The Tool Desk
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The examples below come from 2025 annual filings surfaced in 2026. They illustrate questions to ask, not universal buy or sell thresholds. Share prices, dividends, debt maturities, leasing results and local market conditions can change between reporting dates, so update every figure before making an investment decision.
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1. Identify exactly what you are buying
A REIT can own a broad portfolio or a narrowly focused group of assets. Read the portfolio section of the latest 10-K and 10-Q before looking at the dividend yield. Record the following for each company:
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- Geographic exposure by country, region and major metropolitan market.
- Ownership structure, including joint ventures, unconsolidated investments and assets under development.
- Revenue and net operating income contributed by each major property category.
- Any strategy that depends on acquisitions, development, redevelopment or selling assets.
Concentration can make reported growth look attractive while increasing the damage from one weak market, regulatory change or major tenant loss. A diversified portfolio is not automatically safer: a company may be geographically diversified but dependent on a small number of customers, or own many buildings that all require the same scarce utility capacity.
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2. Separate logistics and data-center operating drivers
| Due-diligence axis | Logistics REIT | Data-center REIT |
|---|---|---|
| What creates location value | Access to population centers, transport links, labor and customers; strategic infill locations can support rent growth. | Reliable power, network connectivity, available land and proximity to customers or interconnection hubs. |
| Key leasing indicators | Occupancy, new and renewal rent spreads, lease expirations, tenant retention and market vacancy. | Committed capacity, leased and available power, customer expansion rights, lease term and renewal prospects. |
| Main physical constraint | Land, construction costs, transport access and local industrial supply. | Electrical capacity, substations, transmission connections, backup generation and cooling systems. |
| Important tenant question | Can tenants afford rent through an economic slowdown, and is demand spread across industries? | Can customers continue funding computing capacity, and could they build or operate facilities themselves? |
| Major supply risk | New warehouse deliveries can raise vacancy and slow rent growth in a local market. | New facilities may be delayed by utility interconnection, permitting, power scarcity or expensive cooling upgrades. |
These categories overlap in financial reporting, but they should not be analyzed with identical assumptions. Prologis identifies strategic location, rent increases, occupancy and expense management as earnings drivers while also warning about tenant distress and macroeconomic conditions. Digital Realty’s filings identify customer consolidation, competition, customer self-build and local supply-and-demand conditions as risks to leasing and operations.
3. Map property and geographic concentration
For logistics portfolios
List the share of rent and net operating income generated by each major market. A warehouse in a supply-constrained infill location may have stronger pricing power than a similar building in a market with a large construction pipeline. Compare the REIT’s market vacancy, asking rents and completed or planned competing space with its own occupancy and rent growth. Check whether recent gains came from contractual escalators, mark-to-market leasing, acquisitions or temporary recovery from unusually low occupancy.
For data-center portfolios
Map each campus to its utility region and note the amount of power that is delivered, contracted, under construction or merely requested. A building can have physical room for servers but lack the power or cooling needed to fill it. Digital Realty’s disclosures emphasize that power and cooling systems can be difficult and expensive to upgrade. Ask whether a reported development pipeline has binding utility commitments, realistic delivery dates and funding that remains available if construction costs rise.
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- Which markets account for the largest percentage of rent, capacity or development spending?
- What local supply is expected to come online before the REIT’s next leasing cycle?
- Are assets concentrated near one utility, permitting regime, transport corridor or interconnection point?
- Does management disclose property-level performance, or are important assets grouped into broad regions?
4. Test tenant concentration, credit and lease expiry
Tenant quality is a cash-flow issue, not just a footnote. Extract the ten largest customers, their percentage of annualized rent or revenue, lease expiration dates and any guarantees. Then examine how much income depends on one industry, cloud platform, retailer, manufacturer or logistics provider.
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Logistics tenant checks
- Review tenant credit ratings where available, profitability indicators and exposure to cyclical retail, manufacturing or freight activity.
- Separate leases that expire soon from long-dated leases with contractual escalators.
- Compare renewal spreads with new-lease spreads; a high headline rent increase may not apply to the space that is actually expiring.
- Look for rent concessions, free-rent periods, bad-debt expense and requests for lease restructurings.
Tenant distress can reduce rent, increase downtime and raise leasing costs even when the portfolio’s average occupancy remains high. A large customer bankruptcy can also leave specialized buildings difficult to re-let.
Data-center tenant checks
- Identify the share of revenue from the largest customers and whether contracts are direct, through channel partners or tied to a joint venture.
- Check customer credit, expansion and termination rights, security deposits, renewal options and power-commitment terms.
- Distinguish contracted capacity from power or space that management expects to lease later.
- Read risk disclosures about customer consolidation, competition and customers building their own facilities.
Digital Realty’s filings specifically identify customer consolidation and customer self-build as risks. A customer that consolidates workloads or develops a private campus can reduce demand even when overall data usage is growing.
5. Evaluate occupancy, rent growth and the development pipeline
Occupancy is only the starting point
Ask whether occupancy is physical, economic or based on leased area, and whether it includes properties under redevelopment. Compare period-end occupancy with the average for the quarter and prior year. Review the amount of vacant space, downtime between tenants and leasing costs required to reach stabilized occupancy.
Measure renewal economics
For each property type, compare rent on expiring leases with rent on new and renewed leases. Check contractual escalators, indexation clauses, expense reimbursements and the percentage of leases with fixed versus variable increases. A high renewal rate can preserve occupancy but still produce weak growth if renewals are signed below market; aggressive rent increases can reduce retention and increase downtime.
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Scrutinize development commitments
Read the schedule of projects under construction, committed development and future phases. Record total estimated cost, spending to date, expected completion, pre-leasing or pre-commitments and the source of funding. For data centers, verify that power delivery and cooling design are included in the schedule. For logistics, check land availability, entitlement status, construction costs and expected local vacancy when the buildings deliver.
6. Verify local supply and demand
Portfolio-wide statistics can hide weak submarkets. For each major market, compare the REIT’s occupancy and rent trend with independent market vacancy, new supply, net absorption and asking rents disclosed in the filing or cited market data. Digital Realty identifies local supply and demand as a risk to leasing and operations; the same principle applies to warehouses, where a wave of new deliveries can pressure rents even when national demand appears healthy.
Stress-test a market with a delayed demand recovery, higher vacancy and slower rent growth. Then ask whether assets have alternative uses or whether specialized specifications make conversion expensive. Document the date of every market statistic because conditions can change quickly.
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7. Understand power and cooling before valuing a data-center REIT
Data-center demand alone does not create leasable revenue. Confirm the difference between utility capacity requested, capacity contracted and power available at the property. Review transmission and substation dependencies, backup generation, redundancy standards, water or air-cooling requirements and the cost and timing of upgrades.
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Power and cooling systems may be difficult and expensive to expand. A project can therefore have attractive customer interest but still face a long period before revenue starts. Check whether the REIT bears upgrade costs, passes them to customers or shares them with a utility or joint-venture partner. Read disclosures for curtailment risk, permitting constraints, equipment lead times and commitments that could require capital before a lease begins.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.8. Reconcile FFO and AFFO with actual cash generation
Funds from operations (FFO) and adjusted funds from operations (AFFO) are REIT-oriented measures, but they are not standardized earnings substitutes. Nareit provides investor guidance on these measures; each issuer also defines its own adjustments. Before comparing companies:
- Read the reconciliation from net income to FFO and from FFO to any AFFO or similar measure.
- List recurring adjustments separately from one-time items such as gains, restructuring, acquisition costs or casualty effects.
- Check whether recurring maintenance capital expenditures, leasing commissions, tenant improvements and straight-line rent adjustments are included.
- Compare the resulting cash measure with dividends paid, capital spending, development spending and joint-venture obligations.
- Use the same definition across periods and across companies; do not assume that two “adjusted” measures are equivalent.
Cash available after necessary property investment matters more than a headline per-share growth rate. Also examine share issuance, asset sales and noncontrolling interests, because they can change the cash available to common shareholders.
9. Check leverage, interest coverage and refinancing risk
Read the debt footnote and build a maturity ladder by year. Record secured and unsecured debt, weighted-average interest rate, fixed- and floating-rate portions, hedges, covenants, unused credit capacity and expected development or acquisition funding needs. Then test fixed-charge or interest coverage under lower occupancy, slower rent growth and higher refinancing rates.
Digital Realty’s 2025 Form 10-K states through-cycle targets of debt-to-Adjusted EBITDA of 5.5 times, fixed-charge coverage greater than three times and floating-rate debt below 20% of total debt. These are Digital Realty’s company-specific targets, not industry standards or guarantees. Compare another issuer with its own stated policy, covenant limits and actual results rather than treating those figures as a universal pass/fail test.
Look beyond the next maturity. A REIT can appear comfortably covered today yet face a large refinancing wall, development commitments or equity needs during a weak market. Check whether assets are unencumbered and could support secured borrowing, while recognizing that additional liens can reduce financial flexibility.
10. Examine valuation and dividend durability using current data
Valuation only makes sense alongside operating quality. Obtain the current share price and enterprise value, then compare price-to-FFO or other relevant measures with the REIT’s own growth, lease duration, balance-sheet risk and market outlook. The available filings do not establish current share prices, peer multiples, dividend coverage or a universal valuation threshold, so those figures must come from current market data and the latest reports.
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For the dividend, compare the declared distribution with the issuer’s current FFO and AFFO definitions, recurring capital requirements, debt service and expected equity issuance. Check the record of increases, freezes or reductions, but do not infer future coverage from a prior quarter if occupancy, interest expense or development spending has changed.
11. Use a repeatable filing checklist
- Download the latest annual and quarterly filings from the company’s investor-relations materials or regulatory filing database.
- Create a one-page portfolio map showing property type, market, tenant concentration and development status.
- Copy lease expirations, occupancy, renewal and new-lease spreads, escalators and market vacancy into a time series.
- For data centers, reconcile contracted, delivered and planned power and identify cooling and utility dependencies.
- Recalculate FFO and AFFO using the issuer’s reconciliation, marking recurring and nonrecurring adjustments.
- Build the debt maturity ladder, calculate coverage using the issuer’s stated method and note floating-rate exposure.
- Compare the current valuation and dividend with the latest operating and balance-sheet evidence.
- Write down the two assumptions that would most damage your thesis and identify the filing metric that would reveal deterioration.
12. Warning signs that require deeper work
- Revenue or FFO growth driven mainly by acquisitions, asset sales or changing adjustments rather than same-property operations.
- High occupancy paired with weak renewal spreads, large upcoming expirations or rising concessions.
- Data-center capacity described as “available” without firm power delivery dates or cooling specifications.
- A small number of customers providing a large share of rent, especially when leases allow termination, consolidation or self-build alternatives.
- Debt maturities clustered in a period when development spending is still rising.
- Dividend coverage that depends on an AFFO definition with unusually broad or opaque adjustments.
- Market-level supply forecasts that are older than the company’s latest leasing data.
13. Keep the conclusion company-specific
After completing the checklist, classify the REIT’s thesis in plain language: durable or cyclical demand, concentrated or diversified tenants, constrained or readily expandable supply, internally funded or debt-dependent growth, and conservative or aggressive valuation. Revisit the conclusion after every quarterly filing because lease expirations, power delivery, financing costs and local supply can change faster than annual reports.
This process is due diligence, not a personalized recommendation. The appropriate decision depends on your objectives, risk tolerance, time horizon and the current evidence in each issuer’s filings and market data.
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