Other Specialized REITs

VICI Properties Inc. has agreed to enter a new separate triple-net lease with a subsidiary of Highfield Investment Group, Inc. for the real property of Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, tied to Century Casinos, Inc.'s agreement to sell the operations of those racetracks to Highfield. The Century Mile & Downs Lease will carry an initial annual base rent of C$10.7 million, or US$7.5 million as of the day prior to announcement, and will begin a new 20-year lease term with four 5-year renewal options upon closing. VICI has also agreed to amend its Master Lease with Century Casinos to account for the divestiture, reducing the annual base rent under that master lease by C$10.7 million, or US$7.5 million as of the day prior to announcement, with no change to the aggregate rent collected by VICI. The new lease escalates at the greater of 1.25% and the change in Canadian CPI capped at 2.50%, carries a minimum capital expenditure requirement equal to 1.0% of annual net revenue at each property, and is guaranteed by Highfield Investment Group, Inc. The transactions are expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to customary closing conditions and regulatory approvals, and will add Highfield as VICI's 17th tenant.

Millrose Properties announced the pricing of a private offering of $1B in senior notes across two separate tranches. The transaction consists of $500M of 6.500% senior notes due 2029 and $500M of 6.750% senior notes due 2031, both priced at par, or 100.000% of their principal amount. The offering is scheduled to close on October 6, 2026. Millrose plans to use the net proceeds, combined with a $500M draw under its delayed draw term loan facility, for general corporate purposes, with primary allocations including funding the acquisition of homesites from the combined entity formed by the pending merger of Dream Finders Homes, Inc. and Beazer Homes, Inc. Proceeds will also be used to repay outstanding borrowings under Millrose's revolving credit facility, which had $850M in principal outstanding as of September 21, 2026. The 2031 notes feature a special mandatory redemption clause: if the Dream Finders transaction is not completed on or before May 13, 2027, Millrose will be required to redeem all outstanding 2031 notes using a portion of the offering's net proceeds, cash on hand, and/or revolver borrowings.

Iron Mountain expects its combined growth portfolio to expand by more than 20% over the long term, CFO Barry Hytinen said at Goldman Sachs' 2026 Communacopia + Technology Conference, citing data centers, asset lifecycle management and digital solutions that can be cross-sold to its 245,000 business customers. The data center business is expected to generate a little more than $1 billion in revenue this year, and Iron Mountain has already signed contracts for facilities that would add roughly 40% to that business once built and energized. The company leased 110 megawatts year to date through July, exceeding its initial 100-megawatt target by a meaningful amount, and has 325 megawatts scheduled to energize over the next 18 to 24 months, all of which remained unleased at the time of the discussion, primarily in Tier 1 markets including Virginia, Europe and India. The ALM business is projected to reach approximately $1 billion in revenue this year, up from about $30 million in 2021, against a total addressable market Hytinen estimated at $35 billion, while digital solutions now generate more than $600 million in annual revenue, up from less than $200 million five or six years ago, and grew 20% in the most recent quarter. Data centers generate EBITDA margins in the low-50% range, and Hytinen said cash available for discretionary uses should increase by hundreds of millions of dollars annually over the next several years, supporting continued dividend growth under a payout target in the low-60% range of adjusted funds from operations.

Lamar Advertising Company reported second-quarter results that beat expectations and raised its full-year guidance, citing strong demand for billboard advertising. Net revenues rose 6.5% to $616.7 million, net income grew 6.2% to $164.6 million, and adjusted EBITDA advanced 9.0% to $303.4 million. The company now expects diluted AFFO per share of $8.75 to $8.90 for the full year, up from its previous outlook. However, first-half net income fell 9.4% to $266.5 million, partly due to a one-time gain in the prior year that did not repeat. Lamar also reported $720.2 million in total liquidity as of June 30, with $90.0 million drawn on its credit facility and $250.0 million outstanding under its receivables securitization program.

Iron Mountain reported second-quarter revenue of $2.03 billion, up 18.5% from a year earlier, and swung to a net income of $106 million from a $43 million loss, prompting management to raise full-year guidance. The company's data center, digital, and asset lifecycle management businesses grew more than 50% year over year, with data center leasing hitting 110 megawatts year to date, including 75 megawatts signed in July alone. Service revenue jumped 27% to $894 million, while storage rental revenue grew 12% to $1.14 billion. Adjusted EBITDA rose 15.7% to $727 million, and AFFO per share increased 16% to $1.44. However, adjusted EBITDA margin slipped 90 basis points to 35.8%, long-term debt climbed to $17.13 billion, and the company's total deficit widened to $955 million, reflecting the capital-intensive buildout.

Uniti Group is prioritizing fiber expansion, hyperscaler opportunities and strategic alternatives in the second half of the year, President and CEO Kenny Gunderman said at the TD Cowen conference. The company built more than 50,000 homes in July and could reach an annualized pace of 550,000 to 600,000 homes if the board approves additional capital. Uniti is actively evaluating strategic alternatives without a self-imposed sale deadline and plans to monetize $500 million to $1 billion in non-core assets over 12 to 36 months, including spectrum, unused fiber and underdeveloped markets. Commercial fiber bookings reached a record level, driven by hyperscalers, neo-cloud providers and other high-bandwidth customers, with the company focusing on differentiated regional routes and data-center connections rather than competing on nationwide network corridors.

Lamar Advertising Company has acquired the assets of AdSource Outdoor Advertising through the billboard industry's second-ever UPREIT transaction, closing on Aug. 12. The deal adds more than 230 billboard faces across Louisiana to Lamar's portfolio, including 30 digital displays. AdSource contributed its assets to Lamar Advertising Limited Partnership in exchange for common units that track Lamar's Class A common stock and pay distributions equal to the per-share dividend. The UPREIT structure allows Lamar to issue partnership units on a tax-deferred basis, providing a tool for similar future acquisitions. Lamar shares have gained 7.7% over the past three months, outpacing the industry's 2.9% growth.

Gladstone Land reported second-quarter GAAP earnings of $0.32 per share. Revenue rose 3.2% year-over-year to $12.69 million. Adjusted funds from operations improved to a loss of $1.6 million, or $0.04 per share, from a loss of $3.5 million, or $0.10 per share, in the prior-year quarter. The company paid monthly cash distributions totaling $0.1401 per share during the quarter. Cash flows from operations increased by approximately $16.0 million compared to the same period last year.

Uniti Group Inc. reported second-quarter 2026 results marked by record fiber infrastructure bookings and an accelerated fiber build plan. Consolidated revenue was $909.7 million, a 5% pro forma decrease year over year, while adjusted EBITDA fell 10% pro forma to $357.1 million. Fiber Infrastructure achieved record monthly recurring revenue bookings of $2.2 million, up nearly 30% from the prior record, driven by hyperscaler and neo-cloud demand. The Kinetic segment added 38,000 net fiber subscribers, its highest quarterly total, and passed 141,000 new homes, bringing total fiber passings to approximately 2.1 million. Management raised full-year 2026 fiber passings guidance to 475,000 to 525,000 homes and increased Kinetic capital expenditures to $1.27 billion at the midpoint to support accelerated construction. The company also identified $500 million to $1 billion in noncore assets for potential monetization over the next 12 to 36 months.

OUTFRONT Media reported second-quarter 2026 adjusted funds from operations of 68 cents per share, up 38.8% year over year and beating the Zacks Consensus Estimate of 59 cents by 15.35%. Revenues increased 13.5% to $522.5 million, surpassing the consensus mark of $508.8 million by 2.68%. Billboard revenues rose 8% to $379.4 million, driven by higher yield and FIFA World Cup contributions, while transit revenues jumped 32.3% to $140.6 million. Adjusted OIBDA climbed 29.2% to $160.3 million, and the board raised the quarterly dividend 10% to 33 cents per share.

Outfront Media reported second-quarter 2026 consolidated revenue up 14%, driven by a 32% surge in transit and 8% growth in billboard, with adjusted OIBDA climbing 29% to $160 million. The FIFA World Cup generated over $35 million in quarterly revenue and more than $50 million overall, roughly half of which was incremental. Digital billboard revenue rose 17.6%, or over 21% excluding an exited Los Angeles contract, while combined digital revenue grew over 23% to represent about 37% of total revenues. Programmatic and digital direct automated sales jumped nearly 50%, now accounting for 20% of total digital revenue. The company raised its quarterly cash dividend by 10% to $0.33 per share and expects full-year 2026 AFFO to grow in the low 20s percent range relative to reported 2025 AFFO of $338 million.

Millrose Properties, Inc. held its Q2 2026 earnings call, reporting that the platform recycled $1 billion in capital from takedowns and redeployed $1.1 billion into new opportunities while maintaining underwriting standards. The company announced a strategic expansion into multifamily assets through a new land banking relationship with JPI and is evolving into a strategic M&A partner, facilitating industry consolidation by providing land banking capital for large-scale acquisitions like the proposed DreamFinders-Beazer deal. The dividend was increased for the sixth consecutive quarter to $0.77 per share, representing an 8.8% annualized yield on book equity. Management is re-evaluating its 33% debt-to-capitalization leverage target, citing increased comfort with cash flow consistency, and expects to continue expanding its product suite to include more vertical construction financing. Guidance assumes a continued high-interest-rate environment, with the company planning for elevated mortgage rates into the distant future.

EPR Properties reported second-quarter 2026 total revenue of $196.1 million, up from $178.1 million a year earlier, and raised its full-year FFO as adjusted per share guidance to a range of $5.41 to $5.57. The company deployed a post-COVID high of $440.8 million in investments during the quarter at an average initial cash yield of approximately 8.5%, bringing year-to-date investment spending to $492.2 million, and increased its 2026 investment spending guidance to $600 million to $700 million. FFO as adjusted per share rose 12.7% to $1.42, while AFFO per share climbed 15.3% to $1.43. The portfolio of 346 properties remained 99% leased or operated, with unit-level rent coverage steady at 2 times, and the company established a new $1.6 billion credit agreement to strengthen its financial position.

VICI Properties reported second quarter 2026 revenue of US$1.06 billion, exceeding Wall Street estimates, while funds from operations and earnings per share were broadly in line with expectations. The most followed narrative pegs fair value at $33.46, implying the stock is 21.4% undervalued relative to its last close of $26.31, supported by the company's scale, access to $2.9 billion in liquidity, and disciplined internal funding that enable accretive acquisitions without near-term dependence on capital markets. Despite the upbeat earnings, the share price has declined 7.94% over the past 90 days and 14.07% over the past year, and the company faces risks related to tenant concentration and potential rent pressure on key leases.

VICI Properties updated its full-year 2026 adjusted funds from operations guidance to between $2.45 and $2.47 per diluted common share, raising the low end by one cent. CFO David Kieske said AFFO for the year is expected to be between $2.675 billion and $2.695 billion, and reported second-quarter AFFO of $0.62 per share, up 4.6% from a year earlier. The company also highlighted its first build-to-suit investment, a $75 million Club Med resort in St. Croix, with a targeted opening in the fourth quarter of 2027. VICI ended the quarter with total debt of $17.2 billion, net leverage of approximately 4.9 times, and total liquidity of about $2.5 billion.

VICI Properties reported second-quarter 2026 adjusted funds from operations of 62 cents per share, matching the Zacks Consensus Estimate and rising 4.6% year over year. Total revenues grew 5.7% to $1.06 billion, exceeding the $1.04 billion consensus, driven by income from sales-type leases and lease financing receivables, loans and securities. Income from sales-type leases increased 3.6% to $549.2 million, while income from lease financing receivables, loans and securities climbed 8.7% to $478.4 million, including a 30.9% surge in income from loans and securities to $71.6 million. The company acquired the Carambola Beach Resort in St. Croix for $20.3 million and committed about $55.2 million for redevelopment, targeting a fourth-quarter 2027 reopening, and also completed the acquisition of two gaming assets and two hotel assets in Alberta, Canada, for C$200.6 million, adding them to the PURE Master Lease and increasing annual rent by C$16.1 million. VICI ended the quarter with $288.1 million in cash and total liquidity of approximately $2.5 billion, while total debt stood at roughly $17.2 billion and the annualized net leverage ratio was 4.9 times. Management raised the lower end of its full-year 2026 AFFO guidance to a range of $2.675 billion to $2.695 billion, with AFFO per share now projected between $2.45 and $2.47.

VICI Properties Inc. reported US$1.06 billion in revenue for the June 2026 quarter, topping Wall Street estimates while matching consensus earnings per share of US$0.62 and funds from operations expectations. Growth in golf-related revenues and other experiential segments underpinned the beat, highlighting momentum beyond the company's core casino properties. The recent acquisition of Deerfoot Inn & Casino and Great Northern Casino in Alberta reinforces VICI's strategy of adding gaming and experiential assets on long leases with inflation-linked escalators. The company's narrative projects US$4.5 billion in revenue and US$3.3 billion in earnings by 2029, requiring 3.6% annual revenue growth and an earnings increase of about US$0.2 billion from US$3.1 billion today. Four members of the Simply Wall St community currently see VICI's fair value between US$33.46 and US$51.37, a wide span that reflects differing views on the company's reliance on a concentrated group of major gaming tenants.

Farmland Partners reported quarterly funds from operations of $0.04 per share, beating the Zacks Consensus Estimate of $0.03 per share and marking an FFO surprise of +33.33%. Revenues for the quarter ended June 2026 came in at $9.4 million, surpassing the consensus estimate by 3.04% but down from $9.96 million a year ago. The company has now topped consensus FFO and revenue estimates in each of the last four quarters. Shares of Farmland Partners have lost about 1.4% since the start of the year, underperforming the S&P 500's gain of 8.5%. Ahead of the release, the estimate revisions trend was unfavorable, translating into a Zacks Rank #4, or Sell, for the stock.

Iron Mountain reported a 47.1% year-over-year jump in data center revenues to $254.7 million in the first quarter of 2026, driving total company revenue up 21.6% to $1.94 billion. The data center operating portfolio expanded to 507.2 megawatts and was 97.2% leased, while the segment's adjusted EBITDA margin held at 52.1%. Consolidated storage rental revenues rose 15.5%, and adjusted funds from operations climbed 22.3% to $1.43 per share. Management raised its full-year 2026 outlook, though the company continues to face headwinds from declining demand for paper records, a net debt load of approximately $17.0 billion, and rising interest expense.

J.P. Morgan has added EPR Properties to its July US Equity Analyst Focus List, highlighting the real estate investment trust's safe and growing monthly dividend yield above 6%. The firm expects EPR Properties' earnings growth to be toward the top of the net-lease REIT peer group, with a price target of $62. The list also features four other dividend-paying stocks: Annaly Capital Management with a 12.5% yield and a $24 target, AT&T yielding 5.42% with a $34 target, First Industrial Realty Trust yielding 2.94% with a $70 target, and Kontoor Brands yielding 2.47% with a $90 target.

Barclays raised its price target on Iron Mountain to $143 from $127 while maintaining an Overweight rating. Analyst Brendan Lynch cited higher growth expectations driven by ongoing hyperscale demand and accelerating enterprise AI demand, leading to target increases across the communications infrastructure REIT group. Separately, Iron Mountain announced a proposed $1 billion senior notes offering due 2035, with proceeds intended to repay revolver borrowings and for general corporate purposes. Truist also raised its target on the stock to $140 from $130 after strong first-quarter results, noting data center lease trends as a key driver.

VICI Properties announced plans to acquire the Carambola Beach Resort in St. Croix, US Virgin Islands, and has entered into a long-term triple-net lease with Club Med. The company will fund a comprehensive redevelopment of the 150-key property to meet Club Med Exclusive Collection standards, with work starting this summer and a planned reopening in the fourth quarter of 2027. Once renovated, the resort will join Club Med's premium all-inclusive brand.

VICI Properties offers a high-quality portfolio of gaming, hospitality, and entertainment destinations with mission-critical assets and long-term leases that ensure stable rental revenues. The company owned 100 experiential assets as of April 30, 2026, and has grown adjusted EBITDA by 375% since 2017 while maintaining a 100% rent collection rate. Its pro forma weighted average lease term is about 39.7 years, with roughly 45% of 2026 estimated rent linked to CPI escalators, expanding to 87% over the long term. VICI Properties operates with net debt to annualized first-quarter 2026 adjusted EBITDA around 5 times, at the low end of its 5.0 to 5.5 times target range, and held about 3.1 billion dollars of liquidity as of March 31, 2026. The company has increased its dividend every year since formation, with a 6.3% compound annual growth rate since the third quarter of 2018, and targets a 75% AFFO payout ratio. The Zacks Consensus Estimate for 2026 FFO per share has risen 1 cent over the past two months to 2.46 dollars.

Citizens reaffirmed its Market Outperform rating on Gaming and Leisure Properties and kept a $55 price target. The firm cited a lack of formal market competition, solid deal pipelines, and robust balance sheets among casino REITs. Gaming and Leisure Properties reported first-quarter earnings per share of $0.82, up 6.49% from the expected $0.77, with revenue of $420 million. During the quarter, the REIT executed two major acquisitions totaling $727 million, buying Bally's Lincoln real estate assets and the land related to The Cordish Companies Live! Casino and Hotel Virginia.

Kinetic has partnered with eero to introduce AlwaysOn Wi-Fi, a wireless backup service that keeps customers online during internet outages. The service, powered by eero Signal, provides seamless, automatic failover with unlimited data. It is available now to Kinetic fiber internet customers in Kentucky and North Carolina who have Wi-Fi 7 via eero Pro 7, with a rollout to Kinetic's entire 18-state footprint planned for this summer. The cost is $20 per month, with the first month free. Kinetic, a business unit of Uniti, was named the 2026 Telecommunications Company of the Year.

VICI Properties has completed the acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino, and two adjacent limited-service hotels in Alberta, Canada, for CAD$200.6 million, or USD$144.4 million, in connection with Pure Casino Entertainment's take-private acquisition of Gamehost. The portfolio was simultaneously added to the existing triple-net master lease between VICI and PURE, increasing annual rent by CAD$16.1 million, or USD$11.6 million, with rent escalating at 1.0% on February 1, 2028, and thereafter at the greater of 1.5% or the change in Canadian CPI capped at 2.5%. The PURE Master Lease term was extended to a full 25-year initial base lease term with four 5-year tenant renewal options, and tenant obligations continue to be guaranteed by Indigenous Gaming Partners. VICI funded the transaction through a Canadian dollar-denominated draw on its multicurrency revolving credit facility.

Millrose Properties announced its Board of Directors has declared a quarterly cash dividend of approximately $127.9 million, or $0.77 per share of Class A and Class B common stock. The dividend will be paid on July 15, 2026, to shareholders of record as of July 6, 2026. CEO Darren Richman stated the dividend reflects the company's consistent earnings and commitment to being a dependable capital partner for homebuilders.

Iron Mountain shares have rallied 30.2% in the past three months, outpacing the industry's 10.2% gain. The company's recurring storage rental revenues remain resilient, while its Global Data Center business saw revenues jump 47.1% year over year to $254.7 million in the first quarter of 2026, driven by a 46% increase in storage rental revenues. The operating data center portfolio reached 507.2 megawatts and was 97.2% leased, with 21,849 kilowatts of new and expansion leases signed during the quarter. Management reported 32 megawatts of data center leasing from the start of the year through April 2026, and the development pipeline expanded to 181.5 megawatts under construction and 684.2 megawatts held for future development, bringing total potential data center capacity to 1.37 gigawatts. Analysts have raised the Zacks Consensus Estimate for 2026 AFFO per share by 13 cents to $5.85 over the past two months, though competition, high interest expenses, and adverse foreign currency movements remain concerns.

Logistic Properties of the Americas has agreed to sell its Parque Logístico Lima Sur property in Peru to FIBRA Prime for $145 million, subject to regulatory approvals. The transaction is expected to generate about $85 million in net proceeds after debt repayment and before taxes. The company plans to use the proceeds to support expansion in Mexico and advance its shift toward a more asset-light model.

Iron Mountain, a real estate investment trust serving over 95% of Fortune 500 companies and more than 240,000 businesses, is seeing accelerating revenue growth driven by the artificial intelligence boom. The company reported a 21.6% year-over-year revenue increase in the first quarter, up from 16.6% in the fourth quarter and 12.6% in the third quarter, while maintaining a 98% customer retention rate. It was recently named a 2026 Google Cloud Partner of the Year in the Business Applications category, highlighting its relationship with long-term customer Alphabet. Iron Mountain offers a dividend yield of nearly 3% and raised its quarterly dividend by 10% year-over-year in November 2025, from $0.785 per share to $0.864 per share. The stock has more than doubled over the past five years and continues to outperform the S&P 500 year to date.

Realty Income, AGNC Investment, and EPR Properties stand out as monthly-pay REITs for retirement income in August 2026, each clearing the 4.63% 10-year Treasury yield bar with covered dividends and forward AFFO growth. Realty Income raised full-year AFFO per share guidance to $4.44 to $4.45, roughly 4% growth, and lifted 2026 investment volume guidance to $10 billion, with Q2 investments closing at a 7.3% initial weighted average cash yield and portfolio occupancy at 98.8%. AGNC Investment delivered a 6.7% economic return for Q2 and a 12.3% total stock return with dividends reinvested, with CEO Peter Federico citing projected ROEs of 15% to 17% on marginal investments at 7 to 7.5x leverage. EPR Properties posted Q2 FFO as adjusted per share up 12.7% to $1.42 and AFFO per share up 15.3%, with an AFFO payout ratio of 65% and management raising 2026 FFOAA guidance to $5.41 to $5.57.

Shares of billboard real estate investment trusts Lamar Advertising and Outfront Media have surged more than 24% and 37% respectively so far in 2026, while both still offer dividend yields above 3.5%. Lamar pays a quarterly dividend of $1.60 per share, yielding around 4.03%, and Outfront Media's quarterly dividend of $0.30 per share yields about 3.6%. Both companies benefit from a resilient local customer base, with roughly 80% of Lamar's tenants and 60% of Outfront's clients being local businesses. In the first quarter, Lamar reported revenue of $528 million, up 4.5% year over year, and adjusted funds from operations per share of $1.72, up 7.5%, while Outfront posted revenue of $429.6 million, up 9.9%, and AFFO per share of $0.34, up 143%. The companies are also poised to gain from projected political ad spending exceeding $11 billion for the 2026 U.S. midterm elections.

With the S&P 500 trading at 25.7 times trailing earnings and sticky inflation dimming rate-cut hopes, Wall Street analysts warn a 10% summer sell-off could be imminent. Altria yields 6% backed by Marlboro's 40% U.S. cigarette market share, while Enbridge has raised its dividend for 31 straight years with 98% of earnings under fixed contracts. Realty Income has paid 667 consecutive monthly dividends and maintained occupancy above 96.6% this century, and VICI Properties offers a 6.88% yield from triple-net leased casino properties. Verizon trades at just 9 times forward earnings, has raised its dividend for 20 consecutive years, and expects at least $21.5 billion in free cash flow this year. All five stocks are Buy-rated at top Wall Street firms and are highlighted as defensive high-yield picks likely to hold up better in a downturn.

Five dividend stocks currently offer yields above 5% with strong cash-flow coverage, according to 24/7 Wall St. Gaming and Leisure Properties yields 7.3% after raising its quarterly dividend to 82 cents per share, supported by first-quarter AFFO of $1.02 per share and full-year guidance of $4.08 to $4.12. VICI Properties yields nearly 7% with a forward annualized dividend of $1.80, backed by 2026 AFFO guidance of $2.42 to $2.45 per share and an eighth consecutive annual dividend increase. W. P. Carey yields just over 5% after hiking its quarterly dividend to 94 cents, with 2026 AFFO guidance of $5.13 to $5.23 per share and 48% of leases linked to CPI. Enbridge yields just over 5% and marked its 31st straight annual dividend increase, supported by 2026 distributable cash flow guidance of C$5.70 to C$6.10 per share and a C$40 billion secured growth backlog. Getty Realty yields about 5.6% with 2026 AFFO guidance of $2.48 to $2.50 per share, comfortably covering its dividend, and enters the year with over $500 million in liquidity.

VICI Properties has secured the Carambola Beach Resort in St. Croix, U.S. Virgin Islands, for refurbishment into a Club Med resort, marking the company's return to the U.S. territory. VICI will fund the total renovation of the 150-key facility as part of a joint venture deal, while Club Med will sign a long-term triple-net contract. Separately, Scotiabank raised its price target on VICI to $32 from $30 on May 12, maintaining a Sector Perform rating. In the first quarter of 2025, VICI's adjusted funds from operations rose 5.7% to $650.9 million from $616.0 million a year earlier.