AI-assembled from public SEC filings

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. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.

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

Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; code-computed comparisons below only use calendar-aligned periods.

Metric	WELL	AMT	EQIX	PLD	WY	IRM	SPG	HST	DLR	VTR	O	LINE
Revenue	10,838,034,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_WELL_REVENUE_FY2025	10,644,600,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_REVENUE_FY2025	9,217,000,000 FY 2025; period end 2025-12-31; filed 2026-02-11; reporting currency USD source · NUM_EQIX_REVENUE_FY2025	8,790,127,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_PLD_REVENUE_FY2025	6,905,000,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_WY_REVENUE_FY2025	6,901,737,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_IRM_REVENUE_FY2025	6,364,505,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SPG_REVENUE_FY2025	6,114,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_HST_REVENUE_FY2025	6,112,692,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_DLR_REVENUE_FY2025	5,833,980,000 FY 2025; period end 2025-12-31; filed 2026-02-06; reporting currency USD source · NUM_VTR_REVENUE_FY2025	5,749,377,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_O_REVENUE_FY2025	5,355,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_REVENUE_FY2025
Net margin	8.87% FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_WELL_NET_MARGIN_FY2025	24.69% FY 2025; period end 2025-12-31; filed 2026-02-24 source · NUM_AMT_NET_MARGIN_FY2025	14.65% FY 2025; period end 2025-12-31; filed 2026-02-11 source · NUM_EQIX_NET_MARGIN_FY2025	37.86% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_PLD_NET_MARGIN_FY2025	4.69% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_WY_NET_MARGIN_FY2025	2.21% FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_IRM_NET_MARGIN_FY2025	84.28% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_SPG_NET_MARGIN_FY2025	12.51% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_HST_NET_MARGIN_FY2025	21.41% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_DLR_NET_MARGIN_FY2025	4.48% FY 2025; period end 2025-12-31; filed 2026-02-06 source · NUM_VTR_NET_MARGIN_FY2025	18.41% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_O_NET_MARGIN_FY2025	-1.87% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_LINE_NET_MARGIN_FY2025
Operating margin	Not available.	45.52% FY 2025; period end 2025-12-31; filed 2026-02-24 source · NUM_AMT_OPERATING_MARGIN_FY2025	20.05% FY 2025; period end 2025-12-31; filed 2026-02-11 source · NUM_EQIX_OPERATING_MARGIN_FY2025	49.58% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_PLD_OPERATING_MARGIN_FY2025	10.59% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_WY_OPERATING_MARGIN_FY2025	16.86% FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_IRM_OPERATING_MARGIN_FY2025	49.89% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_SPG_OPERATING_MARGIN_FY2025	13.98% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_HST_OPERATING_MARGIN_FY2025	10.77% FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_DLR_OPERATING_MARGIN_FY2025	Not available.	Not available.	3.38% FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_LINE_OPERATING_MARGIN_FY2025
Free cash flow	Not available.	3,783,600,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_FREE_CASH_FLOW_FY2025	-400,000,000 FY 2025; period end 2025-12-31; filed 2026-02-11; reporting currency USD source · NUM_EQIX_FREE_CASH_FLOW_FY2025	Not available.	Not available.	-931,629,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_IRM_FREE_CASH_FLOW_FY2025	3,202,205,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SPG_FREE_CASH_FLOW_FY2025	Not available.	Not available.	-1,281,343,000 FY 2025; period end 2025-12-31; filed 2026-02-06; reporting currency USD source · NUM_VTR_FREE_CASH_FLOW_FY2025	Not available.	196,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_FREE_CASH_FLOW_FY2025
Capital expenditures	Not available.	1,680,400,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_CAPEX_FY2025	4,311,000,000 FY 2025; period end 2025-12-31; filed 2026-02-11; reporting currency USD source · NUM_EQIX_CAPEX_FY2025	Not available.	Not available.	2,271,628,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_IRM_CAPEX_FY2025	934,346,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SPG_CAPEX_FY2025	Not available.	Not available.	2,928,069,000 FY 2025; period end 2025-12-31; filed 2026-02-06; reporting currency USD source · NUM_VTR_CAPEX_FY2025	Not available.	747,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_CAPEX_FY2025
Dividends paid	1,877,959,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_WELL_DIVIDENDS_PAID_FY2025	3,180,800,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_DIVIDENDS_PAID_FY2025	1,856,000,000 FY 2025; period end 2025-12-31; filed 2026-02-11; reporting currency USD source · NUM_EQIX_DIVIDENDS_PAID_FY2025	3,764,745,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_PLD_DIVIDENDS_PAID_FY2025	606,000,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_WY_DIVIDENDS_PAID_FY2025	919,388,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_IRM_DIVIDENDS_PAID_FY2025	Not available.	623,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_HST_DIVIDENDS_PAID_FY2025	1,728,466,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_DLR_DIVIDENDS_PAID_FY2025	860,060,000 FY 2025; period end 2025-12-31; filed 2026-02-06; reporting currency USD source · NUM_VTR_DIVIDENDS_PAID_FY2025	2,920,895,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_O_DIVIDENDS_PAID_FY2025	537,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_DIVIDENDS_PAID_FY2025
Share buybacks	Not available.	364,600,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_SHARE_BUYBACKS_FY2025	Not available.	Not available.	160,000,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_WY_SHARE_BUYBACKS_FY2025	Not available.	226,826,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SPG_SHARE_BUYBACKS_FY2025	205,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_HST_SHARE_BUYBACKS_FY2025	Not available.	Not available.	Not available.	82,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_SHARE_BUYBACKS_FY2025
Assets	67,303,047,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_WELL_ASSETS_FY2025	63,190,400,000 FY 2025; period end 2025-12-31; filed 2026-02-24; reporting currency USD source · NUM_AMT_ASSETS_FY2025	40,141,000,000 FY 2025; period end 2025-12-31; filed 2026-02-11; reporting currency USD source · NUM_EQIX_ASSETS_FY2025	98,724,256,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_PLD_ASSETS_FY2025	16,613,000,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_WY_ASSETS_FY2025	21,125,019,000 FY 2025; period end 2025-12-31; filed 2026-02-12; reporting currency USD source · NUM_IRM_ASSETS_FY2025	40,606,466,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_SPG_ASSETS_FY2025	13,049,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_HST_ASSETS_FY2025	49,410,468,000 FY 2025; period end 2025-12-31; filed 2026-02-13; reporting currency USD source · NUM_DLR_ASSETS_FY2025	27,591,945,000 FY 2025; period end 2025-12-31; filed 2026-02-06; reporting currency USD source · NUM_VTR_ASSETS_FY2025	72,795,612,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_O_ASSETS_FY2025	19,185,000,000 FY 2025; period end 2025-12-31; filed 2026-02-25; reporting currency USD source · NUM_LINE_ASSETS_FY2025
Liabilities / equity	0.57 FY 2025; period end 2025-12-31; filed 2026-02-12 source · NUM_WELL_LIABILITIES_TO_EQUITY_FY2025	14.47 FY 2025; period end 2025-12-31; filed 2026-02-24 source · NUM_AMT_LIABILITIES_TO_EQUITY_FY2025	1.83 FY 2025; period end 2025-12-31; filed 2026-02-11 source · NUM_EQIX_LIABILITIES_TO_EQUITY_FY2025	0.77 FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_PLD_LIABILITIES_TO_EQUITY_FY2025	0.76 FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_WY_LIABILITIES_TO_EQUITY_FY2025	Not available.	6.51 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_SPG_LIABILITIES_TO_EQUITY_FY2025	0.96 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_HST_LIABILITIES_TO_EQUITY_FY2025	1.07 FY 2025; period end 2025-12-31; filed 2026-02-13 source · NUM_DLR_LIABILITIES_TO_EQUITY_FY2025	1.17 FY 2025; period end 2025-12-31; filed 2026-02-06 source · NUM_VTR_LIABILITIES_TO_EQUITY_FY2025	0.83 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_O_LIABILITIES_TO_EQUITY_FY2025	1.21 FY 2025; period end 2025-12-31; filed 2026-02-25 source · NUM_LINE_LIABILITIES_TO_EQUITY_FY2025

Code-computed comparisons

Latest reported revenue range: range endpoints are LINE (5,355,000,000) and WELL (10,838,034,000). Calendar period: 2025-Q4. Computed from facts NUM_LINE_REVENUE_FY2025 and NUM_WELL_REVENUE_FY2025; no authored numeric comparison.
Reported net margin range: range endpoints are LINE (-1.87%) and SPG (84.28%). Calendar period: 2025-Q4. Computed from facts NUM_LINE_NET_MARGIN_FY2025 and NUM_SPG_NET_MARGIN_FY2025; no authored numeric comparison.

Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.

Narrative Matrix

Dimension	WELL	AMT	EQIX	PLD	WY	IRM	SPG	HST	DLR	VTR	O	LINE
Business model	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Geographic and customer exposure	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Capital allocation	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Stated strategy in filings	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Idiosyncratic risks in filings	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.
Recent narrative change	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.	Quarantined: no direct dimension-relevant quote survived the gate.

Gate summary

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

Quarantined quantitative rows

No quantitative metric rows quarantined.

Quarantined dimensions

business_model: No verified cells survived the gate.
geographic_customer_exposure: No verified cells survived the gate.
capital_allocation: No verified cells survived the gate.
stated_strategy: No verified cells survived the gate.
idiosyncratic_risks: No verified cells survived the gate.
recent_narrative_change: No verified cells survived the gate.

Quarantined cells

WELL / business_model: No direct dimension-relevant quote survived the evidence gate.
AMT / business_model: No direct dimension-relevant quote survived the evidence gate.
EQIX / business_model: No direct dimension-relevant quote survived the evidence gate.
PLD / business_model: No direct dimension-relevant quote survived the evidence gate.
WY / business_model: No direct dimension-relevant quote survived the evidence gate.
IRM / business_model: No direct dimension-relevant quote survived the evidence gate.
SPG / business_model: No direct dimension-relevant quote survived the evidence gate.
HST / business_model: No direct dimension-relevant quote survived the evidence gate.
DLR / business_model: No direct dimension-relevant quote survived the evidence gate.
VTR / business_model: No direct dimension-relevant quote survived the evidence gate.
O / business_model: No direct dimension-relevant quote survived the evidence gate.
LINE / business_model: No direct dimension-relevant quote survived the evidence gate.
WELL / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
AMT / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
EQIX / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
PLD / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
WY / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
IRM / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
SPG / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
HST / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
DLR / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
VTR / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
O / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
LINE / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.