NEURACAP
Sector ReportSep 28, 2026 · 23 pages · Free to read

Specialized REITs Sector Outlook — September 2026

NeuraCap's Specialized REITs sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

16.5x
Sector median EV/EBITDA
21.0x
Premium end EV/EBITDA vs 6.9x at the discount end
37
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › SPECIALIZED REITS

Specialized REITs: Premiums Sit with Durability

The report shows how property type, cash-flow durability and operating balance shape relative valuation.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Specialized REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Specialized REITs do not trade as one business model. Property type, lease structure, tenant quality, recurring capital and development constraints shape how investors assess durability. Faster growth carries a measured premium, while profitability and balanced operations provide a clearer distinction in this sample.

Key findings

  • Durable Earnings Distinguish the Premium End
  • Investor Underwriting Varies by Property Type
  • Faster Growth Carries a Measured Premium
  • Balanced Operations Remain Uncommon

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › SPECIALIZED REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › SPECIALIZED REITS.

    Cover — Specialized REITs sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › SPECIALIZED REITS Specialized REITs: Premiums Sit with Durability The report shows how property type, cash-flow durability and operating balance shape relative valuation. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Durable Cash Flow Earns Closer Attention 02 The Landscape Property Type Changes the Valuation Question 03 Valuation & Situations The Premium End Carries a Wide Forward Spread 04 Precedent Transactions Strategic Buyers Are Active Across Specialized Assets 05 Strategic Implications Protect Durable Income While Choosing Where to Expand 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Specialized REITs Split Across Property, Logistics, Mortgage and Adjacent Models

    Specialized REITs Split Across Property, Logistics, Mortgage and Adjacent Models.

    Specialized REITs Split Across Property, Logistics, Mortgage and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Specialized REITs Split Across Property, Logistics, Mortgage and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Durable Earnings Distinguish the Premium End Across 16 companies with a forward estimate, premium-end names sit at 21.0x EV / EBITDA versus 6.9x at the discount end. The forward lens already credits forecast growth, with the remaining spread consistent with expected cash-flow durability. 2 Investor Underwriting Varies by Property Type Specialized property REITs sit at 17.8x, while adjacent models sit at 5.7x. Lease duration, counterparty quality, recurring capital needs and property rights remain central to that contrast. 3 Faster Growth Carries a Measured Premium On the 15 names with growth estimates, the faster-growth group sits at 17.0x versus 15.0x for the slower-growth group. The spread is meaningful but leaves room for property type and company-specific risk. 4 Balanced Operations Remain Uncommon Only 4 of 15 names clear both the 3% growth bar and the 63% margin bar. That combination places attention on occupancy, tenant retention, contractual escalators and disciplined capital needs. 16.5x Sector median EV/EBITDA CY2027E consensus · 16 rated of 26 companies 21.0x Premium end EV/EBITDA vs 6.9x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 37 Transactions with disclosed terms 139 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Property Type Changes the Valuation Question. Lease structure, capital needs and operating risk vary materially across the sector. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Property Type Changes the Valuation Question Lease structure, capital needs and operating risk vary materially across the sector. 02 of 06 Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Property Economics Divide Specialized REITs into Distinct Value Pools

    Property Economics Divide Specialized REITs into Distinct Value Pools.

    Property Economics Divide Specialized REITs into Distinct Value Pools 26 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Property Economics Divide Specialized REITs into Distinct Value Pools 26 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SPECIALIZED PROPERTY REITS 11 cos median 17.8x AMT EQIX DLR CCI SBAC GLPI UNIT RYN FRMI FPI SELF Digital, tower, gaming and timberland assets combine long-lived infrastructure with property-specific capital and renewal risks. SPECIALIZED LOGISTICS REAL ESTATE 6 cos median 16.6x PSA EXR CUBE COLD SMA IIPR Storage and temperature-controlled assets place occupancy, same-store NOI and recurring capital at the center of value. ADJACENT: MORTGAGE REITS 5 cos no rated names DX ORC KREF BXMT CMTG Credit exposure, financing structure and asset marks require a different earnings and risk framework. ADJACENT MODELS 4 cos median 5.7x VICI PAC IHS PSTL Concessions, telecommunications services and office assets broaden the sector while carrying different operating and regulatory exposures.

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    02 · LANDSCAPE

    Lease Structure and Capital Intensity Matter More than the Sector Label

    Lease Structure and Capital Intensity Matter More than the Sector Label.

    Lease Structure and Capital Intensity Matter More than the Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Lease Structure and Capital Intensity Matter More than the Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Specialized property REITs 11 42% 17.8x American Tower Corporation (AMT) · Equinix, Inc. (EQIX) · +9 more Contracted cash flows frame value. The group sits at 17.8x. Contractual escalators, tenant retention, available power, ground rights and development obligations shape the durability investors are underwriting. Specialized logistics real estate 6 23% 16.6x Public Storage (PSA) · Extra Space Storage Inc. (EXR) · +4 more Operations stay close to value. The group sits at 16.6x. Occupancy, same-store NOI, renewal spreads, lease-up and recurring maintenance capital remain important points of differentiation. Adjacent: mortgage REITs 5 19% — Dynex Capital, Inc. (DX) · Orchid Island Capital, Inc. (ORC) · +3 more Credit economics require separation. These businesses carry no EV / EBITDA estimate in the peer set. Financing capacity, credit quality and asset marks call for a different valuation framework. Adjacent models 4 15% 5.7x VICI Properties Inc. (VICI) · Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) · +2 more Structural risks widen the lens. The group sits at 5.7x. Concession renewal, tenant concentration, transferability and regulatory exposure can outweigh a simple property-income comparison.

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    SECTION 03

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    Section 03 of 06 — The Premium End Carries a Wide Forward Spread. Expected durability distinguishes the two ends after forecast growth is already reflected. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Carries a Wide Forward Spread Expected durability distinguishes the two ends after forecast growth is already reflected. 03 of 06 Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Forward Valuation Is Associated with Confidence in Durable Cash Flow

    Forward Valuation Is Associated with Confidence in Durable Cash Flow.

    Forward Valuation Is Associated with Confidence in Durable Cash Flow EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 16.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Forward Valuation Is Associated with Confidence in Durable Cash Flow EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 16.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.0x CORE · median 16.5x DISCOUNT · median 6.9x Sector median 16.5x WHAT SEPARATES THE TWO ENDS The top retains confidence. The premium tier sits at 21.0x EV / EBITDA. Because this is a forward measure, the premium remains after forecast growth is already reflected. The bottom carries questions. The discount tier sits at 6.9x. Renewal exposure, capital requirements, tenant concentration and regulatory structure warrant property-level diligence. Property economics still matter. The range spans digital infrastructure, storage, timberland, telecommunications services and airport concessions. A common sector label does not create a common underwriting case.

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    03 · VALUATION DRIVERS

    Profitability Is the Clearer Marker of Premium Valuation

    Profitability Is the Clearer Marker of Premium Valuation.

    Profitability Is the Clearer Marker of Premium Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=7; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Is the Clearer Marker of Premium Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=7; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 63% Margin-Only Names Sit Above Growth-Only Names Across 4 margin-only names and 4 growth-only names, valuation sits at 16.5x versus 15.3x. The observed gap is consistent with greater weight on current earnings quality than on growth alone. Growth Still Carries a Valuation Contrast On the 15 names with growth estimates, the faster-growth group sits at 17.0x versus 15.0x for the slower-growth group. Growth matters, but the spread remains narrower than the sector's broader valuation range. Clearing Both Bars Aligns with Higher Valuation On 4 balanced names, valuation sits at 17.0x versus 8.1x for the 3 names clearing neither bar. The small bases call for caution, while the contrast keeps operating balance central to the discussion. Property-Level Risks Remain Decisive Tenant retention, rent coverage, contractual escalators, recurring capital and development obligations can separate companies with similar headline growth and margins.

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    03 · SITUATION MAP

    Valuation and Growth Point to Different Operating Priorities

    Valuation and Growth Point to Different Operating Priorities.

    Valuation and Growth Point to Different Operating Priorities Cut on EV / EBITDA vs the sector median (16.5x) (rows) and revenue growth vs the covered median (3%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Valuation and Growth Point to Different Operating Priorities Cut on EV / EBITDA vs the sector median (16.5x) (rows) and revenue growth vs the covered median (3%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 5 names American Tower Corporation (AMT) · Equinix, Inc. (EQIX) · Digital Realty Trust, Inc. (DLR) · +2 more Five names combine above-middle valuation with above-middle revenue growth. The operating question is whether occupancy, retention and capital discipline can sustain that position. Premium Without Growth Above-median multiple · below-median revenue growth 2 names Crown Castle Inc. (CCI) · Smartstop Self Storage REIT Inc (SMA) Two names retain above-middle valuation despite below-middle growth. The position places more weight on durable leases, margins and confidence in future cash flow. Growth Without Premium Below-median multiple · above-median revenue growth 3 names Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) · Rayonier Inc. (RYN) · Postal Realty Trust, Inc. (PSTL) Three names show above-middle growth without an above-middle multiple. Property risk, capital intensity or confidence in earnings durability may remain part of the valuation discussion. Neither Premium nor Growth Below-median multiple · below-median revenue growth 5 names SBA Communications Corporation (SBAC) · Uniti Group Inc. (UNIT) · CubeSmart (CUBE) · +2 more Five names sit below the middle on both valuation and growth. The operating agenda centers on revenue quality, cost structure, tenant economics and disciplined capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Few Names Combine Faster Growth with Higher Margins

    Few Names Combine Faster Growth with Higher Margins.

    Few Names Combine Faster Growth with Higher Margins Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 15 companies with both estimates · cuts at the covered medians (3% growth, 63% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=4; growth-only n=4; neither n=3). 11

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    03 · GROWTH VS PROFITABILITY Few Names Combine Faster Growth with Higher Margins Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 15 companies with both estimates · cuts at the covered medians (3% growth, 63% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=4; growth-only n=4; neither n=3). Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 40% 60% MARGIN ONLY median 16.5x BALANCED median 17.0x NEITHER median 8.1x GROWTH ONLY median 15.3x IHS UNIT COLD CCI SBAC CUBE SMA EXR AMT RYN PSA EQIX DLR PSTL PAC x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The chart splits 15 names at 3% growth and 63% margin. Extra Space Storage Inc. (EXR), American Tower Corporation (AMT), Public Storage (PSA) and Postal Realty Trust, Inc. (PSTL) clear both bars. Four names sit in each of the margin-only and growth-only positions, while 3 clear neither. The margin-only position carries a higher valuation reading than growth-only in this sample. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 13 of 15 names clear it.

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    03 · THE AGENDA

    The Evidence Favors Durability Before Expansion

    The Evidence Favors Durability Before Expansion.

    The Evidence Favors Durability Before Expansion NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA The Evidence Favors Durability Before Expansion NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Durability or Faster Expansion? The choice is whether capital first strengthens tenant retention, rent coverage and recurring cash flow or funds a faster development pipeline. What changes the answer: The answer changes when secured demand and development yield outweigh capital and lease-up risk. Build or Acquire Capacity? The decision turns on replacement cost, permitting, available power, local supply and the price of acquiring operating assets. What changes the answer: Acquisition becomes more relevant when speed, secured rights and operating cash flow offset the purchase premium. Recycle Capital or Retain Assets? The trade-off is between funding higher-return uses and preserving durable property income, tenant relationships and long-term development capacity. What changes the answer: Capital recycling gains relevance when private asset liquidity exceeds the value of retaining lower-return capital in place.

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    SECTION 04

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    Section 04 of 06 — Strategic Buyers Are Active Across Specialized Assets. The transaction record spans storage, digital infrastructure, gaming and timberland. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Are Active Across Specialized Assets The transaction record spans storage, digital infrastructure, gaming and timberland. 04 of 06 Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Continue to Pursue Transactions Across Property Types

    Buyers Continue to Pursue Transactions Across Property Types.

    Buyers Continue to Pursue Transactions Across Property Types 3 of 37 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Buyers Continue to Pursue Transactions Across Property Types 3 of 37 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Nov-2025 $1.6B VICI Properties Inc. VICI Properties Inc. (VICI) agreed to acquire Golden Entertainment Inc. in a scaled gaming transaction. EV / LTM revenue 2.5x EV / LTM EBITDA 11.2x WHY THE DEAL HAPPENED The pairing suggests a fit between specialized real estate capital and gaming property economics. Rent coverage, operator quality and regulatory transferability remain central to the underwriting. HOW THE TARGET WAS VALUED The transaction carries $1.6B of value, 2.5x EV / Revenue and 11.2x EV / EBITDA. The EBITDA reading sits below the 16.5x middle of the public range. Nov-2021 $10.1B American Tower Corporation acquires CoreSite Realty Corporation EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests that strategic fit remains asset-specific in specialized real estate. Property economics, financing capacity and required capital shape buyer relevance. HOW THE TARGET WAS VALUED The transaction adds qualitative evidence on strategic fit. Its benchmark is most useful alongside property type, lease structure and capital requirements. Feb-2026 $4.0B Equinix, Inc. Equinix, Inc. (EQIX) agreed to acquire atNorth in a scaled platform transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests value in extending platform reach and development capacity. Available power, interconnection access and secured development capacity remain important underwriting considerations. HOW THE TARGET WAS VALUED The announced value is $4.0B. With no transaction multiple carried here, the clean benchmark is the disclosed value and the strategic fit.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Protect Durable Income While Choosing Where to Expand. Capital allocation needs to reflect property-specific economics and balance-sheet capacity. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Protect Durable Income While Choosing Where to Expand Capital allocation needs to reflect property-specific economics and balance-sheet capacity. 05 of 06 Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Stronger Standing Starts with Durable Income and Selective Growth

    Stronger Standing Starts with Durable Income and Selective Growth.

    Stronger Standing Starts with Durable Income and Selective Growth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Stronger Standing Starts with Durable Income and Selective Growth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Quality of Cash Flow Focus operating choices on tenant retention, contractual escalators, renewal spreads, rent coverage and recurring capital. These factors shape confidence in durable property income. FOR OPERATORS Choose Growth with Secured Economics Prioritize development and lease-up where demand, permitting, power, ground rights and expected yields justify the capital committed. FOR BOARDS Match Capital Allocation to Property Type Test build-versus-buy, asset retention and funding choices against replacement cost, balance-sheet capacity, NAV and the durability of the underlying leases.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.5x); amber marks below · 16 rated companies; 10 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.5x); amber marks below · 16 rated companies; 10 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.5x · median 21.0x · 4 companies Fermi Inc. Common Stock FRMI Specialized property REITs $2.9B 61.1x n/a n/a n/a Crown Castle Inc. CCI Specialized property REITs $59.1B 21.9x 1% 67% 67 Equinix, Inc. EQIX Specialized property REITs $120B 20.2x 11% 51% 63 Digital Realty Trust, Inc. DLR Specialized property REITs $80.2B 18.5x 11% 54% 66 CORE — 12.7x–17.5x · median 16.5x · 8 companies American Tower Corporation AMT Specialized property REITs $128B 17.2x 3% 66% 69 Extra Space Storage Inc. EXR Specialized logistics real estate $42.5B 17.1x 3% 69% 72 Public Storage PSA Specialized logistics real estate $64.3B 16.9x 9% 69% 77 Smartstop Self Storage REIT Inc SMA Specialized logistics real estate $3.0B 16.6x 3% 68% 72 CubeSmart CUBE Specialized logistics real estate $12.0B 16.4x 3% 63% 66 SBA Communications Corporation SBAC Specialized property REITs $30.0B 15.0x 2% 67% 70 Americold Realty Trust, Inc. COLD Specialized logistics real estate $8.7B 14.4x 0% 23% 24 Postal Realty Trust, Inc. PSTL Adjacent: office real estate $1.1B 12.9x 13% 65% 81 DISCOUNT — <12.7x · median 6.9x · 4 companies Rayonier Inc. RYN Specialized property REITs $7.1B 12.0x 9% 34% 46 Uniti Group Inc. UNIT Specialized property REITs $12.2B 8.1x -1% 40% 40

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.5x); amber marks below · 16 rated companies; 10 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 19

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.5x); amber marks below · 16 rated companies; 10 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 16 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <12.7x · median 6.9x · 4 companies IHS Holding Limited IHS Adjacent: telecommunications services $5.5B 5.7x -2% 53% 53 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. PAC Adjacent: airport operating concessions $9.6B 5.6x 14% 57% 75

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 37 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 37 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 37 transactions shown; the rest are in the companion workbook. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2026 Public Storage → National Storage Affiliates Trust $10.5B n/a n/a Public Storage (PSA) acquired National Storage Affiliates Trust. The transaction suggests continued strategic interest in scaled storage portfolios and operating density. Feb-2026 Equinix, Inc. → atNorth $4.0B n/a n/a Equinix, Inc. (EQIX) announced the acquisition of atNorth. The transaction suggests that platform reach and development capacity remain relevant to digital infrastructure buyers. Nov-2025 VICI Properties Inc. → Golden Entertainment Inc. $1.6B 2.5x 11.2x VICI Properties Inc. (VICI) agreed to acquire Golden Entertainment Inc. The transaction connects specialized property capital with gaming assets and their operator economics. Oct-2025 Rayonier Inc. → PotlatchDeltic Corporation $4.1B n/a n/a Rayonier Inc. (RYN) acquired PotlatchDeltic Corporation. The combination suggests strategic value in scaled timberland ownership and operating reach. May-2025 TPG Inc. → Peppertree Capital Management, Inc. n/a n/a 9.5x TPG Inc. announced the acquisition of Peppertree Capital Management, Inc. The transaction suggests buyer interest in specialized infrastructure investment capabilities. Jan-2025 n/a → Willscot Holdings Corporation n/a n/a 9.6x The Willscot Holdings Corporation transaction was terminated. Its inclusion broadens the record around operating infrastructure without changing the completed-deal evidence. Dec-2024 Zain Group → IHS Kuwait Limited $230M n/a n/a Zain Group announced the acquisition of IHS Kuwait Limited. The transaction suggests strategic fit between telecommunications operations and infrastructure assets. Jan-2024 Lactalis → ATC Telecom Infrastructure Private Limited n/a n/a 8.4x Lactalis announced a transaction involving ATC Telecom Infrastructure Private Limited. The recorded multiple adds a further reference point for specialized infrastructure. Feb-2023 Extra Space Storage Inc. → Life Storage, Inc. $15.7B n/a n/a Extra Space Storage Inc. (EXR) acquired Life Storage, Inc. The transaction underscores the strategic relevance of portfolio scale in self-storage.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 37 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 37 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 165 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 102 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 37 transactions shown; the rest are in the companion workbook. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2023 Brookfield Infrastructure Partners → Deutsche Funkturm n/a 15.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2022 GIP and KKR → Vantage Towers n/a n/a 26.0x Sep-2022 Oak Street / GIC → STORE Capital Corporation $14.0B 0.7x 8.8x Nov-2021 American Tower Corporation → CoreSite Realty Corporation $10.1B n/a n/a Nov-2021 KKR and Global Infrastructure Partners → CyrusOne Inc. $15.0B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful. Aug-2021 VICI Properties Inc. → MGM Growth Properties LLC $8.6B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful. Aug-2021 Boston Omaha Corporation → Sky Harbour LLC $196M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2021 The Blackstone Group Inc. → 28 data centers across North America and Europe (QTS, QTS Realty Trust) n/a n/a 29.7x Feb-2021 SBA Communications Corporation → License agreements granting 100-year rights to lease 700+ transmission towers to wireless providers (PG&E Corporation) n/a n/a 24.6x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 22

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Specialized REITs Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Specialized REITs and it clears the coverage gate with 16 of 26 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 16 of the 16 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 28 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 949 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (948) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durable Earnings, Selective Growth and Property-Specific Confidence.

    The Premium Sits with Durable Earnings, Selective Growth and Property-Specific Confidence..

    Closing — The Premium Sits with Durable Earnings, Selective Growth and Property-Specific Confidence. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 23

    Everything on this page

    The Premium Sits with Durable Earnings, Selective Growth and Property-Specific Confidence. NeuraCap AI — Specialized REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialized REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

Sources and methodology

This report covers Specialized REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Specialized REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 26 listed companies whose core business is Specialized REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Tower Corporation (AMT), Blackstone Mortgage Trust, Inc. (BXMT), Crown Castle Inc. (CCI), Claros Mortgage Trust, Inc. (CMTG), Americold Realty Trust, Inc. (COLD), CubeSmart (CUBE), Digital Realty Trust, Inc. (DLR), Dynex Capital, Inc. (DX), Equinix, Inc. (EQIX), Extra Space Storage Inc. (EXR), Farmland Partners Inc. (FPI), Fermi Inc. Common Stock (FRMI), Gaming and Leisure Properties, Inc. (GLPI), IHS Holding Limited (IHS), Innovative Industrial Properties, Inc. (IIPR), KKR Real Estate Finance Trust Inc. (KREF), Orchid Island Capital, Inc. (ORC), Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), Public Storage (PSA), Postal Realty Trust, Inc. (PSTL), Rayonier Inc. (RYN), SBA Communications Corporation (SBAC), Global Self Storage, Inc. (SELF), Smartstop Self Storage REIT Inc (SMA), Uniti Group Inc. (UNIT), VICI Properties Inc. (VICI). The market map groups them by business vertical — Specialized property REITs: 11 companies (AMT, EQIX, DLR, CCI, SBAC, GLPI, UNIT, RYN, FRMI, FPI, SELF); Specialized logistics real estate: 6 companies (PSA, EXR, CUBE, COLD, SMA, IIPR); Adjacent: mortgage REITs: 5 companies (DX, ORC, KREF, BXMT, CMTG); Adjacent models: 4 companies (VICI, PAC, IHS, PSTL). 16 of the 26 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Specialized REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Specialized REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 26 listed companies whose core business is Specialized REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Tower Corporation (AMT), Blackstone Mortgage Trust, Inc. (BXMT), Crown Castle Inc. (CCI), Claros Mortgage Trust, Inc. (CMTG), Americold Realty Trust, Inc. (COLD), CubeSmart (CUBE), Digital Realty Trust, Inc. (DLR), Dynex Capital, Inc. (DX), Equinix, Inc. (EQIX), Extra Space Storage Inc. (EXR), Farmland Partners Inc. (FPI), Fermi Inc. Common Stock (FRMI), Gaming and Leisure Properties, Inc. (GLPI), IHS Holding Limited (IHS), Innovative Industrial Properties, Inc. (IIPR), KKR Real Estate Finance Trust Inc. (KREF), Orchid Island Capital, Inc. (ORC), Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), Public Storage (PSA), Postal Realty Trust, Inc. (PSTL), Rayonier Inc. (RYN), SBA Communications Corporation (SBAC), Global Self Storage, Inc. (SELF), Smartstop Self Storage REIT Inc (SMA), Uniti Group Inc. (UNIT), VICI Properties Inc. (VICI). The market map groups them by business vertical — Specialized property REITs: 11 companies (AMT, EQIX, DLR, CCI, SBAC, GLPI, UNIT, RYN, FRMI, FPI, SELF); Specialized logistics real estate: 6 companies (PSA, EXR, CUBE, COLD, SMA, IIPR); Adjacent: mortgage REITs: 5 companies (DX, ORC, KREF, BXMT, CMTG); Adjacent models: 4 companies (VICI, PAC, IHS, PSTL). 16 of the 26 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

28 records failed a validation gate and never feed a statistic in this report (2 excluded from universe; 18 excluded from aggregate; 8 quarantined). Each exclusion, with its reason: CDP — The ticker CDP carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · EPR — The ticker EPR carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · CMTG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · COLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · COLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · COLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FPI — Implied EBITDA margin 115.9% outside the plausible band [-100%, 80%] (effect: quarantined) · FRMI — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · FRMI — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · FRMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FRMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GLPI — Implied EBITDA margin 92.0% outside the plausible band [-100%, 80%] (effect: quarantined) · GLPI — Implied EBITDA margin 93.8% outside the plausible band [-100%, 80%] (effect: quarantined) · GLPI — Implied EBITDA margin 94.1% outside the plausible band [-100%, 80%] (effect: quarantined) · IIPR — Implied EBITDA margin 82.3% outside the plausible band [-100%, 80%] (effect: quarantined) · KREF — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · KREF — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · KREF — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · UNIT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · UNIT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Specialized REITs and it clears the coverage gate with 16 of 26 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 16 of the 16 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 16 of 26 companies; EV / rEVenue: 25 of 26 companies; P/E: 22 of 26 companies. 3 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥17.5x, Core 12.7x–17.5x, Discount <12.7x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.5x = median(ev_ebitda CY2027E) (16 rated companies) · 21.0x = median(ev_ebitda CY2027E) within Premium tier (n=4) · 16.5x = median(ev_ebitda CY2027E) within Core tier (n=8) · 6.9x = median(ev_ebitda CY2027E) within Discount tier (n=4) · 17.0x = median(ev_ebitda CY2027E) | growth ≥ 3% (n=8) · 15.0x = median(ev_ebitda CY2027E) | growth < 3% (n=7) · 16.8x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 63% (n=8) · 12.0x = median(ev_ebitda CY2027E) | EBITDA margin < 63% (n=7) · 68% = median Rule of 40 score (revenue growth + EBITDA margin) (n=15) · 17.0x = median(ev_ebitda CY2027E) within balanced quadrant (n=4) · 16.5x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=4) · 15.3x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=4) · 8.1x = median(ev_ebitda CY2027E) within neither quadrant (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Specialized REITs recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 139 transactions were recorded for this industry; 37 are shown. 102 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 67 × deal value unit unresolved; 70 × no evidence record; 5 × duplicate precedent id; 16 × divestiture roles reassigned; 1 × interest seller recorded as target; 6 × financial target ev not meaningful. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 953 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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