EarningsGradeEarningsGrade

Real Estate — Earnings Quality Screening

162 Real Estate stocks screened with 18 forensic accounting checks

Grade Distribution

F: 158
A1 — Strong — minimal red flags
B1 — Good — generally healthy
C2 — Fair — some red flags
D0 — Weak — significant concerns
F158 — Fail — major red flags

Earnings Quality Characteristics in Real Estate

Real estate companies — REITs, developers, and property managers — use specialized metrics like FFO (Funds from Operations) and NAV that diverge significantly from GAAP earnings. Depreciation on real estate assets is often economically meaningless when property values are appreciating, but it still drives reported GAAP losses. Interest capitalization on development projects defers financing costs, and impairment timing on property portfolios involves substantial management judgment. Our screening framework identifies whether a REIT's cash distributions are sustainably covered by operating cash flow and whether balance sheet leverage is transparent.

Common Red Flags in Real Estate

  • ⚠AFFO adjustments that aggressively exclude recurring capital maintenance costs, overstating distributable cash flow
  • ⚠Interest capitalization on speculative development projects masking the true cost of leverage
  • ⚠Property impairments delayed until forced by refinancing events, creating sudden NAV drops

All 162 Real Estate Stocks

AStrong — minimal red flags(1 stock)

A
ORCOrchid Island Capital, Inc.

BGood — generally healthy(1 stock)

B
CURBCurbline Properties Corp.

CFair — some red flags(2 stocks)

C
CSGPCoStar Group, Inc.
C
IVRINVESCO MORTGAGE CAPITAL INC

FFail — major red flags(158 stocks)

F
AATAmerican Assets Trust, Inc.
F
ABRArbor Realty Trust
F
ACRACRES Commercial Realty Corp.
F
ACREAres Commercial Real Estate Cor
F
ADAMAdamas Trust, Inc.
F
AHRAmerican Healthcare REIT, Inc.
F
AHRTAH Realty Trust, Inc.
F
AKRAcadia Realty Trust
F
ALXAlexander's, Inc.
F
AMTAmerican Tower Corporation (REI
F
AOMRAngel Oak Mortgage REIT, Inc.
F
APLEApple Hospitality REIT, Inc.
F
AREAlexandria Real Estate Equities
F
ARIApollo Commercial Real Estate F
F
ARLAmerican Realty Investors, Inc.
F
ARRARMOUR Residential REIT, Inc.
F
AVBAvalonBay Communities, Inc.
F
BDNBrandywine Realty Trust
F
BFSSaul Centers, Inc.
F
BHRBraemar Hotels & Resorts Inc.
F
BNLBroadstone Net Lease, Inc.
F
BRSPBrightSpire Capital, Inc.
F
BRTBRT Apartments Corp. (MD)
F
BXMTBlackstone Mortgage Trust, Inc.
F
BXPBXP, Inc.
F
CBLCBL & Associates Properties, In
F
CBRECBRE Group Inc
F
CCICrown Castle Inc.
F
CCSCentury Communities, Inc.
F
CDPCOPT Defense Properties
F
CHCTCommunity Healthcare Trust Inco
F
CIMChimera Investment Corporation
F
CLDTChatham Lodging Trust (REIT)
F
CLPRClipper Realty Inc.
F
CMTGClaros Mortgage Trust, Inc.
F
COMPCompass, Inc.
F
CPTCamden Property Trust
F
CSRD/B/A Centerspace
F
CTOCTO Realty Growth, Inc.
F
CTRECareTrust REIT, Inc.
F
CWKCushman & Wakefield Ltd.
F
DEAEasterly Government Properties,
F
DEIDouglas Emmett, Inc.
F
DHCDiversified Healthcare Trust
F
DLRDigital Realty Trust, Inc.
F
DOCHealthpeak Properties, Inc.
F
DOUGDouglas Elliman Inc.
F
DRHDiamondrock Hospitality Company
F
DXDynex Capital, Inc.
F
EFCEllington Financial Inc.
F
EPRTEssential Properties Realty Tru
F
EQIXEquinix, Inc.
F
EQREquity Residential
F
ESRTEmpire State Realty Trust, Inc.
F
ESSEssex Property Trust, Inc.
F
EXPIeXp World Holdings, Inc.
F
EXRExtra Space Storage Inc
F
FBRTFranklin BSP Realty Trust, Inc.
F
FCPTFour Corners Property Trust, In
F
FORForestar Group Inc
F
FPIFarmland Partners Inc.
F
FRPHFRP Holdings, Inc.
F
FRTFederal Realty Investment Trust
F
FSPFranklin Street Properties Corp
F
FVRFrontView REIT, Inc.
F
GNLGlobal Net Lease, Inc.
F
GOODGladstone Commercial Corporatio
F
GTYGetty Realty Corporation
F
HPPHudson Pacific Properties, Inc.
F
HSTHost Hotels & Resorts, Inc.
F
IIPRInnovative Industrial Propertie
F
ILPTIndustrial Logistics Properties
F
INNSummit Hotel Properties, Inc.
F
INVHInvitation Homes Inc.
F
IRMIron Mountain Incorporated (Del
F
IRTIndependence Realty Trust, Inc.
F
IVTInvenTrust Properties Corp.
F
JBGSJBG SMITH Properties
F
JOESt. Joe Company (The)
F
KIMKimco Realty Corporation (HC)
F
KREFKKR Real Estate Finance Trust I
F
KRGKite Realty Group Trust
F
KWKennedy-Wilson Holdings Inc.
F
LADRLadder Capital Corp
F
LANDGladstone Land Corporation
F
LFTLument Finance Trust, Inc.
F
LTCLTC Properties, Inc.
F
LXPLXP Industrial Trust
F
MAAMid-America Apartment Communiti
F
MACMacerich Company (The)
F
MDVModiv Industrial, Inc.
F
MFAMFA Financial, Inc.
F
MITTTPG Mortgage Investment Trust,
F
MLPMaui Land & Pineapple Company,
F
MMIMarcus & Millichap, Inc.
F
NHINational Health Investors, Inc.
F
NLOPNet Lease Office Properties
F
NMRKNewmark Group, Inc.
F
NREFNexPoint Real Estate Finance, I
F
NTSTNetSTREIT Corp.
F
NXDTNexPoint Diversified Real Estat
F
NXRTNexPoint Residential Trust, Inc
F
ORealty Income Corporation
F
OLPOne Liberty Properties, Inc.
F
OUTOUTFRONT Media Inc.
F
PDMPiedmont Realty Trust, Inc.
F
PEBPebblebrook Hotel Trust
F
PECOPhillips Edison & Company, Inc.
F
PINEAlpine Income Property Trust, I
F
PKSTPeakstone Realty Trust
F
PLDPrologis, Inc.
F
PMTPennyMac Mortgage Investment Tr
F
PSAPublic Storage
F
PSTLPostal Realty Trust, Inc.
F
RCReady Capital Corporation
F
REAXThe Real Brokerage, Inc.
F
REFIChicago Atlantic Real Estate Fi
F
REGRegency Centers Corporation
F
RHPRyman Hospitality Properties, I
F
RLJRLJ Lodging Trust
F
RMAXRE/MAX Holdings, Inc.
F
RMRThe RMR Group Inc.
F
RPTRithm Property Trust Inc.
F
RWTRedwood Trust, Inc.
F
SAFESafehold Inc. New
F
SBACSBA Communications Corporation
F
SBRASabra Health Care REIT, Inc.
F
SEGSeaport Entertainment Group Inc
F
SEVNSeven Hills Realty Trust
F
SHOSunstone Hotel Investors, Inc.
F
SILASila Realty Trust, Inc.
F
SITCSITE Centers Corp.
F
SKTTanger Inc.
F
SKYHSky Harbour Group Corporation
F
SLGSL Green Realty Corp
F
SMASmartStop Self Storage REIT, In
F
SPGSimon Property Group, Inc.
F
STRSStratus Properties Inc.
F
STRWStrawberry Fields REIT, Inc.
F
SUNSSunrise Realty Trust, Inc.
F
SVCService Properties Trust - Shar
F
TCITranscontinental Realty Investo
F
TRNOTerreno Realty Corporation
F
TRTXTPG RE Finance Trust, Inc.
F
TWOTwo Harbors Investment Corp
F
UDRUDR, Inc.
F
UEUrban Edge Properties
F
UHTUniversal Health Realty Income
F
UMHUMH Properties, Inc.
F
UNITUniti Group Inc.
F
VICIVICI Properties Inc.
F
VREVeris Residential, Inc.
F
VTRVentas, Inc.
F
WELLWelltower Inc.
F
WSRWhitestone REIT
F
WYWeyerhaeuser Company
F
XHRXenia Hotels & Resorts, Inc.
F
XRNChiron Real Estate Inc.

Understand Our Methodology

Every stock undergoes 18 systematic checks based on forensic accounting principles, including Beneish M-Score and Altman Z-Score quantitative models.

View Full Methodology →

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