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

> REIT - Diversified: JBG SMITH Properties owns the largest revenue base; One Liberty Properties, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

REIT - Diversified has underperformed S&P 500 by 12.2% over 52 weeks and 4.2% over 13 weeks. 3 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 13 beat the sector itself. JBG SMITH Properties leads with income of $506 million, based on 6 of 13 comparable companies through Mar 2026.

## Sector relative strength

REIT - Diversified has underperformed S&P 500 by 12.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.2%. 3 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. FrontView REIT, Inc. is the strongest against the sector itself at +21%.

13-week sector return versus NIFTY 500: -4.2%
52-week sector return versus NIFTY 500: -12%
Stocks leading NIFTY: 3/13
Stocks leading sector: 9/13

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

Companies: 13
Combined market value: ₹60.3K 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. CTO Realty Growth, Inc. (CTO): 57/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 19.8/35 | Capital efficiency 11.8/25 | Valuation 8.0/20 | Relative strength 17.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 19.8 + 11.8 + 8 + 17.8 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. One Liberty Properties, Inc. (OLP): 54/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 18.2/35 | Capital efficiency 17.1/25 | Valuation 6.3/20 | Relative strength 12.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.2 + 17.1 + 6.3 + 12.8 = 54.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Safehold Inc. (SAFE): 51/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 16.8/35 | Capital efficiency 13.2/25 | Valuation 8.6/20 | Relative strength 11.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 16.8 + 13.2 + 8.6 + 11.9 = 50.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Broadstone Net Lease, Inc. (BNL): 50/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 18.6/35 | Capital efficiency 12.1/25 | Valuation 5.3/20 | Relative strength 13.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 18.6 + 12.1 + 5.3 + 13.9 = 49.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. American Assets Trust, Inc. (AAT): 50/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 16.6/35 | Capital efficiency 11.7/25 | Valuation 4.3/20 | Relative strength 17.2/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 16.6 + 11.7 + 4.3 + 17.2 = 49.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 1.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. FrontView REIT, Inc. (FVR): 45/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 17.0/35 | Capital efficiency 6.7/25 | Valuation 3.8/20 | Relative strength 17.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 17 + 6.7 + 3.8 + 17 = 44.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Gladstone Commercial Corporation (GOOD): 44/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 15.8/35 | Capital efficiency 15.1/25 | Valuation 4.2/20 | Relative strength 8.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.8 + 15.1 + 4.2 + 8.8 = 43.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. VICI Properties Inc. (VICI): 41/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 13.9/35 | Capital efficiency 16.0/25 | Valuation 7.4/20 | Relative strength 3.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13.9 + 16 + 7.4 + 3.4 = 40.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. W. P. Carey Inc. (WPC): 40/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 16.5/35 | Capital efficiency 12.6/25 | Valuation 5.6/20 | Relative strength 5.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.5 + 12.6 + 5.6 + 5.4 = 40.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Global Net Lease, Inc. (GNL): 38/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 19.8/35 | Capital efficiency 6.5/25 | Valuation 9.8/20 | Relative strength 2.3/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 19.8 + 6.5 + 9.8 + 2.3 = 38.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. AH REALTY TRUST INC (AHRT): 45/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 12.5/35 | Capital efficiency 8.8/25 | Valuation 9.8/20 | Relative strength 13.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 12.5 + 8.8 + 9.8 + 13.6 = 44.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. JBG SMITH Properties (JBGS): 34/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 15.7/35 | Capital efficiency 5.3/25 | Valuation 9.8/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.7 + 5.3 + 9.8 + 3 = 33.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Empire State Realty Trust, Inc. (ESRT): 32/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 13.1/35 | Capital efficiency 5.2/25 | Valuation 9.8/20 | Relative strength 3.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13.1 + 5.2 + 9.8 + 3.8 = 31.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

FrontView REIT, Inc. has the strongest one-year price move in REIT - Diversified at +64.3%. It also leads on Mansfield relative strength against the S&P 500 at +11.9%. 3 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. FrontView REIT, Inc. (FVR): 64%
2. CTO Realty Growth, Inc. (CTO): 34%
3. Broadstone Net Lease, Inc. (BNL): 26%
4. American Assets Trust, Inc. (AAT): 23%
5. Safehold Inc. (SAFE): 17%

### Strongest relative strength versus NIFTY 500
1. FrontView REIT, Inc. (FVR): 12%
2. CTO Realty Growth, Inc. (CTO): 4.8%
3. American Assets Trust, Inc. (AAT): 1.4%
4. Broadstone Net Lease, Inc. (BNL): -0.9%
5. One Liberty Properties, Inc. (OLP): -1.9%

## Income Scale & Growth Durability

What the numbers say: JBG SMITH Properties is the scale leader at $506 million, 7.2% ahead of Global Net Lease, Inc.. One Liberty Properties, Inc.'s growth is 10.9% from a $102 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: JBG SMITH Properties is the scale benchmark; One Liberty Properties, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: JBG SMITH Properties's growth falls below One Liberty Properties, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: JBG SMITH Properties · $506 million | 7.2% versus #2 · Global Net Lease, Inc. | 1/8 recent comparable periods | 6/13 companies · 244 observations

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

### Income — largest
1. JBG SMITH Properties (JBGS): ₹506 Cr
2. Global Net Lease, Inc. (GNL): ₹472 Cr
3. AH REALTY TRUST INC (AHRT): ₹251 Cr
4. Gladstone Commercial Corporation (GOOD): ₹166 Cr
5. One Liberty Properties, Inc. (OLP): ₹102 Cr

### Income growth — fastest growers
1. One Liberty Properties, Inc. (OLP): 11%
2. Gladstone Commercial Corporation (GOOD): 9.9%
3. JBG SMITH Properties (JBGS): -3.3%
4. Global Net Lease, Inc. (GNL): -15%
5. AH REALTY TRUST INC (AHRT): -40%

### 20-quarter Income history
- VICI: Sep 2021 ₹376 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹663 Cr | Sep 2022 ₹752 Cr | Dec 2022 ₹770 Cr | Mar 2023 ₹878 Cr | Jun 2023 ₹898 Cr | Sep 2023 ₹904 Cr | Dec 2023 ₹932 Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹957 Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹976 Cr | Mar 2025 ₹984 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- WPC: Sep 2021 ₹326 Cr | Dec 2021 ₹375 Cr | Mar 2022 ₹348 Cr | Jun 2022 ₹344 Cr | Sep 2022 ₹384 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹453 Cr | Sep 2023 ₹449 Cr | Dec 2023 ₹412 Cr | Mar 2024 ₹390 Cr | Jun 2024 ₹390 Cr | Sep 2024 ₹397 Cr | Dec 2024 ₹406 Cr | Mar 2025 ₹410 Cr | Jun 2025 ₹431 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹455 Cr | Jun 2026 —
- BNL: Sep 2021 ₹123 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- GNL: Sep 2021 ₹96 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- AAT: Sep 2021 ₹98 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- ESRT: Sep 2021 ₹165 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- SAFE: Sep 2021 ₹144 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- JBGS: Sep 2021 ₹157 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- CTO: Sep 2021 ₹17 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- AHRT: Sep 2021 ₹63 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- GOOD: Sep 2021 ₹34 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- FVR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 — | Dec 2024 ₹15 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- OLP: Sep 2021 ₹20 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹28 Cr | Jun 2026 —

### 20-quarter Income growth history
- VICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 100% | Dec 2022 101% | Mar 2023 111% | Jun 2023 35% | Sep 2023 20% | Dec 2023 21% | Mar 2024 8.3% | Jun 2024 6.6% | Sep 2024 6.8% | Dec 2024 4.7% | Mar 2025 3.5% | Jun 2025 4.6% | Sep 2025 4.4% | Dec 2025 3.8% | Mar 2026 3.6% | Jun 2026 —
- WPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.5% | Sep 2022 18% | Dec 2022 7.5% | Mar 2023 23% | Jun 2023 32% | Sep 2023 17% | Dec 2023 2.2% | Mar 2024 -8.9% | Jun 2024 -14% | Sep 2024 -12% | Dec 2024 -1.5% | Mar 2025 5.1% | Jun 2025 11% | Sep 2025 8.6% | Dec 2025 9.6% | Mar 2026 11% | Jun 2026 —
- BNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -15% | Dec 2022 20% | Mar 2023 27% | Jun 2023 11% | Sep 2023 5.8% | Dec 2023 -6.3% | Mar 2024 -12% | Jun 2024 -2.8% | Sep 2024 -1.8% | Dec 2024 6.7% | Mar 2025 3.8% | Jun 2025 6.6% | Sep 2025 5.6% | Dec 2025 5.4% | Mar 2026 11% | Jun 2026 —
- GNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.0% | Sep 2022 -3.1% | Dec 2022 -12% | Mar 2023 -3.1% | Jun 2023 1.1% | Sep 2023 27% | Dec 2023 120% | Mar 2024 57% | Jun 2024 51% | Sep 2024 18% | Dec 2024 -33% | Mar 2025 -11% | Jun 2025 -14% | Sep 2025 -13% | Dec 2025 -15% | Mar 2026 -17% | Jun 2026 —
- AAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 13% | Dec 2022 3.9% | Mar 2023 6.9% | Jun 2023 5.8% | Sep 2023 0.0% | Dec 2023 5.7% | Mar 2024 2.8% | Jun 2024 0.9% | Sep 2024 11% | Dec 2024 0.9% | Mar 2025 -1.8% | Jun 2025 -2.7% | Sep 2025 -11% | Dec 2025 -2.7% | Mar 2026 1.8% | Jun 2026 —
- ESRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 12% | Dec 2022 13% | Mar 2023 0.6% | Jun 2023 -3.5% | Sep 2023 4.4% | Dec 2023 6.6% | Mar 2024 9.7% | Jun 2024 -0.5% | Sep 2024 4.2% | Dec 2024 2.6% | Mar 2025 -0.6% | Jun 2025 0.5% | Sep 2025 -1.0% | Dec 2025 0.5% | Mar 2026 5.6% | Jun 2026 —
- SAFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 -50% | Dec 2022 43% | Mar 2023 30% | Jun 2023 32% | Sep 2023 19% | Dec 2023 41% | Mar 2024 19% | Jun 2024 4.7% | Sep 2024 5.8% | Dec 2024 -11% | Mar 2025 5.4% | Jun 2025 4.4% | Sep 2025 5.5% | Dec 2025 6.5% | Mar 2026 13% | Jun 2026 —
- JBGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.8% | Sep 2022 -5.7% | Dec 2022 -3.8% | Mar 2023 -5.6% | Jun 2023 4.1% | Sep 2023 2.7% | Dec 2023 -2.0% | Mar 2024 -5.2% | Jun 2024 -11% | Sep 2024 -11% | Dec 2024 -11% | Mar 2025 -17% | Jun 2025 -6.7% | Sep 2025 -8.8% | Dec 2025 -2.3% | Mar 2026 5.8% | Jun 2026 —
- CTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 35% | Dec 2022 -8.0% | Mar 2023 47% | Jun 2023 37% | Sep 2023 22% | Dec 2023 30% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 20% | Mar 2025 29% | Jun 2025 31% | Sep 2025 19% | Dec 2025 5.6% | Mar 2026 14% | Jun 2026 —
- AHRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 137% | Dec 2022 87% | Mar 2023 68% | Jun 2023 36% | Sep 2023 2.7% | Dec 2023 -76% | Mar 2024 46% | Jun 2024 6.3% | Sep 2024 2.0% | Dec 2024 56% | Mar 2025 -81% | Jun 2025 -48% | Sep 2025 -54% | Dec 2025 -7.1% | Mar 2026 11% | Jun 2026 —
- GOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 18% | Dec 2022 5.7% | Mar 2023 2.8% | Jun 2023 8.3% | Sep 2023 -10% | Dec 2023 -2.7% | Mar 2024 -2.7% | Jun 2024 -5.1% | Sep 2024 8.3% | Dec 2024 2.8% | Mar 2025 5.6% | Jun 2025 8.1% | Sep 2025 5.1% | Dec 2025 16% | Mar 2026 11% | Jun 2026 —
- FVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 20% | Sep 2023 20% | Dec 2023 40% | Mar 2024 36% | Jun 2024 25% | Sep 2024 — | Dec 2024 7.1% | Mar 2025 6.7% | Jun 2025 20% | Sep 2025 — | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- OLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 5.0% | Dec 2022 33% | Mar 2023 4.6% | Jun 2023 4.8% | Sep 2023 9.5% | Dec 2023 -18% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -4.4% | Dec 2024 4.4% | Mar 2025 4.4% | Jun 2025 14% | Sep 2025 9.1% | Dec 2025 4.2% | Mar 2026 17% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: One Liberty Properties, Inc. leads with $28 million of TTM profit, 33.3% above Gladstone Commercial Corporation. One Liberty Properties, Inc. shows -6.7% growth from a $28 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: One Liberty 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 profit growth signal.

Evidence: One Liberty Properties, Inc. · $28 million | 33.3% versus #2 · Gladstone Commercial Corporation | 4/8 recent comparable periods | 6/13 companies · 244 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. One Liberty Properties, Inc. (OLP): ₹28 Cr
2. Gladstone Commercial Corporation (GOOD): ₹21 Cr
3. FrontView REIT, Inc. (FVR): ₹-4 Cr
4. AH REALTY TRUST INC (AHRT): ₹-22 Cr
5. Global Net Lease, Inc. (GNL): ₹-41 Cr

### Profit growth — fastest growers
1. One Liberty Properties, Inc. (OLP): -6.7%
2. Gladstone Commercial Corporation (GOOD): -19%

### 20-quarter Net profit history
- VICI: Sep 2021 ₹164 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹243 Cr | Jun 2022 ₹-58 Cr | Sep 2022 ₹337 Cr | Dec 2022 ₹615 Cr | Mar 2023 ₹528 Cr | Jun 2023 ₹702 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹760 Cr | Mar 2024 ₹600 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹744 Cr | Dec 2024 ₹624 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹878 Cr | Sep 2025 ₹774 Cr | Dec 2025 ₹614 Cr | Mar 2026 ₹886 Cr | Jun 2026 —
- WPC: Sep 2021 ₹139 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹176 Cr | Jun 2026 —
- BNL: Sep 2021 ₹31 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- GNL: Sep 2021 ₹7 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-136 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹-66 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-189 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-60 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- AAT: Sep 2021 ₹13 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ESRT: Sep 2021 ₹-10 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- SAFE: Sep 2021 ₹109 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹-120 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- JBGS: Sep 2021 ₹1 Cr | Dec 2021 ₹-63 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-66 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-71 Cr | Mar 2025 ₹-54 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-56 Cr | Mar 2026 ₹-23 Cr | Jun 2026 —
- CTO: Sep 2021 ₹24 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- AHRT: Sep 2021 ₹8 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-30 Cr | Jun 2026 —
- GOOD: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- FVR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-3 Cr | Sep 2024 — | Dec 2024 ₹-3 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- OLP: Sep 2021 ₹6 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -119% | Sep 2022 105% | Dec 2022 117% | Mar 2023 117% | Jun 2023 — | Sep 2023 68% | Dec 2023 24% | Mar 2024 14% | Jun 2024 7.3% | Sep 2024 32% | Dec 2024 -18% | Mar 2025 -8.0% | Jun 2025 17% | Sep 2025 4.0% | Dec 2025 -1.6% | Mar 2026 61% | Jun 2026 —
- WPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 -25% | Dec 2022 110% | Mar 2023 87% | Jun 2023 13% | Sep 2023 20% | Dec 2023 -31% | Mar 2024 -46% | Jun 2024 -1.4% | Sep 2024 -10% | Dec 2024 -67% | Mar 2025 -21% | Jun 2025 -64% | Sep 2025 26% | Dec 2025 230% | Mar 2026 40% | Jun 2026 —
- BNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 -6.5% | Dec 2022 16% | Mar 2023 46% | Jun 2023 75% | Sep 2023 79% | Dec 2023 -81% | Mar 2024 66% | Jun 2024 -43% | Sep 2024 -29% | Dec 2024 300% | Mar 2025 -75% | Jun 2025 -44% | Sep 2025 -27% | Dec 2025 25% | Mar 2026 171% | Jun 2026 —
- GNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -133% | Sep 2022 114% | Dec 2022 — | Mar 2023 -109% | Jun 2023 — | Sep 2023 -1,007% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 23% | Dec 2022 20% | Mar 2023 50% | Jun 2023 7.1% | Sep 2023 -6.3% | Dec 2023 8.3% | Mar 2024 19% | Jun 2024 0.0% | Sep 2024 40% | Dec 2024 -7.7% | Mar 2025 116% | Jun 2025 -53% | Sep 2025 -71% | Dec 2025 -67% | Mar 2026 -87% | Jun 2026 —
- ESRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,125% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -24% | Sep 2023 100% | Dec 2023 -27% | Mar 2024 -17% | Jun 2024 -22% | Sep 2024 15% | Dec 2024 19% | Mar 2025 60% | Jun 2025 -62% | Sep 2025 -39% | Dec 2025 68% | Mar 2026 -81% | Jun 2026 —
- SAFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -31% | Dec 2022 -18% | Mar 2023 -80% | Jun 2023 4.4% | Sep 2023 -260% | Dec 2023 78% | Mar 2024 560% | Jun 2024 33% | Sep 2024 — | Dec 2024 -32% | Mar 2025 -3.0% | Jun 2025 -3.1% | Sep 2025 45% | Dec 2025 18% | Mar 2026 0.0% | Jun 2026 —
- JBGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2,300% | Dec 2022 — | Mar 2023 — | Jun 2023 -109% | Sep 2023 — | Dec 2023 — | Mar 2024 -275% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -79% | Dec 2022 -250% | Mar 2023 — | Jun 2023 100% | Sep 2023 -40% | Dec 2023 — | Mar 2024 — | Jun 2024 -50% | Sep 2024 100% | Dec 2024 -314% | Mar 2025 -67% | Jun 2025 -2,400% | Sep 2025 -50% | Dec 2025 — | Mar 2026 200% | Jun 2026 —
- AHRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 288% | Sep 2022 425% | Dec 2022 400% | Mar 2023 -58% | Jun 2023 -52% | Sep 2023 -81% | Dec 2023 -240% | Mar 2024 260% | Jun 2024 -80% | Sep 2024 -200% | Dec 2024 — | Mar 2025 -122% | Jun 2025 133% | Sep 2025 — | Dec 2025 -93% | Mar 2026 — | Jun 2026 —
- GOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -25% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 -350% | Sep 2023 -33% | Dec 2023 67% | Mar 2024 33% | Jun 2024 — | Sep 2024 500% | Dec 2024 40% | Mar 2025 25% | Jun 2025 150% | Sep 2025 -67% | Dec 2025 -29% | Mar 2026 40% | Jun 2026 —
- FVR: 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 -138% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 17% | Dec 2022 29% | Mar 2023 -44% | Jun 2023 -59% | Sep 2023 -57% | Dec 2023 67% | Mar 2024 0.0% | Jun 2024 43% | Sep 2024 67% | Dec 2024 -27% | Mar 2025 -20% | Jun 2025 -10% | Sep 2025 120% | Dec 2025 -82% | Mar 2026 50% | 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 | 0/13 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. VICI Properties Inc. (VICI): ₹16.9K Cr
2. W. P. Carey Inc. (WPC): ₹8.9K Cr
3. Safehold Inc. (SAFE): ₹4.7K Cr
4. Broadstone Net Lease, Inc. (BNL): ₹2.7K Cr
5. JBG SMITH Properties (JBGS): ₹2.5K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- VICI: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹13.7K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹16.6K Cr | Jun 2023 ₹16.6K Cr | Sep 2023 ₹16.7K Cr | Dec 2023 ₹16.7K Cr | Mar 2024 ₹16.7K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹16.7K Cr | Dec 2024 ₹16.7K Cr | Mar 2025 ₹16.8K Cr | Jun 2025 ₹16.9K Cr | Sep 2025 ₹16.8K Cr | Dec 2025 ₹16.8K Cr | Mar 2026 ₹16.8K Cr | Jun 2026 ₹16.9K Cr
- WPC: Sep 2021 ₹6.7K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹8.6K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 ₹8.9K Cr
- BNL: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.7K Cr
- GNL: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- AAT: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.7K Cr
- ESRT: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.2K Cr
- SAFE: Sep 2021 ₹3.4K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.7K Cr
- JBGS: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- CTO: Sep 2021 ₹230 Cr | Dec 2021 ₹278 Cr | Mar 2022 ₹298 Cr | Jun 2022 ₹343 Cr | Sep 2022 ₹370 Cr | Dec 2022 ₹446 Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹542 Cr | Sep 2023 ₹548 Cr | Dec 2023 ₹495 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹527 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹604 Cr | Dec 2025 ₹616 Cr | Mar 2026 ₹650 Cr | Jun 2026 ₹659 Cr
- AHRT: Sep 2021 ₹968 Cr | Dec 2021 ₹918 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- GOOD: Sep 2021 ₹680 Cr | Dec 2021 ₹713 Cr | Mar 2022 ₹711 Cr | Jun 2022 ₹739 Cr | Sep 2022 ₹747 Cr | Dec 2022 ₹755 Cr | Mar 2023 ₹753 Cr | Jun 2023 ₹759 Cr | Sep 2023 ₹754 Cr | Dec 2023 ₹744 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹727 Cr | Sep 2024 ₹697 Cr | Dec 2024 ₹697 Cr | Mar 2025 ₹748 Cr | Jun 2025 ₹801 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹850 Cr | Mar 2026 ₹843 Cr | Jun 2026 —
- FVR: Sep 2021 ₹288 Cr | Dec 2021 ₹288 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹444 Cr | Jun 2024 ₹442 Cr | Sep 2024 — | Dec 2024 ₹433 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹329 Cr | Mar 2026 ₹327 Cr | Jun 2026 —
- OLP: Sep 2021 ₹406 Cr | Dec 2021 ₹408 Cr | Mar 2022 ₹403 Cr | Jun 2022 ₹427 Cr | Sep 2022 ₹414 Cr | Dec 2022 ₹426 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹429 Cr | Dec 2023 ₹418 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹426 Cr | Dec 2024 ₹421 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹455 Cr | Sep 2025 ₹459 Cr | Dec 2025 ₹517 Cr | Mar 2026 ₹561 Cr | Jun 2026 —

## Return On Assets

What the numbers say: One Liberty Properties, Inc. leads roa at 1.6%; Global Net Lease, Inc. leads roa change at +0.8 percentage points.

Investor read: One Liberty 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: One Liberty Properties, Inc. · 1.6% | 0% versus #2 · VICI Properties Inc. | 5/8 recent comparable periods | 12/13 companies · 231 observations

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

### ROA — highest
1. One Liberty Properties, Inc. (OLP): 1.6%
2. VICI Properties Inc. (VICI): 1.6%
3. Gladstone Commercial Corporation (GOOD): 1.4%
4. Safehold Inc. (SAFE): 1.1%
5. American Assets Trust, Inc. (AAT): 0.9%

### ROA change — fastest improvers
1. Global Net Lease, Inc. (GNL): +0.8 pp
2. One Liberty Properties, Inc. (OLP): +0.4 pp
3. Gladstone Commercial Corporation (GOOD): +0.2 pp
4. Broadstone Net Lease, Inc. (BNL): +0.1 pp
5. CTO Realty Growth, Inc. (CTO): +0.1 pp

### 20-quarter ROA history
- VICI: Sep 2021 2.0% | Dec 2021 2.0% | Mar 2022 1.6% | Jun 2022 0.2% | Sep 2022 1.8% | Dec 2022 2.7% | Mar 2023 2.3% | Jun 2023 2.3% | Sep 2023 1.9% | Dec 2023 2.4% | Mar 2024 1.9% | Jun 2024 2.2% | Sep 2024 2.2% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 2.4% | Sep 2025 2.1% | Dec 2025 1.8% | Mar 2026 2.4% | Jun 2026 1.6%
- WPC: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 0.8% | Dec 2022 1.0% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 1.0% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 0.8% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 0.8%
- BNL: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 1.1% | Jun 2026 0.9%
- GNL: Sep 2021 0.9% | Dec 2021 1.8% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 0.8% | Dec 2022 0.4% | Mar 2023 1.8% | Jun 2023 0.1% | Sep 2023 -1.5% | Dec 2023 0.7% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.2% | Dec 2024 0.6% | Mar 2025 -0.4% | Jun 2025 0.6% | Sep 2025 -0.1% | Dec 2025 0.2% | Mar 2026 0.4% | Jun 2026 —
- AAT: Sep 2021 0.9% | Dec 2021 0.9% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 1.0% | Dec 2022 0.9% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.2% | Dec 2024 1.0% | Mar 2025 2.4% | Jun 2025 0.9% | Sep 2025 0.8% | Dec 2025 0.7% | Mar 2026 0.9% | Jun 2026 0.9%
- ESRT: Sep 2021 0.3% | Dec 2021 0.8% | Mar 2022 0.1% | Jun 2022 1.1% | Sep 2022 0.7% | Dec 2022 0.9% | Mar 2023 0.5% | Jun 2023 1.1% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 1.1% | Jun 2026 -3.3%
- SAFE: Sep 2021 0.5% | Dec 2021 0.3% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 1.1% | Mar 2023 0.8% | Jun 2023 1.2% | Sep 2023 -1.7% | Dec 2023 1.3% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 1.1%
- JBGS: Sep 2021 0.0% | Dec 2021 -0.1% | Mar 2022 0.0% | Jun 2022 0.1% | Sep 2022 0.2% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.3% | Dec 2023 0.1% | Mar 2024 0.0% | Jun 2024 -0.1% | Sep 2024 0.1% | Dec 2024 0.0% | Mar 2025 -0.1% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -0.2% | Jun 2026 —
- CTO: Sep 2021 0.6% | Dec 2021 0.3% | Mar 2022 -0.3% | Jun 2022 0.6% | Sep 2022 0.8% | Dec 2022 0.2% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 -0.7% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 0.8%
- GOOD: Sep 2021 2.2% | Dec 2021 2.2% | Mar 2022 2.2% | Jun 2022 2.2% | Sep 2022 2.5% | Dec 2022 2.2% | Mar 2023 2.3% | Jun 2023 2.4% | Sep 2023 2.3% | Dec 2023 2.2% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.4% | Mar 2025 1.2% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 2.8% | Mar 2026 1.4% | Jun 2026 —
- FVR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.2% | Sep 2023 — | Dec 2023 0.3% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 — | Dec 2024 0.9% | Mar 2025 0.4% | Jun 2025 -0.1% | Sep 2025 0.3% | Dec 2025 -0.4% | Mar 2026 0.4% | Jun 2026 —
- OLP: Sep 2021 1.2% | Dec 2021 1.4% | Mar 2022 1.7% | Jun 2022 2.1% | Sep 2022 1.5% | Dec 2022 1.8% | Mar 2023 1.3% | Jun 2023 1.5% | Sep 2023 1.1% | Dec 2023 2.6% | Mar 2024 1.3% | Jun 2024 1.9% | Sep 2024 1.3% | Dec 2024 2.0% | Mar 2025 1.2% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 0.9% | Mar 2026 1.6% | Jun 2026 —

### 20-quarter ROA change history
- VICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.7 pp | Mar 2023 +0.7 pp | Jun 2023 +2.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.3 pp | Dec 2024 −0.5 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.7 pp | Jun 2026 −0.8 pp
- WPC: 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 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 −0.3 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 −0.2 pp
- BNL: 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 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.6 pp | Mar 2024 −0.7 pp | Jun 2024 −0.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.4 pp | Jun 2026 +0.1 pp
- GNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −1.4 pp | Mar 2023 +0.8 pp | Jun 2023 −0.8 pp | Sep 2023 −2.3 pp | Dec 2023 +0.3 pp | Mar 2024 −1.3 pp | Jun 2024 +0.4 pp | Sep 2024 +1.7 pp | Dec 2024 −0.1 pp | Mar 2025 −0.9 pp | Jun 2025 +0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- AAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 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 0.0 pp | Mar 2025 +1.4 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.3 pp | Mar 2026 −1.5 pp | Jun 2026 0.0 pp
- ESRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 +0.2 pp | Dec 2023 0.0 pp | Mar 2024 +0.3 pp | Jun 2024 −0.2 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +0.5 pp | Jun 2026 −4.1 pp
- SAFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.8 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 −3.0 pp | Dec 2023 +0.2 pp | Mar 2024 +0.3 pp | Jun 2024 −0.1 pp | Sep 2024 +2.7 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- JBGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 −0.2 pp | Sep 2023 −0.2 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −1.3 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +1.4 pp | Mar 2026 +0.1 pp | Jun 2026 +0.1 pp
- GOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −1.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.2 pp | Jun 2026 —
- FVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.4 pp | Mar 2024 −0.1 pp | Jun 2024 +0.3 pp | Sep 2024 — | Dec 2024 +0.6 pp | Mar 2025 0.0 pp | Jun 2025 −0.6 pp | Sep 2025 — | Dec 2025 −1.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- OLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 −0.4 pp | Jun 2023 −0.6 pp | Sep 2023 −0.4 pp | Dec 2023 +0.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 −0.6 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.7 pp | Dec 2025 −1.1 pp | Mar 2026 +0.4 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: CTO Realty Growth, Inc. leads roe at 2.4%; Global Net Lease, Inc. leads roe change at +8.2 percentage points.

Investor read: CTO Realty Growth, 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 roe change signal.

Evidence: CTO Realty Growth, Inc. · 2.4% | 9.1% versus #2 · W. P. Carey Inc. | 4/8 recent comparable periods | 13/13 companies · 250 observations

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

### ROE — highest
1. CTO Realty Growth, Inc. (CTO): 2.4%
2. W. P. Carey Inc. (WPC): 2.2%
3. One Liberty Properties, Inc. (OLP): 2.1%
4. Gladstone Commercial Corporation (GOOD): 2.0%
5. VICI Properties Inc. (VICI): 1.9%

### ROE change — fastest improvers
1. Global Net Lease, Inc. (GNL): +8.2 pp
2. CTO Realty Growth, Inc. (CTO): +6.8 pp
3. W. P. Carey Inc. (WPC): +1.6 pp
4. JBG SMITH Properties (JBGS): +1.0 pp
5. Broadstone Net Lease, Inc. (BNL): +0.7 pp

### 20-quarter ROE history
- VICI: Sep 2021 1.5% | Dec 2021 2.6% | Mar 2022 1.9% | Jun 2022 -0.4% | Sep 2022 2.0% | Dec 2022 3.6% | Mar 2023 2.7% | Jun 2023 3.0% | Sep 2023 2.4% | Dec 2023 3.2% | Mar 2024 2.4% | Jun 2024 3.0% | Sep 2024 2.9% | Dec 2024 2.4% | Mar 2025 2.1% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 2.2% | Mar 2026 3.2% | Jun 2026 1.9%
- WPC: Sep 2021 1.9% | Dec 2021 1.4% | Mar 2022 2.2% | Jun 2022 1.7% | Sep 2022 1.3% | Dec 2022 2.5% | Mar 2023 3.5% | Jun 2023 1.7% | Sep 2023 1.4% | Dec 2023 1.6% | Mar 2024 1.8% | Jun 2024 1.6% | Sep 2024 1.3% | Dec 2024 0.5% | Mar 2025 1.5% | Jun 2025 0.6% | Sep 2025 1.7% | Dec 2025 1.9% | Mar 2026 2.1% | Jun 2026 2.2%
- BNL: Sep 2021 1.2% | Dec 2021 1.2% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.0% | Dec 2022 1.2% | Mar 2023 1.4% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 0.2% | Mar 2024 2.1% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 0.9% | Mar 2025 0.6% | Jun 2025 0.6% | Sep 2025 0.9% | Dec 2025 1.1% | Mar 2026 1.5% | Jun 2026 1.3%
- GNL: Sep 2021 0.5% | Dec 2021 -0.2% | Mar 2022 0.7% | Jun 2022 0.0% | Sep 2022 0.9% | Dec 2022 -0.8% | Mar 2023 -0.1% | Jun 2023 -1.8% | Sep 2023 -6.4% | Dec 2023 -2.4% | Mar 2024 -1.2% | Jun 2024 -1.9% | Sep 2024 -2.6% | Dec 2024 -0.3% | Mar 2025 -8.5% | Jun 2025 -1.1% | Sep 2025 -3.0% | Dec 2025 2.5% | Mar 2026 -0.3% | Jun 2026 —
- AAT: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.1% | Jun 2022 1.1% | Sep 2022 1.4% | Dec 2022 1.0% | Mar 2023 1.7% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 2.1% | Jun 2024 1.3% | Sep 2024 1.8% | Dec 2024 1.0% | Mar 2025 4.7% | Jun 2025 0.6% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.6% | Jun 2026 0.6%
- ESRT: Sep 2021 -0.6% | Dec 2021 -0.2% | Mar 2022 -1.0% | Jun 2022 2.9% | Sep 2022 0.6% | Dec 2022 1.3% | Mar 2023 0.7% | Jun 2023 2.2% | Sep 2023 1.2% | Dec 2023 0.9% | Mar 2024 0.6% | Jun 2024 1.6% | Sep 2024 1.3% | Dec 2024 1.1% | Mar 2025 0.9% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 1.8% | Mar 2026 0.2% | Jun 2026 -2.2%
- SAFE: Sep 2021 10% | Dec 2021 2.6% | Mar 2022 1.8% | Jun 2022 1.7% | Sep 2022 5.5% | Dec 2022 1.4% | Mar 2023 0.2% | Jun 2023 1.3% | Sep 2023 -6.0% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 1.4% | Sep 2024 1.0% | Dec 2024 1.2% | Mar 2025 1.3% | Jun 2025 1.3% | Sep 2025 1.4% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 1.4%
- JBGS: Sep 2021 0.0% | Dec 2021 -1.8% | Mar 2022 0.0% | Jun 2022 4.0% | Sep 2022 -0.6% | Dec 2022 -0.6% | Mar 2023 0.7% | Jun 2023 -0.4% | Sep 2023 -2.2% | Dec 2023 -1.3% | Mar 2024 -1.5% | Jun 2024 -1.2% | Sep 2024 -1.2% | Dec 2024 -2.9% | Mar 2025 -2.3% | Jun 2025 -1.1% | Sep 2025 -1.7% | Dec 2025 -2.9% | Mar 2026 -1.3% | Jun 2026 —
- CTO: Sep 2021 6.7% | Dec 2021 0.5% | Mar 2022 0.1% | Jun 2022 0.3% | Sep 2022 1.1% | Dec 2022 -0.7% | Mar 2023 -1.3% | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 1.5% | Mar 2024 1.2% | Jun 2024 0.2% | Sep 2024 1.2% | Dec 2024 -2.8% | Mar 2025 0.4% | Jun 2025 -4.4% | Sep 2025 0.5% | Dec 2025 4.8% | Mar 2026 1.1% | Jun 2026 2.4%
- AHRT: Sep 2021 1.0% | Dec 2021 0.4% | Mar 2022 1.5% | Jun 2022 3.7% | Sep 2022 5.1% | Dec 2022 1.7% | Mar 2023 0.6% | Jun 2023 1.7% | Sep 2023 0.9% | Dec 2023 -2.5% | Mar 2024 2.1% | Jun 2024 0.4% | Sep 2024 -0.9% | Dec 2024 3.4% | Mar 2025 -0.5% | Jun 2025 0.8% | Sep 2025 -0.1% | Dec 2025 0.3% | Mar 2026 -3.7% | Jun 2026 —
- GOOD: Sep 2021 1.2% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.4% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 -1.2% | Sep 2023 0.5% | Dec 2023 1.3% | Mar 2024 1.0% | Jun 2024 0.5% | Sep 2024 3.4% | Dec 2024 2.2% | Mar 2025 1.5% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 1.6% | Mar 2026 2.0% | Jun 2026 —
- FVR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -1.2% | Dec 2022 -8.5% | Mar 2023 -1.0% | Jun 2023 -2.4% | Sep 2023 — | Dec 2023 5.3% | Mar 2024 -1.1% | Jun 2024 -1.0% | Sep 2024 — | Dec 2024 -2.3% | Mar 2025 -0.3% | Jun 2025 -1.1% | Sep 2025 1.4% | Dec 2025 -1.0% | Mar 2026 0.1% | Jun 2026 —
- OLP: Sep 2021 2.1% | Dec 2021 2.2% | Mar 2022 3.1% | Jun 2022 5.4% | Sep 2022 2.3% | Dec 2022 2.9% | Mar 2023 1.7% | Jun 2023 2.1% | Sep 2023 0.9% | Dec 2023 4.9% | Mar 2024 1.7% | Jun 2024 3.1% | Sep 2024 1.7% | Dec 2024 3.4% | Mar 2025 1.4% | Jun 2025 3.1% | Sep 2025 3.6% | Dec 2025 0.8% | Mar 2026 2.1% | Jun 2026 —

### 20-quarter ROE change history
- VICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.0 pp | Mar 2023 +0.8 pp | Jun 2023 +3.4 pp | Sep 2023 +0.4 pp | Dec 2023 −0.4 pp | Mar 2024 −0.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.5 pp | Dec 2024 −0.8 pp | Mar 2025 −0.3 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +1.1 pp | Jun 2026 −1.4 pp
- WPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +1.1 pp | Mar 2023 +1.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 −0.9 pp | Mar 2024 −1.7 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −1.1 pp | Mar 2025 −0.3 pp | Jun 2025 −1.0 pp | Sep 2025 +0.4 pp | Dec 2025 +1.4 pp | Mar 2026 +0.6 pp | Jun 2026 +1.6 pp
- BNL: 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 +0.8 pp | Sep 2023 +0.7 pp | Dec 2023 −1.0 pp | Mar 2024 +0.7 pp | Jun 2024 −0.9 pp | Sep 2024 −0.5 pp | Dec 2024 +0.7 pp | Mar 2025 −1.5 pp | Jun 2025 −0.5 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.9 pp | Jun 2026 +0.7 pp
- GNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.6 pp | Mar 2023 −0.8 pp | Jun 2023 −1.8 pp | Sep 2023 −7.3 pp | Dec 2023 −1.6 pp | Mar 2024 −1.1 pp | Jun 2024 −0.1 pp | Sep 2024 +3.8 pp | Dec 2024 +2.1 pp | Mar 2025 −7.3 pp | Jun 2025 +0.8 pp | Sep 2025 −0.4 pp | Dec 2025 +2.8 pp | Mar 2026 +8.2 pp | Jun 2026 —
- AAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.2 pp | Sep 2023 −0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.5 pp | Dec 2024 −0.2 pp | Mar 2025 +2.6 pp | Jun 2025 −0.7 pp | Sep 2025 −1.3 pp | Dec 2025 −0.6 pp | Mar 2026 −4.1 pp | Jun 2026 0.0 pp
- ESRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.5 pp | Mar 2023 +1.7 pp | Jun 2023 −0.7 pp | Sep 2023 +0.6 pp | Dec 2023 −0.4 pp | Mar 2024 −0.1 pp | Jun 2024 −0.6 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 +0.7 pp | Mar 2026 −0.7 pp | Jun 2026 −2.8 pp
- SAFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.6 pp | Dec 2022 −1.2 pp | Mar 2023 −1.6 pp | Jun 2023 −0.4 pp | Sep 2023 −11.5 pp | Dec 2023 +0.5 pp | Mar 2024 +1.3 pp | Jun 2024 +0.1 pp | Sep 2024 +7.0 pp | Dec 2024 −0.7 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- JBGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +1.2 pp | Mar 2023 +0.7 pp | Jun 2023 −4.4 pp | Sep 2023 −1.6 pp | Dec 2023 −0.7 pp | Mar 2024 −2.2 pp | Jun 2024 −0.8 pp | Sep 2024 +1.0 pp | Dec 2024 −1.6 pp | Mar 2025 −0.8 pp | Jun 2025 +0.1 pp | Sep 2025 −0.5 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- CTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 −1.2 pp | Mar 2023 −1.4 pp | Jun 2023 +0.1 pp | Sep 2023 −0.5 pp | Dec 2023 +2.2 pp | Mar 2024 +2.5 pp | Jun 2024 −0.2 pp | Sep 2024 +0.6 pp | Dec 2024 −4.3 pp | Mar 2025 −0.8 pp | Jun 2025 −4.6 pp | Sep 2025 −0.7 pp | Dec 2025 +7.6 pp | Mar 2026 +0.7 pp | Jun 2026 +6.8 pp
- AHRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +1.3 pp | Mar 2023 −0.9 pp | Jun 2023 −2.0 pp | Sep 2023 −4.2 pp | Dec 2023 −4.2 pp | Mar 2024 +1.5 pp | Jun 2024 −1.3 pp | Sep 2024 −1.8 pp | Dec 2024 +5.9 pp | Mar 2025 −2.6 pp | Jun 2025 +0.4 pp | Sep 2025 +0.8 pp | Dec 2025 −3.1 pp | Mar 2026 −3.2 pp | Jun 2026 —
- GOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −1.6 pp | Sep 2023 −0.2 pp | Dec 2023 +0.5 pp | Mar 2024 +0.2 pp | Jun 2024 +1.7 pp | Sep 2024 +2.9 pp | Dec 2024 +0.9 pp | Mar 2025 +0.5 pp | Jun 2025 +0.9 pp | Sep 2025 −2.2 pp | Dec 2025 −0.6 pp | Mar 2026 +0.5 pp | Jun 2026 —
- FVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −8.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +13.8 pp | Mar 2024 −0.1 pp | Jun 2024 +1.4 pp | Sep 2024 — | Dec 2024 −7.6 pp | Mar 2025 +0.8 pp | Jun 2025 −0.1 pp | Sep 2025 — | Dec 2025 +1.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- OLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.7 pp | Mar 2023 −1.4 pp | Jun 2023 −3.3 pp | Sep 2023 −1.4 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +0.8 pp | Dec 2024 −1.5 pp | Mar 2025 −0.3 pp | Jun 2025 0.0 pp | Sep 2025 +1.9 pp | Dec 2025 −2.6 pp | Mar 2026 +0.7 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 | 0/13 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: Safehold Inc. has the lowest comparable P/BV ÷ ROE at 0.33×, 35.3% below CTO Realty Growth, Inc.. Only 9 of 13 companies have earnings and growth steady enough for the ratio to mean anything, 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: Safehold Inc. · 0.33× | 35.3% versus #2 · CTO Realty Growth, Inc. | 0/8 recent comparable periods | 9/13 companies · 175 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. Safehold Inc. (SAFE): 0.3
2. CTO Realty Growth, Inc. (CTO): 0.5
3. VICI Properties Inc. (VICI): 0.5
4. One Liberty Properties, Inc. (OLP): 0.7
5. W. P. Carey Inc. (WPC): 0.9

### P/BV — lowest P/BV
1. Safehold Inc. (SAFE): 0.5
2. AH REALTY TRUST INC (AHRT): 0.7
3. JBG SMITH Properties (JBGS): 0.8
4. FrontView REIT, Inc. (FVR): 0.8
5. Empire State Realty Trust, Inc. (ESRT): 0.8

### 20-quarter P/BV ÷ ROE history
- VICI: Sep 2021 1.0 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 0.5
- WPC: Sep 2021 1.0 | Dec 2021 1.4 | Mar 2022 0.9 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.2 | Dec 2024 2.8 | Mar 2025 1.1 | Jun 2025 2.8 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 0.9
- BNL: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 5.3 | Mar 2024 0.5 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 1.1
- GNL: Sep 2021 2.0 | Dec 2021 — | Mar 2022 1.5 | Jun 2022 — | Sep 2022 0.8 | 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 0.5 | Mar 2026 — | Jun 2026 —
- AAT: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 1.3 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 0.5 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 1.4 | Mar 2025 0.2 | Jun 2025 1.7 | Sep 2025 2.1 | Dec 2025 2.5 | Mar 2026 1.7 | Jun 2026 2.3
- ESRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 1.9 | Dec 2022 0.9 | Mar 2023 1.6 | Jun 2023 0.6 | Sep 2023 1.1 | Dec 2023 1.8 | Mar 2024 2.8 | Jun 2024 1.0 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 2.2 | Sep 2025 1.6 | Dec 2025 0.6 | Mar 2026 4.2 | Jun 2026 —
- SAFE: Sep 2021 0.6 | Dec 2021 2.5 | Mar 2022 1.5 | Jun 2022 0.9 | Sep 2022 0.2 | Dec 2022 0.6 | Mar 2023 4.4 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.8 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 0.3
- JBGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CTO: Sep 2021 0.1 | Dec 2021 1.7 | Mar 2022 9.3 | Jun 2022 2.9 | Sep 2022 0.7 | Dec 2022 — | Mar 2023 — | Jun 2023 2.0 | Sep 2023 1.3 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 4.1 | Sep 2024 0.8 | Dec 2024 — | Mar 2025 2.6 | Jun 2025 — | Sep 2025 1.9 | Dec 2025 0.2 | Mar 2026 1.0 | Jun 2026 0.5
- GOOD: Sep 2021 3.3 | Dec 2021 6.1 | Mar 2022 4.5 | Jun 2022 8.8 | Sep 2022 4.1 | Dec 2022 4.6 | Mar 2023 3.4 | Jun 2023 — | Sep 2023 5.6 | Dec 2023 2.7 | Mar 2024 3.8 | Jun 2024 8.1 | Sep 2024 1.3 | Dec 2024 1.9 | Mar 2025 2.5 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- FVR: 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 0.5 | Dec 2025 — | Mar 2026 8.3 | Jun 2026 —
- OLP: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 0.7 | Jun 2022 0.3 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.9 | Jun 2023 0.6 | Sep 2023 1.4 | Dec 2023 0.3 | Mar 2024 0.9 | Jun 2024 0.5 | Sep 2024 1.1 | Dec 2024 0.5 | Mar 2025 1.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 1.8 | Mar 2026 0.7 | Jun 2026 —

### 20-quarter P/BV history
- VICI: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 1.0
- WPC: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 2.1 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.5 | Sep 2023 1.2 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 1.9
- BNL: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 1.4
- GNL: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.3 | Jun 2026 —
- AAT: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 1.4
- ESRT: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.7 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- SAFE: Sep 2021 5.8 | Dec 2021 6.5 | Mar 2022 2.6 | Jun 2022 1.5 | Sep 2022 1.1 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 0.5
- JBGS: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- CTO: Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 1.2
- AHRT: 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 — | Mar 2026 0.7 | Jun 2026 —
- GOOD: Sep 2021 3.9 | Dec 2021 4.9 | Mar 2022 4.0 | Jun 2022 3.5 | Sep 2022 2.9 | Dec 2022 3.7 | Mar 2023 2.7 | Jun 2023 2.7 | Sep 2023 2.8 | Dec 2023 3.5 | Mar 2024 3.8 | Jun 2024 4.1 | Sep 2024 4.2 | Dec 2024 4.2 | Mar 2025 3.8 | Jun 2025 3.8 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 3.4 | Jun 2026 —
- FVR: 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 1.0 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- OLP: Sep 2021 2.0 | Dec 2021 2.3 | Mar 2022 2.0 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 —


## 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
- VICI Properties Inc. (VICI) — market value ₹29.3K Cr; latest fundamentals Jun 2026
- W. P. Carey Inc. (WPC) — market value ₹16.5K Cr; latest fundamentals Jun 2026
- Broadstone Net Lease, Inc. (BNL) — market value ₹4.2K Cr; latest fundamentals Jun 2026
- Global Net Lease, Inc. (GNL) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- American Assets Trust, Inc. (AAT) — market value ₹1.8K Cr; latest fundamentals Jun 2026
- Empire State Realty Trust, Inc. (ESRT) — market value ₹1.4K Cr; latest fundamentals Jun 2026
- Safehold Inc. (SAFE) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- JBG SMITH Properties (JBGS) — market value ₹856 Cr; latest fundamentals Mar 2026
- CTO Realty Growth, Inc. (CTO) — market value ₹819 Cr; latest fundamentals Jun 2026
- AH REALTY TRUST INC (AHRT) — market value ₹706 Cr; latest fundamentals Mar 2026
- Gladstone Commercial Corporation (GOOD) — market value ₹608 Cr; latest fundamentals Mar 2026
- FrontView REIT, Inc. (FVR) — market value ₹569 Cr; latest fundamentals Mar 2026
- One Liberty Properties, Inc. (OLP) — market value ₹537 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

REIT - Diversified has underperformed S&P 500 by 12.2% over 52 weeks and 4.2% over 13 weeks. 3 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 13 beat the sector itself.

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

JBG SMITH Properties leads with income of $506 million, based on 6 of 13 comparable companies through Mar 2026.

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

One Liberty Properties, Inc. has the fastest current income growth at 10.9%, across 5 of 13 comparable companies.

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

CTO Realty Growth, Inc. ranks first at 57.4/100 with 60.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Safehold Inc. has the lowest comparable P/BV ÷ ROE at 0.33, among 9 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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

JBG SMITH Properties is the largest, with trailing-twelve-month income of $506 million, ahead of Global Net Lease, Inc. at $472 million. That covers 6 of 13 companies with comparable reporting through Mar 2026.

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

One Liberty Properties, Inc. earns the most, at $28 million of trailing-twelve-month net profit, from 6 of 13 comparable companies. One Liberty Properties, Inc. has the fastest profit growth at -6.7%, though growth off a small or recovering profit base overstates how much has actually changed.

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

One Liberty Properties, Inc. leads on return on assets at 1.6%, across 12 of 13 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 - Diversified stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Safehold Inc. screens cheapest at 0.33×. Only 9 of 13 companies have earnings and growth steady enough for the ratio to mean anything, 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 - Diversified sector beating the market?

REIT - Diversified has underperformed S&P 500 by 12.2% over the last 52 weeks and 4.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

FrontView REIT, 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 - Diversified company scores highest for research priority?

CTO Realty Growth, Inc. scores 57.4 out of 100 with 60.2% evidence confidence, from 19.8 points on growth and earnings, 11.8 on capital efficiency, 8 on valuation and 17.8 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 - Diversified companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals, 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 - Diversified sector?

The 13 REIT - Diversified companies on this page carry $60,260 million of combined market value. VICI Properties Inc. is the largest at $29,278 million, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

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

The median price-to-book ratio across the 13 REIT - Diversified companies on this page is 1.2×, 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 2026-08-04.

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

3 of the 13 covered REIT - Diversified companies are beating S&P 500 on Mansfield relative strength. The sector itself is 12.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

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

This comparison covers 13 listed REIT - Diversified 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.