To get a handle on who might be next, compare dividend checks to adjustedfundsfromoperations(AFFO), a measure of real estate's cash-generating ability.
With those higher dividend yields, single-tenant retail REITs also have a higher median 2013 estimated adjustedfundsfromoperations(AFFO) payout ratio, at 83.5 percent, compared to 70.3 percent for all equity REITs.
ProLogis has bested the others in the appreciation of its properties' worth, called net asset value, and in growth of earnings, whose REIT version is known as adjustedfundsfromoperations(AFFO): net income plus depreciation, minus one-time items and maintenance outlays (see table).