Biggest CapEx Real Estate Stocks
Top real estate companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Real Estate Companies
Capital expenditures in real estate split into distinct categories that carry different economic meanings. Maintenance capex preserves the existing portfolio. Development and acquisition spending expand it, either through ground-up construction or the purchase of operating assets. Tenant improvements, funded as leases turn, support rent growth. Reading capex as a single number obscures these categories, each of which tells a different story about the business.
Why It Matters Less in Real Estate
Development capex can produce attractive returns when delivered into strong markets at cycle-appropriate costs, while maintenance capex simply preserves existing cash flow. Still, development carries meaningful execution risk: cost overruns, delayed leasing, and softening market conditions can compress projected yields. AFFO, which subtracts recurring capex from FFO, is the cleaner measure of distributable cash because it reflects the ongoing investment required to keep the portfolio earning.
What to Read Alongside
Read capex alongside [Free Cash Flow](/financials/top-free-cash-flow-stocks/real-estate/) for the cash remaining after recurring investment, [Net Income](/financials/top-net-income-stocks/real-estate/) noting that GAAP profit is depressed by non-cash depreciation, and [Long-term Debt](/financials/most-indebted-stocks/real-estate/) because REITs are structurally debt-heavy vehicles.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | EQIX | Equinix, Inc. | Real Estate | $4.31B | $102.88B |
| 2 | VTR | Ventas, Inc. | Real Estate | $2.93B | $40.78B |
| 3 | IRM | Iron Mountain Incorporated | Real Estate | $2.27B | $37.24B |
| 4 | AMT | American Tower Corporation | Real Estate | $1.68B | $88.20B |
| 5 | SPG | Simon Property Group, Inc. | Real Estate | $0.93B | $69.68B |
| 6 | DOC | Healthpeak Properties, Inc. | Real Estate | $0.89B | $14.13B |
| 7 | STWD | Starwood Property Trust, Inc. | Real Estate | $0.88B | $6.28B |
| 8 | LINE | Lineage, Inc. | Real Estate | $0.75B | $10.15B |
| 9 | COLD | Americold Realty Trust, Inc. | Real Estate | $0.58B | $4.19B |
| 10 | FRMI | Fermi Inc. | Real Estate | $0.57B | $4.43B |
| 11 | EXR | Extra Space Storage Inc. | Real Estate | $0.56B | $31.74B |
| 12 | SUI | Sun Communities, Inc. | Real Estate | $0.46B | $15.51B |
| 13 | CBRE | CBRE Group, Inc. | Real Estate | $0.37B | $38.63B |
| 14 | CSGP | CoStar Group, Inc. | Real Estate | $0.31B | $13.33B |
| 15 | PK | Park Hotels & Resorts Inc. | Real Estate | $0.30B | $2.89B |
| 16 | NHI | National Health Investors, Inc. | Real Estate | $0.29B | $3.49B |
| 17 | CUZ | Cousins Properties Incorporated | Real Estate | $0.27B | $4.77B |
| 18 | SBAC | SBA Communications Corporation | Real Estate | $0.22B | $21.60B |
| 19 | IHS | IHS Holding Limited | Real Estate | $0.22B | $2.79B |
| 20 | CCI | Crown Castle Inc. | Real Estate | $0.18B | $40.17B |
| 21 | LAMR | Lamar Advertising Company | Real Estate | $0.18B | $15.46B |
| 22 | EPR | EPR Properties | Real Estate | $0.15B | $4.53B |
| 23 | FSV | FirstService Corporation | Real Estate | $0.13B | $6.50B |
| 24 | PCH | PotlatchDeltic Corporation | Real Estate | $0.10B | $3.23B |
| 25 | OUT | OUTFRONT Media Inc. | Real Estate | $0.09B | $5.39B |
| 26 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $0.09B | $3.81B |
| 27 | BEKE | KE Holdings Inc. | Real Estate | $0.09B | $18.25B |
| 28 | CIGI | Colliers International Group Inc. | Real Estate | $0.08B | $4.96B |
| 29 | HOUS | Anywhere Real Estate Inc. | Real Estate | $0.08B | $1.98B |
| 30 | ALEX | Alexander & Baldwin Inc | Real Estate | $0.05B | $1.52B |
| 31 | CWK | Cushman & Wakefield Limited | Real Estate | $0.05B | $3.10B |
| 32 | BNL | Broadstone Net Lease, Inc. | Real Estate | $0.03B | $4.01B |
| 33 | NMRK | Newmark Group, Inc. | Real Estate | $0.03B | $2.63B |
| 34 | CCS | Century Communities, Inc. | Real Estate | $0.03B | $1.75B |
| 35 | KIM | Kimco Realty Corporation | Real Estate | $0.02B | $17.37B |
| 36 | COMP | Compass, Inc. | Real Estate | $0.01B | $6.31B |
| 37 | OPEN | Opendoor Technologies Inc. | Real Estate | $0.01B | $4.31B |
| 38 | EXPI | eXp World Holdings Inc | Real Estate | $0.01B | $1.07B |
| 39 | AGNT | AGNT, Inc | Real Estate | $0.01B | $0.77B |
| 40 | ADAM | Adamas Trust, Inc. | Real Estate | $0.01B | $0.82B |
| 41 | NYMT | New York Mortgage Trust, Inc. | Real Estate | $0.01B | $0.65B |
| 42 | MMI | Marcus & Millichap, Inc. | Real Estate | $0.01B | $1.15B |
| 43 | JOE | The St. Joe Company | Real Estate | $0.00B | $3.73B |
| 44 | FOR | Forestar Group Inc. | Real Estate | $0.00B | $1.47B |
| 45 | HBNB | Hotel101 Global Holdings Corp. | Real Estate | $0.00B | $1.23B |
| 46 | VTMX | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Real Estate | $0.00B | $3.12B |
| 47 | WSR | Whitestone REIT | Real Estate | $0.00B | $0.98B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.