Top Real Estate Stocks by Revenue
Top real estate companies ranked by revenue, latest annual filings.
What Revenue Means for Real Estate Companies
Revenue in real estate is primarily rental income from leased properties, along with management fees, tenant reimbursements, and, for certain operators, transaction and development revenue. For REITs the top line reflects the size and occupancy of the portfolio and the rent structure of signed leases. Because leases are typically multi-year contracts, revenue tends to move in steps as leases roll, renew, or reset to market rates.
Why It Matters in Real Estate
Revenue reflects portfolio scale and occupancy, and long-duration leases give the top line a stable, contractual rhythm that many other sectors lack. Still, net income often understates real estate economics because of heavy depreciation on buildings that may actually be appreciating. Sector participants lean on funds from operations and cash net operating income alongside revenue to capture the underlying economics that GAAP accounting partially hides.
What to Read Alongside
Pair revenue with Free Cash Flow to see cash generation after recurring property capex, Debt since leverage is structural in this sector and shapes distributions, and Net Income for the GAAP bottom line after depreciation.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | CBRE | CBRE Group, Inc. | Real Estate | $40.55B | $39.05B |
| 2 | JLL | Jones Lang LaSalle Incorporated | Real Estate | $26.12B | $16.94B |
| 3 | BEKE | KE Holdings Inc. | Real Estate | $13.52B | $20.66B |
| 4 | WELL | Welltower Inc. | Real Estate | $10.84B | $179.74B |
| 5 | AMT | American Tower Corporation | Real Estate | $10.64B | $87.55B |
| 6 | CWK | Cushman & Wakefield Limited | Real Estate | $10.29B | $3.28B |
| 7 | EQIX | Equinix, Inc. | Real Estate | $9.22B | $100.25B |
| 8 | PLD | Prologis, Inc. | Real Estate | $8.79B | $120.68B |
| 9 | COMP | Compass, Inc. | Real Estate | $6.96B | $7.84B |
| 10 | WY | Weyerhaeuser Company | Real Estate | $6.91B | $15.11B |
| 11 | IRM | Iron Mountain Incorporated | Real Estate | $6.90B | $31.71B |
| 12 | SPG | Simon Property Group, Inc. | Real Estate | $6.36B | $73.91B |
| 13 | HST | Host Hotels & Resorts, Inc. | Real Estate | $6.11B | $16.87B |
| 14 | DLR | Digital Realty Trust, Inc. | Real Estate | $6.11B | $65.90B |
| 15 | VTR | Ventas, Inc. | Real Estate | $5.83B | $46.93B |
| 16 | O | Realty Income Corporation | Real Estate | $5.75B | $56.15B |
| 17 | CIGI | Colliers International Group Inc. | Real Estate | $5.56B | $4.85B |
| 18 | FSV | FirstService Corporation | Real Estate | $5.50B | $6.42B |
| 19 | LINE | Lineage, Inc. | Real Estate | $5.36B | $8.91B |
| 20 | PSA | Public Storage | Real Estate | $4.82B | $63.05B |
| 21 | RITM | Rithm Capital Corp. | Real Estate | $4.59B | $5.15B |
| 22 | OPEN | Opendoor Technologies Inc. | Real Estate | $4.37B | $1.36B |
| 23 | CCI | Crown Castle Inc. | Real Estate | $4.26B | $37.70B |
| 24 | CCS | Century Communities, Inc. | Real Estate | $4.12B | $1.56B |
| 25 | VICI | VICI Properties Inc. | Real Estate | $4.01B | $27.30B |
| 26 | BXP | BXP, Inc. | Real Estate | $3.48B | $10.38B |
| 27 | EXR | Extra Space Storage Inc. | Real Estate | $3.38B | $33.23B |
| 28 | NMRK | Newmark Group, Inc. | Real Estate | $3.29B | $2.16B |
| 29 | CSGP | CoStar Group, Inc. | Real Estate | $3.25B | $12.29B |
| 30 | VMRK | AvalonBay Communities, Inc. | Real Estate | $3.09B | $26.13B |
| 31 | ARE | Alexandria Real Estate Equities, Inc. | Real Estate | $3.03B | $7.80B |
| 32 | DOC | Healthpeak Properties, Inc. | Real Estate | $2.82B | $13.97B |
| 33 | SBAC | SBA Communications Corporation | Real Estate | $2.82B | $19.78B |
| 34 | INVH | Invitation Homes Inc. | Real Estate | $2.73B | $15.61B |
| 35 | COLD | Americold Realty Trust, Inc. | Real Estate | $2.60B | $4.57B |
| 36 | RHP | Ryman Hospitality Properties, Inc. | Real Estate | $2.58B | $9.11B |
| 37 | PK | Park Hotels & Resorts Inc. | Real Estate | $2.54B | $3.18B |
| 38 | SUI | Sun Communities, Inc. | Real Estate | $2.31B | $14.36B |
| 39 | LAMR | Lamar Advertising Company | Real Estate | $2.27B | $15.84B |
| 40 | AHR | American Healthcare REIT, Inc. | Real Estate | $2.26B | $12.62B |
| 41 | UNIT | Uniti Group Inc. | Real Estate | $2.23B | $1.27B |
| 42 | MAA | Mid-America Apartment Communities, Inc. | Real Estate | $2.21B | $13.80B |
| 43 | KIM | Kimco Realty Corporation | Real Estate | $2.14B | $16.96B |
| 44 | ESS | Essex Property Trust, Inc. | Real Estate | $1.89B | $17.51B |
| 45 | AMH | American Homes 4 Rent | Real Estate | $1.85B | $11.73B |
| 46 | STWD | Starwood Property Trust, Inc. | Real Estate | $1.84B | $4.46B |
| 47 | OUT | OUTFRONT Media Inc. | Real Estate | $1.83B | $5.42B |
| 48 | SVC | Service Properties Trust | Real Estate | $1.81B | $675.03M |
| 49 | VNO | Vornado Realty Trust | Real Estate | $1.81B | $6.70B |
| 50 | WPC | W. P. Carey Inc. | Real Estate | $1.72B | $14.97B |
| 51 | UDR | UDR, Inc. | Real Estate | $1.71B | $11.59B |
| 52 | FOR | Forestar Group Inc. | Real Estate | $1.66B | $1.21B |
| 53 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | $1.59B | $11.31B |
| 54 | CPT | Camden Property Trust | Real Estate | $1.59B | $11.51B |
| 55 | IHS | IHS Holding Limited | Real Estate | $1.58B | $2.85B |
| 56 | REG | Regency Centers Corporation | Real Estate | $1.55B | $13.70B |
| 57 | DHC | Diversified Healthcare Trust | Real Estate | $1.54B | $1.70B |
| 58 | ELS | Equity LifeStyle Properties, Inc. | Real Estate | $1.53B | $12.26B |
| 59 | PEB | Pebblebrook Hotel Trust | Real Estate | $1.48B | $2.36B |
| 60 | HHH | Howard Hughes Holdings Inc. | Real Estate | $1.47B | $4.64B |
| 61 | APLE | Apple Hospitality REIT, Inc. | Real Estate | $1.41B | $4.46B |
| 62 | BRX | Brixmor Property Group Inc. | Real Estate | $1.37B | $9.21B |
| 63 | RLJ | RLJ Lodging Trust | Real Estate | $1.35B | $1.91B |
| 64 | FRT | Federal Realty Investment Trust | Real Estate | $1.28B | $9.68B |
| 65 | OHI | Omega Healthcare Investors, Inc. | Real Estate | $1.19B | $14.67B |
| 66 | HR | Healthcare Realty Trust Incorporated | Real Estate | $1.18B | $6.50B |
| 67 | CUBE | CubeSmart | Real Estate | $1.12B | $10.06B |
| 68 | DRH | DiamondRock Hospitality Company | Real Estate | $1.12B | $2.87B |
| 69 | KRC | Kilroy Realty Corporation | Real Estate | $1.11B | $4.17B |
| 70 | XHR | Xenia Hotels & Resorts, Inc. | Real Estate | $1.08B | $1.97B |
| 71 | MAC | The Macerich Company | Real Estate | $1.01B | $7.06B |
| 72 | DEI | Douglas Emmett, Inc. | Real Estate | $1.00B | $1.70B |
| 73 | REXR | Rexford Industrial Realty, Inc. | Real Estate | $1.00B | $8.02B |
| 74 | SLG | SL Green Realty Corp. | Real Estate | $1.00B | $3.60B |
| 75 | CUZ | Cousins Properties Incorporated | Real Estate | $993.82M | $4.87B |
| 76 | MPT | Medical Properties Trust, Inc. | Real Estate | $972.02M | $1.08B |
| 77 | SDHC | Smith Douglas Homes Corp. | Real Estate | $971.12M | $498.35M |
| 78 | SHO | Sunstone Hotel Investors, Inc. | Real Estate | $960.13M | $2.33B |
| 79 | NNN | NNN REIT, Inc. | Real Estate | $926.21M | $7.98B |
| 80 | BXMT | Blackstone Mortgage Trust, Inc. | Real Estate | $920.29M | $1.85B |
| 81 | STAG | STAG Industrial, Inc. | Real Estate | $845.18M | $7.06B |
| 82 | KRG | Kite Realty Group Trust | Real Estate | $844.37M | $5.04B |
| 83 | HIW | Highwoods Properties, Inc. | Real Estate | $806.11M | $3.47B |
| 84 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | $774.63M | $5.51B |
| 85 | ESRT | Empire State Realty Trust, Inc. | Real Estate | $768.27M | $893.73M |
| 86 | CDP | COPT Defense Properties | Real Estate | $763.92M | $3.73B |
| 87 | MMI | Marcus & Millichap, Inc. | Real Estate | $755.16M | $1.05B |
| 88 | MFA | MFA Financial, Inc. | Real Estate | $745.06M | $627.52M |
| 89 | INN | Summit Hotel Properties, Inc. | Real Estate | $729.47M | $754.97M |
| 90 | FR | First Industrial Realty Trust, Inc. | Real Estate | $727.08M | $7.13B |
| 91 | PECO | Phillips Edison & Company, Inc. | Real Estate | $726.59M | $5.23B |
| 92 | EGP | EastGroup Properties, Inc. | Real Estate | $721.34M | $10.42B |
| 93 | ADC | Agree Realty Corporation | Real Estate | $718.40M | $9.09B |
| 94 | EPR | EPR Properties | Real Estate | $718.36M | $4.56B |
| 95 | IRT | Independence Realty Trust, Inc. | Real Estate | $657.70M | $3.54B |
| 96 | JAN | Janus Living, Inc. | Real Estate | $603.99M | $9.93B |
| 97 | ADAM | Adamas Trust, Inc. | Real Estate | $601.95M | $513.83M |
| 98 | MRP | Millrose Properties, Inc. | Real Estate | $600.46M | $4.30B |
| 99 | CBL | CBL & Associates Properties, Inc. | Real Estate | $578.37M | $1.46B |
| 100 | PDM | Piedmont Realty Trust, Inc. | Real Estate | $564.99M | $1.23B |
No companies match this search.
How this ranking is built
Companies are ranked by revenue 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
Why do real estate investors look beyond revenue and net income?
GAAP net income in real estate is heavily affected by depreciation on buildings, which reduces reported earnings even when the underlying properties are appreciating in value. For this reason the sector uses funds from operations and adjusted funds from operations, which add back non-cash depreciation and isolate recurring property cash flow. Revenue is the starting point, but the full story of a REIT's economics typically requires reading these supplemental metrics alongside the standard income statement.
How does lease structure affect real estate revenue behavior?
Lease length and escalation terms shape how revenue responds to market conditions. Long-duration triple-net leases provide contractual rent growth and insulate revenue from short-term swings. Shorter leases, common in apartments, self-storage, and hotels, allow faster pricing adjustments in either direction. A REIT's revenue trajectory therefore depends not just on occupancy and rent rolls but on the weighted-average lease term and the share of rents indexed to inflation or fixed escalators.
Does high revenue make a REIT safer than a smaller peer?
Scale can help through lower cost of capital, better access to debt markets, and diversification across tenants and geographies, but revenue alone does not describe balance sheet resilience. A large REIT with high leverage and concentrated tenant exposure can be more fragile than a smaller one with a conservative capital structure and a diversified rent roll. Leverage ratios, weighted-average debt maturity, and tenant concentration often tell the resilience story that revenue does not capture.