BOSTON (TheStreet) -- Real estate investment trusts don't pay corporate taxes as long as they derive 75% of their income from rents and distribute at least 90% to shareholders. Distributions are taxed as income. The following top-ranked REITs offer high yields.

5. Omega Healthcare Investors ( OHI) owns long-term care facilities.

The numbers: Fourth-quarter net income rose 3.4% to $16 million, but earnings per share dropped 16% to 16 cents, hurt by a higher share count. Revenue inched up 0.3% to $49 million. The operating margin widened from 51% to 55%. Omega holds $12 million of cash and $738 million of debt.

The stock: Omega has gained 57% in the past year. It sells for a price-to-projected-earnings ratio of 16, a discount to peers. Its PEG ratio, a measure of value relative to growth, of 0.9 reflects a 46% discount to the industry average. A PEG ratio below 1 implies cheap shares. The REIT yields 6.8%.

4. Digital Realty Trust ( DLR) owns technology-related real estate.

The numbers: Fourth-quarter net income declined 0.6% to $24 million, but earnings per share fell 10% to 18 cents, hurt by a larger float. Revenue increased 13% to $169 million. The operating margin remained steady at 29%. The balance sheet contains $110 million of cash and $1.8 billion of debt.

The stock: Digital Realty Trust has soared 89% in the past year. It sells for a price-to-projected-earnings ratio of 45, a discount to peers, but a premium to most other industries. Its PEG ratio of 1.5 is slightly below the industry average, but reflects costly shares based on expected growth. The REIT yields 3.6%.

3. Universal Health Realty Income ( UHT) invests in health-care facilities.

The numbers: Universal Health Realty swung to a fourth-quarter profit of $4.6 million, or 38 cents a share, from a loss of $870,000, or 7 cents, a year earlier. Revenue climbed 8.5% to $8.7 million. The operating margin stretched from 55% to 59%. The REIT holds $3 million of cash and $84 million of debt.

The stock: Universal Health Realty Income has appreciated 23% in the past 12 months. It sells for a price-to-earnings ratio of 22, an 81% discount to the industry average. The shares are expensive when considering book value and sales. They yield 6.9%.

2. Annaly Capital Management ( NLY) invests in mortgage-backed securities.

The numbers: Annaly swung to a fourth-quarter profit of $729 million, or $1.30 a share, from a loss of $507 million, or 95 cents, a year earlier. Revenue rose 16% to $865 million. The operating margin remained steady at 96%. Annaly holds $2.3 billion of cash and $55 billion of debt.

The stock: Annaly has gained 36% in the past year. It sells for a price-to-projected-earnings ratio of 6.5, an 89% discount to the industry average. The shares are also cheap when comparing trailing earnings, book value and sales. The REIT yields 16.6%.

1. National Health Investors ( NHI) owns long-term care facilities.

The numbers: Fourth-quarter net income increased 22% to $16 million, and earnings per share grew 10% to 54 cents. Revenue climbed 10% to $17 million. The operating margin remained steady at 78%. The REIT holds $46 million of cash and no debt.

The stock: National Health Investors has gained 52% in the past 12 months. The stock sells for a price-to-projected-earnings ratio of 14, a discount to peers. The shares are expensive based on book value and sales. The REIT yields 6.4%.

-- Reported by Jake Lynch in Boston.

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