Real estate in 2026 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 2026.
Top 7 Largest REITs. Key Financial Metrics
Rank | Company | Ticker | Type of REIT | Market Cap | Total Assets | Net Debt / EBITDA | Occupancy / Utilization | Same-Store NOI Growth |
|---|---|---|---|---|---|---|---|---|
1 | Welltower | WELL | Health Care REIT | $128.30B | $55.83B | 4.5x | >90% | +4–5% |
2 | Prologis | PLD | Industrial REIT | $119.87B | $98.34B | 5.0x | ~95% | +4.5% |
3 | American Tower | AMT | Telecom Tower REIT | $81.83B | $63.75B | 6.3x | High | +2% |
4 | Equinix | EQIX | Data Center REIT | $75.02B | $38.85B | 4.4x | >90% | +5–6% |
5 | Digital Realty | DLR | Data Center REIT | $53.25B | $48.72B | 6.01x | >82% | +3–4% |
6 | Simon Property Group | SPG | Retail REIT | $60.06B | $33.30B | 5.3x | ~93% | +1–2% |
7 | Realty Income | O | Net-Lease Retail REIT | $52.72B | $71.42B | 5.5x | >98% | +2–3% |
Sources: Company filings, 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: $207 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 NOI growth: 14.5% year over year, led by seniors housing operating growth of 20.3%
- Normalized FFO: $1.34 per diluted share, up 20.7% year over year
- Occupancy: up 400 basis points year over year across the seniors housing operating portfolio
- Revenue per occupied room (RevPOR): increased 4.8% year over year
- Same-store margin expansion: 260 basis points driven by revenue growth outpacing expense inflation
Balance sheet strength also improved materially. Net debt to adjusted EBITDA declined to 2.36x, while net debt to enterprise value fell to 7.6%, supported by over $11.9 billion in available liquidity. During and after the quarter, Welltower deployed capital aggressively, completing $1.9 billion of investments in Q3 and announcing an additional $23 billion of transactions closed or under contract, primarily focused on high-quality seniors housing assets in the U.S. and U.K.
These results reflect improving occupancy, stronger pricing, and successful execution across senior housing and medical office segments.
Investment Thesis: Welltower’s thesis is increasingly defined by operating leverage, balance sheet flexibility, and disciplined capital recycling. The company is benefiting from accelerating senior housing demand while maintaining pricing power and improving margins. Large-scale acquisitions and dispositions are being used to upgrade portfolio quality and redeploy capital into higher-growth assets, while low leverage preserves optionality through cycles. Management’s long-term executive alignment program further reinforces a focus on sustained per-share growth rather than short-term financial engineering.
Key challenges remain, including labor cost pressures and regulatory complexity within healthcare services, but current trends suggest Welltower is positioned to compound cash flows and dividends as occupancy normalizes and demographic tailwinds strengthen into 2026 and beyond.
2. Prologis (PLD) – Industrial REIT
Market Capitalization: $120.0 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: $82.0 billion
Overview: American Tower is one of the world’s leading wireless communication infrastructure owners, with a global portfolio of more than 149,000 communications sites across 22 countries as of Q3 2025. The company leases tower space, distributed antenna systems, and data center capacity to mobile network operators under long-term, non-cancellable contracts. Over 96% of revenue is generated from leasing, creating highly recurring, inflation-linked cash flows supported by contractual escalators and low historical churn.
Operating Performance (Q3 2025)
- Total revenue: $2.72 billion, up 3.7% year over year (4.4% on a currency-neutral basis)
- Organic tenant billings growth: 5.1%
- Adjusted EBITDA margin: approximately 67%
- Net debt to EBITDA: 4.9x
Results reflect steady organic growth supported by contractual rent escalators and new tenant amendments, alongside continued margin expansion following portfolio optimization and disciplined cost management. Lower leverage versus prior periods improves balance sheet flexibility heading into 2026.
Investment Thesis: American Tower offers exposure to mission-critical digital infrastructure with highly visible, inflation-protected cash flows. Its global diversification and long-term lease structure provide resilience across economic cycles, while multi-tenant tower economics support strong incremental margins. Analysts continue to view American Tower as a core compounder within the REIT universe, supported by durable demand for mobile data and ongoing network densification.
Key challenges include interest rate sensitivity, foreign currency volatility, and potential shifts in carrier capital spending. However, the essential nature of its assets, strong tenant relationships, and improving leverage profile underpin a stable long-term outlook for earnings and dividend growth.
4. Equinix (EQIX) – Data Center REIT
Market Capitalization: $75.0 billion
Overview: Equinix is the world’s leading provider of interconnected data centers, operating 273 facilities across 77 metros and 36 countries. Its platform serves hyperscale cloud providers, network operators, and enterprises that require secure, low-latency connectivity between clouds, networks, and digital ecosystems. Equinix sits at the core of global cloud, AI, and hybrid IT infrastructure, with its value driven by interconnection density, long contract durations, and recurring revenue. As of Q3 2025, owned assets generate 69% of recurring revenues, providing long-term control and cash flow visibility.
Operating Performance (Q3 2025)
- Total revenue: $2.16 billion, up 7% year over year on a constant currency basis
- Same-store revenue growth: 4% year over year on a constant currency basis
- Adjusted EBITDA margin: approximately 49%
- Interconnection revenue growth: 8% year over year on a normalized and constant currency basis
- Portfolio utilization: 78% globally across stabilized, expansion, and new assets
- Net debt to EBITDA: 3.6x, reflecting conservative leverage and balance sheet strength
Interconnection momentum remained strong, with total interconnections reaching 499,400, up 7,100 sequentially, while stabilized assets delivered a 70% cash gross margin and a 26% return on invested capital on a constant currency basis. These results underscore Equinix’s ability to grow earnings while maintaining capital discipline.
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: $53.0 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 (Q3 2025)
- Total revenue (quarter): $2.32 billion, up 9% year over year on a constant-currency basis
- Same-capital cash NOI growth: 5.1% year over year on a constant-currency basis
- Portfolio occupancy: approximately 85%, with year-end guidance calling for a further 100–200 basis point increase
- Cash rental rate increases on renewal leases: between 5.75% and 6.25%
- Adjusted EBITDA margin: approximately 55%
- Net debt to EBITDA: 4.9x
Demand remained strong across both hyperscale and smaller 0–1 MW deployments, with total bookings of $202 million at full share in Q3. More than 85% of backlog is expected to commence through 2026, providing strong forward revenue visibility.
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: $60.0 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 (Q3 2025)
- Portfolio occupancy: 96.4 percent, up from 96.2 percent a year earlier
- Base rent per square foot: up 2.5 percent year over year
- Tenant sales and foot traffic: remained strong across flagship properties, with trailing twelve-month sales of $742 per square foot
- Funds from operations (FFO) per share: $3.25, up 14.4 percent year over year
- Net debt to EBITDA: approximately 5.4x
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: $53.0 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 (Q3 2025)
- Portfolio occupancy: 98.7 percent, among the highest levels in the REIT sector
- Same-store rent growth: approximately 1.0 percent year over year
- Acquisitions: approximately $1.4 billion of property investments during the quarter
- Net debt to EBITDA: approximately 5.4x, 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 2026 and Beyond
As markets move deeper into 2026, REIT performance is increasingly driven by fundamentals rather than rate speculation. While interest rates remain an important input, operating execution, balance sheet strength, and access to capital have become the primary differentiators across the sector. Valuations are no longer uniformly discounted, and investors are becoming more selective, rewarding REITs with visible cash flow growth and disciplined capital allocation.
Structural growth areas such as data centers, industrial logistics, and digital infrastructure continue to attract capital, supported by sustained demand from AI, cloud computing, e-commerce, and supply-chain optimization. At the same time, healthcare and net-lease REITs remain core portfolio anchors, offering durable income, high occupancy, and defensive characteristics amid a slower growth backdrop.
Looking ahead, the best-capitalized REITs are positioned to benefit from a more normalized transaction environment. With stronger balance sheets, improved liquidity, and clearer cost of capital, large platform operators should be able to deploy capital selectively into accretive acquisitions and development projects. For investors, 2026 is less about broad sector exposure and more about identifying REITs that can compound cash flows through disciplined execution as capital markets continue to stabilize.
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.
