The U.S. real estate market was already undergoing a normalization process in 2025, after exhibiting volatility during the prior two years. Fed’s 3 consecutive rate cuts at the back end of 2025 fueled further motivation for investors. Declining mortgage rates, along with attractive valuations, present a compelling case across select verticals. On January 2, Blackstone’s Global Head of Real Estate, Nadeem Meghji, also shared his opinions on current real estate valuations. On a relative basis, Meghji expects a further rally as the valuations are sitting just 7% above their lows.
On December 18, Morgan Stanley shared its 2026 outlook for the real estate market. The firm noted that more than the macroeconomic backdrop, it is the sector-specific and asset-level drivers that are controlling the dynamics. Such factors are expected to remain dominant for the next couple of years. The firm expects a greater level of transaction activity amid demand-supply imbalance in the market, along with availability of credit, motivated sellers, and engaged buyers.
Conventional real estate investments are characterized by high entry barriers due to a large amount of lump-sum outlays, lack of liquidity, and expertise needed in active property management. This keeps real estate markets limited to individuals with significant experience, investable resources, and access to credit. However, real estate investment trusts (REITs) now make it very convenient for retail investors to gain exposure to a diverse set of real estate segments. Investors motivated by frequent income payments and access to unique property types should look no further.
On December 9, Fitch Ratings shared a neutral 2026 outlook for U.S. equity REITs, citing their financial discipline and encouraging fundamentals. The rating agency highlighted that most of the REITs are currently trading at a discount to their respective net asset values (NAVs). Moreover, as of the writing of its report, Fitch didn’t expect any material impact on the sector fundamentals from government shutdown or tariffs.
With that background, let’s explore our 15 most favored real estate investment trusts according to Hedge Funds.
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Our Methodology
To identify stocks for this article, we began by screening U.S.-listed REITs having market capitalizations above $2 billion. We then added a filter to exclude REITs with share prices below $5 to avoid penny stocks. Also, we only shortlisted stocks with at least 5% upside potential according to TipRanks consensus.
In the final part of the screening, we identified the number of hedge funds that held positions in these REIT shares as of the end of the third quarter of 2025. Finally, we selected 15 REITs with the highest number of hedge funds holding stakes and ranked them in ascending order.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
15. Independence Realty Trust (NYSE:IRT)
Sector/Industry: Real Estate Investment Trust (Residential)
Share Price: $17.26
Potential Upside: 18.4%
Number of Hedge Fund Holders: 27
Independence Realty Trust (NYSE:IRT) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 9, Citizens JMP analyst Aaron Hecht maintained his Outperform rating on Independence Realty Trust (NYSE:IRT), while lowering his estimated target price from $25 to $22.
Hecht anticipates an inflection point in lease rates during 2026, due to the expected slowdown in deliveries that will result in improvement of supply-side conditions in the market. However, he expects core funds from operations (FFO) during the next couple of years to remain under pressure. This is primarily due to the continued effects of last year’s oversupply of new apartments witnessed in Sunbelt areas, which kept rental growth highly timid. Despite the downward revision, his target price forecasts still offer an upside potential of 27.5% to investors.
Ami Probandt from UBS also maintained a bullish view on Independence Realty Trust (NYSE:IRT), assigning a Buy rating to the stock on January 8. She raised her price target from $19 to $20, which yields an upside of almost 16%.
Probandt attributed her stance to the macroeconomic backdrop, easing supply-side conditions, and cheap valuations for REITs. She expects a turnaround for REITs during the coming year, with an expectation of 9%-11% total returns.
Independence Realty Trust (NYSE:IRT) is a self-managed REIT that acquires and manages multifamily apartment communities to generate optimal risk-adjusted returns. They target areas surrounding employment & retail centers, and schools across the expanding non-gateway U.S. market. The company aims to deliver a strong return on capital to investors in the form of dividends and capital gains.
14. Kimco Realty Corporation (NYSE:KIM)
Sector/Industry: Real Estate Investment Trust (Retail)
Share Price: $21.06
Potential Upside: 12.2%
Number of Hedge Fund Holders: 27
Kimco Realty Corporation (NYSE:KIM) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 13, Barclays analyst Richard Hightower reiterated his optimism for Kimco Realty Corporation (NYSE:KIM). He assigned an Overweight rating to the stock and lowered his target price from $27 to $25. Despite the revision, he still sees an upside of around 19%.
Hightower’s rating is part of Barclays’ broader adjustments to their 2026 outlook for real estate investment trusts. The firm still holds a Neutral stance towards REITs but expects positivity in apartments, single-family, and storage rentals.
On January 8, Michael Goldsmith from UBS reaffirmed his favorable outlook for Kimco Realty Corporation (NYSE:KIM). He assigned a Buy rating to the stock while lowering his target price estimates from $30 to $26.
Goldsmith’s revised estimates still lead to a 23.5% upside potential, backed by positive forecasts for healthcare, shopping centers, and coastal apartments. He expects bullish catalysts for REITs to emerge during the second half of 2026, with a more suitable macroeconomic and political backdrop.
Kimco Realty Corporation (NYSE:KIM) owns, operates, and develops mixed-use properties, as well as high-end open-air grocery-anchored retail properties. The company’s portfolio is heavily concentrated across suburban areas of metropolitan markets, such as Sun Belt cities and coastal markets with high barriers to entry.
13. Essential Properties Realty Trust (NYSE:EPRT)
Sector/Industry: Real Estate Investment Trust (Retail)
Share Price: $30.83
Potential Upside: 15.8%
Number of Hedge Fund Holders: 28
Essential Properties Realty Trust (NYSE:EPRT) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 13, Richard Hightower from Barclays reaffirmed his Overweight rating for Essential Properties Realty Trust (NYSE:EPRT). The analyst also raised his price target from $36 to $37, which now results in an upside of 20%.
Hightower’s upward revision of price target is part of Barclays’ 2026 outlook for real estate investment trusts. The firm has a Neutral outlook for REITs after making adjustments to their forecasts. However, there is some optimism surrounding rentals from apartment buildings, single-family units, and storage properties.
On January 5, Cantor Fitzgerald analyst Jay Kornreich maintained his positive Outlook for Essential Properties Realty Trust (NYSE:EPRT). He assigned an Overweight rating to the stock and lowered his price target from $36 to $35, which still yields an upside of 13.5% from the current level.
Kornreich highlighted lagging returns from REITs during 2025, which will rebound in the coming year. Several catalysts will support the rally, such as macroeconomic strength, demand-supply balance, and acceleration in M&A activity.
Essential Properties Realty Trust (NYSE:EPRT) is involved in the acquisition and ownership of single-tenant commercial properties, which it leases to mid-market tenants through sale-leaseback transactions. These tenants include professional service and retail businesses such as convenience & grocery stores, restaurants, medical & dental clinics, car washes, and more.
12. Cousins Properties Incorporated (NYSE:CUZ)
Sector/Industry: Real Estate Investment Trust (Office)
Share Price: $26.99
Potential Upside: 14.9%
Number of Hedge Fund Holders: 29
Cousins Properties Incorporated (NYSE:CUZ) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 13, Brendan Lynch from Barclays maintained an Overweight rating on Cousins Properties Incorporated (NYSE:CUZ). The analyst lowered his estimated price target from $35 to $34, which still leads to an upside of 26% from the prevailing level.
Barclays shared its REIT outlook for 2026, which exhibits a Neutral sentiment. But there is some encouragement for investors regarding certain property types such as apartment buildings, single-family units, and storage properties.
On January 9, Cousins Properties Incorporated (NYSE:CUZ) received a rating upgrade from BMO Capital. The firm revised its rating from Market Perform to Outperform. In the process, it also raised the target price from $30 to $31, which now gives an upside potential of almost 15%.
Based on BMO Capital’s 2026 REIT outlook, Cousins Properties Incorporated (NYSE:CUZ) has been identified as one of the three office REITs that will see a higher level of occupancy. This will fuel potential growth in FFO per share for the next couple of years.
Cousins Properties Incorporated (NYSE:CUZ) is a fully integrated and self-managed REIT that owns, develops, and manages high-end Class A office buildings and mixed-use properties. Their investment strategy focuses on Sun Belt markets across the United States, such as Dallas, Charlotte, Atlanta, and Austin. Their revenue streams include rentals and property development & management fees.
11. Equity LifeStyle Properties (NYSE:ELS)
Sector/Industry: Real Estate Investment Trust (Residential)
Share Price: $63.60
Potential Upside: 7.1%
Number of Hedge Fund Holders: 31
Equity LifeStyle Properties (NYSE:ELS) is one of the most favored real estate investment trusts according to Hedge Funds.
On December 8, RBC Capital upgraded its Sector Perform rating for Equity LifeStyle Properties (NYSE:ELS) to Outperform. The firm forecasted a 10% upside based on an estimated price target of $70.
RBC Capital expects Equity LifeStyle Properties (NYSE:ELS) to be among the best growth performers in funds from operations (FFO) in 2026 within the residential REITs category. The firm sees fundamental resilience in this REIT against weak employment and AI-related risks.
RBC Capital also noted recent concerns related to the REIT’s RV business, which generated a lot of pessimism. However, going into 2026, these issues are expected to die down.
UBS Analyst Michael Goldsmith also reaffirmed his Buy rating for Equity LifeStyle Properties (NYSE:ELS) on January 8. He lowered his target price estimates from $77 to $67, which now results in over 5% upside. Goldsmith expects a more favorable macroeconomic and political landscape for REITs in the second half of 2026.
Equity LifeStyle Properties (NYSE:ELS) owns and manages manufactured homes (MH) communities, RV resorts and membership campgrounds. The company focuses primarily on income through rentals, long-term leasing and home sales. Beyond that, it also develops lifestyle communities covering high-demand vacation and retirement locations with luxurious amenities such as pools, clubs and golf courses.
10. Brixmor Property Group (NYSE:BRX)
Sector/Industry: Real Estate Investment Trust (Retail)
Share Price: $26.67
Potential Upside: 12.8%
Number of Hedge Fund Holders: 32
Brixmor Property Group (NYSE:BRX) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 14, Scotiabank analyst Nicholas Yulico maintained his Outperform rating on Brixmor Property Group (NYSE:BRX). He lowered his price target forecast from $30 to $29, resulting in a revised upside of almost 9% from the prevailing level.
Yulico’s rating follows Scotiabank’s broader adjustments to its price targets for the U.S. Real Estate & REITs segment. These revisions are based on the firm’s outlook for the fourth quarter announcements by underlying companies. It pointed out multifamily and self-storage as the two subsectors gaining investor attention, based on a favorable 2026 outlook.
Back on December 16, Linda Tsai from Jefferies also reaffirmed her bullish forecast for Brixmor Property Group (NYSE:BRX). She assigned a Buy rating with a downward revision of the price target from $32 to $29. She noted that retail REITs such as Brixmor are likely to benefit from a below-market lease backlog expected to start in FY26-27. This will fuel growth not only in rental revenues but also in net operating income.
Brixmor Property Group (NYSE:BRX) is a real estate investment trust that manages a portfolio of open-air commercial retail centers within the United States. What enhances the quality of their portfolio composition is the fact that these centers include a diverse mix of local and regional retailers. As per the latest filings, the portfolio consists of more than 350 shopping centers.
9. SBA Communications Corporation (NASDAQ:SBAC)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $194.11
Potential Upside: 14.7%
Number of Hedge Fund Holders: 35
SBA Communications Corporation (NASDAQ:SBAC) is one of the most favored real estate investment trusts according to Hedge Funds.
On December 10, UBS analyst Batya Levi reaffirmed his Buy rating on SBA Communications Corporation (NASDAQ:SBAC) and raised his price target to $275. This estimate yields an impressive upside potential of almost 42%.
Levi maintained his stance on SBA Communications Corporation (NASDAQ:SBAC) following the company’s presentation at the UBS Media & Communications Conference. CFO Marc Montagner emphasized continued focus on topline expansion going into 2026, after an almost 5% growth during the previous year. Levi also acknowledged management’s balanced approach towards capital deployment, focusing heavily on share repurchases at current discounted valuations.
On December 16, Eric Luebchow from Wells Fargo maintained an Equal Weight rating on SBA Communications Corporation (NASDAQ:SBAC). He lowered his price target from $215 to $205, resulting in an upside potential of almost 6%. The analyst noted SBA’s DISH leases having shorter durations and leading to “cleanest” forecasts for 2026.
SBA Communications Corporation (NASDAQ:SBAC) is an independent REIT that owns and manages a diverse portfolio of wireless communication infrastructure assets. These include buildings, rooftops, small cells, towers, and antenna systems, within the Americas, Asia, and Africa. The revenue composition includes site design, development, and leasing for digital communication providers.
8. American Homes 4 Rent (NYSE:AMH)
Sector/Industry: Real Estate Investment Trust (Residential)
Share Price: $32.36
Potential Upside: 10.7%
Number of Hedge Fund Holders: 36
American Homes 4 Rent (NYSE:AMH) is one of the most favored real estate investment trusts according to Hedge Funds.
On December 15, Jade Rahmani from Keefe Bruyette upgraded his stance on American Homes 4 Rent (NYSE:AMH). The analyst revised his rating from Market Perform to Outperform, estimating a price target of $37. This now leads to an upside of above 14% at the prevailing range.
Keefe Bruyette presented its 2026 outlook for the real estate market, anticipating favorable prospects for commercial real estate. The firm sees the commercial real estate cycle entering into a “more secure recovery phase with moderate yet still healthy growth” during 2026. This bodes well for high-quality assets that are expected to deliver attractive returns.
Juan Sanabria from BMO Capital downgraded his rating for American Homes 4 Rent (NYSE:AMH) from Outperform to Market Perform. He set a price target of $37, which still yields an upside of more than 14%.
Sanabria attributed this downward revision to President Trump’s recent proposal to ban institutional investors from investing in single-family homes. This poses a threat to single-family residential REITs, which would struggle to grow in the absence of large financial injections from institutions.
American Homes 4 Rent (NYSE:AMH) is a large-scale operator of single-family rental homes. The company is involved in acquiring, developing, renovating, and leasing these properties within the United States. For tenant convenience, they also manage an online platform for rent payments and account management.
7. Invitation Homes (NYSE:INVH)
Sector/Industry: Real Estate Investment Trust (Residential)
Share Price: $27.65
Potential Upside: 17.1%
Number of Hedge Fund Holders: 37
Invitation Homes (NYSE:INVH) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 14, Nicholas Yulico from Scotiabank maintained his Sector Perform rating for Invitation Homes (NYSE:INVH). Although he lowered his price target forecast from $31 to $28, Yulico expects a favorable sentiment towards multifamily and self-storage REITs. His predictions are based on Scotiabank’s broader outlook for the U.S. Real Estate & REITs segment, which is linked to the upcoming fourth-quarter results.
On January 12, KeyBanc analyst Austin Wurschmidt maintained an Overweight rating for Invitation Homes (NYSE:INVH). His continued optimism stands despite recent concerns regarding President Trump’s intentions to ban institutions from making acquisitions of single-family homes.
The analyst pointed out that such a government policy would adversely affect single-family residential REITs, including Invitation Homes (NYSE:INVH). However, he anticipates limited impact from any such developments in the near to intermediate term, given very minute investments planned for owner-occupied homes.
Invitation Homes (NYSE:INVH) is the United States’ largest single-family home leasing and management company. Catering to a growing rental housing demand with a focus on convenience, it offers access to areas that are located near major employment hubs, commercial centers, and educational institutions. The company leverages Smart Home technology and AI capabilities for its resident services portals.
6. Iron Mountain Incorporated (NYSE:IRM)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $95.93
Potential Upside: 30.6%
Number of Hedge Fund Holders: 37
Iron Mountain Incorporated (NYSE:IRM) is one of the most favored real estate investment trusts according to Hedge Funds.
By the close of play on January 16, consensus sentiment was moderately bullish towards Iron Mountain Incorporated (NYSE:IRM). Based on a 1-year median price target of $125.25, the stock offers more than 30% upside from the prevailing level. It has received coverage from 6 analysts, 5 of whom have assigned Buy ratings, and just 1 analyst has given a Sell call.
On January 7, Tobey Sommer from Truist Financial also reaffirmed his optimism towards Iron Mountain Incorporated (NYSE:IRM). He assigned a Buy rating to the stock with a $110 target price, yielding an almost 15% upside for investors.
Sommer has based his rating on the potential reacceleration of data center megawatt leasing, expected sometime during the final quarter of 2026. He also forecasted strong financials for 2026, as roughly $150 million of restructuring costs associated with Project Matterhorn are likely to roll off during the year.
Sommer acknowledged a leading market position for Iron Mountain Incorporated (NYSE:IRM) within a highly fragmented IT asset disposition segment, as part of his broader optimism for this $55 billion market.
Iron Mountain Incorporated (NYSE:IRM) is a hybrid REIT that specializes in information security & management, data centers, digital transformation, and asset lifecycle management. It operates both physical information storage and digital storage centers. Through its digital transformation functions, the company converts physical assets such as tapes, paper records, and other media into digital formats. It partners with 95% of the Fortune 1000 companies across more than 60 countries.
5. Rithm Capital Corporation (NYSE:RITM)
Sector/Industry: Real Estate Investment Trust (Mortgage)
Share Price: $11.76
Potential Upside: 26.9%
Number of Hedge Fund Holders: 37
Rithm Capital Corporation (NYSE:RITM) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 8, Douglas Harter from UBS initiated coverage on Rithm Capital Corporation (NYSE:RITM). He assigned a Buy rating to the stock with an estimated price target of $16, resulting in an upside of more than 36%.
Harter’s rating is based on strong earnings potential for Rithm Capital Corporation’s (NYSE:RITM) asset management segment. The company is focused on an acquisitive strategy to strengthen its asset base, as it recently finalized the acquisition of Paramount Group.
Back on December 22, Piper Sandler analyst Crispin Love also reaffirmed his favorable outlook for Rithm Capital Corporation (NYSE:RITM). He assigned a Buy rating and raised his price target from $15 to $15.5, which now gives an upside of almost 32%.
Love sees upside for Rithm Capital Corporation (NYSE:RITM) in the near-term, given a more conducive mortgage environment that is building up. He noted the company’s diversification strategy across origination, investments, and servicing segments, and also acknowledged its consistency in generating ROE in mid-to-high teens. The analyst anticipates the ROE metric to expand more if the Fed remains dovish to push rates below 6% range.
Rithm Capital Corporation (NYSE:RITM) operates as an alternative asset manager with a focus on real estate and related services. The business is spread out across four distinct segments, i.e., origination & servicing, investment portfolio, residential transitional lending, and asset management. Through these segments, it performs various functions across the overall real estate investment lifecycle.
4. Digital Realty Trust (NYSE:DLR)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $163.60
Potential Upside: 18.6%
Number of Hedge Fund Holders: 43
Digital Realty Trust (NYSE:DLR) is one of the most favored real estate investment trusts according to Hedge Funds.
On December 15, Phani Kanumuri at HSBC upgraded his rating on Digital Realty Trust (NYSE:DLR) from Hold to Buy. He also raised his estimated price target from $187 to $193, resulting in an upside of 18%.
Kanumuri is projecting “strong and sustainable” growth in Digital Realty Trust’s (NYSE:DLR) adjusted funds from operations (AFFO), leading to promising near- to mid-term prospects. He shared a growth range of around 9% to 10% for the coming 3 years, backed by strong pricing and bookings within key metro locations. The analyst also noted that the REIT currently offers attractive entry points following a bearish trend in its share price.
On January 12, Mizuho Securities analyst Vikram Malhotra also reiterated his bullish views on Digital Realty Trust (NYSE:DLR). He assigned a Buy rating but lowered his target price forecast from $191 to $180, resulting in a revised upside potential of 10%. Malhotra’s adjustment is part of Mizuho’s 2026 outlook for REITs, where the firm has remained Equal Weight amid macroeconomic uncertainties.
Digital Realty Trust (NYSE:DLR) is a specialty real estate investment trust that owns and operates data centers. It offers the required physical infrastructure to network carriers, cloud hosting companies, and enterprises for their AI, cloud, and digital transformation needs. The company delivers dark fiber, colocation, and interconnection services to clients within a range of sectors.
3. Crown Castle Inc. (NYSE:CCI)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $90.87
Potential Upside: 16.9%
Number of Hedge Fund Holders: 56
Crown Castle Inc. (NYSE:CCI) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 5, KeyBanc assigned an Overweight rating to Crown Castle Inc. (NYSE:CCI) with a price target of $120. The firm’s estimates yield more than 32% upside from the current level.
KeyBanc attributed its rating to the company becoming a pure-play tower business following the sale of its fiber/small cell segment. The firm also noted 3%-4% contribution to adjusted funds from operations (AFFO), on a per share basis, from the successful execution of the company’s share buyback program. On the financial side, a large chunk of the company’s Sprint chunk, resulting from the merger of Sprint and T-Mobile, has come to an end.
Back on December 16, Eric Luebchow from Wells Fargo also maintained his Overweight rating for Crown Castle Inc. (NYSE:CCI). Despite a downward revision to his price target from $115 to $105, he sees an upside potential of 15.5% at the prevailing level.
Luebchow’s revision to the price target is based on a worst-case scenario, in relation to the ongoing lawsuit against DISH Wireless for their payment defaults. He believes that Crown Castle Inc. (NYSE:CCI) would be placed in a good position to meet consensus targets if it can squeeze around $1 billion in proceeds from the lawsuit.
Crown Castle Inc. (NYSE:CCI) manages essential wireless communication infrastructure assets such as towers, fibers, and small cells across the United States. It generates site rental income by leasing out its towers and fiber network to carriers, which ensures efficient connectivity. The business model revolves around such long-term lease agreements with major carriers and optimal capital allocation towards new assets.
2. Equinix Inc. (NASDAQ:EQIX)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $801.78
Potential Upside: 19.6%
Number of Hedge Fund Holders: 58
Equinix Inc. (NASDAQ:EQIX) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 12, Bank of America Securities analyst Michael Funk maintained his Buy rating on Equinix Inc. (NASDAQ:EQIX) and raised his target price to $950. His estimates lead to an upside potential of 18.5% for investors.
Funk’s price target incorporates a forward FFO multiple of 24x, which offers a significant premium over a 19x multiple for the wider REIT sector. He has an optimistic view on Equinix Inc. (NASDAQ:EQIX), based on the company’s enterprise colocation expertise, where it is a market leader. The company also carries a relatively lower amount of leverage and is well-positioned to capitalize on “AI inferencing demand.”
On January 6, Benjamin Soff from Deutsche Bank initiated his coverage on Equinix Inc. (NASDAQ:EQIX). He assigned a Buy rating with a price target of $915, yielding over 14% upside. He cited Equinix as a “major beneficiary” of AI-linked developments and expanding demand for digital infrastructure. Such digital economy demand drivers, along with AI-related tailwinds, make for a compelling case for Equinix Inc. (NASDAQ:EQIX).
Equinix Inc. (NASDAQ:EQIX) operates an interconnected ecosystem of specialized data centers and digital infrastructure, which it leases out to enterprise clients and cloud service providers. Its investment portfolio is concentrated across global assets, and the company also leverages AI capabilities to offer an efficient digital and interconnection experience.
1. American Tower Corporation (NYSE:AMT)
Sector/Industry: Real Estate Investment Trust (Specialty)
Share Price: $183.57
Potential Upside: 16.4%
Number of Hedge Fund Holders: 75
American Tower Corporation (NYSE:AMT) is one of the most favored real estate investment trusts according to Hedge Funds.
On January 14, Scotiabank analyst Maher Yaghi reaffirmed an Outperform rating for American Tower Corporation (NYSE:AMT). He lowered his price target forecast from $248 to $220, resulting in a revised upside of almost 20%.
Yaghi’s rating is part of Scotiabank’s revised outlook on the U.S. Real Estate & REITs segment. Such adjustments reflect the firm’s assessment of upcoming fourth-quarter announcements. The firm sees relatively sound investor demand for multifamily and self-storage assets based on their favorable 2026 projections.
On January 12, JPMorgan also maintained an Overweight rating on American Tower Corporation (NYSE:AMT). However, AMT was again subject to a downward price target revision from $250 to $245. The firm attributed this revision to uncertainties linked with EchoStar, which are expected to have an impact on the tower business segment. Despite the adjustment, the firm’s projections still offer a 33.5% upside at the prevailing level.
American Tower Corporation (NYSE:AMT) manages a portfolio of multitenant communications infrastructure assets and offers colocation services where it operates as a tenant-neutral host. The asset base comprises data centers, communication sites, and cell towers spread out across Africa, the Americas, Asia, and Europe.
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