Top Real Estate Stocks by EBITDA
Top real estate companies ranked by EBITDA, latest annual filings.
What EBITDA Means for Real Estate Companies
EBITDA measures earnings before interest, taxes, depreciation, and amortization. In real estate the framing maps naturally onto how landlords already describe their business, because REITs routinely report net operating income, or NOI, which likewise excludes depreciation of buildings that do not physically erode the way accounting schedules imply. EBITDA is therefore a familiar reference here, useful for comparing property operators across different portfolio mixes, leverage levels, and tax structures.
Why It Matters in Real Estate
Buildings generate large depreciation charges under standard accounting even as well-maintained properties hold or grow their value over time. EBITDA, like NOI, strips that accounting artifact out to show the operating yield the portfolio produces. Real-estate investors typically still lean on FFO and AFFO, which are property-specific versions of the same idea. EBITDA is less granular than those REIT-native metrics but remains a common cross-sector comparison tool.
What to Read Alongside
Pair EBITDA with Free Cash Flow to see the cash available after maintenance capex and working capital, Net Income, and Debt since real-estate balance sheets are typically levered by design.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | PLD | Prologis, Inc. | Real Estate | $6.98B | $120.68B |
| 2 | AMT | American Tower Corporation | Real Estate | $6.91B | $87.55B |
| 3 | SPG | Simon Property Group, Inc. | Real Estate | $4.60B | $73.66B |
| 4 | EQIX | Equinix, Inc. | Real Estate | $3.90B | $100.25B |
| 5 | CCI | Crown Castle Inc. | Real Estate | $2.92B | $37.70B |
| 6 | DLR | Digital Realty Trust, Inc. | Real Estate | $2.55B | $65.90B |
| 7 | CBRE | CBRE Group, Inc. | Real Estate | $2.48B | $39.05B |
| 8 | IRM | Iron Mountain Incorporated | Real Estate | $2.19B | $31.73B |
| 9 | EXR | Extra Space Storage Inc. | Real Estate | $2.13B | $33.23B |
| 10 | HST | Host Hotels & Resorts, Inc. | Real Estate | $1.65B | $16.87B |
| 11 | SBAC | SBA Communications Corporation | Real Estate | $1.63B | $19.78B |
| 12 | REG | Regency Centers Corporation | Real Estate | $1.53B | $13.70B |
| 13 | ESS | Essex Property Trust, Inc. | Real Estate | $1.51B | $17.51B |
| 14 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | $1.48B | $11.31B |
| 15 | KIM | Kimco Realty Corporation | Real Estate | $1.40B | $16.96B |
| 16 | JLL | Jones Lang LaSalle Incorporated | Real Estate | $1.35B | $16.94B |
| 17 | WY | Weyerhaeuser Company | Real Estate | $1.24B | $15.11B |
| 18 | UDR | UDR, Inc. | Real Estate | $1.23B | $11.59B |
| 19 | LAMR | Lamar Advertising Company | Real Estate | $1.10B | $15.85B |
| 20 | CUZ | Cousins Properties Incorporated | Real Estate | $1.09B | $4.87B |
| 21 | LINE | Lineage, Inc. | Real Estate | $1.08B | $8.91B |
| 22 | FRT | Federal Realty Investment Trust | Real Estate | $970.04M | $9.68B |
| 23 | UNIT | Uniti Group Inc. | Real Estate | $928.60M | $1.27B |
| 24 | SLG | SL Green Realty Corp. | Real Estate | $914.70M | $3.60B |
| 25 | NNN | NNN REIT, Inc. | Real Estate | $857.92M | $7.98B |
| 26 | HIW | Highwoods Properties, Inc. | Real Estate | $839.69M | $3.47B |
| 27 | RHP | Ryman Hospitality Properties, Inc. | Real Estate | $765.11M | $9.11B |
| 28 | CIGI | Colliers International Group Inc. | Real Estate | $626.97M | $4.85B |
| 29 | AHR | American Healthcare REIT, Inc. | Real Estate | $602.72M | $13.40B |
| 30 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | $600.24M | $12.26B |
| 31 | EPR | EPR Properties | Real Estate | $583.46M | $4.56B |
| 32 | ADC | Agree Realty Corporation | Real Estate | $579.70M | $9.09B |
| 33 | CWK | Cushman & Wakefield Limited | Real Estate | $556.70M | $3.28B |
| 34 | FSV | FirstService Corporation | Real Estate | $523.29M | $6.42B |
| 35 | HHH | Howard Hughes Holdings Inc. | Real Estate | $514.75M | $4.64B |
| 36 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | $507.57M | $6.16B |
| 37 | BEKE | KE Holdings Inc. | Real Estate | $455.20M | $20.66B |
| 38 | OUT | OUTFRONT Media Inc. | Real Estate | $453.70M | $5.43B |
| 39 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $450.43M | $4.46B |
| 40 | NMRK | Newmark Group, Inc. | Real Estate | $415.31M | $2.16B |
| 41 | COLD | Americold Realty Trust, Inc. | Real Estate | $374.60M | $4.57B |
| 42 | ESRT | Empire State Realty Trust, Inc. | Real Estate | $330.41M | $893.73M |
| 43 | IRS | IRSA Inversiones y Representaciones Sociedad Anónima | Real Estate | $311.12M | $1.06B |
| 44 | PK | Park Hotels & Resorts Inc. | Real Estate | $303.00M | $3.18B |
| 45 | GNL | Global Net Lease, Inc. | Real Estate | $302.17M | $1.53B |
| 46 | AAT | American Assets Trust, Inc. | Real Estate | $273.24M | $1.32B |
| 47 | BFS | Saul Centers, Inc. | Real Estate | $254.10M | $705.43M |
| 48 | LTC | LTC Properties, Inc. | Real Estate | $242.60M | $2.52B |
| 49 | XHR | Xenia Hotels & Resorts, Inc. | Real Estate | $238.25M | $1.97B |
| 50 | INN | Summit Hotel Properties, Inc. | Real Estate | $215.29M | $754.97M |
| 51 | AKR | Acadia Realty Trust | Real Estate | $206.88M | $2.74B |
| 52 | BDN | Brandywine Realty Trust | Real Estate | $203.09M | $550.95M |
| 53 | IIPR | Innovative Industrial Properties, Inc. | Real Estate | $198.19M | $1.51B |
| 54 | JOE | The St. Joe Company | Real Estate | $193.70M | $3.96B |
| 55 | CSGP | CoStar Group, Inc. | Real Estate | $191.00M | $12.29B |
| 56 | GTY | Getty Realty Corp. | Real Estate | $188.72M | $1.92B |
| 57 | IVT | InvenTrust Properties Corp. | Real Estate | $188.51M | $2.46B |
| 58 | CSR | Centerspace | Real Estate | $179.18M | $962.67M |
| 59 | ADAM | Adamas Trust, Inc. | Real Estate | $160.93M | $513.83M |
| 60 | SMA | SmartStop Self Storage REIT, Inc. | Real Estate | $132.30M | $2.23B |
| 61 | SAFE | Safehold Inc. | Real Estate | $109.44M | $741.16M |
| 62 | CLDT | Chatham Lodging Trust | Real Estate | $100.63M | $721.85M |
| 63 | CTO | CTO Realty Growth, Inc. | Real Estate | $94.03M | $782.96M |
| 64 | NHP | National Healthcare Properties, Inc. | Real Estate | $81.56M | $1.11B |
| 65 | UHT | Universal Health Realty Income Trust | Real Estate | $63.62M | $543.62M |
| 66 | PSTL | Postal Realty Trust, Inc. | Real Estate | $58.33M | $743.11M |
| 67 | COMP | Compass, Inc. | Real Estate | $49.30M | $7.84B |
| 68 | FVR | FrontView REIT, Inc. | Real Estate | $27.54M | $509.63M |
No companies match this search.
How this ranking is built
Companies are ranked by EBITDA 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
How does EBITDA compare to FFO for real estate companies?
FFO, or funds from operations, is the REIT industry's preferred performance measure and removes real-estate depreciation from net income while keeping interest and cash taxes in. EBITDA goes further by also removing interest and taxes, so it sits one layer up in the stack. Both metrics reflect the economic reality that buildings do not physically waste away at the pace their accounting schedules imply, but FFO is the more standard reference within the sector.
Why do real-estate investors focus on operating cash measures rather than net income?
Real estate carries enormous accounting depreciation on buildings, which reduces reported net income even when the underlying properties are stable or appreciating in market value. Net income therefore tends to understate the cash economics of well-managed portfolios. Operating cash measures such as EBITDA, NOI, FFO, and AFFO each strip out that depreciation to different degrees, producing a view more aligned with how property owners actually think about yield and returns on invested capital.