22 industries 201 companies value 1.6 tn revenue 353 bn
| Industry | n | Value | Revenue | Margin | Cash | Group leader | Concentration |
|---|---|---|---|---|---|---|---|
| Health care REITs | 16 | 267 bn | 30 bn | — | — | WELL 62.9% | Clear leader |
| Data center REITs | 4 | 164 bn | 17 bn | — | — | EQIX 58.8% | Comfortable leader |
| Industrial and logistics REITs | 8 | 160 bn | 14 bn | — | — | PLD 72.3% | Clear leader |
| Retail and monthly-dividend REITs | 7 | 144 bn | 17 bn | — | — | SPG 45.6% | Comfortable leader |
| Cell tower REITs | 4 | 142 bn | 18 bn | — | — | AMT 60.0% | Clear leader |
| Real estate services | 51 | 122 bn | 130 bn | 2.0% | 8.3 bn | CBRE 31.0% | Open contest |
| Residential REITs | 14 | 113 bn | 12 bn | — | — | VMRK 42.2% | Comfortable leader |
| Self-storage REITs | 5 | 92 bn | 9.8 bn | — | — | PSA 56.6% | Comfortable leader |
| Neighborhood shopping center REITs | 14 | 68 bn | 10 bn | — | — | KIM 22.5% | Evenly matched |
| Hotel REITs | 15 | 45 bn | 24 bn | — | — | HST 36.9% | Open contest |
| Casino and specialty REITs | 4 | 42 bn | 6.8 bn | — | — | VICI 60.1% | Clear leader |
| Office REITs | 18 | 40 bn | 15 bn | — | — | BXP 23.2% | Evenly matched |
| Diversified net lease REITs | 14 | 36 bn | 5.4 bn | — | — | WPC 40.0% | Open contest |
| Records and hybrid data center REITs | 1 | 33 bn | 7.6 bn | — | — | IRM 100.0% | No listed rival |
| Manufactured housing and RV park REITs | 3 | 27 bn | 4.2 bn | — | — | SUI 52.2% | Comfortable leader |
| Single-family rental REITs | 2 | 27 bn | 4.7 bn | — | — | INVH 58.7% | Comfortable leader |
| Outdoor advertising REITs | 3 | 22 bn | 5.9 bn | — | — | LAMR 69.9% | Clear leader |
| Life science REITs | 2 | 20 bn | 5.8 bn | — | — | DOC 64.2% | Clear leader |
| Timberland REITs | 2 | 19 bn | 7.8 bn | — | — | WY 71.2% | Clear leader |
| Cold storage REITs | 2 | 12 bn | 8.0 bn | — | — | LINE 65.9% | Clear leader |
| Diversified REITs | 10 | 4.0 bn | 1.6 bn | — | — | AAT 31.7% | Open contest |
| Farmland REITs | 2 | 0.8 bn | 0.1 bn | — | — | FPI 53.2% | Comfortable leader |
The 20 largest companies in the sector
| Rank | Ticker | Company | Industry | Value | Revenue | Margin | FCF |
|---|---|---|---|---|---|---|---|
| 1 | WELL | Welltower United States · score 4.9 | Health care REITs | 168 bn | 13 bn | 7.3% | 2.0 bn |
| 2 | PLD | Prologis United States · score 5.6 | Industrial and logistics REITs | 116 bn | 9.2 bn | 45.8% | 5.2 bn |
| 3 | EQIX | Equinix United States · score 2.7 | Data center REITs | 96 bn | 9.8 bn | 15.6% | -0.9 bn |
| 4 | AMT | American Tower United States · score 5.9 | Cell tower REITs | 85 bn | 11 bn | 32.1% | 4.0 bn |
| 5 | SPG | Simon Property Group United States · score 5.8 | Retail and monthly-dividend REITs | 66 bn | 6.9 bn | 77.6% | 3.2 bn |
| 6 | DLR | Digital Realty United States · score 4.7 | Data center REITs | 64 bn | 6.8 bn | 11.8% | 3.0 bn |
| 7 | O | Realty Income United States · score 5.5 | Retail and monthly-dividend REITs | 53 bn | 6.0 bn | 17.5% | 4.0 bn |
| 8 | PSA | Public Storage United States · score 6.0 | Self-storage REITs | 52 bn | 4.9 bn | 41.8% | 3.2 bn |
| 9 | VMRK | VIVMARK RESIDENTIAL United States · score 5.8 | Residential REITs | 48 bn | 3.1 bn | 28.0% | 1.6 bn |
| 10 | VTR | Ventas United States · score 1.4 | Health care REITs | 43 bn | 6.4 bn | 4.2% | -1.1 bn |
| 11 | CBRE | CBRE Group United States · score 5.3 | Real estate services | 38 bn | 44 bn | 3.0% | 0.9 bn |
| 12 | CCI | Crown Castle United States · score 4.2 | Cell tower REITs | 35 bn | 4.2 bn | 20.7% | 2.4 bn |
| 13 | IRM | Iron Mountain United States · score 1.2 | Records and hybrid data center REITs | 33 bn | 7.6 bn | 5.7% | -0.5 bn |
| 14 | EXR | Extra Space Storage United States · score 5.9 | Self-storage REITs | 29 bn | 3.5 bn | 27.8% | 1.5 bn |
| 15 | VICI | VICI Properties United States · score 5.8 | Casino and specialty REITs | 25 bn | 4.1 bn | 67.5% | 2.6 bn |
| 16 | BEKE | KE Holdings China · score 2.5 | Real estate services | 20 bn | 14 bn | 3.2% | -0.1 bn |
| 17 | SBAC | SBA Communications United States · score 3.8 | Cell tower REITs | 19 bn | 2.9 bn | 34.5% | 1.1 bn |
| 18 | ESS | Essex Property Trust United States · score 5.0 | Residential REITs | 17 bn | 1.9 bn | 22.7% | 1.1 bn |
| 19 | HST | Host Hotels & Resorts United States · score 6.7 | Hotel REITs | 17 bn | 6.2 bn | 16.5% | 1.3 bn |
| 20 | INVH | Invitation Homes United States · score 6.8 | Single-family rental REITs | 16 bn | 2.9 bn | 23.1% | 1.2 bn |
Other sectors
What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.