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 to understand portfolio scale, Gross Margin for a view of property-level economics, and Return on Equity for how efficiently equity capital is being deployed across the portfolio.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | SPG | Simon Property Group, Inc. | Real Estate | 84.28% | $66.64B |
| 2 | VICI | VICI Properties Inc. | Real Estate | 69.28% | $26.40B |
| 3 | SUI | Sun Communities, Inc. | Real Estate | 61.31% | $13.86B |
| 4 | UNIT | Uniti Group Inc. | Real Estate | 58.39% | $2.32B |
| 5 | VNO | Vornado Realty Trust | Real Estate | 51.76% | $6.59B |
| 6 | PLD | Prologis, Inc. | Real Estate | 37.86% | $129.13B |
| 7 | SBAC | SBA Communications Corporation | Real Estate | 37.43% | $18.65B |
| 8 | ESS | Essex Property Trust, Inc. | Real Estate | 37.24% | $17.66B |
| 9 | PSA | Public Storage | Real Estate | 36.99% | $54.13B |
| 10 | AVB | AvalonBay Communities Inc | Real Estate | 34.75% | $26.28B |
| 11 | REG | Regency Centers Corporation | Real Estate | 33.95% | $13.46B |
| 12 | FRT | Federal Realty Investment Trust | Real Estate | 32.14% | $9.60B |
| 13 | CUBE | CubeSmart | Real Estate | 29.50% | $8.68B |
| 14 | EXR | Extra Space Storage Inc. | Real Estate | 28.84% | $28.52B |
| 15 | BRX | Brixmor Property Group Inc. | Real Estate | 28.16% | $8.58B |
| 16 | WPC | W. P. Carey Inc. | Real Estate | 27.17% | $15.24B |
| 17 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | 26.25% | $11.69B |
| 18 | KIM | Kimco Realty Corporation | Real Estate | 25.91% | $15.13B |
| 19 | LAMR | Lamar Advertising Company | Real Estate | 25.91% | $14.74B |
| 20 | AMT | American Tower Corporation | Real Estate | 24.69% | $81.66B |
| 21 | STWD | Starwood Property Trust, Inc. | Real Estate | 22.31% | $5.59B |
| 22 | UDR | UDR, Inc. | Real Estate | 22.06% | $10.96B |
| 23 | REXR | Rexford Industrial Realty, Inc. | Real Estate | 21.91% | $8.52B |
| 24 | INVH | Invitation Homes Inc. | Real Estate | 21.54% | $16.03B |
| 25 | DLR | Digital Realty Trust, Inc. | Real Estate | 21.48% | $68.88B |
| 26 | MAA | Mid-America Apartment Communities, Inc. | Real Estate | 20.23% | $13.82B |
| 27 | O | Realty Income Corporation | Real Estate | 18.41% | $53.49B |
| 28 | EQIX | Equinix, Inc. | Real Estate | 14.65% | $104.52B |
| 29 | HST | Host Hotels & Resorts, Inc. | Real Estate | 12.51% | $15.26B |
| 30 | APLE | Apple Hospitality REIT, Inc. | Real Estate | 12.42% | $3.73B |
| 31 | RITM | Rithm Capital Corp. | Real Estate | 12.36% | $5.38B |
| 32 | CCI | Crown Castle Inc. | Real Estate | 10.41% | $30.79B |
| 33 | FOR | Forestar Group Inc. | Real Estate | 10.10% | $1.39B |
| 34 | RHP | Ryman Hospitality Properties, Inc. | Real Estate | 9.45% | $8.39B |
| 35 | DRH | DiamondRock Hospitality Company | Real Estate | 9.05% | $2.52B |
| 36 | WELL | Welltower Inc. | Real Estate | 8.64% | $166.01B |
| 37 | HHH | Howard Hughes Holdings Inc. | Real Estate | 8.40% | $3.95B |
| 38 | OUT | OUTFRONT Media Inc. | Real Estate | 8.03% | $4.97B |
| 39 | IHS | IHS Holding Limited | Real Estate | 8.02% | $2.86B |
| 40 | BXP | BXP, Inc. | Real Estate | 7.95% | $10.27B |
| 41 | XHR | Xenia Hotels & Resorts, Inc. | Real Estate | 5.85% | $1.65B |
| 42 | WY | Weyerhaeuser Company | Real Estate | 4.69% | $15.52B |
| 43 | VTR | Ventas, Inc. | Real Estate | 4.48% | $44.55B |
| 44 | CIGI | Colliers International Group Inc. | Real Estate | 4.04% | $4.72B |
| 45 | NMRK | Newmark Group, Inc. | Real Estate | 3.83% | $2.53B |
| 46 | CCS | Century Communities, Inc. | Real Estate | 3.58% | $1.82B |
| 47 | FSV | FirstService Corporation | Real Estate | 3.47% | $5.82B |
| 48 | BEKE | KE Holdings Inc. | Real Estate | 3.17% | $18.03B |
| 49 | AHR | American Healthcare REIT, Inc. | Real Estate | 3.13% | $11.27B |
| 50 | JLL | Jones Lang LaSalle Incorporated | Real Estate | 3.03% | $15.43B |
| 51 | CBRE | CBRE Group, Inc. | Real Estate | 2.85% | $40.84B |
| 52 | DOC | Healthpeak Properties, Inc. | Real Estate | 2.53% | $14.20B |
| 53 | IRM | Iron Mountain Incorporated | Real Estate | 2.21% | $35.17B |
| 54 | RLJ | RLJ Lodging Trust | Real Estate | 2.11% | $1.68B |
| 55 | PCH | PotlatchDeltic Corporation | Real Estate | 2.06% | $3.23B |
| 56 | DEI | Douglas Emmett, Inc. | Real Estate | 1.62% | $1.74B |
| 57 | DOUG | Douglas Elliman Inc. | Real Estate | 1.47% | $0.14B |
| 58 | CWK | Cushman & Wakefield Limited | Real Estate | 0.86% | $3.02B |
| 59 | CSGP | CoStar Group, Inc. | Real Estate | 0.20% | $11.66B |
| 60 | OHI | Omega Healthcare Investors, Inc. | Real Estate | 0.05% | $14.08B |
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.
- Size floor: A company qualifies at $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- 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.