Historical source-based research. Compilation date and financial period are different dates.

Observation

Across 6 eligible real estate companies, the equal-weight median net margin was 29.64% for the latest selected annual periods.

Data context

The eligible sample covers 6 of 6 selected companies. The latest selected annual periods span 2025-12-31 to 2025-12-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.

Company evidence

WELL 11.38% (period 2025-12-31); PLD 37.86% (period 2025-12-31); EQIX 14.65% (period 2025-12-31); AMT 280.85% (period 2025-12-31); SPG 84.28% (period 2025-12-31); DLR 21.41% (period 2025-12-31).

Distribution

The sample range is 11.38% (WELL) to 280.85% (AMT). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.

Interpretation

Property owners and infrastructure REITs depend on occupancy, contractual income and financing. GAAP earnings and cash flow do not substitute for a reconciled FFO measure. The numerator is netIncome; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.

What to watch

Occupancy, leasing spreads, maturity schedules and reconciled FFO disclosures.

Research limitations

Lease rollover, refinancing, development costs, tenant concentration and property values. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.

Company-level observations / percent / selected annual periods
CompanyValuePeriod end
WELL11.38%2025-12-31
PLD37.86%2025-12-31
EQIX14.65%2025-12-31
AMT280.85%2025-12-31
SPG84.28%2025-12-31
DLR21.41%2025-12-31

Sources & dates

Methodology protocol ↗SMS research updates ↗