How do you evaluate real estate stocks?

What do you look for in a real estate stock?

I usually look for:

1. Net Rental Income (NRI)
2. Net Asset Value (NAV)
3. Debt/Equity (D/E)
4. Interest Rate

And I look for about 10 years to see if they are stable. Because many real estate companies sometimes have a very high NRI for a year or so and I dont quite understand it.

I always assume they can pay interest rate if they have low debt and high NRI. But I feel I lack understanding of how the interest rate can look like in worse case.

I have been investing in real estate stocks for a few years and all of them have gotten acquired eventually so I guess I do something right (or just lucky).