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U.S. Real Estate Sector Analysis

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies282
  • 7D-0.6%
  • 3M1.7%
  • 1Y-0.4%
  • YTD2.2%

Last week, the Real Estate industry hasn't moved much but Equinix is up 3.2% in that time. Furthermore, the industry has been flat for the past year as well. Looking forward, earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Jan 2026US$1.5tUS$333.2bUS$31.5b29x48.8x4.6x
Fri, 26 Dec 2025US$1.5tUS$339.1bUS$32.2b29x47.3x4.5x
Sun, 23 Nov 2025US$1.5tUS$338.1bUS$32.8b29x45.4x4.4x
Tue, 21 Oct 2025US$1.6tUS$332.0bUS$30.8b29x50.8x4.7x
Thu, 18 Sep 2025US$1.5tUS$331.7bUS$30.9b29x50.1x4.7x
Sat, 16 Aug 2025US$1.5tUS$331.3bUS$31.0b28.7x48.3x4.5x
Mon, 14 Jul 2025US$1.5tUS$325.8bUS$29.9b30.2x50.1x4.6x
Wed, 11 Jun 2025US$1.5tUS$326.3bUS$29.9b30.1x50.2x4.6x
Fri, 09 May 2025US$1.5tUS$324.9bUS$29.7b29x50.1x4.6x
Sun, 06 Apr 2025US$1.4tUS$321.4bUS$28.7b28.8x49.2x4.4x
Tue, 04 Mar 2025US$1.6tUS$325.3bUS$29.9b31.9x54.3x5x
Thu, 30 Jan 2025US$1.6tUS$320.2bUS$27.9b31.5x55.8x4.9x
Sat, 28 Dec 2024US$1.5tUS$320.0bUS$27.4b31.9x56.1x4.8x
Mon, 25 Nov 2024US$1.6tUS$320.0bUS$27.4b34.8x59.9x5.1x
Wed, 23 Oct 2024US$1.6tUS$314.8bUS$27.2b34.1x59.6x5.1x
Fri, 20 Sep 2024US$1.6tUS$315.6bUS$27.2b34.1x60.7x5.2x
Sun, 18 Aug 2024US$1.5tUS$314.6bUS$27.3b32.5x56.4x4.9x
Tue, 16 Jul 2024US$1.5tUS$305.7bUS$27.1b32.1x53.6x4.8x
Thu, 13 Jun 2024US$1.4tUS$306.6bUS$27.7b30.3x49.8x4.5x
Sat, 11 May 2024US$1.4tUS$308.2bUS$27.9b31x49.7x4.5x
Mon, 08 Apr 2024US$1.4tUS$306.7bUS$27.8b30x50.1x4.5x
Wed, 06 Mar 2024US$1.4tUS$305.5bUS$28.3b29.1x50.7x4.7x
Fri, 02 Feb 2024US$1.5tUS$323.6bUS$26.9b30x54.6x4.5x
Sun, 31 Dec 2023US$1.5tUS$323.1bUS$26.6b30.9x57x4.7x
Tue, 28 Nov 2023US$1.4tUS$323.0bUS$26.5b28.3x51.8x4.2x
Thu, 26 Oct 2023US$1.2tUS$325.2bUS$30.7b25.2x40.1x3.8x
Sat, 23 Sep 2023US$1.3tUS$325.2bUS$31.5b27x42x4.1x
Mon, 21 Aug 2023US$1.4tUS$323.2bUS$31.2b28.7x44x4.2x
Wed, 19 Jul 2023US$1.4tUS$325.1bUS$34.4b26.1x41.6x4.4x
Fri, 16 Jun 2023US$1.4tUS$314.0bUS$35.5b24.4x38.3x4.3x
Sun, 14 May 2023US$1.3tUS$314.4bUS$34.7b23.2x38.5x4.3x
Tue, 11 Apr 2023US$1.4tUS$315.8bUS$38.1b24.8x35.5x4.3x
Thu, 09 Mar 2023US$1.4tUS$315.3bUS$38.0b24.6x36.5x4.4x
Sat, 04 Feb 2023US$1.5tUS$311.5bUS$43.8b26.2x33.9x4.8x
Price to Earnings Ratio

33.9x


Total Market Cap: US$1.5tTotal Earnings: US$43.8bTotal Revenue: US$311.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.4x202420252026
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 49.4x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 10% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

US Market2.04%
Real Estate-0.62%
Real Estate1.08%
Specialized REITs-0.044%
Residential REITs-0.23%
Retail REITs-0.63%
Hotel and Resort REITs-0.64%
REITS-0.80%
Industrial REITs-1.43%
Office REITs-1.66%
Health Care REITs-2.30%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 979x.
    • Analysts are expecting annual earnings growth of 30.3%, which is higher than its past year's earnings growth of 7.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Health Care 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 Office REITs industry is expected to see its earnings decline by 13% 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$809.553.2%
+US$2.5b		-10.7%PB5.6x
DLR Digital Realty TrustUS$163.162.2%
+US$1.2b		0.6%PB2.5x
CBRE CBRE GroupUS$169.392.4%
+US$1.2b		18.8%PE40.4x
AMT American TowerUS$180.071.3%
+US$1.1b		-3.7%PB21.3x
CSGP CoStar GroupUS$66.223.8%
+US$1.0b		-13.0%PE1382.5x

Latest News

AMT
US$180.07
American Tower
7D
1.3%
1Y
-3.7%
CSGP
US$66.22
CoStar Group
7D
3.8%
1Y
-13.0%
PSA
US$277.70
Public Storage
7D
-2.6%
1Y
-6.6%

PSA: Higher Net Operating Income Run Rate Offsets Mixed 2026 Storage Outlook

Analysts have trimmed their price target on Public Storage by about US$6 to roughly US$309, reflecting slightly softer revenue growth and profit margin assumptions, even as longer term P/E expectations remain broadly unchanged. Analyst Commentary Recent Street research around Public Storage is mixed, with some focusing on long term growth potential in storage and others flagging execution and macro risks that could affect how quickly that potential is realized.
EQR
US$62.15
Equity Residential
7D
1.9%
1Y
-10.3%

EQR: Coastal Apartment Setup And Buybacks Will Drive 2026 Upside Potential

Narrative Update The analyst price target for Equity Residential has been adjusted slightly lower to around $70. Analysts cite a mix of cautious views on softer coastal market fundamentals and more constructive 2026 REIT outlooks, which include raised targets from some firms.
OHI
US$43.18
Omega Healthcare Investors
7D
-4.1%
1Y
14.7%

OHI: Future Senior Housing NNN Expansion And REIT Turnaround Will Shape Measured Upside

Analysts have nudged our fair value estimate for Omega Healthcare Investors higher to US$47.13 from US$46.47, reflecting updated assumptions around revenue growth, profitability and future P/E in light of a series of recent price target moves and mixed, but generally constructive, research commentary on senior housing and NNN-focused REITs. Analyst Commentary Recent Street research on Omega Healthcare Investors presents a mix of optimism and caution, with price targets clustered in the mid US$40s to low US$50s and a range of ratings from Buy to Neutral and Market Perform. Taken together, the commentary helps frame how different investors are thinking about growth, capital deployment, and execution risk in senior housing and NNN-focused REITs. Bullish Takeaways Bullish analysts highlight potential upside in senior housing occupancy, revenue per occupied room and margins, which they see as supportive of higher earnings power relative to current expectations.
VTR
US$75.95
Ventas
7D
-2.9%
1Y
24.9%

VTR: Steady Fair Value And Higher 2025 Guidance Will Support P/E Upside

Analysts have kept their fair value estimate for Ventas steady at US$85.65, with only marginal tweaks to inputs such as the discount rate, profit margin and forward P/E assumptions that guide the updated price target rationale. What's in the News Ventas updated its full-year 2025 earnings guidance, with attributable net income per share now expected in a range of US$0.49 to US$0.52, compared with the prior range of US$0.47 to US$0.52 (Key Developments).
PLD
US$128.70
Prologis
7D
-1.6%
1Y
7.1%

PLD: Fair Outlook Balances 2026 Earnings Guidance With Premium Industrial REIT Multiples

Analysts have lifted their Prologis fair value estimate by about $5 to $138.25, pointing to updated expectations for revenue growth and future P/E, even as recent research includes a mix of price target hikes and some valuation driven downgrades. Analyst Commentary Recent research on Prologis clusters around valuation, with several firms lifting price targets while others temper ratings on concerns that current pricing already reflects a lot of the good news.
O
US$60.92
Realty Income
7D
-1.1%
1Y
10.8%

O: Dividend Income, Logistics Expansion And Balanced Outlook Will Shape Return Potential

Narrative Update: Realty Income The analyst price target for Realty Income has been adjusted slightly higher to align with a blended US$60 level, as analysts factor in recent target revisions from US$59 to US$60 and US$64 to US$60, along with modest updates to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent Street commentary around Realty Income clusters around a US$60 price target, with modest adjustments reflecting updated views on earnings quality, risk, and growth assumptions.
CBRE
US$169.39
CBRE Group
7D
2.4%
1Y
18.8%
OPEN
US$5.81
Opendoor Technologies
7D
-9.1%
1Y
287.3%

OPEN: Offensive Home Buying Push Will Likely Fail To Justify Faith

Analysts have lifted their fair value estimate for Opendoor Technologies by about $0.78 per share, reflecting updated assumptions for slightly higher revenue growth, a modestly higher discount rate, and a higher future P/E multiple, while still flagging that achieving valuations closer to recent trading levels may require either volumes above prior peaks or a software type multiple on what they view as a low margin, capital intensive business. Analyst Commentary Bullish and bearish analysts are split on how much credit to give Opendoor Technologies for its latest playbook, particularly around buying more homes faster and aiming for better margins.
JLL
US$356.03
Jones Lang LaSalle
7D
3.4%
1Y
26.5%

JLL: Sector Headwinds Will Limit Benefit From Higher Real Estate Exposure

Analysts have lifted their fair value estimate for Jones Lang LaSalle to US$279.42 from US$254.55, reflecting updated price targets, expectations for slightly higher profit margins, and a higher future P/E multiple. Analyst Commentary Recent research updates on Jones Lang LaSalle highlight a mix of optimism and caution, with price targets adjusted as part of a broader review of real estate names heading into 2026.
EXR
US$139.79
Extra Space Storage
7D
-3.9%
1Y
-9.9%
WELL
US$183.49
Welltower
7D
-2.4%
1Y
33.8%
DLR
US$163.16
Digital Realty Trust
7D
2.2%
1Y
0.6%
BEKE
US$17.96
KE Holdings
7D
2.0%
1Y
4.7%

BEKE: Massive Completed Buyback Will Likely Drive Long Term Shareholder Upside

Analysts kept their fair value estimate for KE Holdings broadly unchanged at about $25.28 per share, with only small adjustments to inputs such as the discount rate, expected revenue growth, profit margin and future P/E assumptions guiding the latest price target update. What's in the News Class action securities litigation involving KE Holdings has a proposed settlement of US$4.95 million, with a court hearing scheduled for February 27, 2026 in the Southern District of New York to consider approval of the settlement, plan of allocation, and legal fees (Lawsuits & Legal Issues).
EQIX
US$809.55
Equinix
7D
3.2%
1Y
-10.7%