Real Estate SECT
What this sector costs, what it did, and what's inside it — over the stocks we cover, with every denominator printed. Classification is SEC SIC-derived ⓘ, so it can differ from a vendor’s GICS in places.
289 covered names · 242 US-listed · $1.90T aggregate cap ⓘ · 1.8% of the covered universe’s cap · prices at the close of 2026-08-27
Trailing returns at the close of 2026-08-27 · US-listed
| Window | Median | Cap-weighted ⓘ | Advancing | Declining | Unchanged | Names |
|---|---|---|---|---|---|---|
| 1D ⓘ | −0.69% | −0.87% | 53 | 168 | 12 | 233 +9 withheld ⓘ |
| 1M ⓘ | −3.83% | −3.11% | 67 | 165 | 1 | 233 +9 withheld ⓘ |
| YTD ⓘ | +7.23% | +15.75% | 140 | 88 | 0 | 228 +14 withheld ⓘ |
Valuation & quality now pooled across the sector, against the whole covered universe
| Metric | p25 | Median | p75 | Universe median | vs universe | Names · coverage |
|---|---|---|---|---|---|---|
| P/E | 11.0× | 22.5× | 34.2× | 20.3× | richer | 170 · 59% |
| EV/EBITDA | 10.6× | 15.1× | 20.1× | 11.9× | richer | 82 · 28% |
| FCF Yield | −2.1% | 4.1% | 7.3% | 3.0% | cheaper | 97 · 34% |
| Dividend Yield | 2.8% | 4.9% | 8.7% | 2.1% | cheaper | 203 · 70% |
| Net Margin | −3.3% | 10.4% | 31.6% | 4.2% | cheaper | 260 · 90% |
| Operating Margin | 4.2% | 18.9% | 46.4% | 5.2% | cheaper | 166 · 57% |
| ROE | −0.8% | 4.8% | 9.3% | 7.2% | richer | 251 · 87% |
| ROIC | 1.4% | 5.0% | 8.9% | 7.0% | richer | 104 · 36% |
| Sales Growth 3Y | −1.6% | 3.8% | 10.2% | 5.0% | richer | 250 · 87% |
| EPS Growth 3Y | −16.7% | −0.3% | 13.2% | 4.0% | richer | 136 · 47% |
Each row’s denominator is the stocks that actually carry that metric, not the sector’s stock count — a median P/E over 364 of 842 stocks is a different statement from a median over 842, and the coverage column says which you’re reading. “Cheaper/richer” compares the sector median to the universe median in the direction the metric runs. Same pooling as a stock’s own relative-value tab, so its percentile there and this median are the same calculation.
Valuation & quality history sector medians as they looked at the time · 2023-09-30 → 2026-08-01
The archive covers 288 of this bucket’s 289 stocks. Read that denominator before the line: this is the median of the covered members, not of the sector.
P/E: 36 points from 2023-09-30 to 2026-08-01. First 19.1, last 23.0. Low 17.8 on 2023-10-31, high 31.0 on 2024-11-30. No NBER recession falls inside this window. Use the arrow keys to read individual readings.
P/E — median across Real Estate members, 2023-09-30 → 2026-08-01 · 36 monthly snapshots as they looked at the time · 174 stocks in the latest month (135–180 across the series) · months with fewer than 5 contributing stocks are dropped, not drawn thin
No NBER recession falls inside 2023-09-30 → 2026-08-01, so nothing is shaded — the shading isn’t switched off.
Monthly medians from the point-in-time archive (ingest.pit_reconstruct): each month is what was KNOWABLE that month from filings already public, not today's figures pushed backwards. A month with fewer than 5 contributing names is dropped rather than drawn thin, so a line can end early. The archive covers 288 of this bucket's 289 names.
Industry groups 3 inside this sector
share of covered industry revenue ⓘ| Industry group | Names | Market cap | Median P/E | Median net margin | Covered pool | HHI | Top 3 · leader | 1D | 1M | YTD |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Real Estate Investment Trusts (REITs) | 180 | $1.58T | 23.9× (120) | 14.4% (160) | $223.86B (159) | 199 fragmented | 13.7% WELL | −0.68% | −4.91% | +8.90% |
| No industry label | 46 | $168.15B | 13.4× (22) | 14.1% (44) | — | — | — | +0.11% | +0.00% | +0.63% |
| Real Estate Management & Development | 63 | $151.48B | 20.1× (28) | 2.8% (56) | $218.99B (56) | 1,781 moderately concentrated | 64.7% BN | −0.88% | −0.90% | +4.93% |
Industry returns are MEDIANS (the typical stock), not cap-weighted. Each industry name opens the screener filtered to exactly the rows this line counted. The last three columns come from a different population and say so: the covered revenue pool counts only members that filed an annual report for its year (the bracket), fewer than the Names column beside it. They are shares of covered industry revenue, never market share — private and uncovered competitors are missing, so both the shares and the HHI are overstated, and an industry group classifies filers rather than product markets. Compare within a group, never across two. A group with no pool shows a dash carrying its reason. Concentration data built 2026-08-28.
Observed revenue pool 232 USD-reporting stocks · data built 2026-08-28
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Observed revenue (USD) | $298.50B | $367.50B | $515.85B | $520.36B | $524.96B | $534.35B |
| YoY | — | +23.1% | +40.4% | +0.9% | +0.9% | +1.8% |
observed pool = summed revenue of covered names in EVERY reporting currency, each fiscal year FX-converted to USD at its own period-end fixing — a coverage proxy, not the true market This is NOT the sector’s market: it is the combined revenue of the USD-reporting stocks we cover each year, so a stock entering coverage lifts the pool without any business growing. The membership also changes year to year, which is why the YoY row is affected by coverage and labelled as such. Built 2026-08-28 by the nightly job — not on this page load.
Largest members 30 of 289 by market cap
all 289 in the screener →| Ticker | Name | Market cap | P/E | FCF yield | Net margin | ROE | Sales 3Y | 1D | YTD |
|---|---|---|---|---|---|---|---|---|---|
| WELL | WELLTOWER INC. | $169.14B | 172.4× | — | 8.9% | 2.6% | 22.7% | −0.81% | +29.99% |
| PLD | Prologis, Inc. | $132.25B | 39.8× | — | 37.9% | 6.2% | 13.7% | −0.52% | +12.82% |
| EQIX | EQUINIX INC | $106.22B | 78.2× | −0.4% | 14.6% | 9.8% | 8.3% | −0.29% | +41.96% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.14B | 32.3× | 4.7% | 24.7% | 74.7% | 3.3% | −0.89% | +1.14% |
| SPG | SIMON PROPERTY GROUP INC. | $70.13B | 15.2× | 4.6% | 84.3% | 131.6% | 6.3% | −1.02% | +17.43% |
| DLR | DIGITAL REALTY TRUST, INC. | $67.51B | 53.7× | — | 21.4% | 5.9% | 9.2% | −0.69% | +25.01% |
| O | REALTY INCOME CORP | $58.48B | 52.8× | — | 18.4% | 2.7% | 19.8% | −0.74% | +12.99% |
| PSA | Public Storage | $54.65B | 34.5× | — | 37.0% | 18.8% | 4.9% | −1.94% | +21.14% |
| VTR | Ventas, Inc. | $47.65B | 172.0× | −2.7% | 4.5% | 2.2% | 12.2% | −0.65% | +21.52% |
| CBRE | CBRE GROUP, INC. | $42.63B | 38.2× | 2.8% | 2.9% | 13.4% | 9.6% | −2.09% | −8.44% |
| IRM | IRON MOUNTAIN INC | $36.53B | 250.4× | −2.6% | 2.2% | — | 10.6% | +1.04% | +49.11% |
| CCI | CROWN CASTLE INC. | $31.92B | 74.3× | 9.0% | 10.4% | — | −15.2% | −0.68% | −14.52% |
| EXR | Extra Space Storage Inc. | $30.17B | 31.1× | 4.3% | 28.8% | 7.1% | 20.6% | −0.90% | +10.92% |
| 8802.T | Mitsubishi Estate Company, Limited | $28.89B | 20.8× | 22.4% | 12.7% | 8.5% | 8.2% | +1.97% | −0.48% |
| VICI | VICI PROPERTIES INC. | $28.37B | 9.9× | — | 69.3% | 10.2% | 15.5% | −0.88% | −5.30% |
| 8801.T | Mitsui Fudosan Co., Ltd. | $26.28B | 15.0× | — | 10.3% | 8.7% | 6.1% | +0.43% | −13.72% |
| EQR | EQUITY RESIDENTIAL | $25.55B | 23.2× | — | 36.2% | 10.1% | 0.0% | — | — |
| CLNX.MC | CELLNEX TELECOM | $21.04B | — | 1.5% | −0.6% | −0.2% | 19.8% | −1.51% | +0.37% |
| 8830.T | Sumitomo Realty & Development Co.,Ltd. | $19.95B | 14.9× | 8.6% | 20.1% | 9.2% | 4.0% | −0.12% | −13.13% |
| SBAC | SBA COMMUNICATIONS CORP | $19.83B | 19.1× | 5.4% | 37.4% | — | 2.2% | +0.53% | −2.10% |
| 1925.T | DAIWA HOUSE INDUSTRY CO., LTD. | $19.52B | 8.3× | — | 6.3% | 12.7% | 4.3% | +0.17% | −7.42% |
| ESS | ESSEX PROPERTY TRUST, INC. | $18.04B | 27.0× | — | 37.2% | 12.7% | 5.5% | −2.57% | +10.49% |
| JLL | JONES LANG LASALLE INC | $17.43B | 23.1× | — | 3.0% | 11.1% | 7.8% | −1.90% | +12.57% |
| NLY | ANNALY CAPITAL MANAGEMENT INC | $17.38B | 7.9× | — | — | 14.1% | — | +0.87% | +10.21% |
| INVH | Invitation Homes Inc. | $17.26B | 30.4× | — | 21.5% | 6.1% | 6.8% | −2.21% | +7.55% |
| WY | WEYERHAEUSER CO | $17.08B | 52.7× | — | 4.7% | 3.4% | −12.1% | −1.58% | +1.77% |
| WPC | W. P. Carey Inc. | $16.03B | — | — | 27.2% | 5.6% | 5.1% | −1.08% | +12.31% |
| KIM | KIMCO REALTY CORP | $15.97B | — | 6.9% | 27.3% | 5.6% | 7.4% | −0.92% | +20.08% |
| HST | HOST HOTELS & RESORTS, INC. | $15.31B | 20.3× | — | 12.5% | 11.6% | 7.6% | −0.40% | +32.23% |
| LAMR | LAMAR ADVERTISING CO/NEW | $15.31B | 26.1× | 4.5% | 25.9% | — | 3.7% | −0.91% | +21.67% |
What this page cannot say — the four limits behind every figure above
These are not index returns. There is no sector index here: no float adjustment, no rebalancing calendar, no divisor. The cap-weighted column applies TODAY’s market cap to a past return — an end-of-period weight that approximates what the sector’s dollars did without being an index return. The eleven sector ETF proxies on the home page are the real index-tracking read.
The classification is SIC-derived. Sectors here are derived from each filer's own SEC SIC code, not licensed GICS classifications — so the boundaries differ from a vendor's in places, and a name can sit where its SIC says rather than where a strategist would put it. A stock whose SIC code reads oddly sits where the code says, not where a strategist would put it, and the industry rows use the same source.
The history is a MEDIAN of the covered members, month by month. It is not a sector multiple: it doesn't weight by size and it doesn't add up earnings. Months where too few members carried the metric are missing rather than thin, so a line can start late or stop early — and the archive covers only part of the bucket.
The revenue pool is a coverage proxy. Combined revenue of the USD-reporting stocks we cover, from a nightly build with its own date. Stocks reporting in other currencies are excluded outright rather than converted at an unstated rate, so the pool understates any sector with many non-USD filers.
The concentration columns are not market share. The industry table’s covered pool, HHI and top-3 come from a different build than the sector pool above — per industry group and CALENDAR year, with every reporting currency converted at that period’s own period-end rate (a USD-only pool would hand an industry to whoever reports in dollars). Private companies, listings we don’t cover, and conglomerate divisions competing in a group without being classified into it are all missing, which shrinks the denominator and so lifts every share and, squared, the HHI: the real market is at least as fragmented as these figures say, never more concentrated. A pool year is only published once at least 80% of the prior year’s members — by count and by revenue — have filed into it, so a group can sit on an older year rather than be served from whoever filed first.