Healthcare REITs

Senior housing, medical office, skilled nursing and life-science properties.

Companies

With a moat

53%

Average quality

0 wide moat · 8 narrow moat · 7 no moat · Open in screener →

Updated 27 Sep 2026

Healthcare REITs covers senior housing, medical office, skilled nursing and life-science properties. MoatScope covers 16 companies here. None has a wide moat; eight have a narrow moat and eight none.

How the industry makes money

Some healthcare REITs lease properties to operators on long leases; others share directly in the results of the senior-housing communities they own.

Where the moats are

Moats are narrow, coming from relationships with operators and health systems and from well-located properties. The narrow-moat group includes Welltower, Ventas, Healthpeak, Omega Healthcare, American Healthcare REIT and CareTrust.

What wears moats down

Operator finances, labor costs and government reimbursement affect tenants' ability to pay, and new senior-housing supply can pressure occupancy.

What to watch

Senior-housing occupancy, helped by an aging population.
Operator health and rent coverage.
Reimbursement policy.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Market share

Businesses ranked by revenue, with each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

US market · $375.8B total revenue in 2025 · source: U.S. Census Bureau Quarterly Services Survey · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US nursing and residential care operators' revenue (Census), a proxy.

#	Business	Market share	Revenue
1	WELL · WELLTOWER INC. US revenue	2.1%	$7.9B
2	VTR · Ventas, Inc. US revenue	1.4%	$5.2B
3	DOC · HEALTHPEAK PROPERTIES, INC.	0.8%	$2.8B
4	AHR · American Healthcare REIT, Inc. US revenue	0.6%	$2.3B
5	DHC · DIVERSIFIED HEALTHCARE TRUST	0.4%	$1.5B
6	OHI · OMEGA HEALTHCARE INVESTORS INC	0.3%	$1.2B
7	HR · Healthcare Realty Trust Inc	0.3%	$1.2B
8	MPT · MEDICAL PROPERTIES TRUST INC	0.3%	$972M
9	SBRA · Sabra Health Care REIT, Inc.	0.2%	$775M
10	CTRE · CareTrust REIT, Inc.	0.1%	$476M
	All other companies	93.3%	$350.4B

Companies

Company	Moat	Quality
WELL WELLTOWER INC.	Narrow	52	2.1%	$168.3B
VTR Ventas, Inc.	Narrow	29	1.4%	$43.3B
OHI OMEGA HEALTHCARE INVESTORS INC	Narrow	59	0.3%	$13.6B
DOC HEALTHPEAK PROPERTIES, INC.	Narrow	37	0.8%	$12.7B
AHR American Healthcare REIT, Inc.	Narrow	41	0.6%	$11.4B
CTRE CareTrust REIT, Inc.	Narrow	58	0.1%	$8.5B
HR Healthcare Realty Trust Inc	None	27	0.3%	$5.9B
SBRA Sabra Health Care REIT, Inc.	Narrow	49	0.2%	$4.9B
NHI NATIONAL HEALTH INVESTORS INC	None	42	<0.1%	$3.2B
DHC DIVERSIFIED HEALTHCARE TRUST	None	8	0.4%	$1.8B
MPT MEDICAL PROPERTIES TRUST INC	Narrow	27	0.3%	$1.7B
NHP National Healthcare Properties, Inc.	None	15	<0.1%	$1.1B
UHT UNIVERSAL HEALTH REALTY INCOME TRUST	None	38	<0.1%	$510M
CHCT Community Healthcare Trust Inc	None	32	<0.1%	$366M
GBCS SELECTIS HEALTH, INC.	None	11	<0.1%	$18M

15 companies.

Market share is a company's revenue in its main market as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

Other Real Estate industries

Residential REITs Industrial REITs Retail & Net-Lease REITs Office REITs Specialty & Diversified REITs Real Estate Services & Development