If you're looking for investment opportunities with minimal volatility, equity REITs are a crowd favorite—known to offer decent dividend payouts and high yields.

But which to put your money in? Take a cue from a billionaire. These are billionaires' five favorite REITs to invest in, aggregated from Insider Money.

Weyerhaeuser Co

Weyerhaeuser is one of the world's largest owners of timberland, with more than 6 million acres in its portfolio. The REIT is followed by six billionaire funds that hold about $160.50M in stock as of March 31. The forestry giant's shares have risen 6% since the start of the year, and now its averaging a quarterly dividend of $0.31/share, giving the stock a 3.89% yield.

American Tower Corp

American Tower owns and operates wireless communications infrastructures and has a market cap of $48.78B. As of March 31, six billionaire funds owned $407.7M of the REIT's stock—though this was a 16% decline in billionaire holdings compared to the year prior; the REIT's high net worth investors fell from seven to six.

Equinix

There are roughly six asset managers investing in this REIT—which is the world's largest data center provider. Billionaires' holdings were valued at $953M in stock as of March 31, and those stakes inched up 7% from the previous quarter. Shareholders receive quarterly cash divided of $1.75/share, an annual dividend yield of 1.90%.

Gaming and Leisure Properties

The number of bullish billionaire investors in this REIT jumped from three to eight between January and March. Money managers held $230.9M worth of Gaming and Leisure Properties stock, and so far this year, the REIT is sporting a dividend yield of 6.24%. 

Crown Castle International Corp

Crown Castle has 12 billionaire money managers with long-term stock holdings. Billionaire's stock accounted for $1.14B as of March 31, up 13% from the first quarter. The REIT operates wireless infrastructure and owns about 40,000 towers throughout the world.