Market Cap

The total market value of a REIT's (or other company's) outstanding securities and indebtedness. For example, if 20 million shares of a REIT are trading at at $20 each, 2 million shares of the REIT's preferred stock are trading at $10 each, and the REIT has on its books $100 million of debt, its market cap would be $520 million ($400 million in common stock, $20 million in preferred stock, and $100 million in indebtedness).