Specialized REITs

SBA Communications raised its full-year 2026 site leasing revenue guidance to $2.651-$2.676 billion while maintaining its services revenue outlook of $190-$210 million. The tower operator reported a company-wide tower cash flow margin of 79.5% in the second quarter of 2026, down from 81% a year earlier, and said its 2026 bridge includes $52-$58 million from new leases and amendments and $71-$74 million from escalators, offset by Sprint, EchoStar and regular churn. In the second quarter of 2026, SBA acquired six communication sites for $10.5 million and built 109 towers, up from 80 builds in the first quarter, bringing its owned or operated portfolio to 46,390 sites as of June 30, 2026, including 29,028 internationally. After quarter-end, it purchased or was under contract to purchase 58 sites for $28.8 million, expected to close by year-end 2026. The board declared a quarterly dividend of $1.25 per share, paid Sept. 17, 2026, roughly 13% above the prior-year level, and management plans to resume share repurchases in the second half of 2026 with $1.1 billion of authorization remaining. Domestic site leasing revenues fell 3.7% year over year to $452.5 million, with T-Mobile, AT&T Wireless and Verizon Wireless representing 36.2%, 32.4% and 22.2% of that total, respectively, while total debt stood at $12.78 billion and net debt at $12.39 billion as of June 30, 2026.

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.

Crown Castle reset its quarterly dividend from $1.565 per share to $1.0625 per share, with the rebased amount first appearing on the June 13, 2025 ex-dividend date and held through the September 15, 2026 ex-date, giving the $4.25 annualized payout a yield of roughly 5.8% at a $73.06 share price as of September 18, 2026. Management's raised 2026 guidance puts adjusted funds from operations at a midpoint of $1,975 million, or $4.59 per share, covering the dividend, and CFO commentary on the July 22 call noted the $1 billion share repurchase lowered annual dividend obligations by $47 million. The reset followed the sale of Crown Castle's fiber and small-cell units to EQT and Zayo for $8.5 billion, which closed May 1, 2026, with proceeds repaying more than $7 billion of debt and leaving net debt at 6.3x LQA adjusted EBITDA, inside the 6 to 6.5x investment-grade target range. CEO Chris Hillabrant called the rebased payout "sacrosanct" on the Q2 call, prioritizing dividend funding ahead of capex, leverage, and buybacks. Crown Castle now offers the highest headline yield among peers American Tower and SBA Communications, but tenant concentration is stark, with T-Mobile at 42%, AT&T at 28%, and Verizon at 23% accounting for 93% of site rental revenue, and the 2028 AT&T lease renewals worth $774 million annualized loom. Analysts hold a $94.82 average price target versus today's price.

Equinix executives said artificial intelligence is accelerating enterprise demand for higher-density data center capacity, interconnection services and latency-sensitive infrastructure, speaking during a Barclays conference discussion. Arquelle Shaw, Equinix's President of the Americas, said the company has almost 11,000 customers and that enterprise capacity deals have shifted from 250 kVA once being considered large to megawatt-scale deployments becoming more common. Equinix's interconnection business grew 9% this year, Shaw said, and the company has more than 522,000 interconnections globally, supported by new offerings including Fabric One and Inference Exchange. Shaw said the announced DA12 facility is expected to deliver about 67 megawatts and densities of roughly 18 kVA per cabinet, while Ryan Burke, Equinix's vice president of investor relations, said the company already has liquid cooling in more than 100 properties and expects to continue generating mid-20% cash yields on development projects. Management's long-term outlook calls for 9% to 12% annual adjusted funds from operations per-share growth through 2029, with Burke saying the previous high end of its outlook is now the low end of its updated range, and Shaw adding that no single customer represents more than about 2.5% of Equinix's portfolio.

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.

Equinix has expanded its partnership with Nvidia and launched the Equinix Inference Exchange, giving enterprise customers a flexible way to run AI models using Nvidia's Enterprise Reference Architectures and Together AI's open-source inference platform through Equinix's global data centers and connectivity. The colocation data center company, which dates back to the 1998 dot-com era, operates more than 280 data centers across 77 metros with over 10,500 interconnected customers, and its facilities are optimized for Nvidia's B300 Blackwell Ultra GPUs, with some liquid-cooled sites supporting newer Vera Rubin chips. Equinix shares are up over 33% this year, lifting its market capitalization to $100 billion as the most valuable data center REIT, ahead of Digital Realty's $68 billion. In the second quarter, revenue grew 16% to $2.625 billion, AFFO per share rose 19% to $11.78, adjusted EBITDA margin reached a record 53%, and management delivered its largest guidance increase in company history. The company nearly doubled its capital expenditure guidance to $5 billion to $7 billion annually from $3 billion to $4 billion, and it expects the new Nvidia and Together AI offering to launch commercially in the first quarter of 2027.

Hexagon Energy and Weyerhaeuser Co. said on September 10 they have closed an agreement to develop geothermal projects on Weyerhaeuser timberlands in Washington and Oregon, a deal that could provide an estimated 3 GW of geothermal power generation capacity in the Pacific Northwest. Under the agreement, Hexagon Energy has leased geothermal rights on about 145,000 acres across the two states, part of Weyerhaeuser's holdings as one of the largest private owners of timberland in North America. Kendall Fountain, vice president of Energy and Natural Resources for Weyerhaeuser, said the company's ownership presents a unique platform to evaluate geothermal potential in the region while supporting growth of its Climate Solutions business. Matthew Hantzmon, CEO of Hexagon Energy, said the partnership aims to bring abundant, clean, baseload energy to the Pacific Northwest. The companies noted the collaboration comes amid rising demand for geothermal energy, driven in part by electricity needs from artificial intelligence and data centers. Hexagon Energy, headquartered in Charlottesville, Virginia, has developed and financed more than 3 GW of power generation capacity for U.S. electric utilities, representing more than $4.5 billion in investment, and its current pipeline includes more than 10 GW of power under active development.

Comcast Business announced a collaboration with Equinix that will let enterprises order Comcast Business last-mile connectivity through standards-based APIs directly within Equinix Fabric, Equinix's software-defined interconnection service. The program, run through the Comcast Business Innovation Lab launched in April 2026, builds on the Lab's earlier work with Colt Technology Services this quarter to advance cross-carrier API interoperability. In the initial phase, Equinix Fabric customers will be able to digitally order Comcast Business last-mile Ethernet connectivity to eligible locations, with Comcast Business provisioning the connection and the goal of cutting delivery time from weeks to days; the companies will validate the approach with enterprise customers in live environments during this phase. Comcast Business delivers the integration through its digital orchestration platform using industry-standard APIs aligned with the Mplify, formerly MEF, Lifecycle Service Orchestration framework, so partners integrate once rather than against a proprietary specification. Over time, the program is designed to extend to optical wavelengths, cloud connectivity, and cybersecurity. Comcast Business already connects customers to more than 700 data centers nationwide, while Equinix Fabric is available in more than 240 data centers across 66 markets.

Public Storage has priced a public offering of C$400 million aggregate principal amount of fixed-rate senior notes due 2033, marking its inaugural offering in the Canadian market. The notes, issued by its finance subsidiary PS Canada Finance ULC and guaranteed by the Company and Public Storage Operating Company, carry an annual interest rate of 4.540% and mature on September 16, 2033. The offering, expected to close on September 16, 2026, follows the recent acquisition of Public Storage Canada, and net proceeds will replenish cash used for that acquisition and fund general corporate purposes. Scotiabank and TD Securities are joint book-running managers for the offering, which is made under an effective shelf registration statement filed with the SEC.

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.

SBA Communications reported second-quarter results that showed a stronger balance sheet but softer per-share profit, earning its first-ever investment-grade credit rating from S&P at BBB while net income attributable to the company fell 12.9% year over year to $198.8 million. Diluted earnings per share dropped to $1.87 from $2.09 a year earlier. The company issued $3.5 billion of senior unsecured notes across three tranches maturing between January 2030 and July 2033 at a blended rate of 5.113%, using proceeds to pay down debt and replace its secured credit line with a new $2.5 billion unsecured revolving facility. International site leasing revenue climbed 30.5% to $211.4 million, while domestic revenue fell 3.7% to $452.5 million, and the company raised its full-year 2026 outlook for site leasing revenue and AFFO per share to $11.95 to $12.40. However, AFFO per share fell 3.8% to $3.05, total AFFO dropped 5.2% to $324.4 million, and net cash interest expense rose 9.5% to $122.1 million, with domestic churn from Sprint and EchoStar weighing on results.

Equinix and Canada Pension Plan Investment Board have completed their $4 billion acquisition of Nordic data center operator atNorth, with CPP Investments becoming the controlling shareholder. The deal gives Equinix a meaningful stake in the high-density data center platform, which operates eight data centers across all five Nordic countries and has projects under development in Sweden, Finland, Norway, and Denmark. CPP Investments now owns approximately 51% of atNorth after committing $1.3 billion, while Equinix holds about 34% following an $895 million commitment. Partners Group, atNorth's previous owner, reinvested $260 million for an approximately 10% stake, with the remainder held by internal stakeholders. The transaction is immediately accretive to Equinix's adjusted funds from operations per share and is supported by a $4.1 billion financing package from European and Canadian lenders.

SBA Communications reported second-quarter 2026 AFFO per share of $3.03, surpassing the Zacks Consensus Estimate of $2.96, though down 3.8% from $3.15 a year ago. Total revenues rose 2.3% year over year to $715.3 million, beating the consensus of $703.4 million, driven by strong international site-leasing growth. International site-leasing revenues surged 30.5% to $211.4 million, while domestic site-leasing revenues fell 3.7% to $452.5 million due to customer consolidation churn. The company acquired six sites and built 109 towers during the quarter, ending with 46,390 communication sites. Management raised the midpoint of its total revenue outlook by $2 million and increased the 2026 AFFO-per-share midpoint by 2 cents to $11.95-$12.40, while trimming adjusted EBITDA guidance by $1 million at the midpoint.

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.

Public Storage has completed its acquisition of Public Storage Canada, paying approximately $1.2 billion in a mix of OP units and cash, with potential earn-out of up to $288 million. The deal adds 68 properties with 5.3 million square feet across major Canadian markets, expected to be accretive to long-term IRR, NOI growth, and FFO per share. CEO Tom Boyle highlighted the strategic value and the reunification of the two companies under common ownership.

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.

The Global X Data Center & Digital Infrastructure ETF has climbed 38% year to date, powered by Equinix and Digital Realty, which together account for roughly 40% of the $2.14 billion fund. Equinix is up 42% and Digital Realty is up 29% this year, while the fund's top four holdings also include American Tower and Crown Castle. In Q2 2026, Equinix reported $424 million in annualized gross bookings, its second-highest quarter on record, and CEO Adaire Fox-Martin called the guidance raise the largest in company history, with adjusted EBITDA margin at 53%. The fund's REIT-heavy tilt makes it sensitive to the 10-year Treasury yield, and a break above 5% could compress multiples even if AI leasing stays strong, as happened in 2022 when both REITs lost roughly a third of their value. Investors should watch Equinix's next bookings report in late October for confirmation that pricing power is still compounding.

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.

Weyerhaeuser Company announced that its board of directors declared a quarterly base cash dividend of $0.21 per share on its common stock, payable on September 18, 2026, to holders of record as of September 4, 2026. Under its cash return framework, the company expects to supplement the quarterly base dividend with additional variable cash to achieve a targeted total return to shareholders of 75 to 80 percent of annual Adjusted Funds Available for Distribution. The company has flexibility to return this additional cash through a supplemental dividend, opportunistic share repurchases, or a combination of both. Weyerhaeuser, one of the world's largest private owners of timberlands, generated $6.9 billion in net sales in 2025 and employs approximately 9,500 people.

Rayonier reported second quarter 2026 GAAP earnings of $19 million, or $0.06 per share, with adjusted net income of $32 million, or $0.10 per share, and adjusted EBITDA of $124 million. The company also announced a tax-efficient like-kind exchange with Resource Management Service involving the sale of approximately 36,000 acres in Southwest Washington for $145 million and the acquisition of approximately 57,000 acres in Texas and Alabama for $146 million. Southern Timber adjusted EBITDA rose 85% to $53 million, Northwest Timber adjusted EBITDA increased to $26 million from $7 million, Wood Products generated $25 million, and Real Estate adjusted EBITDA was $38 million. Rayonier repurchased 3.5 million shares for $72 million in the quarter and has $126 million remaining under its authorization. Full-year harvest guidance is 12.2 million to 12.5 million tons for Southern Timber and 2 million to 2.2 million tons for Northwest Timber, with Real Estate adjusted EBITDA expected between $180 million and $200 million.

Rayonier reported second quarter 2026 net income of $19.1 million, or $0.06 per diluted share, reflecting $10.2 million in merger-related costs and a $2.3 million timber casualty loss. Pro forma net income was $31.5 million, or $0.10 per diluted share, excluding one-time costs related to the merger with PotlatchDeltic. Adjusted EBITDA was $123.7 million, driven by contributions from PotlatchDeltic operations and solid segment-level performance. Southern Timber adjusted EBITDA was $52.6 million, an 85% increase primarily due to 1.5 million tons of incremental harvest volume from the PotlatchDeltic timberlands. Northwest Timber adjusted EBITDA was $26.3 million, increasing nearly fourfold from the prior year period due to higher volumes and sawlog prices in Idaho. Wood Products adjusted EBITDA was $25.0 million, reflecting higher lumber price realizations that reached their highest level in nearly four years. Real Estate adjusted EBITDA was $38.3 million, exceeding management expectations due to strong momentum in rural and improved development sales. Southern Timber harvest volume was 3.35 million tons, doubling versus the prior year quarter following the integration of expanded acreage. Northwest Timber harvest volume was 578,000 tons, increasing 133% due to incremental volume from Idaho and favorable weather conditions. Average lumber price realization was $505 per MBF, representing an 18% increase from the first quarter realization of $427 per MBF. Lumber shipments were 314 million board feet, maintained through the quarter despite industry-wide transportation challenges and flatbed trucking shortages. Real estate revenue was $53.7 million, reflecting the sale of approximately 7,500 acres at an average price of $6,300 per acre. Rural land sales were $40.7 million, consisting of 7,490 acres sold at an average price of $5,439 per acre, including a $4.6 million solar developer sale. Common share repurchases totaled 3.5 million shares, or $72.4 million at an average price of $20.95 per share during the second quarter. Cash available for distribution was $177.1 million for the first six months of 2026, increasing $130.5 million primarily due to the PotlatchDeltic merger. Total debt was $1.86 billion at quarter end, including debt assumed in the recent merger. Cash and cash equivalents were $411.8 million as of June 30, 2026, following debt repayments and active share repurchases. Full year Southern Timber harvest guidance is 12.2 million to 12.5 million tons, incorporating recent land transactions and integration progress. Full year Northwest Timber harvest guidance is 2.0 million to 2.2 million tons, with 600,000 tons anticipated in the third quarter. Full year Real Estate adjusted EBITDA guidance is $180 million to $200 million, supported by a healthy pipeline of development land sales. Solar land pipeline is 77,000 acres, comprising land currently under option for lease or sale to renewable energy developers. RMS timberland sale was $145 million, involving 36,000 acres in Southwest Washington as part of a tax-efficient portfolio optimization strategy. RMS timberland acquisition was $146 million, adding 57,000 acres in Texas and Alabama to concentrate capital in high-growth southern markets. Term loan repayment was $200 million, completed in April using cash on hand to manage interest expense in a higher-rate environment. Average pine sawtimber price was $44.46 per ton, decreasing from $47.87 per ton due to changes in the geographic mix from the expanded southern footprint.

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.

Weyerhaeuser Company reported second-quarter 2026 adjusted earnings of 13 cents per share, beating the Zacks Consensus Estimate of six cents by 116.7%. Net sales slipped 0.9% to $1.87 billion but exceeded the consensus of $1.80 billion. Wood Products adjusted EBITDA jumped to $129 million from $71 million sequentially, driven by a lumber recovery where adjusted EBITDA rose to $73 million from $27 million. However, oriented strand board swung to a $6 million loss from a $3 million profit, and total adjusted EBITDA declined to $310 million from $336 million a year earlier. Management expects third-quarter Timberlands EBITDA slightly higher, but Strategic Land Solutions EBITDA to fall about $45 million and Wood Products EBITDA slightly lower before changes in lumber and OSB realizations.

Weyerhaeuser Company shares have gained 13.1% in the past four weeks following a second-quarter 2026 earnings beat and a sequential recovery in its Wood Products segment. Adjusted earnings of 13 cents per share topped the Zacks Consensus Estimate of six cents by 116.7%, while net sales of $1.87 billion beat the consensus mark of $1.80 billion by 4% despite a 0.9% year-over-year decline. Wood Products adjusted EBITDA rose to $129 million from $71 million sequentially, driven by a 15% increase in lumber realizations. However, the stock trades at 49.9 times forward 12-month earnings, well above its sub-industry average of 27.2 times and its five-year median of 30.2 times, and faces headwinds from soft housing demand, elevated costs, and volatile commodity pricing.

Public Storage declared a regular quarterly common dividend of $3.00 per share. The Board of Trustees also declared dividends on various series of preferred shares. The common dividend is payable on October 6, 2026, and the preferred dividends are payable on September 30, 2026, with a record date of September 15, 2026 for both.

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.

Rayonier reported quarterly earnings of $0.10 per share, surpassing the Zacks Consensus Estimate of $0.06 per share by 66.67%. Revenue for the quarter ended June 2026 reached $396.5 million, exceeding the consensus estimate by 8.88% and comparing to $106.5 million a year ago. The company has beaten consensus EPS estimates in all of the last four quarters and topped revenue estimates three times over that period. Rayonier shares have gained about 1.3% year-to-date, underperforming the S&P 500's 13% advance. Ahead of the report, the estimate revision trend was favorable, giving the stock a Zacks Rank #2 (Buy).

Rayonier Inc. has completed two strategic timberland transactions with Resource Management Service, LLC, selling about 36,000 acres in southwest Washington for $145 million and concurrently acquiring about 57,000 acres in Alabama and Texas for $146 million. The deals were structured as a tax-efficient, like-kind exchange and are expected to be accretive to cash flow on a timber-only basis, with further upside potential from higher-and-better-use real estate sales and land-based solutions. The company estimates the transactions will generate incremental Adjusted EBITDA of approximately $3 million annually from timber operations over the next ten years, excluding potential contributions from HBU real estate sales and land-based solutions. The acquired properties are highly productive, with an estimated 69% plantable and an average expressed site index of 75 feet, and are complementary to Rayonier's existing U.S. South footprint. President and CEO Mark McHugh said the off-market deal aligns with the company's focus on concentrating capital in markets with strong cash flow attributes and favorable long-term growth prospects.

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.

SBA Communications outlined plans to build around 600 new towers in 2026 and intends to resume share buybacks in the second half of the year. The company modestly raised its full-year 2026 outlook for site leasing revenue, adjusted funds from operations, and AFFO per share, citing higher straight-line revenues and improved net cash interest expenses. In the second quarter, AFFO per share was $3.05, and SBA added approximately $9 million of domestic new lease and amendment billings. The company also completed its first unsecured investment-grade bond issuance, raising $3.5 billion, which fully paid down its revolver and left $570 million of cash on the balance sheet. Internationally, SBA built 99 new towers in the quarter, up from 75 in the prior quarter, and expects that number to increase steadily.

Public Storage is partnering with Commonwealth Edison and Solar Landscape to install 60 rooftop community solar projects across northern Illinois over two years, while reporting second-quarter 2026 revenue of US$1,232.88 million and net income of US$499.96 million. The company also completed a US$900.00 million senior notes offering to fund acquisitions including National Storage Affiliates and the expansion of solar across roughly five million square feet of rooftop space. Management raised its 2026 guidance, projecting US$5.3 billion in revenue and US$2.0 billion in earnings by 2029, requiring 3.0% yearly revenue growth and a roughly US$0.3 billion earnings increase from the current US$1.7 billion. The solar push and balance sheet moves are part of a strategy to convert underused real estate into additional income streams and cleaner energy infrastructure, though elevated marketing and discounting remain a near-term watchpoint.