRECareTrust REIT	23.0×	1st pct	+53.0%	$8.7B
53	CDPCopt Defense Properties	23.6×	45th pct	+4.5%	$3.8B
54	CXWCoreCivic	24.0×	81st pct	+24.3%	$3B
55	APLEApple Hospitality REIT	24.4×	81st pct	+1.2%	$4.3B
56	REGRegency Centers	25.0×	17th pct	+8.2%	$13.5B
57	AMHAmerican Homes 4 Rent	25.3×	3rd pct	+4.3%	$11.5B
58	AMTAmerican Tower	26.0×	2nd pct	+6.6%	$88.1B
59	KRCKilroy Realty	26.2×	56th pct	−3.6%	$4.3B
60	UHTUniversal Health Realty Income Trust	27.1×	12th pct	+0.8%	$523.6M
61	SELFGlobal Self Storage	27.1×	51st pct	+0.5%	$55.7M
62	CUBECubeSmart	27.7×	27th pct	+3.9%	$9B
63	KIMKimco Realty	27.8×	62nd pct	+4.4%	$15.8B
64	STAGSTAG Industrial	28.0×	17th pct	+9.6%	$7B
65	LAMRLamar Advertising	28.3×	75th pct	+4.4%	$15.7B
66	WYWeyerhaeuser	29.5×	44th pct	−2.6%	$14B
67	ELSEquity Lifestyle Properties	29.5×	1st pct	+2.5%	$11.8B
68	BFSSaul Centers	30.3×	53rd pct	+8.7%	$725.4M
69	RHPRyman Hospitality Properties	32.0×	89th pct	+12.2%	$8.2B
70	BXPBXP	33.4×	36th pct	+1.9%	$9.9B
71	CPTCamden Property Trust	33.8×	32nd pct	+56.8%	$10.3B
72	PECOPhillips Edison	34.6×	2nd pct	+8.1%	$4.9B
73	EGPEastgroup Properties	34.9×	25th pct	+11.0%	$10.7B
74	MAAMID America Apartment Communities	35.0×	53rd pct	+0.8%	$13.9B
75	PINEAlpine Income Property Trust	35.1×	48th pct	+31.9%	$289.9M
76	ADCAgree Realty	35.9×	40th pct	+18.2%	$8.3B
77	PSTLPostal Realty Trust	40.6×	9th pct	+22.0%	$662.8M
78	RYNRayonier	41.4×	58th pct	+0.4%	$5.5B
79	ABRArbor Realty Trust	41.7×	98th pct	−16.4%	$544.7M
80	CCICrown Castle	43.6×	33rd pct	−4.6%	$36.6B
81	CSRCenterspace	45.6×	52nd pct	+0.7%	$956.8M
82	TCITranscontinental Realty Investors	51.5×	64th pct	+5.3%	$425.1M
83	AKRAcadia Realty Trust	52.2×	41st pct	n/m	$2.6B
84	DOCHealthpeak Properties	55.0×	72nd pct	+5.5%	$13.3B
85	VMRKVivmark Residential	55.3×	44th pct	+2.8%	$47.3B
86	LXPLXP Industrial Trust	61.1×	82nd pct	−4.2%	$3.6B
87	EQIXEquinix	61.5×	0th pct	+9.6%	$94.2B
88	SMASmartStop Self Storage REIT	69.9×	n/a	+21.1%	$2B
89	AATAmerican Assets Trust	73.7×	73rd pct	−2.9%	$1.3B
90	SBRASabra Health Care REIT	75.2×	86th pct	+17.3%	$5B
91	AHRAmerican Healthcare REIT	78.0×	n/a	+19.0%	$11.6B
92	IRMIron Mountain	78.5×	68th pct	+17.4%	$32.7B
93	NTSTNETSTREIT	78.9×	0th pct	+27.1%	$2.2B
94	IRTIndependence Realty Trust	83.1×	74th pct	+3.5%	$3.5B
95	DLRDigital Realty Trust	83.3×	57th pct	+17.4%	$63.8B
96	DEAEasterly Government Properties	113×	53rd pct	+13.0%	$1.1B
97	BXMTBlackstone Mortgage Trust	118×	97th pct	n/m	$1.8B
98	UMHUMH Properties	129×	45th pct	+8.4%	$1.3B
99	IVTInvenTrust Properties	150×	71st pct	+10.5%	$2.3B
100	ESBAEmpire State Realty OP	159×	97th pct	+2.0%	$106.2M

The first 100 of 101.

Not ranked: 48 with a loss over the last year, 3 with a value too high to mean anything, 2 with a quarter missing, 2 with not a meaningful number. 8 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.