What is market cap in real estate?

Market cap is the total value of a company's stock, and it's a term used across 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 Largest Real Estate Companies by Market Cap in September 2026

Welltower, Prologis, and Equinix are the biggest companies by market cap in the real estate sector

By Lyle Daly – Updated Sep 6, 2026 at 8:01 PM EST | Fact-checked by Frank Bass

Key Points

Welltower, Prologis, and Equinix lead as top real estate companies by market cap in 2026.
Most top real estate firms, including Welltower at $170B market cap, are REITs, reflecting sector success.
REITs specialize in diverse properties like healthcare, industrial sites, and data centers, catering to specific needs.

Welltower (WELL -1.46%) is the largest real estate company by market cap, followed by Prologis (PLD -0.25%) and Equinix (EQIX -0.45%). Nine of the top 10 real estate companies are real estate investment trusts (REITs), demonstrating how successful this type of business is. Read on to see the 10 most valuable companies as of September 2026.

Editor's note: Rankings and financial metrics are as of Sept. 4, 2026; live quote cards update automatically and are the most current data available.

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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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Largest companies by market cap in the real estate sector

Ticker Information Table
Name and ticker	Market capMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.	Current price	Industry
Welltower (NYSE:WELL)	$165.0 billion	$228.87	Health Care REITs
Prologis (NYSE:PLD)	$128.1 billion	$134.84	Industrial REITs
Equinix (NASDAQ:EQIX)	$100.8 billion	$1,021.34	Specialized REITs
American Tower (NYSE:AMT)	$81.1 billion	$173.98	Specialized REITs
Simon Property Group (NYSE:SPG)	$66.4 billion	$205.32	Retail REITs
Digital Realty Trust (NYSE:DLR)	$67.6 billion	$182.12	Specialized REITs
Realty Income (NYSE:O)	$53.6 billion	$56.66	Retail REITs
Public Storage (NYSE:PSA)	$55.4 billion	$296.31	Specialized REITs
Ventas (NYSE:VTR)	$44.5 billion	$86.69	Health Care REITs
Sun Hung Kai Properties (OTC:SUHJY)	$39.8 billion	$13.73	Real Estate Management and Development

Data as of Sep 20, 2026. Showing 10 of 10 total entries.

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1. Welltower

Market cap: $170.18 billion (as of Sept. 4)
Revenue (TTM): $12.6 billion
Gross profit (TTM): $4.9 billion
Five-year annualized return: 22.18%
Year founded: 1970

TTM = trailing 12 months.

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NYSE: WELL

Welltower

Premium Feature

Moneyball Superscore

83/100

Today's Change

(-1.46%) $-3.39

Current Price

$228.87

Key Data Points

Market Cap

$165B

Day's Range

$228.00 - $231.86

52wk Range

$163.75 - $255.20

Volume

8.3M

Avg Vol

Gross Margin

20.26%

Dividend Yield

1.34%

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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: $133.51 billion (as of Sept. 4)
Revenue (TTM): $9.2 billion
Gross profit (TTM): $6.8 billion
Five-year annualized return: -0.24%
Year founded: 1983

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NYSE: PLD

Prologis

Premium Feature

Moneyball Superscore

86/100

Today's Change

(-0.25%) $-0.34

Current Price

$134.84

Key Data Points

Market Cap

$128B

Day's Range

$133.25 - $134.91

52wk Range

$111.03 - $153.35

Volume

7.6M

Avg Vol

4.2M

Gross Margin

44.51%

Dividend Yield

3.13%

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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 2026, Prologis had over 6,500 global customers and $240 billion in assets under management (AUM). It's also expanding into France, with multiple data center projects.

3. Equinix

Market cap: $102.22 billion (as of Sept. 4)
Revenue (TTM): $9.8 billion
Gross profit (TTM): $5.1 billion
Five-year annualized return: 3.25%
Year founded: 1998

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NASDAQ: EQIX

Equinix

Premium Feature

Moneyball Superscore

87/100

Today's Change

(-0.45%) $-4.60

Current Price

$1,021.34

Key Data Points

Market Cap

$101B

Day's Range

$1014.35 - $1030.41

52wk Range

$720.62 - $1128.68

Volume

680.6K

Avg Vol

585.4K

Gross Margin

31.69%

Dividend Yield

1.97%

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Digital infrastructure company Equinix converted to a REIT in 2015. It has a network of over 281 AI-ready data centers across more than 70 major metropolitan areas, with more than 10,500 customers. Companies that use Equinix include Amazon, Apple (AAPL -0.26%), and Meta Platforms (META -2.43%).

In recent years, Equinix has focused on AI and partnered with tech giant Nvidia (NVDA +1.34%) to offer a fully managed private cloud service to clients. It has also prioritized sustainability and had 96% renewable energy coverage across its retail IBX data centers as of 2025.

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4. American Tower Corporation

Market cap: $81.94 billion (as of Sept. 4)
Revenue (TTM): $10.9 billion
Gross profit (TTM): $8.1 billion
Five-year annualized return: -10.25%
Year founded: 1995

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NYSE: AMT

American Tower

Premium Feature

Moneyball Superscore

69/100

Today's Change

(-0.91%) $-1.60

Current Price

$173.98

Key Data Points

Market Cap

$81B

Day's Range

$172.82 - $175.57

52wk Range

$160.06 - $197.41

Volume

3.7M

Avg Vol

2.8M

Gross Margin

54.84%

Dividend Yield

4.01%

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American Tower Corporation (AMT -0.91%) is a REIT that owns and operates wireless networks in 22 countries. Its communications real estate portfolio has about 148,000 sites, including more than 40,000 in the U.S. and Canada.

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

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5. Simon Property Group

Market cap: $79.51 billion (as of Sept. 4)
Revenue (TTM): $6.9 billion
Gross profit (TTM): $5.7 billion
Five-year annualized return: 9.06%
Year founded: 1993

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NYSE: SPG

Simon Property Group

Premium Feature

Moneyball Superscore

78/100

Today's Change

(0.42%) $0.85

Current Price

$205.32

Key Data Points

Market Cap

$66B

Day's Range

$202.94 - $205.55

52wk Range

$172.19 - $238.50

Volume

3.1M

Avg Vol

1.6M

Gross Margin

57.24%

Dividend Yield

4.33%

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Simon Property Group (SPG +0.42%) 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: $71.15 billion (as of Sept. 4)
Revenue (TTM): $6.8 billion
Gross profit (TTM): $3.9 billion
Five-year annualized return: 2.37%
Year founded: 2004

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NYSE: DLR

Digital Realty Trust

Premium Feature

Moneyball Superscore

85/100

Today's Change

(-1.16%) $-2.14

Current Price

$182.12

Key Data Points

Market Cap

$68B

Day's Range

$181.41 - $184.56

52wk Range

$146.23 - $208.14

Volume

4.6M

Avg Vol

2.9M

Gross Margin

28.41%

Dividend Yield

2.68%

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Digital Realty Trust (DLR -1.16%) 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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7. Realty Income

Market cap: $57.96 billion (as of Sept. 4)
Revenue (TTM): $6.0 billion
Gross profit (TTM): $5.5 billion
Five-year annualized return: -2.64%
Year founded: 1969

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NYSE: O

Realty Income

Premium Feature

Moneyball Superscore

85/100

Today's Change

(-1.15%) $-0.66

Current Price

$56.66

Key Data Points

Market Cap

$54B

Day's Range

$56.55 - $57.35

52wk Range

$55.86 - $67.94

Volume

15.2M

Avg Vol

5.8M

Gross Margin

50.82%

Dividend Yield

5.72%

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Realty Income (O -1.15%) is a REIT that invests in single-tenant commercial properties. Its portfolio had more than 15,500 properties located in the U.S., U.K., and the European Union as of 2026.

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. Public Storage

Market cap: $56.40 billion (as of Sept. 4)
Revenue (TTM): $4.9 billion
Gross profit (TTM): $3.6 billion
Five-year annualized return: -1.80%
Year founded: 1972

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NYSE: PSA

Public Storage

Premium Feature

Moneyball Superscore

72/100

Today's Change

(-1.48%) $-4.45

Current Price

$296.31

Key Data Points

Market Cap

$55B

Day's Range

$295.29 - $302.06

52wk Range

$256.54 - $335.55

Volume

1.7M

Avg Vol

995.9K

Gross Margin

48.63%

Dividend Yield

4.05%

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Public Storage (PSA -1.48%) is the largest owner and operator of self-storage facilities worldwide. This self-storage REIT has more than 4,500 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.

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9. Ventas

Market cap: $46.30 billion (as of Sept. 4)
Revenue (TTM): $6.4 billion
Gross profit (TTM): $2.6 billion
Five-year annualized return: 9.90%
Year founded: 1998

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NYSE: VTR

Ventas

Premium Feature

Moneyball Superscore

78/100

Today's Change

(-1.16%) $-1.02

Current Price

$86.69

Key Data Points

Market Cap

$44B

Day's Range

$86.55 - $87.66

52wk Range

$66.63 - $101.60

Volume

13.6M

Avg Vol

3.6M

Gross Margin

18.38%

Dividend Yield

2.31%

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Ventas (VTR -1.16%) is a healthcare REIT with senior housing, outpatient medical and research buildings, and specialized healthcare facilities. Its portfolio includes more than 1,400 properties in the U.S., Canada, and the U.K.

This REIT also focuses on reducing emissions. It has committed to net-zero operational carbon emissions by 2040.

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10. Sun Hung Kai Properties

Market cap: $44.17 billion* (as of Sept. 4)
Revenue (TTM): $11.8 billion*
Gross profit (TTM): $4.4 billion*
Five-year annualized return: 1.68%
Year founded: 1963

*Converted from Hong Kong dollars.

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OTC: SUHJY

Sun Hung Kai Properties

Today's Change

(-0.94%) $-0.13

Current Price

$13.73

Key Data Points

Market Cap

$40B

Day's Range

$13.63 - $13.74

52wk Range

$11.47 - $18.89

Volume

185.9K

Avg Vol

121.4K

Gross Margin

34.30%

Dividend Yield

3.53%

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Sun Hung Kai Properties (SUHJY -0.94%) is one of Hong Kong's largest property developers. It focuses on premium residential projects and shopping malls, but it also develops offices, hotels, and serviced suites.

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Industrial REITs and data centers lead real estate by market cap

Real estate and the stock market are two of the most effective ways to build wealth. For investors who want to diversify their portfolios, real estate companies are a straightforward way to gain exposure to real estate through a brokerage account.

Most of the top real estate companies are REITs. These are a convenient way to invest in real estate, since they're easy to buy and sell, and they're also great for passive income. REITs are required by law to distribute at least 90% of taxable income as dividends.

At the moment, the largest REITs are those that manage portfolios of industrial properties and data centers, driven by growth in those sectors. However, there are other types of REITs and real estate companies, so investors have plenty of options in this sector.

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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 American Tower, Apple, Digital Realty Trust, Equinix, Meta Platforms, Nvidia, Prologis, Realty Income, Rocket Companies, and Simon Property Group. The Motley Fool has a disclosure policy.

The Largest Real Estate Companies by Market Cap in September 2026

Welltower, Prologis, and Equinix are the biggest companies by market cap in the real estate sector

Key Points

Largest companies by market cap in the real estate sector

1. Welltower

Key Data Points

2. Prologis

Key Data Points

3. Equinix

Key Data Points

4. American Tower Corporation

Key Data Points

5. Simon Property Group

Key Data Points

6. Digital Realty

Key Data Points

7. Realty Income

Key Data Points

8. Public Storage

Key Data Points

9. Ventas

Key Data Points

10. Sun Hung Kai Properties

Key Data Points

Industrial REITs and data centers lead real estate by market cap

Related investing topics

4 Best Real Estate ETFs for 2026 and How to Invest

Best Data Center REITs for 2026 and How to Invest

6 Things to Know About Investing in Commercial Real Estate

9 Ways Artificial Intelligence is Being Used in Real Estate

Methodology

Largest real estate companies FAQ

What is market cap in real estate?

What is market cap in real estate?

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

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

About the Author

Read Next

Stocks Mentioned

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Premium Investing Services

1. Welltower

Key Data Points

2. Prologis

Key Data Points

3. Equinix

Key Data Points

4. American Tower Corporation

Key Data Points

5. Simon Property Group

Key Data Points

6. Digital Realty

Key Data Points

7. Realty Income

Key Data Points

8. Public Storage

Key Data Points

9. Ventas

Key Data Points

10. Sun Hung Kai Properties

Key Data Points

Industrial REITs and data centers lead real estate by market cap

4 Best Real Estate ETFs for 2026 and How to Invest

Best Data Center REITs for 2026 and How to Invest

6 Things to Know About Investing in Commercial Real Estate

9 Ways Artificial Intelligence is Being Used in Real Estate

Methodology

Largest real estate companies FAQ

What is market cap in real estate?

What is market cap in real estate?

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

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