REITs and Real Estate
REITs and Real Estate Infrastructure
Public Tower Portfolios
American Tower is global. Crown Castle is US-only and is selling fiber. SBA sits between them. Do not average site counts.
American Tower Year-End 2025
149,686 sites and $10.645B of revenue. The 30 US data centers are a footnote. Colo landlords stay on Data Centers.
Communications sites
149,686
Global sites at December 31, 2025. US and Canada were 42,224.
AMT 2025 10-K
2025 revenue
$10.645B
Total revenue for the year ended December 31, 2025.
AMT 2025 10-K
Property operations
97%
Property operations as a share of 2025 results. This is tower site leasing.
AMT 2025 10-K
US data centers
30
US data centers at year-end. A rounding error next to the tower book. Colo landlords stay on Data Centers.
AMT 2025 10-K
Crown Castle Fiber Sale
US-only towers plus a signed $8.5B fiber and small-cell sale. Close is not confirmed on this card.
| Item | |
|---|---|
| US towers | more than 40,000 |
| Small-cell nodes | 105,000 |
| Fiber route miles | 90,000 |
| Fiber and small-cell sale | $8.5B, signed March 13, 2025 |
| Expected close (as of FY 2025 reporting) | first half of 2026. Close is not confirmed on this card. |
| Geography | US-only. Unlike American Tower and SBA, there is no international tower book. |
SBA Mix
46,328 towers, 17,394 in the US. Site leasing was 97.9% of 2025 segment operating profit.
| Item | |
|---|---|
| Towers owned | 46,328 |
| US and territories | 17,394 |
| US share of site-leasing revenue | 72.6% |
| Site leasing share of 2025 segment operating profit | 97.9% |
| Brazil share of towers | about 30% |
Prologis Operating Prints
1.3 billion square feet at 95.8% period-end occupancy. The rent-change print is on 2025 rollovers, not a forecast.
| Metric | Window | |
|---|---|---|
| Owned and managed floor area | 1.3 billion sq ft | December 31, 2025 |
| Assets under management | $230B | December 31, 2025 |
| Period-end occupancy (O&M) | 95.8% | Q4 2025 |
| Average occupancy (O&M) | 95.3% | Q4 2025 |
| Average occupancy (Prologis share) | 95.2% | Q4 2025 |
| Cash same-store NOI (Prologis share) | 5.7% | Q4 2025 |
| Net effective rent change (Prologis share) | 43.8% | Q4 2025 |
| Cash rent change (Prologis share) | 27.3% | Q4 2025 |
| Full-year net effective rent change on rollovers | about 50% | FY 2025, Prologis share |
| Remaining lease mark-to-market | about 18% | December 31, 2025, Prologis share NER |
| Retention | 77.7% | Q4 2025 |
Prologis Rent Change
Q4 net effective rent change 43.8% on Prologis share. Full-year rollovers about 50%. Remaining mark-to-market about 18%.
Infrastructure Scorecard
Towers, logistics, and timber. Weyerhaeuser is a lumber cycle, not a lease cycle. AMT's 30 US data centers do not move Equinix onto this page.
| Name | Ticker | Asset | Sourced print | What to watch |
|---|---|---|---|---|
| American Tower | AMT | Towers plus 30 US data centers | 149,686 sites; $10.645B revenue; property ops 97% | Carrier capex, DISH/EchoStar lease dispute (about 2% of 2025 property revenue), and whether the data-center slice stays a rounding error. |
| Crown Castle | CCI | US towers; fiber for sale | >40,000 towers; 105,000 small-cell nodes; 90,000 fiber route miles | Close of the $8.5B Zayo/EQT fiber sale, expected first half 2026. After close this is a pure tower REIT. |
| SBA Communications | SBAC | Towers | 46,328 towers; 17,394 in the US; US sites 72.6% of site-leasing revenue | International mix (Brazil about 30% of towers) and the same carrier-concentration risk as AMT and CCI. |
| Prologis | PLD | Logistics real estate | 1.3B sq ft; 95.8% period-end occupancy; ~50% FY NER rent change | Whether the remaining 18% mark-to-market still converts as market rents flatten. |
| Weyerhaeuser | WY | Timber REIT | 10.389 million US acres owned or controlled; 14.107 million Canada license acres | Lumber and log prices, not tower tenancy. Do not add Canadian licenses to US fee acres. Do not average WY with AMT. |
Weyerhaeuser Timberland
10.389 million US acres owned or controlled. 14.107 million Canada license acres. Do not add them.