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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Real estate companies with the highest free cash flow

Free cash flow is operating cash flow minus capital expenditure: what is left once the company has paid to maintain and expand its asset base. We calculate it from two lines in the same filing, and a company is only ranked here if it reported both. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–88 of 88 · Fiscal year 2025 · Data as of September 25, 2026

Prologis (PLD) tops the list with $4.9B in free cash flow for fiscal 2025, ahead of Realty Income ($3.9B) and American Tower ($3.8B). The top 10 together report $28.5B in free cash flow; the gap between #1 and #10 is ×4.00. 88 companies in Real estate report free cash flow, 4.2% of the 2084-filer universe. The last place on the list, Umh Properties, comes in at $5.2M.

Free cash flow
#CompanyFree cash flowYoY15-year trend
1PrologisPLDUS$4.9B+8.5%
2Realty IncomeOUS$3.9B+11.9%
3American TowerAMTUS$3.8B+2.2%
4Simon PropertySPGUS$3.2B+4.7%
5Public StoragePSAUS$3.0B−2.2%
6Crown CastleCCIUS$2.9B+3.9%
7Vici PropertiesVICIUS$2.5B+35.0%
8WelltowerWELLUS$1.8B+30.9%
9Extra Space StorageEXRUS$1.3B−8.5%
10Host Hotels & ResortsHSTUS$1.2B−0.8%
11CBRE GroupCBREUS$1.2B−14.8%
12Invitation HomesINVHUS$1.2B+12.1%
13Jones Lang LasalleJLLUS$1.1B−30.1%
14Gaming & Leisure PropertiesGLPIUS$1.1B+6.3%
15Kimco RealtyKIMUS$1.1B+217.4%
16Blackstone Real Estate Income TrustBSTTUS$1.1B+12.6%
17Sba CommunicationsSBACUS$1.1B−3.6%
18Opendoor TechnologiesOPENUS$1.0B+$1.7B
19BXPBXPUS$1.0B−1.6%
20Vornado Realty TrustVNOUS$1.0B−3.5%
21Essex Property TrustESSUS$975M+26.0%
22Omega Healthcare InvestorsOHIUS$798M+12.1%
23Mid America Apartment CommunitiesMAAUS$718M−7.5%
24Lamar AdvertisingLAMRUS$683M−8.7%
25UdrUDRUS$650M+3.7%
26CubesmartCUBEUS$566M+175.9%
27Federal Realty Investment TrustFRTUS$540M−15.9%
28WeyerhaeuserWYUS$511M−46.5%
29Kilroy RealtyKRCUS$450M+2.1%
30Howard HughesHHHUS$418M+19.8%
31Sun CommunitiesSUIUS$407M−51.0%
32Eastgroup PropertiesEGPUS$405M+13.3%
33Caretrust ReitCTREUS$391M+26.4%
34Essential Properties Realty TrustEPRTUS$379M+97.2%
35Healthcare Realty TrustHRUS$360M−65.7%
36Healthpeak PropertiesDOCUS$357M+7.0%
37Equity Lifestyle PropertiesELSUS$334M−6.0%
38FirstserviceFSVCA$318M+84.1%
39Cushman & WakefieldCWKBM$293M+75.4%
40Copt Defense PropertiesCDPUS$289M−3.6%
41American Healthcare ReitAHRUS$287M+26.4%
42Apple Hospitality ReitAPLEUS$282M−13.8%
43Independence Realty TrustIRTUS$282M−30.4%
44Kite Realty Group TrustKRGUS$278M−0.3%
45Broadstone Net LeaseBNLUS$270M+4.0%
46Epr PropertiesEPRUS$269M+108.3%
47Stag IndustrialSTAGUS$259M−16.5%
48Colliers InternationalCIGICA$251M−3.6%
49Ryman Hospitality PropertiesRHPUS$232M+37.8%
50Outfront MediaOUTUS$219M−1.0%
51Rexford Industrial RealtyREXRUS$209M+97.7%
52CBL & Associates PropertiesCBLUS$207M−14.5%
53Vesta Real Estate Corporation, S.A.B. de C.VVTMXMX$206M+59.9%
54Global Net LeaseGNLUS$205M−10.1%
55CompassCOMPUS$203M+92.2%
56LineageLINEUS$196M+1,533.3%
57Douglas EmmettDEIUS$194M−19.4%
58Innovative Industrial PropertiesIIPRUS$192M—
59ST JoeJOEUS$187M+86.2%
60LXP Industrial TrustLXPUS$173M−4.9%
61Starwood Real Estate Income TrustSWDRUS$172M−29.4%
62RayonierRYNUS$172M−19.5%
63Diamondrock HospitalityDRHUS$162M+13.5%
64Pebblebrook Hotel TrustPEBUS$152M+4.2%
65Newmark GroupNMRKUS$143M+$184M
66Cousins PropertiesCUZUS$135M−8.4%
67LTC PropertiesLTCUS$129M+14.7%
68Getty RealtyGTYUS$127M−2.0%
69RLJ Lodging TrustRLJUS$117M−21.2%
70Inventrust PropertiesIVTUS$111M+10.1%
71AgntAGNTUS$109M−41.1%
72Starwood Property TrustSTWDUS$99.4M−84.6%
73American Assets TrustAATUS$94.9M−30.7%
74Smartstop Self Storage ReitSMAUS$83.0M+4.0%
75Urban Edge PropertiesUEUS$81.8M+92.2%
76Summit Hotel PropertiesINNUS$73.6M−4.5%
77Offerpad SolutionsOPADUS$65.7M+326.1%
78CenterspaceCSRUS$64.3M+54.6%
79Acadia Realty TrustAKRUS$58.8M+$46.1M
80Marcus & MillichapMMIUS$58.8M+324.7%
81Brightspire CapitalBRSPUS$55.1M−43.4%
82CorecivicCXWUS$52.8M−73.4%
83Empire State Realty TrustESRTUS$50.6M−42.5%
84Whitestone ReitWSRUS$50.5M−13.0%
85Chiron Real EstateXRNUS$41.8M−$9.9M
86RE/MAX HoldingsRMAXUS$33.5M−36.8%
87Inland Real Estate Income TrustINREUS$20.7M−29.7%
88Umh PropertiesUMHUS$5.2M+$16.1M

All figures from SEC filings · FY2025 · 88

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{{cite web |title=Real estate companies with the highest free cash flow |url=https://companiesranked.com/en/real-estate-companies-with-the-highest-free-cash-flow |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-real-estate-companies-with-the-highest-free-cash-flow-2026,
  author       = {{CompaniesRanked}},
  title        = {{Real estate companies with the highest free cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/real-estate-companies-with-the-highest-free-cash-flow}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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