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U.S. Real Estate Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies286
  • 7D2.5%
  • 3M0.03%
  • 1Y3.7%
  • YTD2.7%

In the last week, the Real Estate industry is up 2.5%, with Prologis up 4.2%. During this same period, the Elme Communities underperformed, falling 83%. In the last 12 months, the industry was up 3.7%. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 24 Feb 2023US$1.4tUS$306.5bUS$38.5b24.4x36.8x4.6x
Sun, 22 Jan 2023US$1.4tUS$311.3bUS$44.4b25x31.9x4.5x
Price to Earnings Ratio

31.9x


Total Market Cap: US$1.4tTotal Earnings: US$44.4bTotal Revenue: US$311.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.2x202420252026
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 49.2x.
  • 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 9.9% 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 Market0.18%
Real Estate2.53%
Specialized REITs5.14%
Industrial REITs3.67%
Hotel and Resort REITs2.00%
REITS1.82%
Retail REITs1.81%
Health Care REITs1.30%
Real Estate1.25%
Office REITs0.83%
Residential REITs0.038%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 328x.
    • Analysts are expecting annual earnings growth of 28.5%, 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 29% 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 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
AMT American TowerUS$181.556.6%
+US$5.3b		-4.5%PB21.5x
PLD PrologisUS$132.753.4%
+US$4.0b		19.7%PB2.3x
PSA Public StorageUS$293.038.1%
+US$3.8b		-1.6%PB10.4x
DLR Digital Realty TrustUS$160.575.0%
+US$2.6b		-10.8%PB2.5x
CCI Crown CastleUS$90.417.0%
+US$2.6b		-0.3%PS6.1x

Latest News

MAA
US$135.44
Mid-America Apartment Communities
7D
-2.2%
1Y
-10.1%
PLD
US$132.75
Prologis
7D
3.4%
1Y
19.7%
EQR
US$61.17
Equity Residential
7D
-2.7%
1Y
-12.9%
O
US$60.72
Realty Income
7D
4.2%
1Y
11.2%
CPT
US$108.35
Camden Property Trust
7D
-2.7%
1Y
-3.8%
EXR
US$147.13
Extra Space Storage
7D
7.9%
1Y
-2.9%

EXR: Slower Recovery And New Partnership Shape Balanced Future Prospects

The analyst price target for Extra Space Storage has shifted slightly lower to about $151.85 from $154.15, as analysts factor in softer projected revenue growth, a modestly lower profit margin profile, and expectations that its P/E multiple could align more closely with peers following recent sector downgrades and target cuts. Analyst Commentary Recent research reflects a mixed but generally more cautious stance on Extra Space Storage, with target prices trimmed and expectations reset around revenue growth and valuation multiples relative to key peers.
ESS
US$253.52
Essex Property Trust
7D
-1.3%
1Y
-10.7%

ESS: Coastal Apartment Turnaround And REIT Upswing Will Support Long-Term Cash Flows

Narrative Update The analyst price target for Essex Property Trust has edged slightly lower to about $280. This reflects modest adjustments to fair value inputs and ongoing analyst concerns about moderated funds from operations growth and regional headwinds in Los Angeles.
AVB
US$180.80
AvalonBay Communities
7D
-1.8%
1Y
-17.0%

AVB: Share Repurchases And 2026 REIT Turnaround Expectations Will Support Returns

Analysts have trimmed their price targets on AvalonBay Communities by a few dollars, with recent cuts to about $190 to $197 reflecting softer leasing trends and higher operating expenses, even as they continue to highlight the potential for REITs to benefit from improving macro conditions into 2026. Analyst Commentary Recent research updates on AvalonBay Communities point to a mixed setup, with modestly lower price targets clustered around the low to high $190s and a consistent message of Neutral or similar ratings.
PSA
US$293.03
Public Storage
7D
8.1%
1Y
-1.6%

PSA: Higher Net Operating Income Run Rate Will Drive Future Multiple Expansion

Narrative Update on Public Storage The analyst price target for Public Storage has been trimmed by about $4 to reflect slightly lower modeled fair value, revenue growth, profit margin, and future P/E assumptions, as analysts factor in more muted self storage growth expectations and recent Street price target cuts. Analyst Commentary Recent research on Public Storage and its peers points to a more mixed setup for the self storage group, with price targets coming down but earnings inputs and valuation views staying relatively constructive in some cases.
CCI
US$90.41
Crown Castle
7D
7.0%
1Y
-0.3%

CCI: Tower Focus And Cost Cuts Will Offset Legal And Fiber Uncertainties

Narrative Update Our analyst price target for Crown Castle has been reduced by about $1.70 to $111.50. This change reflects analysts' lower Street targets tied to legal and industry readthroughs in the towers group, as well as ongoing cost and portfolio actions at the company.
ZG
US$67.17
Zillow Group
7D
-2.0%
1Y
-8.7%

ZG: Legal And Listing Structure Risks Will Shape Future Upside

Narrative Update on Zillow Group Analysts have trimmed their fair value estimate for Zillow Group from about US$88.46 to US$86.65, reflecting lower price targets, a higher discount rate of 8.73% and a reduced future P/E of roughly 58x as they weigh legal uncertainties, listing market structure questions, and updated growth and margin assumptions. Analyst Commentary Recent research on Zillow Group highlights a mix of optimism around the long term product and monetization plans, set against concerns around legal risk, listing market structure, and the resilience of key programs like Flex.
KRG
US$23.34
Kite Realty Group Trust
7D
-4.2%
1Y
0.4%

KRG: Sector Tailwinds And Portfolio Recycling Will Support A 2026 Turnaround

Analysts kept their fair value estimate for Kite Realty Group Trust steady at $26.00, while modestly lifting price targets. This reflects a view that slightly lower discount rates, an improved profit margin outlook, and sector level tailwinds for shopping centers offset more cautious revenue growth assumptions.
SPG
US$182.31
Simon Property Group
7D
-1.4%
1Y
5.6%

SPG: Future Returns Will Reflect Redevelopment Progress And Anticipated 2026 REIT Turnaround

Narrative Update Our analyst price target framework for Simon Property Group now points to a fair value of US$194.05, a modest US$0.60 adjustment. This reflects analysts factoring in updated REIT models and recent target increases from several firms, which are tied to expectations for a sector turnaround and solid Q3 earnings season commentary.
DLR
US$160.57
Digital Realty Trust
7D
5.0%
1Y
-10.8%
WY
US$26.80
Weyerhaeuser
7D
11.7%
1Y
-10.8%

WY: Biocarbon Venture And Buybacks Will Support Future Upside Potential

Analysts have nudged their price target for Weyerhaeuser slightly higher to approximately $29.82, reflecting marginally increased discount rate and future earnings multiple assumptions while maintaining broadly unchanged growth and margin expectations. What's in the News Entered a memorandum of understanding with Aymium and formed the TerraForge Biocarbon Solutions joint venture to produce and sell up to 1.5 million tons of sustainable biocarbon annually as a replacement for coal in metals production, leveraging Weyerhaeuser timberlands and Aymium technology (Key Developments).
AMT
US$181.55
American Tower
7D
6.6%
1Y
-4.5%