How do you calculate REITs' dividend yield?

The fundamntal way to calculate yield is payout/price.

However since share price is always changing and dividends can change too, you can take the trailing 12 months of dividend divided by the current price for a more realistic figure.

Remember that yield is not the only factor you should look at when considering REITs.

To make it simpler.

I consider dividend yield in relation to current stock price or in relation to the average price that the stock was bought at.