Real estate in 2025 looks very different from what it was a decade ago. It’s no longer just about owning buildings. It’s about owning the infrastructure that keeps the world running.
The seven largest publicly traded REIT stocks sit at the center of this shift. They manage warehouses that power e-commerce, data centers that keep the internet alive, and health-care facilities that serve growing communities. Together, they show how modern real estate has become a bridge between the physical and digital economies.
These companies stand out for their size, reach, and ability to generate steady returns through changing market cycles. They offer investors access to long-term growth themes: technology, demographics, and global logistics, while still delivering the dependable income that defines real estate investing.
In this article, we take a closer look at the seven biggest REITs in the world, how they make their money, where they’re growing, and which numbers matter most for investors in 2025.
Top 7 Largest REITs. Key Financial Metrics (as of November 2025)
Rank | Company (Ticker) | Type of REIT | Last Price | Total Assets | Net Debt / EBITDA | Occupancy / Utilization | FFO Outlook (2025) | Same-Store NOI Growth (2025) | |
1 | Welltower (WELL) | Health Care REIT | $118.9 B | $177.77 | $55.83 B | 4.48× | > 90% | $5.06 – $5.14 / sh | + 4 – 5 % |
2 | Prologis (PLD) | Industrial REIT | $118.1 B | $127.17 | $98.34 B | 5.00× | ~ 95 % | $5.75 – $5.80 / sh | + 4.5 % |
3 | American Tower (AMT) | Telecom Tower REIT | $90.4 B | $193.12 | $63.75 B | 6.32× | High / LT leases | AFFO ≈ $4.9 B | ≈ + 2 % |
4 | Equinix (EQIX) | Data Center REIT | $80.8 B | $825.14 | $38.85 B | 4.38× | > 90 % | Not disclosed | + 5 – 6 % (est.) |
5 | Digital Realty (DLR) | Data Center REIT | $59.0 B | $172.97 | $48.72 B | 6.01× | High | Not disclosed | + 3 – 4 % (est.) |
6 | Simon Property Group (SPG) | Retail REIT | $58.3 B | $178.53 | $33.30 B | 5.29× | ~ 93 % | Not disclosed | + 1 – 2 % |
7 | Realty Income (O) | Net-Lease Retail REIT | $55.4 B | $60.63 | $71.42 B | 5.51× | > 98 % | Not disclosed | + 2 – 3 % |
Sources: Company filings, Q2–Q3 2025 earnings releases, and public investor presentations.
Top 7 Largest REITs. Company-by-Company Analysis
1. Welltower Inc. (WELL) – Health-Care REIT
Market Capitalization: $117.7 billion
Overview: Welltower is the largest real estate investment trust in the healthcare sector. The company owns senior housing, post-acute care, and medical office properties that are typically leased to operators who manage patient care. Its portfolio benefits from aging demographics and rising demand for healthcare facilities, supporting long-term stability and rental growth.
Operating Performance (Q2 2025)
- Same-store net operating income (NOI) growth: +13.8 % year-over-year
- Senior housing operations NOI growth: +23 % year-over-year
- Portfolio occupancy: up 420 basis points from the prior year
- Revenue per occupied room (RevPOR): +4.9 %
These results reflect improving occupancy, stronger pricing, and successful execution across senior housing and medical office segments.
Investment Thesis: Welltower combines structural demographic tailwinds with disciplined operating and financial management. Lower leverage enhances flexibility for reinvestment and acquisitions. The primary challenges are rising labor costs and regulatory pressures in healthcare services, but the long-term outlook remains positive with continued potential for earnings and dividend growth.
2. Prologis (PLD) – Industrial REIT
Market Capitalization: $117.0 billion
Overview: Prologis is the world’s largest industrial and logistics real estate company, owning and managing distribution centers and fulfillment hubs across North America, Europe, and Asia. Its properties are strategically positioned near major ports, transportation routes, and population centers, enabling tenants to move goods efficiently. The company benefits from reshoring, supply-chain modernization, and the continued growth of e-commerce.
Operating Performance (Q3 2025)
- Portfolio occupancy: 95.3 % across owned and managed assets
- Cash same-store NOI growth: +5.2 % year-over-year
- Debt-to-EBITDA was 5.0x and debt as a percentage of total market capitalization was 26.5%.
These results highlight strong rental pricing power and consistent tenant demand, even in a more challenging macroeconomic environment.
Investment Thesis: Prologis combines scale with enduring structural tailwinds from global trade and logistics growth. Its disciplined leverage of 5.0x EBITDA, long lease terms, and geographic diversification support stable cash flow and predictable FFO expansion. While sensitive to higher interest rates and development costs, the company’s leadership in logistics real estate positions it as a long-term core holding for investors seeking growth and stability.
3. American Tower (AMT) – Telecom Tower REIT
Market Capitalization: $89.5 billion
Overview: American Tower is one of the world’s leading wireless communication infrastructure owners, with more than 225,000 tower sites across North America, Latin America, Europe, Africa, and Asia. The company leases space on these towers to major mobile network operators under long-term contracts, generating predictable and recurring revenue. Its global footprint and inflation-linked rent escalations make it a core player in mobile and data connectivity infrastructure.
Operating Performance (Q2 2025)
- Total revenue: $2.63 billion, up 3.2 percent year over year (3.9 percent on a currency-neutral basis)
- Organic tenant billings growth: 4.7 percent
- Adjusted EBITDA margin: approximately 61 percent
- Net debt to EBITDA: 6.3x
These results demonstrate stable organic growth supported by long-term tenant agreements, despite modest headline revenue expansion.
Investment Thesis: American Tower offers exposure to mission-critical digital infrastructure with inflation-protected, recurring cash flows. Its diversified global presence and long-term lease structure provide visibility and resilience. Although high leverage increases sensitivity to interest rates, and currency fluctuations or telecom consolidation may add volatility, the company’s essential assets and durable income stream make it a defensive holding within the REIT universe.
4. Equinix (EQIX) – Data Center REIT
Market Capitalization: $81.1 billion
Overview: Equinix is the world’s leading provider of interconnected data centers, operating more than 270 facilities across major global markets. Its sites house critical IT infrastructure for hyperscale, cloud, and enterprise customers who rely on secure, high-speed connectivity between networks and digital platforms. Equinix sits at the center of the AI and cloud-infrastructure build-out, benefiting from sustained demand for data capacity, cloud migration, and edge computing. Portfolio utilization remains above 90 percent, reflecting strong and steady demand across regions.
Operating Performance (Q2 2025)
- Total revenue: $2.256 billion, a 5% increase on a normalized and constant currency basis
- Adjusted EBITDA margin: around 50 percent
- Interconnection revenue growth: an as-reported increase of 9% year over year, or 8% on a normalized and constant currency basis.
- Portfolio utilization: above 90 percent globally
- Net debt to EBITDA: 4.4x, indicating conservative leverage
These results highlight consistent growth in interconnection and recurring revenues, supported by solid customer retention and expansion activity among cloud and AI clients.
Investment Thesis: Equinix combines high-quality assets, global reach, and exposure to powerful digitalization trends. Low leverage provides flexibility for new developments and acquisitions. While it trades at a valuation premium, the company’s strategic position in global digital infrastructure offers investors access to long-term growth themes such as cloud computing, AI adoption, and data connectivity. For those prioritizing steady expansion over high yield, Equinix remains one of the most attractive growth-oriented REITs.
5. Digital Realty (DLR) – Data Center REIT
Market Capitalization: $58.8 billion
Overview: Digital Realty is a global leader in data center ownership and operation, managing more than 300 facilities across North America, Europe, Asia, and Latin America. The company provides secure, large-scale space for cloud service providers, hyperscale clients, and enterprise customers. Digital Realty’s business is centered on delivering reliable, high-capacity environments for data storage, networking, and computing. It benefits from the same structural tailwinds driving digital transformation, AI growth, and rising cloud adoption.
Operating Performance (Q2 2025)
- Portfolio occupancy: approximately 84 percent
- Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25
- Revenue growth: a 6% increase from the previous quarter and a 10% increase from the same quarter last year.
- Adjusted EBITDA margin: around 45 percent
- Net debt to EBITDA: 6.0x
These results demonstrate stable operations and improving lease economics, as Digital Realty continues to benefit from long-term demand for data storage and compute capacity.
Investment Thesis: Digital Realty provides investors with a value-oriented alternative to Equinix, offering exposure to global data infrastructure at lower valuation multiples. Management remains focused on balance sheet improvement through debt reduction and refinancing initiatives. While higher leverage and capital intensity introduce risk, ongoing digitalization and enterprise cloud migration underpin the company’s growth prospects. Over time, Digital Realty’s scale and global platform should support sustainable earnings and dividend expansion.
6. Simon Property Group (SPG) – Retail REIT
Market Capitalization: $58.8 billion
Overview: Simon Property Group is the largest owner and operator of premium retail real estate in the United States, with a portfolio that includes top-tier shopping malls, outlet centers, and mixed-use properties. The company focuses on high-end, well-located assets that attract strong tenant demand and consistent consumer traffic. In recent years, Simon has strategically redeveloped many of its properties into lifestyle destinations that combine retail, dining, entertainment, and residential spaces, helping to offset broader retail headwinds.
Operating Performance (Q2 2025)
- Portfolio occupancy: 95.2 percent, up from 95.0 percent a year earlier
- Base rent per square foot: up 2.7 percent year over year
- Tenant sales and foot traffic: remained strong across flagship locations
- Funds from operations (FFO) per share: $3.05, up 4.1 percent year over year
- Net debt to EBITDA: approximately 5.3x
These metrics highlight resilient operating performance, supported by solid tenant retention, premium locations, and ongoing redevelopment success in converting traditional malls into multi-purpose destinations.
Investment Thesis: Simon Property Group offers investors a high-quality cyclical opportunity in retail real estate. The company’s strong balance sheet, stable occupancy, and consistent dividend yield provide a dependable income stream, even through market volatility. While near-term growth in net operating income is modest, continued portfolio reinvestment and premium asset positioning support long-term value creation. Simon’s scale and financial flexibility make it one of the most durable names in the retail REIT sector.
7. Realty Income (O) – Net-Lease Retail REIT
Market Capitalization: $55.4 billion
Overview: Realty Income is one of the most recognized names in the net-lease real estate sector, known as “The Monthly Dividend Company” for its consistent and reliable income distributions. The firm owns more than 15,000 single-tenant commercial properties across the United States and Europe, leased primarily to essential service, retail, and industrial tenants under long-term net leases. This structure shifts most operating expenses to tenants, providing Realty Income with stable, predictable rental income and low operational risk.
Operating Performance (Q2 2025)
- Portfolio occupancy: 98.6 percent, one of the highest levels in the REIT industry
- Same-store rent growth: 2.3 percent year over year
- Acquisitions: approximately $600 million of new properties during the quarter
- Net debt to EBITDA: 5.5x, reflecting a conservative capital structure
- Dividend: continued monthly payments with a 4.9 percent annualized yield
These results demonstrate exceptional portfolio stability and steady growth, supported by high-quality tenants, disciplined acquisitions, and a conservative balance sheet.
Investment Thesis: Realty Income remains a cornerstone holding for income-focused investors, offering reliable dividends and low volatility through economic cycles. Its focus on essential tenants, long-term leases, and prudent financial management ensures consistent cash flow generation. While growth is gradual, the company’s scale, diversification, and 30-year track record of dividend increases make it one of the most dependable REITs in the market.
The Five Metrics Every REIT Investor Should Track
Metric | Definition | Investor Insight |
Funds From Operations (FFO) | Adjusted cash earnings excluding depreciation and asset sales | Core measure of profitability and dividend sustainability |
Net Debt / EBITDA | Total leverage relative to earnings | Key measure of financial health and balance-sheet flexibility |
Occupancy Rate | Percentage of leased or revenue-producing space | Gauges tenant demand and operational strength |
Dividend Payout Ratio | Dividends ÷ FFO | Indicates sustainability of distributions |
Same-Store NOI Growth | Growth in income from existing properties | Measures organic performance excluding acquisitions |
Outlook for Late 2025 and Beyond
As interest rates stabilize and capital markets reopen, REIT valuations appear poised for a gradual recovery through the remainder of 2025. Industrial and data-center REITs are expected to lead structural growth, supported by e-commerce expansion, supply-chain reconfiguration, and accelerating demand for AI and cloud infrastructure. Meanwhile, healthcare and net-lease REITs should continue to anchor portfolios with steady income and defensive yield characteristics.
Looking ahead to 2026, the largest and best-capitalized REITs are positioned to benefit from improving liquidity and selective acquisition opportunities. Their access to low-cost capital, development pipelines, and scale advantages should support above-average growth as transaction markets normalize and investor confidence returns to the sector.
Key Takeaways
- Defensive Income: Welltower (WELL) and Realty Income (O) deliver consistent cash flow and dividend stability through needs-based real estate and long-term leases.
- Secular Growth: Prologis (PLD) and Equinix (EQIX) capture structural demand from e-commerce, cloud computing, and AI-driven digital infrastructure.
- Infrastructure Stability: American Tower (AMT) and Digital Realty (DLR) provide inflation-linked, contract-based revenues backed by global data and telecom networks.
- Cyclical Rebound: Simon Property Group (SPG) offers exposure to retail recovery, underpinned by premier assets, strong balance sheet, and resilient foot traffic.
