Property owners, developers and REITs: 36 companies from 14 indices, the smallest sector we rank. Twenty-one of the thirty-five that report a book value trade below it, and the median price-to-book is 0.9 (30 August 2026) — the only sector where that is the norm rather than the exception. Gross margin looks extraordinary here (median 69.8%) because rent carries almost no cost-of-goods line. It is not a moat, and Buffett's lens will read it as one.