Welltower's operator and technology overhaul helps explain its growth, but the valuation leaves little margin of safety. Its 2025 annual report describes reworked operator agreements, upgraded partners and a Tech Quad for AI and data science while competitors retreated during COVID. AFFO grew about 18% annually since 2023, with 21%, 17% and 15% growth forecast for 2026-28. At 43.7x P/AFFO and a 1.5% yield, it has one of the richest REIT valuations, pricing in future growth. x.com 

Welltower is uninvestable because a hired, non-founder executive is being paid billions. That is corporate greed out of control: it is not $3 billion at a $3 trillion company, nor a business like Nvidia where inventions must be made. People who create should be paid the most, not managers, and the best management is often to avoid big moves or wild M&A and simply steer the ship. x.com  x.com 

Aging demographics are already delivering senior-housing pricing power for Welltower and Chartwell. Welltower's Q3 senior housing NOI rose 21%, occupancy gained 320 basis points and FFO grew 24.6%; guidance was raised again. x.com 

The strong senior-housing tailwind means Brookdale and Sonida probably both work. Brookdale is overlevered with poor older assets, while Sonida is too expensive. x.com  x.com 

Strawberry Fields REIT is the VICI of healthcare REITs, and its discount to peers is irrational. It trades at 9.5 times versus 12–15 times for peers despite 150 skilled nursing assets, 100% rent collection for more than eight straight years and the sector's lowest payout ratio. It has delivered 26% annualized returns since listing. x.com 

Real estate stocks suffer badly as interest rates rise, and the sector needs help or its 50-day moving average will be taken out. Welltower, the sector's largest name, is starting to struggle to sustain its parabolic move. x.com 

Brookdale Senior Living has more upside than other senior housing names, largely because of its leverage, and is cheap because near-term numbers disappoint. Those numbers are getting back on track. @thecontracap counters that the new CEO over-promised near term and results look messy. x.com  x.com  x.com 

Highwoods Properties is the favorite office REIT because new office supply has dried up, making its prime Sun Belt buildings scarcer and giving it pricing power. It signed over 1mm square feet of second-generation leases in Q2 with GAAP spreads above 20%, and occupancy rose 70 basis points. Debt-to-EBITDA fell to 6.2x, and it was the only office REIT not to cut its dividend in the GFC. Consensus 12% growth in 2027 plus a 6.4% yield implies about 20% total returns with no multiple expansion. … Show more

American Homes 4 Rent is built for a market where high prices and elevated mortgage rates keep millions of families renting longer. It owns 60,000+ single-family rentals in fast-growing markets and builds new communities rather than competing with first-time buyers for existing homes, adding supply the market needs. It has a BBB balance sheet and a growing dividend, and trades at 19x versus a historical multiple of 36x. x.com 

Manufactured housing beats apartments and single-family rentals because new communities are rarely built, and that scarcity creates pricing power. Equity LifeStyle Properties has grown FFO 52% since its pre-pandemic baseline, supported by limited new supply, resilient demand and 5.7% expected manufactured-housing revenue growth, per data from @HoyaCapital. The same preference covers Sun Communities and UMH Properties. x.com