If I Had To Retire Today With 10 REITs - Part 1

Core Insights - The article discusses the importance of diversification in REIT investments, suggesting that investors should own at least 10 REITs across various property sectors and geographies to mitigate risk [2] Company Summaries Sun Communities (SUI) - SUI is a leading owner of Manufactured Housing (45%), Recreational Vehicle Communities (26%), Marinas (21%), and UK Properties (8%) [3] - The company operates around 180,100 sites and 48,200 wet slips and dry storage spaces, making it the largest in its sector [4] - SUI reported a core FFO per share of $1.86 in Q2-24, with NOI growth of 3.6%, and a solid 6.4% NOI growth in the manufactured housing segment [4] - The current share price is $135.24 with a dividend yield of 2.8% and a payout ratio of 60%, indicating potential for substantial dividend increases in the coming years [4] Crown Castle (CCI) - CCI operates over 40,000 cell towers and approximately 115,000 small cell nodes, focusing on capitalizing on 5G deployment [5] - The company achieved 4.7% consolidated organic growth in Q2-24, with 4.4% from towers and 11% from small cells [5] - CCI shares are currently trading at $112.02 with a P/AFFO multiple of 15.6x and a dividend yield of 5.6%, although the payout ratio is high at 90% [5] VICI Properties (VICI) - VICI owns a diverse portfolio of experiential properties, including iconic entertainment facilities on the Las Vegas Strip and 90 other assets [7][8] - The company reported a 5.9% increase in AFFO per share in Q2-24 and raised its AFFO guidance for 2024 to between $2.35 billion and $2.37 billion [8] - VICI shares are trading at $33.48 with a P/AFFO multiple of 15.1x and a dividend yield of 5.0%, with analysts forecasting growth of 3% in 2025 and 4% in 2026 [8]