Top Real Estate Stocks by Net Margin
Top real estate companies ranked by net margin, latest annual filings.
What Net Margin Means for Real Estate Companies
Net margin inside real estate is structurally distorted by the way GAAP treats real assets. Property owners book significant depreciation on buildings that, in many cases, hold or grow their economic value over time, which drags reported net income well below the actual cash profitability of the portfolio. As a result, GAAP net margin for REITs and property operators often understates the business, which is why the industry standardized around alternative performance measures.
Why It Matters Less in Real Estate
For real estate, the more meaningful margin framework is funds from operations and adjusted FFO, which add back real estate depreciation to produce a number closer to true cash-generating capacity. It is worth noting that acquisition and disposition gains, fair-value adjustments on investment properties, and impairment charges can move reported GAAP net margin meaningfully from period to period even when underlying portfolio economics are stable.
What to Read Alongside
Pair net margin with [Revenue](/financials/top-revenue-stocks/real-estate/) to understand portfolio scale, [Gross Margin](/financials/top-gross-margin-stocks/real-estate/) for a view of property-level economics, and [Return on Equity](/financials/top-roe-stocks/real-estate/) for how efficiently equity capital is being deployed across the portfolio.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | RYN | Rayonier Inc. | Real Estate | 97.91% | $6.48B |
| 2 | VTMX | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Real Estate | 85.41% | $3.16B |
| 3 | TRNO | Terreno Realty Corporation | Real Estate | 84.59% | $7.05B |
| 4 | SPG | Simon Property Group, Inc. | Real Estate | 84.28% | $69.94B |
| 5 | PLYM | Plymouth Industrial REIT, Inc. | Real Estate | 70.25% | $0.98B |
| 6 | VICI | VICI Properties Inc. | Real Estate | 69.28% | $30.14B |
| 7 | SKYH | Sky Harbour Group Corporation | Real Estate | 68.33% | $0.32B |
| 8 | CTRE | CareTrust REIT, Inc. | Real Estate | 67.28% | $8.75B |
| 9 | MRP | Millrose Properties, Inc. | Real Estate | 63.26% | $4.83B |
| 10 | SUI | Sun Communities, Inc. | Real Estate | 61.31% | $15.33B |
| 11 | FPI | Farmland Partners Inc. | Real Estate | 60.46% | $0.43B |
| 12 | LOAN | Manhattan Bridge Capital, Inc. | Real Estate | 58.98% | $0.05B |
| 13 | UNIT | Uniti Group Inc. | Real Estate | 58.39% | $3.06B |
| 14 | SUNS | Sunrise Realty Trust, Inc. | Real Estate | 56.29% | $0.12B |
| 15 | SEVN | Seven Hills Realty Trust | Real Estate | 52.53% | $0.19B |
| 16 | VNO | Vornado Realty Trust | Real Estate | 51.76% | $7.21B |
| 17 | LTC | LTC Properties, Inc. | Real Estate | 47.13% | $1.87B |
| 18 | ARI | Apollo Commercial Real Estate Finance, Inc. | Real Estate | 46.66% | $1.40B |
| 19 | EPRT | Essential Properties Realty Trust, Inc. | Real Estate | 45.08% | $6.54B |
| 20 | IIPR | Innovative Industrial Properties, Inc. | Real Estate | 44.46% | $1.75B |
| 21 | NNN | NNN REIT, Inc. | Real Estate | 42.08% | $8.74B |
| 22 | STRS | Stratus Properties Inc. | Real Estate | 40.05% | $0.23B |
| 23 | ORC | Orchid Island Capital, Inc. | Real Estate | 38.48% | $1.32B |
| 24 | EPR | EPR Properties | Real Estate | 38.27% | $4.46B |
| 25 | FCPT | Four Corners Property Trust, Inc. | Real Estate | 38.20% | $2.73B |
| 26 | PLD | Prologis, Inc. | Real Estate | 37.86% | $138.45B |
| 27 | NHI | National Health Investors, Inc. | Real Estate | 37.85% | $3.43B |
| 28 | SBAC | SBA Communications Corporation | Real Estate | 37.43% | $20.77B |
| 29 | IVT | InvenTrust Properties Corp. | Real Estate | 37.24% | $2.70B |
| 30 | ESS | Essex Property Trust, Inc. | Real Estate | 37.24% | $18.08B |
| 31 | PSA | Public Storage | Real Estate | 36.99% | $56.36B |
| 32 | GTY | Getty Realty Corp. | Real Estate | 35.72% | $2.00B |
| 33 | EGP | EastGroup Properties, Inc. | Real Estate | 35.69% | $11.00B |
| 34 | KRG | Kite Realty Group Trust | Real Estate | 35.37% | $5.85B |
| 35 | ACR | ACRES Commercial Realty Corp. | Real Estate | 34.99% | $0.12B |
| 36 | AVB | AvalonBay Communities, Inc. | Real Estate | 34.75% | $26.17B |
| 37 | IVR | Invesco Mortgage Capital Inc. | Real Estate | 34.30% | $0.79B |
| 38 | FR | First Industrial Realty Trust, Inc. | Real Estate | 34.03% | $8.40B |
| 39 | REG | Regency Centers Corporation | Real Estate | 33.95% | $14.51B |
| 40 | STAG | STAG Industrial, Inc. | Real Estate | 32.36% | $7.37B |
| 41 | LXP | LXP Industrial Trust | Real Estate | 32.31% | $3.18B |
| 42 | FRT | Federal Realty Investment Trust | Real Estate | 32.14% | $10.77B |
| 43 | LPA | Logistic Properties of the Americas | Real Estate | 32.13% | $0.10B |
| 44 | ARL | American Realty Investors, Inc. | Real Estate | 31.40% | $0.24B |
| 45 | ALEX | Alexander & Baldwin Inc | Real Estate | 31.29% | $1.52B |
| 46 | FBRT | Franklin BSP Realty Trust, Inc. | Real Estate | 31.13% | $0.63B |
| 47 | WSR | Whitestone REIT | Real Estate | 31.04% | $0.98B |
| 48 | AOMR | Angel Oak Mortgage REIT, Inc. | Real Estate | 30.65% | $0.21B |
| 49 | CHMI | Cherry Hill Mortgage Investment Corporation | Real Estate | 29.77% | $0.09B |
| 50 | SAFE | Safehold Inc. | Real Estate | 29.69% | $1.12B |
| 51 | EXR | Extra Space Storage Inc. | Real Estate | 28.84% | $30.98B |
| 52 | ADC | Agree Realty Corporation | Real Estate | 28.45% | $8.94B |
| 53 | BRX | Brixmor Property Group Inc. | Real Estate | 28.16% | $9.83B |
| 54 | TCI | Transcontinental Realty Investors, Inc. | Real Estate | 28.13% | $0.33B |
| 55 | PMT | PennyMac Mortgage Investment Trust | Real Estate | 28.00% | $0.88B |
| 56 | WPC | W. P. Carey Inc. | Real Estate | 27.17% | $16.81B |
| 57 | CHCI | Comstock Holding Companies, Inc. | Real Estate | 27.13% | $0.16B |
| 58 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | 26.25% | $12.45B |
| 59 | VRE | Veris Residential, Inc. | Real Estate | 26.09% | $1.78B |
| 60 | KIM | Kimco Realty Corporation | Real Estate | 25.91% | $17.10B |
| 61 | LAMR | Lamar Advertising Company | Real Estate | 25.91% | $15.68B |
| 62 | AXR | AMREP Corporation | Real Estate | 25.59% | $0.13B |
| 63 | ADAMZ | Adamas Trust, Inc. | Real Estate | 24.76% | – |
| 64 | NYMT | New York Mortgage Trust, Inc. | Real Estate | 24.76% | $0.65B |
| 65 | AMT | American Tower Corporation | Real Estate | 24.69% | $86.54B |
| 66 | LADR | Ladder Capital Corp | Real Estate | 23.87% | $1.29B |
| 67 | MFA | MFA Financial, Inc. | Real Estate | 23.73% | $0.95B |
| 68 | CBL | CBL & Associates Properties, Inc. | Real Estate | 23.51% | $1.48B |
| 69 | JOE | The St. Joe Company | Real Estate | 22.53% | $3.74B |
| 70 | STWD | Starwood Property Trust, Inc. | Real Estate | 22.31% | $6.24B |
| 71 | UDR | UDR, Inc. | Real Estate | 22.06% | $12.64B |
| 72 | REXR | Rexford Industrial Realty, Inc. | Real Estate | 21.91% | $7.85B |
| 73 | CURB | Curbline Properties Corp. | Real Estate | 21.81% | $3.21B |
| 74 | INVH | Invitation Homes Inc. | Real Estate | 21.54% | $17.33B |
| 75 | DLR | Digital Realty Trust, Inc. | Real Estate | 21.48% | $64.97B |
| 76 | BNL | Broadstone Net Lease, Inc. | Real Estate | 21.25% | $3.99B |
| 77 | CDP | COPT Defense Properties | Real Estate | 20.88% | $3.83B |
| 78 | MAA | Mid-America Apartment Communities, Inc. | Real Estate | 20.23% | $15.98B |
| 79 | HIW | Highwoods Properties, Inc. | Real Estate | 20.18% | $3.25B |
| 80 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | 20.09% | $4.69B |
| 81 | UE | Urban Edge Properties | Real Estate | 19.82% | $2.89B |
| 82 | O | Realty Income Corporation | Real Estate | 18.41% | $57.95B |
| 83 | UHT | Universal Health Realty Income Trust | Real Estate | 17.75% | $0.56B |
| 84 | SILA | Sila Realty Trust, Inc. | Real Estate | 16.77% | $1.67B |
| 85 | AAT | American Assets Trust, Inc. | Real Estate | 16.36% | $1.49B |
| 86 | SELF | Global Self Storage, Inc. | Real Estate | 16.04% | $0.06B |
| 87 | PECO | Phillips Edison & Company, Inc. | Real Estate | 15.32% | $5.23B |
| 88 | LAND | Gladstone Land Corporation | Real Estate | 15.31% | $0.38B |
| 89 | PSTL | Postal Realty Trust, Inc. | Real Estate | 14.77% | $0.64B |
| 90 | EQIX | Equinix, Inc. | Real Estate | 14.65% | $104.97B |
| 91 | ALX | Alexander's, Inc. | Real Estate | 13.24% | $1.34B |
| 92 | BFS | Saul Centers, Inc. | Real Estate | 12.94% | $0.90B |
| 93 | HST | Host Hotels & Resorts, Inc. | Real Estate | 12.51% | $16.99B |
| 94 | APLE | Apple Hospitality REIT, Inc. | Real Estate | 12.42% | $3.81B |
| 95 | RITM | Rithm Capital Corp. | Real Estate | 12.36% | $5.13B |
| 96 | GOOD | Gladstone Commercial Corporation | Real Estate | 11.95% | $0.60B |
| 97 | CCI | Crown Castle Inc. | Real Estate | 10.41% | $38.73B |
| 98 | FOR | Forestar Group Inc. | Real Estate | 10.10% | $1.45B |
| 99 | NSA | National Storage Affiliates Trust | Real Estate | 9.80% | $3.47B |
| 100 | ESRT | Empire State Realty Trust, Inc. | Real Estate | 9.50% | $0.91B |
No companies match this search.
How this ranking is built
Companies are ranked by net margin 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.
- 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.