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U.S. Real Estate Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies272
  • 7D-4.7%
  • 3M-1.1%
  • 1Y-2.1%
  • YTD-0.4%

Over the last 7 days, the Real Estate industry has dropped 4.7%, driven by a pullback from Welltower of 7.8%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 9.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026US$1.5tUS$333.9bUS$35.2b27.3x43x4.5x
Fri, 20 Feb 2026US$1.6tUS$335.8bUS$35.0b29.2x45.9x4.8x
Sun, 18 Jan 2026US$1.6tUS$333.2bUS$32.5b29.9x48.4x4.7x
Tue, 16 Dec 2025US$1.5tUS$338.2bUS$32.8b29.1x46.4x4.5x
Thu, 13 Nov 2025US$1.6tUS$338.1bUS$32.6b29.5x47.5x4.6x
Sat, 11 Oct 2025US$1.5tUS$331.8bUS$31.0b27.7x49x4.6x
Mon, 08 Sep 2025US$1.6tUS$331.6bUS$30.9b29.8x50.3x4.7x
Wed, 06 Aug 2025US$1.5tUS$330.5bUS$31.3b28.9x47.9x4.5x
Fri, 04 Jul 2025US$1.5tUS$325.8bUS$30.1b29.9x49.8x4.6x
Sun, 01 Jun 2025US$1.5tUS$326.3bUS$29.9b28.9x48.7x4.5x
Tue, 29 Apr 2025US$1.5tUS$322.8bUS$28.5b29.4x51.3x4.5x
Thu, 27 Mar 2025US$1.5tUS$321.5bUS$29.0b30.1x52.3x4.7x
Sat, 22 Feb 2025US$1.6tUS$324.6bUS$27.3b31.6x57.8x4.9x
Mon, 20 Jan 2025US$1.5tUS$320.0bUS$27.4b32x56x4.8x
Wed, 18 Dec 2024US$1.6tUS$320.0bUS$27.4b33.4x58x5x
Fri, 15 Nov 2024US$1.6tUS$319.7bUS$27.2b34.2x59.4x5.1x
Sun, 13 Oct 2024US$1.6tUS$314.7bUS$26.7b33.3x60.4x5.1x
Tue, 10 Sep 2024US$1.6tUS$315.4bUS$27.1b33.9x59.4x5.1x
Thu, 08 Aug 2024US$1.5tUS$314.1bUS$27.7b31.9x54.9x4.8x
Sat, 06 Jul 2024US$1.4tUS$305.7bUS$27.1b30.8x51.3x4.5x
Mon, 03 Jun 2024US$1.4tUS$306.4bUS$27.5b31x50.7x4.5x
Wed, 01 May 2024US$1.3tUS$307.3bUS$28.1b29.8x47.2x4.3x
Fri, 29 Mar 2024US$1.4tUS$306.8bUS$28.0b31.1x50.8x4.6x
Sun, 25 Feb 2024US$1.4tUS$306.2bUS$26.8b29.2x52.2x4.6x
Tue, 23 Jan 2024US$1.5tUS$323.2bUS$26.7b30.9x55.2x4.6x
Thu, 21 Dec 2023US$1.5tUS$323.1bUS$26.5b30.9x56.8x4.7x
Sat, 18 Nov 2023US$1.4tUS$323.0bUS$26.5b28.4x51.3x4.2x
Mon, 16 Oct 2023US$1.3tUS$325.2bUS$31.5b26.9x41.3x4x
Wed, 13 Sep 2023US$1.4tUS$324.0bUS$31.7b28.4x44x4.3x
Fri, 11 Aug 2023US$1.4tUS$322.8bUS$31.6b29.8x45x4.4x
Sun, 09 Jul 2023US$1.4tUS$325.1bUS$34.4b24.5x40.9x4.3x
Tue, 06 Jun 2023US$1.3tUS$314.7bUS$35.5b23.9x37.7x4.3x
Thu, 04 May 2023US$1.3tUS$317.2bUS$35.7b23.1x37x4.2x
Sat, 01 Apr 2023US$1.4tUS$315.7bUS$38.2b24.3x35.5x4.3x
Price to Earnings Ratio

35.5x


Total Market Cap: US$1.4tTotal Earnings: US$38.2bTotal Revenue: US$315.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Real Estate Sector Price to Earnings3Y Average 49.7x202420252026
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 43.0x which is lower than its 3-year average PE of 49.7x.
  • 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-2.29%
Real Estate-4.66%
Hotel and Resort REITs-0.17%
Office REITs-2.17%
Industrial REITs-3.05%
Residential REITs-4.03%
Real Estate-4.48%
Specialized REITs-4.60%
REITS-4.73%
Retail REITs-5.13%
Health Care REITs-6.91%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 323x.
    • 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
HST Host Hotels & ResortsUS$18.970.9%
+US$116.9m		28.2%PB2x
JBGS JBG SMITH PropertiesUS$15.727.7%
+US$66.9m		-0.06%PB0.8x
PEB Pebblebrook Hotel TrustUS$12.503.5%
+US$47.8m		19.4%PB0.6x
OUT OUTFRONT MediaUS$27.440.7%
+US$33.4m		66.9%PB6.8x
XHR Xenia Hotels & ResortsUS$14.751.7%
+US$23.0m		19.0%PB1.2x

Latest News

VTR
US$82.18
Ventas
7D
-6.6%
1Y
21.5%
HST
US$18.97
Host Hotels & Resorts
7D
0.9%
1Y
28.2%
CHCI
US$16.23
Comstock Holding Companies
7D
13.4%
1Y
61.8%
XHR
US$14.75
Xenia Hotels & Resorts
7D
1.7%
1Y
19.0%
SPG
US$178.27
Simon Property Group
7D
-6.4%
1Y
7.5%
PLD
US$130.35
Prologis
7D
-2.1%
1Y
19.3%
LPA
US$2.97
Logistic Properties of the Americas
7D
14.2%
1Y
-68.4%
PEB
US$12.50
Pebblebrook Hotel Trust
7D
3.5%
1Y
19.4%

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$15.72
JBG SMITH Properties
7D
7.7%
1Y
-0.06%
VNO
US$26.12
Vornado Realty Trust
7D
0.3%
1Y
-33.6%

VNO: Leasing Wins And Capital Discipline Will Support Future Upside Potential

Narrative Update The consolidated analyst price target for Vornado Realty Trust has moved lower by a few dollars into the high $20s to low $30s range. Analysts cite sector wide caution on office REITs, ongoing concerns that AI could pressure office demand and valuations, and a focus on more conservative FFO multiples.
WELL
US$196.61
Welltower
7D
-7.8%
1Y
32.7%

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).
PSA
US$267.94
Public Storage
7D
-6.4%
1Y
-7.3%
O
US$60.46
Realty Income
7D
-5.7%
1Y
8.6%
OUT
US$27.44
OUTFRONT Media
7D
0.7%
1Y
66.9%

OUT: Formula E And ANA Partnerships Will Guide Balanced Real World Media Returns

Analysts have raised their price target on OUTFRONT Media from about $26.17 to $29.50, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News OUTFRONT Media has been named the Official OOH Advertising Partner of the 2026 ABB FIA Formula E Miami E Prix and Associate Partner of Change.
CCI
US$78.59
Crown Castle
7D
-10.6%
1Y
-21.8%

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$170.36
American Tower
7D
-7.9%
1Y
-18.7%