ALPS Active REIT ETF (REIT) Valuation
REIT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 37.5 trailing earnings
- Forward P/E
- 33.1 analyst estimates
- Price / sales
- 7.51
- Price / book
- 2.31
- EV / EBITDA
- 18.5
- Earnings yield
- 2.67% inverse of P/E
- Dividend yield
- 3.75% of the holdings
- Return on equity
- 6.2% combined
- Net margin
- 20.0% combined
- Beta
- 0.96 weighted, vs S&P 500
REIT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| REIT | 37.5 | 33.1 | 7.51 | 2.31 | 3.75% | 6.2% | 20.0% | 6.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
REIT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 99.7% | 37.5 | 33.1 | 7.51 | 2.31 | 3.75% | 6.2% |
REIT earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How REIT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
REIT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 10.92% | 105.3 | 78.1 | 13.3 | 1.45% | 4.10% |
| EQIX | Equinix, Inc. | 9.65% | 63.4 | 52.1 | 9.8 | 2.09% | 6.01% |
| PLD | Prologis, Inc. | 8.72% | 27.7 | 29.2 | 12.4 | 3.40% | 12.46% |
| SPG | Simon Property Group, Inc. | 5.10% | 14.5 | 30.7 | 11.2 | 4.33% | 13.91% |
| ESS | Essex Property Trust, Inc. | 4.50% | 41.9 | 43.9 | 9.4 | 3.85% | 4.25% |
| MAC | The Macerich Company | 4.29% | — | — | 6.6 | 2.96% | −4.62% |
| ELS | Equity LifeStyle Properties, Inc. | 4.03% | 29.6 | 28.6 | 7.8 | 3.55% | 5.40% |
| WPC | W. P. Carey Inc. | 3.82% | 22.3 | 24.2 | 8.2 | 5.83% | 6.78% |
| HST | Host Hotels & Resorts, Inc. | 3.65% | 16.2 | 22.2 | 2.7 | 3.34% | 8.90% |
| TRNO | Terreno Realty Corporation | 3.42% | 17.2 | 80.0 | 13.9 | 3.56% | 7.85% |
| SBRA | Sabra Health Care REIT, Inc. | 3.35% | 77.4 | 32.2 | 5.7 | 6.20% | 1.71% |
| CTRE | CareTrust REIT, Inc. | 3.20% | 22.8 | 21.3 | 15.1 | 4.27% | 5.55% |
| BXDC | Blackstone Digital Infrastructure Trust Inc. | 2.86% | — | — | — | — | — |
| SMA | SmartStop Self Storage REIT, Inc. | 2.79% | 64.5 | — | 6.9 | 4.68% | 1.71% |
| INVH | Invitation Homes Inc. | 2.66% | 24.8 | 30.4 | 5.6 | 4.43% | 4.23% |
| DLR | Digital Realty Trust, Inc. | 2.64% | 85.4 | 66.2 | 9.8 | 2.77% | 1.22% |
| REG | Regency Centers Corporation | 2.52% | 24.7 | 28.9 | 8.1 | 4.12% | 4.05% |
| CUZ | Cousins Properties Incorporated | 2.16% | 691.0 | 10.1 | 4.4 | 4.63% | 0.12% |
| STAG | STAG Industrial, Inc. | 2.07% | 27.6 | 144.9 | 8.0 | 4.33% | 2.97% |
| VICI | VICI Properties Inc. | 2.07% | 9.2 | 7.8 | 6.3 | 7.80% | 8.92% |
| EQR | Equity Residential | 1.98% | — | — | — | — | — |
| CUBE | CubeSmart | 1.90% | 26.7 | 24.4 | 7.7 | 5.44% | 2.82% |
| AHR | American Healthcare REIT, Inc. | 1.78% | 79.4 | 48.1 | 4.6 | 1.88% | 0.88% |
| BNL | Broadstone Net Lease, Inc. | 1.74% | 23.9 | 24.6 | 8.1 | 6.45% | 2.89% |
| BXP | BXP, Inc. | 1.71% | 31.8 | 27.3 | 3.4 | 4.73% | 2.13% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About REIT valuation
Adding up its 27 holdings with company data, REIT trades at 37.5 times trailing earnings and 33.1 times analysts' forward estimates, with a price-to-book ratio of 2.31 and a dividend yield of 3.75%. Its earnings yield of 2.67% is 2.66 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.1% of the fund and earn 65.0% of its combined profit. Companies that lost money over the past year are 6.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 95.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: REIT chart, REIT performance, REIT holdings, REIT dividends.
REIT valuation FAQ
What is the P/E ratio of REIT?
Based on its holdings, REIT has a trailing P/E of 37.5 and a forward P/E of 33.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of REIT?
The trailing earnings yield is 2.67% (1 ÷ P/E) and the forward earnings yield 3.02%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is REIT more expensive than the S&P 500?
REIT trades at 37.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 33.1 and 19.9.
What is the price-to-book ratio of REIT?
The holdings of REIT trade at 2.31 times book value, with a combined return on equity of 6.2%.