In this article, we will look at the Goldman Sachs REIT Stocks: Top 12 Stock Picks.
The US real estate sector entered 2026 with renewed momentum, clearer visibility, and growing optimism. Despite uncertainty around tariffs, a volatile policy backdrop, and immigration tightening, the sector remains supported by a resilient economy.
The total deal volume for commercial real estate was up 17% year over year in 2025, driven by healthy expansion. The increase was driven by strong demand in the multifamily and office sectors. A recovery in the office sector has been swelling with a return to office orders and a boom in AI employment.
“The US commercial real estate (CRE) market in 2025 was defined by a steady, albeit decelerating, climb toward stabilization,” said Kevin Fagan, head of CRE capital market research at Moody’s. “The recovery proved resilient in the face of significant economic slowing, policy uncertainty, a massive loan maturity wall, and persistently high interest rates compared to three years ago.”
According to Kevin Thorpe, chief economist at Cushman & Wakefield, capital is once again flowing into the real estate sector owing to a lower interest rate environment and improving leasing fundamentals. The sector is entering a new equilibrium, with office demand bottoming out and industrial growth again driven by artificial intelligence.
Goldman Sachs is one investment bank that continues to diversify its investment portfolio into the real estate sector. According to the investment bank, the real estate sector is showing signs of recovery after a period of significant disruption and rising interest rates. The bank is heavily invested in real estate investment trusts, as they provide competitive returns through a combination of consistent dividend income and long-term capital appreciation.
“Also, we believe private real estate credit (direct lending to real estate owners and developers) presents an increasingly attractive risk-adjusted option in investors’ portfolios. The asset class offers an alternative source of high and steady income on a more defensive basis in today’s volatile market environment”, according to Goldman Sachs in a blog post.
With that in mind, let’s take a look at some of Goldman Sachs’ top REIT stock picks for a diversified investment portfolio.
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Our Methodology
To identify Goldman Sachs’ top 12 REIT stock picks, we analyzed the firm’s Q3 2025 13F SEC filings to extract all real estate investment trust holdings. We also considered hedge fund sentiment by reviewing the number of hedge funds invested in each REIT as of Q3 of 2025. Finally, we ranked the stocks based on Goldman Sachs equity stakes in each of the REITs.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research shows 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).
Goldman Sachs REIT Stocks: Top Stock Picks
12. Lamar Advertising Company (NASDAQ:LAMR)
Goldman Sachs Equity Stake: $65.56 Million
Number of Hedge Funds Holding: 36
Lamar Advertising Company (NASDAQ:LAMR) is one of Goldman Sachs’ top REIT stock picks. On February 2, Lamar Advertising Company (NASDAQ:LAMR) affirmed the acquisition of Cleveland Outdoor Advertising assets for cash. With the acquisition, the company adds 31 high-profile bulletin faces and 40 junior bulletin faces to its Cleveland portfolio.
Founded 47 years ago by Debra Abdalian-Thompson and Stephen Thompson, Cleveland Outdoor Advertising has grown to include numerous premium locations in the Cleveland area. The acquisitions are poised to strengthen the company’s competitive advantage in the outdoor advertising industry.
“We are deeply grateful to everyone who believed in us, worked alongside us, and contributed to our success,” said Abdalian-Thompson. “I have long admired Lamar and the Reilly family, and I can’t think of a better company to carry COA’s legacy forward.”
Earlier, on December 18, Morgan Stanley raised its price target on Lamar Advertising to $140 from $135 and maintained an Equal Weight rating, as part of the firm’s U.S. advertising year-ahead outlook.
Lamar Advertising Company (NASDAQ:LAMR) operates as a Real Estate Investment Trust (REIT) specializing in out-of-home (OOH) advertising/ It leases land from over 60,000 partners to place billboards, maintains a massive network of digital displays, and handles site acquisition, zoning, and permitting for advertising structures.
11. Regency Centers Corporation (NASDAQ:REG)
Goldman Sachs Equity Stake: $75.13 Million
Number of Hedge Funds Holding: 30
Regency Centers Corporation (NASDAQ:REG) is one of Goldman Sachs’ top REIT stock picks. Regency Centers Corporation (NASDAQ:REG) reported strong fourth-quarter and full-year 2025 results on February 5, 2026, alongside initial 2026 guidance. Q4 net income rose to $1.09 per diluted share from $0.46 a year earlier, while full-year net income increased to $2.82 per share. The company delivered solid operating performance, with Nareit FFO of $1.17 per share in Q4 and $4.64 for the year, and Core Operating Earnings of $1.12 in Q4 and $4.41 for 2025.
Portfolio fundamentals remained healthy, highlighted by 5.3% full-year same-property NOI growth and leasing activity of 6.8 million square feet at double-digit cash rent spreads. Occupancy in the same-property portfolio improved sequentially to 96.5%. Regency was also active on the capital allocation front, starting $318 million of development and redevelopment projects in 2025 and completing $212 million, while maintaining conservative leverage of 5.1x net debt to EBITDAre and $1.4 billion of available liquidity.
Looking ahead, Regency’s 2026 outlook is mixed. While net income per share is expected to decline to $2.35–$2.39, both Nareit FFO and Core Operating Earnings are projected to grow, supported by continued development investment and portfolio strength. Same-property NOI growth is expected to moderate to 3.25%–3.75%, reflecting a more normalized growth environment after a strong 2025.
On January 31, Regency Centers expanded its footprint in Long Island with the purchase of the Mount Sinai Shopping Center. The shopping center will be rebranded as Crystal Brook Corner, affirming the company’s strategy of acquiring and developing high-quality, grocery-anchored retail properties in affluent suburbs.
The company has already allocated $15 million for the redevelopment of the property that houses Whole Foods, the Amazon grocery chain.
Regency Centers Corporation (NASDAQ:REG) is a REIT that owns and develops quality, grocery-anchored shopping centers in key suburbs, focusing on necessity retail and community needs in major US markets.
