American Tower Q1 2020 Chart

Industry representatives say that steadiness of AFFO is more reflective of a REIT’s health.  For the purposes of determining the future direction of the stock price, we prefer the wide variability of the net income figure. (data source)

see also:

• Net Income: The Ugly Duckling of the REIT World
• The History of REITs is MIA
• U.S. Realty from 1918 to 1945