Most Indebted Real Estate Stocks
Top real estate companies ranked by long-term debt, latest annual filings.
Most Indebted Real Estate Companies: What Long-Term Debt Tells You
Long-term debt in real estate is the operating model. REITs and property firms typically fund their portfolios with a mix of long-term mortgages, unsecured notes, and credit facilities, and the sector is among the most consistently leveraged in the market. The largest absolute debt balances tend to sit at diversified REITs and property operators that own extensive portfolios, where debt naturally scales with the dollar value of assets under ownership.
Why Debt Isn't Always a Red Flag in Real Estate
Meaningful leverage is expected, and rental income streams support higher sustainable debt than most sectors can carry. The more informative metrics are loan-to-value ratios, debt-to-EBITDA, and weighted-average debt maturity. Still, real estate is sensitive to interest rate regimes, and firms with large debt loads facing a refinancing wall in a high-rate environment can see valuations compress meaningfully, which has played out in multiple historical cycles.
What to Read Alongside
Pair long-term debt with Free Cash Flow to see cash generation after property capex, EBITDA for leverage ratios relative to rental earnings, and Cash & Equivalents for net-debt context after available liquidity.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | RITM | Rithm Capital Corp. | Real Estate | $35.44B | $5.33B |
| 2 | PLD | Prologis, Inc. | Real Estate | $35.04B | $129.07B |
| 3 | AMT | American Tower Corporation | Real Estate | $33.83B | $81.36B |
| 4 | SPG | Simon Property Group, Inc. | Real Estate | $28.43B | $66.32B |
| 5 | CCI | Crown Castle Inc. | Real Estate | $21.55B | $31.15B |
| 6 | WELL | Welltower Inc. | Real Estate | $19.20B | $167.72B |
| 7 | VICI | VICI Properties Inc. | Real Estate | $16.77B | $26.48B |
| 8 | IRM | Iron Mountain Incorporated | Real Estate | $16.22B | $34.80B |
| 9 | VTR | Ventas, Inc. | Real Estate | $13.01B | $44.64B |
| 10 | ARE | Alexandria Real Estate Equities, Inc. | Real Estate | $12.40B | $9.18B |
| 11 | ABR | Arbor Realty Trust, Inc. | Real Estate | $11.07B | $0.81B |
| 12 | SBAC | SBA Communications Corporation | Real Estate | $10.96B | $18.70B |
| 13 | PSA | Public Storage | Real Estate | $10.25B | $55.43B |
| 14 | DOC | Healthpeak Properties, Inc. | Real Estate | $9.85B | $14.29B |
| 15 | MPT | Medical Properties Trust, Inc. | Real Estate | $9.70B | $2.18B |
| 16 | UNIT | Uniti Group Inc. | Real Estate | $9.53B | $2.30B |
| 17 | AVB | AvalonBay Communities Inc | Real Estate | $9.33B | $26.28B |
| 18 | WPC | W. P. Carey Inc. | Real Estate | $8.72B | $15.08B |
| 19 | TWO | Two Harbors Investment Corp | Real Estate | $8.56B | $1.28B |
| 20 | INVH | Invitation Homes Inc. | Real Estate | $8.38B | $15.99B |
| 21 | EQR | Equity Residential | Real Estate | $8.24B | $23.87B |
| 22 | KIM | Kimco Realty Corporation | Real Estate | $7.72B | $15.12B |
| 23 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | $7.20B | $11.54B |
| 24 | LINE | Lineage, Inc. | Real Estate | $6.11B | $8.54B |
| 25 | UDR | UDR, Inc. | Real Estate | $5.82B | $10.89B |
| 26 | DEI | Douglas Emmett, Inc. | Real Estate | $5.55B | $1.74B |
| 27 | SVC | Service Properties Trust | Real Estate | $5.50B | $0.86B |
| 28 | BRX | Brixmor Property Group Inc. | Real Estate | $5.49B | $8.62B |
| 29 | HHH | Howard Hughes Holdings Inc. | Real Estate | $5.11B | $3.92B |
| 30 | AMH | American Homes 4 Rent | Real Estate | $5.10B | $11.24B |
| 31 | MAC | The Macerich Company | Real Estate | $5.07B | $6.40B |
| 32 | CBRE | CBRE Group, Inc. | Real Estate | $5.05B | $40.34B |
| 33 | WY | Weyerhaeuser Company | Real Estate | $5.05B | $15.14B |
| 34 | FRT | Federal Realty Investment Trust | Real Estate | $4.96B | $9.61B |
| 35 | REG | Regency Centers Corporation | Real Estate | $4.74B | $13.35B |
| 36 | SAFE | Safehold Inc. | Real Estate | $4.59B | $0.95B |
| 37 | OHI | Omega Healthcare Investors, Inc. | Real Estate | $4.26B | $14.19B |
| 38 | ILPT | Industrial Logistics Properties Trust | Real Estate | $4.19B | $0.52B |
| 39 | HR | Healthcare Realty Trust Incorporated | Real Estate | $3.91B | $6.26B |
| 40 | CPT | Camden Property Trust | Real Estate | $3.90B | $11.44B |
| 41 | PK | Park Hotels & Resorts Inc. | Real Estate | $3.86B | $3.05B |
| 42 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | $3.35B | $11.73B |
| 43 | CUZ | Cousins Properties Incorporated | Real Estate | $3.34B | $4.72B |
| 44 | TRTX | TPG RE Finance Trust, Inc. | Real Estate | $3.31B | $0.55B |
| 45 | STAG | STAG Industrial, Inc. | Real Estate | $3.27B | $7.23B |
| 46 | REXR | Rexford Industrial Realty, Inc. | Real Estate | $3.25B | $8.63B |
| 47 | LAMR | Lamar Advertising Company | Real Estate | $3.17B | $14.83B |
| 48 | KRG | Kite Realty Group Trust | Real Estate | $3.03B | $5.05B |
| 49 | EPR | EPR Properties | Real Estate | $2.93B | $4.40B |
| 50 | CDP | COPT Defense Properties | Real Estate | $2.77B | $3.92B |
| 51 | CWK | Cushman & Wakefield Limited | Real Estate | $2.62B | $3.03B |
| 52 | OUT | OUTFRONT Media Inc. | Real Estate | $2.58B | $4.97B |
| 53 | BDN | Brandywine Realty Trust | Real Estate | $2.56B | $0.50B |
| 54 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | $2.53B | $5.79B |
| 55 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | $2.53B | $5.08B |
| 56 | BNL | Broadstone Net Lease, Inc. | Real Estate | $2.52B | $3.70B |
| 57 | BRSP | BrightSpire Capital, Inc. | Real Estate | $2.47B | $0.53B |
| 58 | DHC | Diversified Healthcare Trust | Real Estate | $2.44B | $1.97B |
| 59 | PECO | Phillips Edison & Company, Inc. | Real Estate | $2.38B | $4.76B |
| 60 | IRT | Independence Realty Trust, Inc. | Real Estate | $2.28B | $3.46B |
| 61 | VNO | Vornado Realty Trust | Real Estate | $2.26B | $6.64B |
| 62 | PDM | Piedmont Realty Trust, Inc. | Real Estate | $2.22B | $1.17B |
| 63 | RLJ | RLJ Lodging Trust | Real Estate | $2.20B | $1.67B |
| 64 | CBL | CBL & Associates Properties, Inc. | Real Estate | $2.17B | $1.66B |
| 65 | PEB | Pebblebrook Hotel Trust | Real Estate | $2.12B | $2.06B |
| 66 | HOUS | Anywhere Real Estate Inc. | Real Estate | $2.03B | $1.98B |
| 67 | AKR | Acadia Realty Trust | Real Estate | $1.86B | $2.66B |
| 68 | AAT | American Assets Trust, Inc. | Real Estate | $1.70B | $1.35B |
| 69 | DEA | Easterly Government Properties, Inc. | Real Estate | $1.67B | $1.10B |
| 70 | CIGI | Colliers International Group Inc. | Real Estate | $1.63B | $4.72B |
| 71 | NXRT | NexPoint Residential Trust, Inc. | Real Estate | $1.59B | $0.55B |
| 72 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $1.54B | $3.70B |
| 73 | XHR | Xenia Hotels & Resorts, Inc. | Real Estate | $1.42B | $1.65B |
| 74 | INN | Summit Hotel Properties, Inc. | Real Estate | $1.39B | $0.61B |
| 75 | VRE | Veris Residential, Inc. | Real Estate | $1.36B | $1.78B |
| 76 | LXP | LXP Industrial Trust | Real Estate | $1.35B | $3.59B |
| 77 | AHH | Armada Hoffler Properties Inc | Real Estate | $1.28B | $0.50B |
| 78 | HST | Host Hotels & Resorts, Inc. | Real Estate | $1.27B | $15.29B |
| 79 | FCPT | Four Corners Property Trust, Inc. | Real Estate | $1.20B | $2.48B |
| 80 | DRH | DiamondRock Hospitality Company | Real Estate | $1.10B | $2.51B |
| 81 | NTST | NETSTREIT Corp. | Real Estate | $1.10B | $1.84B |
| 82 | PMT | PennyMac Mortgage Investment Trust | Real Estate | $1.09B | $0.77B |
| 83 | FSV | FirstService Corporation | Real Estate | $1.07B | $5.81B |
| 84 | CSR | Centerspace | Real Estate | $1.02B | $0.93B |
| 85 | GTY | Getty Realty Corp. | Real Estate | $0.99B | $1.83B |
| 86 | CSGP | CoStar Group, Inc. | Real Estate | $0.99B | $11.77B |
| 87 | TRNO | Terreno Realty Corporation | Real Estate | $0.94B | $7.23B |
| 88 | PCH | PotlatchDeltic Corporation | Real Estate | $0.94B | $3.23B |
| 89 | SHO | Sunstone Hotel Investors, Inc. | Real Estate | $0.92B | $2.06B |
| 90 | CTRE | CareTrust REIT, Inc. | Real Estate | $0.89B | $8.87B |
| 91 | RYN | Rayonier Inc. | Real Estate | $0.85B | $5.96B |
| 92 | GOOD | Gladstone Commercial Corporation | Real Estate | $0.84B | $0.61B |
| 93 | LTC | LTC Properties, Inc. | Real Estate | $0.84B | $2.31B |
| 94 | IVT | InvenTrust Properties Corp. | Real Estate | $0.83B | $2.40B |
| 95 | FOR | Forestar Group Inc. | Real Estate | $0.80B | $1.35B |
| 96 | ADAM | Adamas Trust, Inc. | Real Estate | $0.74B | $0.80B |
| 97 | NYMT | New York Mortgage Trust, Inc. | Real Estate | $0.74B | $0.65B |
| 98 | NMRK | Newmark Group, Inc. | Real Estate | $0.67B | $2.53B |
| 99 | WSR | Whitestone REIT | Real Estate | $0.65B | $0.98B |
| 100 | PLYM | Plymouth Industrial REIT, Inc. | Real Estate | $0.65B | $0.98B |
No companies match this search.
How this ranking is built
Companies are ranked by long-term debt 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.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- 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.