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U.S. REITS Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies23
  • 7D-2.5%
  • 3M-3.5%
  • 1Y-1.3%
  • YTD-6.3%

Over the last 7 days, the REITS industry has dropped 2.5%, driven by declines in Essential Properties Realty Trust and W. P. Carey of 3.3% and 1.2%, respectively. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

Has the U.S. REITS Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025US$38.6bUS$7.5b-US$252,955,402.0032.1x-152.5x5.1x
Fri, 21 Nov 2025US$33.0bUS$6.0bUS$427.0m27.1x77.2x5.5x
Sun, 19 Oct 2025US$33.8bUS$6.1bUS$423.7m31x79.8x5.6x
Tue, 16 Sep 2025US$34.7bUS$6.1bUS$455.0m33.6x76.4x5.7x
Thu, 14 Aug 2025US$33.8bUS$6.3bUS$456.3m27x74x5.4x
Sat, 12 Jul 2025US$33.3bUS$6.3bUS$598.5m27.2x55.7x5.3x
Mon, 09 Jun 2025US$34.0bUS$6.3bUS$598.1m27.6x56.8x5.4x
Wed, 07 May 2025US$33.0bUS$6.3bUS$644.2m26.7x51.2x5.2x
Fri, 04 Apr 2025US$36.1bUS$7.1bUS$725.6m26.2x49.8x5.1x
Sun, 02 Mar 2025US$37.3bUS$7.0bUS$880.0m27.2x42.4x5.4x
Tue, 28 Jan 2025US$34.7bUS$7.0bUS$878.8m26x39.5x5x
Thu, 26 Dec 2024US$35.4bUS$7.0bUS$878.8m27.4x40.3x5.1x
Sat, 23 Nov 2024US$37.0bUS$7.0bUS$915.5m29.3x40.4x5.3x
Mon, 21 Oct 2024US$38.8bUS$7.0bUS$626.3m28.3x61.9x5.6x
Wed, 18 Sep 2024US$38.9bUS$6.8bUS$580.6m28.7x67x5.7x
Fri, 16 Aug 2024US$35.7bUS$6.9bUS$641.2m26.7x55.7x5.2x
Sun, 14 Jul 2024US$35.6bUS$6.8bUS$676.6m26.4x52.6x5.2x
Tue, 11 Jun 2024US$33.3bUS$6.9bUS$664.0m23.8x50.2x4.8x
Thu, 09 May 2024US$33.9bUS$6.8bUS$711.4m23.6x47.7x5x
Sat, 06 Apr 2024US$33.0bUS$6.6bUS$760.5m25.1x43.3x5x
Mon, 04 Mar 2024US$32.5bUS$6.6bUS$877.1m27.9x37.1x5x
Wed, 31 Jan 2024US$84.9bUS$21.2bUS$890.2m27.5x95.3x4x
Fri, 29 Dec 2023US$86.5bUS$21.3bUS$878.5m28.2x98.5x4.1x
Sun, 26 Nov 2023US$82.4bUS$21.3bUS$878.5m23x93.8x3.9x
Tue, 24 Oct 2023US$79.0bUS$21.1bUS$1.0b20.8x78.7x3.7x
Thu, 21 Sep 2023US$84.1bUS$21.1bUS$1.0b23.6x82.4x4x
Sat, 19 Aug 2023US$82.5bUS$21.1bUS$1.0b23.5x80.7x3.9x
Mon, 17 Jul 2023US$83.9bUS$20.9bUS$1.2b23x71.3x4x
Wed, 14 Jun 2023US$83.2bUS$12.2bUS$2.6b20.8x31.7x6.8x
Fri, 12 May 2023US$82.4bUS$12.3bUS$2.7b18.3x30.4x6.7x
Sun, 09 Apr 2023US$85.0bUS$12.4bUS$2.5b26.1x34.5x6.9x
Tue, 07 Mar 2023US$1.3tUS$189.9bUS$38.8b26.8x33.8x6.9x
Thu, 02 Feb 2023US$1.4tUS$183.5bUS$42.8b27.4x32.1x7.5x
Sat, 31 Dec 2022US$1.3tUS$183.5bUS$44.0b25.1x28.5x6.8x
Price to Earnings Ratio

28.5x


Total Market Cap: US$1.3tTotal Earnings: US$44.0bTotal Revenue: US$183.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. REITS Industry Price to Earnings3Y Average 57x202320242025
Current Industry PE
  • Investors are relatively neutral on the American REITs 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 PS ratio of 5.3x.
Past Earnings Growth
  • Total earnings for the REITs industry have declined over the last three years, with the industry now making a loss overall.
  • Revenues have also declined 65% per year, which is driving profits down.

Industry Trends

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

US Market2.62%
Real Estate-0.35%
REITS-2.50%
Residential REITs2.21%
Retail REITs0.39%
Industrial REITs-0.37%
Healthcare REITs-0.97%
Hotel and Resort REITs-1.45%
Specialized REITs-1.84%
Diversified REITs-2.50%
Office REITs-3.17%
Industry PE
  • Investors are most optimistic about the Healthcare REITs industry which is trading above its 3-year average PE ratio of 324x.
    • Analysts expect its future annual earnings growth (31.7%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare REITs industry, expecting annual earnings growth of 32% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Residential REITs industry is expected to see its earnings decline by 14% 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
CTO CTO Realty GrowthUS$17.760.2%
+US$971.2k		-8.9%PB1x
MKZR MacKenzie Realty CapitalUS$4.057.1%
+US$487.4k		-89.9%PB0.1x

Latest News

CTO
US$17.76
CTO Realty Growth
7D
0.2%
1Y
-8.9%
GOOD
US$10.38
Gladstone Commercial
7D
-5.9%
1Y
-35.5%

GOOD: 2025 Acquisitions Will Offset Austin Office Lease Rollover Risk

Analysts have modestly reduced their blended price target on Gladstone Commercial, trimming expectations by roughly $1 per share to around $12. They are balancing concerns over 2026 to 2027 lease rollover risk, particularly the large General Motors office lease in Austin, with steady acquisitions and recent results that are in line with expectations.
WPC
US$64.17
W. P. Carey
7D
-1.2%
1Y
16.5%

WPC: Dividend Strength And Margin Resilience Will Shape Return Potential

Analysts have modestly raised their price target on W. P.
EPRT
US$29.47
Essential Properties Realty Trust
7D
-3.3%
1Y
-7.8%
AHH
US$6.58
Armada Hoffler Properties
7D
-6.5%
1Y
-36.5%

AHH: Office Lease Momentum Will Support Future Earnings Despite Lower Street Expectations

Analysts have trimmed their price target on Armada Hoffler Properties to $7.00 from $8.00, reflecting a modestly lower valuation amid a broader reset of U.S. real estate and REIT assumptions. Analyst Commentary Bullish Takeaways Bullish analysts note that the Sector Perform rating signals expectations for Armada Hoffler Properties to track broader REIT peers despite the reduced price target.
ALEX
US$20.61
Alexander & Baldwin
7D
-1.8%
1Y
17.2%

ALEX: Shopping Centers And Buyout Deal Will Offset REIT Fund Flow Headwinds

Analysts have modestly reduced their price target on Alexander & Baldwin by about $1 to approximately $21 per share. This reflects slightly lower fair value and profit margin expectations, even as projected revenue declines appear less severe and long term earnings multiples compress amid ongoing REIT fund flow headwinds.
BNL
US$17.26
Broadstone Net Lease
7D
-1.8%
1Y
7.0%

BNL: Rising 2025 Investment Plans Will Support Higher Price Potential

Analysts have raised their price target on Broadstone Net Lease by $2 to $20 per share, citing management's increasing FY25 investment volume targets and the potential for current 2026 assumptions to prove conservative as visibility improves. Analyst Commentary Bullish Takeaways Bullish analysts view the higher FY25 investment volume target as a sign that management can deploy capital effectively, supporting the raised $20 price target.
GNL
US$8.21
Global Net Lease
7D
-2.8%
1Y
13.1%
AAT
US$18.60
American Assets Trust
7D
-3.1%
1Y
-29.1%
MKZR
US$4.05
MacKenzie Realty Capital
7D
7.1%
1Y
-89.9%