From a review of SEC filings and individual Company information in MSN Money, I found 114 US Real Estate Investment Trusts with stock market caps sometime in 2018 of more than $1 Bil and also not exceeding $10 Bil any time in 2018.
My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments. It has nothing whatsoever to do with Company Operating Performance.
The chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the December 2018, the December 2017, the September 2018 and the September 2017 Quarters for each of these 114 Smaller REITs.
| US | US | US | US | |||||
| GAAP | GAAP | GAAP | GAAP | |||||
| Pretax | Pretax | Pretax | Pretax | |||||
| Income | Income | Income | Income | |||||
| (Loss) | (Loss) | (Loss) | (Loss) | |||||
| US | Dec | Dec | Better | Sept | Sept | Better | ||
| State | US Financial Companies | 2018 | 2017 | (Worse) | 2018 | 2017 | (Worse) | |
| HQs | Real Estate Investment Trusts (REITs) | Quarter | Quarter | % | Quarter | Quarter | % | |
| Stock Market Caps of $1-10 Bil | End | End | Change | End | End | Change | ||
| mils $ | mils $ | mils $ | mils $ | mils $ | ||||
| OH | Site Centers Corp | 182 | (218) | (8) | 10 | |||
| CA | Kilroy Realty | 167 | 33 | 38 | 75 | |||
| TN | Ryman Hospitality Properties | 161 | 21 | 24 | 24 | |||
| NY | VICI Properties Inc | 145 | 43 | 132 | - | |||
| PA | Brandywine Realty Trust | 123 | 74 | (43) | 18 | |||
| CT | Starwood Property Trust | 101 | 107 | 98 | 103 | |||
| LA | Lamar Advertising | 98 | 87 | 97 | 100 | |||
| NY | Life Storage | 93 | 21 | 41 | 36 | |||
| NY | Kimco Realty | 91 | 86 | 100 | 122 | |||
| NY | Brixmor Property Group | 78 | 70 | 147 | 83 | |||
| AL | Medical Properties Trust | 75 | 74 | 739 | 77 | |||
| NY | Blackstone Mortgage Trust | 74 | 58 | 78 | 58 | |||
| NV | MGM Growth Properties LLC | 72 | 33 | 75 | 45 | |||
| OH | Washington Prime Group | 69 | 63 | 4 | (11) | |||
| MD | Omega Healthcare Investors | 66 | 66 | 60 | (137) | |||
| VA | Park Hotels & Resorts | 65 | 59 | 55 | 61 | |||
| TX | Weingarten Realty Investors | 63 | 173 | 53 | 75 | |||
| PA | Liberty Property Trust | 63 | 110 | 51 | 59 | |||
| NY | MFA Financial | 61 | 101 | 87 | 64 | |||
| NY | Outfront Media | 60 | 40 | 48 | 53 | |||
| AZ | STORE Capital Corp | 57 | 41 | 48 | 29 | |||
| NC | Highwoods Properties | 55 | 59 | 35 | 60 | |||
| TX | Spirit Realty Capital | 55 | 37 | 31 | 7 | |||
| MO | EPR Properties | 54 | 66 | 92 | 64 | |||
| CA | PS Business Parks | 53 | 45 | 45 | 43 | |||
| NY | Apollo Commercial RE Finance | 53 | 41 | 62 | 68 | |||
| IL | Equity Lifestyle Properties | 53 | 48 | 60 | 55 | |||
| IL | First Industrial Realty Trust | 52 | 101 | 31 | 45 | |||
| NJ | Mack-Cali Realty | 52 | 5 | 2 | 45 | |||
| TX | American Campus Communities | 50 | 40 | (3) | (1) | |||
| PA | CubeSmart | 49 | 40 | 43 | 38 | |||
| TX | Howard Hughes Corp | 48 | 70 | 31 | 16 | |||
| PA | Gaming&Leisure Properties | 47 | 97 | 106 | 99 | |||
| MA | Stag Industrial | 47 | 9 | 9 | 22 | |||
| GA | Piedmont Office Realty Trust | 45 | (31) | 16 | 126 | |||
| TN | CoreCivic | 42 | 47 | 44 | 44 | |||
| TX | Camden Property Trust | 41 | 89 | 40 | 36 | |||
| NY | Empire State Realty | 41 | 35 | 31 | 38 | |||
| FL | National Retail Properties | 37 | 72 | 82 | 61 | |||
| TN | National Health Investors | 37 | 38 | 41 | 39 | |||
| FL | GEO Group | 35 | 49 | 43 | 40 | |||
| CA | American Homes 4 Rent | 35 | 31 | 30 | 19 | |||
| VA | Apple Hospitality REIT | 34 | (2) | 62 | 63 | |||
| CA | LTC Properties | 31 | 20 | 35 | 21 | |||
| MD | RLJ Lodging Trust | 29 | 40 | 79 | 10 | |||
| CA | TPG RE Finance Trust | 29 | 25 | 27 | 21 | |||
| AZ | VEREIT | 29 | (1) | (73) | 14 | |||
| NY | Ladder Capital Corp | 28 | 48 | 85 | 29 | |||
| CA | PennyMac Mortgage Invest Trust | 26 | 46 | 52 | 24 | |||
| CO | CoreSite Realty | 26 | 27 | 25 | 24 | |||
| NY | Lexington Realty Trust | 26 | 32 | 221 | 6 | |||
| CA | Douglas Emmett | 24 | 32 | 35 | 29 | |||
| MD | Diamondrock Hospitality | 24 | 26 | 35 | 25 | |||
| GA | Cousins Properties | 23 | 32 | 20 | 12 | |||
| CA | Tereno Realty | 23 | 11 | 10 | 21 | |||
| CA | Four Corners Property Trust | 21 | 18 | 18 | 19 | |||
| NY | KKR RE Finance Trust | 21 | 18 | 21 | 18 | |||
| NC | Tanger Factory Outlet Centers | 21 | 33 | (23) | (16) | |||
| CA | Hudson Pacific Properties | 19 | 49 | 20 | 15 | |||
| MS | East Group Properties | 19 | 18 | 23 | 16 | |||
| MD | Corporate Office Properties Trust | 18 | 12 | 20 | 22 | |||
| MA | Industrial Logistics Proprties Trst | 18 | 15 | 18 | 23 | |||
| TN | Healthcare Realty Trust | 16 | (37) | 7 | 3 | |||
| IL | Equity Commonwealth | 16 | (22) | 33 | 34 | |||
| AZ | Healthcare Trust of America | 16 | 43 | 176 | 14 | |||
| MD | Saul Centers | 16 | 14 | 17 | 14 | |||
| CA | Caretrust REIT | 16 | 2 | 15 | 11 | |||
| CO | National Storage Affiliates Trust | 15 | 12 | 17 | 11 | |||
| CA | Rexford Industrial Realty | 15 | 14 | 9 | 2 | |||
| AR | Uniti Group | 14 | (7) | 3 | (4) | |||
| MI | Taubman Centers | 13 | 38 | 37 | 14 | |||
| VA | Chesapeake Lodging Trust | 13 | 29 | 53 | 14 | |||
| NY | Getty Realty | 13 | 13 | 11 | 9 | |||
| MI | Agree Realty | 13 | 17 | 16 | 12 | |||
| IL | Retail Properties of America | 12 | 110 | 13 | 36 | |||
| CA | Retail Opportunity Invest Corp | 12 | 12 | 16 | 10 | |||
| MI | Sun Communities | 11 | 11 | 52 | 29 | |||
| NJ | Alexander's Inc | 11 | 18 | 15 | 20 | |||
| WI | Physicians Realty Trust | 11 | 10 | 24 | 13 | |||
| CA | Macerich | 11 | 54 | 82 | 22 | |||
| NJ | Urban Edge Properties | 10 | (17) | 27 | 19 | |||
| NY | Paramount Group | 10 | (6) | 46 | (26) | |||
| CA | American Assets Trust | 9 | 10 | 14 | 13 | |||
| CO | Apartment Investment&Mgt | 9 | 268 | 604 | 22 | |||
| FL | Rayonier | 7 | 72 | 39 | 32 | |||
| DC | Washington REIT | 6 | 2 | 6 | 3 | |||
| KS | QTS Realty Services | 6 | (20) | (8) | 5 | |||
| TX | Summit Hotel Properties | 5 | 11 | 37 | 22 | |||
| GA | Columbia Property Trust | 5 | (1) | 6 | 102 | |||
| GA | Americold Realty Trust | 2 | 14 | 22 | (3) | |||
| MD | JBG Smith Properties | 2 | (28) | 26 | (79) | |||
| WA | Potlatch Deltic | (2) | 66 | 66 | 36 | |||
| CA | Redwood Trust | (2) | 26 | 46 | 41 | |||
| NY | Global Net Lease | (5) | 9 | 3 | 3 | |||
| NY | Acadia Realty Trust | (7) | 25 | (2) | 14 | |||
| CA | Sabra Health Care REIT | (18) | 104 | 36 | 15 | |||
| NJ | Monmouth RE Investment Corp | (28) | 12 | 12 | 10 | |||
| TX | Tier REIT | (28) | (10) | 23 | (8) | |||
| IN | Kite Realty Group Trust | (32) | 3 | 4 | (0) | |||
| MA | Office Properties Income Trust | (40) | (19) | (10) | 1 | |||
| NY | SL Green Realty | (58) | 38 | 99 | 46 | |||
| NY | New Residential Investment | (59) | 347 | 199 | 272 | |||
| NY | Seritage Growth Properties | (86) | (70) | (35) | 17 | |||
| CA | Colony Credit Real Estate | (92) | 34 | (61) | 31 | |||
| MD | Pebblebrook Hotel Trust | (101) | 12 | 32 | 32 | |||
| NY | Chimera Investment Corp | (103) | 108 | 157 | 139 | |||
| TX | CyrusOne | (107) | 4 | (42) | (54) | |||
| MA | Hospitality Properties Trust | (110) | 27 | 118 | 86 | |||
| MA | Senior Housing Properties Trust | (117) | 66 | 47 | 36 | |||
| HI | Alexander & Baldwin | (117) | (13) | 18 | 11 | |||
| GA | Invesco Mortgage Capital | (162) | 142 | (54) | 63 | |||
| FL | ARMOUR Residential REIT | (212) | 71 | 48 | 28 | |||
| CA | Colony Capital | (432) | (386) | (16) | 60 | |||
| NY | Two Harbors Investment Corp | (548) | 173 | 73 | 88 | |||
| Total all 114 US REITs | 1,283 | 4,034 | -68% | 5,681 | 3,645 | 56% |
