American Tower, Welltower, and Prologis were the real estate investment trusts (REITs) worldwide with the largest market caps as of April 14, 2024. All three REITs were headquartered in the United States. If fact, out of the 30 largest REITs, only *** was headquartered outside the United States — **************************

The real estate investment trusts (REITs) market in the United States grew slightly in 2023, after plummeting in 2022. In 2023, the market cap of all REITs, including equity, mortgage, and hybrid, reached **** trillion U.S. dollars. This was a decrease from the **** trillion U.S. dollars recorded in 2021 when the market peaked. REITs are companies which own and operate real estate to generate income. U.S. REIT sector The number of REITs operating in the U.S. has fluctuated over the past 45 years, and in 2023 measured *** firms. The number in operation has slightly fallen from its record high of *** companies in 2015. REITs often specialize in a specific property type, with industrial and retail being the most popular asset types. Global dominance of American REITs The largest ten REITs worldwide were based in the United States in 2024. Prologis, a company specializing in logistics real estate, was the largest REIT globally in terms of market capitalization in that year.

The FTSE Nareit All Equity REITs index is a free-float adjusted, market capitalization-weighted index of equity real estate investment trusts (REITs) in the United States. As of December 2024, the market cap of the index was *** trillion U.S. dollars, up from *** trillion U.S. dollars in December 2021. To be included in the index, the 140 constituents have to have more than ** percent of total assets in qualifying real estate assets other than mortgages secured by real property. Infrastructure, residential, and retail real estate are the largest REIT segments: Retail real estate REITs had a market cap of *** billion U.S. dollars as of December 2024, while industrial had a market cap of almost ***** billion U.S. dollars. The number of REITs has remained fairly constant in recent years, but the market cap has increased notably.

Segro PLC was the biggest real estate investment trust (REIT) trading on the London Stock Exchange as of March 2025. A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs invest in many types of commercial real estate: offices, rental apartments, industrial warehouses, as well as hospitals, hotels, and retail properties. Market cap of REITS As of March 31, 2025, Segro PLC was ranked at the high end of the scale, with approximately ****billion British pounds in market capitalization. Segro PLC operates in eight European countries and specializes in big box and urban warehousing for retailers, logistics and transport companies, manufacturers, wholesalers. The London Stock Exchange (LSE) LSE is one of the oldest stock exchanges in the world, listing approximately ***** companies with an aggregate market capitalization of approximately *** trillion British pounds in 2024.

As of December 29, 2024, the ten leading retail real estate investment trusts (REITs) in the United States had a combined market capitalization of about 175 billion U.S. dollars. Most REITs in the list saw their market caps increase in 2024. The largest retail REIT, Simon Property Group, saw its market cap rise from 46.6 billion U.S. dollars to 56.1 billion U.S. dollars between December 2023 and December 2024. Despite the REIT sector compressing in 2022, the three year-returns of most REITs remained positive.

Among the 50 real estate investment trusts (REITs) with the largest market cap, Prologis (PLD) and American Tower (AMT) recorded to the at the top of the list with around 93 and 83 billion US dollars each. The REITs sector reported a decrease in 2022, with the after the market cap reached record high the previous year. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022.

In 2025, Equinix was the largest data center real estate investment trust (REIT) in the United States by market capitalization. The market cap of Equinix measured ***** billion U.S. dollars, about ** billion U.S. dollars higher than the second largest REIT Digital Realty. Over the past years, several notable acquisitions of data center REITs took place, including Blackstone's acquisition of QTS, KKR's acquisition of CyrusOne, and American Tower's acquisition of CoreSite.

As of October 2024, the ten leading office real estate investment trusts (REITs) in the United States had a combined market capitalization of about ** billion U.S. dollars. All REITs in the list experienced a decrease in market capitalization in 2023. The largest office REIT, Boston Properties, Inc., saw its market cap increase from *** billion U.S. dollars to **** billion U.S. dollars between October 2023 and October 2024.

As of February 2025, Nippon Building Fund Inc. was the largest real estate investment trust (REIT) listed on the Tokyo Stock Exchange (TSE), with a market capitalization of about over one trillion Japanese yen. Nippon Prologis REIT, Inc. followed with a market capitalization of 768.3 billion yen. What are REITs? REITs are investment vehicles that own income-producing real estate and pay out the income generated from their properties to shareholders in the form of dividends. Japan’s public REIT market was established in 2001 and has since expanded to one of the largest in the world, with a market capitalization of 14.3 trillion Japanese yen in 2024. REIT market in Japan In 2024, there were 57 publicly traded REITs in Japan, also called J-REITs. They owned around 4.9 properties worth close to 23.6 trillion Japanese yen based on acquisition value. By comparison, around 58 privately placed REITs in Japan held properties worth 6.8 trillion yen. Assets under management of private REITs only made up a small share of the private real estate investment funds market in Japan, which was estimated at 35 trillion yen in 2023.

As of October 2024, the ten leading mortgage real estate investment trusts (REITs) in the United States had a combined market capitalization of about 30 billion U.S. dollars. All REITs in the list experienced an increase in market capitalization in 2024, indicating an optimistic outlook. The home financing mortgage REIT Annaly Capital Management, Inc. saw its market cap increase from 7.7 billion U.S. dollars to 9.5 billion U.S. dollars. According to the source, mortgage REITs generate income from the interest on investments in mortgages and mortgage backed securities of income-producing residential and commercial properties. The REITs sector has grown substantially, with the market cap reaching a record high in 2021. After a difficult year of negative returns in 2022, the year-to-date total returns for all property segments returned to positive grounds in 2023.

As of October 2023, the ten leading residential real estate investment trusts (REITs) in the United States had a combined market capitalization of about 148 billion U.S. dollars. Only two REITs in the list experienced an increase in market capitalization in 2023. The apartment REIT AvalonBay Communities, Inc., which was also the largest, saw its market cap fall from about 25.8 billion U.S. dollars to approximately 23.5 billion U.S. dollars between September 2022 and October 2023. The REITs sector declined in 2022 after the market cap reached a record high in 2021. Consequently, the year-to-date total returns for all property segments were negative as of December 2022.

As of November 2023, the ten leading healthcare real estate investment trusts (REITs) in the United States had a combined market capitalization of about 93 billion U.S. dollars. The largest healthcare REIT, Ventas, Inc., saw its market cap increase from 29.8 billion U.S. dollars to 41.5 billion U.S. dollars between September 2022 and November 2023.
The REITs sector grew substantially in 2021, with the market cap reaching record high. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022.

As of April 18, 2024, the nine leading real estate investment trusts (REITs) in Canada had a combined market capitalization of nearly 39 billion Canadian dollars. Canadian Apartment Properties had the highest market cap at 7.8 billion Canadian dollars, about three billion higher than RioCan, which held second place. Canadian Apartment Properties is an apartment properties investment trust that specializes in mid-tier and luxury multiunit residential rental properties.

As of November 2023, the *** leading diversified real estate investment trusts (REITs) in the United States had a combined market capitalization of about ***** billion U.S. dollars. The largest diversified REIT, W. P. Carey Inc., saw its market cap fall from ***** billion U.S. dollars to ***** billion U.S. dollars between September 2022 and November 2023. The REITs sector decreased in 2022, after reaching record high in 2021. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022.

As of December 2024, the ten leading industrial and logistics real estate investment trusts (REITs) in the United States had a combined market capitalization of about *** billion U.S. dollars. Three REITs in the list experienced a decrease in market capitalization in 2023. The largest industrial and logistics REIT, Prologis, saw its market cap increase from about ** billion U.S. dollars to approximately ** billion U.S. dollars between October 2023 and December 2024.The REITs sector declined in 2022 after the market cap reached a record high in 2021. Consequently, the year-to-date total returns for all property segments turned negative in 2022.

As of December 2024, the ten leading lodging and resort real estate investment trusts (REITs) in the United States had a combined market capitalization of about ** billion U.S. dollars. All ** REITs in the list saw their market caps rise in 2024. The largest diversified REIT, Host Hotels & Resorts, Inc., saw its market cap increase from ** billion U.S. dollars to **** billion U.S. dollars between October 2023 and December 2024. The REITs sector declined in 2022 after the market cap reaching a record high. Consequently, the year-to-date total returns for all property segments were negative as of December 2022.

The market cap of real estate investment trusts (REITs) in Australia decreased in the first quarter of 2025. As of March 2025, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all REITs, amounted to **** billion U.S. dollars, down from ****** billion U.S. dollars during the previous quarter. REITs are companies that own or finance rental real estate. One of their major benefits is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax.

Public Storage Inc. was the self-storage real estate investment trust (REIT) with the largest market cap in the United States as of November 2023. The market capitalization of Public Storage was 42 billion U.S. dollars, almost twice higher than the second REIT in the ranking, Extra Space Storage Inc.

As of the end of 2024, the market capitalization of the Japanese real estate investment trust (J-REIT) market amounted to around 14.3 trillion Japanese yen. The figure decreased from 15.4 trillion yen in the previous year. What is a REIT? Real estate investment trusts are investment vehicles that acquire income-producing real estate and distribute 90 percent or more of the profits generated to investors. In this way, they allow individuals to invest in large-scale commercial properties without owning them themselves. REITs own a variety of properties, from multifamily residences to logistics facilities. Some specialize in a particular sector, while others have a mixed portfolio. REITs were first introduced in the United States in the 1960s. The first Japanese REIT was listed much later in 2001. Since then, the Japanese REIT market has gradually expanded to become one of the largest in the world in terms of market capitalization. The REIT market in Japan Publicly traded REITs in Japan are known under the term J-REITs. Around 57 of them were listed on the Tokyo Stock Exchange in 2024. In addition, there is a growing number of privately placed REITs primarily aimed at institutional investors.J-REITs held over 4.8 thousand properties in 2024. Offices accounted for 37 percent of their portfolio based on the acquisition value. The majority of REIT properties were located in Japan’s capital Tokyo and the surrounding metropolitan region.

As of June 6, 2025, Goodman Group in Australia was the largest real estate investment trust in the Asia-Pacific region, with a market capitalization of approximately **** billion U.S. dollars. Link Real Estate Investment Trust in Hong Kong ranked second, with a market capitalization of around *** billion U.S. dollars.