October 2026
Largest Buildings & Property Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Welltower, Equinix, American Tower, Digital Realty Trust and Simon Property Group.
 | Welltower owns a diversified healthcare portfolio of 2,900 in-place properties spread across the senior housing, medical office, and skilled nursing/postacute care sectors. The portfolio includes over 900 properties in Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to that of the United States. | $228 | +26% | $164B | $183B | 17.2x | 79.2x | ||
| Equinix is a global digital-infrastructure company that develops and operates carrier-neutral data centres and interconnection services. Founded in Silicon Valley in 1998, it is headquartered in Redwood City, California, and is publicly listed on Nasdaq. Its International Business Exchange and xScale facilities give enterprises, cloud platforms, network operators, content providers and financial institutions places to deploy computing equipment and exchange data. Customers also use virtual networking, managed infrastructure, security and professional services to connect distributed applications across markets. Equinix earns recurring revenue primarily from colocation space, power, cross-connects and other subscription-like infrastructure services, supplemented by usage and service fees. Its platform spans hundreds of data centres across six continents and links customers to a large ecosystem of cloud and network providers. The company is structured as a real estate investment trust for United States federal income-tax purposes. | $1,026 | +21% | $101B | $122B | 13.3x | 31.3x | ||
| American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market generated by the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for about half of total revenue in 2024. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 32,000 towers in Europe, and 27,000 towers in Africa. American Tower operates as a REIT. | $162 | -9% | $76B | $125B | 11.8x | 20.1x | ||
| Digital Realty is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and large businesses. Digital Realty operates 300 properties in 57 metropolitan areas across 31 countries, serving 5,000 customers. Renting physical space accounts for about 90% of Digital Realty’s revenue. The firm enables hyperscalers and other clients to store servers, data, and networking equipment. The other 10% of revenue is generated primarily through interconnection services (8%) and other fee income (2%). | $179 | +5% | $66B | $87B | 14.2x | 23.7x | ||
| Simon Property Group is the largest retail real estate investment trust in the United States. Its portfolio includes an interest in 254 properties: 114 traditional malls, 108 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and 12 other retail properties. Simon's portfolio averaged $736 in sales per square foot over the trailing 12 months. The company also owns a 22% interest in Klepierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 14 countries. | $201 | +14% | $65B | $95B | 14.9x | 18.1x | ||
| Public Storage is the largest owner of self-storage facilities in the US, with more than 3,300 self-storage facilities in 40 states and approximately 245 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities. | $284 | +2% | $53B | $67B | 14.0x | 21.0x | ||
| Realty Income owns roughly 15,600 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in 49 states and Puerto Rico and are leased to 250 tenants from 47 industries. Recent acquisitions have added industrial, gaming, office, manufacturing, and distribution properties, which make up roughly 20% of revenue. | $54 | -6% | $51B | $84B | 14.7x | 17.6x | ||
| AvalonBay Communities owns a portfolio of 295 apartment communities with almost 90,000 units and is developing 20 additional properties with approximately 7,300 units. The company focuses on owning large, high-quality properties in major metropolitan areas of New England, New York/New Jersey, Washington, D.C., California, and the Pacific Northwest. | $60 | -66% | $46B | $56B | 18.3x | 25.3x | ||
| Ventas owns a diversified healthcare portfolio of almost 1,400 in-place properties spread across the senior housing, medical office, hospital, life science, and skilled nursing/post-acute care. The portfolio includes almost 100 properties in Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to the United States. The firm also owns mortgages and other loans, contributing about 1% of net operating income. | $84 | +14% | $43B | $56B | 9.7x | 24.8x | ||
| Iron Mountain Inc is an information management services provider organized and operated as a real estate investment trust. The company offers solutions to its clients to address their information management, digital transformation, information security, data center, and asset lifecycle management (ALM) needs. Its customers come from various industries, including commercial, legal, financial, healthcare, technology, etc. The company has two reportable segments: Global Records and Information Management (Global RIM) and Global Data Center. Maximum revenue is generated from the Global RIM segment, which offers data and records management, secure shredding, consumer storage, and other related services. Geographically, the company generates maximum revenue from the United States. | $113 | +10% | $34B | $54B | 7.8x | 25.9x | ||
| Crown Castle owns or manages roughly 40,000 wireless towers in the United States. It leases space on its towers to wireless service providers, which install equipment to support their wireless networks. The company has a very concentrated customer base, with about 75% of its revenue from the Big Three US mobile carriers: Verizon, T-Mobile, and AT&T. Crown Castle has plans to divest its fiber business, which is expected to be finalized in the first half of 2026. After that, it will be a stand-alone tower operator. Crown Castle operates as a real estate investment trust. | $66 | -26% | $28B | $51B | 11.9x | 18.7x | ||
| Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages almost 4,000 self-storage properties in 42 states, with over 300 million net rentable square feet of storage space. Of these properties, approximately one half is wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee. | $133 | 0% | $28B | $43B | 12.7x | 19.0x | ||
| VICI Properties Inc is a real estate investment trust based in the United States. It engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. It own nearly 93 experiential assets across a geographically portfolio consisting of nearly 54 gaming properties and nearly 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. | $23 | -24% | $25B | $43B | 10.7x | 11.7x | ||
 | Swire Properties is a Hong Kong-based property investor and Hong Kong's largest office landlord. Its Hong Kong portfolio provides more than 13 million square feet of gross floor area, with its portfolio of grade A office contributing over 9 million square feet. The firm also holds investment properties and development projects in China, the United States, and Southeast Asia. Rental income accounts for over 60% of its total revenue, with property development and hotel operations contributing the balance. The company was listed in 2012. Parent company Swire Pacific holds an 83% stake. | $3 | +12% | $18B | $23B | 11.3x | 151.0x | ||
| Essex Property Trust owns a portfolio of 258 apartment communities with over 62,000 units. The company focuses on owning large, high-quality properties on the West Coast in the urban and suburban submarkets of Southern California, Northern California, and Seattle. | $269 | +7% | $17B | $24B | 12.7x | 15.5x | ||
| SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA’s largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust. | $158 | -18% | $17B | $32B | ||||
 | Segro PLC is a European real estate investment trust involved in the ownership and management of industrial and warehouse properties. The company's real estate portfolio is split fairly evenly between smaller, light industrial warehouses, which serve as urban distribution centers, and larger logistics, or big box, warehouses. The majority of its properties are located in either the Greater London area or the adjacent Thames Valley. The company derives the vast majority of its income in the form of rental income from its tenants operating out of its warehouses. Food and general manufacturing, transport and logistics, and retail companies comprise the majority of Segro's customers. The company's other key markets include the European cities of Warsaw, Dusseldorf, and Paris. | $12 | +32% | $16B | $23B | ||||
| Host Hotels & Resorts owns 80 predominantly urban and resort upper-upscale and luxury hotel properties representing nearly 43,000 rooms, mainly in the United States. Host recently sold off the company's interests in a joint venture owning a portfolio of hotels throughout Europe and also sold other joint ventures that owned properties in Asia and the United States. The majority of Host’s portfolio operates under the Marriott and Starwood brands. | $23 | +41% | $15B | $19B | ||||
| Invitation Homes owns a portfolio of over 85,000 single-family rental homes. The company focuses on owning homes in the starter and move-up segments of the housing market with an average sale price around $350,000 and generally less than 1,800 square feet. The portfolio is spread across 17 target markets that feature high employment and household formation growth with over 70% of the portfolio in the Western US and Florida; 15 of the 17 markets featuring average rents lower than homeownership costs. | $26 | -7% | $15B | $24B | ||||
| One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 564 shopping centers throughout major markets in the US, representing roughly 100 million square feet. | $22 | +8% | $15B | $23B | ||||
 | Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario aims to obtain income and capital gains through investment in real estate or real rights over real estate. | $17 | -12% | $15B | $15B | ||||
| W.P. Carey Inc is a real estate investment trust principally involved in the ownership of properties located in the U.S., Western Europe, and Northern Europe. W.P. Carey organizes its operations into Real Estate and Investment Management segments. The vast majority of the company's income is derived from its Real Estate division in the form of lease revenue from long-term agreements with companies. W.P. Carey's real estate portfolio is comprised of single-tenant office, industrial, warehouse, and retail facilities located around the world. majority of the company's revenue comes from properties in the USA. Its Investment Management unit generates revenue from providing real estate advisory and portfolio management services to other REITs. | $65 | -2% | $15B | $23B | ||||
| Lamar Advertising Co is an outdoor advertising company that operates as a real estate investment trust. It is engaged in the outdoor advertising business, operating outdoor advertising displays and logo signs mainly near highway exits, delivering brand-name information on available gas, food, lodging, and camping services. Included in the company's logo sign business are tourism signing contracts. It also provides transit advertising services in airport terminals, on bus shelters, benches, and buses. The company manages its operations through three operating segments: Billboard, which generates maximum revenue, Logo, and Transit Advertising. Geographically, it operates in the United States and Canada. | $144 | +22% | $15B | $20B | ||||
 | Azrieli Group Ltd manages and operates companies that own properties across Israel, subsidiaries in the energy, water, and environment industries, a card company, and a bank. The company's income-producing properties include shopping malls, office towers, industrial buildings, and residential properties. In addition to owning properties in Israel, the portfolio consists of a minor number of international properties. Under the energy business, holdings include marketing and distribution of refined oil and water desalination, wastewater purification, and sludge treatment facilities. | $117 | +11% | $15B | $15B | ||||
| Sun Communities is a residential REIT that focuses on owning manufactured housing and residential vehicle communities. The company currently owns a portfolio of 501 properties, which includes 337 manufactured housing communities and 164 residential vehicle communities. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water. | $111 | -13% | $13B | $18B | ||||
| Healthpeak owns a diversified healthcare portfolio of approximately 700 in-place properties spread across mainly medical office and life science assets, plus a handful of senior housing, hospital, and skilled nursing/post-acute care assets, as well. | $19 | +9% | $13B | $24B | ||||
| Mid-America Apartment Communities Inc is a multifamily-focused, self-administered and self-managed real estate investment trust. The company owns, operates, acquires and selectively develops apartment communities located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. Its business objectives are to generate a sustainable, stable and increasing cash flow that will fund its dividends and distributions through all parts of the real estate investment cycle. It operates in two segments, Same Store and Non-Same Store and Other. The majority of the revenue is derived from Same Store segment. | $115 | -10% | $13B | $19B | ||||
| Regency Centers is one of the largest shopping center-focused retail REITs. The company's portfolio includes an interest in 481 properties, which includes over 58 million square feet of retail space following the completion of the Urstadt Biddle acquisition in August 2023. The portfolio is geographically diversified with 22 regional offices and no single market representing more than 12% of total company net operating income. Regency's retail portfolio is primarily composed of grocery-anchored centers, with 80% of properties featuring a grocery anchor and grocery stores representing 20% of annual base rent. | $72 | +4% | $13B | $19B | ||||
 | Modon Holding PSC, and its subsidiaries, operate across multiple business activities, including the development, management, sales, leasing and other associated services for real estate. The company is also engaged in the development, management and operations of hotels and exhibition venues, with a portfolio of assets under management across retail, residential, commercial, and sports & leisure. The company's reportable segments are: i) Real Estate Development, ii) Asset and Investment Management, iii) Hospitality, and iv) Events, Catering and Tourism. The majority of revenue is derived from the Real Estate Development segment, which involves master planning, development, sales, and management of real estate projects in the UAE and international markets. | $1 | -20% | $13B | $13B | ||||
 | Scentre Group owns the largest premium shopping center portfolio in Australia and New Zealand, operating 42 Westfield malls. This includes seven of the top 10 malls in Australia by sales turnover and four of the top five in New Zealand. Westfield centers are typically one-stop shopping destinations, each with a comprehensive range of retail, service, lifestyle, and entertainment offerings. About half the retail floorspace is leased to anchor tenants, and half to specialty tenants. The vast majority of Scentre’s income is derived from rents. The group also earns small management fees for managing properties and development projects on behalf of capital partners. | $2 | -13% | $12B | $22B | ||||
| Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently has a portfolio of 455 properties across the US with a higher concentration in the Sunbelt; 38% of the company’s properties are in Florida, 12% in Arizona, and 8% in California. Equity Lifestyle targets owning properties in attractive retirement destinations. More than 70% of the company’s properties are either age-restricted or have an average resident age over 55. | $58 | -5% | $11B | $15B | ||||
| Camden Property Trust is a real estate investment trust engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. It owned interests in, operated, or developing nearly 175 multifamily properties comprised of nearly 59,921 apartment homes across the United States. | $96 | -4% | $11B | $16B | ||||
| Gaming and Leisure Properties Inc, or GLP, is a self-administered and self-managed Pennsylvania real estate investment trust (REIT). It is engaged in acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company also extends loans that produce fixed or variable returns, which may convert into leased rent upon project completion or stabilization. Its portfolio consists of gaming and related facilities and amenities such as Ameristar Black Hawk, Bally's Casino, Argosy Casino Alton, Bally's Chicago, Hollywood Casino Aurora, and others located across different states in the United States. | $38 | -16% | $11B | $19B | ||||
| American Homes 4 Rent is a real estate investment trust focused on acquiring, operating, and leasing single-family homes as rental properties throughout the United States. The company's real estate portfolio is largely comprised of single-family properties in urban markets in the Southern and Midwestern regions of the U.S. American Homes 4 Rent's land holdings also represent a sizable percentage of its total assets in terms of value. The company derives the vast majority of its income in the form of rental revenue from single-family properties through short-term or annual leases. The firm's geographical markets include Dallas, Texas; Indianapolis, Indiana; Atlanta, Georgia; and Charlotte, North Carolina in terms of the number of properties in each. | $30 | -4% | $11B | $17B | ||||
| UDR Inc is a real estate investment trust that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. The company has two reportable segments; Same-Store Communities segment represents those communities acquired, developed, and stabilized; and Non-Mature Communities/Other segment represents those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed-use properties. It generates key revenue from Same-Store Communities. | $33 | -1% | $11B | $18B | ||||
| BXP Inc. owns over 180 properties consisting of approximately 53 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C., region. The real estate investment trust also owns limited retail, hotel, and residential properties. | $60 | -15% | $9.7B | $28B | ||||
| CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company's real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis. Majority of CubeSmart's facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company's real estate portfolio and the majority of its revenue. The company derives nearly all of its revenue from rental income from tenants utilizing its storage facilities. | $38 | 0% | $8.4B | $12B | ||||
| Alexandria Real Estate Equities Inc is an urban office real estate investment trust (REIT). It is engaged in the business of providing space for lease to life science, agtech, and technology tenants. The company has established a market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle, Texas, and Canada. The Company is a life science real estate investment trust focused on developing, redeveloping, and operating properties that provide space for lease to tenants in the life science industry. | $47 | -19% | $8.2B | $24B | ||||
| Lineage Inc is a temperature-controlled warehouse real estate investment trust. It operates an interconnected temperature-controlled warehouse network, comprising approximately millions of square feet across several warehouses predominantly located in densely populated critical-distribution markets across North America, Asia-Pacific, and Europe. The company's reportable segments are: Global Warehousing, which utilizes the company's industrial real estate properties to provide temperature-controlled warehousing services to its customers; and Global Integrated Solutions, which complements warehousing with supply chain services. Maximum revenue for the company is generated from the Global Warehousing segment. Geographically, it generates maximum revenue from the United States. | $34 | -13% | $7.8B | $17B | ||||
| Vicinity Centres operates over 50 shopping malls in Australia. They include several iconic city centers, like Queen Victoria Building, The Strand Arcade and The Galeries in Sydney, which are frequented by tourists and office workers nearby. Melbourne’s Chadstone, Vicinity’s crown jewel, is Australia’s largest and highest turnover shopping mall. Smaller regional and neighborhood centers, to which Vicinity is consciously trimming exposure, account for around 15% of the portfolio. Vast majority of Vicinity’s income is derived from rents. The group also earns small management fees for managing properties and development projects on behalf of capital partners. | $2 | -4% | $7.4B | $11B | ||||
 | CTP NV is the full-service commercial real estate developer managing and delivering custom-built, high-tech business parks throughout Central and Eastern Europe, the Netherlands, Austria and Germany A vast majority of its revenue is earned through rental income. Its segments include the Czech Republic, Romania, Hungary, Slovakia, Germany, Netherlands, Poland and Other geographical segments. | $14 | -32% | $7B | $17B | ||||
| Vornado Realty Trust is a fully integrated real estate investment trust with a portfolio of New York City office, retail, and multifamily assets, and the developer of the new Penn District. While concentrated in New York, the trust also owns assets in both Chicago and San Francisco. It generates revenue in the form of property rentals, fees charged for trade shows, parking revenues, management and leasing fees, etc. Vornado operates in the following reportable segments: New York (its key revenue-generating market) and Other. | $34 | -11% | $6.3B | $16B | ||||
| GPT Group, formerly known as General Property Trust, is Australia’s first property trust. GPT has an ownership interest in, manages, and develops a diversified portfolio of retail, office, and logistics assets predominantly located in Sydney and Melbourne. Retail and office, including contributions from their respective funds management, each account for about two-fifths of group funds from operations. The rest of the earnings come from logistics. GPT manages third-party assets and mandates of approximately AUD 25 billion as of June 2026. | $3 | -12% | $5.9B | $9.7B | ||||
| British Land Co PLC is a diversified real estate business focused on owning and managing high-quality UK commercial property. The company's portfolio is concentrated in office-led campuses in Central London and retail parks across the UK, while also including shopping centres, other retail assets, and London urban logistics sites. It leverages its development, asset management and property management expertise to create and manage commercial real estate assets. The business operates through two segments: Campuses, comprising Broadgate, Regent's Place, Paddington Central and other campuses, and Retail & London Urban Logistics, comprising retail parks, shopping centres and other retail assets, and London urban logistics sites. | $5 | +1% | $5.3B | $9.2B | ||||
 | Fastighets AB Balder is engaged in acquiring, developing, and managing residential properties and commercial properties based on local presence and creating customer value by meeting the needs of different customer groups for commercial premises and housing in Sweden, Denmark, Finland, Norway, Germany, and the UK. The company's property portfolio contains a wide variety of commercial space, ranging from office, retail, and warehouse space, out of which Residential properties constitute the majority portion of the company's portfolio. The Group’s business segments are; Helsinki, which derives key income, Stockholm, Gothenburg, Copenhagen, South, East, and North. The company generates revenue through income earned on the rents of its properties and on the management of its real estate. | $4 | -39% | $5.3B | $21B | ||||
 | Knowledge Realty Trust owns and manages a high-quality office portfolio in India. Its Portfolio comprises 6 city-center offices and 23 business parks/centers, with some of its assets being best-in-class developments in their respective sub-markets. | $1 | -11% | $5.2B | $6.4B | ||||
 | Warehouses De Pauw SA is a real estate investment trust engaged in the acquisition and development of storage, distribution, and semi-industrial facilities throughout Europe. The vast majority of the company's real estate portfolio in terms of square footage and total rental value is made up of general warehouse space, while offices represent a smaller amount. These properties are mainly located in Belgium and the Netherlands near large transportation hubs. Warehouses De Pauw derives nearly all of its revenue in the form of rental income from the same two countries. The company's tenants in terms of revenue include solar panels, third-party logistics firms, and food industry companies. It is also active in the logistics property markets of France and Romania. | $21 | -17% | $5.1B | $5.4B | ||||
| Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 51% office, 21% retail, 20% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-third of fiscal 2026 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments. | $1 | -18% | $4.8B | $7.3B | ||||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $14 | -21% | $4.7B | $4.7B | ||||
| Dexus has ownership interest in, manages, and develops a portfolio of office and industrial assets, about half located in Sydney. The office portfolio contributes nearly two-thirds of group earnings, and industrial assets account for about 15%. Dexus also manages third-party assets and has a funds management platform with AUD 36 billion in funds under management as of Dec. 31, 2025, spanning office, industrial, retail, healthcare, infrastructure, and their adjacent sectors. The REIT has stakes in many of the pooled funds, earning distribution income. Management is internalized, in contrast to some of its peers. | $4 | -19% | $4.1B | $7.3B | ||||
| Americold Realty Trust Inc is the world's second-largest owner and operator of temperature-controlled warehouses behind privately held Lineage Logistics. The Atlanta, Georgia-based firm owns and operates approximately 231 temperature-controlled warehouses, spanning 1.4 billion cubic feet. In 2022, the firm derived more than 80% of its revenue from the United States but also has sizable operations in Europe, Canada, Australia, and New Zealand. Americold supplements its core business by providing supply management and transportation services to its various customers. It operates as a real estate investment trust. | $14 | +8% | $4B | $8.6B | ||||
 | Parque Arauco SA is in the business of developing real estate projects and managing these properties through lease agreements with commercial operators of retail space. The company mainly operates in Chile, Peru, and Colombia. It owns and operates regional, neighborhood, outlet malls, and strip center shopping center formats. Its tenants are department stores, home improvement stores, supermarkets, restaurants, cinemas, health centers, and smaller stores. | $4 | +44% | $3.9B | $5.9B | ||||
| SL Green Realty is one of the largest Manhattan property owners and landlords, with interest in around 32 million square feet of wholly owned and joint-venture office space. The company has additional property exposure through its limited portfolio of well-located retail space. It operates as a real estate investment trust. | $49 | -5% | $3.5B | $9.7B | ||||
| Curbline Properties Corp is engaged in the business of owning, managing, leasing, and acquiring a portfolio of convenience shopping centers. The primary source of the company's income is generated from the rental of its convenience shopping centers to tenants. Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and vehicular corridors, offering excellent access and visibility, dedicated parking, and often include drive-thru units. Approximately half of Curbline properties have at least one drive-thru unit. | $28 | +23% | $3.3B | $3.7B | ||||
 | Growthpoint Properties Ltd is an international property company mainly engaged in owning and managing property assets in South Africa, Eastern Europe, Australia, and the UK. Its portfolio comprises various kinds of properties such as office parks, office warehouses, motor outlets, logistics and industrial parks, shopping centres, etc. The group's operating segments are Retail, Office, Logistics and Industrial, Trading and Development, V&A Waterfront, GHPH, GSAH, Lango, GOZ, and GWI. Maximum revenue is generated from its Retail segment, which includes income generated from a portfolio of properties, comprising shopping centres, with the balance being standalone, single-tenanted properties. It includes regional, community, neighbourhood, retail warehouses and speciality centres. | $1 | -1% | $3.2B | $7.7B | ||||
| UNITE Group PLC is a real estate company engaged in the management, acquisition, and development of student accommodation properties. The Group's operations mainly generate rental income and asset management fees from properties owned directly or through joint ventures, while its property activities focus on the acquisition and development of real estate assets. The business is organised into two reportable segments: Operations, which manages rental properties and earns rental income and management fees, and Property, which undertakes property acquisition and development. The Group's properties are located exclusively in the United Kingdom. | $6 | -20% | $3.1B | $5.9B | ||||
| Park Hotels & Resorts owns upper-upscale and luxury hotels, with 22,395 rooms across 36 hotels in the United States. Park also has interests through joint ventures in another 2,271 rooms in three US hotels. Park was spun out of Hilton Worldwide Holdings at the start of 2017, so most of its hotels are still under Hilton brands. The company has sold all its international hotels and many of its lower-quality US hotels to focus on high-quality assets in domestic gateway markets. | $16 | +51% | $3.1B | $6.9B | ||||
| Primary Health Properties PLC is a UK-based real estate investment trust. The company is engaged in making investments in integrated healthcare properties. Its services include Acquisition and development, Property management, Landlord and tenant, Asset management, and Finance. It seeks the generation of rental income and capital growth through investment in primary healthcare property in the United Kingdom and Ireland. It receives rental income on property investments. | $1 | -5% | $3.1B | $7.5B | ||||
 | Corporacion Inmobiliaria Vesta SAB de CV is an internally managed real estate company that owns, manages, develops, and leases industrial properties in Mexico. The Company's primary business is the acquisition, development, and management of industrial and distribution center real estate. The company designs and constructs park-to-suit projects across various industries; undertakes build-to-suit projects; and provides site selection, design and engineering, and sale and leaseback services. The primary source of revenue is the rental income received from customers under operating leases. It serves aerospace, automotive, food and beverage, logistics, medical devices, plastics, and other industries. | $3 | +7% | $3B | $3.8B | ||||
| Pandox AB is the owner of hotel properties. The company organizes operations into two segments, namely, Lease and Own operations. In Owns Operation Activities, Pandox both owns hotel properties and runs the hotel operations. The company is active in various countries in Northern Europe. | $15 | -25% | $2.9B | $8.2B | ||||
| Hammerson is a publicly listed owner and operator of major urban retail and mixed-use destinations. The London-headquartered group invests in, leases and manages shopping centres and other commercial property in the United Kingdom and Europe. It serves retail, leisure and food-and-beverage tenants while attracting consumers to its destinations. Revenue is generated mainly through property rent and related operating income, with returns also reflecting development activity and changes in real-estate values. Hammerson serves B2B and B2C customers through activities spanning Buildings & Property and Real Estate Services. Its commercial model generates revenue through Leasing & Rental Services, supported by sector expertise, operating execution and customer relationships. The description reflects the entity and operating model at the transaction date, including any historical identity or ownership context stated in the cited materials. | $4 | +10% | $2.6B | $4.4B | ||||
| Shurgard Self Storage Ltd is an owner and operator of self-storage centers. The company has two reportable segments namely Same Stores and Non-Same Stores. It generates maximum revenue from the Same Stores segment. Geographically, the company derives the majority revenue from France and also has a presence in the Netherlands, UK, Sweden, Belgium, Germany and Denmark among others. | $24 | -34% | $2.4B | $4.4B | ||||
| VGP SA is a real estate company. The company through its subsidiaries designs, constructs, and leases out logistics complexes and semi-industrial parks. Its business line includes Investment business, Property Development, and Property and asset management. The company derives the maximum rental income from the investment business. Geographically, it has a presence in Germany, Spain, Austria, the Czech Republic, Slovakia, Hungary, Latvia, and Romania. | $73 | -37% | $2.2B | $4.5B | ||||
 | Reysas Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust founded for investing and developing real estates in Turkey. It invests in real estates, capital market instruments based on real estates, real estate projects and rights based on real estates. The main focus of the company is the warehousing market. The company rents its warehouses for long terms in order to create continuous and stabile income from its portfolio. | $1 | +131% | $2B | $2B | ||||
 | Argan is a French real estate company. It specializes in the development and rental of premium logistics platforms for leading companies. The company develops and rents premium warehouses. It offers warehouses such as Dry products, Temperature controlled, positive cold storage, frozen storage, dual or triple temperature, and e-commerce. | $75 | -5% | $1.9B | $4.1B | ||||
| Global Net Lease Inc is a real estate investment trust that manages a globally diversified portfolio of commercial real estate properties. The company is engaged in the ownership, management, operation, lease, acquisition, investment, and sale of the portfolio assets. Its segments include Industrial & Distribution, Retail, and Office. The company derives maximum revenue from the Industrial and Distribution segment. The company geographically operates in the United States, the United Kingdom, Canada, and Europe. | $8 | +8% | $1.9B | $4.2B | ||||
| BWP Group is an Australian REIT focused on owning warehouse or bulky goods retailing properties with relatively large sites and high visibility and access to arterial roads. The portfolio of properties it owns is diversified across most Australian states and is on long-term leases to Australia’s dominant home improvement chain: Bunnings Group. Bunnings is a wholly owned subsidiary of Wesfarmers, a top-10 ASX-listed company by market capitalization. Wesfarmers owns 23% of BWP. | $2 | -3% | $1.9B | $2.3B | ||||
| ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS is a real estate investment company. Its portfolio consists of under construction Istanbul International Finance Center Ziraat Towers project and office buildings. It diversifies its investment portfolio with hotel and housing investments. | $0 | -18% | $1.8B | $2B | ||||
| Xenia Hotels & Resorts Inc is a real estate investment trust that invests in premium full-service, lifestyle, and urban upscale hotels and resorts across the United States. The company owns and pursues hotels in the upscale, upper upscale, and luxury segments that are affiliated with various brands. Its hotels are operated by Marriott, along with Hilton, Hyatt, Starwood, Kimpton, Aston, Fairmont, and Loews. The firm's properties are located in various regions across the U.S.: the South Atlantic, West South Central, Pacific, Mountain, and other regions. Xenia's revenue is divided between the sale of rooms, food and beverages, and other sources. | $18 | +48% | $1.7B | $3B | ||||
 | Infortar AS is an investment holding company in the Baltics. The group focus is on four segment areas which are Energy, Maritime transport, Real estate, and others. The Energy segment includes biogas production, resale and distribution of natural gas, and sale of electricity; the Real estate includes all companies in the group that lease or develop investment property; Maritime transport includes Tallink Grupp (an affiliated undertaking of the group) and its subsidiaries); and Other segment includes smaller companies that provide services to the aforementioned segments and other smaller enterprises. Its geographic regions are Estonia, Finland, Lithuania, Latvia, the Rest of the European Union, and Countries not in the EU. It generates the majority of its revenue from Estonia. | $72 | +54% | $1.5B | $2.7B | ||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment trust. The company is engaged in the development and leasing of housing units in urban areas throughout Turkey. It focuses on executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. The vast majority of the company's total revenue is derived from revenue-sharing projects in which property income is shared between multiple contractors. | $0 | -6% | $1.4B | $2.5B | ||||
 | TLG Immobilien AG is a commercial real estate company that focuses on the Berlin and eastern Germany regions of the Baltic coast and the Middle Germany core region. The company manages a portfolio of commercial properties mainly for office and retail uses. In addition, TLG Immobilien owns and operates several hotel properties that are located in Berlin, Dresden, Leipzig, and Rostock. The company provides property management, letting, sales, and purchases services. The majority of the group's revenue comes from rental and letting activities. | $13 | -21% | $1.2B | $1.2B | ||||
 | StorageVault Canada Inc is engaged in the business of owning, managing, and renting self-storage and portable storage space to individual and commercial customers. The company operates through three segments. Its Self Storage segment consists of renting space at the company's property for short or long-term storage which also includes space for storing vehicles and use for small commercial operations. The Portable Storage segment involves delivering a portable storage unit to the customer. The Management Division involves revenues generated from the management of stores owned by third parties. It generates maximum revenue from the Self Storage segment. The company also stores, shreds, and manages documents and records for customers. | $3 | -19% | $1B | $2.7B | ||||
| Yeni Gimat Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust company based in Turkey. The assets of the company include Ankamall and CP Ankara. | $4 | +53% | $1B | $950M | ||||
| Abacus Storage King is a self-storage REIT. It owns, operates, and manages a self-storage operating platform and an investment portfolio comprising self-storage properties and other investments across Australia and New Zealand. | $1 | -19% | $981M | $1.9B | ||||
| Workspace Group PLC is a real estate investment trust engaged in the acquisition, design, development, and ownership of office buildings throughout London. The company mainly focuses on leasing office properties to new and growing companies. The real estate assets in Workspace's portfolio are clustered around the London area of Farringdon and elsewhere in northern and central London. The company derives the vast majority of its income in the form of rental revenue from tenants organized into short-term leases. Workspace's tenants include marketing, business consultancy, fashion, finance, software, and architectural firms. | $5 | -14% | $910M | $2B | ||||
 | Infracore SA is a healthcare infrastructure company based that owns, develops, and manages healthcare real estate in Switzerland. Its portfolio comprises properties dedicated to the healthcare sector and is leased to hospital and healthcare operators under long-term lease agreements. The company's revenue includes rental income from properties. | $59 | -- | $901M | $989M | ||||
| Swedish Logistic Property AB is a Swedish real estate company that acquires, refines, and manages logistics properties. Its property portfolio includes both large modern logistics facilities and smaller properties that are optimal for city logistics, and are mainly concentrated in southern Sweden and the Stockholm area. The company generates a majority of its revenue in the form of rental income from investment properties, followed by service and other income. | $3 | -28% | $895M | $1.9B | ||||
 | S P Setia is a Malaysian listed property developer with master-planned townships, residential communities, commercial buildings and mixed-use projects. The group operates across Malaysia and in selected international markets. It serves homebuyers, commercial occupants, investors and public-sector development partners. Revenue comes from property sales, construction and related services delivered over multi-year development programs. The company controls land, plans infrastructure and amenities, and builds projects across multiple price points. PNB had become its majority shareholder in 2012 but S P Setia continued to have its own listed governance and operating management. The I&P acquisition added a large development land bank and consolidated two major Malaysian property platforms. | $0 | -15% | $891M | $2.7B | ||||
 | Far East Hospitality Trust is a Singapore-based business trust that operates and invests in hotel properties. Although its operations are in Singapore, the company has hotel customers from Southeast Asia, North Asia, Europe, Oceania, South Asia, and North America among others that contribute to its overall revenue. It has two reportable business segments Hotels and serviced residences, and Retail units, offices, and others. It generates the majority of its revenue from Hotels and serviced residences. | $0 | -14% | $821M | $1.4B | ||||
| Embassy Developments Ltd is engaged in real estate development, including the purchase, sale, construction, and management of residential, commercial, industrial, and other properties, both movable and immovable, and Special Economic Zone (SEZ) projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR). | $1 | -44% | $811M | $1.3B | ||||
| Empire State Realty Trust is a listed real-estate investment trust owning and operating office and retail assets in New York City, including the Empire State Building. The organization serves B2B customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Leasing & Rental Services, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 2011 and is headquartered in New York. QIA purchased newly issued Class A common shares directly from the company, creating a strategic 9.9% ownership position. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership. | $4 | -43% | $722M | $3.6B | ||||
| UEM Sunrise Bhd is a property developer, specialising in macro township, high rise residential, commercial, industrial and integrated developments. The company’s segments include Property development segment develops and sells residential and commercial properties, as well as sales of lands; Property investment and hotel operation segment holds to earn rental income and/or capital appreciation including hotel operation; and Others segment includes investment holding, assets and facilities management, project management, harvesting, land leasing, other income, and other dormant companies. Geographically it operates in Malaysia, Australia, Singapore, and South Africa. It derives majority of the revenue from Property development segment. | $0 | -20% | $619M | $1.3B | ||||
| Nirlon Limited is a Mumbai property company founded in 1958 and listed in India. The company owns Nirlon Knowledge Park, a large office campus in Goregaon along Mumbai's Western Express Highway. The park comprises multiple office blocks and serves international technology and financial-services tenants under long-term leases. Rental income and related property services are the company's core revenue sources, replacing its historical textiles activities. Its operating profile is therefore a concentrated commercial real-estate owner and manager with a major institutional-quality business park rather than a diversified developer. Its tenants include multinational employers. Nirlon serves B2B customers through activities spanning Buildings & Property and Real Estate Services. Its commercial model generates revenue through Leasing & Rental Services and Services, supported by sector expertise, operating execution and customer relationships. | $6 | +10% | $564M | $654M | ||||
| Akis Gayrimenkul Yatirim Ortakligi AS is a Turkey-based Real Estate Investment Trust. Its portfolio includes Akbati, Street Retail and Investments, Acacia and Akapartman Suadiye. | $0 | +19% | $468M | $460M | ||||
| Is Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust. The company is engaged in property investment, property-oriented capital market instruments and real estate projects. It develops office spaces and shopping center. | $0 | +19% | $461M | $474M | ||||
 | International Hotel Investments is a Malta-listed hospitality investment and operating company within the Corinthia Group. It was established in 2000 to acquire, develop, own and operate upscale hotels and related real estate in Europe, Africa and other international markets. The group owns or has owned landmark hotel assets in cities including London, Budapest, Lisbon, Prague, St Petersburg, Tripoli and Khartoum. Through affiliated management and project companies it also provides hotel operations, development, construction and technical services. Revenue comes from rooms, food and beverage, property activity, management fees and project services. Istithmar Hotels subscribed EUR 178 million of new cash equity in 2007 and initially obtained about 33% of the company, becoming a long-term strategic shareholder. The investment was intended to fund acquisitions, development and expansion of the Corinthia hotel portfolio. | $1 | +43% | $428M | $1.5B | ||||
| Eastnine AB is a real estate company focused on modern and sustainable office properties in the Baltics and Poland. Its tenants comprise, mainly, large Nordic group companies that operate internationally. The company operates through four segments namely; Properties in Lithuania which generates key revenue, Properties in Latvia, Properties in Poland, and other investments. The firm generates revenue in the form of Rental income. | $4 | -21% | $408M | $882M | ||||
| Ozak Gayrimenkul Yatirim Ortakligi is a Turkey-based Real Estate Investment Trust. It maintains its land and project development studies in Housing, Commercial, Tourism, and Merchandise areas. Some of the projects of the company include Hayat Tepe Suites, Ozak Hayat Tepe, Bulvar216 and 34 Portall. | $0 | -13% | $361M | $246M | ||||
 | Noval Property Real Estate Investment Co is a well-diversified Real Estate Investment Company (REIC) engaged in sourcing, evaluating, and acquiring attractive investment opportunities mainly in the Greek real estate market. The company's investment portfolio includes various real estate properties comprising office buildings, commercial spaces, retail stores, hospitality properties, logistics, industrial buildings, and warehouses, as well as land and buildings for future development. Its operating segments are Retail, which derives maximum revenue, Offices, Industrial properties, Hospitality, and Other. Geographically, the company derives a majority of its revenue from Greece in the form of rental income, and the rest from Bulgaria. | $3 | -9% | $351M | $526M | ||||
 | Stride Property Ltd and Stride Investment Management Ltd (NS) are property owner and managers that focuses on creating, developing, and investing in places with enduring demand. The group invests directly in office and town centre properties and manages three entities that own commercial property (which are called the Stride Products) - Investore, Industre, and Diversified. It has an interest in each of the Stride Products, ensuring alignment of interests between Stride and each of the Stride Products, and providing SPL with a diversified look-through portfolio that is well balanced across each of the core property sectors, demonstrating metrics. | $1 | -77% | $332M | $504M | ||||
| HSI Malls FII is a Brazilian listed real estate investment fund focused on shopping centers. It earns income from shopping-center properties and holds both direct property interests and shares in property-owning companies. The fund trades as HSML11 and is managed by HSI Gestora de Fundos Imobiliários, a separate entity. | $16 | 0% | $332M | $308M | ||||
| Halk Gayrimenkul Yatirim Ortakligi AS is a Turkey-based Real Estate Investment Trust. It was established with the aim of investing in real estate and real estate projects and accelerating the change and improvement in the real estate market. The projects of the company include Halk Towers, Evora Izmir Project, Bizimtepe Aydos Project, and Park Dedeman Levent Hotel among others. | $0 | -7% | $315M | $654M | ||||
| Fundo De Investimento Imobiliario Riza Terrax aims to invest exclusively in Agricultural Land in Brazil. The operations proposed by the company bring a new type of long-term financing for Brazilian rural producers. | $16 | -8% | $298M | $294M | ||||
| FSDV is engaged in commercial real estate. It combines management of a portfolio and development of new or redeveloped projects, in line with user needs. It operates across the entire real estate value chain from land acquisition to rental management, the rental of workspaces, including the design, construction and management of the premises. | $19 | +10% | $277M | $802M | ||||
| Vinci Logística Fundo de Investimento Imobiliário is a Brazilian listed real estate investment fund whose units trade on B3 under ticker VILG11. Its investment strategy focuses on logistics properties, including modular warehouses and large distribution buildings. The fund invests in property interests and receives rental income from business tenants, with a mandate that encompasses both standard and tailored lease contracts. Its portfolio is managed by Vinci Real Estate Gestora de Recursos Ltda., while BRL Trust provides administration, custody and registrar services. Those service providers are separate legal entities from the investment vehicle. The fund is identified by CNPJ 24.853.044/0001-22 and ISIN BRVILGCTF001. It publishes dedicated portfolio information, financial statements and income distribution records for its unitholders through its investor-relations website. | $18 | +5% | $267M | $267M | ||||
| Brinova Fastigheter AB is a real estate company in south of Sweden. The company operates in three segments rental housing, community buildings and commercial premises. | $1 | -35% | $263M | $1.4B | ||||
 | Red Sea International Co provides modular living and working environments for industrial and residential communities. It provides civil contracting for commercial and residential buildings; offers real estate property investment and development; production of paints, coatings, construction machinery, and equipment; repair and maintenance services. The company's reportable segments include: Non-concrete residential and commercial buildings being the highest revenue driver; General construction Rentals from investment properties; Paints and related services. It has a presence in Saudi Arabia, and Internationally. | $5 | -50% | $258M | $532M | ||||
| Pasifik Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. The company offers investment opportunities by expanding its real estate portfolio. Its projects include Center Ankara Project and Next Level Istanbul. | $0 | -45% | $238M | $579M | ||||
| 029 Group SE is a hospitality and lifestyle platform blending luxury, technology, and community to build and support category-defining brands aimed at making people’s lives happier. The company investment is focused on two business sectors which are Hospitality and Lifestyle. The company operates in three segments Hospitality, Enabling Technologies, and Consumer Brands. | $47 | +17% | $235M | $235M | ||||
| Median | $16 | -6% | $4.1B | $7.4B | 10.8x | 17.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.