Sector analysis · US
Real Estate: which companies drove growth
The 20 largest Real Estate companies by market cap at the end of Q1 2024 (31 Mar 2024), compared with Q1 2023.
The top 20 at Q1 2024
Q1 2024 vs Q1 2023: combined net profit $5.9B (+29%), median EPS +14% (13 of 20 up), market-cap-weighted price +6%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Prologis, Inc. | 13.7% | 0.49 → 0.63 | +29% | +2.7 pp | +4% |
| 2 | American Tower Corporation | 10.5% | 0.72 → 1.96 | +172% | +12.8 pp | −3% |
| 3 | Equinix, Inc. | 8.9% | 2.77 → 2.43 | −12% | −0.6 pp | +14% |
| 4 | Welltower Inc. | 6.1% | 0.05 → 0.22 | +324% | +2.2 pp | +28% |
| 5 | Simon Property Group, Inc. | 5.8% | 1.38 → 2.25 | +63% | +6.1 pp | +40% |
| 6 | Public Storage | 5.8% | 2.65 → 2.60 | −2% | −0.2 pp | −4% |
| 7 | Crown Castle Inc. | 5.2% | 0.96 → 0.71 | −26% | −2.3 pp | −21% |
| 8 | Realty Income Corporation | 5.1% | 0.34 → 0.16 | −53% | −2.0 pp | −16% |
| 9 | Digital Realty Trust, Inc. | 5.1% | 0.20 → 0.82 | +310% | +4.7 pp | +46% |
| 10 | CoStar Group, Inc. | 4.4% | 0.21 → 0.02 | −92% | −1.8 pp | +40% |
| 11 | Extra Space Storage Inc. | 3.5% | 1.46 → 1.01 | −31% | +0.4 pp | −8% |
| 12 | VICI Properties Inc. | 3.5% | 0.52 → 0.57 | +10% | +1.6 pp | −9% |
| 13 | CBRE Group, Inc. | 3.4% | 0.37 → 0.41 | +11% | +0.2 pp | +34% |
| 14 | AvalonBay Communities, Inc. | 3.0% | 1.05 → 1.22 | +16% | +0.6 pp | +9% |
| 15 | Weyerhaeuser Company | 3.0% | 0.21 → 0.16 | −24% | −0.8 pp | +19% |
| 16 | Vivmark Residential | 2.7% | 0.56 → 0.77 | +38% | +1.8 pp | +2% |
| 17 | SBA Communications Corporation | 2.7% | 0.93 → 1.42 | +53% | +1.2 pp | −17% |
| 18 | Iron Mountain Incorporated | 2.7% | 0.22 → 0.25 | +14% | +0.2 pp | +51% |
| 19 | Alexandria Real Estate Equities, Inc. | 2.5% | 0.19 → 0.97 | +411% | +2.0 pp | +3% |
| 20 | Invitation Homes Inc. | 2.5% | 0.20 → 0.23 | +15% | +0.5 pp | +14% |
| Sector earnings growth | 100% | +29.1 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q4 2023, as market caps moved.
Joined the top 20 since Q4 2023
Left the top 20 since Q4 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% |
| 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% |
| 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 |
| 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% |
| 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% |
| SBAC | −12% | +6% | +53% | −19% | +200% | +59% | +44% | +38% | −8% | +116% | −15% | −11% |
| 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 |
| INVH | +62% | +31% | +15% | −45% | −29% | outside | +17% | +92% | +47% | outside | outside | +61% |