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U.S. Real Estate Sector Analysis

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies288
  • 7D-0.8%
  • 3M-3.5%
  • 1Y-0.5%
  • YTD-0.5%

In the last week, Real Estate has been flat. In line with that, the industry has also been flat over the past 12 months. 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
Fri, 02 Jan 2026US$1.5tUS$339.2bUS$32.2b29.1x47.2x4.5x
Sun, 30 Nov 2025US$1.6tUS$338.2bUS$32.8b29.5x47.5x4.6x
Tue, 28 Oct 2025US$1.6tUS$333.8bUS$31.0b28x50.5x4.7x
Thu, 25 Sep 2025US$1.5tUS$331.4bUS$30.7b29x50.1x4.6x
Sat, 23 Aug 2025US$1.5tUS$331.3bUS$31.0b29.9x48.9x4.6x
Mon, 21 Jul 2025US$1.5tUS$326.0bUS$29.6b29.9x49.3x4.5x
Wed, 18 Jun 2025US$1.5tUS$326.3bUS$29.9b29.2x50x4.6x
Fri, 16 May 2025US$1.5tUS$326.5bUS$29.8b28.4x49.5x4.5x
Sun, 13 Apr 2025US$1.4tUS$321.4bUS$28.7b28.9x48.9x4.4x
Tue, 11 Mar 2025US$1.6tUS$326.5bUS$30.0b32.8x53.3x4.9x
Thu, 06 Feb 2025US$1.5tUS$320.6bUS$27.8b32.5x55.5x4.8x
Sat, 04 Jan 2025US$1.5tUS$320.0bUS$27.4b31.8x55.2x4.7x
Mon, 02 Dec 2024US$1.7tUS$320.0bUS$27.4b35.2x61x5.2x
Wed, 30 Oct 2024US$1.6tUS$316.1bUS$26.3b34.2x62x5.2x
Fri, 27 Sep 2024US$1.7tUS$315.7bUS$27.2b33.8x60.8x5.2x
Sun, 25 Aug 2024US$1.6tUS$314.6bUS$27.1b33.9x58x5x
Tue, 23 Jul 2024US$1.5tUS$305.1bUS$26.9b32.8x54.8x4.8x
Thu, 20 Jun 2024US$1.4tUS$306.5bUS$27.7b30.1x50.2x4.5x
Sat, 18 May 2024US$1.4tUS$306.9bUS$27.9b30.9x50.8x4.6x
Mon, 15 Apr 2024US$1.4tUS$306.7bUS$27.8b28.9x48.9x4.4x
Wed, 13 Mar 2024US$1.4tUS$305.7bUS$28.1b29.6x50.9x4.7x
Fri, 09 Feb 2024US$1.4tUS$305.8bUS$26.6b29.8x51.4x4.5x
Sun, 07 Jan 2024US$1.5tUS$323.0bUS$26.6b30.9x55.8x4.6x
Tue, 05 Dec 2023US$1.4tUS$323.0bUS$26.5b29.6x54.1x4.4x
Thu, 02 Nov 2023US$1.3tUS$326.4bUS$27.4b26.1x45.8x3.8x
Sat, 30 Sep 2023US$1.3tUS$325.2bUS$31.5b26.8x41.3x4x
Mon, 28 Aug 2023US$1.4tUS$323.2bUS$31.2b28.5x44.2x4.3x
Wed, 26 Jul 2023US$1.5tUS$326.2bUS$34.4b25.8x42.2x4.5x
Fri, 23 Jun 2023US$1.3tUS$314.0bUS$35.5b23.3x37.8x4.3x
Sun, 21 May 2023US$1.3tUS$314.9bUS$35.5b23.4x36.9x4.2x
Tue, 18 Apr 2023US$1.4tUS$316.3bUS$37.7b24.6x36x4.3x
Thu, 16 Mar 2023US$1.3tUS$315.1bUS$38.1b23.7x35.3x4.3x
Sat, 11 Feb 2023US$1.5tUS$307.0bUS$43.1b24.7x33.8x4.7x
Mon, 09 Jan 2023US$1.4tUS$311.2bUS$45.2b23.4x30.1x4.4x
Price to Earnings Ratio

30.1x


Total Market Cap: US$1.4tTotal Earnings: US$45.2bTotal Revenue: US$311.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49x202420252026
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 49.0x.
  • 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 11% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% 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 Market-1.43%
Real Estate-0.77%
Residential REITs0.29%
Specialized REITs0.14%
REITS-0.16%
Office REITs-0.93%
Health Care REITs-1.06%
Retail REITs-1.22%
Industrial REITs-1.31%
Real Estate-1.98%
Hotel and Resort REITs-3.28%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 325x.
    • Analysts are expecting annual earnings growth of 28.1%, which is lower than the prior year's growth of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Office REITs industry is expected to see its earnings decline by 12% 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$766.161.0%
+US$730.5m		-18.7%PB5.3x
CCI Crown CastleUS$88.871.2%
+US$444.2m		-2.1%PS6x
IRM Iron MountainUS$82.951.8%
+US$440.4m		-21.1%PE154x
AMT American TowerUS$175.570.4%
+US$360.5m		-4.3%PB20.8x
INVH Invitation HomesUS$27.791.7%
+US$288.1m		-13.1%PB1.8x

Latest News

VTR
US$77.38
Ventas
7D
-2.8%
1Y
31.4%

VTR: Full Year 2025 Guidance Will Support Steady Earnings Outlook

Analysts have modestly raised their price target on Ventas to approximately 85.15 dollars from 84.70 dollars, reflecting slightly lower discount rate assumptions and a marginally higher long term valuation multiple. What's in the News Raised full year 2025 earnings guidance, increasing expected attributable net income per share to a range of 0.49 to 0.52 dollars from the prior 0.47 to 0.52 dollars (company guidance) Valuation Changes Fair Value: risen slightly from 84.70 dollars to 85.15 dollars per share, reflecting a modest upward adjustment in intrinsic valuation.
CCI
US$88.87
Crown Castle
7D
1.2%
1Y
-2.1%

CCI: Tower-Only Pivot And Cost Cuts Will Drive Future Cash Flow

Analysts have modestly reduced their price target on Crown Castle by about $1 to roughly $113 per share, reflecting slightly lower fair value estimates along with expectations for higher discount rates, weaker revenue growth, and softer profit margins, even as they highlight operational improvements and the strategic benefits of a tower only focus. Analyst Commentary Street research points to a more balanced view on Crown Castle, with recent target cuts reflecting legal and macro risks while operational progress and the tower only pivot underpin a more constructive stance on the shares.
VICI
US$28.12
VICI Properties
7D
0.6%
1Y
-3.7%

VICI: Future Returns Will Hinge On Caesars Regional Lease Resilience

The analyst price target for VICI Properties has been modestly reduced by about $0.25 per share, as analysts factor in slightly higher discounting, muted new gaming investment opportunities, and potential rent pressure on key regional leases despite stable margins and revenue growth expectations. Analyst Commentary Recent research updates present a mixed but generally constructive view on VICI Properties, with modest target changes reflecting evolving expectations for regional gaming fundamentals, lease durability, and the company’s ability to deploy capital into attractive net lease opportunities.
CPT
US$110.08
Camden Property Trust
7D
1.4%
1Y
-5.1%

CPT: Resilient Operating Trends And Buybacks Will Support Balanced Returns Ahead

Analysts have trimmed their consolidated price target on Camden Property Trust by approximately $1 to reflect slightly lower growth and margin assumptions, even as they highlight broadly resilient operating conditions for residential REITs. Analyst Commentary Recent Street research on Camden Property Trust reflects a generally constructive view on fundamentals, even as analysts modestly recalibrate price targets to reflect updated growth and margin assumptions. Bullish Takeaways Bullish analysts are maintaining positive or favorable ratings, indicating confidence that Camden can execute on its strategy and sustain earnings growth despite near term macro headwinds.
PSA
US$259.50
Public Storage
7D
-1.0%
1Y
-13.3%

PSA Multiple Expansion Will Be Driven By Stronger Net Operating Income Trends

Analysts have trimmed their average price target for Public Storage to about $319 from roughly $326, citing slightly lower revenue growth assumptions, offset by modestly higher profit margins and improving net operating income trends that still support potential multiple expansion. Analyst Commentary Street research updates reflect a nuanced backdrop for Public Storage, with modestly revised price targets balancing improving fundamentals against macro and housing related headwinds.
MAA
US$138.91
Mid-America Apartment Communities
7D
1.1%
1Y
-10.1%

MAA: Sunbelt Supply Normalization And Dividend Increases Will Shape Future Performance

The analyst price target for Mid-America Apartment Communities has been trimmed modestly by about $0.70 to approximately $148 per share, as analysts factor in slightly softer long term revenue growth and sector fund flow pressures, partly offset by resilient margins and improving visibility on Sunbelt supply normalization into 2026. Analyst Commentary Recent Street commentary on Mid-America Apartment Communities reflects a balanced mix of optimism around long term fundamentals and caution on nearer term headwinds, leading to modest target cuts and rating changes rather than wholesale shifts in opinion.
JLL
US$336.47
Jones Lang LaSalle
7D
-3.0%
1Y
32.9%

JLL: Margin Expansion And Capital Returns Will Drive Upside Potential

Analysts have raised their fair value estimate for Jones Lang LaSalle to $431 from $378, citing a continuing but moderating recovery in U.S. real estate brokerage activity and slightly improved long term profit margin expectations, despite more tempered revenue growth assumptions. Analyst Commentary Bullish analysts point to the recent price target increases as evidence that confidence in Jones Lang LaSalle’s earnings power and balance sheet resilience is building, even as the pace of recovery in U.S. real estate brokerage normalizes.
AMT
US$175.57
American Tower
7D
0.4%
1Y
-4.3%
IRM
US$82.95
Iron Mountain
7D
1.8%
1Y
-21.1%

IRM: Leverage And Accounting Concerns Will Drive Bearish Repricing Ahead

Analysts have raised their price target on Iron Mountain by about $4 to approximately $123, citing continued confidence in double digit growth compounding and management's reassurances that recent short seller concerns are a temporary distraction rather than a change in fundamentals. Analyst Commentary Recent research updates have emphasized that the latest short report is unlikely to alter the long term growth trajectory for Iron Mountain, with several firms reiterating positive ratings and modestly lifting price targets.
PLD
US$127.66
Prologis
7D
-1.2%
1Y
20.8%

PLD: Earnings Guidance And Industrial Leasing Fundamentals Will Shape Future Returns

Analysts have nudged their price target for Prologis modestly higher, with fair value rising from approximately $131.30 to $131.90. This reflects slightly faster revenue growth, resilient profit margins, and a series of upward target revisions following a strong Q3 earnings season for U.S. REITs. Analyst Commentary Recent Street research reflects a generally constructive view on Prologis, with multiple upward adjustments to price targets following Q3 results and updated forecasts.
CBRE
US$160.79
CBRE Group
7D
-2.5%
1Y
22.5%

CBRE: Gradual Brokerage Recovery And Buybacks Will Drive Future Upside

Analysts raised their price target on CBRE Group by about $2 to approximately $183 per share, citing a steadily improving real estate brokerage environment and slightly higher valuation multiples, despite only modest adjustments to growth and profitability assumptions. Analyst Commentary Recent commentary from bullish analysts frames the higher price targets as a reflection of a steady, if moderating, recovery in U.S. real estate brokerage activity, with the current valuation seen as reasonable relative to CBRE Group's execution and cash generation profile.
INVH
US$27.79
Invitation Homes
7D
1.7%
1Y
-13.1%

INVH: Easing Supply Headwinds Will Support Stronger Rental Demand From 2026

Analysts have trimmed their price targets on Invitation Homes by a few dollars per share, to the mid 30 dollar range. This reflects a more conservative view on near term rent growth and occupancy, even as longer term revenue growth and profit margin assumptions remain broadly intact.
HST
US$17.73
Host Hotels & Resorts
7D
-4.3%
1Y
1.2%

HST: Stronger Revpar And Ebitda Will Support A Bullish Repricing

Analysts have raised their fair value estimate for Host Hotels and Resorts to approximately $22.96 from $21.50, citing stronger than expected Q2 RevPAR and EBITDA performance and an upward revision to 2025 guidance that supports a higher future earnings multiple, despite slightly lower long term growth and margin assumptions. Analyst Commentary Bullish analysts highlight that the recent upside surprise in Q2 RevPAR and EBITDA reinforces confidence in Host Hotels and Resorts' ability to execute in a still-normalizing travel and lodging environment.
EQIX
US$766.16
Equinix
7D
1.0%
1Y
-18.7%
WELL
US$185.61
Welltower
7D
-1.1%
1Y
47.3%

WELL: Expanded Equity Capacity Will Support Prospective UK Senior Care Acquisition

Analysts have lifted their price target on Welltower materially, from approximately $208 to $251 per share, citing expectations for slightly faster revenue growth, stronger profit margins, and a modestly lower future P/E multiple despite a higher discount rate. What's in the News Filed a new at-the-market follow-on equity shelf for up to $7.5 billion of common stock, expanding financial flexibility for future investments and debt reduction (regulatory filing).
SPG
US$185.11
Simon Property Group
7D
-1.7%
1Y
7.5%

SPG: Future Performance Will Reflect Redevelopment Progress And Measured Premium Mall Expansion

Analysts have nudged their consolidated price target for Simon Property Group modestly higher, with multiple firms lifting estimates in the roughly $6 to $10 per share range to reflect strong Q3 REIT earnings, updated sector models, and improved expectations following recent capital markets activity and transactions. Analyst Commentary Recent Street research reflects a generally constructive outlook on Simon Property Group, with several bullish analysts lifting price targets into the high $180s to low $200s range as they refresh sector models following Q3 results and capital markets activity.