Sector analysis · US
Real Estate: which companies drove growth
The 20 largest Real Estate companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q3 2024.
The top 20 at Q3 2025
Q3 2025 vs Q3 2024: combined net profit $6.6B (+33%), median EPS +19% (15 of 20 up), market-cap-weighted price −5%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Welltower Inc. | 12.5% | 0.73 → 0.40 | −45% | −2.7 pp | +38% |
| 2 | Prologis, Inc. | 10.9% | 1.08 → 0.82 | −24% | −3.9 pp | −8% |
| 3 | American Tower Corporation | 9.2% | −1.69 → 1.82 | turned profitable | +26.4 pp | −17% |
| 4 | Equinix, Inc. | 7.8% | 3.10 → 3.81 | +23% | +1.2 pp | −13% |
| 5 | Simon Property Group, Inc. | 6.2% | 1.46 → 1.82 | +25% | +1.9 pp | +11% |
| 6 | Digital Realty Trust, Inc. | 6.0% | 0.09 → 0.15 | +62% | +0.3 pp | +6% |
| 7 | Realty Income Corporation | 5.6% | 0.30 → 0.35 | +17% | +0.7 pp | −6% |
| 8 | Public Storage | 5.2% | 2.16 → 2.62 | +21% | +1.3 pp | −21% |
| 9 | CBRE Group, Inc. | 4.8% | 0.73 → 1.21 | +66% | +2.2 pp | +26% |
| 10 | Crown Castle Inc. | 4.3% | 0.70 → 0.74 | +6% | +0.3 pp | −19% |
| 11 | CoStar Group, Inc. | 3.6% | 0.13 → −0.07 | to loss | −1.3 pp | +11% |
| 12 | VICI Properties Inc. | 3.5% | 0.70 → 0.71 | +1% | +0.5 pp | −3% |
| 13 | Ventas, Inc. | 3.4% | 0.05 → 0.14 | +205% | +0.8 pp | +10% |
| 14 | Iron Mountain Incorporated | 3.1% | −0.11 → 0.28 | turned profitable | +1.9 pp | −14% |
| 15 | Extra Space Storage Inc. | 3.0% | 0.91 → 0.78 | −14% | −0.4 pp | −19% |
| 16 | AvalonBay Communities, Inc. | 2.8% | 2.61 → 2.68 | +3% | +0.1 pp | −16% |
| 17 | Vivmark Residential | 2.5% | 0.38 → 0.74 | +95% | +2.3 pp | −13% |
| 18 | SBA Communications Corporation | 2.1% | 2.40 → 2.21 | −8% | −0.3 pp | −21% |
| 19 | Invitation Homes Inc. | 1.8% | 0.15 → 0.22 | +47% | +0.7 pp | −17% |
| 20 | Weyerhaeuser Company | 1.8% | 0.04 → 0.11 | +186% | +0.8 pp | −27% |
| Sector earnings growth | 100% | +32.8 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 2025, as market caps moved.
Joined the top 20 since Q2 2025
Left the top 20 since Q2 2025
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | turned profitable | turned profitable | +324% | +110% | +204% | +27% | +82% | +7% | −45% | −26% | +155% | −27% |
| 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% |
| SPG | +12% | +13% | +63% | +2% | −21% | −11% | −44% | +13% | +25% | +358% | +17% | −12% |
| 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% |
| PSA | −79% | +8% | −2% | −11% | −32% | +45% | −22% | −34% | +21% | −19% | +33% | +45% |
| 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 |
| 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% |
| VTR | outside | outside | outside | −82% | turned profitable | turned profitable | turned profitable | +218% | +205% | +15% | 0% | −7% |
| IRM | −53% | −77% | +14% | +29,900% | to loss | +263% | −78% | to loss | turned profitable | −14% | +786% | turned profitable |
| 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% |
| 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% |
| WY | −21% | +1,913% | −24% | −23% | −88% | −63% | −31% | −50% | +186% | −9% | +100% | +92% |