Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the gross margin high or low?
The gross margin of 39.34% is in line with its 5-year average of 39.13%, around the middle of its 5-year range (36.50%–43.33%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.74% above its 12-month average of 39.05%.
Reported quarterly gross margin; no daily interpolation.
GROSS MARGIN
39.34%
GROSS MARGIN AVG TTM
39.05%
GROSS MARGIN AVG 3Y
38.94%
GROSS MARGIN AVG 5Y
38.92%
GROSS MARGIN AVG 10Y
43.64%
GROSS MARGIN AVG 15Y
49.68%
GROSS MARGIN AVG 20Y
60.21%
CURRENT VS TTM AVG
+0.74%
CURRENT VS 3Y AVG
+1.03%
CURRENT VS 5Y AVG
+1.08%
CURRENT VS 10Y AVG
-9.84%
CURRENT VS 15Y AVG
-20.82%
CURRENT VS 20Y AVG
-34.66%
SECTOR MEDIAN · REAL ESTATE
40.22%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
-2.17%
vs the sector median at left
Market Cap
$80.78B
Gross Margin
73.19%
TTM Avg
74.13%
3Y Avg
74.01%
5Y Avg
73.28%
Market Cap
$74.38B
Gross Margin
85.24%
TTM Avg
84.11%
3Y Avg
82.78%
5Y Avg
82.15%
Market Cap
$69.75B
Gross Margin
55.39%
TTM Avg
55.02%
3Y Avg
54.90%
5Y Avg
56.77%
Market Cap
$59.56B
Gross Margin
89.80%
TTM Avg
91.32%
3Y Avg
92.03%
5Y Avg
92.56%
| NAME | MARKET CAP | GROSS MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Welltower Inc. (WELL) | $168.93B | 39.34% | 39.05% | 38.94% | 38.92% |
| Prologis, Inc. (PLD)vs › | $134.93B | 59.60% | 67.26% | 71.05% | 71.94% |
| Equinix, Inc. (EQIX)vs › | $100.57B | 51.60% | 50.13% | 49.24% | 48.90% |
| American Tower Corporation (AMT)vs › | $80.78B | 73.19% | 74.13% | 74.01% | 73.28% |
| Simon Property Group, Inc. (SPG)vs › | $74.38B | 85.24% | 84.11% | 82.78% | 82.15% |
| Digital Realty Trust, Inc. (DLR)vs › | $69.75B | 55.39% | 55.02% | 54.90% | 56.77% |
| Public Storage (PSA)vs › | $60.45B | 24.96% | 49.08% | 61.90% | 65.14% |
| Realty Income Corporation (O)vs › | $59.56B | 89.80% | 91.32% | 92.03% | 92.56% |
| Ventas, Inc. (VTR)vs › | $45.46B | -5.90% | 18.35% | 31.12% | 36.46% |
| CBRE Group, Inc. (CBRE)vs › | $42.51B | 17.66% | 17.30% | 18.95% | 19.71% |
Gross Margin
39.3%
(Revenue - COGS) / Revenue
Gross Margin = Gross Profit / Revenue
Gross margin is the percentage of revenue remaining after the cost of goods sold, reflecting core product profitability.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | GROSS MARGIN |
|---|---|
| 2026-06-30 | 39.34% |
| 2026-03-31 | 37.82% |
| 2025-12-31 | 38.30% |
| 2025-09-30 | 39.99% |
| 2025-06-30 | 39.80% |
| 2025-03-31 | 38.78% |
| 2024-12-31 | 36.50% |
| 2024-09-30 | 39.70% |
| 2024-06-30 | 38.01% |
| 2024-03-31 | 40.08% |
| 2023-12-31 | 39.69% |
| 2023-09-30 | 38.81% |
| 2023-06-30 | 39.39% |
| 2023-03-31 | 38.30% |
| 2022-12-31 | 37.80% |
| 2022-09-30 | 37.88% |
| 2022-06-30 | 39.36% |
| 2022-03-31 | 38.57% |
| 2021-12-31 | 39.42% |
| 2021-09-30 | 40.87% |
| 2021-06-30 | 43.33% |
| 2021-03-31 | 40.98% |
| 2020-12-31 | 44.43% |
| 2020-09-30 | 38.54% |
| 2020-06-30 | 44.09% |
| 2020-03-31 | 45.68% |
| 2019-12-31 | 47.29% |
| 2019-09-30 | 48.05% |
| 2019-06-30 | 46.76% |
| 2019-03-31 | 46.95% |
| 2018-12-31 | 47.28% |
| 2018-09-30 | 46.69% |
| 2018-06-30 | 48.78% |
| 2018-03-31 | 49.13% |
| 2017-12-31 | 50.28% |
| 2017-09-30 | 51.73% |
| 2017-06-30 | 52.36% |
| 2017-03-31 | 51.79% |
| 2016-12-31 | 53.77% |
| 2016-09-30 | 55.99% |
| 2016-06-30 | 56.79% |
| 2016-03-31 | 56.89% |
| 2015-12-31 | 57.09% |
| 2015-09-30 | 58.16% |
| 2015-06-30 | 58.19% |
| 2015-03-31 | 57.66% |
| 2014-12-31 | 57.99% |
| 2014-09-30 | 58.01% |
| 2014-06-30 | 58.30% |
| 2014-03-31 | 57.39% |
| 2013-12-31 | 57.35% |
| 2013-09-30 | 56.29% |
| 2013-06-30 | 58.97% |
| 2013-03-31 | 59.81% |
| 2012-12-31 | 65.35% |
| 2012-09-30 | 68.64% |
| 2012-06-30 | 68.93% |
| 2012-03-31 | 69.06% |
| 2011-12-31 | 72.29% |
| 2011-09-30 | 72.18% |
| 2011-06-30 | 73.00% |
| 2011-03-31 | 74.14% |
| 2010-12-31 | 80.71% |
| 2010-09-30 | 87.97% |
| 2010-06-30 | 92.21% |
| 2010-03-31 | 91.39% |
| 2009-12-31 | 92.52% |
| 2009-09-30 | 91.33% |
| 2009-06-30 | 91.92% |
| 2009-03-31 | 92.04% |
| 2008-12-31 | 93.13% |
| 2008-09-30 | 91.97% |
| 2008-06-30 | 91.72% |
| 2008-03-31 | 91.54% |
| 2007-12-31 | 100.00% |
| 2007-09-30 | 91.30% |
| 2007-06-30 | 92.32% |
| 2007-03-31 | 100.00% |
| 2006-12-31 | 100.00% |
| 2006-09-30 | 100.00% |
| 2006-06-30 | 100.00% |
| 2006-03-31 | 100.00% |
| 2005-12-31 | 100.00% |
| 2005-09-30 | 100.00% |
| 2005-06-30 | 100.00% |
| 2005-03-31 | 100.00% |
| 2004-12-31 | 100.00% |
| 2004-09-30 | 100.00% |
| 2004-06-30 | 100.00% |
| 2004-03-31 | 100.00% |
| 2003-12-31 | 100.00% |
| 2003-09-30 | 100.00% |
| 2003-06-30 | 100.00% |
| 2003-03-31 | 100.00% |
| 2002-12-31 | 100.00% |
| 2002-09-30 | 100.00% |
