CompaniesRanked

2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Largest real estate companies by operating income

Operating income is profit from the core business before interest and tax. It strips out financing decisions, so it compares operations rather than balance sheets. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–100 of 119 · Fiscal year 2025 · Data as of September 25, 2026

American Tower (AMT) tops the list with $4.8B in operating income for fiscal 2025, ahead of Prologis ($4.4B) and Blackstone Real Estate Income Trust ($4.0B). The top 10 together report $28.1B in operating income; the gap between #1 and #10 is ×3.43. 119 companies in Real estate report operating income, 5.6% of the 2135-filer universe. The last place on the list, RE/MAX Holdings, comes in at $47.0M.

Operating income
#CompanyOperating incomeYoY15-year trend
1American TowerAMTUS$4.8B+7.3%
2PrologisPLDUS$4.4B−1.3%
3Blackstone Real Estate Income TrustBSTTUS$4.0B−25.3%
4Simon PropertySPGUS$3.2B+2.7%
5Vici PropertiesVICIUS$2.8B+3.3%
6Crown CastleCCIUS$2.1B−2.0%
7EquinixEQIXUS$1.8B+39.2%
8Public StoragePSAUS$1.8B−14.3%
9CBRE GroupCBREUS$1.8B+24.1%
10Extra Space StorageEXRUS$1.4B+6.8%
11Sba CommunicationsSBACUS$1.3B−6.5%
12Gaming & Leisure PropertiesGLPIUS$1.2B+6.3%
13Iron MountainIRMUS$1.2B+15.3%
14Realty IncomeOUS$1.2B+23.7%
15Regency CentersREGUS$1.1B+7.3%
16Jones Lang LasalleJLLUS$1.1B+26.5%
17Starwood Real Estate Income TrustSWDRUS$965M−8.5%
18Vornado Realty TrustVNOUS$951M+2,119.0%
19BXPBXPUS$908M+10.0%
20Essex Property TrustESSUS$899M+27.9%
21Host Hotels & ResortsHSTUS$855M−2.3%
22Rithm CapitalRITMUS$806M−33.3%
23Lamar AdvertisingLAMRUS$774M+45.5%
24Kimco RealtyKIMUS$771M+22.5%
25WeyerhaeuserWYUS$731M+6.7%
26Cousins PropertiesCUZUS$673M+18.1%
27Digital Realty TrustDLRUS$658M+39.6%
28SL Green RealtySLGUS$652M−10.8%
29Omega Healthcare InvestorsOHIUS$624M+45.6%
30Federal Realty Investment TrustFRTUS$602M+27.5%
31NNN ReitNNNUS$589M+2.0%
32UdrUDRUS$554M+94.5%
33Highwoods PropertiesHIWUS$545M−1.6%
34W. P. CareyWPCUS$505M+2.5%
35Ryman Hospitality PropertiesRHPUS$487M−0.8%
36Millrose PropertiesMRPUS$486M+$732M
37Starwood Property TrustSTWDUS$480M+18.2%
38Cushman & WakefieldCWKBM$453M+33.5%
39American Healthcare ReitAHRUS$415M+14.2%
40Epr PropertiesEPRUS$414M+31.2%
41Equity Lifestyle PropertiesELSUS$391M+2.8%
42Colliers InternationalCIGICA$371M−4.7%
43Essential Properties Realty TrustEPRTUS$360M+29.4%
44Agree RealtyADCUS$340M+12.6%
45FirstserviceFSVCA$338M+0.2%
46Ares Real Estate Income TrustZAREUS$332M+17.9%
47Howard HughesHHHUS$332M−40.8%
48Caretrust ReitCTREUS$325M+161.5%
49Cim GroupCMRFUS$323M+85.0%
50Ke HoldingsBEKECN$302M−41.5%
51Outfront MediaOUTUS$294M−31.0%
52Kilroy RealtyKRCUS$259M—
53Apple Hospitality ReitAPLEUS$258M−11.9%
54Douglas EmmettDEIUS$243M−3.7%
55Newmark GroupNMRKUS$234M+43.5%
56CBL & Associates PropertiesCBLUS$233M−8.3%
57Forestar GroupFORUS$219M−18.8%
58LTC PropertiesLTCUS$205M+2.7%
59VentasVTRUS$204M+$212M
60CubesmartCUBEUS$196M+36.9%
61Saul CentersBFSUS$195M−4.1%
62Diversified Healthcare TrustDHCUS$181M+$314M
63LineageLINEUS$181M+$542M
64Site CentersSITCUS$178M−66.3%
65National Health InvestorsNHIUS$161M+4.0%
66CorecivicCXWUS$157M+70.9%
67Sabra Health Care ReitSBRAUS$156M+96.6%
68ST JoeJOEUS$146M+53.0%
69American Assets TrustAATUS$146M+13.0%
70Copt Defense PropertiesCDPUS$136M+159.2%
71Empire State Realty TrustESRTUS$136M−14.5%
72Apollo Commercial Real Estate FinanceARIUS$127M+$246M
73Getty RealtyGTYUS$127M+15.5%
74Innovative Industrial PropertiesIIPRUS$124M−26.3%
75Healthcare Realty TrustHRUS$124M+21.3%
76Invitation HomesINVHUS$118M−38.0%
77Ashford Hospitality TrustAHTUS$116M−55.1%
78Mid America Apartment CommunitiesMAAUS$116M+37.3%
79Piedmont Realty TrustPDMUS$116M+42.3%
80Kite Realty Group TrustKRGUS$111M−26.8%
81Global Net LeaseGNLUS$111M−41.0%
82Eastgroup PropertiesEGPUS$109M+14.0%
83SafeholdSAFEUS$101M+15.9%
84Diamondrock HospitalityDRHUS$101M+102.3%
85AlexandersALXUS$101M−4.4%
86Urban Edge PropertiesUEUS$100M+28.6%
87Pennymac Mortgage Investment TrustPMTUS$93.8M−34.2%
88Broadstone Net LeaseBNLUS$84.9M+33.4%
89Strawberry Fields ReitSTRWUS$84.3M+37.5%
90RayonierRYNUS$83.3M−77.1%
91Braemar Hotels & ResortsBHRUS$72.4M−43.8%
92Summit Hotel PropertiesINNUS$65.7M−36.5%
93CenterspaceCSRUS$64.5M+215.2%
94Inventrust PropertiesIVTUS$60.0M+$93.4M
95Smartstop Self Storage ReitSMAUS$59.1M−14.6%
96Office Properties Income TrustOPIUS$54.3M−18.5%
97Independence Realty TrustIRTUS$51.8M+14.1%
98Acadia Realty TrustAKRUS$49.4M−24.7%
99Ah Realty TrustAHRTUS$48.5M−18.0%
100RE/MAX HoldingsRMAXUS$47.0M+17.1%

All figures from SEC filings · FY2025 · 100

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{{cite web |title=Largest real estate companies by operating income |url=https://companiesranked.com/en/largest-real-estate-companies-by-operating-income |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-largest-real-estate-companies-by-operating-income-2026,
  author       = {{CompaniesRanked}},
  title        = {{Largest real estate companies by operating income}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/largest-real-estate-companies-by-operating-income}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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