Real estate companies with the highest income tax expense

Income tax expense is the tax a company charged against profit in its income statement for the year. It is not the same as the cash it handed to tax authorities: deferred tax, provisions and timing differences separate the two, often by billions. The cash figure is a different line in the cash-flow statement. 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 1–97 of 97 · Fiscal year 2025 · Data as of September 25, 2026

Brookfield (BN) tops the list with $1.1B in income tax expense for fiscal 2025, ahead of American Tower ($416M) and CBRE Group ($317M). The top 10 together report $3.1B in income tax expense; the gap between #1 and #10 is ×12.86. 97 companies in Real estate report income tax expense, 4.2% of the 2320-filer universe. The last place on the list, Alexanders, comes in at $4,000.

Income tax expense
#CompanyIncome tax expenseYoY15-year trend
1BrookfieldBNCA$1.1B+15.6%
2American TowerAMTUS$416M+13.5%
3CBRE GroupCBREUS$317M+74.2%
4Ke HoldingsBEKECN$241M−37.0%
5PrologisPLDUS$204M+22.2%
6Jones Lang LasalleJLLUS$190M+43.0%
7Sba CommunicationsSBACUS$188M+682.0%
8EquinixEQIXUS$160M−0.6%
9Brookfield Property PartnersBPYPPBM$157M−45.7%
10Rithm CapitalRITMUS$88.3M−67.0%
11Realty IncomeOUS$85.3M+28.1%
12Colliers InternationalCIGICA$80.2M+8.1%
13FirstserviceFSVCA$75.8M+8.0%
14Iron MountainIRMUS$58.9M−3.2%
15Forestar GroupFORUS$51.4M−22.9%
16Newmark GroupNMRKUS$46.1M+0.6%
17Host Hotels & ResortsHSTUS$42.0M+200.0%
18Extra Space StorageEXRUS$41.6M+24.1%
19CorecivicCXWUS$40.7M+76.1%
20ST JoeJOEUS$39.2M+51.2%
21Medical Properties TrustMPTUS$38.6M−12.4%
22Howard HughesHHHUS$37.6M−53.1%
23Starwood Property TrustSTWDUS$36.7M+44.4%
24Digital Realty TrustDLRUS$32.0M−41.5%
25W. P. CareyWPCUS$31.9M+0.6%
26Cushman & WakefieldCWKBM$26.0M−41.6%
27Global Net LeaseGNLUS$21.8M+390.5%
28Lamar AdvertisingLAMRUS$21.3M+370.7%
29Millrose PropertiesMRPUS$20.5M—
30Simon PropertySPGUS$20.3M+117.9%
31Ares Real Estate Income TrustZAREUS$18.0M+51.6%
32Crown CastleCCIUS$16.0M−11.1%
33First Industrial Realty TrustFRUS$15.3M+151.6%
34Omega Healthcare InvestorsOHIUS$14.7M+35.8%
35Kennedy-Wilson HoldingsKWUS$13.6M+33.3%
36Vornado Realty TrustVNOUS$13.5M−40.6%
37Janus LivingJANUS$11.3M+$22.8M
38Healthpeak PropertiesDOCUS$9.3M+113.4%
39Marriott Vacations WorldwideVACUS$8.0M−91.0%
40Ryman Hospitality PropertiesRHPUS$7.3M−47.1%
41Pebblebrook Hotel TrustPEBUS$6.3M+$31.9M
42RE/MAX HoldingsRMAXUS$6.2M+$8.1M
43Caretrust ReitCTREUS$5.0M+$5.0M
44Marcus & MillichapMMIUS$4.9M+$5.6M
45Mid America Apartment CommunitiesMAAUS$4.6M−12.3%
46Regency CentersREGUS$4.5M+407.8%
47Franklin BSP Realty TrustFBRTUS$3.9M+246.8%
48Douglas EllimanDOUGUS$3.6M+218.7%
49SafeholdSAFEUS$2.9M−14.9%
50Urban Edge PropertiesUEUS$2.6M+9.0%
51Empire State Realty TrustESRTUS$2.6M−4.8%
52Epr PropertiesEPRUS$2.5M+74.2%
53AgntAGNTUS$2.5M+131.6%
54Vici PropertiesVICIUS$2.4M−74.9%
55Gaming & Leisure PropertiesGLPIUS$2.2M+4.7%
56Hines Global Income TrustHGITUS$2.0M+149.6%
57Outfront MediaOUTUS$2.0M−81.8%
58Braemar Hotels & ResortsBHRUS$2.0M+135.0%
59Smartstop Self Storage ReitSMAUS$1.9M+28.1%
60Sabra Health Care ReitSBRAUS$1.8M+82.8%
61Diversified Healthcare TrustDHCUS$1.7M+273.2%
62Agree RealtyADCUS$1.7M−59.7%
63Phillips EdisonPECOUS$1.3M−27.8%
64Broadstone Net LeaseBNLUS$1.2M−1.8%
65RLJ Lodging TrustRLJUS$1.1M−28.2%
66Kimco RealtyKIMUS$1.0M−95.9%
67Apple Hospitality ReitAPLEUS$959,000+1.3%
68Copt Defense PropertiesCDPUS$947,000+228.8%
69Summit Hotel PropertiesINNUS$842,000+$9.6M
70UdrUDRUS$835,000−5.0%
71American Assets TrustAATUS$770,000−13.1%
72Cim GroupCMRFUS$750,000—
73SL Green RealtySLGUS$700,000−92.4%
74Essential Properties Realty TrustEPRTUS$644,000+2.5%
75Inventrust PropertiesIVTUS$568,000+4.6%
76RayonierRYNUS$527,000+$1.5M
77Whitestone ReitWSRUS$482,000+7.1%
78CBL & Associates PropertiesCBLUS$475,000−55.0%
79Kite Realty Group TrustKRGUS$467,000+236.0%
80Cto Realty GrowthCTOUS$446,000+$785,000
81Offerpad SolutionsOPADUS$441,000+1,322.6%
82Acadia Realty TrustAKRUS$412,000+94.3%
83Apollo Commercial Real Estate FinanceARIUS$331,000−16.0%
84Curbline PropertiesCURBUS$307,000+7,575.0%
85Four Corners Property TrustFCPTUS$303,000−1.6%
86Orion PropertiesONLUS$259,000+21.0%
87Invitation HomesINVHUS$253,000+68.7%
88LTC PropertiesLTCUS$179,000+$179,000
89LXP Industrial TrustLXPUS$163,000+75.3%
90National Healthcare PropertiesNHPUS$161,000−38.5%
91National Health InvestorsNHIUS$138,000+11.3%
92Office Properties Income TrustOPIUS$116,000−42.9%
93Brandywine Realty TrustBDNUS$112,000+700.0%
94Fathom HoldingsFTHMUS$85,000+$1.1M
95NetstreitNTSTUS$54,000+10.2%
96Sotherly HotelsSOHONUS$50,120−62.2%
97AlexandersALXUS$4,000+33.3%

All figures from SEC filings · FY2025 · 97

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{{cite web |title=Real estate companies with the highest income tax expense |url=https://companiesranked.com/en/real-estate-companies-with-the-highest-income-tax-expense |website=CompaniesRanked |date=2026-09-25 |language=en}}

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

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