Every REIT profile and category ranking on REIT Rankings is scored with the same published framework. No black box, no pay-for-placement. This page explains exactly how a REIT earns its grade, so you can check our work and apply the same method to any REIT we have not covered yet.
The Five Scoring Pillars
| Pillar | Weight | What We Measure |
|---|---|---|
| Dividend Safety | 30% | AFFO payout ratio, dividend coverage trend, cut history, streak length |
| Balance Sheet | 25% | Credit rating (S&P/Moody’s), net debt to EBITDA, fixed-charge coverage, debt maturity ladder |
| Portfolio Quality | 20% | Occupancy, tenant/industry concentration, lease term remaining, asset location quality |
| Growth | 15% | AFFO per share growth, same-store trends, external growth pipeline and cost of capital |
| Valuation | 10% | Price to AFFO versus sector history, dividend yield versus 10-year Treasury spread |
Grades
Scores map to letter grades: A 85 to 100, B 70 to 84, C 55 to 69, D below 55. A grade is an assessment of quality and dividend durability, not a prediction of short-term price movement and not investment advice.
Why Balance Sheet Weighs So Heavily
The line between an investment-grade credit rating (BBB- or better) and everything below it is the single most important dividing line in income real estate. It determines a REIT’s cost of debt, its access to capital in stressed markets, and ultimately whether the dividend survives a downturn. This is the same framework lenders and bond investors use, and it is the lens we apply to every REIT on this site.
Data Sources and Update Cadence
Metrics come from SEC filings (10-K, 10-Q, supplemental packages), company investor relations disclosures, and rating agency publications. Core metrics are refreshed quarterly after earnings season, and credit rating changes are updated as they occur. Every profile page shows its last-updated date.
What We Do Not Do
We do not sell securities, we do not accept payment for rankings, and a grade is never a recommendation to buy or sell. REIT Rankings is an independent research resource. For direct ownership alternatives to REIT shares, see our partner resource on investment-grade NNN tenant credit ratings.