Top Real Estate Stocks by Net Income
Top real estate companies ranked by net income, latest annual filings.
What Net Income Means for Real Estate Companies
Net income in real estate is often the least informative profitability metric the sector reports. Depreciation on buildings, which do not actually lose economic value at the straight-line rate required by accounting rules, drags reported profit below the cash the portfolio generates. REIT investors therefore anchor on funds from operations instead, treating GAAP net income as a poor proxy for the true earning power of the assets.
Why It Matters Less in Real Estate
A REIT can produce growing rent and expanding same-property net operating income while reporting modest or declining net income, simply because non-cash depreciation scales with the asset base. Large gains on property sales can also flatter a single year, while impairments and development writedowns can depress another. FFO and AFFO disclosures, along with same-property metrics, tell the real earnings story in ways a single net income line cannot.
What to Read Alongside
Read net income alongside Free Cash Flow for the cash remaining after recurring capex, Capital Expenditures for the development and acquisition spending that drives rent growth, and Return on Equity for capital efficiency.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | SPG | Simon Property Group, Inc. | Real Estate | $5.36B | $66.27B |
| 2 | PLD | Prologis, Inc. | Real Estate | $3.33B | $129.01B |
| 3 | VICI | VICI Properties Inc. | Real Estate | $2.78B | $27.34B |
| 4 | AMT | American Tower Corporation | Real Estate | $2.63B | $82.87B |
| 5 | NLY | Annaly Capital Management, Inc. | Real Estate | $2.05B | $16.51B |
| 6 | PSA | Public Storage | Real Estate | $1.78B | $55.40B |
| 7 | AGNC | AGNC Investment Corp. | Real Estate | $1.67B | $12.03B |
| 8 | SUI | Sun Communities, Inc. | Real Estate | $1.41B | $13.94B |
| 9 | EQIX | Equinix, Inc. | Real Estate | $1.35B | $102.39B |
| 10 | DLR | Digital Realty Trust, Inc. | Real Estate | $1.31B | $69.96B |
| 11 | UNIT | Uniti Group Inc. | Real Estate | $1.30B | $2.44B |
| 12 | CBRE | CBRE Group, Inc. | Real Estate | $1.16B | $40.69B |
| 13 | EQR | Equity Residential | Real Estate | $1.12B | $23.87B |
| 14 | VMRK | AvalonBay Communities, Inc. | Real Estate | $1.12B | $50.71B |
| 15 | O | Realty Income Corporation | Real Estate | $1.06B | $56.30B |
| 16 | SBAC | SBA Communications Corporation | Real Estate | $1.05B | $19.68B |
| 17 | EXR | Extra Space Storage Inc. | Real Estate | $0.97B | $29.08B |
| 18 | VNO | Vornado Realty Trust | Real Estate | $0.94B | $6.62B |
| 19 | WELL | Welltower Inc. | Real Estate | $0.94B | $169.78B |
| 20 | JLL | Jones Lang LaSalle Incorporated | Real Estate | $0.79B | $15.96B |
| 21 | HST | Host Hotels & Resorts, Inc. | Real Estate | $0.77B | $15.24B |
| 22 | ESS | Essex Property Trust, Inc. | Real Estate | $0.70B | $17.54B |
| 23 | INVH | Invitation Homes Inc. | Real Estate | $0.59B | $16.27B |
| 24 | LAMR | Lamar Advertising Company | Real Estate | $0.59B | $15.14B |
| 25 | RITM | Rithm Capital Corp. | Real Estate | $0.57B | $5.44B |
| 26 | KIM | Kimco Realty Corporation | Real Estate | $0.55B | $15.56B |
| 27 | REG | Regency Centers Corporation | Real Estate | $0.53B | $13.66B |
| 28 | AMH | American Homes 4 Rent | Real Estate | $0.51B | $11.33B |
| 29 | RYN | Rayonier Inc. | Real Estate | $0.47B | $6.02B |
| 30 | WPC | W. P. Carey Inc. | Real Estate | $0.47B | $15.75B |
| 31 | MAA | Mid-America Apartment Communities, Inc. | Real Estate | $0.45B | $14.48B |
| 32 | CCI | Crown Castle Inc. | Real Estate | $0.44B | $32.17B |
| 33 | BEKE | KE Holdings Inc. | Real Estate | $0.43B | $18.66B |
| 34 | STWD | Starwood Property Trust, Inc. | Real Estate | $0.41B | $5.78B |
| 35 | FRT | Federal Realty Investment Trust | Real Estate | $0.41B | $9.94B |
| 36 | TRNO | Terreno Realty Corporation | Real Estate | $0.40B | $7.11B |
| 37 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | $0.40B | $11.66B |
| 38 | NNN | NNN REIT, Inc. | Real Estate | $0.39B | $8.42B |
| 39 | BRX | Brixmor Property Group Inc. | Real Estate | $0.39B | $8.82B |
| 40 | CPT | Camden Property Trust | Real Estate | $0.38B | $11.92B |
| 41 | MRP | Millrose Properties, Inc. | Real Estate | $0.38B | $4.93B |
| 42 | UDR | UDR, Inc. | Real Estate | $0.38B | $11.28B |
| 43 | CUBE | CubeSmart | Real Estate | $0.33B | $8.90B |
| 44 | WY | Weyerhaeuser Company | Real Estate | $0.32B | $15.90B |
| 45 | ARR | ARMOUR Residential REIT, Inc. | Real Estate | $0.32B | $2.24B |
| 46 | CTRE | CareTrust REIT, Inc. | Real Estate | $0.32B | $9.13B |
| 47 | KRG | Kite Realty Group Trust | Real Estate | $0.30B | $5.19B |
| 48 | BXP | BXP, Inc. | Real Estate | $0.28B | $10.33B |
| 49 | EPR | EPR Properties | Real Estate | $0.27B | $4.53B |
| 50 | STAG | STAG Industrial, Inc. | Real Estate | $0.27B | $7.16B |
| 51 | VTR | Ventas, Inc. | Real Estate | $0.26B | $46.16B |
| 52 | EGP | EastGroup Properties, Inc. | Real Estate | $0.26B | $10.65B |
| 53 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | $0.25B | $6.23B |
| 54 | FR | First Industrial Realty Trust, Inc. | Real Estate | $0.25B | $8.14B |
| 55 | RHP | Ryman Hospitality Properties, Inc. | Real Estate | $0.24B | $8.42B |
| 56 | VTMX | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Real Estate | $0.24B | $3.12B |
| 57 | CIM | Chimera Investment Corporation | Real Estate | $0.23B | $0.93B |
| 58 | CIGI | Colliers International Group Inc. | Real Estate | $0.22B | $4.77B |
| 59 | REXR | Rexford Industrial Realty, Inc. | Real Estate | $0.22B | $8.48B |
| 60 | ADC | Agree Realty Corporation | Real Estate | $0.20B | $8.86B |
| 61 | FSV | FirstService Corporation | Real Estate | $0.19B | $6.02B |
| 62 | MFA | MFA Financial, Inc. | Real Estate | $0.18B | $0.87B |
| 63 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $0.18B | $3.67B |
| 64 | FOR | Forestar Group Inc. | Real Estate | $0.17B | $1.37B |
| 65 | HIW | Highwoods Properties, Inc. | Real Estate | $0.16B | $3.41B |
| 66 | CDP | COPT Defense Properties | Real Estate | $0.16B | $4.02B |
| 67 | ORC | Orchid Island Capital, Inc. | Real Estate | $0.16B | $1.26B |
| 68 | ABR | Arbor Realty Trust, Inc. | Real Estate | $0.16B | $0.88B |
| 69 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | $0.16B | $5.24B |
| 70 | IRM | Iron Mountain Incorporated | Real Estate | $0.15B | $34.29B |
| 71 | EFC | Ellington Financial Inc. | Real Estate | $0.15B | $1.66B |
| 72 | ADAM | Adamas Trust, Inc. | Real Estate | $0.15B | $0.82B |
| 73 | NYMT | New York Mortgage Trust, Inc. | Real Estate | $0.15B | $0.65B |
| 74 | CCS | Century Communities, Inc. | Real Estate | $0.15B | $1.72B |
| 75 | OUT | OUTFRONT Media Inc. | Real Estate | $0.15B | $5.04B |
| 76 | NHI | National Health Investors, Inc. | Real Estate | $0.14B | $3.45B |
| 77 | PLYM | Plymouth Industrial REIT, Inc. | Real Estate | $0.14B | $0.98B |
| 78 | CBL | CBL & Associates Properties, Inc. | Real Estate | $0.14B | $1.69B |
| 79 | IHS | IHS Holding Limited | Real Estate | $0.13B | $2.87B |
| 80 | ARI | Apollo Commercial Real Estate Finance, Inc. | Real Estate | $0.13B | $0.85B |
| 81 | NMRK | Newmark Group, Inc. | Real Estate | $0.13B | $2.61B |
| 82 | LTC | LTC Properties, Inc. | Real Estate | $0.12B | $2.28B |
| 83 | HHH | Howard Hughes Holdings Inc. | Real Estate | $0.12B | $3.68B |
| 84 | IIPR | Innovative Industrial Properties, Inc. | Real Estate | $0.12B | $1.55B |
| 85 | JOE | The St. Joe Company | Real Estate | $0.12B | $3.75B |
| 86 | SAFE | Safehold Inc. | Real Estate | $0.11B | $0.99B |
| 87 | LXP | LXP Industrial Trust | Real Estate | $0.11B | $3.59B |
| 88 | FCPT | Four Corners Property Trust, Inc. | Real Estate | $0.11B | $2.63B |
| 89 | IVT | InvenTrust Properties Corp. | Real Estate | $0.11B | $2.48B |
| 90 | PECO | Phillips Edison & Company, Inc. | Real Estate | $0.11B | $4.94B |
| 91 | BXMT | Blackstone Mortgage Trust, Inc. | Real Estate | $0.11B | $2.25B |
| 92 | DRH | DiamondRock Hospitality Company | Real Estate | $0.10B | $2.50B |
| 93 | IVR | Invesco Mortgage Capital Inc. | Real Estate | $0.10B | $0.73B |
| 94 | BNL | Broadstone Net Lease, Inc. | Real Estate | $0.10B | $3.92B |
| 95 | UE | Urban Edge Properties | Real Estate | $0.09B | $2.60B |
| 96 | CWK | Cushman & Wakefield Limited | Real Estate | $0.09B | $3.03B |
| 97 | PMT | PennyMac Mortgage Investment Trust | Real Estate | $0.09B | $0.80B |
| 98 | FBRT | Franklin BSP Realty Trust, Inc. | Real Estate | $0.08B | $0.65B |
| 99 | GTY | Getty Realty Corp. | Real Estate | $0.08B | $2.00B |
| 100 | VRE | Veris Residential, Inc. | Real Estate | $0.08B | $1.78B |
No companies match this search.
How this ranking is built
Companies are ranked by net income 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.