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U.S. Real Estate Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies273
  • 7D-3.8%
  • 3M-0.2%
  • 1Y-1.4%
  • YTD-0.5%

Over the last 7 days, the Real Estate industry has dropped 3.8%, driven by Welltower declining 5.7%. In contrast, National Storage Affiliates Trust has gained 20%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 9.3% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026US$1.5tUS$334.0bUS$35.2b27.2x43.9x4.6x
Tue, 17 Feb 2026US$1.6tUS$335.0bUS$34.5b30.6x46.6x4.8x
Thu, 15 Jan 2026US$1.5tUS$333.2bUS$32.5b29.3x47.2x4.6x
Sat, 13 Dec 2025US$1.5tUS$338.2bUS$32.8b29.2x46.5x4.5x
Mon, 10 Nov 2025US$1.5tUS$338.2bUS$32.9b28.4x46.7x4.5x
Wed, 08 Oct 2025US$1.5tUS$331.8bUS$31.0b28.2x49.8x4.6x
Fri, 05 Sep 2025US$1.5tUS$331.5bUS$30.9b29.7x49.4x4.6x
Sun, 03 Aug 2025US$1.5tUS$330.4bUS$30.4b28.7x48.8x4.5x
Tue, 01 Jul 2025US$1.5tUS$326.1bUS$29.7b29.3x49.8x4.5x
Thu, 29 May 2025US$1.5tUS$326.6bUS$29.8b28.1x49.9x4.5x
Sat, 26 Apr 2025US$1.5tUS$322.8bUS$28.5b29.3x51.5x4.5x
Mon, 24 Mar 2025US$1.5tUS$321.4bUS$29.0b31.5x52x4.7x
Wed, 19 Feb 2025US$1.6tUS$323.0bUS$28.0b32.2x56.4x4.9x
Fri, 17 Jan 2025US$1.5tUS$320.1bUS$27.4b31.5x54.9x4.7x
Sun, 15 Dec 2024US$1.6tUS$320.0bUS$27.4b33.8x58.2x5x
Tue, 12 Nov 2024US$1.6tUS$319.6bUS$27.3b34.7x59.9x5.1x
Thu, 10 Oct 2024US$1.6tUS$314.7bUS$26.7b33.5x60.2x5.1x
Sat, 07 Sep 2024US$1.6tUS$314.8bUS$27.1b34.3x58.9x5.1x
Mon, 05 Aug 2024US$1.5tUS$312.9bUS$27.0b33x56.8x4.9x
Wed, 03 Jul 2024US$1.4tUS$305.7bUS$27.1b30.8x51x4.5x
Fri, 31 May 2024US$1.4tUS$306.4bUS$27.6b31x49.4x4.5x
Sun, 28 Apr 2024US$1.3tUS$307.1bUS$28.0b29.1x47.6x4.3x
Tue, 26 Mar 2024US$1.4tUS$306.1bUS$28.0b30.6x49.9x4.6x
Thu, 22 Feb 2024US$1.4tUS$306.2bUS$27.4b30.1x50.8x4.5x
Sat, 20 Jan 2024US$1.5tUS$323.3bUS$26.7b30.8x54.4x4.5x
Mon, 18 Dec 2023US$1.5tUS$323.1bUS$26.5b30.9x56.7x4.7x
Wed, 15 Nov 2023US$1.3tUS$322.9bUS$26.5b28.3x48.7x4x
Fri, 13 Oct 2023US$1.3tUS$325.2bUS$31.5b26.6x42x4.1x
Sun, 10 Sep 2023US$1.4tUS$323.9bUS$31.7b28.5x43.1x4.2x
Tue, 08 Aug 2023US$1.4tUS$323.6bUS$32.4b29.7x44.3x4.4x
Thu, 06 Jul 2023US$1.5tUS$325.0bUS$34.4b24.7x43.2x4.6x
Sat, 03 Jun 2023US$1.3tUS$314.8bUS$35.5b24.2x37.7x4.3x
Mon, 01 May 2023US$1.4tUS$316.5bUS$35.9b23.9x37.8x4.3x
Wed, 29 Mar 2023US$1.3tUS$315.6bUS$38.2b23.2x33.7x4.1x
Price to Earnings Ratio

33.7x


Total Market Cap: US$1.3tTotal Earnings: US$38.2bTotal Revenue: US$315.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 43.9x which is lower than its 3-year average PE of 49.8x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 2.7% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, 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 Market-1.86%
Real Estate-3.76%
Hotel and Resort REITs0.28%
Office REITs-1.74%
Real Estate-2.53%
Industrial REITs-2.82%
Retail REITs-3.04%
REITS-3.53%
Residential REITs-3.67%
Specialized REITs-4.49%
Health Care REITs-5.35%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 321x.
    • Analysts are expecting annual earnings growth of 27.7%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 17% 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
NSA National Storage Affiliates TrustUS$37.1220.0%
+US$477.3m		-2.7%PB4.7x
ZG Zillow GroupUS$43.533.3%
+US$331.1m		-37.6%PE454.1x
HST Host Hotels & ResortsUS$18.600.5%
+US$61.9m		26.6%PB2x
PEB Pebblebrook Hotel TrustUS$12.074.3%
+US$56.9m		17.5%PB0.6x
DOC Healthpeak PropertiesUS$17.050.4%
+US$48.7m		-14.9%PB1.6x

Latest News

EXR
US$130.26
Extra Space Storage
7D
-7.9%
1Y
-9.4%
PLD
US$128.01
Prologis
7D
-2.8%
1Y
18.1%
DLR
US$173.30
Digital Realty Trust
7D
-3.5%
1Y
15.2%

DLR: Iberian Expansion And AI Data Center Labs Will Support Balanced Outlook

Analysts nudged Digital Realty Trust's fair value estimate slightly higher to about $198 per share, reflecting updated assumptions around discount rates, more moderate revenue growth and profit margins, and a higher future P/E multiple in light of recent mixed but generally constructive price target revisions across the Street. Analyst Commentary Street research on Digital Realty Trust has been active, with several firms updating ratings and price targets in recent months.
HST
US$18.60
Host Hotels & Resorts
7D
0.5%
1Y
26.6%

HST: Positive Catalyst Watch Will Support Higher P/E Rerating

Analysts have lifted the blended price target for Host Hotels & Resorts to $25.34 from $23.62, citing recent target increases across firms. These updates reflect slightly lower assumed revenue growth, higher profit margins, and a modestly higher future P/E multiple.
CHCI
US$15.80
Comstock Holding Companies
7D
33.9%
1Y
104.1%
PEB
US$12.07
Pebblebrook Hotel Trust
7D
4.3%
1Y
17.5%

PEB: Fair Outlook Will Balance Share Buybacks With Earnings Guidance Uncertainty

Analysts now set their fair value estimate for Pebblebrook Hotel Trust at $13.13 per share, compared with the prior $13.16, reflecting updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Pebblebrook Hotel Trust issued earnings guidance for the first quarter ending March 31, 2026, projecting a net loss in the range of $20.3 million to $16.3 million (Key Developments).
JBGS
US$14.96
JBG SMITH Properties
7D
4.4%
1Y
-3.0%
ZG
US$43.53
Zillow Group
7D
3.3%
1Y
-37.6%
NSA
US$37.12
National Storage Affiliates Trust
7D
20.0%
1Y
-2.7%
WELL
US$195.94
Welltower
7D
-5.7%
1Y
33.7%

WELL: 2026 Earnings Outlook And Data Partnership Will Shape Future Income

Analysts have raised their price target on Welltower to $228.10 from $218.80, reflecting updated assumptions that include a slightly lower discount rate, a modest adjustment to revenue growth expectations, firmer profit margin inputs near 14%, and a higher future P/E of about 98x. What's in the News Welltower and Public Storage announced a data science partnership that combines Welltower's capital allocation modeling with Public Storage's operational analytics to support capital deployment and operating decisions across both businesses (Key Developments).
DOC
US$17.05
Healthpeak Properties
7D
0.4%
1Y
-14.9%

DOC: Share Repurchases And Stronger Margins Will Support Future Upside Potential

Analysts now estimate Healthpeak Properties' fair value price target at about $26.43, compared with the previous estimate of roughly $26.71. The revision reflects updated views on revenue growth, profit margin and future P/E assumptions.
COLD
US$11.25
Americold Realty Trust
7D
1.1%
1Y
-47.2%

COLD: Better Than Feared Outlook Will Face Tougher Occupancy Conditions

The analyst fair value estimate for Americold Realty Trust has moved from $12.00 to $13.00. This reflects a series of recent price target updates around $13 to $15 as analysts factor in a company outlook described as better than feared but still facing tougher pricing and occupancy conditions into 2026.
PSA
US$265.78
Public Storage
7D
-10.7%
1Y
-8.7%
O
US$60.95
Realty Income
7D
-5.4%
1Y
9.2%
CCI
US$82.36
Crown Castle
7D
-5.8%
1Y
-22.6%

CCI: Refocused Towers And Post 2026 Divestiture Path Will Ultimately Outweigh EchoStar Overhang

The analyst price target for Crown Castle has moved slightly higher to approximately $99 per share, as analysts factor in modestly better margin and revenue assumptions, along with recent initiation and target updates that reflect differing views on the company’s post divestiture trajectory. Analyst Commentary Recent research reflects a mix of optimism and caution around Crown Castle, with views shaped by the planned divestiture of the small cell and fiber businesses and updated tower leasing assumptions.
AMT
US$176.79
American Tower
7D
-4.1%
1Y
-18.2%