REITs — US & Canada

Claim

Two passes, the second explicitly refreshing the first three months on. Universe covered: US and Canadian REITs at a discount to NAV or to their own history, with durable AFFO. July added WPC and STAG (net-lease and industrial) which the April run missed.

Per §4 of analysis_notes.md, AFFO — not FFO, not headline yield — is the operative REIT metric, and the July run applied it as the primary screen rather than as a check.

Held/analysed names with their own reports: VICI (5 reports, the most-covered REIT here), AHRT.

What this field is gated on

REIT valuation is a rate story before it is a property story. Neither run was paired with a /macro snapshot — Output/Macro/ is empty and /macro has never been run, which is a real gap for this field specifically. Re-screening REITs without a rate view is doing the work with the main variable missing.

What would falsify this

A rate move large enough to reset cap rates, or AFFO coverage deteriorating at the net-lease names. Either makes the July shortlist void rather than merely stale.

Related

[[bdc-income]] — the other income sleeve, swept on the same cadence and subject to the same rate variable.

🚩 Gap

No macro snapshot has ever been run. For a rate-sensitive field this is the binding constraint on confidence, not the company work.

History

• 2026-04-05 — first pass, US + Canada.
• 2026-07-14 — refresh; net-lease and industrial added.
• 2026-07-30 — recorded, with the missing macro dependency flagged.