Specialty REITs with the highest profit margins

Ranked

117

of 164 specialty REITs we cover

Median

11.8%

Highest

79.1%

ALX

Range

−94.2% to 79.1%

#	Company	Net margin	Operating margin	Revenue growth (TTM)	Market cap
1	ALXAlexanders	79.1%	n/m	−1.5%	$1.3B
2	OHIOmega Healthcare Investors	67.0%	n/m	+15.0%	$14B
3	CTRECareTrust REIT	62.2%	n/m	+53.0%	$8.7B
4	GLPIGaming & Leisure Properties	58.5%	n/m	+5.8%	$11.5B
5	ARIApollo Commercial Real Estate Finance	55.5%	n/m	−14.7%	$823.1M
6	FPIFarmland Partners	49.8%	n/m	−6.4%	$447.2M
7	FRFirst Industrial Realty Trust	48.0%	n/m	+8.4%	$7.2B
8	PMTPennyMac Mortgage Investment Trust	47.8%	n/m	+14.6%	$613.9M
9	EPRTEssential Properties Realty Trust	43.5%	n/m	+22.3%	$5.8B
10	KRGKite Realty Group Trust	41.8%	n/m	−5.6%	$4.9B
11	EGPEastgroup Properties	40.5%	n/m	+11.0%	$10.7B
12	NNNNNN REIT	40.4%	n/m	+6.5%	$8B
13	TRTXTPG RE Finance Trust	40.2%	n/m	−2.6%	$482.1M
14	LTCLTC Properties	38.9%	n/m	+59.8%	$2.4B
15	FCPTFour Corners Property Trust	38.7%	n/m	+9.6%	$2.4B
16	NHINational Health Investors	38.6%	n/m	+23.9%	$3.3B
17	XRNChiron Real Estate	37.8%	n/m	+8.0%	$397.1M
18	CBLCBL & Associates Properties	37.0%	n/m	+9.0%	$1.5B
19	WPCW. P. Carey	36.3%	n/m	+9.0%	$14.6B
20	EPREPR Properties	35.5%	n/m	+4.5%	$4.3B
21	SBACSBA Communications	34.5%	n/m	+5.4%	$19.6B
22	REGRegency Centers	34.4%	n/m	+8.2%	$13.5B
23	FRTFederal Realty Investment Trust	32.7%	n/m	+8.0%	$9.4B
24	CTOCTO Realty Growth	32.6%	n/m	+14.3%	$741.5M
25	AMTAmerican Tower	31.1%	n/m	+6.6%	$88.1B
26	BRXBrixmor Property	30.8%	n/m	+5.8%	$8.6B
27	BNLBroadstone Net Lease	30.6%	n/m	+7.7%	$3.3B
28	UDRUDR	30.4%	n/m	+1.5%	$11.5B
29	CUBECubeSmart	29.3%	n/m	+3.9%	$9B
30	ADCAgree Realty	28.8%	n/m	+18.2%	$8.3B
31	STAGSTAG Industrial	28.1%	n/m	+9.6%	$7B
32	VMRKVivmark Residential	28.0%	n/m	+2.8%	$47.3B
33	KIMKimco Realty	27.8%	n/m	+4.4%	$15.8B
34	SAFESafehold	27.7%	n/m	+12.1%	$795.3M
35	ELSEquity Lifestyle Properties	26.6%	n/m	+2.5%	$11.8B
36	AMHAmerican Homes 4 Rent	25.5%	n/m	+4.3%	$11.5B
37	LAMRLamar Advertising	23.9%	n/m	+4.4%	$15.7B
38	CDPCopt Defense Properties	20.9%	n/m	+4.5%	$3.8B
39	HIWHighwoods Properties	20.8%	n/m	+3.0%	$3.4B
40	CCICrown Castle	20.7%	n/m	−4.6%	$36.6B
41	FBRTFranklin BSP Realty Trust	20.5%	n/m	+42.5%	$518.2M
42	UHTUniversal Health Realty Income Trust	19.4%	n/m	+0.8%	$523.6M
43	PECOPhillips Edison	19.1%	n/m	+8.1%	$4.9B
44	LXPLXP Industrial Trust	18.7%	n/m	−4.2%	$3.6B
45	MAAMID America Apartment Communities	18.2%	n/m	+0.8%	$13.9B
46	WHLRWheeler Real Estate Investment Trust	17.8%	n/m	−7.2%	$19.2K
47	ACRACRES Commercial Realty	17.5%	n/m	−3.4%	$83.4M
48	CHCTCommunity Healthcare Trust	16.8%	n/m	+5.7%	$372.5M
49	PINEAlpine Income Property Trust	16.5%	n/m	+31.9%	$289.9M
50	HSTHost Hotels & Resorts	16.5%	n/m	+4.9%	$16.9B
51	PSTLPostal Realty Trust	16.4%	n/m	+22.0%	$662.8M
52	TCITranscontinental Realty Investors	16.1%	n/m	+5.3%	$425.1M
53	EQIXEquinix	15.6%	n/m	+9.6%	$94.2B
54	DRHDiamondRock Hospitality	13.5%	n/m	+1.0%	$2.8B
55	OUTOUTFRONT Media	12.7%	n/m	+7.6%	$5.5B
56	HHHHoward Hughes	12.3%	n/m	+34.0%	$4.2B
57	APLEApple Hospitality REIT	12.2%	n/m	+1.2%	$4.3B
58	ABRArbor Realty Trust	12.0%	n/m	−16.4%	$544.7M
59	DLRDigital Realty Trust	11.8%	n/m	+17.4%	$63.8B
60	UMHUMH Properties	11.5%	n/m	+8.4%	$1.3B
61	BFSSaul Centers	11.5%	n/m	+8.7%	$725.4M
62	STWDStarwood Property Trust	11.4%	76.0%	+11.8%	$4.7B
63	RHPRyman Hospitality Properties	9.9%	n/m	+12.2%	$8.2B
64	SMASmartStop Self Storage REIT	9.4%	n/m	+21.1%	$2B
65	NTSTNETSTREIT	9.2%	n/m	+27.1%	$2.2B
66	RITMRithm Capital	9.0%	n/m	−23.9%	$5.2B
67	BXPBXP	8.4%	n/m	+1.9%	$9.9B
68	DOCHealthpeak Properties	8.2%	n/m	+5.5%	$13.3B
69	RYNRayonier	7.8%	n/m	+0.4%	$5.5B
70	SBRASabra Health Care REIT	7.6%	n/m	+17.3%	$5B
71	CSRCenterspace	7.2%	n/m	+0.7%	$956.8M
72	WYWeyerhaeuser	6.9%	n/m	−2.6%	$14B
73	IRTIndependence Realty Trust	6.5%	n/m	+3.5%	$3.5B
74	IRMIron Mountain	5.5%	n/m	+17.4%	$32.7B
75	AATAmerican Assets Trust	5.4%	n/m	−2.9%	$1.3B
76	STRWStrawberry Fields REIT	5.3%	n/m	+18.3%	$179.4M
77	AHRAmerican Healthcare REIT	5.2%	n/m	+19.0%	$11.6B
78	CXWCoreCivic	5.1%	n/m	+24.3%	$3B
79	IVTInvenTrust Properties	4.8%	n/m	+10.5%	$2.3B
80	CLDTChatham Lodging Trust	4.0%	n/m	−3.1%	$653.3M
81	VNOVornado Realty Trust	3.7%	n/m	+1.4%	$6.5B
82	DEAEasterly Government Properties	2.9%	n/m	+13.0%	$1.1B
83	FVRFrontView REIT	2.1%	n/m	n/m	$433.8M
84	RLJRLJ Lodging Trust	2.0%	n/m	+1.1%	$1.8B
85	KRCKilroy Realty	1.7%	n/m	−3.6%	$4.3B
86	ESRTEmpire State Realty Trust	1.2%	n/m	+2.0%	$867.4M
87	ESBAEmpire State Realty OP	1.2%	n/m	+2.0%	$106.2M
88	CUZCousins Properties	0.6%	n/m	+11.9%	$4.8B
89	BHRBraemar Hotels & Resorts	−0.5%	n/m	−3.8%	$96.8M
90	DEIDouglas Emmett	−2.3%	n/m	+0.8%	$1.7B
91	BHMBluerock Homes Trust	−2.8%	n/m	+24.8%	$32.9M
92	GNLGlobal Net Lease	−2.9%	n/m	−13.9%	$1.5B
93	MPTMedical Properties Trust	−3.0%	n/m	+10.6%	$1.6B
94	PEBPebblebrook Hotel Trust	−3.1%	n/m	+2.1%	$2.3B
95	LINELineage	−3.1%	n/m	+1.0%	$8.1B
96	INNSummit Hotel Properties	−3.3%	n/m	+1.2%	$744.2M
97	AHTAshford Hospitality Trust	−6.1%	n/m	−5.8%	$18.2M
98	LANDGLADSTONE LAND	−7.3%	n/m	+21.6%	$382.6M
99	HRHealthcare Realty Trust	−7.6%	n/m	−6.3%	$6.2B
100	ACREAres Commercial Real Estate	−8.0%	n/m	−10.6%	$185.9M

The first 100 of 117.

Not ranked: 17 with a quarter missing, 11 with under $50M of revenue, 8 with not a meaningful number, 2 with a margin moved by items that are not sales. 9 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.