In this article, we will take a detailed look at the Goldman Sachs REIT Stocks: Top 12 Stock Picks.

Real estate investment trusts (REITs) are companies that own, operate, or finance income-producing properties. They provide investors with access to real estate markets without requiring direct property ownership. As of 2022, Allied Market Research valued the global REIT market at approximately $2.6 trillion, projecting it to accelerate at a 5.1% CAGR to $4.2 trillion by 2032. In the U.S., REITs hold over $4 trillion in gross assets, with publicly traded REITs accounting for $2.5 trillion. However, industry revenue has grown at a modest 0.9% CAGR over the past five years, reaching an estimated $243.7 billion in 2025.

The early part of 2025 has presented challenges for the global REIT market. According to PGIM Investments’ analysis, the market traded “roughly flat” for the first quarter of 2025. PGIM identified “investor concerns around the increase in the 10-year Treasury bond market” and tariff impacts on global economic growth as key factors. Despite these headwinds, the US REIT market outperformed the S&P 500 during the quarter, with REITs gaining 0.7% while the S&P 500 declined by 4.3%. As trade tensions escalate, PGIM’s analysts see potential opportunities, noting that “history has shown that REITs are positioned relatively well in a higher-tariff or tariff-war environment.”

This cautious optimism is echoed by Don Mullen, CEO of Pretium, a real estate investment firm with $57 billion in assets under management. Speaking on the Goldman Sachs Exchanges podcast, Mullen highlighted a long-term housing supply-demand imbalance in the U.S. market, describing it as a “massive demographic imbalance between housing volume and prospective homeowners and renters.” He emphasized that the U.S. will likely face a housing shortage through at least 2040, which could support pricing and occupancy levels for well-positioned REITs focused on residential sectors.

This environment creates opportunities for selective investment strategies focused on REITs with strong operational fundamentals and strategic positioning within their respective property sectors. With this backdrop, this article presents Goldman Sachs’ top 12 REIT stock picks.

Our Methodology

To identify Goldman Sachs’ top 12 REIT stock picks, we analyzed the firm’s Q1 2025 13F SEC filings to extract all real estate investment trust holdings. Additionally, we examined hedge fund sentiment by analyzing the number of hedge funds invested in each REIT as of the first quarter of 2025. The final selection represents the top 12 REITs ranked by Goldman Sachs’ position size. This list is 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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

Goldman Sachs REIT Stocks: Top 12 Stock Picks

12. Lamar Advertising Company (NASDAQ:LAMR)

Goldman Sachs Stake as of Q1 2025: $22,739,184

Number of Hedge Funds Holding: 45

Lamar Advertising Company (NASDAQ:LAMR) is one of Goldman Sachs’ top REIT stock picks. On July 8, TD Cowen reaffirmed its “Buy” rating on Lamar stock. The firm maintained a price target of $145.00 on the shares, an 18% upside from the market price at the time of the report. TD Cowen’s decision came shortly after Lamar closed the acquisition of Verde Outdoor.

Lamar’s acquisition of Verde Outdoor was a cashless transaction. The deal added over 1,500 billboard faces, including 80 digital displays, to Lamar’s portfolio across 10 states. The transaction was structured as the first-ever Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction in the billboard industry. TD Cowen noted that this structure allows Lamar to issue partnership units on a tax-deferred basis.

The firm also stated that the cashless nature of the transaction preserved Lamar’s financial capacity for additional merger and acquisition activity in the second half of 2025. TD Cowen highlighted that the Verde acquisition reinforced its thesis that fiscal year 2025 would be a “breakout year” for billboard acquisitions in the outdoor advertising sector.

Lamar Advertising Company (NASDAQ:LAMR) is one of the largest outdoor advertising REITs in North America. The company boasts over 360,000 displays across the U.S. and Canada. Headquartered in Baton Rouge, Louisiana, the company generates revenue by leasing billboards, transit, and logo signage to a diverse mix of advertisers.

11. Regency Centers Corporation (NASDAQ:REG)

Goldman Sachs Stake as of Q1 2025: $71,106,777

Number of Hedge Funds Holding: 29

Regency Centers Corporation (NASDAQ:REG) is one of Goldman Sachs’ top REIT stock picks. On July 2, Barclays initiated coverage on Regency with an Equal Weight rating. Along with the rating, Barclays set a price target of $77 for the stock.

From Barclays’s view, Regency has a strong portfolio of grocery-anchored shopping centers, which are typically resilient due to their focus on necessity-based retail. The firm noted Regency’s strategic positioning in high-quality suburban markets with strong demographics, which contributes to stable cash flows and tenant demand. It also highlighted the company’s “healthy balance sheet” and disciplined capital allocation, which provide financial flexibility for growth and acquisitions.

The analysts emphasized Regency’s “defensive positioning” within the REIT sector, noting that its focus on grocery-anchored centers makes it less susceptible to economic downturns compared to other retail REITs. On top of that, Barclays stated that Regency exhibits “strong property performance.” The evidence of this, in the firm’s view, is Regency’s operational efficiency, with a reported 94.7% leased occupancy rate across its portfolio as of the first quarter of 2025.

Regency Centers Corporation (NASDAQ:REG) is a retail-focused REIT that owns and operates over 480 open-air shopping centers concentrated in affluent, high-traffic suburban markets. Roughly 80% of its portfolio is anchored by leading grocery chains, including Kroger and Publix, which provide consistent foot traffic and resilient cash flows.

10. Kimco Realty Corporation (NYSE:KIM) 

Goldman Sachs Stake as of Q1 2025: $95,534,115

Number of Hedge Funds Holding: 27

Kimco Realty Corporation (NYSE:KIM) is one of Goldman Sachs’ top REIT stock picks. Barclays initiated coverage of retail REITs on July 2 and rated Kimco Realty (NYSE:KIM) Overweight, citing its attractive valuation and strong positioning in the grocery-anchored shopping center space. As a large-cap, diversified landlord, Kimco offers investors a lower-cost way to tap into the defensive retail theme, with expected FFO growth of around 5% next year and a modest discount to peers.

The brokerage noted that while some investors are overpaying for perceived stability in similar portfolios, Kimco stands out with better risk-reward potential in an environment facing slower economic growth. Barclays emphasized its preference for retail REITs with solid balance sheets and improving free cash flow, positioning Kimco as a favorable pick amid sector headwinds.

Kimco Realty Corporation (NYSE:KIM), founded in 1973 by Milton Cooper and Martin S. Kimmel, is a real estate investment trust that owns, develops, and manages open-air shopping centers. Headquartered in Jericho, New York, the company specializes in acquiring and operating grocery-anchored retail properties across the United States.

9. Boston Properties, Inc. (NYSE:BXP)

Goldman Sachs Stake as of Q1 2025: $134,461,198

Number of Hedge Funds Holding: 30

Boston Properties Inc. (NYSE:BXP) is one of Goldman Sachs’ top REIT stock picks. On June 23, BMO Capital reiterated its Outperform rating for BXP, a $12.7 billion office REIT, and raised its price target to $86. The firm pointed to the company’s strategic portfolio shift toward upscale developments and selective asset sales, while trimming its exposure to suburban properties—moves that support premium rental growth.

Boston Properties is focusing its development in East Coast markets and leveraging its assets to align with emerging trends in artificial intelligence. BMO’s insights stem from recent investor meetings with the REIT’s executive team in the UK and Europe, highlighting continued confidence in the firm’s long-term positioning.

Boston Properties Inc. (NYSE:BXP) is a real estate investment trust (REIT) focused on developing, acquiring, and managing Class A commercial properties. Headquartered in Boston, the company operates across key U.S. markets including Boston, New York, San Francisco, and Washington, D.C.

8. SBA Communications Corporation (NASDAQ:SBAC)

Goldman Sachs Stake as of Q1 2025: $168,403,081

Number of Hedge Funds Holding: 40

SBA Communications Corporation (NASDAQ:SBAC) is one of Goldman Sachs’ top REIT stock picks. On July 8, 2025, UBS analyst Batya Levi reiterated a “Buy” rating on SBA Communications (NASDAQ:SBAC), signaling continued confidence in the company’s performance and growth outlook. The rating reflects a steady belief in SBAC’s market position and long-term potential.

Alongside the reaffirmed stance, UBS raised its price target from $280 to $285—a modest 1.79% bump that reinforces bullish sentiment around SBAC’s trajectory. The move offers an encouraging signal for investors, pointing to possible value appreciation in the months ahead.

SBA Communications Corporation (NASDAQ:SBAC) is a leading infrastructure REIT that owns and operates over 39,000 wireless communication sites across the Americas and Africa. Its portfolio includes towers, rooftops, and distributed antenna systems that support mobile network expansion for top-tier carriers like T-Mobile and Millicom.

7. Ventas, Inc. (NYSE:VTR)

Goldman Sachs Stake as of Q1 2025: $250,930,471

Number of Hedge Funds Holding: 43

Ventas, Inc. (NYSE:VTR) is one of Goldman Sachs’ top REIT stock picks. On June 23, JPMorgan upgraded Ventas’ stock rating from “Neutral” to “Overweight”. The firm also increased the price target on Ventas shares from $70 to $72. The upgrade reflects a more positive outlook compared to the previous neutral stance.

One of the factors JPMorgan cited was Ventas’ “strong internal and external growth trends.” The firm particularly pointed to the company’s double-digit same-store net operating income (NOI) growth in its senior housing operating portfolio (SHOP), Ventas’ largest portfolio segment. JPMorgan noted that Ventas has maintained a consistent flow of acquisition opportunities, supporting external growth.

The investment firm also cited good visibility for above-average normalized funds from operations (NFFO) per share growth over the next few years. Compared to Ventas’s closest peer, JPMorgan noted that Ventas offers more value on an implied capitalization rate basis, though potentially with somewhat less growth potential. The firm observed that the expected external growth recovery in the overall REIT sector has not broadly materialized, making Ventas’s external growth dynamics stand out.

Ventas, Inc. (NYSE:VTR) is a healthcare-focused REIT with a portfolio of approximately 1,400 properties across the U.S., Canada, and the U.K., including senior housing communities, medical office buildings, and life science centers. Its growth is anchored in the senior housing operating portfolio (SHOP), which delivered double-digit NOI gains in early 2025, supported by rising occupancy and data-driven asset management.

6. Realty Income Corporation (NYSE:O)

Goldman Sachs Stake as of Q1 2025: $376,075,898

Number of Hedge Funds Holding: 32

Realty Income Corporation (NYSE:O) is one of Goldman Sachs’ top REIT stock picks. On July 15, Stifel reaffirmed its Buy rating on Realty Income (NYSE:O), keeping the price target steady at $68.

Stifel maintained its 2027 AFFO estimate at $4.52 for Realty Income. The company previously guided 2025 AFFO between $4.22 and $4.28, reflecting modest growth, and is targeting $4.0 billion in acquisitions. Stifel expects this guidance to be revised upward following Realty Income’s second-quarter earnings release.

Realty Income Corporation (NYSE:O) is a real estate investment trust specializing in single-tenant commercial properties. By year-end 2024, its portfolio spanned 15,621 locations across the United States, United Kingdom, and multiple European Union nations. The $53 billion retail REIT continues to attract investor attention with its reliable 5.5% dividend yield and a 32-year track record of uninterrupted payouts.

5. Digital Realty Trust, Inc. (NYSE:DLR)

Goldman Sachs Stake as of Q1 2025: $431,256,065

Number of Hedge Funds Holding: 44

Digital Realty Trust, Inc. (NYSE:DLR) is one of Goldman Sachs’ top REIT stock picks. On July 9, Guggenheim began coverage of Digital Realty Trust (NYSE:DLR) with a Neutral rating, highlighting the REIT’s status as one of the two largest publicly traded data center operators.

The firm noted that Digital Realty’s scale positions it well for capital access and efficient technology deployment, making it a key player amid ongoing industry consolidation. However, Guggenheim considers the stock fairly valued, which supports the Neutral stance despite its strategic advantages and potential for sector leadership.

Digital Realty Trust, Inc. (NYSE:DLR) is a global REIT specializing in data center infrastructure. The company operates over 300 facilities spanning six continents and more than 41 million square feet of rentable space. Its PlatformDIGITAL ecosystem supports cloud, AI, and enterprise workloads through colocation, interconnection, and hybrid IT solutions.

4. Simon Property Group, Inc. (NYSE:SPG)

Goldman Sachs Stake as of Q1 2025: $476,413,188

Number of Hedge Funds Holding: 47

Simon Property Group, Inc. (NYSE:SPG) is one of Goldman Sachs’ top REIT stock picks. On July 8, Piper Sandler reiterated its “Overweight” rating on Simon Property Group. The firm expects better-than-consensus holiday sales, driven by retailers preparing with “near-full shelves” for the upcoming holiday season amid ongoing economic growth. The firm noted that Simon Property Group had previously guided to the midpoint of its financial guidance during Q1 2025 earnings, primarily due to tariff uncertainty and its potential impact on percentage rent thresholds.

Despite earlier conservative guidance, Piper Sandler now sees potential upside to Simon’s funds from operations (FFO) given an “improved backdrop” for the retail environment. The positive outlook is consistent with the investment bank’s prior observations shared in its NAREIT note, reinforcing confidence in Simon Property Group’s performance heading into Q2 2025.

Simon Property Group, Inc. (NYSE:SPG) is a retail-focused REIT. It owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia. Its portfolio includes over 190 income-producing properties in the U.S., such as malls, Premium Outlets, and lifestyle centers, with additional holdings in 38 international outlet locations.

3. Equinix, Inc. (NASDAQ:EQIX)

Goldman Sachs Stake as of Q1 2025: $655,101,895

Number of Hedge Funds Holding: 70

Equinix, Inc. (NASDAQ:EQIX) is one of Goldman Sachs’ top REIT stock picks. On July 9, Guggenheim initiated coverage on Equinix, assigning a “Buy” rating with a price target of $933.

The firm identified Equinix as one of the two very large publicly traded data center operators benefiting from its scale in capital access and technology deployment. He highlighted the company’s annual revenue, which reached $8.8 billion, growing at a 5.7% rate. Guggenheim anticipates Equinix will become a leading force as consolidation reshapes the data center landscape.

Equinix, Inc. (NASDAQ:EQIX) is a global REIT specializing in interconnected data center infrastructure. It operates over 270 facilities across 74 metro areas on six continents. Through its Platform Equinix framework, the company delivers secure colocation, cloud on-ramps, and interconnection services that support hybrid multi-cloud deployments and AI-ready compute environments.

2. Prologis, Inc. (NYSE:PLD)

Goldman Sachs Stake as of Q1 2025: $868,858,900

Number of Hedge Funds Holding: 55

Prologis, Inc. (NYSE:PLD) is one of Goldman Sachs’ top REIT stock picks. On July 7, Mizuho lifted its price target on Prologis from $105 to $109, while maintaining the rating at Neutral. Mizuho cited Prologis’s “expected stable occupancy” as a key factor supporting the price target increase, with the company indicating a better-than-expected occupancy trajectory for the first half of 2025.

Mizuho cited likely positive commentary on Prologis’s ancillary business segments as justification for this premium valuation. The investment firm expects a better-than-expected occupancy trajectory in the first half of 2025.

Mizuho highlighted Prologis’s development starts and margins as important metrics. It noted that the company’s focus on high-quality industrial properties supports stable cash flows. The firm further stated that Prologis’s consensus view expects the company’s current FFO guidance to remain intact.

Prologis, Inc. (NYSE:PLD) is the world’s largest industrial REIT, managing a portfolio of over 1.3 billion square feet across 5,900 logistics facilities in 20 countries. Headquartered in San Francisco, the company serves more than 6,500 customers, including Amazon, FedEx, and Home Depot, through strategically located warehouses that support e-commerce, retail, and supply chain operations.

1. American Tower Corporation (NYSE:AMT)

Goldman Sachs Stake as of Q1 2025: $1,139,572,715

Number of Hedge Funds Holding: 73

American Tower Corporation (NYSE:AMT) is one of Goldman Sachs’ top REIT stock picks. On July 2, Mizuho raised its price target on American Tower to $217 from $204. The firm maintained its “Outperform” rating on the stock, citing American Tower’s “strong growth outlook.”

Mizuho noted the American Tower’s “stable revenue base,” supported by long-term lease agreements with major wireless carriers, which provide predictable cash flows. The analysts also highlighted the company’s “portfolio expansion,” particularly its growing presence in data centers and international markets, as a key driver of future growth. They further pointed to the company’s first-quarter 2025 performance, with organic tenant billings growth of 4.3% domestically and 6.1% internationally, as evidence of operational strength.

At the same time, Mizuho increased its Adjusted Funds From Operations (AFFO) estimates to $10.53 for 2025 and $11.43 for 2026, up from prior estimates of $10.47 and $11.27, respectively. The upward revision is attributed to a lower-than-expected foreign exchange impact and stronger services revenue. The firm projects approximately 5% organic growth in tenant billings for American Tower’s entire portfolio. Additionally, Mizuho’s analysis suggests that growth in U.S. and Canadian operations is anticipated to be around 4.3%, resulting in approximately $182 million in colocation and amendment revenue.

American Tower Corporation (NYSE:AMT) is a global infrastructure REIT that owns and operates over 148,000 wireless communication sites across 22 countries on five continents. This includes a growing portfolio of U.S. data center facilities. Headquartered in Boston, the company leases multitenant towers and rooftop sites to wireless carriers, broadcasters, and government agencies, generating stable, long-term recurring revenue.

While we acknowledge the potential of AMT to grow, 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 AMT and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: Goldman Sachs Healthcare Stocks: Top 10 Stock Picks and 11 Best Green Energy Penny Stocks to Buy Right Now.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.