Specialty REITs own the real estate nobody else categorizes: billboards grandfathered against replication, records vaults pivoting to data centers, and 99-year ground leases under city skylines. Four graded below, spanning the widest risk range of any category.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | Iron Mountain (IRM) | B 75 | 2.69% | $37.3B | — | — |
| 2 | Lamar Advertising (LAMR) | B 74 | 4.12% | — | — | — |
| 3 | Safehold (SAFE) | C 60 | 4.31% | $1.2B | — | — |
| 4 | OUTFRONT Media (OUT) | C 58 | 3.75% | $5.6B | — | — |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
How to Read This Ranking
Iron Mountain (75) just printed the group’s best quarter (AFFO +22%, growth businesses +50%) as its records-to-data-center transformation compounds, graded with its below-investment-grade leverage honestly weighed. Lamar (74) owns the irreplaceable American roadside: 360,000 billboard faces, 75% local advertisers, digital conversion economics. Safehold (60) is the century-bond experiment, contractually bulletproof ground rent wrapped in maximum rate duration. OUTFRONT (58) is the urban cousin: transit contracts and two dividend resets in five years, an urban-recovery trade more than an income holding.