In this article, we will list the 5 Cheap REITs with Huge Upside. Please visit 10 Cheap REITs with Huge Upside if you’d like to see an extended list and how we came up with the list of cheap REIT stocks.

5. Invitation Homes Inc. (NYSE:INVH)

Invitation Homes Inc. (NYSE:INVH) is one of the 10 cheap REITs with huge upside.

On March 6, Barclays lowered its price target on Invitation Homes Inc. (NYSE:INVH) from $33 to $31, which now results in an adjusted upside potential of 24% at the prevailing level. The firm also maintained an Overweight rating on the stock. The revision is part of Barclays’ adjustments within the residential REITs category, where it has cut down its outlook.

Earlier on February 27, Raymond James downgraded Invitation Homes Inc. (NYSE:INVH) from an Outperform to Market Perform rating, as demand for rentals in the multifamily and single-family rental space declined. Furthermore, the firm added that the consensus numbers and the new guidance for 2026 could be too optimistic.

The company is prepared for the seasonal boost in leasing and comparisons in the second half of the year. However, challenges in leasing, supply, and concessions, as well as macro headwinds such as job losses due to AI, immigration enforcement, and regulatory issues, could put earnings under pressure.

Invitation Homes Inc. (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.

4. Kilroy Realty Corp. (NYSE:KRC)

Kilroy Realty Corp. (NYSE:KRC) is one of the 10 cheap REITs with huge upside.

On March 2, Scotiabank decreased the firm’s price target for Kilroy Realty Corp. (NYSE:KRC) from $42 to $37, leading to an adjusted upside potential of almost 30%. The firm maintained a Sector Perform rating on the stock.

Following the fourth quarter results, the firm updated its targets across the U.S. Real Estate & REIT segments. It believes that currently, the focus of real estate investment trusts should be to elevate development yields, which would create an impact on funds from operations per share in the near term. Scotiabank also has an inclination towards acquisitions, as they view these to offer a “better thematic story.”

On February 26, Kilroy Realty Corp. (NYSE:KRC) announced several leadership changes across its board and key committees. The company appointed Gary Stevenson as chair of the board, succeeding Edward Brennan, who has served as a board member since 2003 and held the chair position since 2024. Stevenson has been part of Kilroy’s board since 2014. As part of the transition, Brennan will take on the role of chair of the audit committee, while Jolie Hunt has been named chair of the executive compensation committee, overseeing executive pay and incentive programs.

Kilroy Realty Corp. (NYSE:KRC) is engaged in the development and management of office and mixed-use properties. Well-known for its sustainable and innovative approach, it ensures a productive environment for leading tech, media, and life science companies.

3. Cousins Properties Inc. (NYSE:CUZ)

Cousins Properties Inc. (NYSE:CUZ) is one of the 10 cheap REITs with huge upside.

On February 26, Barclays reduced the target price on Cousins Properties Inc. (NYSE:CUZ) from $34 to $28, which still yields an upside of almost 23%. The firm maintained an Overweight rating on the stock.

Post fourth quarter announcements, the firm updated its models for the office REIT space. It fears the ongoing “AI disruption narrative” will remain in play, which will adversely affect valuation numbers.

On February 17, a new share repurchase program was authorized by Cousins Properties Inc. (NYSE:CUZ), which will enable the company to repurchase a maximum of $250 million of its outstanding common shares.

Funds for this purpose will be arranged through a mix of debt, cash flow, and sales proceeds from non-core assets, as well as repayment of shares issued under its ATM program. The need to repurchase a certain number of shares under the program is not necessary for the company. It does not specify an expiration date, and the possibility of suspending or terminating the program exists.

Cousins Properties Inc. (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, as well as property development & management fees.

2. SL Green Realty Corp. (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) is one of the 10 cheap REITs with huge upside.

On March 9, SL Green Realty Corp. (NYSE:SLG) reportedly capped a potentially record-breaking first quarter through the leasing of the remaining office space at One Madison Avenue to Harvey AI via an addition of 92,663 square feet. In reaction to concerns that AI is contributing to a reduction in employment in New York City, Marc Holliday, the CEO, highlighted that the city is poised to reap the benefits of advancements in technology, productivity, and innovation.

On March 2, SL Green Realty Corp. (NYSE:SLG) said it signed 32 office leases in Manhattan totaling 491,098 square feet during the first two months of 2026, while maintaining a current leasing pipeline of more than 1M square feet. The activity included several notable long-term agreements across its portfolio.

A large global investment firm signed a new 10-year lease for 150,036 square feet at 245 Park Avenue, while TD Securities agreed to a 10-year expansion lease for 51,081 square feet at 125 Park Avenue. Additional deals included new or expanded leases with One Main General Services Corp, McDermott Will & Schulte at One Vanderbilt Avenue, UHY Advisors Northeast, and Turner & Townsend across multiple Park Avenue properties.

SL Green Realty Corp. (NYSE:SLG) specializes in the ownership, development, and management of commercial properties, such as shopping centers and office properties. It is a self-managed real estate investment trust that also possesses expertise in property management, debt investing, leasing, development, and redevelopment.

1. BXP Inc. (NYSE:BXP)

BXP Inc. (NYSE:BXP) is one of the 10 cheap REITs with huge upside.

On March 2, Scotiabank reduced its price target on BXP Inc. (NYSE:BXP) from $74 to $65. The firm maintained a Sector Perform rating on the stock that yields an adjusted upside potential of 25%.

The firm also revised its set of targets for all its U.S. real estate and REIT coverage based on the fourth quarter announcements. Scotiabank believes that REITs should focus on improved development yields to preserve near-term funds from operations per share, and that external expansion through acquisition-driven growth currently offers a more attractive thematic story.

On February 24, Mizuho analyst Vikram Malhotra downgraded BXP Inc. (NYSE:BXP) from an Outperform rating to a Neutral rating. The analyst reduced his price target from $79 to $62, resulting in a revised upside of more than 19%.

Malhotra said the rapid advancement of AI models could emerge as a potential disruptor for office-related jobs and, over time, demand for office real estate. While the analyst does not currently expect a direct impact on cash flows, he believes the shift could pressure valuation multiples across office REITs. He added that even modest changes in job growth could lead to structurally higher vacancy levels, ultimately limiting rent growth and creating further downside risk for the group.

BXP Inc. (NYSE:BXP) is a unified real estate investment trust that focuses on the development, ownership, and management of premier workplaces. It is also reputed for swift customer service and in-house building management expertise. The company has an impressive track record of delivering value across office, mixed-use, and residential real estate.

While we acknowledge the potential of BXP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BXP and that has 100x upside potential, check out our report about the cheapest AI stock.

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