BEKE
2nd
KE Holdings
$38,639.76 Mn
16.85
+0.06%
-6.65%
The company has a dedicated home rental services segment that generates revenue through property management and leasing agency services for residential units.
TPL
Texas Pacific Land
$25,217.83 Mn
365.61
+1.26%
+22.96%
Texas Pacific Land is a non-REIT corporation that owns and operates approximately 882,000 surface acres of income-producing real estate. It generates revenue from land sales, commercial leases for processing and storage facilities, and easements for pipelines and power lines.
OVV
2nd
Ovintiv
$17,981.77 Mn
65.01
+1.82%
+66.10%
Ovintiv earns sublease income, specifically $55 million from office space in The Bow building, indicating it owns and operates income-producing real estate outside of a REIT structure.
LTH
2nd
Life Time Group Holdings
$10,138.52 Mn
45.42
+0.20%
+60.89%
The company operates 'Life Time Living,' which consists of luxury wellness-oriented residences located near its athletic country clubs, representing a non-REIT real estate operation.
LB
LandBridge
$6,227.74 Mn
80.97
+1.93%
+54.23%
LandBridge is a holding company that owns and operates over 315,000 surface acres of income-producing real estate in the Delaware Basin. It generates revenue through surface use agreements (SUAs), easements, and rights-of-way, but it is not structured as a REIT.
BATRB
2nd
Atlanta Braves Holdings
$4,555.92 Mn
71.00
+0.00%
+24.56%
The company owns and operates The Battery Atlanta, a mixed-use district, generating rental income from office and retail tenants such as Comcast and Papa John's International Inc. This is an income-producing real estate operation outside of a REIT structure.
HHH
2nd
Howard Hughes Holdings
$3,924.84 Mn
65.79
-1.32%
-10.23%
The company owns and operates a substantial portfolio of income-producing properties, including 37 office, 13 retail, and 18 multifamily properties, generating recurring rental income outside of a REIT structure.
BANF
2nd
Bancfirst
$3,862.85 Mn
114.97
+0.03%
-8.02%
The company owns and operates real estate through subsidiaries such as BFC PNC LLC and Calimesa Town Center LLC, which are described as real estate holding companies.
JOE
2nd
St Joe
$3,836.11 Mn
67.31
-0.75%
+35.73%
The company owns and operates income-producing real estate outside the REIT structure, including leasing commercial properties for multi-family, senior living, and retail uses.
OPEN
Opendoor Technologies
$3,254.59 Mn
3.36
-5.08%
-11.11%
Opendoor operates as an iBuyer, buying residential homes on its own balance sheet and reselling them to buyers for a profit. This matches the description of tech-enabled home-trading (iBuying) businesses that own and operate income-producing real estate outside the REIT structure.
CWT
2nd
California Water Service
$3,082.67 Mn
49.85
+0.36%
+8.25%
The company operates an 'Other' segment that includes real estate operations, specifically the leasing, management, and disposition of owned properties. This activity is described as a separate business segment from the regulated water utility and is not structured as a REIT.
VTMX
Vesta Real Estate Corporation, S.A.B. de C.V
$2,993.10 Mn
33.84
+0.33%
+18.86%
Vesta is described as an integrated real estate company that owns, manages, develops, and leases industrial properties in Mexico, but it is not identified as a REIT. It generates revenue from leasing industrial buildings and collecting rental income under long-term contracts from tenants like Mercado Libre and Nestlé.
HTO
2nd
H2O America
$2,649.29 Mn
63.30
+0.14%
+27.29%
The company owns undeveloped land in California through a land subsidiary and earns additional income from property leases from these land holdings.
WEN
2nd
Wendy's
$1,608.99 Mn
8.44
-2.09%
-20.97%
The company has a dedicated 'Global Real Estate & Development' segment that owns and leases sites to franchisees and manages a real estate joint venture (TimWen), operating as a non-REIT real estate owner.
KW
Kennedy-Wilson Holdings
$1,521.19 Mn
10.92
+0.00%
+66.46%
Kennedy-Wilson is a real estate investment company that owns and operates income-producing real estate, including multifamily, industrial, office, retail, and hotel properties, outside the REIT structure. The profile explicitly describes its 'Consolidated Portfolio' as assets it owns and consolidates on its balance sheet, generating rental income.
HZO
2nd
Marinemax
$1,152.27 Mn
52.17
-0.11%
+102.76%
MarineMax owns and operates a worldwide marina network through IGY Marinas, generating income from slip and storage rentals.
FRPH
Frp Holdings
$422.55 Mn
22.01
+0.36%
-14.09%
FRP Holdings owns and operates a diversified portfolio of income-producing real estate, including warehouses, office buildings, and residential/retail properties, but it is not structured as a REIT. Its revenue is generated from rental income on owned properties and management fees from joint ventures.
ARTNA
2nd
Artesian Resources
$332.59 Mn
35.21
+0.74%
+7.31%
The company operates a segment called Artesian Development, which is a real estate holding company that owns properties including land approved for office buildings and facilities for current operations.
MLP
2nd
Maui Land & Pineapple
$319.37 Mn
16.13
+1.07%
-2.77%
The company operates a significant Leasing segment that generates 66% of its revenue by owning and leasing commercial, industrial, and agricultural land and property outside of a REIT structure.
FNRN
2nd
First Northern Community Bancorp
$287.74 Mn
17.55
+0.00%
+60.13%
The company owns Yolano Realty Corporation, which manages other real estate owned (OREO) properties, representing an operational real estate business outside the REIT structure.
PCYO
2nd
Pure Cycle
$275.67 Mn
11.44
+1.51%
+13.60%
Pure Cycle owns and leases single-family homes for rental income under annual non-cancellable agreements, operating these assets outside of a REIT structure.
LMNR
2nd
Limoneira
$254.13 Mn
14.03
+1.74%
-10.29%
Limoneira owns and operates income-producing real estate outside the REIT structure, generating revenue from leasing residential and commercial properties to tenants and renting farmland to agricultural row crop growers.
TROO
2nd
Troops
$240.66 Mn
1.97
-1.50%
+131.76%
The company owns and operates a portfolio of commercial and residential properties in Hong Kong, including a 19-story building, and generates revenue from rental income outside of a REIT structure.
ARL
American Realty Investors
$234.20 Mn
14.50
-4.04%
+2.84%
American Realty Investors is described as a real estate company that owns and operates income-producing multifamily and commercial properties, but it is not identified as a REIT. It generates revenue from rental income from apartment units and office building spaces, as well as gains on the disposition of properties.
RDIB
2nd
Reading International
$212.18 Mn
9.34
+1.52%
-11.89%
The company owns and manages a portfolio of retail, commercial, and live-theatre properties that generate rental income from tenants like Petco and Coles Supermarket. This activity is conducted as a real estate segment outside of a REIT structure, as it is described as an internationally diversified company that monetizes assets through selective sales.
OZ
Belpointe PREP
$189.02 Mn
48.49
+2.02%
-20.64%
Belpointe PREP is a qualified opportunity fund that owns and operates income-producing commercial and mixed-use real estate, but it is structured as a Delaware limited liability company rather than a REIT. It generates revenue primarily from rental income collected from residential units, office spaces, and retail locations.
STRS
2nd
Stratus Properties
$154.47 Mn
19.35
+1.04%
+8.16%
The company operates a Leasing Operations segment that owns and manages stabilized retail, mixed-use, and multi-family residential buildings, generating recurring rental revenue from tenants.
STHO
Star Holdings
$114.05 Mn
9.44
+0.75%
+16.40%
Star Holdings owns and operates income-producing real estate, including mixed-use developments and residential communities, but is not structured as a REIT. It generates revenue from rental payments, operating income from hotel and retail properties, and the sale of real estate assets.
LPA
Logistic Properties of the Americas
$104.97 Mn
3.32
-1.78%
-44.94%
The company owns and operates income-producing logistics and industrial facilities across Latin America but explicitly differentiates itself from traditional REITs through its vertical control over development and management. Its core revenue is derived from rental income from tenants like Samsung and IKEA, and it is structured as an integrated real estate operator rather than a REIT.
RNGE
Range Impact
$87.25 Mn
0.77
+0.00%
+327.78%
Range Impact owns and operates income-producing real estate (former mine sites) outside the REIT structure, generating revenue by leasing reclaimed land to third-party tenants for data centers, renewable energy, and agriculture.
MAYS
Mays J W
$82.85 Mn
41.10
-0.96%
+9.89%
J. W. Mays, Inc. owns and operates a portfolio of commercial real estate properties and generates revenue primarily from leasing these holdings to commercial tenants. There is no indication in the profile that the company is structured as a REIT, making it a real estate operator.
ATVK
2nd
Ameritek Ventures
$75.52 Mn
8.27
-0.96%
+14.86%
Through Chicago Real Estate Partners, LLC, the company acquires luxury condominiums and generates rental income by leasing furnished units to corporate executives.
EUDA
2nd
EUDA Health Holdings
$26.79 Mn
14.17
+1.21%
-72.43%
The company has a dedicated Property Management Services segment that generates revenue from common area and security management contracts for retail and residential properties.
SLGB
2nd
Smart Logistics Global
$23.22 Mn
0.54
-3.57%
—
The company owns and operates income-producing real estate through its Infrastructure Development segment, which includes a smart logistics park with 110,000 square meters of land featuring warehouses and cold chain storages.
OPAD
Offerpad Solutions
$19.91 Mn
4.12
-3.29%
-71.97%
Offerpad's primary business is the 'Cash Offer' segment, where it purchases homes directly from sellers for cash and resells them, which represents over 90% of its consolidated revenue. This tech-enabled home-trading (iBuying) model is explicitly listed under Real Estate Operators (R-19) and is not structured as a REIT.
MDRR
Medalist Diversified
$18.48 Mn
11.35
-3.32%
+2.90%
Medalist Diversified owns and operates income-producing real estate, including retail, flex/industrial, and single tenant net lease assets, but is not structured as a REIT. It generates revenue from rental income across these diversified property types.
LRE
2nd
Lead Real Estate
$17.87 Mn
1.31
-2.96%
-13.25%
The company owns and operates income-producing residential real estate outside the REIT structure, leasing apartment units to individual customers in Japan and Dallas, Texas.
THH
2nd
TryHard Holdings
$12.48 Mn
2.56
-3.03%
-89.42%
The company has a dedicated Sub-Leasing segment where it partners with venue owners to sub-lease properties, invests in enhancing amenities, and operates these income-producing real estate assets outside a REIT structure.
LHAI
2nd
Linkhome Holdings
$12.40 Mn
0.75
+1.35%
-89.55%
The company operates a 'Cash Offer program' where it earns profits from buying and selling real estate, indicating it acts as a real estate operator trading properties on its own balance sheet.
PETZ
TDH Holdings
$11.87 Mn
1.15
-15.44%
+11.65%
TDH Holdings owns and operates income-producing commercial real estate, including office and retail properties in Beijing and Missouri, but is described as a holding company rather than a REIT. Its revenue is generated chiefly from rental payments received under lease agreements with commercial tenants.
NEN
New England Realty Associates Limited Partnership
$6.50 Mn
56.00
+0.00%
-21.40%
The company owns and operates a diversified portfolio of residential apartments, condominiums, and commercial properties but is structured as a Limited Partnership rather than a REIT. It generates revenue through rental income from residential tenants in the Greater Boston area and commercial tenants in shopping centers and office buildings.
SRRE
2nd
Sunrise Real Estate
$5.50 Mn
0.08
+0.00%
-55.56%
The company generates rental income from leasing unsold residential and commercial units to tenants, operating as a non-REIT real estate operator.
CDIX
2nd
Cardiff Lexington
$5.18 Mn
0.26
-35.00%
-94.22%
The company has a Real Estate segment operated by Edge View that owns residential and agricultural land intended for eventual sale, and it is not structured as a REIT.
RENX
2nd
RenX Enterprises
$4.94 Mn
1.89
+6.18%
-92.79%
The company maintains a real estate segment consisting of legacy holdings and appreciated properties, such as the Norman Berry McLean and Lago Vista projects, which it is currently monetizing.
BN
2nd
Brookfield
$1.26 Mn
42.13
-1.47%
-2.79%
Through the Brookfield Property Group, the company owns, operates, and develops a diverse portfolio of real estate assets, including North American residential properties, outside of a pure REIT structure.
MYCB
My City Builders
$0.74 Mn
0.11
+0.00%
-81.97%
My City Builders owns and operates income-producing real estate, specifically low-income housing, outside of a REIT structure. It generates revenue from rental income collected on leased properties and the sale of renovated single-family homes.
CSUI
Cannabis Suisse
$0.71 Mn
0.01
+0.00%
-50.00%
The company owns and operates income-producing real estate via a subleasing model but is not structured as a REIT. It generates revenue from rent paid by a third-party tenant occupying a subleased portion of a commercial building.
UK
Ucommune International
$0.60 Mn
2.23
-3.04%
-77.70%
Ucommune International owns and operates income-producing flexible office spaces through a self-operated model, generating revenue from membership fees for desks and offices. It is not structured as a REIT, but rather as a real estate operator that leases space from landlords and subleases it to members.
LRHC
2nd
La Rosa Holdings
$0.44 Mn
0.58
-3.33%
-99.89%
The company provides property management services for residential rental properties, handling rent collection and maintenance for a monthly fee per unit.
AOXY
Advanced Oxygen Technologies
$0.26 Mn
0.08
+0.00%
-46.67%
The company's primary revenue is derived from owning and managing a commercial real estate property in Vojens, Denmark, which is leased to Circle K Denmark A/S. Because it is described as a holding company and does not state it is structured as a REIT, it falls under Real Estate Operators.
DXF
Eason Technology
$0.11 Mn
0.51
+0.00%
-88.44%
The company owns and operates income-producing commercial and industrial properties, such as the property leased to Hubei Zongyang Hospital Co., Ltd. It generates revenue from rental income and profit-sharing arrangements outside of a REIT structure.
GBR
New Concept Energy
$0.00 Mn
0.76
+2.70%
-27.76%
The company owns and operates income-producing real estate, including 190 acres of land and four buildings totaling 53,000 square feet, and generates rental income from commercial tenants. It is not structured as a REIT, making it a Real Estate Operator.
RWAX
Tap Real Estate Technologies
$0.00 Mn
0.00
—
—
The company acquires and holds properties to increase balance sheet value and manages these real estate assets. Since it is not described as a REIT, it fits as a real estate operator that owns and operates income-producing real estate.