--- title: "Infrastructure REITs Industry: Companies" description: "110 SEC filers are classified under the Standard Industrial Classification code that describes the infrastructure reits industry." canonical: https://www.getswoopr.com/stocks/industries/real-estate/infrastructure-reits/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Infrastructure REITs Industry ## Direct Answer 110 SEC filers are classified under the Standard Industrial Classification code that describes the infrastructure reits industry, and their latest annual reports show $180.6 billion of combined revenue and a median operating margin of 20.0%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Infrastructure REITs own towers, fiber, data centers, pipelines and other essential networks that tenants rent under long contracts. Cash flows are predictable, and growth follows capital spending by carriers and customers. The first numbers to compare across companies here are contracted revenue and escalators, tenant churn and adjusted funds from operations per share. ## Key Industry Metrics - **Contracted revenue and escalators**: Revenue locked in by long contracts and the built-in annual rent increases. It shows how predictable cash flow is, and how much growth is baked into leases. - **Tenant churn**: The share of revenue lost when customers cancel or move equipment. Low churn keeps income steady, while spikes often follow customer mergers or network changes. - **Adjusted funds from operations per share**: Cash earnings after recurring capital items and adjustments, divided by shares. It is the main measure for dividends and valuation in this group. - **Capital spending and yield**: Money spent on new sites and upgrades and the expected return. Yield against borrowing cost shows whether growth capital adds value. - **Leverage**: Debt relative to earnings or assets. Contracted income supports moderate debt, but refinancing at higher rates raises cost. ## Primary Macro Drivers - **Data and connectivity demand**: Growing use of data and networks leads customers to add equipment and capacity, shown in contracted revenue and tenant billings. - **Customer capital budgets**: Customer budgets for network and capacity set new leasing, shown in contracted revenue and capital spending. - **Interest rates**: Higher rates raise financing costs and the yield buyers demand, shown in AFFO per share and leverage. - **Acquisitions**: Buying networks and sites adds revenue and debt, shown in contracted revenue and leverage. ## Major Risks - **Customer concentration**: A few large customers supply much of the rent, so a change in plans moves revenue, shown in the customer note. - **Technology shifts**: New standards or architectures could reduce demand for assets, shown in churn and contracted revenue. - **Rate sensitivity**: Debt heavy models feel rate rises through interest expense, shown in AFFO per share and leverage. - **Regulatory change**: Rules on rates, siting or ownership can alter returns, so read regulatory notes. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Defensive | | Capital Intensity | High | | Regulatory Intensity | Medium | | Industry Maturity | Growth | | Geographic Importance | U.S. / Global | ## Infrastructure REITs Filers in the SEC Record 110 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6798. Their latest fiscal years end between 2022 and 2026, and together they reported $180.6 billion of revenue. Median revenue growth over the prior year was 2.9%. Median operating margin was 20.0% and median net margin 10.0%. Median total liabilities were 54% of total assets, and 77 of 110 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Welltower Inc.](https://www.getswoopr.com/stocks/companies/welltower/) | $10.8 billion | 35.6% | n/a | 8.6% | FY 2025 | | [American Tower Corp](https://www.getswoopr.com/stocks/companies/american-tower/) | $10.6 billion | 5.1% | 45.5% | 24.7% | FY 2025 | | [Equinix Inc](https://www.getswoopr.com/stocks/companies/equinix/) | $9.2 billion | 5.4% | 20.0% | 14.6% | FY 2025 | | [Prologis, Inc.](https://www.getswoopr.com/stocks/companies/prologis/) | $8.8 billion | 7.2% | 49.6% | 37.9% | FY 2025 | | [Weyerhaeuser Co](https://www.getswoopr.com/stocks/companies/weyerhaeuser/) | $6.9 billion | -3.1% | 10.6% | 4.7% | FY 2025 | | [Iron Mountain Inc](https://www.getswoopr.com/stocks/companies/iron-mountain/) | $6.9 billion | 12.2% | 16.9% | 2.2% | FY 2025 | | [Simon Property Group Inc.](https://www.getswoopr.com/stocks/companies/simon-property-group/) | $6.4 billion | 6.7% | 49.9% | 84.3% | FY 2025 | | [Host Hotels & Resorts, Inc.](https://www.getswoopr.com/stocks/companies/host-hotels-and-resorts/) | $6.1 billion | 7.6% | 14.0% | 12.5% | FY 2025 | The 8 largest of 110 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Infrastructure REITs guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Real Estate - [Real Estate sector overview](https://www.getswoopr.com/stocks/industries/real-estate/) - [Life Science Office REITs](https://www.getswoopr.com/stocks/industries/real-estate/life-science-office-reits/) - [Industrial REITs](https://www.getswoopr.com/stocks/industries/real-estate/industrial-reits/) - [Lodging & Resort REITs](https://www.getswoopr.com/stocks/industries/real-estate/lodging-and-resort-reits/) - [Health Care REITs](https://www.getswoopr.com/stocks/industries/real-estate/health-care-reits/) - [Logistics REITs](https://www.getswoopr.com/stocks/industries/real-estate/logistics-reits/) - [Gaming REITs](https://www.getswoopr.com/stocks/industries/real-estate/gaming-reits/) - [Mall REITs](https://www.getswoopr.com/stocks/industries/real-estate/mall-reits/) - [Equity REITs](https://www.getswoopr.com/stocks/industries/real-estate/equity-reits/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Infrastructure REITs industry? Key performance indicators for the Infrastructure REITs industry include: Contracted revenue and escalators, Tenant churn, Adjusted funds from operations per share, Capital spending and yield, Leverage. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Infrastructure REITs industry? The Infrastructure REITs industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions. What are the biggest risks in the Infrastructure REITs industry? The primary risks for Infrastructure REITs companies include: Customer concentration, Technology shifts, Rate sensitivity, Regulatory change. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).