The Idiot Index
Shareholder Extraction in Real Estate · FY 2023
1 of 27 companies · highest first- 1WYWeyerhaeuser$196.80 to shareholders for every $1 in R&D196.8× buybacks+dividends / R&Dverified
Not yet covered (26)
These companies are in the Real Estate cohort but don't have a Shareholder Extraction 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.
- AMTAmerican Tower
- AREAlexandria Real Estate
- AVBAvalonBay
- BXPBoston Properties
- CCICrown Castle
- DLRDigital Realty
- EQIXEquinix
- ESSEssex Property Trust
- EXRExtra Space Storage
- FRTFederal Realty
- HSTHost Hotels
- IRMIron Mountain
- KIMKimco
- MAAMAA
- ORealty Income
- OHIOmega Healthcare
- PLDPrologis
- PSAPublic Storage
- REGRegency Centers
- RYNRayonier
- SLGSL Green
- SPGSimon Property Group
- VICIVICI Properties
- VNOVornado
- VTRVentas
- WELLWelltower
What this measures
Full methodology →Dollars sent to shareholders for every dollar invested in R&D.
- Ratio
- Shareholder Extraction
- Sector
- Real Estate
- Methodology version
- v1.0.0
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.
Whether the company invests in future productive capacity or extracts current value to shareholders. A ratio above 3.0 typically indicates an extraction-dominant capital allocation policy. A ratio below 1.0 indicates the company is investing more in its future than returning to shareholders.
Source data: PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends, ResearchAndDevelopmentExpense (us-gaap) or equivalents in IFRS.