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Real Estate Stocks — Earnings Quality & Moat Analysis
6 companies · Peer comparison
For REITs, GAAP earnings are not directly meaningful. Use FFO (Funds From Operations) and AFFO (Adjusted FFO) instead, with same-store NOI growth as the underlying quality measure. The dominant moats are land-position economics (timberland, aggregates, infill industrial), switching-cost lease-renewal patterns (data centers, life-sciences), and efficient-scale tower/network positions (cell towers, infrastructure).
| Company | Score | GM | ROE | CF/NI | FCF | GW/A |
|---|---|---|---|---|---|---|
| SPGSIMON PROPERTY GROUP, INC.2025 | C73 | — | 88.8% | 0.89x | $3.2B | 0.0% |
| PLDPROLOGIS, INC.2025 | D69 | — | 6.3% | 1.50x | $5.0B | — |
| AMTAMERICAN TOWER CORP /MA/2025 | D67 | — | 69.3% | 2.16x | $3.8B | 19.4% |
| CCICrown Castle Inc2025 | D66 | 97.3% | -27.2% | 6.89x | $2.9B | 16.3% |
| EQIXEQUINIX, INC.2025 | D66 | 51.1% | 9.5% | 2.90x | $-400M | 14.9% |
| CSGPCoStar Group2025 | F56 | 78.9% | 0.1% | 61.43x | $123M | 46.9% |
Strong Moderate WeakGM = Gross Margin · ROE = Return on Equity · CF/NI = Cash Flow/Net Income · FCF = Free Cash Flow · GW/A = Goodwill/Assets