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U.S. Specialized REITs Industry Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies26
  • 7D0.9%
  • 3M-10.5%
  • 1Y-10.6%
  • YTD-12.7%

Over the last 7 days, the Specialized REITs industry has remained flat, although notably Fermi declined by 8.8%. As for the longer term, the industry has declined 10% in the last year. Earnings are forecast to grow by 7.3% annually.

Industry Valuation and Performance

Has the U.S. Specialized REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025US$401.5bUS$56.7bUS$14.0b27.4x28.8x7.1x
Thu, 27 Nov 2025US$409.3bUS$56.7bUS$14.0b28.6x29.3x7.2x
Sat, 25 Oct 2025US$446.0bUS$56.0bUS$13.1b27.9x33.9x8x
Mon, 22 Sep 2025US$424.5bUS$55.7bUS$13.0b29.4x32.7x7.6x
Wed, 20 Aug 2025US$424.7bUS$55.7bUS$13.0b29.1x32.7x7.6x
Fri, 18 Jul 2025US$442.5bUS$55.2bUS$12.4b28.1x35.7x8x
Sun, 15 Jun 2025US$449.8bUS$55.2bUS$12.4b28.6x36.3x8.2x
Tue, 13 May 2025US$446.9bUS$55.1bUS$12.3b28.8x36.4x8.1x
Thu, 10 Apr 2025US$396.0bUS$54.8bUS$12.8b26.8x31x7.2x
Sat, 08 Mar 2025US$484.2bUS$60.9bUS$14.1b29.4x34.3x8x
Mon, 03 Feb 2025US$469.4bUS$61.5bUS$13.0b25.3x36.1x7.6x
Wed, 01 Jan 2025US$468.7bUS$61.6bUS$13.2b24.5x35.6x7.6x
Fri, 29 Nov 2024US$529.3bUS$61.5bUS$13.1b29.4x40.5x8.6x
Sun, 27 Oct 2024US$516.4bUS$61.3bUS$14.2b29.6x36.5x8.4x
Tue, 24 Sep 2024US$525.9bUS$61.7bUS$14.3b30.1x36.7x8.5x
Thu, 22 Aug 2024US$491.6bUS$61.7bUS$14.3b27.7x34.3x8x
Sat, 20 Jul 2024US$476.9bUS$61.0bUS$13.3b26.4x36x7.8x
Mon, 17 Jun 2024US$449.8bUS$61.3bUS$13.5b25.7x33.4x7.3x
Wed, 15 May 2024US$443.7bUS$61.3bUS$13.5b26.2x32.9x7.2x
Fri, 12 Apr 2024US$437.1bUS$61.0bUS$12.7b24.5x34.4x7.2x
Sun, 10 Mar 2024US$480.7bUS$61.0bUS$12.7b25.7x37.9x7.9x
Tue, 06 Feb 2024US$447.2bUS$59.9bUS$11.4b28x39.2x7.5x
Thu, 04 Jan 2024US$483.4bUS$60.9bUS$11.5b31.7x41.9x7.9x
Sat, 02 Dec 2023US$462.8bUS$60.9bUS$11.5b30.9x40.1x7.6x
Mon, 30 Oct 2023US$397.5bUS$60.6bUS$14.0b25.7x28.5x6.6x
Wed, 27 Sep 2023US$407.6bUS$60.1bUS$13.7b26.6x29.8x6.8x
Fri, 25 Aug 2023US$434.0bUS$60.1bUS$13.7b28x31.7x7.2x
Sun, 23 Jul 2023US$445.9bUS$60.2bUS$14.6b24.1x30.5x7.4x
Tue, 20 Jun 2023US$440.7bUS$60.0bUS$14.6b23.5x30.3x7.3x
Thu, 18 May 2023US$431.7bUS$60.0bUS$14.6b23.3x29.6x7.2x
Sat, 15 Apr 2023US$443.2bUS$59.8bUS$15.3b28.9x29x7.4x
Price to Earnings Ratio

29.3x


Total Market Cap: US$447.2bTotal Earnings: US$15.3bTotal Revenue: US$59.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Specialized REITs Industry Price to Earnings3Y Average 34.4x20242025
Current Industry PE
  • Investors are pessimistic on the American Specialized REITs industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 28.8x which is lower than its 3-year average PE of 34.4x.
  • The industry is trading close to its 3-year average PS ratio of 7.6x.
Past Earnings Growth
  • The earnings for companies in the Specialized REITs industry have declined 3.0% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Real Estate industry?

US Market-0.18%
Real Estate0.80%
Specialized REITs0.90%
Telecom Tower REITs1.91%
Timber REITs0.85%
Data Center REITs0.58%
Self-Storage REITs0.46%
Industry PE
  • Investors are most optimistic about the Data Center REITs industry even though it's trading below its 3-year average PE ratio of 79.4x.
    • Analysts are expecting annual earnings growth of 3.9%, which is lower than the prior year's growth of 120.3% per year.
  • Investors are most pessimistic about the Telecom Tower REITs industry, which is trading below its 3-year average of 42.6x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom Tower REITs industry, expecting annual earnings growth of 9.8% over the next 5 years.
  • However this is lower than its past earnings growth rate of 46% per year.
  • In contrast, the Data Center REITs industry is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AMT American TowerUS$175.831.9%
+US$1.5b		-3.3%PB20.8x
CCI Crown CastleUS$88.662.6%
+US$971.1m		-1.2%PS6x
DLR Digital Realty TrustUS$155.651.4%
+US$735.1m		-11.7%PB2.4x
EQIX EquinixUS$765.000.6%
+US$478.2m		-18.9%PB5.3x
IRM Iron MountainUS$82.632.0%
+US$475.9m		-20.3%PE153.4x

Latest News

CCI
US$88.66
Crown Castle
7D
2.6%
1Y
-1.2%

CCI: Tower-Only Pivot And Cost Cuts Will Drive Future Cash Flow

Analysts have modestly reduced their price target on Crown Castle by about $1 to roughly $113 per share, reflecting slightly lower fair value estimates along with expectations for higher discount rates, weaker revenue growth, and softer profit margins, even as they highlight operational improvements and the strategic benefits of a tower only focus. Analyst Commentary Street research points to a more balanced view on Crown Castle, with recent target cuts reflecting legal and macro risks while operational progress and the tower only pivot underpin a more constructive stance on the shares.
VICI
US$28.30
VICI Properties
7D
1.6%
1Y
-2.4%

VICI: Future Returns Will Hinge On Caesars Regional Lease Resilience

The analyst price target for VICI Properties has been modestly reduced by about $0.25 per share, as analysts factor in slightly higher discounting, muted new gaming investment opportunities, and potential rent pressure on key regional leases despite stable margins and revenue growth expectations. Analyst Commentary Recent research updates present a mixed but generally constructive view on VICI Properties, with modest target changes reflecting evolving expectations for regional gaming fundamentals, lease durability, and the company’s ability to deploy capital into attractive net lease opportunities.
LAMR
US$126.11
Lamar Advertising
7D
-1.1%
1Y
3.9%

LAMR: Political And World Cup Tailwinds Will Shape Resilient But Balanced Outlook

Lamar Advertising's analyst price target has inched higher by $1 to $128, as analysts point to the out of home channel's resilient momentum, a favorable 2026 sector backdrop, and expected cyclical tailwinds from political advertising and global sporting events. Analyst Commentary Recent commentary from JPMorgan highlights both supportive and cautionary factors for Lamar Advertising's valuation and growth outlook, shaping a nuanced risk reward profile at current levels.
PSA
US$259.32
Public Storage
7D
-0.04%
1Y
-13.4%

PSA Multiple Expansion Will Be Driven By Stronger Net Operating Income Trends

Analysts have trimmed their average price target for Public Storage to about $319 from roughly $326, citing slightly lower revenue growth assumptions, offset by modestly higher profit margins and improving net operating income trends that still support potential multiple expansion. Analyst Commentary Street research updates reflect a nuanced backdrop for Public Storage, with modestly revised price targets balancing improving fundamentals against macro and housing related headwinds.
AMT
US$175.83
American Tower
7D
1.9%
1Y
-3.3%
IRM
US$82.63
Iron Mountain
7D
2.0%
1Y
-20.3%

IRM: Leverage And Accounting Concerns Will Drive Bearish Repricing Ahead

Analysts have raised their price target on Iron Mountain by about $4 to approximately $123, citing continued confidence in double digit growth compounding and management's reassurances that recent short seller concerns are a temporary distraction rather than a change in fundamentals. Analyst Commentary Recent research updates have emphasized that the latest short report is unlikely to alter the long term growth trajectory for Iron Mountain, with several firms reiterating positive ratings and modestly lifting price targets.
DLR
US$155.65
Digital Realty Trust
7D
1.4%
1Y
-11.7%

DLR: Record AI Demand Pipeline Will Drive Future Upside Despite Power Constraints

Analysts have modestly trimmed their price target on Digital Realty Trust to about $198 from roughly $199, reflecting a slightly higher discount rate and marginally lower growth and margin assumptions, even as they point to attractive valuation, stable data center demand, and a record demand pipeline supporting long-term, predictable growth. Analyst Commentary Recent Street research reflects a generally constructive stance on Digital Realty Trust, with bullish analysts highlighting improving fundamentals and an increasingly supportive demand backdrop for data centers, while more cautious views focus on execution risk and the sustainability of growth at current valuation levels.
EXR
US$130.74
Extra Space Storage
7D
1.0%
1Y
-12.6%

EXR: Reduced Supply Will Drive Future Pricing Power Despite Housing Headwinds

Analysts have nudged their price target for Extra Space Storage slightly lower from $155 to about $154 per share, citing cautious optimism around long term pricing power and margins, while tempering near term growth expectations amid soft fundamentals and a still constrained housing market. Analyst Commentary Recent Street research reflects a cautiously constructive stance on Extra Space Storage, with incremental upward adjustments to price targets but recognition that sustained upside depends on a more supportive macro and housing backdrop.
EQIX
US$765.00
Equinix
7D
0.6%
1Y
-18.9%
FPI
US$9.62
Farmland Partners
7D
-3.5%
1Y
-17.6%
SBAC
US$193.69
SBA Communications
7D
1.6%
1Y
-4.7%

SBAC: New Verizon Lease Agreement Will Support Future Revenue Amid Legal Uncertainty

Analysts have trimmed their price target for SBA Communications slightly lower, with a modest fair value reduction of about $0.40 to roughly $234.90. This reflects sector wide target cuts as they factor in legal and leasing uncertainties across the tower group, while still recognizing SBA's resilient fundamentals and improved visibility from recent agreements.
GLPI
US$44.69
Gaming and Leisure Properties
7D
-0.04%
1Y
-7.2%
FRMI
US$7.52
Fermi
7D
-8.8%
1Y
n/a
PW
US$0.93
Power REIT
7D
-8.5%
1Y
-29.9%