This data center REIT screener is a free six-sheet Excel workbook that scores EQIX, DLR, IRM, AMT, CCI and SBAC on trend, dividend yield, RSI and P/E, stress-tests them under five rate and AI-demand scenarios, and sizes a position for each. Every data cell is a MarketXLS formula such as =DividendYield("EQIX") or =PERatio("DLR"), so the scores update when the workbook refreshes. You can download a static sample that opens in any Excel, or a live formula version that needs the MarketXLS add-in.
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The screener exists because data center REITs mix two exposures that rarely sit together: growth-stock multiples driven by AI infrastructure demand and REIT-style sensitivity to the 10-year Treasury. The sections below cover what the screener tracks, why each metric matters for this group, the formulas behind each column, and how to use the scenario tab when rates move.
Data Center REIT Snapshot (Late May 2026)
| REIT | Role | Market Cap | Trailing Div Yield | P/E | Beta | YoY Revenue Growth |
|---|---|---|---|---|---|---|
| EQIX (Equinix) | Pure data center | $79B | 2.20% | 78.3 | 0.78 | 8.2% |
| DLR (Digital Realty) | Pure data center | $56B | 2.98% | 95.6 | 0.90 | 6.4% |
| IRM (Iron Mountain) | Records + data center growth | $33B | 2.35% | 64.8 | 0.95 | 11.8% |
| AMT (American Tower) | Towers + DC optionality | $103B | 3.12% | 42.1 | 0.85 | 4.5% |
| CCI (Crown Castle) | US towers + small cell | $47B | 5.78% | 38.4 | 0.82 | 1.8% |
| SBAC (SBA Communications) | Pure tower | $25B | 1.85% | 51.3 | 0.78 | 3.6% |
Values are illustrative as of 2026-05-25 and refresh live inside the template using =QM_Last(Ticker), =DividendYield(Ticker), =PERatio(Ticker), =Beta(Ticker), and =HF_REVENUE_GROWTH(Ticker). Even a casual look at this table tells you why the pure-play data center names trade differently from the towers: EQIX and DLR have growth multiples close to software stocks, while the tower group looks more like a classic high-yield REIT cohort.
Why a Data Center REIT Screener Matters Right Now
The data center REIT thesis has changed three times in five years. From 2019 to 2021 the story was cloud migration. In 2022 and 2023 the story was rising rates and a multiple compression for every yield-sensitive name on the tape. From 2024 onward the story has been AI capex, with hyperscaler commitments running well above prior cycles and pre-leasing rates in flagship markets running at multi-year highs. The result is that listed pure-plays now blend two factor exposures that rarely sit in the same workbook: a growth multiple and a REIT yield.
A screener built specifically for this group needs to answer four questions every week:
- Is the price extended above the 50 day and 200 day moving averages, or has a pullback created a more reasonable entry zone?
- What does the dividend yield look like versus the 10-year Treasury, and how would a 25 basis point move in either direction change the relative yield?
- Is revenue growth keeping pace with the multiple, or is the market paying for AI optionality that has not shown up in the top line yet?
- How does beta and leverage stack up across the cohort, given that some names carry far more rate sensitivity than others?
The data center REIT screener answers all four in one place using MarketXLS formulas that pull current price, moving averages, RSI, yield, P/E, market cap, and trailing revenue growth into a single ranked dashboard. The same workbook then lets you stress those same tickers under different rate paths and AI-demand scenarios without rebuilding any cells.
What is Inside the Data Center REIT Screener Excel Template
The workbook ships with six sheets. Each one has its own MarketXLS Functions Used box at the bottom listing the exact syntax used on that sheet so you can replicate any cell in your own spreadsheet.
Sheet 1: How To Use
Quick-reference page that lists every other sheet, links to MarketXLS, links to the MarketXLS demo page, and notes the educational nature of the workbook. It also shows the "Data as of" date on the sample so you know exactly when the static values were fetched.
Sheet 2: Main Dashboard
This is the screener. Six tickers in rows, ten data columns plus a model score. Inputs at the top are highlighted in yellow:
- Portfolio size in dollars
- Maximum single REIT weight (default 20%)
- Minimum dividend yield filter (default 2.0%)
- Maximum P/E multiple (default 100, because data center pure-plays trade rich)
- RSI floor and ceiling for momentum filtering
Every data cell is a live MarketXLS formula. The total score column rewards a REIT for being in an uptrend, hitting the yield floor, sitting inside the RSI band, and trading under the P/E cap. The higher the score, the more boxes the name ticks.
Sheet 3: Scenario Analysis
Five rate and demand scenarios with the example REIT most exposed to each, plus a live reference value that recalculates when MarketXLS refreshes. The scenarios cover a base case, a Fed-cut bull case, a hawkish-hold bear case, an AI demand shock, and a demand plateau. This sheet is where you stress-test the cohort before adding a position.
Sheet 4: Strategy / Options
Educational watchlist for income and hedging ideas across the four most liquid names in the universe. Pulls live price, RSI, beta, trailing yield, and forward yield, then maps each REIT to a defensive carry or growth carry bias based on beta. Setups listed are example structures only, not specific trade recommendations.
Sheet 5: Portfolio / Allocation
Pulls the model score from the Main Dashboard, normalizes raw weights, applies the maximum single REIT cap, and shows the dollar allocation, approximate share count, and projected annual income for each position. Plug a different portfolio size into the Main Dashboard yellow cell and every row on this sheet updates automatically.
Sheet 6: Correlation / Comparison
REIT-by-REIT side-by-side using a wider valuation lens. Adds EV/EBITDA via =HF_ENTERPRISE_VALUE_OVER_EBITDA(Ticker) and price-to-book via =HF_PRICE_TO_BOOK_VALUE(Ticker) as proxies for the cap rate compression and NAV discount debates that move data center REITs. A history spill column gives you the raw close prices for ad-hoc correlation work using Excel's CORREL function.
The Five Live MarketXLS Formulas Powering the Screener
Every column in the screener resolves to one of a small number of MarketXLS functions. If you build your own version of this workbook, these are the ones to know.
=QM_Last("EQIX") -> last traded price
=DividendYield("EQIX") -> trailing dividend yield
=PERatio("EQIX") -> trailing P/E
=Beta("EQIX") -> beta vs market
=SimpleMovingAverage("EQIX","50") -> 50 day SMA
=RelativeStrengthIndex("EQIX","14") -> RSI 14
=MarketCapitalization("EQIX") -> market cap in dollars
=HF_REVENUE_GROWTH("EQIX") -> trailing revenue growth
=HF_ENTERPRISE_VALUE_OVER_EBITDA("EQIX") -> EV/EBITDA multiple
=HF_PRICE_TO_BOOK_VALUE("EQIX") -> P/B as NAV proxy
=ForwardAnnualDividendYield("EQIX") -> forward yield projection
=QM_GetHistory("EQIX") -> historical prices spill
Formula documentation: QM_Last, DividendYield, PERatio, Beta, SimpleMovingAverage, RelativeStrengthIndex, MarketCapitalization, HF_REVENUE_GROWTH, HF_ENTERPRISE_VALUE_OVER_EBITDA, HF_PRICE_TO_BOOK_VALUE, ForwardAnnualDividendYield, QM_GetHistory
A few notes on REIT-specific quirks. Standard EPS based P/E is much less meaningful for REITs than it is for operating companies, which is why the workbook also tracks EV/EBITDA and price-to-book. Many institutional investors prefer FFO and AFFO multiples for REITs, and you can layer those in by reading the REIT's supplemental earnings release into the workbook, but the live formulas above give you a consistent screen across all six names without manual data entry.
The "Trend Pts" column in the Main Dashboard is a simple two-point trend filter:
=IF(C10>D10,1,0) + IF(D10>E10,1,0)
Where C is last price, D is the 50 day SMA, and E is the 200 day SMA. A REIT in an uptrend (price > 50 > 200) earns two trend points. A REIT below both moving averages earns zero.
The "Total Score" column then layers four screening conditions on top of the trend score:
=L10 + IF(H10>=$B$4,1,0) + IF(F10>=$B$6,1,0) + IF(F10<=$B$7,1,0) + IF(I10<=$B$5,1,0)
The conditions reward yield above the input floor, RSI inside the input band, and P/E under the input cap. A perfect score is 6.
Reading the Cohort: Pure Data Center vs Tower
Two sub-groups sit inside this universe and they behave very differently.
Pure data center REITs (EQIX, DLR) trade at growth-stock multiples. Both have benefited from the AI capex narrative and both have signed large hyperscaler deals that lock in long-dated revenue. The trade-off is yield: trailing yields sit near the bottom of the REIT universe because the multiple keeps expanding. If you are screening these names, the question is whether revenue growth is keeping pace with the multiple. The template pulls =HF_REVENUE_GROWTH("EQIX") and =HF_REVENUE_GROWTH("DLR") directly so you can compare top-line growth against the P/E and EV/EBITDA cells side by side.
Tower REITs (AMT, CCI, SBAC) behave more like classic high-yield REITs. AMT has the most direct data center exposure inside the tower group through its acquired DC platform. CCI is a US-focused tower and small-cell story. SBAC has the largest emerging markets exposure of the three. Trailing yields here are higher and multiples are lower, but growth is also slower. The cohort tends to move with US rates much more directly than the pure data center names.
The hybrid (IRM) is a former records-storage REIT that has tilted aggressively toward data center growth. The market is paying for the pivot via a higher multiple, but the legacy records business still throws off cash. Revenue growth is the highest in the cohort because the data center segment is still small enough to grow off a small base.
The template's Correlation / Comparison sheet lays all six side by side so you can see exactly how each name's yield, P/E, EV/EBITDA, and price-to-book line up.
Scenario Analysis: Rate Moves and AI Demand Shocks
The most useful tab for active investors is Scenario Analysis. Data center REITs are uniquely sensitive to two variables: the 10-year Treasury (which moves cap rates) and AI demand (which moves rents and absorption).
Scenario 1: Base Case
10-year Treasury at 4.25%, cap rates flat. Hold quality REITs. AI demand absorbs supply growth and existing lease structures roll at moderate increases. Yields trade in line with their trailing range.
Scenario 2: Bull Case (Fed Cuts)
10-year Treasury moves toward 3.75%. Cap rates compress by roughly 25 basis points. REIT yields fall and the FFO multiples expand. The pure data center names lead because they have the longest WALT (weighted average lease term) and the most rate sensitivity through their high P/E multiples. The template pulls the live P/E for DLR via =PERatio("DLR") so you can watch the multiple change during a rate move (real-time quotes require the Advanced or Business plan; Standard is 15-minute delayed).
Scenario 3: Bear Case (Hawkish Hold)
10-year Treasury moves toward 5.00%. Cap rates widen by roughly 25 basis points. Refinancing costs hurt the more leveraged names first. The template flags this by surfacing =Beta("CCI") because CCI tends to carry the highest rate beta in the cohort.
Scenario 4: AI Demand Shock
A hyperscaler capex surprise tightens DC supply in flagship markets like Northern Virginia, Dallas, Frankfurt, and Tokyo. Lease-up timelines collapse and renewal spreads widen. Pure-plays lead. The template surfaces =HF_REVENUE_GROWTH("EQIX") as the cleanest live indicator that the AI demand thesis is showing up in the income statement.
Scenario 5: Demand Plateau
Hyperscalers pause capex growth, lease-up timelines stretch, and DC yields widen relative to tower yields. The tower cohort outperforms inside the digital infrastructure complex. The template surfaces =DividendYield("AMT") as a reference for the rotation.
How to Use the Screener in Practice
Open the live template, refresh the MarketXLS formulas using the ribbon, and run through this checklist:
- Set your inputs. Plug in your portfolio size, maximum single REIT weight, minimum yield threshold, maximum P/E, and RSI band on the Main Dashboard. The yellow cells flow through every other sheet.
- Sort by Total Score. A name with a score of 5 or 6 ticks every box: in an uptrend, paying enough yield, not overbought, and not too expensive. A score of 3 or below is a name to watch but not act on.
- Cross-check on Correlation / Comparison. Look at EV/EBITDA and price-to-book to confirm the P/E signal. A REIT with a high P/E but a reasonable EV/EBITDA may be carrying a lot of non-cash charges that distort the headline P/E.
- Stress with Scenario Analysis. Before sizing a position, check how the cohort behaves in your most-feared scenario. A name that ranks high in your base case but collapses in your bear case deserves a smaller weight.
- Size with Portfolio / Allocation. Let the model score and the input cap do the sizing work. Override manually if you want to express a specific view (for example, overweighting EQIX during an AI demand shock scenario).
This is a screener, not a recommendation engine. It surfaces names that meet your filters at a point in time. Position sizing, entry, and exit decisions still belong to you.
Internal Resources
If you are new to MarketXLS REIT tools or want to layer additional analysis on top of this screener, these resources help:
- The MarketXLS REIT earnings tracker template covers the broader REIT universe, including office, retail, and industrial.
- The MarketXLS AI capex tracker tracks hyperscaler spending that ultimately flows to data center REITs.
- The MarketXLS nuclear power stocks screener covers the power-supply side of the AI infrastructure trade.
- See the MarketXLS features page for the full list of REIT-relevant functions.
- Book a MarketXLS demo to walk through how the screener integrates with your portfolio workflow.
Frequently Asked Questions
What is a data center REIT?
A data center REIT is a real estate investment trust that owns and operates the physical buildings where servers, networking gear, and cloud infrastructure are housed. Tenants are typically hyperscale cloud providers, large enterprises, and colocation customers. The REITs collect rent under multi-year leases and pass through most of the resulting taxable income as dividends, which is the REIT tax structure. EQIX and DLR are the two largest US-listed pure-plays. IRM, AMT, CCI, and SBAC have varying degrees of data center exposure inside broader digital infrastructure portfolios.
Why use Excel instead of a stock screener website?
Excel gives you a scoring model, scenario analysis, and a sizing framework you can adapt to your own thresholds and portfolio constraints, where a web screener usually gives you a filtered list. With MarketXLS formulas behind every cell, the workbook recalculates with current data each time it refreshes.
Which MarketXLS formulas matter most for REITs?
For a starting screen, focus on =QM_Last(Ticker), =DividendYield(Ticker), =PERatio(Ticker), =Beta(Ticker), =SimpleMovingAverage(Ticker,"50"), =RelativeStrengthIndex(Ticker,"14"), and =MarketCapitalization(Ticker). For a deeper valuation read, add =HF_ENTERPRISE_VALUE_OVER_EBITDA(Ticker), =HF_PRICE_TO_BOOK_VALUE(Ticker), and =HF_REVENUE_GROWTH(Ticker). Every formula in this list is verified inside MarketXLS as of May 2026.
How sensitive are data center REITs to interest rates?
Data center REITs are highly rate-sensitive. Like most REITs, data center pure-plays carry duration through their lease portfolios and refinancing schedules. The difference is that pure-plays also carry growth-stock multiple risk because they trade at P/E and EV/EBITDA levels closer to software stocks than to classic REITs. A 25 basis point move in the 10-year Treasury can move EQIX or DLR's valuation by more than it moves a tower REIT, simply because of the multiple at risk. The Scenario Analysis tab is built to surface exactly this asymmetry.
Does this template work for global REITs?
The screening logic works for any REIT that has live MarketXLS coverage. The default tickers in the workbook are US-listed names because they are the most liquid pure-plays. You can swap in international tickers, such as global REIT ETFs or ADRs, by replacing the values in column A on the Main Dashboard. Every formula references the cell, so the rest of the workbook updates automatically.
How often should the dashboard be refreshed?
For weekly portfolio review work, once a week is enough. For active position management, refresh after every Fed meeting, every major hyperscaler earnings print, and every shift in the 10-year Treasury that exceeds 25 basis points. The template's value is its consistency: it asks the same eight questions about the same six REITs every time you open it, which makes it easier to spot when something has actually changed versus when the market is just noisy.
The Bottom Line
Data center REITs are exposed to two forces at once: the AI infrastructure build-out and the interest-rate cycle. The cohort is small, the multiples are unusual, and the rate sensitivity is high, which makes a structured screener far more useful than a casual watchlist. The MarketXLS template above gives you a six-name dashboard, a five-scenario stress test, a sizing framework, and a side-by-side comparison view, all driven by live formulas you can replicate in your own spreadsheets.
Download the templates:
- - pre-filled with current data and formula syntax visible on each row
- - live MarketXLS formulas, refreshes inside Excel
Want to see how the rest of the MarketXLS REIT and infrastructure toolset fits together? Visit marketxls.com or book a demo to walk through the screener with the MarketXLS team.
This workbook is for educational purposes only. It is not investment advice. Do your own research and consult a qualified advisor before making any investment decision.
