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.
10. Kimco Realty Corporation (NYSE:KIM)
Goldman Sachs Equity Stake: $117.59 Million
Number of Hedge Funds Holding: 27
Kimco Realty Corporation (NYSE:KIM) is one of Goldman Sachs’ top REIT stock picks. On January 28, Kimco Realty Corporation (NYSE:KIM) confirmed that Kathleen Thayer will assume the role of Executive Vice President, Treasurer, and Chief Accounting Officer, effective April 1, 2026.
On January 20, Truist analyst Ki Bin Kim trimmed his price target on Kimco Realty to $22 from $23 while maintaining a Hold rating. The revision came as part of Truist’s broader 2026 outlook for the REIT sector.
While the firm sees fundamentals gradually improving, helped by slower new supply and steady demand for higher-quality properties, it remains Neutral on REITs overall, citing valuations that are no longer especially compelling.
Truist’s outlook favors healthcare, industrial, strip retail, gaming, and lodging REITs, while taking a more cautious stance on mall and office names and a neutral view on segments such as multifamily, self-storage, manufactured housing, and triple-net leasing.
Earlier in the month, on January 13, Barclays analyst Richard Hightower also adjusted his outlook on Kimco Realty. Hightower reaffirmed an Overweight rating on the stock but reduced the price target to $25 from $27, reflecting updated assumptions across the REIT landscape. The change was part of Barclays’ sector-wide reset heading into 2026.
Barclays continues to see the most attractive opportunities next year in apartments, self-storage, and single-family rental REITs, while expressing less enthusiasm for cold storage and retail. The firm remains neutral on the REIT sector overall for 2026, balancing improving fundamentals against a valuation backdrop that limits near-term upside.
Kimco Realty Corporation (NYSE:KIM) is a real estate investment trust (REIT) that owns, manages, and develops open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. With over 500 properties and 100+ million square feet, they focus on high-barrier, first-ring suburbs in top metropolitan markets. They specialize in leasing to necessity-based, high-traffic retailers.
9. SBA Communications Corporation (NASDAQ:SBAC)
Goldman Sachs Equity Stake: $197.98 Million
Number of Hedge Funds Holding: 35
SBA Communications Corporation (NASDAQ:SBAC) is a top Goldman Sachs REIT pick. On February 3, SBA Communications Corporation (NASDAQ:SBAC) announced it will report fourth-quarter results after market close on February 26, 2026, followed by a conference call to discuss the results.
Earlier on January 20, UBS cut its price target on SBA Communications (SBAC) to $260 from $275 while maintaining a Buy rating, noting that the risk-reward profile for tower stocks remains attractive heading into 2026. A week earlier, on January 13, JPMorgan analyst Richard Choe reiterated a Neutral rating and cut the price target to $240 from $245.
The price target cut comes on the heels of the analyst reducing new leasing estimates for tower companies ahead of earnings. The new estimates reflect a conservative approach due to the potential impact of EchoStar, an American telecommunications company specializing in satellite communications.
In December, Moody’s affirmed a Ba2 rating on the company, changing its outlook to positive due to a revised financial policy emphasizing lower leverage and more unsecured debt. The firm expects significant secured debt refinancing, and the company holds $1.6 billion available on its $2 billion revolver.
SBA Communications Corporation (NASDAQ:SBAC) is a leading independent owner and operator of wireless communications infrastructure, including cell towers, buildings, rooftops, and small cells. It primarily leases antenna space to wireless service providers on a long-term basis across the Americas and South Africa, and previously in Canada.
8. Ventas, Inc. (NYSE:VTR)
Goldman Sachs Equity Stake: $245.18 Million
Number of Hedge Funds Holding: 40
Ventas, Inc. (NYSE:VTR) is one of Goldman Sachs’ top REIT stock picks. On February 5, Ventas, Inc. (NYSE:VTR) reported its full-year and fourth-quarter 2025 results, highlighting strong growth across its senior housing portfolio.
CEO Debra Cafaro noted that Same-Store Cash NOI in the Senior Housing Operating Portfolio (SHOP) rose by more than 15% for the year, driven by U.S. occupancy gains and higher revenue per occupied room. The company completed $2.5 billion in senior housing investments during 2025 and raised $3.2 billion in equity, maintaining a strong balance sheet with $5.3 billion in liquidity and a Net Debt-to-Adjusted EBITDA ratio of 5.2x.
Fourth-quarter results showed net income of $0.15 per share and normalized FFO of $0.89 per share, up roughly 10% from the prior year. SHOP Same-Store Cash NOI grew over 15%, led by 18% growth in the U.S., supported by rising occupancy and RevPOR. Full-year results included net income of $0.54 per share, normalized FFO of $3.48, and total company NOI growth of 16%, reinforcing Ventas’ strategy of driving both organic growth and accretive external investments. The company also declared a quarterly dividend of $0.52 per share, an 8% increase.
Looking ahead to 2026, Ventas expects continued SHOP segment growth and plans approximately $2.5 billion in senior housing investments. Full-year guidance projects net income of $0.57 per share and normalized FFO of $3.83, an 8% increase on a comparable basis. The company also updated its FFO calculation methodology to exclude non-cash stock-based compensation, aligning with industry peers and its financial covenant metrics. Early 2026 activity already includes over $0.8 billion in senior housing acquisitions, reflecting strong pipeline momentum.
Ventas, Inc. (NYSE:VTR) is a leading S&P 500 real estate investment trust (REIT) that owns and manages a diverse portfolio of over 1,200-1,400 healthcare and senior living properties across the United States, Canada, and the United Kingdom. The company focuses on investing in senior housing, medical office buildings, and research/innovation centers to support the aging population.
7. VICI Properties Inc. (NYSE:VICI)
Goldman Sachs Equity Stake: $291.46 Million
Number of Hedge Funds Holding: 44
VICI Properties Inc. (NYSE:VICI) is one of Goldman Sachs’ top REIT stock picks. On February 2, Scotiabank analysts downgraded VICI Properties Inc. (NYSE:VICI) to Sector Perform from Outperform and cut the price target from $36 to $30. The downgrade underscores the analyst’s cautious sentiment on the stock.
Earlier on January 5, Cantor Fitzgerald cut the stock’s price target to $33 from $35 but reiterated an Overweight rating. In a research note, the firm noted that U.S. equity REITs returned 2.9% in 2025, trailing the S&P 500, but sees potential upside in 2026. A more favorable macro environment, steady supply and demand fundamentals, and a growing M&A trend could support the sector. Cantor also highlighted VICI’s strong balance sheet and a well-covered, 4% dividend as key attractions despite recent underperformance.
In the fourth quarter, VICI Properties entered into an agreement to acquire seven casino properties. The acquisitions included the STRAT Hotel on the North Las Vegas Strip, two Arizona Charlie’s locations in the Las Vegas Locals market, and two properties in Laughlin. The acquisition marked a significant milestone, paving the way for the company to enter the Las Vegas Locals market, the second-largest gaming market in the U.S.
VICI Properties Inc. (NYSE:VICI) is a real estate investment trust (REIT) that owns, acquires, and develops a massive portfolio of gaming, hospitality, and entertainment destinations. It acts as a landlord for iconic properties, including Caesars Palace, the MGM Grand, and the Venetian Resort in Las Vegas.
6. Realty Income Corporation (NYSE:O)
Goldman Sachs Stake: $377.25 Million
Number of Hedge Funds Holding: 43
Realty Income Corporation (NYSE:O) is one of Goldman Sachs’ top REIT stock picks. On January 12, Realty Income Corporation (NYSE:O) inked a strategic partnership with Singapore’s sovereign wealth fund GIC. The partnership is part of the company’s private capital initiative, which aims to diversify funding sources beyond public markets while expanding investment opportunities.
The deal encompasses multiple real estate investment initiatives with commitments of over $1.7 billion. In addition, the two are to focus on a joint venture to develop logistics properties in the US through build-to-suit, with a capital commitment of over $1.5 billion. The joint venture targets high-quality properties pre-leased to tenants under long-term net leases.
Realty Income is also pursuing growth opportunities in Mexico, backed by a $200 million commitment to purchase US dollar-denominated industrial properties upon completion.
“We are proud of the unique global platform we have curated since 1969 which affords us the opportunity to partner with like-minded, long-term investors to deploy and manage capital at scale,” said Sumit Roy, President and CEO of Realty Income.
On January 30, Scotiabank analyst Nicholas Yulico upgraded Realty Income Corporation to Outperform from Sector Perform, assigning a price target of $67. This follows an earlier upgrade on January 20, when Deutsche Bank analyst Omotayo Okusanya raised Realty Income to Buy from Hold with a $69 price target, reflecting growing optimism around the REIT’s performance and outlook.
Realty Income Corporation (NYSE:O) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages a diversified portfolio of freestanding, single-tenant commercial properties. It focuses on net-leased retail and industrial properties in the U.S. and Europe, aiming to provide stockholders with dependable monthly income that grows over time.
5. Simon Property Group, Inc. (NYSE:SPG)
Goldman Sachs Equity Stake: $492.63 Million
Number of Hedge Funds Holding: 36
Simon Property Group, Inc. (NYSE:SPG) is one of Goldman Sachs’ top REIT stock picks. On February 6, JPMorgan analyst Michael Mueller raised the price target for Simon Property Group, Inc. (NYSE:SPG) to $210 from $198 while maintaining a Neutral rating, updating the company’s model following its Q4 report.
On February 2, Simon Property Group, Inc. delivered impressive fourth-quarter and full-year results for 2025, characterized by record Real Estate Funds from operations of $4.8 billion. The company also returned a record $3.5 billion to shareholders.
Net income attributable to shareholders totaled $3.05 billion, or $9.35 per diluted share, up from $667.2 million, or $2.04 per diluted share, delivered in 2024. Net income in the fourth quarter includes $2.89 billion due to the acquisition of the remaining interest in Taubman Realty Group. Full-year net income totaled $4.624 billion, or $14.17 per diluted share, up from $2.36 billion, or $7.26 per diluted share, in 2024.
Following better-than-expected results, Simon’s board approved a quarterly common stock dividend of $2.20 per share, representing a 4.8% year-over-year increase. The dividend is to be paid on March 31, 2026, to shareholders of record as of March 10, 2026. In addition, the company expects its 2026 net income to average between $6.87 and $7.12 per diluted share, with real estate FFO in the range of $13 and $13.25 per diluted share.
Simon Property Group, Inc. (NYSE:SPG) is a premier self-administered and self-managed real estate investment trust (REIT) that owns, develops, and manages a massive portfolio of premier shopping, dining, entertainment, and mixed-use destinations.
4. Digital Realty Trust, Inc. (NYSE:DLR)
Goldman Sachs Equity Stake: $521.74 Million
Number of Hedge Funds Holding: 43
Digital Realty Trust, Inc. (NYSE:DLR) is one of Goldman Sachs’ top REIT stock picks. On January 29, analysts at KeyBanc reiterated a Sector Weight rating on Digital Realty Trust, Inc. (NYSE:DLR). According to the research firm, the company’s risk/reward balance appears neutral.
KeyBanc expects the company to deliver revenue growth of 10% plus in 2026, leading to high single- to low double-digit core funds from operations per share growth. The solid results will support the company’s near-term record backlog and development pipeline.
Earlier, on January 26, JPMorgan reiterated an Overweight rating on the data center REIT. According to the investment bank, the REIT is poised for impressive stock performance in 2026, driven by pricing strength and new lease signings. Consequently, it maintains a $210 price target on the stock, having raised its 2026 revenue and profitability estimates.
Meanwhile, Digital Realty has joined the race for data center space in Malaysia with the acquisition of CSF Advisers, the owner of the TelcoHub 1 data center in Cyberjaya. The acquisition is poised to extend the company’s footprint in Southeast Asia as it seeks to meet the region’s growing infrastructure needs.
Digital Realty Trust, Inc. (NYSE:DLR) is a major Real Estate Investment Trust (REIT) that owns, develops, and manages a global portfolio of over 300 data centers. It provides essential, secure, and powered physical infrastructure for cloud computing, AI, and IT storage.
3. Equinix Inc. (NASDAQ:EQIX)
Goldman Sachs Equity Stake: $1.01 Billion
Number of Hedge Funds Holding: 58
Equinix, Inc. (NASDAQ:EQIX) is one of Goldman Sachs’ top REIT stock picks. On January 26, JPMorgan reiterated an Overweight rating on Equinix, Inc. (NASDAQ:EQIX) with a $950 price target. According to the investment bank, the company is well-positioned to benefit from pricing strength and new lease signings.
Consequently, the investment bank has raised its 2026 revenue and profitability estimates for Equinix, driven by anticipated pricing improvements amid capacity constraints. The investment bank also expects the company to deliver solid leasing results.
Earlier on January 12, BofA reiterated a Buy rating on Equinix with a $950 price target. The research firm maintains a positive outlook on the data center REIT amid a revision to its longer-term AFFO guidance. It also expects the REIT to benefit from its industry-leading position in the enterprise colocation space and lower relative leverage. Consequently, it has designated it as its top data center pick for 2026.
Equinix Inc. (NASDAQ:EQIX) is a global digital infrastructure company that operates over 260 carrier-neutral data centers across 30+ countries. It provides colocation, interconnection, and edge services, enabling businesses to securely house servers, connect directly with partners (cloud, network, AI), and scale digital infrastructure.
2. American Tower Corporation (NYSE:AMT)
Goldman Sachs Equity Stake: $1.03 Billion
Number of Hedge Funds Holding: 75
American Tower Corporation (NYSE:AMT) is one of Goldman Sachs’ top REIT stock picks. On January 28, in regulatory filings, American Tower Corporation (NYSE:AMT) reiterated that Dish Wireless has defaulted in lease payments. Consequently, the company is in default under the Strategic Collaboration Agreement entered into in 2021.
American Tower Corporation insists that the default will not affect its 2025 financial results. It has also sought a declaratory judgment that Dish is not to be excused from its obligations and that it must be required to perform all of them. In addition, the company accused EchoStar’s Dish Wireless of trying to get out of its long-term deal following the planned $40 billion spectrum sale to AT&T and SpaceX.
On January 20, UBS analyst Batya Levi reduced its price target for American Tower (AMT) to $254 from $260, while maintaining a Buy rating on the stock. In a research note, Levi noted that the risk-reward profile for tower stocks in 2026 remains favorable.
Earlier in the year, analysts at BMO Capital Markets downgraded American Tower to Market Perform from Outperform and cut the price target to $185 from $210. The downgrade came amid concerns about issues related to the Dish Network deal. The research firm has warned that American Tower could face a material discount to the net present value of its DISH-related business upon its end.
American Tower Corporation (NYSE:AMT) is a global Real Estate Investment Trust (REIT) and a leading independent owner, operator, and developer of wireless and broadcast communications infrastructure. It leases spaces in over 200,000 sites—including cell towers, rooftops, and data centers—to mobile providers, broadcasters, and government agencies to support 5G and data expansion.
1. Prologis, Inc. (NYSE:PLD)
Goldman Sachs Equity Stake: $1.06 Billion
Number of Hedge Funds Holding: 59
Prologis, Inc. (NYSE:PLD) is one of Goldman Sachs’ top REIT stock picks. On January 26, Truist Securities reiterated a Buy rating on Prologis, Inc. (NYSE:PLD) but cut the price target to $139 from $142. The price target cut follows small downward adjustments to the research firm’s 2026 and 2027 normalized funds from operations estimates for the company. Nevertheless, the research firm expects the REIT to deliver robust earnings growth, with its 2027 normalized FFO coming in above consensus estimates.
Earlier on January 23, Freedom Capital Markets downgraded the stock to a Hold from a Buy but increased the price target to $138 from $134. The research firm has touted the company’s stable financial and operational performance, which affirms the strength of the business model and the high-quality portfolio. Management guidance already signals moderate growth, as a shortage of new supply supports strengthening the company’s competitive edge.
On January 21, Prologis delivered mixed fourth-quarter and full-year 2025 results . Net earnings per diluted share came in at $1.49 in the fourth quarter, an improvement from $1.37 a year ago, same quarter. Full-year earnings dropped to $3.56 a share compared to $4.01 in 2024.
“2025 was a record year for lease signings, setting the business up with strong momentum for 2026,” said Daniel S. Letter, chief executive officer of Prologis. “Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale.”
Prologis, Inc. (NYSE:PLD) is the global leader in logistics real estate, specializing in owning, operating, and developing high-quality, modern warehouses and distribution facilities. It focuses on high-barrier, high-growth markets, serving over 6,500 customers across retail, e-commerce, and logistics sectors, managing roughly 1.3 billion square feet of industrial space globally.
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