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Sector analysis · US

Real Estate: which companies drove growth

The 20 largest Real Estate companies by market cap at the end of Q2 2025 (30 Jun 2025), compared with Q1 2025.

The top 20 at Q2 2025

Q2 2025 vs Q1 2025: combined net profit $6.3B (+36%), median EPS +5% (12 of 20 up), market-cap-weighted price 0%. 20 of 20 reported.

Quarter
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Compared with
YoYQoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#CompanyWeightEPS $, base → nowEPS growthContributionPrice
1American Tower CorporationAMT10.7%1.04 → 0.78−25% −2.3 pp+2%
2Welltower Inc.WELL10.7%0.40 → 0.45+13% +0.8 pp+1%
3Prologis, Inc.PLD10.1%0.63 → 0.60−5% −0.4 pp−6%
4Equinix, Inc.EQIX8.1%3.50 → 3.75+7% +0.5 pp−2%
5Digital Realty Trust, Inc.DLR6.2%0.27 → 2.94+989% +17.2 pp+23%
6Realty Income CorporationO5.5%0.28 → 0.22−21% −1.0 pp−1%
7Simon Property Group, Inc.SPG5.5%1.27 → 1.70+34% +2.7 pp−3%
8Public StoragePSA5.3%2.04 → 1.76−14% −0.9 pp−2%
9Crown Castle Inc.CCI4.6%−1.06 → 0.67turned profitable +14.1 pp−2%
10CBRE Group, Inc.CBRE4.3%0.54 → 0.71+31% +1.0 pp+4%
11VICI Properties Inc.VICI3.6%0.51 → 0.82+61% +6.0 pp+1%
12CoStar Group, Inc.CSGP3.5%−0.04 → 0.01turned profitable +0.4 pp−2%
13Extra Space Storage Inc.EXR3.2%1.28 → 1.18−8% −0.4 pp−1%
14Iron Mountain IncorporatedIRM3.1%0.05 → −0.15to loss −1.1 pp+20%
15AvalonBay Communities, Inc.AVB3.0%1.66 → 1.88+13% +0.6 pp−6%
16Ventas, Inc.VTR3.0%0.11 → 0.15+36% +0.4 pp−10%
17Vivmark ResidentialVMRK · since delisted2.7%0.67 → 0.50−25% −1.2 pp−6%
18SBA Communications CorporationSBAC2.6%2.04 → 2.09+2% +0.1 pp+7%
19Invitation Homes Inc.INVH2.1%0.27 → 0.23−15% −0.5 pp−6%
20Weyerhaeuser CompanyWY1.9%0.11 → 0.12+9% +0.1 pp−12%
Sector earnings growth100%+36.1 pp

Who joined and who left

0 joined and 0 left the top 20 since Q1 2025, as market caps moved.

Joined the top 20 since Q1 2025 0

Nobody joined.

Left the top 20 since Q1 2025 0

Nobody left.

EPS growth by company, Q3 2023 to Q2 2026

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.
  • turned profitableto loss crossed zero, so there is no growth rate to print
  • loss, smallerloss, bigger a loss in both quarters
  • sources disagree our two sources disagree, so the figure is left out of the sector totals
  • outside not in the sector's top 20 that quarter
EPS growth of each company in the sector's top 20, by quarter
CompanyQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
AMT+24%−86%+989%−2%to lossturned profitable−60%−25%+133%−4%+5%+1%
WELL+20%−38%+47%+91%+74%−74%+111%+13%−11%−65%+629%−68%
PLD−38%−12%−7%+43%+20%+27%−54%−5%+37%+82%−30%+8%
EQIX+33%−18%+1%+30%−2%to lossturned profitable+7%+2%−29%+56%+15%
DLR+566%−97%+1,283%−76%−54%+451%−47%+989%−95%+67%+84%+163%
O+14%−9%−47%+81%+3%−23%+22%−21%+59%−9%+3%+12%
SPG+25%+24%−2%−33%−3%+40%−38%+34%+7%+414%−84%+1%
PSA+7%−31%+17%+2%−19%+49%−37%−14%+49%−1%+4%−6%
CCI−42%+36%−14%−18%+21%to lossloss, smallerturned profitable+10%−9%−49%sources disagree
CBRE−5%+154%−74%+2%+74%+116%−66%+31%+70%+15%−23%−36%
VICI−20%+31%−21%+25%−1%−17%−12%+61%−13%−20%+44%−41%
CSGP−12%+9%−93%+187%+176%+15%to lossturned profitableto lossturned profitable−93%outside
EXR−36%+2%+3%−13%+3%+36%+3%−8%−34%+67%−12%+10%
IRM+77,400%−69%+159%−52%to lossturned profitable−85%to lossturned profitable+7%+60%−29%
AVB−53%+40%−28%+46%+47%−24%−16%+13%+43%−56%+97%−52%
VTRoutsideoutsideoutsideturned profitable−3%+183%−15%+36%−7%+7%−27%+27%
VMRK+22%+78%−4%−42%−16%+189%−39%−25%+48%+35%−76%+25%
SBAC−57%+26%+41%+6%+59%−33%+27%+2%+6%+57%−50%+7%
INVH−5%0%+10%−48%+25%outside+17%−15%−4%outsideoutside+42%
WY+6%−9%−47%+50%−84%+186%0%+9%−8%−9%+120%+5%