Owner Scorecard


← The groupings

An industry chapter · Real Estate Development & Services

Real Estate Development & Services

51 members, 3289 to VTMX, A to Z by ticker.

Gross profitability
median 29% — gross profit as a share of total assets, each member's median across its readable years; read on 1 of 51 members
Capital intensity
median 11.5% — capital expenditure as a share of revenue, each member's median across its readable years; read on 4 of 51 members
Net cash
0 of the 6 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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3289 Tokyu Fudosan Holdings

Revenue is led by Urban Development (32%) and Real Estate Agents (29%), with 2 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.62T

8801 Mitsui Fudosan

Revenue is led by Leasing (35%) and Property Sales (27%), with 2 more segments behind.

Owner earnings 2017–2026 ¥156.1B(¥40.0B)¥137.7B(¥4.3B)¥89.7B¥160.0B¥172.4B¥108.0B¥458.7B(¥5.7B)

Retained capital Retained ¥1.08T of earnings over 2017–2026; annual owner earnings grew ¥102.4B, ¥0.09 per ¥1 retained.

Balance sheet Heavy net debt, ¥4.57T · dividend paid 10 of 10 yrs, cut at least once

8802 Mitsubishi Estate

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥92.6B¥215.8B¥265.6B¥256.8B¥118.3B¥188.5B¥176.5B¥208.9B¥222.9B¥400.9B

Retained capital Retained ¥697.9B of earnings over 2017–2026; annual owner earnings grew ¥86.2B, ¥0.12 per ¥1 retained.

Balance sheet Heavy net debt, ¥3.29T · dividend paid 10 of 10 yrs, never cut

8804 Tokyo Tatemono

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.19T

8830 Sumitomo Realty & Development

Revenue is led by Real Estate Leasing (43%) and Real Estate Selling (31%), with 3 more segments behind.

Owner earnings 2017–2026 (¥96.4B)(¥30.1B)¥71.5B(¥39.9B)(¥129.5B)¥13.4B(¥284.2B)¥43.6B¥87.7B(¥18.4B)

Retained capital Retained ¥1.25T of earnings over 2017–2026; annual owner earnings grew ¥56.0B, ¥0.04 per ¥1 retained.

Balance sheet Heavy net debt, ¥3.74T · dividend paid 10 of 10 yrs, never cut

AGNT AGNT Inc.

AGNT Inc. operates its business through three reportable segments: North American Realty, International Realty, and Other Affiliated Services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $15.66 · dividend paid 5 of 10 yrs, never cut

AHRT AH Realty Trust Inc.

We are a self-managed REIT with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ARL American Realty Investors Inc.

American Realty Investors Inc. is a fully integrated externally managed real estate company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ASPS Altisource Portfolio Solutions S.A.

Altisource is an integrated service provider and marketplace for the real estate and mortgage industries.

Owner earnings 2016–2025 $104M$56M$64M$45M($25M)($62M)($46M)($22M)($5M)($5M)

Retained capital Paid out $312M more than it earned over 2016–2025; annual owner earnings fell $85M.

Balance sheet Heavy net debt, $115M

BEKE KE Holdings Inc

Revenue is led by New home transaction services (32%) and Existing home transaction services (26%), with 3 more segments behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 8 yrs, never cut

BN BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BNH BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BNJ BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BOC Boston Omaha Corporation

We are a leading outdoor billboard advertising company in the markets we serve in the Midwest.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BPYPM Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPN Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPO Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPP Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

CBRE CBRE Group Inc Common Stock Class A

CBRE gets paid to handle commercial real estate for the people who own it and the companies that occupy it. The bulk of the work is running buildings and managing projects under outsourcing contracts; alongside that, it brokers leases and property sales, arranges financing, and invests in real estate on behalf of others. It collects fees and management charges rather than owning the property itself.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CIGI Colliers International Group Inc.

Colliers is one of the world's largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, New Zealand, China and several other countries in Asia, Europe and Latin America.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

COMP Compass Inc.

Our technology offerings provide a strong foundation for real estate professionals and empower them to deliver exceptional service to their clients, grow their businesses, save time, and manage their businesses more effectively.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CRESY Cresud S.A.C.I.F. y A.

Cresud is an Argentine company that owns and leases farmland in Argentina, where it grows crops and raises cattle and sells the harvest into world commodity markets. Alongside the farming it develops and sells parcels of that land, and it controls a separate business that holds urban real estate. The money comes from selling produce at prices it does not set, from gains booked when land changes hands, and from rents — all earned and reported in Argentine pesos.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs

CURB Curbline Properties Corp.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CWK Cushman & Wakefield Ltd.

Cushman & Wakefield Ltd. is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

DUO Fangdd Network Group Ltd.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FOR Forestar Group Inc Common Stock

Forestar Group Inc. is a national, well-capitalized residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FPH Five Point Holdings LLC Class A

We are a holding company and our only investment is our interest in the operating company, we will only be able to pay distributions from funds we receive from the operating company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FRPH FRP Holdings Inc.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $22.23

FSV FirstService Corporation

FirstService is the North American leader in residential property management and other essential property services to residential and commercial customers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

GTY Getty Realty

Getty Realty is a publicly traded, net lease real estate investment trust specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, never cut

HPP Hudson Pacific Properties

The purchase of properties with a value-add component, typically sourced through off-market transactions, also facilitates our long-term 7 growth.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

IIPR Innovative Industrial Properties

We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

INVH Invitation Homes Inc.

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $23.83 · dividend paid 9 of 10 yrs, never cut

IRS IRSA Investments and Representations Inc.

IRSA is an Argentine real estate company. It owns and rents out shopping malls and other commercial property, and it develops and sells real estate, including housing. Its money comes from rent paid by tenants, from selling developed property, and from changes in the appraised value of the buildings it holds.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

JLL Jones Lang LaSalle Incorporated

Our global platform and diverse service and product offerings position us to take advantage of the opportunities in a consolidating industry and to successfully navigate the dynamic and challenging markets in which we compete worldwide.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

JOE St. Joe Company (The)

Our operations span residential, hospitality, and commercial segments, offering a comprehensive range of real estate activities and lifestyle amenities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 10 yrs, never cut

MLP Maui Land & Pineapple Company Inc.

Consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MMI Marcus & Millichap Inc.

Marcus & Millichap Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $33.62 · dividend paid 4 of 10 yrs, cut at least once

MRP Millrose Properties Inc.

Millrose or provide any new business opportunities to Millrose, including referrals of Lennar Related Ventures.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NMRK Newmark Group Inc.

Newmark is a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 1 of 10 yrs, cut at least once

OPEN Opendoor Technologies Inc

Opendoor Technologies Inc market Overview Residential real estate is a massive offline market.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

OPENW Opendoor Technologies Inc Series K

Opendoor Technologies Inc Series K market Overview Residential real estate is a massive offline market.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

OPI Office Properties Income Trust

We are a real estate investment trust, or REIT, formed in 2009 under Maryland law.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $29.60 · dividend paid 7 of 7 yrs, cut at least once

REAX The Real Brokerage Inc.

Real estate market is substantially reliant on the monetary policies of the federal government and its agencies and is particularly affected by the policies of the United States' Federal Reserve Board, which regulates the supply of money and credit in the U.S., which in turn impacts interest rates.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 1 of 5 yrs, never cut

RITR Reitar Logtech Holdings Limited

Revenue is Construction and engineering services (96%) and Asset management and professional consultancy services (4%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SKYH Sky Harbour Group Corporation

We are an aviation infrastructure development company building the first nationwide network of Home Base Operator campuses designed exclusively for business aircraft.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TRC Tejon Ranch Co

We are a diversified real estate development company anchored by the Tejon Ranch Commerce Center, a 20 million-square-foot commercial and industrial development strategically located along Interstate 5 at the gateway between the Los Angeles Basin and California's Central Valley.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TRNO Terreno Realty

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

UE Urban Edge Properties

Urban Edge Properties is a Maryland REIT that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $9.18 · dividend paid 8 of 8 yrs, cut at least once

VAC Marriott Vacations Worldwide Corporation

We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

VTMX Vesta Real Estate Corporation, S.A.B. de C.V.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 5 yrs, cut at least once

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.