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

A14 (70%)

B5 (25%)

F1 (5%)

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	O	A	68.9%	—	stable	7.4x	$5.7B	$4.0B
2	CCI	B	65.7%	—	declining	10.6x	$4.3B	$2.9B
3	VICI	A	62.2%	90.4%	improving	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%	stable	7.4x	$8.8B	$5.0B
6	REG	A	52.0%	156.9%	—	6.6x	$1.6B	$827.7M
7	KIM	A	50.8%	191.5%	improving	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%	improving	7.4x	$1.9B	$934.1M
10	ARE	B	46.6%	-98.9%	declining	9.3x	$2.9B	$1.4B
11	AVB	A	45.4%	159.0%	stable	6.9x	$3.0B	$1.4B
12	EQR	B	40.6%	147.2%	declining	6.7x	$3.1B	$1.3B
13	DLR	A	37.9%	184.3%	improving	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%	stable	9.0x	$2.7B	$963.5M
16	AMT	A	33.9%	216.0%	improving	12.5x	$10.6B	$3.8B
17	MAA	B	31.7%	241.3%	declining	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

The sector keeps printing cash. Equinix keeps burning it. Nothing has changed since August.

Most REITs print cash at absurd margins. Equinix burns it faster than tech companies.

Same sector, same grades, same problem at the bottom. But the improving trends tell a different story.