The Idiot Index

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Sector
Labor ShareApplied to Real Estate Investment Trusts (REITs) — owners and operators of income-producing real estate. Revenue is rental income, not goods sold, so Markup ratios are not meaningful (no COGS in the traditional sense). REITs are legally required to distribute 90%+ of taxable…
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Labor Share in Real Estate · FY 2023

18 of 27 companies · highest first
  1. 1
    AVBAvalonBay
    10322¢ of every $1 of revenue reaches workers
    sector median 0.1125Bottom 3%
    103.2
    of revenue → workers
  2. 2
    ESSEssex Property Trust
    2332¢ of every $1 of revenue reaches workers
    sector median 0.1125Bottom 8%
    23.32
    of revenue → workers
  3. 3
    EXRExtra Space Storage
    149¢ of every $1 of revenue reaches workers
    sector median 0.1125Bottom 14%
    1.4857
    of revenue → workers
  4. 4
    CCICrown Castle
    135¢ of every $1 of revenue reaches workers
    sector median 0.1125Bottom 19%
    1.3510
    of revenue → workers
  5. 5
    AMTAmerican Tower
    70¢ of every $1 of revenue reaches workers
    sector median 0.1125Bottom 25%
    0.6962
    of revenue → workers
  6. 6
    IRMIron Mountain
    31¢ of every $1 of revenue reaches workers
    sector median 0.1125Median range
    0.3139
    of revenue → workers
  7. 7
    VNOVornado
    20¢ of every $1 of revenue reaches workers
    sector median 0.1125Median range
    0.1956
    of revenue → workers
  8. 8
    DLRDigital Realty
    12¢ of every $1 of revenue reaches workers
    sector median 0.1125Median range
    0.1202
    of revenue → workers
  9. 9
    WYWeyerhaeuser
    12¢ of every $1 of revenue reaches workers
    sector median 0.1125Median range
    0.1191
    of revenue → workers
  10. 10
    SLGSL Green
    11¢ of every $1 of revenue reaches workers
    sector median 0.1125Median range
    0.1059
    of revenue → workers

Not yet covered (9)

These companies are in the Real Estate cohort but don't have a Labor Share computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much of every revenue dollar reaches workers.

Ratio
Labor Share
Sector
Real Estate
Methodology version
v1.0.0
Formula
TotalEmployeeCompensation / Revenue
Sector context

Applied to Real Estate Investment Trusts (REITs) — owners and operators of income-producing real estate. Revenue is rental income, not goods sold, so Markup ratios are not meaningful (no COGS in the traditional sense). REITs are legally required to distribute 90%+ of taxable income as dividends to maintain their tax-advantaged status, so the Capital Extraction ratio is structurally near or above 1.0 across the entire sector — the more interesting comparison is Labor Share (REITs run with small workforces relative to revenue) and Executive Extraction. Future methodology versions may add FFO/AFFO-based variants since GAAP Net Income is heavily distorted by depreciation in this sector.

How much of revenue flows to the people creating it. Includes wages, salaries, benefits, and stock-based compensation.

When direct disclosure is missing: approximated as Headcount × Median Pay × 1.30 (1.30 grosses up base pay to fully-loaded compensation including benefits and equity). The approximation is documented per company on its detail page.

Source data: LaborAndRelatedExpense, ShareBasedCompensation (us-gaap), or EmployeeBenefitsExpense (ifrs-full). When approximated: NumberOfEmployees × disclosed median compensation.