U.S. Equity REITs

Equinix, Inc., a data center REIT, had a 39.3x price to LTM FFO, the highest among the publicly traded U.S. equity REITs, and traded at a $400.4 price per share as of March 31.

REIT industry earnings multiple (SNL U.S. REIT Index Price/LTM FFO [x])

Source: SNL Financial

Source: SNL Financial

As of March 31, the manufactured homes sector topped all publicly traded U.S. equity REIT sectors in terms of the last twelve months funds from operations (LTM FFO) multiple. Said sector posted a 24.1x LTM FFO multiple, beating the SNL US REIT Equity Index by 4.78 points. The industrial and self-storage REIT sectors followed with 21.8x and 21.6x, respectively. The hotel sector ranked last with a 10.8x price to LTM FFO.

Among the REITs focused on manufactured homes, Sun Communities, Inc. had the highest multiple of 24.9x, and finished March 31 with an $80.3 price per share.

Equinix, Inc., a data center REIT, had a 39.3x price to LTM FFO, the highest among the publicly traded U.S. equity REITs, and traded at a $400.4 price per share as of March 31.

Khamile Armhynn Sabas is an analyst in the real estate product operations department of S&P Global Market Intelligence.