The iShares U.S. Real Estate ETF (IYR) gives investors one-stop exposure to the largest and most liquid U.S.-listed real estate companies. With over 80 holdings and billions in assets, it spans commercial landlords, data center REITs, industrial developers, and residential property groups. That makes it a core vehicle for anyone looking to track the health of America’s property market without having to pick individual stocks.
| Rank | Ticker | Company | Weight (%) |
|---|---|---|---|
| 1 | WELL | Welltower Inc | 8.42 |
| 2 | PLD | Prologis Inc | 7.75 |
| 3 | AMT | American Tower Corp | 6.61 |
| 4 | EQIX | Equinix Inc | 4.59 |
| 5 | SPG | Simon Property Group Inc | 4.46 |
| 6 | DLR | Digital Realty Trust Inc | 4.14 |
| 7 | O | Realty Income Corp | 4.04 |
| 8 | CBRE | CBRE Group Inc Class A | 3.54 |
| 9 | PSA | Public Storage | 3.31 |
| 10 | CCI | Crown Castle Inc | 3.05 |
| 11 | CSGP | CoStar Group Inc | 2.68 |
| 12 | VICI | VICI Properties Inc | 2.52 |
| 13 | VTR | Ventas Inc | 2.31 |
| 14 | IRM | Iron Mountain Inc | 2.28 |
| 15 | EXR | Extra Space Storage Inc | 2.18 |
| 16 | AVB | AvalonBay Communities Inc | 2.05 |
| 17 | EQR | Equity Residential | 1.69 |
| 18 | SBAC | SBA Communications Corp | 1.58 |
| 19 | WY | Weyerhaeuser Co | 1.30 |
| 20 | ESS | Essex Property Trust Inc | 1.28 |
| 21 | INVH | Invitation Homes Inc | 1.24 |
| 22 | MAA | Mid-America Apartment Communities | 1.23 |
| 23 | SUI | Sun Communities Inc | 1.13 |
| 24 | JLL | Jones Lang LaSalle Inc | 1.10 |
| 25 | WPC | W. P. Carey Inc | 1.10 |
Investors turn to IYR for diversification, yield, and a sector-specific bet on real estate trends. The fund encompasses a wide range of assets, including healthcare facilities, storage units, and apartment complexes. While its 0.40% expense ratio is higher than broad-market ETFs, it’s the price of admission to a specialized index that has historically moved in step with interest rate cycles and property valuations.
Like other sector ETFs, IYR’s performance is concentrated at the top. Just 25 names make up over 75% of the fund, with giants like Welltower, Prologis, and American Tower leading the charge. Below, we’ll explore the top holdings in detail and take a closer look at the big three.
1. Welltower (WELL)
Welltower is the largest holding in IYR, and for good reason, it’s the undisputed leader in healthcare real estate. Its portfolio covers senior housing, post-acute care centers, and outpatient medical facilities, giving it a front-row seat to one of the biggest demographic shifts in history: the aging of the U.S. population. As baby boomers continue to retire, demand for healthcare services and the facilities that support them is expected to rise.
The company’s partnerships with top healthcare operators give it a unique advantage. Rather than just collecting rent, Welltower is often directly aligned with tenants on performance and efficiency, helping improve both patient care and property returns. This model adds resilience, especially during economic slowdowns, when healthcare tends to hold up better than cyclical property segments like retail or office.
Financially, Welltower benefits from stable occupancy, long-term leases, and steady cash flow generation. Its dividend remains a key attraction for income-focused investors, and its scale makes refinancing easier compared to smaller peers. As the #1 weight in IYR, WELL provides defensive ballast while still capturing growth tied to healthcare demand.
2. Prologis (PLD)
Prologis is the backbone of global logistics real estate, owning and operating warehouses and distribution centers that serve as critical links in the supply chain. Its properties house tenants ranging from Amazon and FedEx to third-party logistics providers, making it one of the most important enablers of modern commerce. With e-commerce penetration still climbing, Prologis sits at the intersection of consumer behavior and industrial infrastructure.
The company has consistently outperformed peers thanks to its scale, prime locations, and ability to command premium rents. Even in softer economic cycles, Prologis benefits from long-term leases and persistent demand for last-mile delivery space. That stickiness has made it a standout performer, with growth that often exceeds broader REIT benchmarks.
Beyond the U.S., Prologis operates in Europe, Asia, and Latin America, giving it a global reach that few REITs can match. This international diversification adds stability and broadens its opportunity set as global trade evolves. With nearly 8% of IYR’s assets, Prologis delivers a unique combination of stability, secular growth, and scale.
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3. American Tower (AMT)
American Tower may not own shopping centers or apartment buildings, but its wireless towers are just as critical to daily life. As mobile carriers like AT&T, Verizon, and T-Mobile expand 5G coverage, they lease tower space from AMT, creating a recurring revenue stream that behaves more like a subscription business than traditional rent collection. This makes AMT one of the most predictable REITs in the fund.
The company has also pushed aggressively into international markets, operating towers in Latin America, Africa, and Asia. In many of these regions, mobile penetration is still growing rapidly, meaning AMT is well-positioned to ride the global wave of mobile adoption. That global footprint provides exposure to faster-growing markets while diversifying away from U.S. telecom cycles.
AMT’s financial model is built for consistency: long-term contracts with annual rent escalators, strong operating margins, and high barriers to entry. Towers are expensive and time-consuming to build, making incumbents like AMT hard to dislodge. With a 6.6% weighting in IYR, American Tower provides the fund with exposure to the digital infrastructure that underpins everything from streaming video to mobile payments.
How Concentrated is IYR?
IYR may own dozens of REITs, but the top 25 drive the story. Together, they account for more than three-quarters of the portfolio, meaning that performance often hinges on how the largest players, such as Welltower, Prologis, and American Tower, navigate interest rates, property cycles, and tenant demand.
That concentration cuts both ways: it magnifies the impact of sector leaders, but it also means investors need to keep an eye on the health of a handful of subsectors like healthcare, industrial, and telecom infrastructure.
Key Insights
- Income-focused sector ETF. IYR leans on steady dividend payers like Welltower and Realty Income, making it a popular income play.
- Interest-rate sensitivity. REITs tend to trade inversely with bond yields, when rates rise, financing costs climb, and valuations can compress.
- Diverse property mix. Healthcare, industrial, retail, residential, and telecom infrastructure are all represented, giving investors a full picture of the U.S. property market.
Why IYR Is a Great Way to Invest In Real Estate
IYR is a straightforward way to access America’s real estate market in a single trade. The fund’s mix of healthcare, industrial, and telecom REITs makes it more resilient than a pure retail or office play, while still delivering income and exposure to property cycles.
The concentration in the top 25 holdings underscores how much leaders matter. Companies like Welltower, Prologis, and American Tower set the tone for the sector, and their ability to adapt to shifting demand or interest rate regimes will determine IYR’s returns.
For long-term investors, IYR works as both a diversifier and an income generator. It may not match the growth of tech-heavy funds, but it offers something equally valuable: stability anchored in tangible assets.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
