Real Estate

REITs and real estate companies

Sector classifications follow the GICS industry standard.

Companies Analyzed20 / 20in this sector

Avg FCF Margin41.9%

Top PerformerO68.9%

Avg Debt/FCF9.1xacross 19 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Health grades across the sector

A16 (80%)

B3 (15%)

F1 (5%)

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	O	A	68.9%	—	improving	7.4x	$5.7B	$4.0B
2	CCI	A	65.7%	—	improving	10.6x	$4.3B	$2.9B
3	VICI	A	62.2%	90.4%	stable	7.1x	$4.0B	$2.5B
4	PSA	A	59.2%	178.6%	stable	3.6x	$4.8B	$2.9B
5	PLD	A	54.9%	150.5%	declining	7.4x	$8.8B	$5.0B
6	REG	A	52.0%	156.9%	stable	6.6x	$1.6B	$827.7M
7	KIM	A	50.8%	191.5%	stable	7.6x	$2.1B	$1.1B
8	SPG	A	50.3%	89.4%	stable	9.1x	$6.4B	$3.2B
9	ESS	A	49.0%	160.4%	stable	7.4x	$1.9B	$934.1M
10	ARE	B	46.6%	-98.9%	stable	9.3x	$2.9B	$1.4B
11	AVB	A	45.4%	159.0%	improving	6.9x	$3.0B	$1.4B
12	EQR	A	40.6%	147.2%	stable	6.7x	$3.1B	$1.3B
13	DLR	A	37.9%	184.3%	stable	8.5x	$6.1B	$2.4B
14	SBAC	B	35.2%	122.6%	stable	15.5x	$2.8B	$1.1B
15	INVH	A	34.3%	205.2%	declining	9.0x	$2.7B	$963.5M
16	AMT	B	33.9%	216.0%	stable	12.5x	$10.6B	$3.8B
17	MAA	A	31.7%	241.3%	stable	7.7x	$2.2B	$717.9M
18	VTR	A	16.5%	—	improving	13.7x	$5.8B	$1.0B
19	WELL	A	12.1%	—	improving	16.6x	$10.7B	$2.8B
20	EQIX	F	-9.7%	289.7%	declining	N/A	$9.2B	-$400.0M

Real estate prints a 46% median FCF margin with 16 A-grades. Equinix remains the lone failure at negative 9.7%.

The REIT sector prints 47% median margins with 11 A-grades. Then there's Equinix at -4.3% and declining.

Kimco prints half its revenue as free cash flow. The debt load says otherwise.