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.
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 |
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 | On the roster as the S&P 500 timber name | Lumber and log prices, not tower tenancy. Do not average WY with AMT. |
