# Real estate investment trusts peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[WELL](/company/WELL/), [AMT](/company/AMT/), [EQIX](/company/EQIX/), [PLD](/company/PLD/), [WY](/company/WY/), [IRM](/company/IRM/), [SPG](/company/SPG/), [HST](/company/HST/), [DLR](/company/DLR/), [VTR](/company/VTR/), [O](/company/O/), [LINE](/company/LINE/)

## Methodology

The cluster is selected mechanically from public SEC SIC 6798 companies already present in grepcent's processed universe, sorted by latest reported revenue. It is deliberately broad across property types because retail REIT subtype membership is not normalized in the processed data; the review does not infer proprietary REIT classifications. The review publishes no proprietary index-membership labels.

Pack hash: `6033860f9d7cde31b3d5455dc14143ae97fb24eb2e6c1d85424988d257c22215`. Generated: 2026-07-21.

## Verified Quantitative Matrix

| Metric | WELL | AMT | EQIX | PLD | WY | IRM | SPG | HST | DLR | VTR | O | LINE | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 10,838,034,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WELL_REVENUE_FY2025; concept us-gaap:Revenues | 10,644,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_REVENUE_FY2025; concept us-gaap:Revenues | 9,217,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 8,790,127,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_REVENUE_FY2025; concept us-gaap:Revenues | 6,905,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_REVENUE_FY2025; concept us-gaap:Revenues | 6,901,737,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 6,364,505,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_REVENUE_FY2025; concept us-gaap:Revenues | 6,114,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 6,112,692,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_REVENUE_FY2025; concept us-gaap:Revenues | 5,833,980,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_REVENUE_FY2025; concept us-gaap:Revenues | 5,749,377,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_O_REVENUE_FY2025; concept us-gaap:Revenues | 5,355,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_REVENUE_FY2025; concept us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping AMT -> us-gaap:Revenues; DLR -> us-gaap:Revenues; EQIX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; HST -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; IRM -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LINE -> us-gaap:Revenues; O -> us-gaap:Revenues; PLD -> us-gaap:Revenues; SPG -> us-gaap:Revenues; VTR -> us-gaap:Revenues; WELL -> us-gaap:Revenues; WY -> us-gaap:Revenues |
| Net margin | 8.87%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WELL_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 24.69%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 14.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 37.86%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 4.69%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 2.21%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 84.28%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 12.51%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 21.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 4.48%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 18.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_O_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | -1.87%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping AMT -> us-gaap:ProfitLoss + us-gaap:Revenues; DLR -> us-gaap:NetIncomeLoss + us-gaap:Revenues; EQIX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; HST -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; IRM -> us-gaap:ProfitLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LINE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; O -> us-gaap:NetIncomeLoss + us-gaap:Revenues; PLD -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SPG -> us-gaap:ProfitLoss + us-gaap:Revenues; VTR -> us-gaap:ProfitLoss + us-gaap:Revenues; WELL -> us-gaap:ProfitLoss + us-gaap:Revenues; WY -> us-gaap:NetIncomeLoss + us-gaap:Revenues |
| Operating margin | Not available | 45.52%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 20.05%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 49.58%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 10.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 16.86%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 49.89%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 13.98%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 10.77%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | Not available | Not available | 3.38%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, PLD 0d aligned, SPG 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping AMT -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; DLR -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; EQIX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; HST -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; IRM -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LINE -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; PLD -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; SPG -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; WY -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues |
| Free cash flow | Not available | 3,783,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -400,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | Not available | Not available | -931,629,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,202,205,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | Not available | Not available | -1,281,343,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | Not available | 196,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets AMT 0d aligned, EQIX 0d aligned, IRM 0d aligned, LINE 0d aligned, SPG 0d aligned, VTR 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping AMT -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EQIX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; IRM -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LINE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SPG -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; VTR -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets |
| Capital expenditures | Not available | 1,680,400,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 4,311,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | Not available | Not available | 2,271,628,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 934,346,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | Not available | Not available | 2,928,069,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | Not available | 747,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets AMT 0d aligned, EQIX 0d aligned, IRM 0d aligned, LINE 0d aligned, SPG 0d aligned, VTR 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping AMT -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EQIX -> us-gaap:PaymentsToAcquireProductiveAssets; IRM -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LINE -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SPG -> us-gaap:PaymentsToAcquireProductiveAssets; VTR -> us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 1,877,959,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WELL_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 3,180,800,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,856,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 3,764,745,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 606,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 919,388,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | Not available | 623,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,728,466,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 860,060,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 2,920,895,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_O_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 537,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping AMT -> us-gaap:PaymentsOfDividendsCommonStock; DLR -> us-gaap:PaymentsOfDividends; EQIX -> us-gaap:PaymentsOfDividends; HST -> us-gaap:PaymentsOfDividendsCommonStock; IRM -> us-gaap:PaymentsOfDividendsCommonStock; LINE -> us-gaap:PaymentsOfDividends; O -> us-gaap:PaymentsOfDividendsCommonStock; PLD -> us-gaap:PaymentsOfDividends; VTR -> us-gaap:PaymentsOfDividendsCommonStock; WELL -> us-gaap:PaymentsOfDividends; WY -> us-gaap:PaymentsOfDividendsCommonStock |
| Share buybacks | Not available | 364,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | Not available | Not available | 160,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | Not available | 226,826,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 205,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | Not available | Not available | Not available | 82,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period aligned; reference 2025-12-31; offsets AMT 0d aligned, HST 0d aligned, LINE 0d aligned, SPG 0d aligned, WY 0d aligned; tags clean |
| Assets | 67,303,047,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WELL_ASSETS_FY2025; concept us-gaap:Assets | 63,190,400,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_ASSETS_FY2025; concept us-gaap:Assets | 40,141,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_ASSETS_FY2025; concept us-gaap:Assets | 98,724,256,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_ASSETS_FY2025; concept us-gaap:Assets | 16,613,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_ASSETS_FY2025; concept us-gaap:Assets | 21,125,019,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_IRM_ASSETS_FY2025; concept us-gaap:Assets | 40,606,466,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_ASSETS_FY2025; concept us-gaap:Assets | 13,049,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_ASSETS_FY2025; concept us-gaap:Assets | 49,410,468,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_ASSETS_FY2025; concept us-gaap:Assets | 27,591,945,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_ASSETS_FY2025; concept us-gaap:Assets | 72,795,612,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_O_ASSETS_FY2025; concept us-gaap:Assets | 19,185,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_ASSETS_FY2025; concept us-gaap:Assets | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags clean |
| Liabilities / equity | 0.57; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WELL_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 14.47; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMT_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.83; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EQIX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.77; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PLD_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.76; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WY_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | Not available | 6.51; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SPG_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.96; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HST_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.07; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DLR_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.17; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VTR_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.83; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_O_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.21; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LINE_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags clean |

## Code-computed comparisons

- Reported net margin range: range endpoints are [LINE](/company/LINE/) (-1.87%) and [SPG](/company/SPG/) (84.28%). Computed from facts NUM_LINE_NET_MARGIN_FY2025 and NUM_SPG_NET_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping AMT -> us-gaap:ProfitLoss + us-gaap:Revenues; DLR -> us-gaap:NetIncomeLoss + us-gaap:Revenues; EQIX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; HST -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; IRM -> us-gaap:ProfitLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LINE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; O -> us-gaap:NetIncomeLoss + us-gaap:Revenues; PLD -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SPG -> us-gaap:ProfitLoss + us-gaap:Revenues; VTR -> us-gaap:ProfitLoss + us-gaap:Revenues; WELL -> us-gaap:ProfitLoss + us-gaap:Revenues; WY -> us-gaap:NetIncomeLoss + us-gaap:Revenues.
- Latest reported revenue range: range endpoints are [LINE](/company/LINE/) (5,355,000,000) and [WELL](/company/WELL/) (10,838,034,000). Computed from facts NUM_LINE_REVENUE_FY2025 and NUM_WELL_REVENUE_FY2025; comparability: period aligned; reference 2025-12-31; offsets AMT 0d aligned, DLR 0d aligned, EQIX 0d aligned, HST 0d aligned, IRM 0d aligned, LINE 0d aligned, O 0d aligned, PLD 0d aligned, SPG 0d aligned, VTR 0d aligned, WELL 0d aligned, WY 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping AMT -> us-gaap:Revenues; DLR -> us-gaap:Revenues; EQIX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; HST -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; IRM -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LINE -> us-gaap:Revenues; O -> us-gaap:Revenues; PLD -> us-gaap:Revenues; SPG -> us-gaap:Revenues; VTR -> us-gaap:Revenues; WELL -> us-gaap:Revenues; WY -> us-gaap:Revenues.

Market-risk companion: [/compare/reits/risk/](/compare/reits/risk/).

## Gate summary

Facts: 84. Claims survived: 0. Claims dropped: 0. Cells quarantined: 72.