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 | $5.15B |
| 2 | PLD | Prologis, Inc. | Real Estate | $35.04B | $120.68B |
| 3 | AMT | American Tower Corporation | Real Estate | $33.83B | $87.55B |
| 4 | SPG | Simon Property Group, Inc. | Real Estate | $28.43B | $73.66B |
| 5 | O | Realty Income Corporation | Real Estate | $26.77B | $56.15B |
| 6 | CCI | Crown Castle Inc. | Real Estate | $21.55B | $37.70B |
| 7 | WELL | Welltower Inc. | Real Estate | $19.20B | $179.74B |
| 8 | STWD | Starwood Property Trust, Inc. | Real Estate | $16.96B | $4.46B |
| 9 | VICI | VICI Properties Inc. | Real Estate | $16.77B | $27.30B |
| 10 | IRM | Iron Mountain Incorporated | Real Estate | $16.22B | $31.73B |
| 11 | VTR | Ventas, Inc. | Real Estate | $13.01B | $46.93B |
| 12 | ARE | Alexandria Real Estate Equities, Inc. | Real Estate | $12.40B | $7.80B |
| 13 | SBAC | SBA Communications Corporation | Real Estate | $10.96B | $19.78B |
| 14 | PSA | Public Storage | Real Estate | $10.25B | $63.05B |
| 15 | DOC | Healthpeak Properties, Inc. | Real Estate | $9.85B | $13.97B |
| 16 | MPT | Medical Properties Trust, Inc. | Real Estate | $9.70B | $1.08B |
| 17 | UNIT | Uniti Group Inc. | Real Estate | $9.53B | $1.27B |
| 18 | WPC | W. P. Carey Inc. | Real Estate | $8.72B | $14.97B |
| 19 | INVH | Invitation Homes Inc. | Real Estate | $8.38B | $15.61B |
| 20 | VMRK | AvalonBay Communities, Inc. | Real Estate | $8.24B | $26.13B |
| 21 | KIM | Kimco Realty Corporation | Real Estate | $7.72B | $16.96B |
| 22 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | $7.20B | $11.31B |
| 23 | ESS | Essex Property Trust, Inc. | Real Estate | $6.80B | $17.51B |
| 24 | LINE | Lineage, Inc. | Real Estate | $6.11B | $8.91B |
| 25 | UDR | UDR, Inc. | Real Estate | $5.82B | $11.59B |
| 26 | DEI | Douglas Emmett, Inc. | Real Estate | $5.55B | $1.70B |
| 27 | SVC | Service Properties Trust | Real Estate | $5.50B | $675.03M |
| 28 | BRX | Brixmor Property Group Inc. | Real Estate | $5.49B | $9.21B |
| 29 | MAA | Mid-America Apartment Communities, Inc. | Real Estate | $5.41B | $13.80B |
| 30 | HHH | Howard Hughes Holdings Inc. | Real Estate | $5.11B | $4.64B |
| 31 | AMH | American Homes 4 Rent | Real Estate | $5.10B | $11.73B |
| 32 | MAC | The Macerich Company | Real Estate | $5.07B | $7.04B |
| 33 | CBRE | CBRE Group, Inc. | Real Estate | $5.05B | $39.05B |
| 34 | WY | Weyerhaeuser Company | Real Estate | $5.05B | $15.11B |
| 35 | FRT | Federal Realty Investment Trust | Real Estate | $4.96B | $9.68B |
| 36 | REG | Regency Centers Corporation | Real Estate | $4.74B | $13.70B |
| 37 | KRC | Kilroy Realty Corporation | Real Estate | $4.59B | $4.17B |
| 38 | SAFE | Safehold Inc. | Real Estate | $4.59B | $741.16M |
| 39 | SUI | Sun Communities, Inc. | Real Estate | $4.26B | $14.36B |
| 40 | OHI | Omega Healthcare Investors, Inc. | Real Estate | $4.26B | $14.67B |
| 41 | HR | Healthcare Realty Trust Incorporated | Real Estate | $3.91B | $6.50B |
| 42 | CPT | Camden Property Trust | Real Estate | $3.90B | $11.51B |
| 43 | PK | Park Hotels & Resorts Inc. | Real Estate | $3.86B | $3.18B |
| 44 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | $3.35B | $12.26B |
| 45 | CUZ | Cousins Properties Incorporated | Real Estate | $3.34B | $4.87B |
| 46 | TRTX | TPG RE Finance Trust, Inc. | Real Estate | $3.31B | $511.83M |
| 47 | STAG | STAG Industrial, Inc. | Real Estate | $3.27B | $7.06B |
| 48 | REXR | Rexford Industrial Realty, Inc. | Real Estate | $3.25B | $8.02B |
| 49 | LAMR | Lamar Advertising Company | Real Estate | $3.17B | $15.85B |
| 50 | KRG | Kite Realty Group Trust | Real Estate | $3.03B | $5.04B |
| 51 | EPR | EPR Properties | Real Estate | $2.93B | $4.56B |
| 52 | IHS | IHS Holding Limited | Real Estate | $2.84B | $2.85B |
| 53 | CDP | COPT Defense Properties | Real Estate | $2.77B | $3.73B |
| 54 | CWK | Cushman & Wakefield Limited | Real Estate | $2.62B | $3.28B |
| 55 | OUT | OUTFRONT Media Inc. | Real Estate | $2.58B | $5.43B |
| 56 | BDN | Brandywine Realty Trust | Real Estate | $2.56B | $550.95M |
| 57 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | $2.53B | $6.16B |
| 58 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | $2.53B | $5.51B |
| 59 | BNL | Broadstone Net Lease, Inc. | Real Estate | $2.52B | $3.36B |
| 60 | DHC | Diversified Healthcare Trust | Real Estate | $2.44B | $1.70B |
| 61 | PECO | Phillips Edison & Company, Inc. | Real Estate | $2.38B | $5.23B |
| 62 | JBGS | JBG SMITH Properties | Real Estate | $2.30B | $928.25M |
| 63 | IRT | Independence Realty Trust, Inc. | Real Estate | $2.28B | $3.54B |
| 64 | VNO | Vornado Realty Trust | Real Estate | $2.26B | $6.70B |
| 65 | PDM | Piedmont Realty Trust, Inc. | Real Estate | $2.22B | $1.23B |
| 66 | RLJ | RLJ Lodging Trust | Real Estate | $2.20B | $1.91B |
| 67 | CBL | CBL & Associates Properties, Inc. | Real Estate | $2.17B | $1.46B |
| 68 | SLG | SL Green Realty Corp. | Real Estate | $2.15B | $3.60B |
| 69 | PEB | Pebblebrook Hotel Trust | Real Estate | $2.12B | $2.36B |
| 70 | AKR | Acadia Realty Trust | Real Estate | $1.86B | $2.74B |
| 71 | AAT | American Assets Trust, Inc. | Real Estate | $1.70B | $1.32B |
| 72 | DEA | Easterly Government Properties, Inc. | Real Estate | $1.67B | $1.06B |
| 73 | CIGI | Colliers International Group Inc. | Real Estate | $1.63B | $4.85B |
| 74 | EGP | EastGroup Properties, Inc. | Real Estate | $1.61B | $10.42B |
| 75 | SKT | Tanger Inc. | Real Estate | $1.60B | $4.45B |
| 76 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $1.54B | $4.46B |
| 77 | EXR | Extra Space Storage Inc. | Real Estate | $1.49B | $33.23B |
| 78 | FR | First Industrial Realty Trust, Inc. | Real Estate | $1.45B | $7.13B |
| 79 | XHR | Xenia Hotels & Resorts, Inc. | Real Estate | $1.42B | $1.97B |
| 80 | INN | Summit Hotel Properties, Inc. | Real Estate | $1.39B | $754.97M |
| 81 | LXP | LXP Industrial Trust | Real Estate | $1.35B | $3.61B |
| 82 | DLR | Digital Realty Trust, Inc. | Real Estate | $1.31B | $65.90B |
| 83 | HST | Host Hotels & Resorts, Inc. | Real Estate | $1.27B | $16.87B |
| 84 | VTMX | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Real Estate | $1.27B | $3.49B |
| 85 | FCPT | Four Corners Property Trust, Inc. | Real Estate | $1.20B | $2.57B |
| 86 | CCS | Century Communities, Inc. | Real Estate | $1.10B | $1.56B |
| 87 | DRH | DiamondRock Hospitality Company | Real Estate | $1.10B | $2.87B |
| 88 | NTST | NETSTREIT Corp. | Real Estate | $1.10B | $2.36B |
| 89 | PMT | PennyMac Mortgage Investment Trust | Real Estate | $1.09B | $684.54M |
| 90 | FSV | FirstService Corporation | Real Estate | $1.07B | $6.42B |
| 91 | CSR | Centerspace | Real Estate | $1.02B | $962.67M |
| 92 | ALX | Alexander's, Inc. | Real Estate | $997.14M | $1.29B |
| 93 | GTY | Getty Realty Corp. | Real Estate | $994.96M | $1.92B |
| 94 | CSGP | CoStar Group, Inc. | Real Estate | $993.00M | $12.29B |
| 95 | TRNO | Terreno Realty Corporation | Real Estate | $943.34M | $7.29B |
| 96 | SHO | Sunstone Hotel Investors, Inc. | Real Estate | $918.09M | $2.33B |
| 97 | CTRE | CareTrust REIT, Inc. | Real Estate | $894.22M | $9.85B |
| 98 | RYN | Rayonier Inc. | Real Estate | $845.34M | $6.38B |
| 99 | LTC | LTC Properties, Inc. | Real Estate | $842.18M | $2.52B |
| 100 | IVT | InvenTrust Properties Corp. | Real Estate | $825.88M | $2.46B |
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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Why is debt central to the REIT business model?
REITs are required to distribute most of their taxable income to shareholders, which leaves limited retained cash to fund new property acquisitions or development. As a result, REITs typically fund growth through a combination of debt and new equity issuance, using long-term mortgages against specific properties or unsecured corporate debt. Rental income from long-term leases provides relatively stable cash flow to service interest, which supports the higher leverage levels the sector runs with compared to most non-financial sectors.
How do interest rates affect leveraged real estate firms?
Rising rates affect real estate on two fronts. New borrowings and refinancings occur at higher interest costs, which reduce the cash flow available after debt service. Higher rates also typically push property cap rates higher, compressing valuations of the underlying assets. Firms with large debt loads and significant near-term maturities are more exposed to both effects. Weighted-average debt maturity, fixed-versus-floating rate mix, and unencumbered asset pools are the variables that separate more and less rate-sensitive operators.