Sector analysis · US
Real Estate: which companies drove growth
The 20 largest Real Estate companies by market cap at the end of Q4 2023 (31 Dec 2023), compared with Q4 2022.
The top 20 at Q4 2023
Q4 2023 vs Q4 2022: combined net profit $5.3B (+35%), median EPS +8% (13 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Prologis, Inc. | 14.0% | 0.63 → 0.68 | +8% | +0.9 pp | +18% |
| 2 | American Tower Corporation | 11.5% | −1.54 → 0.18 | turned profitable | +15.6 pp | +2% |
| 3 | Equinix, Inc. | 8.6% | 1.39 → 2.40 | +73% | +2.0 pp | +23% |
| 4 | Public Storage | 6.1% | 2.06 → 2.22 | +8% | +0.5 pp | +9% |
| 5 | Crown Castle Inc. | 5.7% | 0.95 → 0.83 | −13% | −1.0 pp | −15% |
| 6 | Welltower Inc. | 5.6% | −0.01 → 0.15 | turned profitable | +1.8 pp | +37% |
| 7 | Simon Property Group, Inc. | 5.3% | 2.04 → 2.30 | +13% | +1.5 pp | +21% |
| 8 | Realty Income Corporation | 4.7% | 0.36 → 0.30 | −17% | −0.2 pp | −9% |
| 9 | Digital Realty Trust, Inc. | 4.7% | −0.02 → 0.06 | turned profitable | +0.5 pp | +40% |
| 10 | CoStar Group, Inc. | 4.0% | 0.31 → 0.24 | −23% | −0.6 pp | +13% |
| 11 | Extra Space Storage Inc. | 3.9% | 1.51 → 0.98 | −35% | +0.2 pp | +12% |
| 12 | VICI Properties Inc. | 3.8% | 0.63 → 0.72 | +14% | +2.9 pp | −1% |
| 13 | CBRE Group, Inc. | 3.2% | 0.25 → 1.55 | +520% | +8.0 pp | +21% |
| 14 | SBA Communications Corporation | 3.1% | 0.95 → 1.01 | +6% | +0.1 pp | −9% |
| 15 | AvalonBay Communities, Inc. | 3.0% | 1.72 → 1.70 | −1% | 0.0 pp | +16% |
| 16 | Weyerhaeuser Company | 2.9% | 0.01 → 0.30 | +1,913% | +4.2 pp | +14% |
| 17 | Vivmark Residential | 2.6% | 0.42 → 0.80 | +90% | +3.1 pp | +1% |
| 18 | Alexandria Real Estate Equities, Inc. | 2.5% | 0.47 → −0.54 | to loss | −2.9 pp | −13% |
| 19 | Invitation Homes Inc. | 2.4% | 0.16 → 0.21 | +31% | +0.6 pp | +15% |
| 20 | Iron Mountain Incorporated | 2.3% | 0.42 → 0.10 | −77% | −1.9 pp | +40% |
| Sector earnings growth | 100% | +35.4 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 2023, as market caps moved.
Joined the top 20 since Q3 2023
Left the top 20 since Q3 2023
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% |
| CCI | −37% | −13% | −26% | −45% | +15% | to loss | to loss | +16% | +6% | turned profitable | turned profitable | sources disagree |
| WELL | turned profitable | turned profitable | +324% | +110% | +204% | +27% | +82% | +7% | −45% | −26% | +155% | −27% |
| SPG | +12% | +13% | +63% | +2% | −21% | −11% | −44% | +13% | +25% | +358% | +17% | −12% |
| O | −8% | −17% | −53% | 0% | −9% | −23% | +75% | −24% | +17% | +39% | +18% | +68% |
| DLR | +211% | turned profitable | +310% | −43% | −96% | +760% | −67% | +1,370% | +62% | −51% | +70% | −59% |
| CSGP | +22% | −23% | −92% | −81% | −41% | −38% | to loss | −69% | to loss | −27% | turned profitable | outside |
| EXR | −38% | −35% | −31% | −41% | −5% | +27% | +27% | +34% | −14% | +5% | −11% | +6% |
| VICI | +62% | +14% | +10% | +3% | +27% | −19% | −11% | +15% | +1% | −2% | +61% | −41% |
| CBRE | −56% | +520% | +11% | −34% | +20% | +2% | +32% | +69% | +66% | −12% | +98% | −3% |
| SBAC | −12% | +6% | +53% | −19% | +200% | +59% | +44% | +38% | −8% | +116% | −15% | −11% |
| AVB | −66% | −1% | +16% | −31% | +116% | +16% | +36% | +6% | +3% | −41% | +39% | −41% |
| 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% |
| ARE | −94% | to loss | +411% | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| 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 |