Top Real Estate Stocks by Free Cash Flow
Top real estate companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Real Estate Companies
Free cash flow in real estate is less informative than in most sectors. REITs and property firms typically carry large acquisition and development spending that flows through capex, and the cash position is dominated by how recently new properties were bought or built. Because of this, the sector has long relied on funds from operations and adjusted funds from operations as the primary cash-based profitability measures rather than conventional free cash flow.
Why It Matters Less in Real Estate
Free cash flow tends to be a noisy read of real estate economics because a single large acquisition or development project can swamp the underlying rental cash generation. AFFO, which adjusts for maintenance capital expenditure but excludes growth outlays, typically gives a cleaner measure of distributable cash. That said, tracking how growth capex converts into rental income over time is still a central test of management quality, and free cash flow remains useful as a dividend coverage check over multiple years.
What to Read Alongside
Pair free cash flow with Net Income for the GAAP earnings line after heavy depreciation charges, Share Buybacks for capital return behavior beyond distributions, and Revenue for the scale of the underlying rental base.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AMT | American Tower Corporation | Real Estate | $3.78B | $82.87B |
| 2 | SPG | Simon Property Group, Inc. | Real Estate | $3.20B | $66.27B |
| 3 | CCI | Crown Castle Inc. | Real Estate | $2.88B | $32.17B |
| 4 | EXR | Extra Space Storage Inc. | Real Estate | $1.29B | $29.08B |
| 5 | CBRE | CBRE Group, Inc. | Real Estate | $1.19B | $40.69B |
| 6 | KIM | Kimco Realty Corporation | Real Estate | $1.10B | $15.56B |
| 7 | SBAC | SBA Communications Corporation | Real Estate | $1.07B | $19.68B |
| 8 | OPEN | Opendoor Technologies Inc. | Real Estate | $1.04B | $2.71B |
| 9 | IHS | IHS Holding Limited | Real Estate | $0.72B | $2.87B |
| 10 | LAMR | Lamar Advertising Company | Real Estate | $0.68B | $15.14B |
| 11 | SUI | Sun Communities, Inc. | Real Estate | $0.41B | $13.94B |
| 12 | DOC | Healthpeak Properties, Inc. | Real Estate | $0.36B | $14.00B |
| 13 | FSV | FirstService Corporation | Real Estate | $0.32B | $6.02B |
| 14 | CWK | Cushman & Wakefield Limited | Real Estate | $0.29B | $3.03B |
| 15 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $0.28B | $3.67B |
| 16 | BNL | Broadstone Net Lease, Inc. | Real Estate | $0.27B | $3.92B |
| 17 | EPR | EPR Properties | Real Estate | $0.27B | $4.53B |
| 18 | CIGI | Colliers International Group Inc. | Real Estate | $0.25B | $4.77B |
| 19 | OUT | OUTFRONT Media Inc. | Real Estate | $0.22B | $5.04B |
| 20 | VTMX | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Real Estate | $0.21B | $3.12B |
| 21 | COMP | Compass, Inc. | Real Estate | $0.20B | $8.07B |
| 22 | LINE | Lineage, Inc. | Real Estate | $0.20B | $8.60B |
| 23 | JOE | The St. Joe Company | Real Estate | $0.19B | $3.75B |
| 24 | NMRK | Newmark Group, Inc. | Real Estate | $0.14B | $2.61B |
| 25 | CUZ | Cousins Properties Incorporated | Real Estate | $0.14B | $4.64B |
| 26 | ADAM | Adamas Trust, Inc. | Real Estate | $0.13B | $0.82B |
| 27 | NYMT | New York Mortgage Trust, Inc. | Real Estate | $0.13B | $0.65B |
| 28 | CCS | Century Communities, Inc. | Real Estate | $0.12B | $1.72B |
| 29 | CSGP | CoStar Group, Inc. | Real Estate | $0.12B | $12.34B |
| 30 | AGNT | AGNT, Inc | Real Estate | $0.11B | $0.67B |
| 31 | EXPI | eXp World Holdings Inc | Real Estate | $0.11B | $1.07B |
| 32 | PK | Park Hotels & Resorts Inc. | Real Estate | $0.10B | $3.08B |
| 33 | STWD | Starwood Property Trust, Inc. | Real Estate | $0.10B | $5.78B |
| 34 | PCH | PotlatchDeltic Corporation | Real Estate | $0.09B | $3.23B |
| 35 | MMI | Marcus & Millichap, Inc. | Real Estate | $0.06B | $1.18B |
| 36 | WSR | Whitestone REIT | Real Estate | $0.05B | $0.98B |
| 37 | ALEX | Alexander & Baldwin Inc | Real Estate | $0.03B | $1.52B |
| 38 | HOUS | Anywhere Real Estate Inc. | Real Estate | $0.03B | $1.98B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow 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.