Sector · Real Estate Investment Trusts

What REITs are worth

27 listed REITs, compared on the measures that survive a look at the balance sheet. Every figure is built from filed accounts.

01

Where the sector trades

EBITDA multiples are not shown for this sector — see the note below on why they can be absent. Median operating margin is 47.1%.

Median valuation measures for Real estate investment trusts
MeasureSector medianCompanies measured
Net debt / EBITDA4.8×21 of 27
Return on capital7.3%21 of 27
Operating margin47.1%21 of 27
Free cash flow margin56.6%15 of 27
02

All REITs we cover

27 REITs compared on valuation measures
CompanyEV / EBITDAEV / SalesOperating marginFree cash flow marginReturn on capital
AMTAMERICAN TOWER CORP /MA/——517.8%404.3%11.9%
AREALEXANDRIA REAL ESTATE EQUITIES, INC.—————
BXPBXP, Inc.——34.9%—10.7%
CCICROWN CASTLE INC.——965.1%1337.2%13.9%
CPTCAMDEN PROPERTY TRUST—————
DLRDIGITAL REALTY TRUST, INC.——10.8%—2.5%
DOCHEALTHPEAK PROPERTIES, INC.———59.1%—
EQIXEQUINIX INC——20.0%−4.3%5.2%
ESSESSEX PROPERTY TRUST, INC.——9586.6%—7.7%
EXRExtra Space Storage Inc.——1091.1%995.1%8.8%
FRTFEDERAL REALTY INVESTMENT TRUST——47.1%—7.3%
HSTHOST HOTELS & RESORTS, INC.——14.0%20.2%7.5%
IRMIRON MOUNTAIN INC——16.9%−13.5%7.2%
KIMKIMCO REALTY CORP——36.0%51.5%4.3%
MAAMID AMERICA APARTMENT COMMUNITIES INC.——26.2%—2.4%
OREALTY INCOME CORP—————
PLDPrologis, Inc.——49.6%—4.9%
PSAPublic Storage——53.3%—7.3%
REGREGENCY CENTERS CORP——72.3%—9.4%
SBACSBA COMMUNICATIONS CORP——549.2%436.2%11.5%
SPGSIMON PROPERTY GROUP INC.——49.9%50.3%9.6%
UDRUDR, Inc.——4872.9%7904.6%6.2%
VICIVICI PROPERTIES INC.——26.2%71.9%0.7%
VMRKVIVMARK RESIDENTIAL——43.0%56.6%6.2%
VTRVentas, Inc.———−22.0%—
WELLWELLTOWER INC.—————
WYWEYERHAEUSER CO——10.6%2.8%4.8%

* EV/EBITDA and EV/Sales move with share prices; these are a snapshot taken 2026-09-09. Margins and return on capital come from filed accounts and hold until the next reporting season. A dash means the measure could not be computed — most often because EBITDA was negative, or because enterprise value is not a meaningful concept for the company. Each company page says which.

03

Head to head

45 pairs from this sector compared side by side, with the sector median beside them.

EQIX vs PLDAMT vs PLDPLD vs SPGDLR vs PLDAMT vs EQIXEQIX vs SPGDLR vs EQIXAMT vs SPGAMT vs DLRDLR vs SPGPSA vs SPGDLR vs PSADLR vs IRMIRM vs PSACCI vs PSACCI vs IRMEXR vs IRMCCI vs EXRCCI vs VICIEXR vs VICIEXR vs VMRKVICI vs VMRKSBAC vs VICISBAC vs VMRKESS vs VMRKESS vs SBACSBAC vs WYESS vs WYESS vs KIMKIM vs WYHST vs WYHST vs KIMKIM vs MAAHST vs MAAHST vs REGMAA vs REGMAA vs UDRREG vs UDRBXP vs REGBXP vs UDR

All 45 comparisons →

04

How to read these

EV/EBITDA compares the whole cost of the business — equity plus debt, less cash — to its operating cash earnings. It is the multiple an acquirer thinks in, and unlike a P/E it is not distorted by how much debt a company carries.

Operating and free cash flow margins need no share price at all, so they are the fairest way to compare companies within a sector on the same day. A wide gap between the two usually means heavy capital spending.

Return on capital is operating income over debt plus equity. It says how much the business earns on the money tied up in it, which is a different question from whether the shares are cheap.

None of these is a recommendation, and a low multiple is not the same thing as a bargain — see the disclaimer. The company pages show the arithmetic and link to the filing behind every term.