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U.S. Real Estate Sector Analysis

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies269
  • 7D-0.2%
  • 3M2.8%
  • 1Y7.9%
  • YTD11.4%

Over the last 7 days, the Real Estate industry has remained flat, although notably Equinix declined by 3.3%. The past year has been better, since the industry has gained 8.0% in that time. Earnings are forecast to grow by 9.4% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Aug 2026US$1.7tUS$345.3bUS$37.3b28.4x45.8x4.9x
Tue, 21 Jul 2026US$1.7tUS$337.5bUS$39.2b30.2x43.9x5.1x
Thu, 18 Jun 2026US$1.7tUS$337.9bUS$38.7b29.1x43x4.9x
Sat, 16 May 2026US$1.6tUS$339.7bUS$38.8b29.1x41.9x4.8x
Mon, 13 Apr 2026US$1.6tUS$334.7bUS$34.6b27.8x45.9x4.7x
Wed, 11 Mar 2026US$1.6tUS$335.7bUS$35.2b28.7x45.2x4.7x
Fri, 06 Feb 2026US$1.5tUS$332.4bUS$34.2b29.4x45.2x4.7x
Sun, 04 Jan 2026US$1.5tUS$339.2bUS$32.2b29x46.8x4.4x
Tue, 02 Dec 2025US$1.6tUS$338.2bUS$32.8b29.2x47.5x4.6x
Thu, 30 Oct 2025US$1.5tUS$335.1bUS$30.9b27.9x50x4.6x
Sat, 27 Sep 2025US$1.5tUS$331.7bUS$30.9b28.6x49.4x4.6x
Mon, 25 Aug 2025US$1.5tUS$331.1bUS$31.0b29.9x49.8x4.7x
Wed, 23 Jul 2025US$1.5tUS$326.1bUS$29.5b30.2x51x4.6x
Fri, 20 Jun 2025US$1.5tUS$326.3bUS$29.9b29.9x49.9x4.6x
Sun, 18 May 2025US$1.5tUS$326.5bUS$29.8b28.7x50.9x4.6x
Tue, 15 Apr 2025US$1.4tUS$321.3bUS$28.7b29.3x48.9x4.4x
Thu, 13 Mar 2025US$1.6tUS$326.5bUS$30.0b31.5x52.1x4.8x
Sat, 08 Feb 2025US$1.6tUS$320.7bUS$28.1b31.7x55.9x4.9x
Mon, 06 Jan 2025US$1.5tUS$320.0bUS$27.4b31.8x55.9x4.8x
Wed, 04 Dec 2024US$1.6tUS$320.0bUS$27.4b34.9x60.3x5.2x
Fri, 01 Nov 2024US$1.6tUS$317.2bUS$26.9b33.9x59.7x5.1x
Sun, 29 Sep 2024US$1.6tUS$315.7bUS$27.2b34x60.6x5.2x
Tue, 27 Aug 2024US$1.6tUS$314.7bUS$27.1b33.9x58.7x5.1x
Thu, 25 Jul 2024US$1.5tUS$310.7bUS$26.8b31.6x56.1x4.8x
Sat, 22 Jun 2024US$1.4tUS$306.5bUS$27.7b30.4x50.1x4.5x
Mon, 20 May 2024US$1.4tUS$306.9bUS$27.9b30.9x50.8x4.6x
Wed, 17 Apr 2024US$1.3tUS$306.7bUS$27.8b28.6x48x4.4x
Fri, 15 Mar 2024US$1.4tUS$306.1bUS$28.2b29.5x50.6x4.7x
Sun, 11 Feb 2024US$1.4tUS$306.0bUS$26.1b30.1x52.9x4.5x
Tue, 09 Jan 2024US$1.5tUS$323.1bUS$26.6b31.1x55.8x4.6x
Thu, 07 Dec 2023US$1.4tUS$323.0bUS$26.5b29.9x53.9x4.4x
Sat, 04 Nov 2023US$1.3tUS$323.8bUS$27.8b28x47.8x4.1x
Mon, 02 Oct 2023US$1.3tUS$325.2bUS$31.5b26.8x41.4x4x
Wed, 30 Aug 2023US$1.4tUS$323.2bUS$31.2b29x45.1x4.4x
Price to Earnings Ratio

45.1x


Total Market Cap: US$1.4tTotal Earnings: US$31.2bTotal Revenue: US$323.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 50.2x202420252026
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 46.0x which is lower than its 3-year average PE of 50.2x.
  • The industry is trading close to its 3-year average PS ratio of 4.7x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 5.9% per year over the last three years.
  • Revenues for these companies have grown 2.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

US Market-1.49%
Real Estate-0.16%
Hotel and Resort REITs2.31%
Health Care REITs1.75%
Real Estate0.95%
Industrial REITs0.46%
Residential REITs-0.10%
Office REITs-0.19%
REITS-0.35%
Retail REITs-0.80%
Specialized REITs-1.90%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry even though it's trading below its 3-year average PE ratio of 348x.
    • Analysts are expecting annual earnings growth of 18.9%, which is lower than the prior year's growth of 42.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 2.9% per year.
  • In contrast, the Residential REITs industry is expected to see its earnings decline by 6.8% 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
WELL WelltowerUS$239.221.6%
+US$2.7b		45.5%PB3.7x
ARE Alexandria Real Estate EquitiesUS$53.4911.1%
+US$932.2m		-33.9%PB0.6x
BEKE KE HoldingsUS$17.754.4%
+US$845.6m		-4.2%PE28.9x
VTR VentasUS$93.061.7%
+US$789.9m		37.3%PB3.3x
PLD PrologisUS$141.800.5%
+US$731.8m		26.3%PB2.5x

Latest News

BEKE
US$17.75
KE Holdings
7D
4.4%
1Y
-4.2%
DOC
US$21.40
Healthpeak Properties
7D
2.9%
1Y
20.6%
Narrative Update • Aug 21

DOC: Buybacks And JV Will Likely Conceal Mounting Margin And Earnings Risk

Analysts have lifted their price target for Healthpeak Properties to $18.21 from $17.71, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News for Healthpeak Properties Healthpeak Properties announced a share repurchase program that authorizes the company to buy back up to $500 million of its stock.
IRM
US$122.02
Iron Mountain
7D
-5.7%
1Y
30.0%
Narrative Update • Aug 20

IRM: AI Data Infrastructure Demand Will Test High P E Optimism

Analysts have lifted the Iron Mountain price target from $74.89 to $140.00, citing updated assumptions that reflect higher modeled growth for communications infrastructure REITs, supported by ongoing hyperscale and enterprise AI demand. Analyst Commentary on Iron Mountain Recent Street research on Iron Mountain points to higher modeled growth assumptions for communications infrastructure REITs, with one major firm moving its price target to $143 from $127 and keeping a positive stance on the stock.
ARE
US$53.49
Alexandria Real Estate Equities
7D
11.1%
1Y
-33.9%
Narrative Update • Aug 20

ARE: Kips Bay Setback And Costly New Debt Will Shape Future Returns

Analysts have lifted their price target for Alexandria Real Estate Equities to $46 from $42. This reflects updated assumptions for fair value, a higher discount rate, lower revenue growth and profit margin expectations, and a higher future P/E estimate.
WELL
US$239.22
Welltower
7D
1.6%
1Y
45.5%
Narrative Update • Aug 19

WELL: Rich Multiple And Equity Issuance Will Pressure Future Returns

Analysts have adjusted their fair value estimate for Welltower to $210.69 from $202.13. This reflects updated views on discount rates, revenue growth, profit margins, and future P/E assumptions.
DLR
US$190.62
Digital Realty Trust
7D
-4.8%
1Y
14.1%
Narrative Update • Aug 19

DLR: Hyperscale AI Demand And Power Access Will Drive Future Upside

Analysts have lifted the fair value estimate for Digital Realty Trust to $223.32 from $218.72, reflecting higher assumptions for revenue growth, profit margins, and future earnings multiples, supported by a broad wave of price target increases across the Street up to $240. Analyst Commentary Recent research updates on Digital Realty Trust show a clear tilt toward more positive views on execution, earnings power, and valuation support, even as some analysts flag trade offs versus peers and the need for continued delivery on growth plans.
SPG
US$218.29
Simon Property Group
7D
-0.6%
1Y
23.6%
Narrative Update • Aug 18

SPG: Future Returns Will Balance Strong Leasing Wins With Full Pricing Risk

Simon Property Group's updated analyst price target edges higher to about $233 from $228, with analysts pointing to solid Q2 leasing trends, healthy retail fundamentals and refreshed operating assumptions that slightly offset more conservative revenue growth and discount rate inputs in the model. Analyst Commentary Recent research on Simon Property Group shows a mix of optimism about execution and fundamentals along with more cautious views on valuation and future return potential.
COMP
US$11.75
Compass
7D
-9.8%
1Y
26.5%
Seeking Alpha • Aug 18

Compass: Beating The Industry At Every Turn

Summary Compass remains a high-conviction buy as it outperforms the real estate industry despite a weak housing market. COMP’s acquisition of Anywhere Real Estate and rapid synergy realization are driving superior transaction and GTV growth versus peers. Q2 results showed 16% brokerage GTV growth and $363M adjusted EBITDA, with margins expanding and synergy targets raised. At $13/share, COMP trades at 8.5x EV/EBITDA on a mid-recovery scenario, offering compelling value amid ongoing legal and macro risks. Read the full article on Seeking Alpha
FRMI
US$5.92
Fermi
7D
-7.5%
1Y
n/a
Seeking Alpha • Aug 17

Fermi: Hyper Moore's Law For Power May Dwarf The Governance Issues

Summary Fermi Inc. is rated Strong Buy, with a transformative tenant deal and major project catalysts sharply improving its risk-reward profile. FRMI's turbine and permit capacity position it to capture surging AI compute demand. Governance drama has eased, and Fermi 2.0 delivered, opening the path for further tenant signings and a re-rating. Near-term price targets of $30-40 are supported by GW-to-revenue math, with blue-sky scenarios offering 50-100x upside if execution continues. Read the full article on Seeking Alpha
JLL
US$387.37
Jones Lang LaSalle
7D
3.3%
1Y
27.8%
Narrative Update • Aug 15

JLL: AI Disruption Fears And Sector Execution Risks Will Pressure Upside

Analysts have lifted their price expectations for Jones Lang LaSalle, reflected in an updated fair value estimate of about $319. They cite higher assumed revenue growth, a slightly lower discount rate, and Street targets that now range from $368 to $415, alongside one removal from a conviction list.
LAMR
US$150.77
Lamar Advertising
7D
-3.0%
1Y
18.9%
AHR
US$55.93
American Healthcare REIT
7D
3.0%
1Y
31.7%
Narrative Update • Aug 14

AHR: Public Equity Raise For Senior Housing Acquisition Will Support Future Upside

Analysts have modestly raised the American Healthcare REIT price target to $61.53 from $60.07, reflecting updated assumptions for slower revenue growth, higher profit margins, and a slightly higher future P/E multiple. What’s in the News for American Healthcare REIT American Healthcare REIT priced an underwritten public offering of 13,250,000 common shares, with closing expected on August 12, 2026, to fund a pending senior housing portfolio acquisition, support potential future investments, and for general corporate purposes.
PSA
US$322.49
Public Storage
7D
-1.1%
1Y
9.8%
EQIX
US$1,065.39
Equinix
7D
-3.3%
1Y
35.5%
PLD
US$141.80
Prologis
7D
0.5%
1Y
26.3%
VTR
US$93.06
Ventas
7D
1.7%
1Y
37.3%
Narrative Update • Aug 01

VTR: Index Additions And Earnings Outlook Will Support Steady 2026 Position

Analysts have lifted their implied fair value estimate for Ventas from about $96.80 to roughly $99.05, reflecting updated assumptions that combine slightly stronger revenue growth expectations with a lower profit margin outlook and a higher future P/E multiple. What’s in the News for Ventas Ventas revised its full year 2026 attributable net income per share guidance to a range of $0.58 to $0.63, with a midpoint of $0.61.