REIT TradingInternalized vs externally-managed
Internally-managed REITs reduce conflict of interest
Source: walletinvestor.com
REIT TradingTenant concentration risk
Avoid REITs with high single-tenant concentration
Source: stockalpha.ai
REIT TradingLease expiration ladder
Prefer REITs with smooth lease expiration roll
Source: stockalpha.ai
REIT TradingREIT debt maturity wall
Avoid REITs with concentrated debt maturity walls
Source: walletinvestor.com
REIT TradingVariable-rate debt exposure
Avoid REITs with high floating-rate debt in rising-rate regime
Source: walletinvestor.com
REIT TradingDistance-to-default REITs
Calculate distance-to-default for credit health
Source: walletinvestor.com
REIT TradingREIT dividend cut warning
Payout >100% of AFFO = dividend cut risk
Source: walletinvestor.com
REIT TradingReturn of capital warning
High ROC % of distribution = liquidating to pay
Source: walletinvestor.com
Mortgage REITsmREIT spread harvesting
NLY AGNC pay 10%+ via leveraged MBS spread
Source: walletinvestor.com
Mortgage REITsmREIT book value tracking
Track book value vs share price; large discounts opportunity
Source: walletinvestor.com
Mortgage REITsmREIT prepayment speed
Falling rates = faster prepay = lower returns
Source: walletinvestor.com
REIT SpecialExternally-managed REITs short
Short externally-managed REITs (conflict of interest)
Source: walletinvestor.com
REIT SpecialNon-traded REIT (private)
Non-traded REITs - illiquid; high fees but real exposure
Source: encyclopedia
REIT SpecialPublic non-listed REIT (PNLR)
Public non-listed REITs as middle-ground
Source: encyclopedia
REIT SpecialReal estate ETF (VNQ XHB)
VNQ broad REIT exposure; XLRE alternative
Source: walletinvestor.com
Risk MgmtGeographic diversification
Don't concentrate in single MSA
Source: encyclopedia
Risk MgmtProperty-type diversification
Mix property types to reduce sector risk
Source: encyclopedia
Risk MgmtLeverage limits
Cap leverage at 70% LTV; conservative scenarios
Source: encyclopedia
Risk MgmtCash flow stress test
Test 20% rent decline; 1y vacancy scenarios
Source: encyclopedia
Risk MgmtInsurance coverage adequate
Adequate property + liability insurance
Source: encyclopedia
Risk MgmtReserve fund 6m operating
6 months operating reserve for vacancies/repairs
Source: encyclopedia
Agency vs non-agency mREITs
Mortgage REITsBoth
Trade agency (NLY) vs non-agency (NRZ) credit exposure
Source: walletinvestor.com
Airbnb arbitrage
Lease ArbLong
Lease apartments; Airbnb at higher daily rate
Source: encyclopedia
Apartment REIT cycle
REIT TradingBoth
Long apartments early cycle; short late cycle
Source: walletinvestor.com
Arrived Homes fractional
CrowdfundingLong
Fractional SFR ownership platform
Source: encyclopedia
BRRRR Strategy
DirectBullish
Buy/Rehab/Rent/Refinance/Repeat, recycle capital infinitely
Source: BRRRR
BRRRR strategy
Real Estate DirectLong
Buy Rehab Rent Refinance Repeat
Source: encyclopedia
Build-to-Rent SFH
DirectBullish
Build new SFH for institutional rental at scale
Source: RE
Cannabis REIT (IIPR)
SpecialtyLong
IIPR cannabis-focused REIT
Source: walletinvestor.com
Cap rate spread to Treasuries
REIT TradingBias
Wider cap-rate-to-10y spread = more attractive REITs
Source: fe.training
Cap rate vs Treasury yield
MacroBias
Cap rate spread to UST 10y as RE valuation gauge
Source: fe.training
Casino REIT (VICI MGM)
SpecialtyLong
Long VICI / MGM Properties for gaming sector
Source: walletinvestor.com
Cell tower REIT (AMT CCI)
REIT TradingLong
Long cell tower REITs on 5G data demand
Source: walletinvestor.com
Co-living rental
Lease ArbLong
Convert single units to co-living rooms; higher per-sqft
Source: encyclopedia
Cold storage REIT
SpecialtyLong
Cold storage demand for food/pharma
Source: walletinvestor.com
Commercial Real Estate Office
DirectBoth
CRE office buys for long lease income + cap rate alpha
Source: RE
Commercial multifamily syndication
Real Estate DirectLong
Pool capital with sponsor for large multifamily
Source: encyclopedia
CrowdStreet institutional
CrowdfundingLong
Institutional-quality deals via CrowdStreet
Source: encyclopedia
Crowdfunding Platforms
IndirectBoth
Crowdfunding access to commercial deals at low minimums
Source: CF
DEBUNKED 'always going up'
DEBUNKEDN/A
RE doesn't always appreciate; 2008 lesson
Source: encyclopedia
DEBUNKED guru courses
DEBUNKEDN/A
Most $5000 RE courses are marketing not strategies
Source: encyclopedia
DEBUNKED zero-down strategies
DEBUNKEDN/A
Zero-down RE strategies often fail in downturns
Source: encyclopedia
Data center REIT thematic
REIT TradingLong
Long DLR EQIX on cloud/AI demand
Source: walletinvestor.com
De-globalization reshoring impact
MacroBias
Reshoring boosts industrial real estate demand
Source: walletinvestor.com
Direct ownership active
ApplicationLong
Hands-on direct ownership for control + tax benefits
Source: encyclopedia
Distressed REO
Real Estate DirectBoth
REO (Real Estate Owned) bank-owned distressed
Source: encyclopedia
FFO growth momentum
REIT TradingLong
Long REITs with accelerating FFO growth
Source: privateequitybro.com
Fix and Flip
DirectBullish
Buy distressed + renovate + sell, capture forced appreciation
Source: RE
Fix-and-flip
Real Estate DirectBoth
Buy distressed; renovate; sell quickly for profit
Source: encyclopedia
Healthcare REIT defensive
REIT TradingLong
Healthcare REITs as defensive late-cycle holding
Source: walletinvestor.com
Hotel/Hospitality
DirectBoth
Hotels are most cyclical CRE, RevPAR-driven
Source: RE
House Hacking
DirectBullish
Live in multi-unit + rent other units to subsidize mortgage
Source: RE
House hacking
Real Estate DirectLong
Live in one unit; rent others to subsidize mortgage
Source: encyclopedia
Housing supply-demand model
MacroBias
Track housing starts inventory months supply
Source: encyclopedia
Hybrid REIT + direct
ApplicationLong
Combine REITs (liquid) with direct ownership (control)
Source: encyclopedia
Hybrid mREIT (NLY MFA)
Mortgage REITsBoth
Mix of agency/non-agency for diversified mortgage exposure
Source: walletinvestor.com
Industrial REIT thematic
REIT TradingLong
Long industrial REITs on e-commerce thematic
Source: walletinvestor.com
Industrial Warehouse
DirectBullish
Industrial warehouses for e-commerce logistics demand
Source: RE
International real estate (RWX)
REIT SpecialLong
RWX international real estate exposure
Source: walletinvestor.com
Land Banking
DirectBullish
Buy raw land for long-term appreciation, infrastructure path
Source: RE
Life science real estate
SpecialtyLong
Long Alexandria Real Estate (ARE) for biotech
Source: walletinvestor.com
Lofty AI tokenized RE
CrowdfundingLong
Tokenized RE ownership on blockchain
Source: encyclopedia
Long-short P/NAV strategy
REIT TradingBoth
Long discount short premium; ~1% monthly alpha (academic)
Source: researcher.life
Lot subdividing
LandBoth
Buy large parcel; subdivide into smaller lots
Source: encyclopedia
MTR (mid-term rental)
Real Estate DirectLong
30-180 day stays for traveling professionals
Source: encyclopedia
Marina REIT
SpecialtyLong
Specialty marina/leisure
Source: walletinvestor.com
Master lease commercial
Lease ArbLong
Master-lease properties; sublet at higher rent
Source: encyclopedia
Medical office building
SpecialtyLong
Defensive medical office space
Source: walletinvestor.com
Mineral rights royalty
LandLong
Buy mineral rights for royalty income
Source: encyclopedia
Mobile Home Park
DirectBullish
MHP rental for scarce supply + low cap-ex needs
Source: RE
Mobile home park
Real Estate DirectLong
Mobile home parks - high cash yield asset class
Source: encyclopedia
Mortgage rate impact
MacroBias
30-year mortgage rates drive housing demand
Source: encyclopedia
Multi-Family Apartment
DirectBullish
Multi-family for income, scale, and tax depreciation
Source: RE
Multi-family value-add
Real Estate DirectLong
Buy underperforming multi-family; renovate; raise rents
Source: encyclopedia
Note investing distressed
Real Estate DirectLong
Buy distressed/non-performing notes at deep discount
Source: encyclopedia
Note investing first position
Real Estate DirectLong
Buy first-position mortgage notes for yield
Source: encyclopedia
Office REIT short post-COVID
REIT TradingShort
Short office REITs on WFH-driven demand decline
Source: walletinvestor.com
Owner-financed land
LandLong
Buy and sell land with owner financing
Source: encyclopedia
P/AFFO yield ranking
REIT TradingLong
Rank by AFFO yield; AFFO better than FFO for cash
Source: fe.training
P/FFO valuation tilt
REIT TradingLong
Long REITs trading at low P/FFO multiples vs sector
Source: fe.training
Passive REIT exposure
ApplicationLong
VNQ for liquid passive exposure
Source: walletinvestor.com
Pre-foreclosure investing
Real Estate DirectBoth
Approach owners pre-foreclosure for short sale
Source: encyclopedia
RE cycle 18.6 year (Harrison)
MacroTime
Fred Harrison 18-year real estate cycle
Source: encyclopedia
REIT ETF Diversified
IndirectBullish
Diversified REIT ETF for broad real estate exposure
Source: REIT
REIT NAV discount long
REIT TradingLong
Buy REITs trading at >10% discount to NAV; mean revert
Source: researcher.life
REIT NAV premium short
REIT TradingShort
Short REITs trading at >10% premium to NAV
Source: researcher.life
REIT-bond pair trade
REIT TradingBoth
Long REITs short long bonds (or reverse) on interest rate views
Source: fe.training
REIT-equity pair trade
REIT TradingBoth
Long REITs short broad equity for diversification
Source: fe.training
Raw land speculation
LandLong
Buy raw land in path of development
Source: encyclopedia
Real Estate Syndication
IndirectBullish
LP equity in syndicated deals, passive direct ownership
Source: syndication
Real Estate Tokenization
IndirectBoth
Blockchain-tokenized fractional real estate ownership
Source: RWA
Real estate auctions
Real Estate DirectBoth
Buy at sheriff sale / foreclosure auction
Source: encyclopedia
Real estate pre-recession bias
MacroBias
RE often peaks 1-2 years before recessions
Source: encyclopedia
RealT Detroit tokenized
CrowdfundingLong
RealT tokenized rental properties
Source: encyclopedia
RealtyMogul Fundrise
CrowdfundingLong
Online real estate crowdfunding platforms
Source: encyclopedia
Retail REIT discrimination
REIT TradingBoth
Long high-quality grocery anchored; short malls
Source: walletinvestor.com
Retail Strip Center
DirectBoth
Strip centers with grocery anchor for resilient income
Source: RE
Roofstock SFR purchase
CrowdfundingLong
Online SFR buying platform with property managers
Source: encyclopedia
STR (short-term rental)
Real Estate DirectLong
Airbnb / VRBO short-term rentals for higher yield
Source: encyclopedia
Same-store NOI growth
REIT TradingLong
Long REITs with strong same-store NOI growth
Source: privateequitybro.com
Sandwich lease option
Lease ArbLong
Lease w/ option; sub-lease w/ option to end-buyer
Source: encyclopedia
Sector rotation REITs
REIT TradingBoth
Rotate between Office/Retail/Industrial/Residential by cycle
Source: fe.training
Self-Storage Direct
DirectBullish
Self-storage facilities for stable cash flow
Source: RE
Self-storage REIT growth
REIT TradingLong
Long self-storage REITs (PSA EXR) for growth
Source: walletinvestor.com
Self-storage facility ownership
Real Estate DirectLong
Direct ownership of self-storage facilities
Source: encyclopedia
Senior housing investment
SpecialtyLong
Aging demographics support senior housing demand
Source: walletinvestor.com
Single-Family Rental Property
DirectBullish
Buy SFH for cash flow + appreciation, leverage with mortgage
Source: RE
Single-family rental
Real Estate DirectLong
Buy SFR for rental cash flow + appreciation
Source: encyclopedia
Single-family rental REIT
REIT TradingLong
Long invitation homes / Tricon during housing supply shortage
Source: walletinvestor.com
Storage facility lease
Lease ArbLong
Lease land; build storage; lease units to public
Source: encyclopedia
Student housing
SpecialtyLong
Long-term tenant demand for student housing
Source: walletinvestor.com
Tax Lien Investing
DirectBullish
Buy tax liens for high statutory interest + property recovery
Source: tax liens
Tax lien investing
Real Estate DirectLong
Buy tax liens for guaranteed yield + property recovery option
Source: encyclopedia
Timber REIT (WY PCH)
SpecialtyLong
Timber REITs as inflation hedge + housing exposure
Source: walletinvestor.com
Triple-net lease REIT
REIT TradingLong
Long triple-net REITs (O STAG) for income
Source: walletinvestor.com
Vacation Rental Arbitrage
DirectBullish
Lease residential + sublet on Airbnb for spread arbitrage
Source: RE
Wholesale real estate
Real Estate DirectBoth
Get under contract; assign to investor for fee
Source: encyclopedia
Yieldstreet diversified
CrowdfundingLong
Multi-asset alternative income via Yieldstreet
Source: encyclopedia
mREIT yield curve sensitivity
Mortgage REITsBoth
Long mREITs when curve steepens; short flattening
Source: walletinvestor.com
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.