Can I check is it that PE ratio is not as important or critical for REIT stock?

P/E ratio for any stock has little value. Warren Bufett, Charlie Munger, Peter Lynch and many professional investors have mentioned this time and time again.

The problem with P/E ratio is that it only looks at price today and earnings today. This is useful if you want to liquidate the business today and realised the P/E is low. However, most businesses you and I invest in are for the long term and P/E does not account for the future. Future earnings/cashflows, growth rates and discount rates are not factored in, this makes P/E ratio very flawed as a metric.

In the past when many people were not investing, it was good for a quick screen to pick undervalued stocks. However, for a long time this has not been the case. Just look at historical values and correlate with stocks, it has little to no use.

PE not applicable for reit. Because of depreciation.