What is market cap in real estate?

Market cap is the total value of a company's stock, and it's a term used with companies across market sectors, including real estate. Real estate companies also use capitalization rates, or cap rates, to measure the risk and return of commercial properties. To calculate the cap rate, divide a property's annual net operating income by its market value.

In today's real estate market, what cap rate are investors looking for?

Investors generally look for a cap rate between 5% and 10% in today's real estate market, but it depends on the investor's risk tolerance, the market, and the type of property.

The biggest REITs and largest real estate companies by market cap, ranked and updated monthly.

Welltower, Prologis, and Equinix dominate the real estate sector.

By Lyle Daly – Updated Apr 6, 2026 at 4:06 PM EST | Fact-checked by Frank Bass

Key Points

Welltower leads in the real estate sector in market cap at $153.3B, focusing on healthcare infrastructure.
Prologis handles logistics real estate and is expanding into data centers.
Equinix, a digital infrastructure firm, prioritizes AI and sustainable energy.

Welltower (WELL +1.63%) is the largest real estate company by market cap, followed by Prologis (PLD +0.36%) and Equinix (EQIX +0.48%). Nine of the top 10 real estate companies are real estate investment trusts (REITs). These companies own and operate many different types of real estate, including industrial facilities, data centers, and shopping malls.

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Modern office buildings situated on both sides of a lovely waterway winding itself through Hong Kong. — Image source: Getty Images.

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Ticker Information Table
Name and ticker	Market cap	Current price	Industry
Welltower (NYSE:WELL)	$150.3 billion	$216.61	Health Care REITs
Prologis (NYSE:PLD)	$132.7 billion	$142.80	Industrial REITs
Equinix (NASDAQ:EQIX)	$105.2 billion	$1,069.68	Specialized REITs
American Tower (NYSE:AMT)	$83.8 billion	$177.53	Specialized REITs
Simon Property Group (NYSE:SPG)	$65.4 billion	$202.89	Retail REITs
Digital Realty Trust (NYSE:DLR)	$68.4 billion	$195.92	Specialized REITs
Realty Income (NYSE:O)	$57.6 billion	$62.35	Retail REITs
Sun Hung Kai Properties (OTC:SUHJF)	$53.2 billion	$18.36	Real Estate Management and Development
Public Storage (NYSE:PSA)	$54.3 billion	$310.92	Specialized REITs
Goodman Group (ASX:GMG)	$63.1 billion	A$30.26	Industrial REITs

Data as of May 8, 2026. Showing 10 of 10 tickers.

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NYSE: WELL

Welltower

Today's Change

(1.72%) $3.66

Current Price

$216.61

Key Data Points

Market Cap

$150B

Day's Range

$213.25 - $217.43

52wk Range

$142.65 - $219.59

Volume

345K

Avg Vol

3.1M

Gross Margin

20.96%

Dividend Yield

1.36%

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Welltower is the first healthcare REIT; in fact, it was originally known as Health Care REIT, Inc. The trust invests in healthcare infrastructure and senior housing, including assisted living facilities and dementia care facilities.

The REIT operates in the U.S., Canada, and the U.K., and manages more than 2,500 senior and wellness housing communities. In October 2025, Welltower announced $23 billion in transactions, including $14 billion in acquisitions and a greater focus on senior housing.

2. Prologis

Market cap: $129.36 billion (as of May 4)
Revenue (TTM): $8.9 billion
Gross profit (TTM): $6.7 billion
Five-year annualized return: 3.95%
Year founded: 1983

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NYSE: PLD

Prologis

Today's Change

(0.36%) $0.51

Current Price

$142.80

Key Data Points

Market Cap

$133B

Day's Range

$142.66 - $144.05

52wk Range

$103.02 - $145.44

Volume

14K

Avg Vol

3.5M

Gross Margin

44.20%

Dividend Yield

2.88%

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Prologis builds, owns, and operates logistics real estate, including manufacturing facilities, storage and distribution properties, and flex spaces that serve multiple purposes. This company is now focusing on data centers to meet the demand driven by artificial intelligence (AI).

As of 2025, Prologis had about 6,000 buildings across 20 countries and more than $200 billion in assets under management (AUM). It's also expanding into France, with multiple data center projects planned for the country.

3. Equinix

Market cap: $106.83 billion (as of May 4)
Revenue (TTM): $9.4 billion
Gross profit (TTM): $4.8 billion
Five-year annualized return: 8.53%
Year founded: 1998

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NASDAQ: EQIX

Equinix

Today's Change

(0.27%) $2.92

Current Price

$1069.68

Key Data Points

Market Cap

$105B

Day's Range

$1068.42 - $1081.74

52wk Range

$710.52 - $1128.68

Volume

3.4K

Avg Vol

644K

Gross Margin

27.71%

Dividend Yield

1.80%

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Digital infrastructure company Equinix converted to a REIT in 2015. It has a network of over 270 AI-ready data centers across more than 70 major metropolitan areas, with more than 10,000 customers. Companies that use Equinix include Amazon, Apple (AAPL +2.23%), and Meta Platforms (META -0.78%).

In recent years, Equinix has focused on AI and partnered with tech giant Nvidia (NVDA +2.12%) to offer a fully managed private cloud service to clients. It has also prioritized sustainability and set a goal to procure 100% renewable energy for its facilities by 2030.

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NYSE: AMT

American Tower

Today's Change

(-1.25%) $-2.24

Current Price

$177.53

Key Data Points

Market Cap

$84B

Day's Range

$177.32 - $179.81

52wk Range

$165.08 - $234.33

Volume

26K

Avg Vol

3.1M

Gross Margin

54.86%

Dividend Yield

3.83%

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American Tower Corporation (AMT -0.88%) is a REIT that owns and operates wireless networks in 22 countries. Its communications real estate portfolio has about 150,000 sites, including more than 40,000 in the U.S. and Canada.

In addition to communications towers, American Tower's portfolio also includes data centers that businesses can use for cloud computing, AI technology, and other IT needs.

5. Simon Property Group

Market cap: $76.70 billion (as of May 4)
Revenue (TTM): $6.4 billion
Gross profit (TTM): $5.2 billion
Five-year annualized return: 10.71%
Year founded: 1993

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NYSE: SPG

Simon Property Group

Today's Change

(0.74%) $1.49

Current Price

$202.89

Key Data Points

Market Cap

$65B

Day's Range

$201.67 - $203.74

52wk Range

$155.44 - $208.28

Volume

140K

Avg Vol

1.5M

Gross Margin

59.48%

Dividend Yield

4.29%

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Simon Property Group (SPG +0.82%) is a REIT that owns, develops, and operates retail properties. It has a portfolio of more than 250 properties, which include shopping malls, retail outlets, and open-air shopping centers.

Brothers Melvin and Herbert Simon founded Simon Property Group in the 1960s, taking it public in 1993 after decades of developing and operating strip malls. Melvin's son, David Simon, has been the company's CEO since 1995.

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6. Digital Realty

Market cap: $70.49 billion (as of May 4)
Revenue (TTM): $6.3 billion
Gross profit (TTM): $3.5 billion
Five-year annualized return: 5.40%
Year founded: 2004

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NYSE: DLR

Digital Realty Trust

Today's Change

(0.58%) $1.14

Current Price

$195.92

Key Data Points

Market Cap

$68B

Day's Range

$195.20 - $197.21

52wk Range

$146.23 - $208.14

Volume

12K

Avg Vol

2.1M

Gross Margin

25.66%

Dividend Yield

2.51%

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Digital Realty Trust (DLR +0.45%) is a data center REIT with a global network of more than 300 data centers serving over 5,000 customers. It has one of the largest footprints on this list, operating data centers in six geographic regions: North America, South America, Europe, Africa, Asia, and Oceania.

This is also the youngest real estate company to have made the top 10 by market cap. GI Partners founded Digital Realty in 2004, when it purchased 21 data centers at bankruptcy auctions.

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NYSE: O

Realty Income

Today's Change

(0.91%) $0.56

Current Price

$62.35

Key Data Points

Market Cap

$58B

Day's Range

$62.10 - $62.67

52wk Range

$54.38 - $67.94

Volume

51K

Avg Vol

6.1M

Gross Margin

49.62%

Dividend Yield

5.24%

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Realty Income (O +0.94%) is a REIT that invests in single-tenant commercial properties. Its portfolio had more than 15,000 properties located in the U.S., U.K., and the European Union as of 2025.

Instead of paying quarterly dividends like most REITs, Realty Income pays monthly dividends. It's even known as "The Monthly Dividend Company" for that reason, and it's one of the more popular real estate dividend stocks.

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8. Sun Hung Kai Properties

Market cap: $54.57 billion (as of May 4)
Revenue (TTM): $11.8 billion*
Gross profit (TTM): $4.4 billion*
Five-year annualized return: 3.52%
Year founded: 1963

Converted from Hong Kong dollars.

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OTC: SUHJF

Sun Hung Kai Properties

Today's Change

(-0.43%) $-0.08

Current Price

$18.36

Key Data Points

Market Cap

$53B

Day's Range

$18.36 - $18.36

52wk Range

$9.42 - $19.16

Volume

Avg Vol

1.7K

Gross Margin

36.54%

Dividend Yield

2.64%

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Sun Hung Kai Properties (OTC:SUHJ.F) is one of Hong Kong's largest property developers. It develops residential projects and owns shopping malls, offices, and hotels. In addition to its real estate portfolio, Sun Hung Kai also owns telecommunications and information technology businesses.

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9. Public Storage

Market cap: $51.85 billion (as of May 4)
Revenue (TTM): $4.9 billion
Gross profit (TTM): $3.5 billion
Five-year annualized return: 1.41%
Year founded: 1972

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NYSE: PSA

Public Storage

Today's Change

(0.51%) $1.58

Current Price

$310.92

Key Data Points

Market Cap

$54B

Day's Range

$308.21 - $312.46

52wk Range

$256.54 - $313.51

Volume

73K

Avg Vol

1.2M

Gross Margin

48.97%

Dividend Yield

3.88%

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Public Storage (PSA +0.59%) is the largest owner and operator of self-storage facilities worldwide. This self-storage REIT has more than 3,300 facilities serving approximately 2 million customers in the U.S.

While most of Public Storage's business is in the U.S., it acquired Shurgard Self-Storage in 2006 to build its global reach. It now operates thousands of facilities across seven European Union nations.

10. Goodman Group

Market cap: $43.88 billion* (as of May 4)
Revenue (TTM): $1.4 billion*
Gross profit (TTM): $998.1 million*
Five-year annualized return: 8.00%
Year founded: 1989

*Converted from Australian dollars.

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ASX: GMG

Goodman Group

Today's Change

(-1.91%) $-0.59

Current Price

$30.26

Key Data Points

Market Cap

$63B

Day's Range

$30.00 - $30.47

52wk Range

$24.56 - $37.31

Volume

2.8M

Avg Vol

3.9M

Gross Margin

75.28%

Dividend Yield

0.97%

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Largest real estate companies FAQ

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About the Author

Lyle Daly is a contributing Motley Fool stock market analyst covering information technology and cryptocurrency. Lyle has been a contributor at the financial services company since 2018. His work has been featured on USA Today, Yahoo Finance, MSN, Fox Business, and Nasdaq. Before joining The Motley Fool, he wrote for financial brands including Intuit.

TMFLyleDaly

@LyleDaly

Lyle Daly has positions in Meta Platforms and Nvidia. The Motley Fool has positions in and recommends Amazon, American Tower, Apple, Digital Realty Trust, Equinix, Meta Platforms, Nvidia, Prologis, Realty Income, Rocket Companies, Simon Property Group, and Walmart. The Motley Fool has a disclosure policy.

The Largest Real Estate Companies by Market Cap in May 2026

Welltower, Prologis, and Equinix dominate the real estate sector.

Key Points

Key Data Points

2. Prologis

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3. Equinix

Key Data Points

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5. Simon Property Group

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6. Digital Realty

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8. Sun Hung Kai Properties

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9. Public Storage

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10. Goodman Group

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Largest real estate companies FAQ

What is market cap in real estate?

In today's real estate market, what cap rate are investors looking for?

Largest companies by market cap in the real estate sector

1. Welltower

2. Prologis

3. Equinix

4. American Tower Corporation

6. Digital Realty

7. Realty Income

8. Sun Hung Kai Properties

9. Public Storage

Related investing topics

FAQ

Key Data Points

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5. Simon Property Group

10. Goodman Group

Industrial REITs and data centers lead real estate by market cap

Key Data Points