REITs and Real Estate
REITs and Real Estate
Four Numbers That Frame Listed REITs
Nareit size as of July 31, 2026 and the IRC 857 distribution test. Data-center landlords stay on Data Centers.
All REITs equity cap
$1.66T
FTSE Nareit All REITs at July 31, 2026. All Equity REITs were $1.59T. Year-end 2025 All REITs were $1.44T.
Nareit July 2026 snapshot
Index constituents
183
REITs in the FTSE Nareit All REITs Index at July 31, 2026. 149 trade on the NYSE. Nareit says listed and private REITs own over $4.5T of commercial real estate assets.
Nareit July 2026 snapshot
2025 listed dividends
$71B
Public listed REITs paid about $71B in 2025. Public non-listed REITs paid about $5B. Ordinary income was 79% of the listed mix.
Nareit July 2026 snapshot
Distribution test
90%
IRC 857: dividends paid must equal or exceed 90% of REIT taxable income (excluding the dividends-paid deduction and net capital gain) to keep REIT status.
IRS Form 1120-REIT instructions
Equity Market Cap by Property Type
Health care is the largest listed slice. Data centers are shown so the mix is honest, then left on the Data Centers page.
Listed REIT Equity Market Cap
2021 peak, 2022 rate shock, then a slow rebuild. July 2026 is intra-year.
10-Year Treasury Yield
The discount-rate backdrop. REIT implied cap rates move with this series. It is not a REIT total-return chart.
Roster Roles
Who is on this page and why. American Tower, Crown Castle, and SBA are here. Equinix, Digital Realty, and Iron Mountain are not.
| Company | Ticker | Vertical | Sourced print | Why it is here |
|---|---|---|---|---|
| American Tower | AMT | Towers | 149,686 sites; $10.645B revenue | Global tower landlord. 42,224 sites in US and Canada. Also 30 US data centers, which are not the Data Centers roster. |
| Crown Castle | CCI | Towers | More than 40,000 US towers | US-only tower REIT. Selling fiber and small cells for $8.5B (signed March 13, 2025). |
| SBA Communications | SBAC | Towers | 46,328 towers; 17,394 in the US | Third public tower. Site leasing was 97.9% of 2025 segment operating profit. |
| Prologis | PLD | Industrial | 1.3B sq ft; 95.8% period-end occupancy | Logistics landlord. 2025 lease rollovers lifted net effective rent about 50% on Prologis share. |
| Welltower | WELL | Healthcare | SHO SSNOI +20.4% in Q4 2025 | Seniors-housing operator REIT. Occupancy +400 bps and RevPOR +4.7% in the same-store SHO book. |
| Ventas | VTR | Healthcare | SHOP occupancy 90.1%; +300 bps | SHOP plus medical office. Same-store SHOP cash NOI +15% in Q4 2025. |
| Vivmark Residential | VMRK | Apartments | 184,000+ apartments at close | Equity Residential plus AvalonBay, closed August 17, 2026. Trading as VMRK from August 18. |
| Invitation Homes | INVH | Single-family | 96.8% FY same-store occupancy | Build-to-rent adjacent single-family landlord. 76,819 homes in the 2025 same-store set. |
| Simon Property Group | SPG | Malls | 96.4% occupancy; $799 sales/sf | US malls and Premium Outlets. Base minimum rent $60.97 per square foot at year-end 2025. |
| Kimco Realty | KIM | Shopping centers | 96.4% pro-rata occupancy | Grocery-anchored open-air. 565 US assets and 100 million square feet at year-end 2025. |
| Realty Income | O | Net lease | 15,511 properties; 98.9% occupancy | Triple-net. Retail was 79.1% of annualized rent at December 31, 2025. |
| BXP | BXP | Office | 86.7% occupied; 89.4% leased | Gateway office. CBD book ended 2025 89.8% occupied and 92.5% leased. |
| CBRE Group | CBRE | Services | $40.55B 2025 revenue | Largest public CRE services firm on 2025 revenue. Not a landlord REIT. |
| CoStar Group | CSGP | Services | $3.247B 2025 revenue | CRE data and marketplaces. Residential (Homes.com) was $1.460B of the 2025 mix. |
