Sector analysis · US
Real Estate: which companies drove growth
The 20 largest Real Estate companies by market cap at the end of Q4 2024 (31 Dec 2024), compared with Q4 2023.
The top 20 at Q4 2024
Q4 2024 vs Q4 2023: combined net profit $2.2B (−58%), median EPS +22% (12 of 19 up), market-cap-weighted price +1%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Prologis, Inc. | 10.5% | 0.68 → 1.37 | +101% | +12.1 pp | −21% |
| 2 | Equinix, Inc. | 9.9% | 2.40 → −0.14 | to loss | −4.5 pp | +18% |
| 3 | American Tower Corporation | 9.2% | 0.18 → 2.62 | +1,356% | +21.3 pp | −15% |
| 4 | Welltower Inc. | 8.7% | 0.15 → 0.19 | +27% | +0.7 pp | +43% |
| 5 | Digital Realty Trust, Inc. | 6.4% | 0.06 → 0.51 | +760% | +3.0 pp | +30% |
| 6 | Simon Property Group, Inc. | 6.0% | 2.30 → 2.04 | −11% | −1.5 pp | +21% |
| 7 | Public Storage | 5.6% | 2.22 → 3.21 | +45% | +3.3 pp | −2% |
| 8 | Realty Income Corporation | 5.1% | 0.30 → 0.23 | −23% | −0.4 pp | −5% |
| 9 | CBRE Group, Inc. | 4.3% | 1.55 → 1.58 | +2% | +0.2 pp | +42% |
| 10 | Crown Castle Inc. | 4.2% | 0.83 → −10.96 | to loss | −95.7 pp | −21% |
| 11 | Extra Space Storage Inc. | 3.4% | 0.98 → 1.24 | +27% | +0.9 pp | −3% |
| 12 | AvalonBay Communities, Inc. | 3.4% | 1.70 → 1.98 | +16% | +0.7 pp | +17% |
| 13 | Iron Mountain Incorporated | 3.3% | 0.10 → 0.35 | +263% | +1.4 pp | +51% |
| 14 | VICI Properties Inc. | 3.3% | 0.72 → 0.58 | −19% | −2.5 pp | −8% |
| 15 | CoStar Group, Inc. | 3.2% | 0.24 → 0.15 | −38% | −0.7 pp | −17% |
| 16 | AGNC Investment Corp. | 3.0% | — → 0.10 | sources disagree | — | — |
| 17 | Vivmark Residential | 2.9% | 0.80 → 1.10 | +38% | +2.0 pp | +17% |
| 18 | Ventas, Inc. | 2.8% | −0.22 → 0.13 | turned profitable | +2.8 pp | +23% |
| 19 | SBA Communications Corporation | 2.4% | 1.01 → 1.61 | +59% | +1.2 pp | −20% |
| 20 | Weyerhaeuser Company | 2.2% | 0.30 → 0.11 | −63% | −2.6 pp | −19% |
| Sector earnings growth | 100% | −58.2 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 2024, as market caps moved.
Joined the top 20 since Q3 2024
Left the top 20 since Q3 2024
- Invitation Homes Inc.
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% |
| EQIX | +27% | +73% | −12% | +43% | +6% | to loss | +44% | +19% | +23% | turned profitable | +20% | +29% |
| AMT | −30% | turned profitable | +172% | +88% | to loss | +1,356% | −47% | −59% | turned profitable | −33% | +77% | +138% |
| WELL | turned profitable | turned profitable | +324% | +110% | +204% | +27% | +82% | +7% | −45% | −26% | +155% | −27% |
| DLR | +211% | turned profitable | +310% | −43% | −96% | +760% | −67% | +1,370% | +62% | −51% | +70% | −59% |
| 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% |
| O | −8% | −17% | −53% | 0% | −9% | −23% | +75% | −24% | +17% | +39% | +18% | +68% |
| CBRE | −56% | +520% | +11% | −34% | +20% | +2% | +32% | +69% | +66% | −12% | +98% | −3% |
| CCI | −37% | −13% | −26% | −45% | +15% | to loss | to loss | +16% | +6% | turned profitable | turned profitable | sources disagree |
| EXR | −38% | −35% | −31% | −41% | −5% | +27% | +27% | +34% | −14% | +5% | −11% | +6% |
| AVB | −66% | −1% | +16% | −31% | +116% | +16% | +36% | +6% | +3% | −41% | +39% | −41% |
| IRM | −53% | −77% | +14% | +29,900% | to loss | +263% | −78% | to loss | turned profitable | −14% | +786% | turned profitable |
| VICI | +62% | +14% | +10% | +3% | +27% | −19% | −11% | +15% | +1% | −2% | +61% | −41% |
| CSGP | +22% | −23% | −92% | −81% | −41% | −38% | to loss | −69% | to loss | −27% | turned profitable | outside |
| AGNC | outside | outside | outside | outside | outside | sources disagree | outside | outside | outside | outside | outside | outside |
| VMRK | −46% | +90% | +38% | +22% | −16% | +38% | −13% | +11% | +95% | −9% | −64% | −40% |
| VTR | outside | outside | outside | −82% | turned profitable | turned profitable | turned profitable | +218% | +205% | +15% | 0% | −7% |
| SBAC | −12% | +6% | +53% | −19% | +200% | +59% | +44% | +38% | −8% | +116% | −15% | −11% |
| WY | −21% | +1,913% | −24% | −23% | −88% | −63% | −31% | −50% | +186% | −9% | +100% | +92% |