Real Estate

REITs and real estate companies

Sector classifications follow the GICS industry standard.

Companies Analyzed20 / 20in this sector

Avg FCF Margin43.9%

Top PerformerO69.5%

Avg Debt/FCF8.4xacross 19 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Health grades across the sector

A11 (55%)

B6 (30%)

C2 (10%)

F1 (5%)

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	O	A	69.5%	—	improving	7.3x	$5.7B	$4.0B
2	CCI	B	67.4%	—	improving	10.3x	$4.3B	$2.9B
3	VICI	A	62.6%	90.4%	stable	7.1x	$4.0B	$2.5B
4	PSA	A	60.1%	178.6%	stable	3.5x	$4.8B	$2.9B
5	PLD	B	57.0%	150.5%	declining	7.1x	$8.8B	$5.0B
6	REG	A	53.3%	156.9%	stable	6.4x	$1.6B	$827.7M
7	KIM	A	52.3%	191.5%	stable	7.4x	$2.1B	$1.1B
8	SPG	B	50.3%	89.4%	stable	9.1x	$6.4B	$3.2B
9	ESS	B	49.5%	160.4%	stable	7.3x	$1.9B	$934.1M
10	ARE	A	48.0%	-98.9%	improving	9.0x	$2.9B	$1.4B
11	AVB	A	46.2%	159.0%	improving	6.8x	$3.0B	$1.4B
12	EQR	A	41.7%	147.2%	stable	6.6x	$3.1B	$1.3B
13	DLR	A	39.5%	184.3%	stable	8.1x	$6.1B	$2.4B
14	SBAC	C	37.9%	122.6%	stable	14.4x	$2.8B	$1.1B
15	AMT	C	35.5%	216.0%	improving	11.9x	$10.6B	$3.8B
16	INVH	A	35.3%	205.2%	declining	8.7x	$2.7B	$963.5M
17	MAA	B	32.5%	241.3%	stable	7.6x	$2.2B	$717.9M
18	WELL	A	26.7%	—	improving	7.5x	$10.7B	$2.8B
19	VTR	B	17.2%	—	improving	13.2x	$5.8B	$1.0B
20	EQIX	F	-4.3%	289.7%	declining	N/A	$9.2B	-$400.0M

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

Public Storage converts 60% of revenue to free cash flow. That's exceptional. The $10B debt load tells a different story.

Realty Income earns an A grade with a 68% FCF margin. The debt load is real, but the cash flow isn't slowing down.