Filing Flows › Industries › Real Estate Investment Trusts › Capital spending and supply chain
Real Estate Investment Trusts: capital spending and supply chain
SIC 6798 · 117 companies with filed cash-flow statements
Capital spending, 12 months$35.0B
Operating cash flow$73.7B
Capex / cash flow47%
Capex / revenue16.6%
Top 3 share34%
Analysis
117 companies in Real Estate Investment Trusts (SIC 6798) spent $35.0B on capital projects over their latest twelve months, 47% of the $73.7B their operations generated; the three largest spenders — EQIX, DLR, PLD — account for 34%.
Capital spending is 16.6% of the industry's $210.9B of annual revenue.
By the industry's asset mix most of it goes to structures (67%); about $3.1B is imported.
The largest supplier of that spending is office and commercial structures ($14.2B).
Its largest supplying industries, by the input-output tables: other real estate ($12.9B), monetary authorities and depository credit intermediation ($6.0B), services to buildings and dwellings ($5.7B).
Charts
Capital spending by company
| Company | Capital spending | Operating cash flow | Capex / OCF | Period |
|---|---|---|---|---|
| EQIX Equinix | $5.8B | $4.2B | 140% | TTM to Q3 2026 |
| DLR Digital Realty Trust | $3.3B | $2.5B | 128% | TTM to Q1 2026 |
| PLD Prologis | $2.8B | $5.1B | 54% | TTM to Q1 2026 |
| IRM Iron Mountain | $2.2B | $1.7B | 132% | TTM to Q3 2026 |
| AMT American Tower | $1.7B | $5.7B | 31% | TTM to Q3 2026 |
| ARE Alexandria Real Estate Equities | $1.7B | $1.2B | 140% | TTM to Q3 2026 |
| Avalonbay Communities | $1.3B | $1.7B | 79% | TTM to Q2 2026 |
| BSTT Blackstone Real Estate Income Trust | $1.3B | $2.3B | 54% | TTM to Q3 2026 |
| WELL Welltower | $1.3B | $3.3B | 38% | TTM to Q3 2026 |
| SPG Simon Property Group | $950M | $4.3B | 22% | TTM to Q3 2026 |
| LINE Lineage | $743M | $987M | 75% | TTM to Q2 2026 |
| Apollo Realty Income Solutions | $704M | $103M | 685% | TTM to Q2 2026 |
| EPR EPR Properties | $691M | $473M | 146% | TTM to Q3 2026 |
| DOC Healthpeak Properties | $661M | $1.3B | 52% | TTM to Q3 2026 |
| CPT Camden Property Trust | $492M | $713M | 69% | TTM to Q3 2026 |
| COLD Americold Realty Trust | $489M | $354M | 138% | TTM to Q3 2026 |
| RHP Ryman Hospitality Properties | $469M | $680M | 69% | TTM to Q3 2026 |
| REG Regency Centers | $439M | $819M | 54% | TTM to Q1 2026 |
| EXR Extra Space Storage | $357M | $1.9B | 19% | TTM to Q3 2026 |
| MAA Mid America Apartment Communities | $346M | $1.0B | 34% | TTM to Q1 2026 |
| VTR Ventas | $311M | $1.9B | 16% | TTM to Q3 2026 |
| EGP Eastgroup Properties | $295M | $543M | 54% | TTM to Q3 2026 |
| HST Host Hotels & Resorts | $272M | $1.7B | 16% | TTM to Q3 2026 |
| PSA Public Storage | $263M | $3.0B | 9% | TTM to Q3 2026 |
| REXR Rexford Industrial Realty | $249M | $511M | 49% | TTM to Q3 2026 |
| SBAC SBA Communications | $246M | $1.3B | 19% | TTM to Q3 2026 |
| CCI Crown Castle | $241M | $2.0B | 12% | TTM to Q3 2026 |
| UDR UDR | $241M | $854M | 28% | TTM to Q3 2026 |
| KRC Kilroy Realty | $222M | $580M | 38% | TTM to Q1 2026 |
| ELS Equity Lifestyle Properties | $221M | $593M | 37% | TTM to Q3 2026 |
| DEI Douglas Emmett | $215M | $367M | 59% | TTM to Q3 2026 |
| CDP Copt Defense Properties | $192M | $355M | 54% | TTM to Q3 2026 |
| LAMR Lamar Advertising | $189M | $907M | 21% | TTM to Q2 2026 |
| SVC Service Properties Trust | $187M | $114M | 164% | TTM to Q3 2026 |
| STAG Stag Industrial | $174M | $480M | 36% | TTM to Q3 2026 |
| O Realty Income | $172M | $4.1B | 4% | TTM to Q3 2026 |
| SWDR Starwood Real Estate Income Trust | $159M | $308M | 52% | TTM to Q2 2026 |
| KRG Kite Realty Group Trust | $150M | $387M | 39% | TTM to Q3 2026 |
| CXW CoreCivic | $128M | −$267M | — | TTM to Q3 2026 |
| PECO Phillips Edison & Company | $128M | $355M | 36% | TTM to Q3 2026 |
| ESRT Empire State Realty Trust | $124M | $228M | 54% | TTM to Q2 2026 |
| ESBA Empire State Realty OP, L.P. | $124M | $228M | 54% | TTM to Q2 2026 |
| UMH UMH Properties | $120M | $83.4M | 144% | TTM to Q3 2026 |
| Howard Hughes | $120M | $789M | 15% | TTM to Q2 2026 |
| DHC Diversified Healthcare Trust | $119M | $54.0M | 220% | TTM to Q3 2026 |
| AKR Acadia Realty Trust | $118M | $174M | 68% | TTM to Q3 2026 |
| MAC Macerich | $117M | $304M | 38% | TTM to Q3 2026 |
| JAN Janus Living | $114M | $268M | 43% | TTM to Q3 2026 |
| HHH Howard Hughes Holdings | $112M | $933M | 12% | TTM to Q3 2026 |
| APLE Apple Hospitality REIT | $96.4M | $395M | 24% | TTM to Q3 2026 |
| AAT American Assets Trust | $95.2M | $170M | 56% | TTM to Q3 2026 |
| RLJ RLJ Lodging Trust | $90.9M | $273M | 33% | TTM to Q3 2026 |
| OUT Outfront Media | $85.5M | $430M | 20% | TTM to Q3 2026 |
| DRH DiamondRock Hospitality | $79.9M | $242M | 33% | TTM to Q3 2026 |
| OHI Omega Healthcare Investors | $77.9M | $855M | 9% | TTM to Q3 2026 |
| HGIT Hines Global Income Trust | $73.0M | $45.7M | 160% | TTM to Q2 2026 |
| LXP LXP Industrial Trust | $72.6M | $187M | 39% | TTM to Q3 2026 |
| AHT Ashford Hospitality Trust | $69.0M | $15.1M | 457% | TTM to Q2 2026 |
| Ares Industrial Real Estate Income Trust | $68.6M | $106M | 64% | TTM to Q2 2026 |
| PEB Pebblebrook Hotel Trust | $66.9M | $287M | 23% | TTM to Q3 2026 |
Customers and suppliers named in annual reports
| Supplier | Customer | Share of supplier revenue | Evidence | Source |
|---|---|---|---|---|
| SBAC | TMUS | 78% | Stated in 10-K (XBRL) | filing |
| AMT | TMUS | 18% | Stated in 10-K (customer table) | filing |
| AMT | T | 17% | Stated in 10-K (XBRL) | filing |
| CCI | TMUS | 40% | Stated in 10-K (XBRL) | filing |
| VICI | MGM | 38% | Stated in 10-K (XBRL) | filing |
| Vici Properties L.P. | MGM | 38% | Stated in 10-K (XBRL) | filing |
| VICI | CZR | 36% | Stated in 10-K (XBRL) | filing |
| Vici Properties L.P. | CZR | 36% | Stated in 10-K (XBRL) | filing |
| CCI | T | 27% | Stated in 10-K (XBRL) | filing |
| CDP | U.S. government | 26% | Stated in 10-K (sentence) | filing |
| DOC | HCA | 7% | Stated in 10-K (sentence) | filing |
| PFSI | PMT | 9% | Stated in 10-K (XBRL) | filing |
| VTR | BKD | 3% | Stated in 10-K (XBRL) | filing |
| HST | DIS | 2% | Stated in 10-K (sentence) | filing |
| DOC | Medicare & Medicaid | 3% | Stated in 10-K (sentence) | filing |
| JBGS | U.S. government | 11% | Stated in 10-K (sentence) | filing |
| Ares Industrial Real Estate Income Trust Inc. | AMZN | 8% | Stated in 10-K (customer table) | filing |
| UHT | UHS | 40% | Stated in 10-K (sentence) | filing |
| NTST | DG | 12% | Stated in 10-K (XBRL) | filing |
| BMNM | ORC | 70% | Stated in 10-K (XBRL) | filing |
| NLOP | JPM | 13% | Stated in 10-K (sentence) | filing |
| NLCP | CRLBF | 14% | Stated in 10-K (XBRL) | filing |
| PINE | DKS | 11% | Stated in 10-K (sentence) | filing |
| PINE | LOW | 10% | Stated in 10-K (sentence) | filing |
| Rreef Property Trust, Inc. | PFGC | 15% | Stated in 10-K (XBRL) | filing |
| Rreef Property Trust, Inc. | Northrop Grumman Systems Inc. - Loudoun Gateway | 10% | Stated in 10-K (XBRL) | filing |
| Highlands REIT, Inc. | Trimble, XP Power, LLC Lease | 11% | Stated in 10-K (XBRL) | filing |
| Highlands REIT, Inc. | VECO | 9% | Stated in 10-K (sentence) | filing |
| NLCP | Ayr Wellness, Inc | 5% | Stated in 10-K (XBRL) | filing |
| GIPR | DG | 13% | Stated in 10-K (XBRL) | filing |
| GIPR | KSS | 10% | Stated in 10-K (XBRL) | filing |
| StratCap Digital Infrastructure REIT, Inc. | T | 37% | Stated in 10-K (sentence) | filing |
| PW | Regulus Solar, LLC | 43% | Stated in 10-K (XBRL) | filing |
| StratCap Digital Infrastructure REIT, Inc. | VZ | 31% | Stated in 10-K (XBRL) | filing |
| StratCap Digital Infrastructure REIT, Inc. | T-Mobile USA, Inc | 14% | Stated in 10-K (XBRL) | filing |
| PCG | ARE | — | Stated in 10-K (named, share not stated) | filing |
| CNS | Cohen & Steers Income Opportunities REIT, Inc. | — | Stated in 10-K (named, share not stated) | filing |
| JPM | ACR | 2% | Stated in 10-K (sentence) | filing |
| PFG | Principal Credit Real Estate Income Trust | — | Stated in 10-K (named, share not stated) | filing |
| FMCC | CSR | — | Stated in 10-K (named, share not stated) | filing |
The interactive money flow: switch views, follow each dollar →
Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.