Earnings Update: Specialty REITs (Q1 2026)
Important Note
Last week, I attended REIT Week in NYC, the biggest annual REIT conference in the world, bringing together the management teams of most major REITs.
I had the chance to meet with many of them, as well as speak with several prominent REIT investors.
I am still digesting all the new information that I gained, and I expect to share exclusive interviews and my main takeaways with you over the coming days.
Before that, I want to wrap up Q1 earnings season with our reports on specialty REITs today. Stay tuned!
Earnings Update: Specialty REITs (Q1 2026)
In 2026, there has been a spree of good news associated with our specialty REITs.
Crown Castle (CCI) closed on the $8.4 billion sale of its fiber & small cell segment, turning the REIT into a pure-play owner/operator of North American wireless communication towers. The proceeds from this sale are going entirely to debt reduction and selective share buybacks (up to $1 billion).
We think CCI is a materially stronger company without the drag of the low-margin, capital-intensive small cell segment.
Meanwhile, SBA Communications (SBAC) has seen multiple reports of a potential buyout by a private buyer, especially alternative asset manager KKR & Co. (KKR). And while CCI remains solely focused on the US market, SBAC continues to expand internationally. Currently, the focus is largely on Central America, where SBAC is actively buying land and developing towers in Guatemala.
Uniti Group (UNIT) has surged ~65% year-to-date as the integration with Windstream appears to be working out in shareholders’ favor. The company is finding more high-tech uses for its fiber infrastructure, including deals with cloud computing players. And while UNIT once carried debt at yields over 10%, the company recently secured $1.14 billion of asset-backed securities at a weighted average interest rate of 6.18%.
NewLake Capital Partners (NLCP) may continue to navigate tenant challenges in the near-term, but the recent rescheduling of medicinal marijuana will progressively ease financial conditions for the cannabis industry. What’s more, this federal regulatory change also paves the way for an eventual up-listing from the over-the-counter market to a major US exchange, which will dramatically expand NLCP’s potential shareholder base.
CubeSmart (CUBE) has had the quietest year so far with a light news flow as the REIT’s portfolio fundamentals stabilize.
Lastly, Rayonier (RYN) continues to integrate the enormous PotlachDeltic acquisition, which closed in late January. And while the huge timberland segment is performing well, the more exciting story is arguably the rising value of its undeveloped land. Recent rural land sales have averaged $7,280 per acre, up significantly from 2025’s $4,906 per acre. RYN’s land bank is highly valuable in a world where data centers and the electrical facilities needed to power them are taking up more and more land.
Let’s now turn to the earnings updates for our specialty REITs.
