Sector analysis · US
Real Estate: which companies drove growth
The 20 largest Real Estate companies by market cap at the end of Q3 2023 (30 Sep 2023), compared with Q3 2022.
The top 20 at Q3 2023
Q3 2023 vs Q3 2022: combined net profit $6.1B (−33%), median EPS −30% (7 of 20 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Prologis, Inc. | 14.4% | 1.33 → 0.77 | −42% | −2.9 pp | −11% |
| 2 | American Tower Corporation | 10.4% | 1.80 → 1.26 | −30% | −2.8 pp | −23% |
| 3 | Equinix, Inc. | 9.2% | 2.30 → 2.93 | +27% | +0.7 pp | +26% |
| 4 | Public Storage | 6.3% | 15.38 → 3.20 | −79% | −23.5 pp | −10% |
| 5 | Welltower Inc. | 5.8% | −0.01 → 0.24 | turned profitable | +1.5 pp | +21% |
| 6 | Crown Castle Inc. | 5.4% | 0.97 → 0.61 | −37% | −1.7 pp | −36% |
| 7 | Digital Realty Trust, Inc. | 4.9% | 0.75 → 2.33 | +211% | +5.4 pp | +21% |
| 8 | Realty Income Corporation | 4.8% | 0.36 → 0.33 | −8% | +0.2 pp | −16% |
| 9 | Simon Property Group, Inc. | 4.8% | 1.65 → 1.85 | +12% | +0.6 pp | +20% |
| 10 | CoStar Group, Inc. | 4.2% | 0.18 → 0.22 | +22% | +0.2 pp | +8% |
| 11 | VICI Properties Inc. | 4.0% | 0.34 → 0.55 | +62% | +2.5 pp | −2% |
| 12 | AvalonBay Communities, Inc. | 3.3% | 3.53 → 1.21 | −66% | −3.5 pp | −7% |
| 13 | Extra Space Storage Inc. | 3.2% | 1.56 → 0.96 | −38% | −0.3 pp | −26% |
| 14 | CBRE Group, Inc. | 3.1% | 1.38 → 0.61 | −56% | −2.8 pp | +11% |
| 15 | Weyerhaeuser Company | 3.0% | 0.42 → 0.33 | −21% | −0.8 pp | +8% |
| 16 | Vivmark Residential | 3.0% | 0.83 → 0.45 | −46% | −1.6 pp | −10% |
| 17 | SBA Communications Corporation | 3.0% | 0.91 → 0.80 | −12% | −0.1 pp | −29% |
| 18 | Invitation Homes Inc. | 2.6% | 0.13 → 0.21 | +62% | +0.6 pp | −6% |
| 19 | Iron Mountain Incorporated | 2.3% | 0.66 → 0.31 | −53% | −1.1 pp | +35% |
| 20 | Alexandria Real Estate Equities, Inc. | 2.3% | 2.13 → 0.13 | −94% | −3.5 pp | −30% |
| Sector earnings growth | 100% | −33.1 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PLD | −42% | +8% | +29% | −28% | +40% | +101% | 0% | −33% | −24% | +9% | +67% | +88% |
| AMT | −30% | turned profitable | +172% | +88% | to loss | +1,356% | −47% | −59% | turned profitable | −33% | +77% | +138% |
| EQIX | +27% | +73% | −12% | +43% | +6% | to loss | +44% | +19% | +23% | turned profitable | +20% | +29% |
| PSA | −79% | +8% | −2% | −11% | −32% | +45% | −22% | −34% | +21% | −19% | +33% | +45% |
| WELL | turned profitable | turned profitable | +324% | +110% | +204% | +27% | +82% | +7% | −45% | −26% | +155% | −27% |
| CCI | −37% | −13% | −26% | −45% | +15% | to loss | to loss | +16% | +6% | turned profitable | turned profitable | sources disagree |
| DLR | +211% | turned profitable | +310% | −43% | −96% | +760% | −67% | +1,370% | +62% | −51% | +70% | −59% |
| O | −8% | −17% | −53% | 0% | −9% | −23% | +75% | −24% | +17% | +39% | +18% | +68% |
| SPG | +12% | +13% | +63% | +2% | −21% | −11% | −44% | +13% | +25% | +358% | +17% | −12% |
| CSGP | +22% | −23% | −92% | −81% | −41% | −38% | to loss | −69% | to loss | −27% | turned profitable | outside |
| VICI | +62% | +14% | +10% | +3% | +27% | −19% | −11% | +15% | +1% | −2% | +61% | −41% |
| AVB | −66% | −1% | +16% | −31% | +116% | +16% | +36% | +6% | +3% | −41% | +39% | −41% |
| EXR | −38% | −35% | −31% | −41% | −5% | +27% | +27% | +34% | −14% | +5% | −11% | +6% |
| CBRE | −56% | +520% | +11% | −34% | +20% | +2% | +32% | +69% | +66% | −12% | +98% | −3% |
| WY | −21% | +1,913% | −24% | −23% | −88% | −63% | −31% | −50% | +186% | −9% | +100% | +92% |
| VMRK | −46% | +90% | +38% | +22% | −16% | +38% | −13% | +11% | +95% | −9% | −64% | −40% |
| SBAC | −12% | +6% | +53% | −19% | +200% | +59% | +44% | +38% | −8% | +116% | −15% | −11% |
| INVH | +62% | +31% | +15% | −45% | −29% | outside | +17% | +92% | +47% | outside | outside | +61% |
| IRM | −53% | −77% | +14% | +29,900% | to loss | +263% | −78% | to loss | turned profitable | −14% | +786% | turned profitable |
| ARE | −94% | to loss | +411% | outside | outside | outside | outside | outside | outside | outside | outside | outside |