Real estate dividend payout ratios

50 companies, computed from their own SEC filings. 43 of them answer differently by 20 points or more depending on which basis you divide by.

What ordinary looks like here

On the basis each company’s own filings make applicable, the median real estate company pays out 66.6%. Half sit between 56.3% and 80.1%. Across all 532 companies here the median is 41.9% — 24.7 points more than the site as a whole.

Which basis applies, and to how many

Not a choice — it is what each company’s filings support.

Where the bases disagree most

The same dividend, a different answer. These are the widest gaps in real estate.

Crown Castle (CCI) 402.3 pts
Healthcare Realty Trust (HR) 381.7 pts
Omega Healthcare Investors (OHI) 325.9 pts
Ventas (VTR) 303.3 pts
Lineage (LINE) 217.0 pts

Lowest payout

Highest payout

Healthcare Realty Trust 466.4%
Medical Properties Trust 217.9%
Crown Castle 183.0%
Regency Centers 130.3%
Blackstone Real Estate Income Trust 107.1%

Common questions

What is a good dividend payout ratio for a real estate company?

Measured on the basis its own filings support, the median here is 66.6%, with half between 56.3% and 80.1%. That is the empirical answer for this sector rather than a rule of thumb, and it is the only comparison that means anything — a figure that is ordinary in one sector is stretched in another.

Which measure should a real estate company be judged on?

46 of the 50 measured here are read on funds from operations, because that is what their filings support. Each company’s page shows every basis it can be measured on and marks the one that applies.

Where do these numbers come from?

Each company’s own annual filing, read out of SEC XBRL. Every page names the accession number its figures came from and links it to EDGAR, so any figure here can be checked against the source.

All 50 companies

What a dividend payout ratio measures, and why one threshold does not fit every sector.

Ticker	Company	Basis	Yield	Spread	Rating
CCI	Crown Castle	FFO	—	402.3	14
HR	Healthcare Realty Trust	FFO	—	381.7	0
OHI	Omega Healthcare Investors	FFO	—	325.9	68
VTR	Ventas	FFO	—	303.3	89
LINE	Lineage	FFO	—	217.0	41
ESS	Essex Property Trust	FFO	—	208.6	69
SUI	Sun Communities	FFO	—	204.3	71
O	Realty Income	FFO	—	201.8	63
AHR	American Healthcare REIT	FFO	—	182.6	74
BXP	BXP	FFO	—	181.0	76
DOC	Healthpeak Properties	FFO	—	170.0	51
AVB	Avalonbay Communities	FFO	—	155.6	86
WELL	Welltower	FFO	—	140.0	84
MPT	Medical Properties Trust	FCF	—	134.2	39
WY	Weyerhaeuser	FFO	—	113.7	51
WPC	W. P. Carey	FFO	—	109.0	39
PLD	Prologis	FFO	—	104.1	68
MAA	Mid America Apartment Communities	FFO	—	94.8	62
UDR	UDR	FFO	—	89.1	76
EQIX	Equinix	FFO	—	88.9	72
OUT	OUTFRONT Media	FFO	—	79.7	72
EXR	Extra Space Storage	FFO	—	74.5	59
REG	Regency Centers	FCF	—	68.5	29
DLR	Digital Realty Trust	FFO	—	67.2	75
AMT	American Tower	FFO	—	67.0	59
KIM	Kimco Realty	FFO	—	66.9	63
PSA	Public Storage	FFO	—	66.9	67
CUBE	CubeSmart	FFO	—	64.9	60
CPT	Camden Property Trust	FFO	—	63.6	74
INVH	Invitation Homes	FFO	—	62.8	62
BSTT	Blackstone Real Estate Income Trust	FCF	—	56.9	36
STAG	STAG Industrial	FFO	—	51.8	86
AMH	American Homes 4 Rent	FFO	—	50.1	51
ELS	Equity Lifestyle Properties	FFO	—	48.7	69
KRC	Kilroy Realty	FFO	—	47.6	77
NNN	NNN Reit	FFO	—	47.6	74
SPG	Simon Property Group	FFO	—	46.0	93
FRT	Federal Realty Investment Trust	FFO	—	45.7	85
HST	Host Hotels & Resorts	FFO	—	45.1	81
EQR	Vivmark Residential	FFO	—	42.5	76
RLJ	RLJ Lodging Trust	FFO	—	40.3	52
GLPI	Gaming & Leisure Properties	FFO	—	28.5	75
RITM	Rithm Capital	FFO	—	28.3	46
SVC	Service Properties Trust	FFO	—	17.7	78
COLD	Americold Realty Trust	FFO	—	15.3	46
IRM	Iron Mountain	FFO	—	12.9	51
SBAC	SBA Communications	FFO	—	8.4	65
VNO	Vornado Realty Trust	FFO	—	6.6	80
VICI	VICI Properties	FFO	—	6.4	77
ARE	Alexandria Real Estate Equities	OCF	—	—	60