Owner Scorecard


← The groupings

An industry chapter · REITs — Specialty & Diversified

REITs — Specialty & Diversified

162 members, AAT to XRN, A to Z by ticker.

Gross profitability
not applied: every member is a balance-sheet business, where the read is a category error
Capital intensity
not applied: every member is a balance-sheet business, where the read is a category error
Net cash
not applied: every member is a balance-sheet business, where the read is a category error

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

Open anywhere in this chapter

AAT American Assets Trust

Assets Trust, Inc. is a Maryland corporation that was formed on July 16, 2010 to acquire the entities owning various controlling and noncontrolling interests in real estate assets owned and/or managed by Ernest S.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

ADAM Adamas Trust Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADAMI Adamas Trust, Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADAML Adamas Trust, Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADAMM Adamas Trust, Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADAMN Adamas Trust, Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADAMZ Adamas Trust, Inc.

We operate in two segments: investment portfolio and Constructive.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ADC Agree Realty

Agree Realty is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut

AGNC AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCL AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCM AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCN AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCO AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCP AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGNCZ AGNC Investment Corp.

Investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AHR American Healthcare REIT Inc.

Healthcare REIT, Inc. is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $29.91 · dividend paid 6 of 6 yrs, never cut

AIV Apartment Investment and Management Company

We have competition from other properties located in markets in which we have interests both from an operating perspective and with respect to the disposition of our assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $7.48 · dividend paid 6 of 10 yrs, cut at least once

AKR Acadia Realty Trust

We engage in development and redevelopment initiatives to unlock inherent property value and address shifting tenant and market requirements.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ALX Alexander's Inc.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AMH American Homes 4 Rent

American Homes 4 Rent is an internally managed Maryland real estate investment trust formed on October 19, 2012.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

AMT American Tower Corp.

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $179 · dividend paid 10 of 10 yrs, never cut

APLE Apple Hospitality REIT

Apple Hospitality REIT is one of the largest hospitality REITs in the U.S., in both the number of hotels and guest rooms, with significant geographic and brand diversity.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $14.00 · dividend paid 10 of 10 yrs, cut at least once

ARE Alexandria Real Estate Equities Inc.

Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction .

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ARI Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ARR ARMOUR Residential REIT Inc.

ARMOUR Residential REIT Inc. market and Interest Rate Trends and the Effect on our Securities Portfolio 2025 Trends In 2025, the U.S. administration introduced tariffs on imports from a broad set of countries in the first half of the year, including Canada, Mexico, European Union member states, Japan and China.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AVB AvalonBay Communities Inc.

Communities in our selected markets, we maintain regional offices to identify and support development opportunities through local market presence and access to local market information.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $150 · dividend paid 4 of 10 yrs, never cut

BDN Brandywine Realty Trust

We are a self-administered and self-managed real estate investment trust engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BFS Saul Centers Inc.

Saul Centers is the sole general partner, are referred to collectively as the "Company."

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut

BNL Broadstone Net Lease Inc.

Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BRSP BrightSpire Capital Inc.

Our investment strategy is dynamic and flexible, enabling us to adapt to shifts in economic, real estate and capital market conditions and to exploit market inefficiencies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $8.33 · dividend paid 8 of 10 yrs, cut at least once

BRX Brixmor

Brixmor Property Group Inc. and subsidiaries is an internally-managed corporation that has elected to be taxed as a real estate investment trust.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BXMT Blackstone Mortgage Trust Inc.

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BXP BXP Inc.

BXP is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs in the United States that develops, owns and manages primarily premier workplaces.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CBL CBL & Associates Properties Inc.

We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $21.34 · dividend paid 4 of 5 yrs, cut at least once

CCI Crown Castle Inc.

Our core business is providing access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $128 · dividend paid 10 of 10 yrs, cut at least once

CDP Copt Defense Properties

COPT Defense Properties and subsidiaries is a fully-integrated and self-managed real estate investment trust focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

CHCT Community Healthcare Trust Incorporated

We are a fully-integrated healthcare real estate company organized as a corporation in the State of Maryland on March 28, 2014.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

CIM Chimera Investment Corporation

Through our mortgage lending, investment management, and advisory services platforms, we operate as a fully integrated mortgage business that originates, manages, and invests in a diversified range of mortgage assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CIMN Chimera Investment Corporation

Through our mortgage lending, investment management, and advisory services platforms, we operate as a fully integrated mortgage business that originates, manages, and invests in a diversified range of mortgage assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CLDT Chatham Lodging Trust

We can create long-term value by pursuing the following strategies: Disciplined acquisition of hotel properties: We invest primarily in premium-branded upscale extended-stay and select-service hotels with a focus on the 25 largest metropolitan markets in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, cut at least once

COLD Americold

Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

CPT Camden Property Trust

Producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CSR Centerspace

Our current emphasis is on making operational enhancements that will improve our residents' experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CTO CTO Realty Growth Inc.

CTO Realty Growth Inc. operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $19.82 · dividend paid 6 of 6 yrs, never cut

CTRE CareTrust REIT

CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, never cut

CUBE CubeSmart

We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CUZ Cousins Properties

Cousins, CPLP, CTRS, and their subsidiaries develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, never cut

CXW CoreCivic Inc.

We provide to our federal customers continue to be a significant component of our business.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DEA Easterly Government Properties Inc.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

DEI Douglas Emmett

Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DHC Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DHCNI Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DHCNL Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DLR Digital Realty Trust Inc.

Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

DOC Healthpeak

Healthpeak Properties, Inc. is a Standard & Poor's 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $32.30 · dividend paid 10 of 10 yrs, cut at least once

DRH Diamondrock Hospitality Company

Our hotels and resorts are primarily categorized as luxury and upper upscale as defined by STR, Inc. and are generally located in high barrier-to-entry markets with multiple demand generators.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

DX Dynex Capital Inc.

Dynex Capital, Inc. is a real estate investment trust structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EGP EastGroup

EastGroup Properties, Inc., which we refer to in this Annual Report as the "Company," "EastGroup," "we," "us" or "our," is an internally-managed equity REIT first organized in 1969.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ELS Equity Lifestyle Properties Inc.

Properties generally provide a clubhouse for social activities and recreation and other amenities, which can include swimming pools, shuffleboard courts, tennis courts, pickleball courts, golf courses, lawn bowling, restaurants, laundry facilities, cable television and internet service.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $3.18 · dividend paid 10 of 10 yrs, never cut

EPR EPR Properties

Our position is further supported by the fact that our customers offer popular and affordable entertainment and social outlet options, particularly through our theatres, eat & play and cultural venues.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

EPRT Essential Properties

We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EQIX Equinix Inc. Common Stock REIT

Equinix is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

EQR Equity Residential

The Company is one of the largest U.S. publicly-traded owners and operators of high quality rental apartment properties, with a primary concentration in the major coastal markets of Boston, New York, Washington, D.C., Southern California, San Francisco and Seattle, diversified by a targeted presence in Denver, Atlanta, Dallas/Ft.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, cut at least once

ESRT Empire State Realty Trust Inc.

Empire State Realty Trust Inc. is a recognized leader in energy efficiency and indoor environmental quality.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $8.18 · dividend paid 10 of 10 yrs, cut at least once

ESS Essex Property Trust Inc.

Essex Property Trust Inc. is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EXR Extra Space Storage

Stores offer month-to-month rental of storage space for personal or business use.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $138 · dividend paid 4 of 4 yrs, never cut

FBRT Franklin BSP Realty Trust Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FCPT Four Corners Property Trust

Revenue is Real Estate Operations (89%) and Restaurant Operations (11%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

FPI Farmland Partners Inc.

Farmland located in agricultural markets throughout North America.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FR First Industrial

Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FRT Federal Realty Investment Trust

Federal Realty Investment Trust is an equity real estate investment trust.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FVR FrontView REIT Inc.

We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GLPI Gaming and Leisure Properties Inc.

We are focused primarily on regional gaming markets where customers are less dependent on air travel and where demand has historically been resilient.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

GNL Global Net Lease

We are an internally managed real estate investment trust for United States federal income tax purposes that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

GOOD Gladstone Commercial Corp

Gladstone Administration, LLC, provides administrative services to us.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GOODN Gladstone Commercial Corp

Gladstone Administration, LLC, provides administrative services to us.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GOODO Gladstone Commercial Corp

Gladstone Administration, LLC, provides administrative services to us.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HHH Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HIW Highwoods Properties

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HR Healthcare Realty Trust

Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $28.01 · dividend paid 6 of 6 yrs, never cut

HST Host Hotels & Resorts Inc.

Hotels in other markets, which we believe have high growth potential and diverse demand generators.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $16.03 · dividend paid 9 of 10 yrs, cut at least once

ILPT Industrial Logistics Properties Trust

Properties provide for rents to be reset to fair market value periodically during the lease terms.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 10 yrs, cut at least once

INN Summit Hotel Properties Inc.

Summit Hotel Properties, Inc. is a self-managed lodging property investment company that was organized on June 30, 2010 as a Maryland corporation.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $4.30 · dividend paid 5 of 10 yrs, cut at least once

IRM Iron Mountain Inc

We are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

IRT Independence Realty Trust

Trust that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

IVT InvenTrust Properties Corp.

We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

JBGS JBG SMITH Properties

JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KIM Kimco Realty Corporation (HC)

The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $237 · dividend paid 4 of 4 yrs, never cut

KRC Kilroy Realty

Kilroy Realty Corporation is a self-administered real estate investment trust active in premier office, life science, and mixed-use property types in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

KREF KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquirin g transitional senior loans secured by institutional-quality commercial real estate properties that are owned and operated by experienced and well-capitalized sponsors and located in top markets with strong underlying fundamentals.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KRG Kite Realty Group Trust

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

LADR Ladder Capital Corp

Ladder Capital is an investment grade-rated, internally-managed real estate investment trust that is a leader in commercial real estate finance.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LAMR Lamar Advertising

Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $101

LAND Gladstone Land Corporation

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LANDO Gladstone Land Corp

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LANDP Gladstone Land Corp

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LINE Lineage Inc.

We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $251 · dividend paid 4 of 4 yrs, cut at least once

LTC LTC Properties

We take this approach because competition for larger, fully marketed portfolios generally results in increased pricing that produces yields below our investment hurdles.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $29.25 · dividend paid 10 of 10 yrs, never cut

LXP LXP Industrial Trust

We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MAA Mid-America Apartment Communities Inc.

Apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $136 · dividend paid 10 of 10 yrs, never cut

MAC Macerich

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MPT Medical Properties Trust Inc.

We are a self-advised REIT formed in 2003 to acquire and develop net-leased healthcare facilities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NHI National Health Investors

We utilize third-party managers to operate these properties on our behalf and pay a management fee for their services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $60.78 · dividend paid 10 of 10 yrs, cut at least once

NHP National Healthcare Properties Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $81.04 · dividend paid 5 of 10 yrs, cut at least once

NHPAP National Healthcare Properties, Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $81.04 · dividend paid 5 of 10 yrs, cut at least once

NHPBP National Healthcare Properties, Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $81.04 · dividend paid 5 of 10 yrs, cut at least once

NLY Annaly Capital Management Inc.

Annaly Residential Credit Group Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NNN NNN REIT

NNN's top line of trade concentrations are the automotive service, convenience stores, restaurants, entertainment and dealerships sectors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NSA National Storage Affiliates

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $37.07 · dividend paid 10 of 10 yrs, cut at least once

NTST NetSTREIT Corp.

We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 7 yrs, never cut

NXRT NexPoint Real Estate Finance

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

O Realty Income Corp.

Revenue is Retail (75%), Industrial (15%) and Other (4%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

OHI Omega Healthcare

As healthcare delivery continues to evolve, we continuously evaluate potential investments, as well as our assets, operators, managers and markets to position our portfolio for long-term success.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

OLP One Liberty Properties Inc.

We are a self-administered and self-managed real estate investment trust, also known as a REIT.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ORC Orchid Island Capital Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

OUT OUTFRONT Media Inc.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

PEB Pebblebrook Hotel Trust

Hotel supply growth will be favorable, declining significantly from the historical growth rate prior to the pandemic with minimal new hotel openings in a number of our markets for many years.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, cut at least once

PECO Phillips Edison

Phillips Edison is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PINE Alpine Income Property Trust Inc.

Alpine Income Property Trust Inc. operates in two primary business segments: income properties and commercial loans and investments.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $16.29 · dividend paid 5 of 5 yrs, never cut

PLD Prologis Inc.

Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PSA Public Storage

Public Storage is a Maryland real estate investment trust engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PSTL Postal Realty Trust Inc.

We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut

REG Regency Centers Corporation

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

REGCO Regency Centers Corporation

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

REGCP Regency Centers Corporation

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

REXR Rexford Industrial

We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

RHP Ryman Hospitality Properties

Ryman is a Delaware corporation that began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $49.62 · dividend paid 10 of 10 yrs, cut at least once

RITM Rithm Capital Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RLJ RLJ Lodging Trust

The lodging industry in the United States consists of public and private entities that operate in an extremely diversified market under a variety of brand names.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $12.09 · dividend paid 10 of 10 yrs, cut at least once

RWT Redwood Trust Inc.

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RWTN Redwood Trust Inc

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RWTO Redwood Trust Inc

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RYN Rayonier Inc. REIT

We are a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, never cut

SAFE Safehold Inc. New Common Stock

We have chosen to focus on Ground Leases because we believe they meet an important need in the real estate capital markets for our customers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SBAC SBA Communications Corporation

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as "towers" or "sites."

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $207 · dividend paid 7 of 10 yrs, never cut

SBRA Sabra Health Care REIT

We operate as a self-administered, self-managed REIT that, through our subsidiaries, owns and invests in real estate serving the healthcare industry.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SCCD Sachem Capital Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, never cut

SCCE Sachem Capital Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, never cut

SCCF Sachem Capital Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, never cut

SCCG Sachem Capital Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, never cut

SILA Sila Realty Trust Inc.

Sila Realty Trust, Inc. is a Maryland corporation that was formed on January 11, 2013, headquartered in Tampa, Florida, that has elected, and conducts its operations so as to qualify, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, never cut

SLG SL Green Realty

We allocate the purchase price of real estate to land and building and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $101 · dividend paid 4 of 4 yrs, never cut

SMA SmartStop Self Storage REIT Inc.

Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SPG Simon Property Group

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $7,778

STAG STAG Industrial

We are a REIT focused on the acquisition, ownership, development, and operation of industrial properties throughout the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

STWD Starwood Property Trust, Inc.

Real estate property—engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SUI Sun Communities Inc.

We are a fully integrated real estate investment trust.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $125

SVC Service Properties Trust

We are a REIT formed in 1995 under the laws of the State of Maryland.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $8.14 · dividend paid 10 of 10 yrs, cut at least once

TCI Transcontinental Realty Investors Inc.

Transcontinental Realty Investors Inc. is a fully integrated externally managed real estate company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TPTA Terra Property Trust, Inc.

We are a real estate investment trust that originates, invests in and manages a diverse portfolio of real estate and real estate-related assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TRTX TPG RE Finance Trust Inc.

TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

UDR UDR Inc.

UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $37.13 · dividend paid 10 of 10 yrs, never cut

UHT Universal Health Realty Income Trust

We are a real estate investment trust that commenced operations in 1986.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, never cut

UMH UMH Properties

UMH is a Maryland corporation that operates as a self-administered and self-managed qualified real estate investment trust under Sections 856-860 of the Internal Revenue Code.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

VICI VICI Properties Inc.

Properties are curren tly located across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms and feature over 500 restaurants, bars, nightclubs and sportsbooks.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, never cut

VNO Vornado Realty Trust

Vornado is a fully integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

VTR Ventas Inc.

Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

WELL Welltower Inc.

Our properties include stand-alone properties that provide one level of service, combination properties that provide multiple levels of service and communities or campuses that provide a wide range of services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

WPC W. P. Carey Inc. REIT

Carey" or the "Company") is an internally-managed diversified REIT that is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

WSR Whitestone REIT

We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

WY Weyerhaeuser

We manufacture and distribute high-quality wood products, including structural lumber, oriented strand board, engineered wood products and other specialty products.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $30.48 · dividend paid 10 of 10 yrs, cut at least once

XRN Chiron Real Estate Inc.

Chiron Real Estate Inc. is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.