Everybody covers Realty Income (O). Everybody covers Prologis (PLD). I covered them too, and there is nothing wrong with owning the blue chips. I truly like both of these and think they make sense in many accounts.
But the front page is a crowded place, and I'm not a huge fan of covering the market's most popular stocks.
That's why today, I am running four under-covered REITs through my TOLL+M framework, similar to prior industry rankings that I have done. And, as you will find out, they could not be more different from each other. One is a net-lease machine. One is a billboard company that most people do not even file under "REIT." One owns cold-storage warehouses. And one I own myself and think is cheap as heck.
Also, while my qualitative + quantitative model is entirely unbiased, I did hand-pick these REITs, as I like them for a number of reasons. Similar to prior industry rankings, I wanted to get to the bottom of what makes them special, how they rank when compared to each other, and to see if I'm missing something. It's why I continue to improve my models to give you the best results.
Here is the twist I did not expect when I pulled the numbers. The framework downgraded the stock I own. It now sits third. I am going to walk you through exactly why, because that gap between what my framework says and what the price says is the whole reason I am still buying. I'm talking about Rexford Industrial (REXR), which I added to recently (I boosted my position by 6%)
And to give you the spoiler right at the start, here's the full scorecard that I will defend in the results of the article:
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