Historical source-based research. Compilation date and financial period are different dates.
Observation
Across 6 eligible real estate companies, the equal-weight median operating cash-flow margin was 50.30% for the prior selected annual periods.
Data context
The eligible sample covers 6 of 6 selected companies. The prior selected annual periods span 2024-12-31 to 2024-12-31. 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 37.44% (period 2024-12-31); PLD 59.89% (period 2024-12-31); EQIX 37.14% (period 2024-12-31); AMT 683.00% (period 2024-12-31); SPG 63.96% (period 2024-12-31); DLR 40.71% (period 2024-12-31).
Distribution
The sample range is 37.14% (EQIX) to 683.00% (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 operatingCashFlow; 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 | Value | Period end |
|---|---|---|
| WELL | 37.44% | 2024-12-31 |
| PLD | 59.89% | 2024-12-31 |
| EQIX | 37.14% | 2024-12-31 |
| AMT | 683.00% | 2024-12-31 |
| SPG | 63.96% | 2024-12-31 |
| DLR | 40.71% | 2024-12-31 |
Sources & dates
- WELL · period 2024-12-31 ↗Source date 2026-02-12
- PLD · period 2024-12-31 ↗Source date 2026-02-13
- EQIX · period 2024-12-31 ↗Source date 2026-02-11
- AMT · period 2024-12-31 ↗Source date 2026-02-24
- SPG · period 2024-12-31 ↗Source date 2026-02-25
- DLR · period 2024-12-31 ↗Source date 2026-02-13