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U.S. Real Estate Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies279
  • 7D1.1%
  • 3M3.7%
  • 1Y10.0%
  • YTD7.0%

The Real Estate industry has gained 3.8% in the last week and Equinix up 3.5%. This takes the industry's 12 month performance to a gain of 14%. Earnings are forecast to grow by 8.9% annually.

Sector Valuation and Performance

Has the U.S. Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026US$1.6tUS$332.1bUS$34.9b28.1x47.1x5x
Fri, 20 Mar 2026US$1.6tUS$334.0bUS$35.2b27.4x44.1x4.7x
Sun, 15 Feb 2026US$1.6tUS$335.0bUS$34.6b30.6x46.6x4.8x
Tue, 13 Jan 2026US$1.5tUS$333.2bUS$32.5b29.2x46.9x4.6x
Thu, 11 Dec 2025US$1.5tUS$338.2bUS$32.8b29.1x46.3x4.5x
Sat, 08 Nov 2025US$1.5tUS$338.6bUS$33.0b28.6x45.9x4.5x
Mon, 06 Oct 2025US$1.6tUS$331.8bUS$31.0b28.6x50.3x4.7x
Wed, 03 Sep 2025US$1.5tUS$331.6bUS$30.9b29.3x50.1x4.7x
Fri, 01 Aug 2025US$1.5tUS$329.7bUS$30.2b29.3x50x4.6x
Sun, 29 Jun 2025US$1.4tUS$326.1bUS$29.7b29.6x48.5x4.4x
Tue, 27 May 2025US$1.5tUS$326.6bUS$29.8b27.4x49x4.5x
Thu, 24 Apr 2025US$1.5tUS$321.6bUS$28.6b30.1x50.9x4.5x
Sat, 22 Mar 2025US$1.5tUS$321.4bUS$29.0b31.5x52.6x4.7x
Mon, 17 Feb 2025US$1.6tUS$323.1bUS$28.0b32.4x56.4x4.9x
Wed, 15 Jan 2025US$1.5tUS$319.9bUS$27.4b30.6x54.5x4.7x
Fri, 13 Dec 2024US$1.6tUS$320.0bUS$27.4b33.7x58.6x5x
Sun, 10 Nov 2024US$1.6tUS$319.6bUS$27.3b34.9x59.9x5.1x
Tue, 08 Oct 2024US$1.6tUS$314.8bUS$26.7b33.2x60.7x5.1x
Thu, 05 Sep 2024US$1.6tUS$314.7bUS$27.1b34.1x58.9x5.1x
Sat, 03 Aug 2024US$1.5tUS$312.9bUS$27.0b33x56.9x4.9x
Mon, 01 Jul 2024US$1.4tUS$305.7bUS$27.1b31x51.5x4.6x
Wed, 29 May 2024US$1.4tUS$306.4bUS$27.6b30.3x49.5x4.5x
Fri, 26 Apr 2024US$1.3tUS$307.0bUS$28.1b29.3x47.3x4.3x
Sun, 24 Mar 2024US$1.4tUS$306.1bUS$28.0b30.6x49.9x4.6x
Tue, 20 Feb 2024US$1.4tUS$306.0bUS$27.8b30x50.3x4.6x
Thu, 18 Jan 2024US$1.5tUS$322.8bUS$26.7b30.4x54.7x4.5x
Sat, 16 Dec 2023US$1.5tUS$323.1bUS$26.5b30.9x56.7x4.7x
Mon, 13 Nov 2023US$1.3tUS$323.9bUS$26.5b27.8x49.2x4x
Wed, 11 Oct 2023US$1.3tUS$325.2bUS$31.5b26.5x41.3x4x
Fri, 08 Sep 2023US$1.4tUS$323.9bUS$31.7b29x44.1x4.3x
Sun, 06 Aug 2023US$1.4tUS$323.6bUS$32.4b29.4x43.5x4.4x
Tue, 04 Jul 2023US$1.5tUS$325.0bUS$34.4b24.8x43.2x4.6x
Thu, 01 Jun 2023US$1.3tUS$314.7bUS$35.5b23.2x36.8x4.2x
Sat, 29 Apr 2023US$1.4tUS$316.6bUS$35.9b23.9x37.8x4.3x
Price to Earnings Ratio

37.8x


Total Market Cap: US$1.4tTotal Earnings: US$35.9bTotal Revenue: US$316.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.9x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 49.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Real Estate industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

Which industries have driven the changes within the U.S. Real Estate sector?

US Market1.31%
Real Estate1.11%
Office REITs5.44%
Real Estate3.14%
Industrial REITs2.56%
REITS2.06%
Specialized REITs1.37%
Retail REITs0.78%
Residential REITs0.57%
Hotel and Resort REITs0.50%
Health Care REITs-1.65%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 339x.
    • Analysts are expecting annual earnings growth of 28.5%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Health Care REITs industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 15% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EQIX EquinixUS$1.09k3.5%
+US$3.6b		38.3%PB7.6x
PLD PrologisUS$141.922.6%
+US$3.3b		42.0%PB2.5x
DLR Digital Realty TrustUS$201.272.8%
+US$3.0b		35.2%PB3.2x
IRM Iron MountainUS$117.833.3%
+US$1.1b		41.9%PE242.4x
OPEN Opendoor TechnologiesUS$5.4520.8%
+US$900.8m		449.2%PS1.2x

Latest News

DLR
US$201.27
Digital Realty Trust
7D
2.8%
1Y
35.2%

Digital Realty: Winning By Losing AI Buildout

Apr 21
JLL
US$345.59
Jones Lang LaSalle
7D
5.5%
1Y
64.1%
CCI
US$84.92
Crown Castle
7D
-1.6%
1Y
-18.6%
PLD
US$141.92
Prologis
7D
2.6%
1Y
42.0%

Prologis: Solid Results And Outlook, But No Bargain

Apr 20
JAN
US$24.72
Janus Living
7D
-4.0%
1Y
n/a

Janus Living: Valuation Seems To Have Priced In Near-Term Upsides

Apr 20
SBAC
US$213.10
SBA Communications
7D
-2.3%
1Y
-7.9%

SBAC: Takeover Interest And Churn Reset Will Shape Post 2026 Cash Flows

The analyst price target for SBA Communications has been revised from $222.80 to $228.70, as analysts factor in slightly lower discount rates and modestly higher projected profit margins reflected in recent target adjustments across several research firms. Analyst Commentary Recent research updates on SBA Communications reflect a mix of enthusiasm about the company’s assets and growth options, alongside concerns about customer churn, financing costs, and execution against guidance.
IRM
US$117.83
Iron Mountain
7D
3.3%
1Y
41.9%

IRM: Fine Tuning Discount Rate And P/E Will Shape Forward Compounding Potential

Analysts made a marginal adjustment to Iron Mountain's fair value estimate, trimming it by about $0.09 to reflect a slightly lower discount rate and a modestly revised future P/E assumption, following the recent $1 increase in the Street's price target to $127. Analyst Commentary Bullish analysts are treating the recent $1 lift in the Street price target to $127 as a modest but supportive signal for Iron Mountain, with the internal fair value adjustment of about $0.09 largely viewed as a technical clean up rather than a change in fundamental conviction.
OPEN
US$5.45
Opendoor Technologies
7D
20.8%
1Y
449.2%

OPEN: Reset Will Still Face Profitability Test As Execution Remains Unproven

Analysts have raised their blended price target for Opendoor Technologies by about $3, reflecting updated models that incorporate slightly higher long term revenue growth and profit margin assumptions. This follows recent research indicating improving acquisition activity and more favorable margin commentary, while still emphasizing that it is too early to fully assess execution.
CBRE
US$149.85
CBRE Group
7D
1.9%
1Y
26.8%

CBRE: Data Assets And AI Resilience Will Support Future Upside

The analyst price target for CBRE Group has shifted modestly, with recent changes of a few dollars reflecting mixed updates from firms. These firms cite swings in commercial real estate sentiment, reassessments of AI related risks, and differing views on how the company's data assets and industry position may support its role in complex brokerage and advisory work.
EQIX
US$1,094.34
Equinix
7D
3.5%
1Y
38.3%
BEKE
US$16.14
KE Holdings
7D
-2.2%
1Y
-20.3%

BEKE: Positive Catalyst Watch And Buybacks Will Drive Future Upside Potential

Analysts have trimmed their fair value estimate for KE Holdings by about $0.51, reflecting a slightly higher discount rate and updated views on growth, margins and future P/E, following recent price target adjustments and mixed research calls from major firms. Analyst Commentary Recent Street research on KE Holdings sends a mixed signal, with some firms flagging a short term positive setup and others pulling back on their stance or trimming price targets.
WELL
US$206.39
Welltower
7D
-2.2%
1Y
40.2%

WELL: Data Partnership And Higher Margins Will Support Future Upside Potential

Analysts now see Welltower's fair value at $260.00, compared with $251.51 previously. This reflects their updated views on growth, margins, discount rate and future P/E assumptions.
PSA
US$308.33
Public Storage
7D
1.4%
1Y
3.9%
AMT
US$174.76
American Tower
7D
-0.9%
1Y
-20.9%
CTRE
US$38.36
CareTrust REIT
7D
-2.5%
1Y
34.5%

CTRE: Future Returns Will Reflect Accretive Acquisitions Supported By Aging Demographic Demand

Analysts have slightly trimmed the CareTrust REIT fair value estimate to about $43.75, while still citing supportive views on capital deployment, acquisition-driven growth and aging demographic demand, as reflected in a series of recent price target increases across the Street. Analyst Commentary Recent Street research around CareTrust REIT has clustered around higher price targets and generally supportive commentary on the business model, with a few valuation and execution watchpoints that readers should keep in mind.
VTR
US$82.11
Ventas
7D
-3.8%
1Y
20.2%

VTR: Higher Dividend And Earnings Outlook Will Support Bullish Future P/E

Analysts have adjusted their fair value estimate for Ventas slightly higher to $92.95 from $92.50. This reflects updated views on the discount rate, revenue growth, profit margin, and expected future P/E levels.