# REIT - Specialty — company-by-company sector analysis

> REIT - Specialty: American Tower Corporation owns the largest revenue base; Uniti Group Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

REIT - Specialty has underperformed S&P 500 by 13.6% over 52 weeks and 3% over 13 weeks. 7 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 15 beat the sector itself. American Tower Corporation leads with income of $10,820 million, based on 13 of 17 comparable companies through Mar 2026.

### Is the REIT - Specialty sector outperforming S&P 500?

REIT - Specialty has underperformed S&P 500 by 13.6% over 52 weeks and 3% over 13 weeks. 7 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 15 beat the sector itself.

### Which REIT - Specialty company is largest by income?

American Tower Corporation leads with income of $10,820 million, based on 13 of 17 comparable companies through Mar 2026.

### Which REIT - Specialty company is growing fastest?

Uniti Group Inc. has the fastest current income growth at 100%, across 13 of 17 comparable companies.

### Which REIT - Specialty company has the strongest 4-Factor Sector Score?

EPR Properties ranks first at 60.2/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which REIT - Specialty company has the lowest comparable P/BV-to-ROE?

Gaming and Leisure Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.54, among 10 of 17 companies that pass the metric’s comparability rules.

### How much history does this REIT - Specialty comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

REIT - Specialty has underperformed S&P 500 by 13.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3%. 7 of 15 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. OUTFRONT Media Inc. is the strongest against the sector itself at +22.3%.

13-week sector return versus NIFTY 500: -3.0%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 7/15
Stocks leading sector: 7/15

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 17
Combined market value: ₹4.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. EPR Properties (EPR): 60/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.4/35 | Capital efficiency 15.3/25 | Valuation 8.1/20 | Relative strength 17.4/20
   - Exact sum: 19.4 + 15.3 + 8.1 + 17.4 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Iron Mountain Incorporated (IRM): 60/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 25.8/35 | Capital efficiency 10.8/25 | Valuation 9.8/20 | Relative strength 13.7/20
   - Exact sum: 25.8 + 10.8 + 9.8 + 13.7 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Lamar Advertising Company (LAMR): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 15.0/35 | Capital efficiency 18.2/25 | Valuation 5.8/20 | Relative strength 18.4/20
   - Exact sum: 15 + 18.2 + 5.8 + 18.4 = 57.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Uniti Group Inc. (UNIT): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.9/35 | Capital efficiency 11.9/25 | Valuation 7.1/20 | Relative strength 13.4/20
   - Exact sum: 23.9 + 11.9 + 7.1 + 13.4 = 56.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Gaming and Leisure Properties, Inc. (GLPI): 53/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.5/35 | Capital efficiency 17.7/25 | Valuation 8.6/20 | Relative strength 6.8/20
   - Exact sum: 19.5 + 17.7 + 8.6 + 6.8 = 52.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Equinix, Inc. (EQIX): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.1/35 | Capital efficiency 12.9/25 | Valuation 5.1/20 | Relative strength 11.7/20
   - Exact sum: 21.1 + 12.9 + 5.1 + 11.7 = 50.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. OUTFRONT Media Inc. (OUT): 49/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 20.2/35 | Capital efficiency 10.5/25 | Valuation 4.3/20 | Relative strength 14.3/20
   - Exact sum: 20.2 + 10.5 + 4.3 + 14.3 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Weyerhaeuser Company (WY): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.1/35 | Capital efficiency 12.8/25 | Valuation 7.0/20 | Relative strength 10.0/20
   - Exact sum: 16.1 + 12.8 + 7 + 10 = 45.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Digital Realty Trust, Inc. (DLR): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 17.7/35 | Capital efficiency 10.2/25 | Valuation 5.9/20 | Relative strength 11.7/20
   - Exact sum: 17.7 + 10.2 + 5.9 + 11.7 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. SBA Communications Corporation (SBAC): 44/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 17.1/35 | Capital efficiency 14.7/25 | Valuation 9.8/20 | Relative strength 2.0/20
   - Exact sum: 17.1 + 14.7 + 9.8 + 2 = 43.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. American Tower Corporation (AMT): 42/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.1/35 | Capital efficiency 16.2/25 | Valuation 3.5/20 | Relative strength 6.3/20
   - Exact sum: 16.1 + 16.2 + 3.5 + 6.3 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Rayonier Inc. (RYN): 37/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 12.6/35 | Capital efficiency 6.3/25 | Valuation 9.8/20 | Relative strength 8.6/20
   - Exact sum: 12.6 + 6.3 + 9.8 + 8.6 = 37.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Gladstone Land Corporation (LAND): 31/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 10.7/35 | Capital efficiency 6.5/25 | Valuation 9.8/20 | Relative strength 3.6/20
   - Exact sum: 10.7 + 6.5 + 9.8 + 3.6 = 30.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Farmland Partners Inc. (FPI): 26/100 — Adverse evidence; evidence 70%
   - Growth & earnings 10.0/35 | Capital efficiency 7.6/25 | Valuation 3.8/20 | Relative strength 4.9/20
   - Exact sum: 10 + 7.6 + 3.8 + 4.9 = 26.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Blackstone Digital Infrastructure Trust Inc. (BXDC): 50/100 — Thin evidence · provisional; evidence 0%
   - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 12.5 + 10 + 10 = 50
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Fermi Inc. (FRMI): 42/100 — Thin evidence · provisional; evidence 19%
   - Growth & earnings 17.5/35 | Capital efficiency 4.3/25 | Valuation 9.7/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 4.3 + 9.7 + 10 = 41.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Crown Castle Inc. (CCI): 41/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 17.3/35 | Capital efficiency 12.9/25 | Valuation 9.8/20 | Relative strength 1.3/20
   - Exact sum: 17.3 + 12.9 + 9.8 + 1.3 = 41.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: American Tower Corporation is the scale leader at $10,820 million, 14.7% ahead of Equinix, Inc.. Uniti Group Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 149.5% from a $2,929 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: American Tower Corporation is the scale benchmark; Uniti Group Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: American Tower Corporation's growth falls below Uniti Group Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: American Tower Corporation · $10,820 million | 14.7% versus #2 · Equinix, Inc. | 7/8 recent comparable periods | 13/17 companies · 284 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. American Tower Corporation (AMT): ₹10.8K Cr
2. Equinix, Inc. (EQIX): ₹9.4K Cr
3. Iron Mountain Incorporated (IRM): ₹7.2K Cr
4. Weyerhaeuser Company (WY): ₹6.9K Cr
5. Uniti Group Inc. (UNIT): ₹2.9K Cr

### Income growth — fastest growers
1. Uniti Group Inc. (UNIT): 100%
2. Iron Mountain Incorporated (IRM): 16%
3. Gladstone Land Corporation (LAND): 7.3%
4. Equinix, Inc. (EQIX): 6.7%
5. American Tower Corporation (AMT): 6.3%

### 20-quarter Income history
- EQIX: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- AMT: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- DLR: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- IRM: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- CCI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SBAC: Sep 2021 ₹589 Cr | Dec 2021 ₹595 Cr | Mar 2022 ₹620 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹676 Cr | Dec 2022 ₹686 Cr | Mar 2023 ₹676 Cr | Jun 2023 ₹679 Cr | Sep 2023 ₹683 Cr | Dec 2023 ₹675 Cr | Mar 2024 ₹658 Cr | Jun 2024 ₹660 Cr | Sep 2024 ₹668 Cr | Dec 2024 ₹694 Cr | Mar 2025 ₹664 Cr | Jun 2025 ₹699 Cr | Sep 2025 ₹732 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹703 Cr | Jun 2026 —
- WY: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- LAMR: Sep 2021 ₹477 Cr | Dec 2021 ₹495 Cr | Mar 2022 ₹451 Cr | Jun 2022 ₹518 Cr | Sep 2022 ₹527 Cr | Dec 2022 ₹536 Cr | Mar 2023 ₹471 Cr | Jun 2023 ₹541 Cr | Sep 2023 ₹543 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹498 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹564 Cr | Dec 2024 ₹580 Cr | Mar 2025 ₹505 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹586 Cr | Dec 2025 ₹596 Cr | Mar 2026 ₹528 Cr | Jun 2026 —
- GLPI: Sep 2021 ₹299 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹327 Cr | Sep 2022 ₹334 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹355 Cr | Jun 2023 ₹357 Cr | Sep 2023 ₹360 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹376 Cr | Jun 2024 ₹381 Cr | Sep 2024 ₹385 Cr | Dec 2024 ₹390 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹395 Cr | Sep 2025 ₹398 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹420 Cr | Jun 2026 —
- RYN: Sep 2021 ₹365 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹467 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹650 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- OUT: Sep 2021 ₹399 Cr | Dec 2021 ₹465 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹450 Cr | Sep 2022 ₹454 Cr | Dec 2022 ₹495 Cr | Mar 2023 ₹396 Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹501 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹477 Cr | Sep 2024 ₹452 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹460 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹513 Cr | Mar 2026 ₹430 Cr | Jun 2026 —
- EPR: Sep 2021 ₹140 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹181 Cr | Jun 2026 —
- UNIT: Sep 2021 ₹267 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹278 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹283 Cr | Dec 2022 — | Mar 2023 ₹290 Cr | Jun 2023 ₹284 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹286 Cr | Jun 2024 ₹295 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹723 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹988 Cr | Jun 2026 —
- FPI: Sep 2021 ₹10 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- LAND: Sep 2021 ₹20 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹17 Cr | Jun 2026 —

### 20-quarter Income growth history
- EQIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.6% | Sep 2022 9.9% | Dec 2022 9.7% | Mar 2023 15% | Jun 2023 11% | Sep 2023 12% | Dec 2023 13% | Mar 2024 6.5% | Jun 2024 6.9% | Sep 2024 6.8% | Dec 2024 7.2% | Mar 2025 4.6% | Jun 2025 4.5% | Sep 2025 5.2% | Dec 2025 7.0% | Mar 2026 9.8% | Jun 2026 —
- AMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 8.9% | Dec 2022 11% | Mar 2023 4.0% | Jun 2023 3.7% | Sep 2023 -5.7% | Dec 2023 -9.2% | Mar 2024 -9.2% | Jun 2024 -8.2% | Sep 2024 0.0% | Dec 2024 3.8% | Mar 2025 2.0% | Jun 2025 3.2% | Sep 2025 7.7% | Dec 2025 7.5% | Mar 2026 6.8% | Jun 2026 —
- DLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 5.2% | Dec 2022 11% | Mar 2023 19% | Jun 2023 20% | Sep 2023 18% | Dec 2023 11% | Mar 2024 -0.6% | Jun 2024 -0.7% | Sep 2024 2.1% | Dec 2024 4.8% | Mar 2025 5.8% | Jun 2025 10% | Sep 2025 10% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- IRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 10% | Mar 2023 5.3% | Jun 2023 5.3% | Sep 2023 7.9% | Dec 2023 11% | Mar 2024 12% | Jun 2024 13% | Sep 2024 12% | Dec 2024 11% | Mar 2025 7.9% | Jun 2025 12% | Sep 2025 13% | Dec 2025 17% | Mar 2026 22% | Jun 2026 —
- CCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 7.9% | Dec 2022 6.7% | Mar 2023 1.8% | Jun 2023 7.7% | Sep 2023 -4.5% | Dec 2023 -5.1% | Mar 2024 -37% | Jun 2024 -41% | Sep 2024 -33% | Dec 2024 -33% | Mar 2025 -4.8% | Jun 2025 -4.3% | Sep 2025 -4.3% | Dec 2025 -4.3% | Mar 2026 -4.8% | Jun 2026 —
- SBAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 15% | Dec 2022 15% | Mar 2023 9.0% | Jun 2023 4.1% | Sep 2023 1.0% | Dec 2023 -1.6% | Mar 2024 -2.7% | Jun 2024 -2.8% | Sep 2024 -2.2% | Dec 2024 2.8% | Mar 2025 0.9% | Jun 2025 5.9% | Sep 2025 9.6% | Dec 2025 3.8% | Mar 2026 5.9% | Jun 2026 —
- WY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.4% | Sep 2022 -2.9% | Dec 2022 -17% | Mar 2023 -40% | Jun 2023 -33% | Sep 2023 -11% | Dec 2023 -2.7% | Mar 2024 -4.5% | Jun 2024 -2.9% | Sep 2024 -17% | Dec 2024 -3.7% | Mar 2025 -1.8% | Jun 2025 -2.8% | Sep 2025 2.1% | Dec 2025 -9.8% | Mar 2026 -2.0% | Jun 2026 —
- LAMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 10% | Dec 2022 8.3% | Mar 2023 4.4% | Jun 2023 4.4% | Sep 2023 3.0% | Dec 2023 3.7% | Mar 2024 5.7% | Jun 2024 4.4% | Sep 2024 3.9% | Dec 2024 4.3% | Mar 2025 1.4% | Jun 2025 2.5% | Sep 2025 3.9% | Dec 2025 2.8% | Mar 2026 4.6% | Jun 2026 —
- GLPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 12% | Dec 2022 13% | Mar 2023 13% | Jun 2023 9.2% | Sep 2023 7.8% | Dec 2023 9.8% | Mar 2024 5.9% | Jun 2024 6.7% | Sep 2024 6.9% | Dec 2024 5.7% | Mar 2025 5.1% | Jun 2025 3.7% | Sep 2025 3.4% | Dec 2025 4.4% | Mar 2026 6.3% | Jun 2026 —
- RYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -47% | Dec 2022 -6.5% | Mar 2023 -19% | Jun 2023 -15% | Sep 2023 3.6% | Dec 2023 91% | Mar 2024 -36% | Jun 2024 -52% | Sep 2024 -39% | Dec 2024 39% | Mar 2025 -27% | Jun 2025 7.0% | Sep 2025 44% | Dec 2025 -82% | Mar 2026 234% | Jun 2026 —
- OUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 14% | Dec 2022 6.5% | Mar 2023 5.9% | Jun 2023 4.2% | Sep 2023 0.2% | Dec 2023 1.2% | Mar 2024 3.3% | Jun 2024 1.7% | Sep 2024 -0.7% | Dec 2024 -1.6% | Mar 2025 -4.4% | Jun 2025 -3.6% | Sep 2025 3.5% | Dec 2025 4.1% | Mar 2026 10.0% | Jun 2026 —
- EPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 15% | Dec 2022 15% | Mar 2023 8.9% | Jun 2023 8.1% | Sep 2023 17% | Dec 2023 -3.9% | Mar 2024 -2.3% | Jun 2024 0.0% | Sep 2024 -4.2% | Dec 2024 2.9% | Mar 2025 4.8% | Jun 2025 2.9% | Sep 2025 0.6% | Dec 2025 3.4% | Mar 2026 3.4% | Jun 2026 —
- UNIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 6.0% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 0.0% | Sep 2023 2.8% | Dec 2023 — | Mar 2024 -1.4% | Jun 2024 3.9% | Sep 2024 0.3% | Dec 2024 2.5% | Mar 2025 2.8% | Jun 2025 2.0% | Sep 2025 148% | Dec 2025 213% | Mar 2026 236% | Jun 2026 —
- FPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 30% | Dec 2022 10% | Mar 2023 -7.1% | Jun 2023 0.0% | Sep 2023 -7.7% | Dec 2023 0.0% | Mar 2024 -7.7% | Jun 2024 -8.3% | Sep 2024 8.3% | Dec 2024 -4.6% | Mar 2025 -17% | Jun 2025 -9.1% | Sep 2025 -15% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- LAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 20% | Dec 2022 8.7% | Mar 2023 5.0% | Jun 2023 5.0% | Sep 2023 0.0% | Dec 2023 -4.0% | Mar 2024 -4.8% | Jun 2024 0.0% | Sep 2024 -4.2% | Dec 2024 -13% | Mar 2025 -15% | Jun 2025 -43% | Sep 2025 -22% | Dec 2025 95% | Mar 2026 0.0% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: American Tower Corporation leads with $3,010 million of TTM profit, 112% above Equinix, Inc.. Iron Mountain Incorporated shows ≥100% on the scoring scale (131.7% uncapped) growth from a $285 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: American Tower Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: American Tower Corporation · $3,010 million | 112% versus #2 · Equinix, Inc. | 4/8 recent comparable periods | 13/17 companies · 288 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. American Tower Corporation (AMT): ₹3.0K Cr
2. Equinix, Inc. (EQIX): ₹1.4K Cr
3. Uniti Group Inc. (UNIT): ₹1.2K Cr
4. SBA Communications Corporation (SBAC): ₹1.0K Cr
5. Gaming and Leisure Properties, Inc. (GLPI): ₹918 Cr

### Profit growth — fastest growers
1. Iron Mountain Incorporated (IRM): 100%
2. Uniti Group Inc. (UNIT): 100%
3. EPR Properties (EPR): 82%
4. Equinix, Inc. (EQIX): 53%
5. Lamar Advertising Company (LAMR): 31%

### 20-quarter Net profit history
- EQIX: Sep 2021 ₹152 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹231 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹343 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹374 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹415 Cr | Jun 2026 —
- AMT: Sep 2021 ₹726 Cr | Dec 2021 ₹441 Cr | Mar 2022 ₹703 Cr | Jun 2022 ₹891 Cr | Sep 2022 ₹820 Cr | Dec 2022 ₹-717 Cr | Mar 2023 ₹315 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹775 Cr | Dec 2023 ₹-61 Cr | Mar 2024 ₹830 Cr | Jun 2024 ₹770 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹913 Cr | Dec 2025 ₹837 Cr | Mar 2026 ₹879 Cr | Jun 2026 —
- DLR: Sep 2021 ₹137 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹746 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- IRM: Sep 2021 ₹68 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹-43 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- CCI: Sep 2021 ₹361 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹475 Cr | Jun 2022 ₹425 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹424 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹459 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹368 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹263 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- SBAC: Sep 2021 ₹48 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹370 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- WY: Sep 2021 ₹482 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹771 Cr | Jun 2022 ₹788 Cr | Sep 2022 ₹310 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- LAMR: Sep 2021 ₹107 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- GLPI: Sep 2021 ₹149 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹189 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹180 Cr | Jun 2024 ₹214 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹224 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹275 Cr | Mar 2026 ₹239 Cr | Jun 2026 —
- RYN: Sep 2021 ₹111 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- OUT: Sep 2021 ₹33 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-478 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- EPR: Sep 2021 ₹32 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- FRMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-347 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-189 Cr | Jun 2026 —
- UNIT: Sep 2021 ₹44 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹-156 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹-119 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹-306 Cr | Mar 2026 ₹-70 Cr | Jun 2026 —
- FPI: Sep 2021 ₹-3 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LAND: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- EQIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 218% | Sep 2022 39% | Dec 2022 4.9% | Mar 2023 75% | Jun 2023 -4.2% | Sep 2023 30% | Dec 2023 76% | Mar 2024 -11% | Jun 2024 45% | Sep 2024 7.3% | Dec 2024 -106% | Mar 2025 48% | Jun 2025 22% | Sep 2025 26% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- AMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 13% | Dec 2022 -263% | Mar 2023 -55% | Jun 2023 -48% | Sep 2023 -5.5% | Dec 2023 — | Mar 2024 163% | Jun 2024 67% | Sep 2024 -45% | Dec 2024 — | Mar 2025 -40% | Jun 2025 -51% | Sep 2025 113% | Dec 2025 -32% | Mar 2026 76% | Jun 2026 —
- DLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -49% | Sep 2022 74% | Dec 2022 -100% | Mar 2023 -10% | Jun 2023 81% | Sep 2023 212% | Dec 2023 1,900% | Mar 2024 317% | Jun 2024 -35% | Sep 2024 -95% | Dec 2024 830% | Mar 2025 -63% | Jun 2025 1,296% | Sep 2025 60% | Dec 2025 -48% | Mar 2026 65% | Jun 2026 —
- IRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 184% | Dec 2022 107% | Mar 2023 57% | Jun 2023 -100% | Sep 2023 -53% | Dec 2023 -77% | Mar 2024 17% | Jun 2024 3,400% | Sep 2024 -137% | Dec 2024 266% | Mar 2025 -79% | Jun 2025 -223% | Sep 2025 — | Dec 2025 -12% | Mar 2026 831% | Jun 2026 —
- CCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 18% | Dec 2022 17% | Mar 2023 -11% | Jun 2023 8.0% | Sep 2023 -38% | Dec 2023 -13% | Mar 2024 -32% | Jun 2024 -43% | Sep 2024 15% | Dec 2024 -3.8% | Mar 2025 -2.8% | Jun 2025 -0.8% | Sep 2025 -8.9% | Dec 2025 -22% | Mar 2026 -21% | Jun 2026 —
- SBAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -55% | Sep 2022 108% | Dec 2022 110% | Mar 2023 -46% | Jun 2023 193% | Sep 2023 -15% | Dec 2023 6.8% | Mar 2024 53% | Jun 2024 -21% | Sep 2024 201% | Dec 2024 63% | Mar 2025 41% | Jun 2025 42% | Sep 2025 -6.3% | Dec 2025 107% | Mar 2026 -15% | Jun 2026 —
- WY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -36% | Dec 2022 -97% | Mar 2023 -80% | Jun 2023 -71% | Sep 2023 -23% | Dec 2023 1,891% | Mar 2024 -25% | Jun 2024 -25% | Sep 2024 -88% | Dec 2024 -63% | Mar 2025 -27% | Jun 2025 -50% | Sep 2025 186% | Dec 2025 -8.6% | Mar 2026 88% | Jun 2026 —
- LAMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 36% | Dec 2022 -46% | Mar 2023 -17% | Jun 2023 -2.2% | Sep 2023 -4.1% | Dec 2023 126% | Mar 2024 2.6% | Jun 2024 5.3% | Sep 2024 5.7% | Dec 2024 -101% | Mar 2025 78% | Jun 2025 12% | Sep 2025 -2.7% | Dec 2025 — | Mar 2026 -27% | Jun 2026 —
- GLPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 52% | Dec 2022 67% | Mar 2023 55% | Jun 2023 2.6% | Sep 2023 -16% | Dec 2023 8.5% | Mar 2024 -4.8% | Jun 2024 34% | Sep 2024 0.5% | Dec 2024 3.2% | Mar 2025 -5.6% | Jun 2025 -27% | Sep 2025 31% | Dec 2025 23% | Mar 2026 41% | Jun 2026 —
- RYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 -71% | Dec 2022 59% | Mar 2023 -77% | Jun 2023 -24% | Sep 2023 -28% | Dec 2023 291% | Mar 2024 -171% | Jun 2024 -121% | Sep 2024 -4.4% | Dec 2024 139% | Mar 2025 — | Jun 2025 — | Sep 2025 100% | Dec 2025 -92% | Mar 2026 — | Jun 2026 —
- OUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 24% | Dec 2022 -4.2% | Mar 2023 — | Jun 2023 -1,096% | Sep 2023 -59% | Dec 2023 -12% | Mar 2024 — | Jun 2024 — | Sep 2024 106% | Dec 2024 21% | Mar 2025 — | Jun 2025 -89% | Sep 2025 46% | Dec 2025 31% | Mar 2026 — | Jun 2026 —
- EPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 116% | Sep 2022 59% | Dec 2022 -6.7% | Mar 2023 38% | Jun 2023 -66% | Sep 2023 9.8% | Dec 2023 9.5% | Mar 2024 8.6% | Jun 2024 221% | Sep 2024 -16% | Dec 2024 -117% | Mar 2025 4.8% | Jun 2025 69% | Sep 2025 43% | Dec 2025 — | Mar 2026 -4.6% | Jun 2026 —
- UNIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 -455% | Dec 2022 14% | Mar 2023 -136% | Jun 2023 -52% | Sep 2023 — | Dec 2023 -24% | Mar 2024 — | Jun 2024 -31% | Sep 2024 — | Dec 2024 -29% | Mar 2025 -71% | Jun 2025 -161% | Sep 2025 13,308% | Dec 2025 -1,491% | Mar 2026 -683% | Jun 2026 —
- FPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -46% | Mar 2023 100% | Jun 2023 167% | Sep 2023 300% | Dec 2023 157% | Mar 2024 -50% | Jun 2024 -125% | Sep 2024 -50% | Dec 2024 233% | Mar 2025 100% | Jun 2025 — | Sep 2025 -100% | Dec 2025 -63% | Mar 2026 -50% | Jun 2026 —
- LAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -50% | Mar 2023 100% | Jun 2023 700% | Sep 2023 50% | Dec 2023 100% | Mar 2024 600% | Jun 2024 -113% | Sep 2024 -100% | Dec 2024 -50% | Mar 2025 7.1% | Jun 2025 — | Sep 2025 — | Dec 2025 300% | Mar 2026 -127% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. American Tower Corporation (AMT): ₹45.1K Cr
2. Crown Castle Inc. (CCI): ₹23.4K Cr
3. Equinix, Inc. (EQIX): ₹23.3K Cr
4. Digital Realty Trust, Inc. (DLR): ₹19.8K Cr
5. Iron Mountain Incorporated (IRM): ₹19.4K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- EQIX: Sep 2021 ₹15.1K Cr | Dec 2021 ₹15.0K Cr | Mar 2022 ₹15.1K Cr | Jun 2022 ₹16.3K Cr | Sep 2022 ₹16.0K Cr | Dec 2022 ₹16.5K Cr | Mar 2023 ₹17.0K Cr | Jun 2023 ₹17.2K Cr | Sep 2023 ₹17.4K Cr | Dec 2023 ₹17.5K Cr | Mar 2024 ₹17.3K Cr | Jun 2024 ₹18.0K Cr | Sep 2024 ₹19.2K Cr | Dec 2024 ₹19.0K Cr | Mar 2025 ₹19.7K Cr | Jun 2025 ₹21.9K Cr | Sep 2025 ₹21.0K Cr | Dec 2025 ₹22.7K Cr | Mar 2026 ₹23.3K Cr | Jun 2026 —
- AMT: Sep 2021 ₹42.1K Cr | Dec 2021 ₹52.0K Cr | Mar 2022 ₹52.2K Cr | Jun 2022 ₹49.5K Cr | Sep 2022 ₹46.7K Cr | Dec 2022 ₹47.1K Cr | Mar 2023 ₹46.9K Cr | Jun 2023 ₹47.2K Cr | Sep 2023 ₹46.8K Cr | Dec 2023 ₹46.3K Cr | Mar 2024 ₹47.8K Cr | Jun 2024 ₹47.4K Cr | Sep 2024 ₹44.8K Cr | Dec 2024 ₹44.0K Cr | Mar 2025 ₹44.4K Cr | Jun 2025 ₹45.2K Cr | Sep 2025 ₹45.0K Cr | Dec 2025 ₹45.0K Cr | Mar 2026 ₹45.1K Cr | Jun 2026 —
- DLR: Sep 2021 ₹2.4K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹19.8K Cr | Sep 2025 ₹19.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹19.2K Cr | Jun 2026 ₹19.8K Cr
- IRM: Sep 2021 ₹11.3K Cr | Dec 2021 ₹11.4K Cr | Mar 2022 ₹12.4K Cr | Jun 2022 ₹12.5K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹13.5K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹14.1K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹15.2K Cr | Jun 2024 ₹15.4K Cr | Sep 2024 ₹15.8K Cr | Dec 2024 ₹16.1K Cr | Mar 2025 ₹17.1K Cr | Jun 2025 ₹17.9K Cr | Sep 2025 ₹18.5K Cr | Dec 2025 ₹18.7K Cr | Mar 2026 ₹19.4K Cr | Jun 2026 —
- CCI: Sep 2021 ₹26.7K Cr | Dec 2021 ₹27.0K Cr | Mar 2022 ₹27.6K Cr | Jun 2022 ₹27.6K Cr | Sep 2022 ₹27.8K Cr | Dec 2022 ₹28.0K Cr | Mar 2023 ₹28.5K Cr | Jun 2023 ₹28.5K Cr | Sep 2023 ₹28.7K Cr | Dec 2023 ₹28.8K Cr | Mar 2024 ₹29.1K Cr | Jun 2024 ₹29.4K Cr | Sep 2024 ₹29.6K Cr | Dec 2024 ₹29.4K Cr | Mar 2025 ₹29.7K Cr | Jun 2025 ₹29.6K Cr | Sep 2025 ₹29.6K Cr | Dec 2025 ₹29.6K Cr | Mar 2026 ₹29.9K Cr | Jun 2026 ₹23.4K Cr
- SBAC: Sep 2021 ₹14.1K Cr | Dec 2021 ₹14.5K Cr | Mar 2022 ₹14.9K Cr | Jun 2022 ₹14.8K Cr | Sep 2022 ₹14.6K Cr | Dec 2022 ₹15.2K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹14.9K Cr | Sep 2023 ₹14.8K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹14.4K Cr | Jun 2024 ₹14.3K Cr | Sep 2024 ₹14.5K Cr | Dec 2024 ₹15.8K Cr | Mar 2025 ₹14.6K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹15.3K Cr | Mar 2026 ₹15.4K Cr | Jun 2026 —
- WY: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- LAMR: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- GLPI: Sep 2021 ₹5.9K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.5K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- RYN: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- OUT: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- EPR: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- FRMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹125 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹465 Cr | Jun 2026 —
- UNIT: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹6.1K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹10.0K Cr | Mar 2026 ₹11.1K Cr | Jun 2026 —
- FPI: Sep 2021 ₹500 Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹425 Cr | Sep 2022 ₹409 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹442 Cr | Jun 2023 ₹472 Cr | Sep 2023 ₹421 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹381 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹392 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- LAND: Sep 2021 ₹646 Cr | Dec 2021 ₹668 Cr | Mar 2022 ₹660 Cr | Jun 2022 ₹662 Cr | Sep 2022 ₹640 Cr | Dec 2022 ₹627 Cr | Mar 2023 ₹599 Cr | Jun 2023 ₹594 Cr | Sep 2023 ₹584 Cr | Dec 2023 ₹574 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹549 Cr | Sep 2024 ₹531 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹484 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Gaming and Leisure Properties, Inc. leads roa at 2.6%; Iron Mountain Incorporated leads roa change at +0.9 percentage points.

Investor read: Gaming and Leisure Properties, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Gaming and Leisure Properties, Inc. · 2.6% | 8.3% versus #2 · SBA Communications Corporation | 4/8 recent comparable periods | 16/17 companies · 290 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Gaming and Leisure Properties, Inc. (GLPI): 2.6%
2. SBA Communications Corporation (SBAC): 2.4%
3. Lamar Advertising Company (LAMR): 2.1%
4. EPR Properties (EPR): 1.8%
5. American Tower Corporation (AMT): 1.7%

### ROA change — fastest improvers
1. Iron Mountain Incorporated (IRM): +0.9 pp
2. OUTFRONT Media Inc. (OUT): +0.8 pp
3. Weyerhaeuser Company (WY): +0.5 pp
4. Gaming and Leisure Properties, Inc. (GLPI): +0.4 pp
5. Crown Castle Inc. (CCI): +0.3 pp

### 20-quarter ROA history
- EQIX: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 1.1% | Sep 2022 1.0% | Dec 2022 0.7% | Mar 2023 1.1% | Jun 2023 0.9% | Sep 2023 1.2% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 1.2% | Sep 2024 1.1% | Dec 2024 0.0% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 0.9% | Mar 2026 1.3% | Jun 2026 —
- AMT: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.2% | Jun 2022 1.2% | Sep 2022 0.7% | Dec 2022 0.3% | Mar 2023 1.0% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 0.8% | Mar 2024 1.5% | Jun 2024 1.6% | Sep 2024 1.4% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 1.4% | Sep 2025 1.9% | Dec 2025 1.6% | Mar 2026 1.7% | Jun 2026 —
- DLR: Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.0% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.1% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 0.0% | Sep 2024 0.3% | Dec 2024 0.6% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 0.2% | Dec 2025 0.6% | Mar 2026 0.5% | Jun 2026 0.8%
- IRM: Sep 2021 0.9% | Dec 2021 1.0% | Mar 2022 1.2% | Jun 2022 1.8% | Sep 2022 1.7% | Dec 2022 1.4% | Mar 2023 1.2% | Jun 2023 0.3% | Sep 2023 1.3% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 2.2% | Dec 2024 1.3% | Mar 2025 0.7% | Jun 2025 2.2% | Sep 2025 1.3% | Dec 2025 1.5% | Mar 2026 1.6% | Jun 2026 —
- CCI: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 1.6% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 1.6% | Jun 2023 1.7% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.6% | Mar 2026 1.4% | Jun 2026 1.7%
- SBAC: Sep 2021 2.9% | Dec 2021 2.1% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 2.4% | Dec 2022 1.8% | Mar 2023 1.5% | Jun 2023 2.7% | Sep 2023 2.2% | Dec 2023 1.6% | Mar 2024 2.8% | Jun 2024 3.8% | Sep 2024 3.1% | Dec 2024 4.1% | Mar 2025 2.7% | Jun 2025 2.8% | Sep 2025 2.9% | Dec 2025 2.2% | Mar 2026 2.4% | Jun 2026 —
- WY: Sep 2021 3.2% | Dec 2021 2.8% | Mar 2022 6.2% | Jun 2022 4.8% | Sep 2022 2.1% | Dec 2022 -0.4% | Mar 2023 1.2% | Jun 2023 1.6% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 1.5% | Dec 2025 4.9% | Mar 2026 1.4% | Jun 2026 —
- LAMR: Sep 2021 2.3% | Dec 2021 2.5% | Mar 2022 2.0% | Jun 2022 2.7% | Sep 2022 2.9% | Dec 2022 1.6% | Mar 2023 1.9% | Jun 2023 2.7% | Sep 2023 2.8% | Dec 2023 2.9% | Mar 2024 1.9% | Jun 2024 2.8% | Sep 2024 2.9% | Dec 2024 -1.6% | Mar 2025 2.6% | Jun 2025 2.9% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.1% | Jun 2026 —
- GLPI: Sep 2021 2.4% | Dec 2021 1.8% | Mar 2022 2.0% | Jun 2022 2.4% | Sep 2022 3.0% | Dec 2022 2.5% | Mar 2023 2.4% | Jun 2023 2.2% | Sep 2023 2.4% | Dec 2023 2.6% | Mar 2024 2.2% | Jun 2024 2.6% | Sep 2024 2.3% | Dec 2024 2.5% | Mar 2025 2.2% | Jun 2025 2.0% | Sep 2025 2.6% | Dec 2025 2.8% | Mar 2026 2.6% | Jun 2026 —
- RYN: Sep 2021 3.2% | Dec 2021 0.8% | Mar 2022 1.1% | Jun 2022 0.9% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 0.3% | Jun 2023 0.6% | Sep 2023 1.0% | Dec 2023 3.9% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.5% | Dec 2024 9.3% | Mar 2025 0.0% | Jun 2025 0.4% | Sep 2025 1.2% | Dec 2025 0.8% | Mar 2026 -0.2% | Jun 2026 —
- OUT: Sep 2021 1.1% | Dec 2021 1.7% | Mar 2022 0.0% | Jun 2022 1.3% | Sep 2022 1.3% | Dec 2022 1.7% | Mar 2023 0.2% | Jun 2023 -7.6% | Sep 2023 0.9% | Dec 2023 1.9% | Mar 2024 0.2% | Jun 2024 4.0% | Sep 2024 1.3% | Dec 2024 2.1% | Mar 2025 0.3% | Jun 2025 1.1% | Sep 2025 1.7% | Dec 2025 2.5% | Mar 2026 1.1% | Jun 2026 —
- EPR: Sep 2021 1.1% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 1.4% | Dec 2022 1.3% | Mar 2023 1.6% | Jun 2023 0.8% | Sep 2023 1.5% | Dec 2023 1.5% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.7% | Dec 2024 0.9% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.7% | Mar 2026 1.8% | Jun 2026 —
- FRMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -7.5% | Dec 2025 -9.5% | Mar 2026 -9.4% | Jun 2026 —
- UNIT: Sep 2021 2.7% | Dec 2021 2.3% | Mar 2022 2.9% | Jun 2022 3.5% | Sep 2022 -1.6% | Dec 2022 -1.7% | Mar 2023 2.8% | Jun 2023 2.2% | Sep 2023 -1.5% | Dec 2023 17% | Mar 2024 2.7% | Jun 2024 2.4% | Sep 2024 5.3% | Dec 2024 2.5% | Mar 2025 4.5% | Jun 2025 3.7% | Sep 2025 -0.5% | Dec 2025 0.2% | Mar 2026 1.2% | Jun 2026 —
- FPI: Sep 2021 0.1% | Dec 2021 1.0% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 1.1% | Mar 2023 0.4% | Jun 2023 0.2% | Sep 2023 0.0% | Dec 2023 1.0% | Mar 2024 0.5% | Jun 2024 0.3% | Sep 2024 0.5% | Dec 2024 1.2% | Mar 2025 0.4% | Jun 2025 -1.6% | Sep 2025 0.3% | Dec 2025 1.6% | Mar 2026 0.5% | Jun 2026 —
- LAND: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 0.4% | Dec 2025 1.7% | Mar 2026 0.0% | Jun 2026 —

### 20-quarter ROA change history
- EQIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 −0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 +0.3 pp | Sep 2024 −0.1 pp | Dec 2024 −0.9 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.9 pp | Mar 2026 +0.1 pp | Jun 2026 —
- AMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +0.5 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.5 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- DLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.4 pp | Mar 2023 0.0 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 +0.3 pp
- IRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −1.5 pp | Sep 2023 −0.4 pp | Dec 2023 −0.4 pp | Mar 2024 0.0 pp | Jun 2024 +0.7 pp | Sep 2024 +0.9 pp | Dec 2024 +0.3 pp | Mar 2025 −0.5 pp | Jun 2025 +1.2 pp | Sep 2025 −0.9 pp | Dec 2025 +0.2 pp | Mar 2026 +0.9 pp | Jun 2026 —
- CCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 0.0 pp | Jun 2023 +0.2 pp | Sep 2023 −0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 +0.3 pp
- SBAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.3 pp | Mar 2023 −0.3 pp | Jun 2023 +0.3 pp | Sep 2023 −0.2 pp | Dec 2023 −0.2 pp | Mar 2024 +1.3 pp | Jun 2024 +1.1 pp | Sep 2024 +0.9 pp | Dec 2024 +2.5 pp | Mar 2025 −0.1 pp | Jun 2025 −1.0 pp | Sep 2025 −0.2 pp | Dec 2025 −1.9 pp | Mar 2026 −0.3 pp | Jun 2026 —
- WY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −3.2 pp | Mar 2023 −5.0 pp | Jun 2023 −3.2 pp | Sep 2023 −0.5 pp | Dec 2023 +2.0 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.6 pp | Dec 2024 −0.7 pp | Mar 2025 −0.1 pp | Jun 2025 −0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +4.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- LAMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.9 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 +1.3 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −4.5 pp | Mar 2025 +0.7 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +4.5 pp | Mar 2026 −0.5 pp | Jun 2026 —
- GLPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.7 pp | Mar 2023 +0.4 pp | Jun 2023 −0.2 pp | Sep 2023 −0.6 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.4 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.6 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- RYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 +0.3 pp | Mar 2023 −0.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 +2.8 pp | Mar 2024 −0.1 pp | Jun 2024 −0.5 pp | Sep 2024 −0.5 pp | Dec 2024 +5.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.3 pp | Sep 2025 +0.7 pp | Dec 2025 −8.5 pp | Mar 2026 −0.2 pp | Jun 2026 —
- OUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.2 pp | Jun 2023 −8.9 pp | Sep 2023 −0.4 pp | Dec 2023 +0.2 pp | Mar 2024 0.0 pp | Jun 2024 +11.6 pp | Sep 2024 +0.4 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −2.9 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- EPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 −0.4 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 −0.2 pp | Jun 2024 +0.6 pp | Sep 2024 +0.2 pp | Dec 2024 −0.6 pp | Mar 2025 +0.2 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +0.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- UNIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 −4.0 pp | Mar 2023 −0.1 pp | Jun 2023 −1.3 pp | Sep 2023 +0.1 pp | Dec 2023 +18.5 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +6.8 pp | Dec 2024 −14.3 pp | Mar 2025 +1.8 pp | Jun 2025 +1.3 pp | Sep 2025 −5.8 pp | Dec 2025 −2.3 pp | Mar 2026 −3.3 pp | Jun 2026 —
- FPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −1.9 pp | Sep 2025 −0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- LAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 +1.2 pp | Mar 2026 −0.3 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Lamar Advertising Company leads roe at 10.1%; Uniti Group Inc. leads roe change at +7.1 percentage points.

Investor read: Lamar Advertising Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Lamar Advertising Company · 10.1% | 16.1% versus #2 · American Tower Corporation | 6/8 recent comparable periods | 16/17 companies · 290 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Lamar Advertising Company (LAMR): 10%
2. American Tower Corporation (AMT): 8.7%
3. Uniti Group Inc. (UNIT): 6.6%
4. Gaming and Leisure Properties, Inc. (GLPI): 5.0%
5. Equinix, Inc. (EQIX): 2.9%

### ROE change — fastest improvers
1. Uniti Group Inc. (UNIT): +7.1 pp
2. OUTFRONT Media Inc. (OUT): +5.9 pp
3. American Tower Corporation (AMT): +3.9 pp
4. Gaming and Leisure Properties, Inc. (GLPI): +1.3 pp
5. Weyerhaeuser Company (WY): +0.8 pp

### 20-quarter ROE history
- EQIX: Sep 2021 1.4% | Dec 2021 1.1% | Mar 2022 1.4% | Jun 2022 2.0% | Sep 2022 1.9% | Dec 2022 1.2% | Mar 2023 2.3% | Jun 2023 1.8% | Sep 2023 2.4% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 2.5% | Sep 2024 2.3% | Dec 2024 -0.1% | Mar 2025 2.6% | Jun 2025 2.8% | Sep 2025 2.7% | Dec 2025 1.9% | Mar 2026 2.9% | Jun 2026 —
- AMT: Sep 2021 11% | Dec 2021 9.7% | Mar 2022 10% | Jun 2022 26% | Sep 2022 7.5% | Dec 2022 -6.7% | Mar 2023 2.9% | Jun 2023 7.7% | Sep 2023 6.6% | Dec 2023 -0.5% | Mar 2024 7.2% | Jun 2024 6.9% | Sep 2024 4.0% | Dec 2024 12% | Mar 2025 4.8% | Jun 2025 3.6% | Sep 2025 8.7% | Dec 2025 8.4% | Mar 2026 8.7% | Jun 2026 —
- DLR: Sep 2021 0.8% | Dec 2021 5.9% | Mar 2022 0.4% | Jun 2022 0.4% | Sep 2022 1.3% | Dec 2022 0.0% | Mar 2023 0.4% | Jun 2023 0.6% | Sep 2023 3.8% | Dec 2023 0.1% | Mar 2024 1.4% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 0.8% | Mar 2025 0.5% | Jun 2025 4.4% | Sep 2025 0.3% | Dec 2025 0.4% | Mar 2026 0.7% | Jun 2026 1.7%
- IRM: Sep 2021 7.1% | Dec 2021 6.2% | Mar 2022 4.9% | Jun 2022 22% | Sep 2022 26% | Dec 2022 17% | Mar 2023 10% | Jun 2023 0.2% | Sep 2023 23% | Dec 2023 6.9% | Mar 2024 27% | Jun 2024 24% | Sep 2024 -42% | Dec 2024 -228% | Mar 2025 -6.7% | Jun 2025 12% | Sep 2025 -22% | Dec 2025 -18% | Mar 2026 -21% | Jun 2026 —
- CCI: Sep 2021 4.0% | Dec 2021 4.1% | Mar 2022 5.6% | Jun 2022 5.1% | Sep 2022 5.3% | Dec 2022 5.4% | Mar 2023 5.6% | Jun 2023 6.2% | Sep 2023 3.7% | Dec 2023 5.3% | Mar 2024 4.4% | Jun 2024 4.1% | Sep 2024 5.1% | Dec 2024 11% | Mar 2025 12% | Jun 2025 12% | Sep 2025 15% | Dec 2025 -31% | Mar 2026 -14% | Jun 2026 -11%
- SBAC: Sep 2021 -1.0% | Dec 2021 -1.0% | Mar 2022 -3.6% | Jun 2022 -1.4% | Sep 2022 -1.9% | Dec 2022 -2.0% | Mar 2023 -1.9% | Jun 2023 -3.9% | Sep 2023 -1.6% | Dec 2023 -2.1% | Mar 2024 -3.0% | Jun 2024 -3.1% | Sep 2024 -5.0% | Dec 2024 -3.5% | Mar 2025 -4.3% | Jun 2025 -4.4% | Sep 2025 -4.8% | Dec 2025 -7.5% | Mar 2026 -3.9% | Jun 2026 —
- WY: Sep 2021 5.1% | Dec 2021 4.3% | Mar 2022 7.9% | Jun 2022 7.4% | Sep 2022 2.9% | Dec 2022 0.1% | Mar 2023 1.5% | Jun 2023 2.2% | Sep 2023 2.3% | Dec 2023 2.1% | Mar 2024 1.1% | Jun 2024 1.7% | Sep 2024 0.3% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 1.6% | Jun 2026 —
- LAMR: Sep 2021 9.0% | Dec 2021 10% | Mar 2022 7.7% | Jun 2022 11% | Sep 2022 12% | Dec 2022 5.5% | Mar 2023 6.4% | Jun 2023 11% | Sep 2023 11% | Dec 2023 12% | Mar 2024 6.7% | Jun 2024 12% | Sep 2024 12% | Dec 2024 -0.1% | Mar 2025 13% | Jun 2025 15% | Sep 2025 13% | Dec 2025 15% | Mar 2026 10% | Jun 2026 —
- GLPI: Sep 2021 5.9% | Dec 2021 3.9% | Mar 2022 4.0% | Jun 2022 5.1% | Sep 2022 6.6% | Dec 2022 5.3% | Mar 2023 5.0% | Jun 2023 4.2% | Sep 2023 4.6% | Dec 2023 5.0% | Mar 2024 4.2% | Jun 2024 5.0% | Sep 2024 4.3% | Dec 2024 4.9% | Mar 2025 3.7% | Jun 2025 3.3% | Sep 2025 5.2% | Dec 2025 5.7% | Mar 2026 5.0% | Jun 2026 —
- RYN: Sep 2021 6.1% | Dec 2021 1.2% | Mar 2022 1.6% | Jun 2022 1.3% | Sep 2022 1.8% | Dec 2022 1.9% | Mar 2023 0.4% | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 7.3% | Mar 2024 -0.2% | Jun 2024 -0.2% | Sep 2024 1.2% | Dec 2024 18% | Mar 2025 -0.3% | Jun 2025 0.5% | Sep 2025 2.1% | Dec 2025 1.3% | Mar 2026 -0.3% | Jun 2026 —
- OUT: Sep 2021 2.5% | Dec 2021 5.2% | Mar 2022 0.0% | Jun 2022 3.7% | Sep 2022 3.1% | Dec 2022 5.1% | Mar 2023 -2.2% | Jun 2023 -46% | Sep 2023 1.6% | Dec 2023 5.8% | Mar 2024 -2.8% | Jun 2024 23% | Sep 2024 4.7% | Dec 2024 9.8% | Mar 2025 -3.1% | Jun 2025 2.7% | Sep 2025 7.2% | Dec 2025 13% | Mar 2026 2.8% | Jun 2026 —
- EPR: Sep 2021 1.2% | Dec 2021 1.7% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 2.0% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 0.5% | Sep 2023 2.2% | Dec 2023 1.8% | Mar 2024 2.5% | Jun 2024 1.8% | Sep 2024 1.9% | Dec 2024 -0.4% | Mar 2025 2.8% | Jun 2025 3.2% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.7% | Jun 2026 —
- FRMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -115% | Dec 2025 -12% | Mar 2026 -18% | Jun 2026 —
- UNIT: Sep 2021 -2.1% | Dec 2021 -1.7% | Mar 2022 -2.5% | Jun 2022 -2.6% | Sep 2022 7.1% | Dec 2022 -1.9% | Mar 2023 0.9% | Jun 2023 -1.2% | Sep 2023 5.1% | Dec 2023 -5.4% | Mar 2024 -1.7% | Jun 2024 -0.8% | Sep 2024 -0.3% | Dec 2024 -3.3% | Mar 2025 -0.5% | Jun 2025 0.4% | Sep 2025 -75% | Dec 2025 30% | Mar 2026 6.6% | Jun 2026 —
- FPI: Sep 2021 -0.5% | Dec 2021 2.3% | Mar 2022 0.2% | Jun 2022 0.5% | Sep 2022 0.2% | Dec 2022 1.0% | Mar 2023 0.3% | Jun 2023 1.2% | Sep 2023 0.6% | Dec 2023 2.7% | Mar 2024 0.2% | Jun 2024 -0.3% | Sep 2024 0.3% | Dec 2024 9.8% | Mar 2025 0.3% | Jun 2025 1.3% | Sep 2025 0.1% | Dec 2025 3.8% | Mar 2026 0.1% | Jun 2026 —
- LAND: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.2% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 0.2% | Mar 2023 0.3% | Jun 2023 1.1% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 1.9% | Jun 2024 -0.1% | Sep 2024 0.0% | Dec 2024 0.1% | Mar 2025 2.1% | Jun 2025 -1.1% | Sep 2025 0.3% | Dec 2025 0.6% | Mar 2026 -0.6% | Jun 2026 —

### 20-quarter ROE change history
- EQIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.1 pp | Mar 2023 +0.9 pp | Jun 2023 −0.2 pp | Sep 2023 +0.5 pp | Dec 2023 +0.7 pp | Mar 2024 −0.4 pp | Jun 2024 +0.7 pp | Sep 2024 −0.1 pp | Dec 2024 −2.0 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +2.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- AMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 −16.4 pp | Mar 2023 −7.4 pp | Jun 2023 −18.4 pp | Sep 2023 −0.9 pp | Dec 2023 +6.2 pp | Mar 2024 +4.3 pp | Jun 2024 −0.8 pp | Sep 2024 −2.6 pp | Dec 2024 +12.5 pp | Mar 2025 −2.4 pp | Jun 2025 −3.3 pp | Sep 2025 +4.7 pp | Dec 2025 −3.6 pp | Mar 2026 +3.9 pp | Jun 2026 —
- DLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −5.9 pp | Mar 2023 0.0 pp | Jun 2023 +0.2 pp | Sep 2023 +2.5 pp | Dec 2023 +0.1 pp | Mar 2024 +1.0 pp | Jun 2024 −0.2 pp | Sep 2024 −3.6 pp | Dec 2024 +0.7 pp | Mar 2025 −0.9 pp | Jun 2025 +4.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.4 pp | Mar 2026 +0.2 pp | Jun 2026 −2.7 pp
- IRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +18.5 pp | Dec 2022 +10.6 pp | Mar 2023 +5.1 pp | Jun 2023 −22.2 pp | Sep 2023 −2.7 pp | Dec 2023 −9.9 pp | Mar 2024 +17.3 pp | Jun 2024 +24.2 pp | Sep 2024 −64.9 pp | Dec 2024 −234.4 pp | Mar 2025 −34.0 pp | Jun 2025 −12.0 pp | Sep 2025 +20.0 pp | Dec 2025 +209.1 pp | Mar 2026 −14.0 pp | Jun 2026 —
- CCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +1.3 pp | Mar 2023 0.0 pp | Jun 2023 +1.1 pp | Sep 2023 −1.6 pp | Dec 2023 −0.1 pp | Mar 2024 −1.2 pp | Jun 2024 −2.1 pp | Sep 2024 +1.4 pp | Dec 2024 +6.0 pp | Mar 2025 +7.4 pp | Jun 2025 +8.1 pp | Sep 2025 +9.5 pp | Dec 2025 −42.6 pp | Mar 2026 −25.8 pp | Jun 2026 −23.1 pp
- SBAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −1.0 pp | Mar 2023 +1.7 pp | Jun 2023 −2.5 pp | Sep 2023 +0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −1.1 pp | Jun 2024 +0.8 pp | Sep 2024 −3.4 pp | Dec 2024 −1.4 pp | Mar 2025 −1.3 pp | Jun 2025 −1.3 pp | Sep 2025 +0.2 pp | Dec 2025 −4.0 pp | Mar 2026 +0.4 pp | Jun 2026 —
- WY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −4.2 pp | Mar 2023 −6.4 pp | Jun 2023 −5.2 pp | Sep 2023 −0.6 pp | Dec 2023 +2.0 pp | Mar 2024 −0.4 pp | Jun 2024 −0.5 pp | Sep 2024 −2.0 pp | Dec 2024 −1.3 pp | Mar 2025 −0.3 pp | Jun 2025 −0.8 pp | Sep 2025 +0.5 pp | Dec 2025 0.0 pp | Mar 2026 +0.8 pp | Jun 2026 —
- LAMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 −4.7 pp | Mar 2023 −1.3 pp | Jun 2023 0.0 pp | Sep 2023 −0.2 pp | Dec 2023 +6.9 pp | Mar 2024 +0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.9 pp | Dec 2024 −12.5 pp | Mar 2025 +5.9 pp | Jun 2025 +3.1 pp | Sep 2025 +0.5 pp | Dec 2025 +15.0 pp | Mar 2026 −2.5 pp | Jun 2026 —
- GLPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +1.4 pp | Mar 2023 +1.0 pp | Jun 2023 −0.9 pp | Sep 2023 −2.0 pp | Dec 2023 −0.3 pp | Mar 2024 −0.8 pp | Jun 2024 +0.8 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 −0.5 pp | Jun 2025 −1.7 pp | Sep 2025 +0.9 pp | Dec 2025 +0.8 pp | Mar 2026 +1.3 pp | Jun 2026 —
- RYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 +0.7 pp | Mar 2023 −1.2 pp | Jun 2023 −0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +5.4 pp | Mar 2024 −0.6 pp | Jun 2024 −1.2 pp | Sep 2024 0.0 pp | Dec 2024 +10.6 pp | Mar 2025 −0.1 pp | Jun 2025 +0.7 pp | Sep 2025 +0.9 pp | Dec 2025 −16.6 pp | Mar 2026 0.0 pp | Jun 2026 —
- OUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.1 pp | Mar 2023 −2.2 pp | Jun 2023 −49.6 pp | Sep 2023 −1.5 pp | Dec 2023 +0.7 pp | Mar 2024 −0.6 pp | Jun 2024 +69.0 pp | Sep 2024 +3.1 pp | Dec 2024 +4.0 pp | Mar 2025 −0.3 pp | Jun 2025 −20.4 pp | Sep 2025 +2.5 pp | Dec 2025 +3.0 pp | Mar 2026 +5.9 pp | Jun 2026 —
- EPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 −1.1 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.3 pp | Jun 2024 +1.3 pp | Sep 2024 −0.3 pp | Dec 2024 −2.2 pp | Mar 2025 +0.3 pp | Jun 2025 +1.4 pp | Sep 2025 +0.9 pp | Dec 2025 +3.3 pp | Mar 2026 −0.1 pp | Jun 2026 —
- UNIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.2 pp | Dec 2022 −0.2 pp | Mar 2023 +3.4 pp | Jun 2023 +1.4 pp | Sep 2023 −2.0 pp | Dec 2023 −3.5 pp | Mar 2024 −2.6 pp | Jun 2024 +0.4 pp | Sep 2024 −5.4 pp | Dec 2024 +2.1 pp | Mar 2025 +1.2 pp | Jun 2025 +1.2 pp | Sep 2025 −75.0 pp | Dec 2025 +32.8 pp | Mar 2026 +7.1 pp | Jun 2026 —
- FPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −1.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +0.4 pp | Dec 2023 +1.7 pp | Mar 2024 −0.1 pp | Jun 2024 −1.5 pp | Sep 2024 −0.3 pp | Dec 2024 +7.1 pp | Mar 2025 +0.1 pp | Jun 2025 +1.6 pp | Sep 2025 −0.2 pp | Dec 2025 −6.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +1.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +1.6 pp | Jun 2024 −1.2 pp | Sep 2024 −0.4 pp | Dec 2024 −0.2 pp | Mar 2025 +0.2 pp | Jun 2025 −1.0 pp | Sep 2025 +0.3 pp | Dec 2025 +0.5 pp | Mar 2026 −2.7 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Gaming and Leisure Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.54×, 11.5% below EPR Properties. Only 10 of 17 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Gaming and Leisure Properties, Inc. · 0.54× | 11.5% versus #2 · EPR Properties | 0/8 recent comparable periods | 10/17 companies · 215 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Gaming and Leisure Properties, Inc. (GLPI): 0.5
2. EPR Properties (EPR): 0.6
3. Uniti Group Inc. (UNIT): 1.0
4. Weyerhaeuser Company (WY): 1.2
5. Lamar Advertising Company (LAMR): 1.3

### P/BV — lowest P/BV
1. Iron Mountain Incorporated (IRM): -25.0
2. Crown Castle Inc. (CCI): -10.1
3. SBA Communications Corporation (SBAC): -3.8
4. Gladstone Land Corporation (LAND): 0.6
5. Farmland Partners Inc. (FPI): 1.1

### 20-quarter P/BV ÷ ROE history
- EQIX: Sep 2021 4.8 | Dec 2021 6.4 | Mar 2022 4.4 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 4.4 | Mar 2023 2.4 | Jun 2023 3.4 | Sep 2023 2.4 | Dec 2023 3.2 | Mar 2024 3.4 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 — | Mar 2025 2.2 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 2.8 | Mar 2026 2.3 | Jun 2026 —
- AMT: Sep 2021 2.1 | Dec 2021 2.7 | Mar 2022 2.1 | Jun 2022 654.6 | Sep 2022 2.1 | Dec 2022 — | Mar 2023 6.1 | Jun 2023 2.3 | Sep 2023 2.6 | Dec 2023 — | Mar 2024 3.2 | Jun 2024 3.4 | Sep 2024 7.5 | Dec 2024 2.1 | Mar 2025 6.0 | Jun 2025 7.7 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 2.6 | Jun 2026 —
- DLR: Sep 2021 3.0 | Dec 2021 0.5 | Mar 2022 5.7 | Jun 2022 5.4 | Sep 2022 1.3 | Dec 2022 — | Mar 2023 4.2 | Jun 2023 3.2 | Sep 2023 0.5 | Dec 2023 21.9 | Mar 2024 1.7 | Jun 2024 6.0 | Sep 2024 12.6 | Dec 2024 3.5 | Mar 2025 4.5 | Jun 2025 0.6 | Sep 2025 8.6 | Dec 2025 5.8 | Mar 2026 3.8 | Jun 2026 1.4
- IRM: Sep 2021 1.8 | Dec 2021 2.9 | Mar 2022 4.3 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.4 | Mar 2023 2.8 | Jun 2023 199.2 | Sep 2023 2.9 | Dec 2023 14.0 | Mar 2024 46.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CCI: Sep 2021 2.2 | Dec 2021 2.7 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.1 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WY: Sep 2021 0.5 | Dec 2021 0.7 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.7 | Dec 2022 21.1 | Mar 2023 1.5 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 2.4 | Jun 2024 1.2 | Sep 2024 8.3 | Dec 2024 2.6 | Mar 2025 2.8 | Jun 2025 2.2 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 1.2 | Jun 2026 —
- LAMR: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.3 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 1.5 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.3 | Jun 2026 —
- GLPI: Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 —
- RYN: Sep 2021 0.5 | Dec 2021 2.8 | Mar 2022 2.0 | Jun 2022 2.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 6.7 | Jun 2023 2.6 | Sep 2023 1.9 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 2.2 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 3.0 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 — | Jun 2026 —
- OUT: Sep 2021 1.1 | Dec 2021 0.5 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 1.4 | Dec 2023 0.6 | Mar 2024 — | Jun 2024 0.1 | Sep 2024 0.9 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 1.5 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 2.5 | Jun 2026 —
- EPR: Sep 2021 1.2 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 2.8 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.5 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 — | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- UNIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 1.0 | Jun 2026 —
- FPI: Sep 2021 — | Dec 2021 0.5 | Mar 2022 6.8 | Jun 2022 2.6 | Sep 2022 6.0 | Dec 2022 1.2 | Mar 2023 3.4 | Jun 2023 1.0 | Sep 2023 1.6 | Dec 2023 0.4 | Mar 2024 5.2 | Jun 2024 — | Sep 2024 3.3 | Dec 2024 0.1 | Mar 2025 3.6 | Jun 2025 0.9 | Sep 2025 10.4 | Dec 2025 0.2 | Mar 2026 10.6 | Jun 2026 —
- LAND: Sep 2021 3.5 | Dec 2021 4.9 | Mar 2022 10.0 | Jun 2022 11.7 | Sep 2022 3.0 | Dec 2022 4.4 | Mar 2023 2.7 | Jun 2023 0.7 | Sep 2023 1.8 | Dec 2023 2.4 | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 5.7 | Mar 2025 0.3 | Jun 2025 — | Sep 2025 1.7 | Dec 2025 0.9 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- EQIX: Sep 2021 6.7 | Dec 2021 7.0 | Mar 2022 6.2 | Jun 2022 5.6 | Sep 2022 4.7 | Dec 2022 5.3 | Mar 2023 5.6 | Jun 2023 6.1 | Sep 2023 5.7 | Dec 2023 6.1 | Mar 2024 6.4 | Jun 2024 5.9 | Sep 2024 6.3 | Dec 2024 6.8 | Mar 2025 5.7 | Jun 2025 5.5 | Sep 2025 5.4 | Dec 2025 5.3 | Mar 2026 6.8 | Jun 2026 —
- AMT: Sep 2021 22.3 | Dec 2021 26.2 | Mar 2022 21.4 | Jun 2022 17,086.0 | Sep 2022 15.9 | Dec 2022 17.7 | Mar 2023 17.6 | Jun 2023 17.5 | Sep 2023 16.9 | Dec 2023 24.0 | Mar 2024 22.8 | Jun 2024 23.6 | Sep 2024 29.8 | Dec 2024 25.4 | Mar 2025 28.8 | Jun 2025 27.9 | Sep 2025 22.8 | Dec 2025 22.4 | Mar 2026 22.8 | Jun 2026 —
- DLR: Sep 2021 2.4 | Dec 2021 2.8 | Mar 2022 2.3 | Jun 2022 2.2 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.4 | Jun 2024 2.4 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 2.3 | Jun 2025 2.6 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.7 | Jun 2026 2.3
- IRM: Sep 2021 12.9 | Dec 2021 17.7 | Mar 2022 21.3 | Jun 2022 21.9 | Sep 2022 24.2 | Dec 2022 22.8 | Mar 2023 28.3 | Jun 2023 39.8 | Sep 2023 66.1 | Dec 2023 96.6 | Mar 2024 1,268.3 | Jun 2024 -197.8 | Sep 2024 -134.6 | Dec 2024 -61.3 | Mar 2025 -36.3 | Jun 2025 -39.5 | Sep 2025 -34.2 | Dec 2025 -25.0 | Mar 2026 -25.0 | Jun 2026 —
- CCI: Sep 2021 8.8 | Dec 2021 10.9 | Mar 2022 10.0 | Jun 2022 9.3 | Sep 2022 8.2 | Dec 2022 7.9 | Mar 2023 8.0 | Jun 2023 7.0 | Sep 2023 6.0 | Dec 2023 7.8 | Mar 2024 7.6 | Jun 2024 7.5 | Sep 2024 9.7 | Dec 2024 -296.9 | Mar 2025 -36.2 | Jun 2025 -32.3 | Sep 2025 -28.1 | Dec 2025 -23.6 | Mar 2026 -18.5 | Jun 2026 -10.1
- SBAC: Sep 2021 -7.3 | Dec 2021 -8.0 | Mar 2022 -6.8 | Jun 2022 -6.4 | Sep 2022 -5.7 | Dec 2022 -5.7 | Mar 2023 -5.4 | Jun 2023 -4.9 | Sep 2023 -4.2 | Dec 2023 -5.3 | Mar 2024 -4.5 | Jun 2024 -4.0 | Sep 2024 -5.0 | Dec 2024 -4.3 | Mar 2025 -4.8 | Jun 2025 -5.1 | Sep 2025 -4.2 | Dec 2025 -4.2 | Mar 2026 -3.8 | Jun 2026 —
- WY: Sep 2021 2.6 | Dec 2021 2.9 | Mar 2022 2.8 | Jun 2022 2.3 | Sep 2022 1.9 | Dec 2022 2.1 | Mar 2023 2.2 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.5 | Mar 2024 2.6 | Jun 2024 2.1 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 2.2 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- LAMR: Sep 2021 9.3 | Dec 2021 10.1 | Mar 2022 9.6 | Jun 2022 7.2 | Sep 2022 6.6 | Dec 2022 8.0 | Mar 2023 8.8 | Jun 2023 8.7 | Sep 2023 7.2 | Dec 2023 8.9 | Mar 2024 10.3 | Jun 2024 10.2 | Sep 2024 11.3 | Dec 2024 11.9 | Mar 2025 11.3 | Jun 2025 13.6 | Sep 2025 12.0 | Dec 2025 12.7 | Mar 2026 13.3 | Jun 2026 —
- GLPI: Sep 2021 3.8 | Dec 2021 3.8 | Mar 2022 3.7 | Jun 2022 3.7 | Sep 2022 3.2 | Dec 2022 3.6 | Mar 2023 3.6 | Jun 2023 3.4 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 3.0 | Jun 2024 3.0 | Sep 2024 3.3 | Dec 2024 3.1 | Mar 2025 3.3 | Jun 2025 2.9 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 2.7 | Jun 2026 —
- RYN: Sep 2021 3.0 | Dec 2021 3.3 | Mar 2022 3.3 | Jun 2022 3.0 | Sep 2022 2.4 | Dec 2022 2.6 | Mar 2023 2.7 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.4 | Sep 2024 2.7 | Dec 2024 2.2 | Mar 2025 2.3 | Jun 2025 1.5 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 —
- OUT: Sep 2021 2.7 | Dec 2021 2.8 | Mar 2022 3.4 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 3.4 | Sep 2023 2.3 | Dec 2023 3.2 | Mar 2024 4.2 | Jun 2024 3.0 | Sep 2024 4.0 | Dec 2024 3.9 | Mar 2025 3.9 | Jun 2025 4.1 | Sep 2025 4.6 | Dec 2025 5.9 | Mar 2026 7.1 | Jun 2026 —
- EPR: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 —
- FRMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.6 | Mar 2026 3.4 | Jun 2026 —
- UNIT: Sep 2021 -2.3 | Dec 2021 -2.6 | Mar 2022 -2.6 | Jun 2022 -1.8 | Sep 2022 -1.2 | Dec 2022 -0.6 | Mar 2023 -0.6 | Jun 2023 -0.8 | Sep 2023 -0.8 | Dec 2023 1.2 | Mar 2024 -0.9 | Jun 2024 -0.5 | Sep 2024 -0.9 | Dec 2024 -0.5 | Mar 2025 -0.8 | Jun 2025 -0.7 | Sep 2025 2.1 | Dec 2025 4.3 | Mar 2026 6.9 | Jun 2026 —
- FPI: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 —
- LAND: Sep 2021 1.4 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 —

## Market action

OUTFRONT Media Inc. has the strongest one-year price move in REIT - Specialty at +88.6%. It also leads on Mansfield relative strength against the S&P 500 at +19.5%. 7 of 15 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. OUTFRONT Media Inc. (OUT): 89%
2. Lamar Advertising Company (LAMR): 34%
3. Equinix, Inc. (EQIX): 34%
4. Iron Mountain Incorporated (IRM): 34%
5. Uniti Group Inc. (UNIT): 28%

### Strongest relative strength versus NIFTY 500
1. OUTFRONT Media Inc. (OUT): 20%
2. Uniti Group Inc. (UNIT): 17%
3. Lamar Advertising Company (LAMR): 12%
4. Iron Mountain Incorporated (IRM): 12%
5. EPR Properties (EPR): 8.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Equinix, Inc. (EQIX) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- American Tower Corporation (AMT) — market value ₹79.9K Cr; latest fundamentals Mar 2026
- Digital Realty Trust, Inc. (DLR) — market value ₹72.8K Cr; latest fundamentals Jun 2026
- Iron Mountain Incorporated (IRM) — market value ₹37.4K Cr; latest fundamentals Mar 2026
- Crown Castle Inc. (CCI) — market value ₹32.3K Cr; latest fundamentals Jun 2026
- SBA Communications Corporation (SBAC) — market value ₹18.6K Cr; latest fundamentals Mar 2026
- Weyerhaeuser Company (WY) — market value ₹17.7K Cr; latest fundamentals Mar 2026
- Lamar Advertising Company (LAMR) — market value ₹16.5K Cr; latest fundamentals Mar 2026
- Gaming and Leisure Properties, Inc. (GLPI) — market value ₹13.4K Cr; latest fundamentals Mar 2026
- Rayonier Inc. (RYN) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- OUTFRONT Media Inc. (OUT) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- EPR Properties (EPR) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Fermi Inc. (FRMI) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Uniti Group Inc. (UNIT) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Blackstone Digital Infrastructure Trust Inc. (BXDC) — market value ₹1.8K Cr; latest fundamentals unavailable
- Farmland Partners Inc. (FPI) — market value ₹417 Cr; latest fundamentals Mar 2026
- Gladstone Land Corporation (LAND) — market value ₹366 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which REIT - Specialty company is the biggest?

American Tower Corporation is the largest, with trailing-twelve-month income of $10,820 million, ahead of Equinix, Inc. at $9,436 million. That covers 13 of 17 companies with comparable reporting through Mar 2026.

### Which REIT - Specialty company is growing fastest?

Uniti Group Inc. has the fastest income growth at 100% year on year, across 13 of 17 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which REIT - Specialty company makes the most profit?

American Tower Corporation earns the most, at $3,010 million of trailing-twelve-month net profit, from 13 of 17 comparable companies. Iron Mountain Incorporated has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which REIT - Specialty company earns the highest return on capital?

Gaming and Leisure Properties, Inc. leads on return on assets at 2.6%, across 16 of 17 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which REIT - Specialty stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Gaming and Leisure Properties, Inc. screens cheapest at 0.54×. Only 10 of 17 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the REIT - Specialty sector beating the market?

REIT - Specialty has underperformed S&P 500 by 13.6% over the last 52 weeks and 3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which REIT - Specialty stock has the strongest price momentum?

OUTFRONT Media Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which REIT - Specialty company scores highest for research priority?

EPR Properties scores 60.2 out of 100 with 76% evidence confidence, from 19.4 points on growth and earnings, 15.3 on capital efficiency, 8.1 on valuation and 17.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many REIT - Specialty companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the REIT - Specialty sector?

The 17 REIT - Specialty companies on this page carry $416,989 million of combined market value. Equinix, Inc. is the largest at $102,062 million, about 24% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the REIT - Specialty sector's P/B ratio?

The median price-to-book ratio across the 17 REIT - Specialty companies on this page is 2.7×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the REIT - Specialty sector performing?

7 of the 15 covered REIT - Specialty companies are beating S&P 500 on Mansfield relative strength. The sector itself is 13.6% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many REIT - Specialty stocks are listed in the US?

This comparison covers 17 listed REIT - Specialty companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/reit-specialty