Top 20 Publicly Traded REITs and Their Acquisition Criteria

Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate. Publicly traded REITs have become a popular way for investors to gain exposure to real estate, and these companies continuously seek to grow their portfolios. A key way they expand is through strategic property acquisitions that fit specific criteria aligned with their business focus.

Each REIT often specializes in a particular sector—be it industrial warehouses, apartments, or shopping centers—and has defined acquisition criteria to identify properties that will add value. Understanding what these industry leaders look for can be valuable if you’re looking to partner with, sell to, or invest alongside them. Below we highlight the top 20 publicly traded REITs and outline the key factors they consider when evaluating new acquisitions.

1. Prologis

Prologis (NYSE: PLD) is the world’s largest industrial REIT, focusing on logistics and warehouse properties across the globe. It primarily acquires modern distribution centers in major logistics hubs, and values properties that support its network of global supply chain facilities. This strategy has enabled Prologis to establish a vast global footprint in logistics real estate.

• Property Type: High-quality industrial warehouses and distribution centers (Class-A industrial facilities).
• Location: Major logistics hubs near ports, airports, and key transportation corridors in North America, Europe, and Asia.
• Deal Size: Prefers large portfolio acquisitions or sizable single assets that can significantly enhance its existing portfolio.
• Lease & Tenant: Properties with high occupancy and long-term leases, often with e-commerce, retail, or logistics companies as tenants.

2. American Tower

American Tower (NYSE: AMT) is a leading infrastructure REIT that owns and operates wireless and broadcast communications towers worldwide. Growth for American Tower comes from acquiring tower portfolios or related infrastructure that can generate steady lease revenues from wireless carriers and broadcasters. With these criteria in place, American Tower continues to expand its portfolio to meet the growing demand for wireless connectivity worldwide.

• Property Type: Wireless communication towers and related telecom infrastructure (including rooftop sites and distributed antenna systems).
• Geography: Operates globally with a focus on stable markets in the Americas, Europe, Africa, and Asia where mobile network demand is strong.
• Tenants: Mobile network operators (carriers) with long-term tower lease agreements; sites with multiple tenants (co-location) are highly valued for efficiency.
• Deal Strategy: Acquires existing tower portfolios or build-to-suit tower assets that provide immediate rental income and potential for colocating additional tenants.

3. Crown Castle

Crown Castle (NYSE: CCI) specializes in communications infrastructure across the United States. In addition to owning thousands of cell towers, Crown Castle also invests in fiber optic networks and small cell nodes that support wireless data in urban areas. Its acquisitions aim to strengthen coverage in high-demand locations.

• Property Type: Cellular towers, rooftop antenna sites, small cell networks, and fiber infrastructure supporting wireless communication.
• Location: Primarily U.S. markets, especially urban and suburban areas with high wireless usage and network congestion.
• Focus: Assets that complement its existing network, such as towers in regions with coverage gaps or fiber networks that expand its 5G infrastructure capabilities.
• Lease Profile: Sites with long-term leases from major wireless carriers; recurring revenue potential and capacity for additional tenants or equipment are key criteria.

4. Equinix

Equinix (NASDAQ: EQIX) is a global data center REIT known for its network-dense colocation facilities. Equinix looks for acquisitions that expand its footprint in major metropolitan areas and technology hubs, where demand for interconnection and cloud infrastructure is growing. By adhering to these principles, Equinix ensures each acquisition strengthens its position as a leading provider of interconnected data center services.

• Property Type: Data centers, especially colocation facilities that enable cloud providers, enterprises, and network carriers to interconnect.
• Location: Key global cities and tech hubs on multiple continents (North America, Europe, Asia-Pacific) where internet traffic and cloud services demand are highest.
• Facility Specs: Centers with robust power capacity, security, and connectivity; ideally facilities that are or can be carrier-neutral exchange points.
• Strategic Fit: Properties that integrate into Equinix’s platform to offer customers additional locations for their IT infrastructure, often through acquiring smaller data center operators in target markets.

5. Simon Property Group

Simon Property Group (NYSE: SPG) is the largest retail mall REIT in the U.S., owning a portfolio of premier shopping malls and outlet centers. Simon’s acquisition strategy targets high-performing retail destinations with strong sales and foot traffic, often focusing on upscale or regionally dominant malls. This focus helps Simon maintain its status as a dominant player in the retail real estate sector.

• Property Type: Primarily large-scale shopping malls and premium outlet centers that attract national retail tenants.
• Market Quality: Properties in major metropolitan areas or tourist destinations with strong demographics (high population density and income levels) that support robust retail sales.
• Performance: Centers with high sales per square foot and occupancy rates; Simon looks for well-performing assets or those with potential for redevelopment and growth.
• Ownership Structure: Willing to acquire full ownership or a major stake in properties, including buying out partners or taking over troubled malls if they have long-term value potential.

6. Public Storage

Public Storage (NYSE: PSA) is the leading self-storage REIT, with thousands of self-storage facilities across the U.S. Its acquisitions focus on expanding presence in key markets and often involve purchasing existing storage facilities or entire portfolios, especially in areas with growing demand for storage space. This expansion strategy has helped Public Storage reinforce its dominance in the self-storage industry.

• Property Type: Self-storage facilities (including climate-controlled and vehicle storage) that meet company standards for security and accessibility.
• Location: Densely populated or fast-growing metropolitan areas and suburbs where demand for storage units is high, such as near residential communities or commercial centers.
• Scale: Individual facility acquisitions as well as large portfolio deals; Public Storage often acquires multiple sites from smaller operators to quickly scale its footprint.
• Occupancy & Rates: Facilities with strong occupancy history and the ability to implement rate increases or expand unit capacity over time for revenue growth.

7. Realty Income

Realty Income (NYSE: O) is known as “The Monthly Dividend Company” and specializes in single-tenant commercial properties under long-term net leases. Its acquisition criteria are centered on stable, income-producing retail and commercial real estate with creditworthy tenants, ensuring reliable cash flow. Such disciplined acquisitions have allowed Realty Income to reliably grow its portfolio and dividends over decades.

• Property Type: Single-tenant freestanding properties, often retail (e.g., pharmacies, convenience stores, quick-service restaurants) but also industrial and commercial, all under triple-net leases.
• Tenant Quality: Focus on tenants with strong credit ratings or established businesses (such as national chains or investment-grade corporations) to ensure rent reliability.
• Lease Terms: Long lease durations (typically 10-20 years or more) with rent escalations; Realty Income values properties that come with existing long-term net leases.
• Geographic Reach: Broad U.S. coverage (and increasingly international, e.g., UK/Europe) to diversify portfolio; will acquire assets nationwide if they meet tenant and yield criteria.

8. Digital Realty Trust

Digital Realty Trust (NYSE: DLR) is a major data center REIT focusing on providing data center solutions to enterprises and cloud providers. Digital Realty grows through acquiring data center facilities or companies that complement its global portfolio, emphasizing large-scale centers and strategic locations. This strategy helps Digital Realty meet the rising global demand for secure, scalable data infrastructure.

• Property Type: Data centers and colocation facilities, including hyperscale data centers that serve major cloud and technology companies.
• Location: Key technology and financial centers worldwide (North America, Europe, Asia) where enterprise and cloud data center demand is strong.
• Capacity: Facilities with substantial existing server capacity and power infrastructure, or land/space for expansion to support future growth for tenants.
• Client Fit: Properties that already house or can attract high-value clients (cloud providers, financial institutions, etc.), aligning with Digital Realty’s existing customer base and services.

9. Welltower

Welltower (NYSE: WELL) is a leading healthcare REIT with a portfolio concentrated in senior housing, assisted living, skilled nursing, and medical office buildings. Welltower’s acquisitions aim at healthcare real estate that benefits from demographic trends (like aging populations) and partnerships with strong operators. Through targeted deals, Welltower positions itself to capitalize on the increasing need for senior care and medical facilities.

• Property Type: Senior housing communities (independent living, assisted living, memory care), skilled nursing facilities, hospitals, and outpatient medical office buildings.
• Market Demographics: Properties in areas with large or growing senior populations and strong demand for healthcare services, including major metropolitan regions and attractive retirement markets.
• Operator Strength: Prefers facilities operated by leading healthcare providers or senior living operators, often entering joint ventures or sale-leaseback deals with operators to ensure aligned interests and professional management.
• Stability: Focus on properties with steady occupancy and long-term income potential, often under triple-net leases or RIDEA structures where Welltower can participate in operations upside.

10. Ventas

Ventas (NYSE: VTR) is another top healthcare REIT investing in senior living, healthcare, and life science properties. Ventas pursues acquisitions that enhance its diversified healthcare portfolio, including senior housing communities, medical office buildings, and research facilities, often clustering in key markets. This diversified approach helps Ventas balance risk across healthcare sectors and capitalize on multiple industry growth trends.

• Property Type: A mix of senior housing (operating and triple-net leased), medical office buildings, life science research centers, and hospitals.
• Portfolio Strategy: Diversification is key — Ventas often balances its acquisitions across various healthcare sub-sectors to reduce risk (for example, investing in both senior housing and biotech lab spaces).
• Location: Focus on top-tier markets for healthcare and research, such as cities with renowned medical centers or universities; also targets Sun Belt regions for senior housing due to population growth.
• Transaction Type: Includes single-asset purchases and large portfolio acquisitions, as well as partnering with operators through joint ventures or development funding, especially for life science campuses.

11. AvalonBay Communities

AvalonBay Communities (NYSE: AVB) is a leading apartment REIT that develops and acquires upscale multifamily apartment communities. AvalonBay seeks acquisitions in high-cost, high-demand housing markets where it already has a presence, aiming for large, well-located properties that appeal to affluent renters. This focus on luxury apartments in constrained markets underpins AvalonBay’s steady growth and stable rental income.

• Property Type: Multifamily apartment complexes, particularly Class A properties with a large number of units and high-end amenities.
• Market Focus: Coastal and urban markets with strong rental demand and limited housing supply, such as the New York City area, Southern California, Washington D.C., and other major U.S. metropolitan regions.
• Asset Quality: Prefers newer or recently upgraded properties, but will consider value-add opportunities if they are in prime locations; properties should meet AvalonBay’s standards for design and resident experience.
• Size & Scale: Typically targets large communities (hundreds of units) or portfolios of apartment properties to efficiently expand its footprint in target markets.

12. Equity Residential

Equity Residential (NYSE: EQR) is a prominent apartment REIT founded by Sam Zell, focusing on high-quality multifamily properties. Equity Residential’s acquisition strategy is to invest in rental apartment buildings in supply-constrained, high-demand cities, with an emphasis on upscale buildings that attract reliable tenancy. This strategy aligns with Equity Residential’s goal of stable cash flow and long-term value appreciation in core urban markets.

• Property Type: Multifamily residential properties (apartment buildings), primarily Class A or high Class B+ apartments that attract urban professionals.
• Geographic Strategy: Concentration in major coastal gateway cities like Boston, New York, Washington D.C., Seattle, San Francisco, and Southern California, though it adapts portfolio allocations based on market cycles.
• Portfolio Fit: Seeks acquisitions that enhance its existing portfolio in target cities — for example, buying an apartment tower in a neighborhood where it already owns other properties to gain operating efficiencies.
• Stability: Prefers assets with high occupancy and strong rent growth potential, in markets with favorable economic fundamentals (job growth, high renter demand).

13. VICI Properties

VICI Properties (NYSE: VICI) is a specialized net-lease REIT focused on gaming, hospitality, and entertainment destinations. Spun off from Caesars Entertainment, VICI owns many well-known casino resort properties. Its acquisitions center on buying casino real estate and leasing it back to experienced operators under long-term triple-net leases.

• Property Type: Casino and resort properties (including hotels, casinos, entertainment venues) often as part of large integrated resorts.
• Deal Structure: Typically sale-leaseback transactions where VICI purchases the real estate from a casino operator and leases it back on a long-term, triple-net basis. This provides immediate capital to the operator and stable rent to VICI.
• Tenant Operators: Partners with established gaming operators (such as Caesars, MGM, etc.), so it targets acquisitions where the tenant has a strong track record and the gaming license/operations remain with a reputable company.
• Location: Key gaming markets like the Las Vegas Strip, regional casino hubs, and other resort destinations where gaming is legal and thriving; VICI aims for iconic or market-leading properties in those areas.

14. Weyerhaeuser

Weyerhaeuser (NYSE: WY) is unique among REITs as one of the largest owners of timberland. As a timber REIT, Weyerhaeuser’s acquisitions involve purchasing large tracts of forest land. Its criteria are focused on the quality and location of timber assets, which provide sustainable harvests and long-term land value.

• Asset Type: Timberlands (forested land) that produce softwood lumber and other wood products; may also acquire related assets like mills if strategic, but primarily focuses on land.
• Geography: Concentrates on timberland in the United States, especially the Pacific Northwest and the U.S. South, where climates support fast-growing, commercially valuable timber (like Douglas fir and Southern yellow pine).
• Timber Quality: Land with healthy, well-managed forests, a mix of mature and young timber for ongoing harvest cycles, and good access for logging operations.
• Scale of Acquisition: Transactions often involve tens of thousands of acres; Weyerhaeuser pursues large acquisitions that meaningfully increase its timber inventory and can be integrated into its forestry management operations.

15. SBA Communications

SBA Communications (NASDAQ: SBAC) is another large communications tower REIT, though smaller than American Tower and Crown Castle. SBA’s acquisition strategy is centered on wireless tower assets primarily in the Americas. It seeks to add tower sites that increase its coverage and client base, focusing on high-growth markets.

• Property Type: Wireless communication towers and related infrastructure that can host cellular antennas and equipment for mobile networks.
• Primary Markets: Strong focus on the United States, but SBA also has a presence in Latin America and Canada; it looks for markets with significant growth in mobile phone usage and network expansion needs.
• Tenant Base: Similar to its peers, SBA values tower assets with existing leases to major telecom carriers (AT&T, Verizon, T-Mobile, etc.), and potential to add more tenants (colocation) to boost tower revenue.
• Growth Potential: Prefers acquisitions that offer either immediate income or strategic footholds in regions where mobile network rollouts (like 5G) will drive future demand for tower space.

16. Alexandria Real Estate Equities

Alexandria Real Estate Equities (NYSE: ARE) is a REIT specializing in life science and technology office campuses. It owns collaborative life science research facilities often located near universities and medical institutions. Alexandria’s acquisitions focus on properties (or development sites) in innovation clusters where biotech and tech companies want office/lab space.

• Property Type: Life science campuses and laboratory office buildings designed for biotech, pharmaceutical, and tech R&D use; also will acquire development parcels for future lab space projects.
• Cluster Markets: Targets the primary life science and innovation hubs such as Boston/Cambridge, San Francisco Bay Area, San Diego, Seattle, New York City, and Research Triangle (NC) – locations with concentrations of research institutions and biotech companies.
• Tenant Consideration: Properties either currently leased by, or likely to attract, high-profile tenants like pharmaceutical companies, biotech startups, academic institutions, or tech firms engaged in life sciences; Alexandria often builds relationships in these ecosystems to source deals.
• Value Creation: Looks for opportunities where it can invest in improvements or development to create modern lab spaces, increasing the property’s value and appeal to life science tenants; many acquisitions involve value-add or development components, not just stabilized assets.

17. Kimco Realty

Kimco Realty (NYSE: KIM) is one of the oldest retail REITs, focusing on open-air shopping centers. Kimco’s acquisition criteria emphasize grocery-anchored shopping centers in suburban markets. By acquiring centers in densely populated areas with necessity-based retailers, Kimco aims to secure stable cash flows and long-term growth potential.

• Property Type: Open-air shopping centers, frequently anchored by grocery stores or big-box retailers that draw consistent foot traffic (e.g., supermarkets, home improvement stores).
• Location: First-ring suburbs or established communities across the U.S. with strong population density and attractive demographics, where shopping centers serve everyday needs.
• Tenancy: A tenant mix focused on essential and service-oriented retailers (supermarkets, pharmacies, gyms, etc.) that are more e-commerce resistant; properties with high occupancy and stable, long-term tenants are preferred.
• Value-Add Potential: Centers that offer opportunities for redevelopment or re-tenanting (such as adding mixed-use components or upgrading older centers) to drive future growth are attractive to Kimco.

18. Invitation Homes

Invitation Homes (NYSE: INVH) is the nation’s largest single-family rental REIT, owning and operating tens of thousands of rental houses. Its acquisitions involve buying single-family homes, often in bulk. Invitation Homes targets specific metro areas where housing demand is strong, focusing on moderately priced homes attractive to middle-class renters.

• Property Type: Single-family homes (typically 3-4 bedroom houses with modern layouts) that are suitable for rental to families and individuals seeking suburban homes.
• Market Selection: Concentrates on high-growth metropolitan areas and Sun Belt markets (such as Phoenix, Dallas, Atlanta, and Florida markets) where job growth and migration trends support strong rental demand for homes.
• Portfolio Acquisitions: Often acquires homes in bulk from other investors or via partnerships with homebuilders (build-to-rent programs). Purchasing portfolios of dozens or hundreds of homes at once allows efficient scaling and management.
• Community Criteria: Prefers houses in good school districts and safe, established neighborhoods with access to employment centers—features that make the homes attractive to long-term renters.

19. Host Hotels & Resorts

Host Hotels & Resorts (NASDAQ: HST) is the largest lodging REIT, owning a portfolio of upscale hotels and luxury resorts, primarily under brands like Marriott, Westin, and Ritz-Carlton. Host’s acquisition strategy focuses on high-end hotels in top travel markets. They look for properties that can be acquired at a discount or improved through renovation and then operated more profitably.

• Property Type: Luxury and upper-upscale hotels and resorts, often large properties with hundreds of rooms, significant meeting space, and high-end amenities.
• Location: Major urban centers (New York, Los Angeles, Washington D.C., etc.), resort destinations (Hawaii, Florida, Phoenix/Scottsdale), and international gateway cities that attract business and leisure travel. Host targets markets with strong tourism and corporate demand drivers.
• Brand & Management: Properties affiliated with leading hotel brands (Marriott, Hilton, Hyatt, etc.) or that can be rebranded/upscaled under these brands. Host often works with established hotel management companies and values strong brand reservation systems and loyalty programs.
• Value Opportunity: Acquisitions may include hotels that are underperforming or in need of capital improvements; Host leverages its capital and asset management expertise to renovate or reposition these properties to increase revenues and value.

20. Iron Mountain

Iron Mountain (NYSE: IRM) is a unique REIT that combines data center properties with a legacy business of document storage facilities. On the real estate side, Iron Mountain acquires data centers to grow its digital storage portfolio, as well as archives and records storage warehouses. Its criteria focus on secure facilities that cater to enterprise storage and information management needs.

• Property Type: Data centers and secure storage facilities (including warehouses for physical documents and media storage). Iron Mountain looks for specialized buildings built for information storage, with features like advanced security and climate control.
• Customer Base: Targets properties that serve a strong base of corporate or government clients with long-term storage needs — whether digital (cloud and enterprise data) or physical (records and archives).
• Location: For data centers, focuses on secondary markets and edge locations that complement its existing data center network (as well as major markets when opportunity arises). For document storage warehouses, proximity to large cities or business centers is important for client access and logistics.
• Integration: Acquired facilities should integrate into Iron Mountain’s services network. Often, the company buys properties from other data center operators or real estate that it can convert to storage uses, ensuring any acquisition aligns with its mix of offerings in information management.

These top 20 publicly traded REITs each have distinct acquisition criteria shaped by their specialized strategies. Whether it’s warehouses, apartments, or cell towers, understanding these criteria can help real estate professionals align opportunities with the right REIT investors.

If you own or broker a property that fits one of these profiles, connecting with the appropriate REIT could lead to a successful sale. Likewise, investors can use this knowledge to anticipate which REITs might be active in certain markets or sectors.

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