Tax-loss harvesting alternatives for AMT

Among the 93 Telecom Tower REITs peers screened, CCI (Crown Castle) has tracked AMT most closely over the past year, with a return correlation of 0.86. The strongest fund stand-in is XLRE (Real Estate Select Sector SPDR) at 0.61 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
CCI	Crown Castle	Telecom Tower REITs	0.86	0.83	0.83	0.83
SBAC	SBA Communications	Telecom Tower REITs	0.68	0.77	0.80	0.80
EXR	Extra Space Storage	Self-Storage REITs	0.49	0.52	0.54	0.54
CUBE	CubeSmart	Industrial REITs	0.47	0.55	0.56	0.55
VICI	Vici Properties	Hotel & Resort REITs	0.46	0.55	0.54	0.48
INVH	Invitation Homes	Residential REITs	0.41	0.39	0.51	0.55
PSA	Public Storage	Self-Storage REITs	0.41	0.53	0.55	0.56
AMH	American Homes 4 Rent	Single-Family Residential REITs	0.39	0.40	0.52	0.55
GLPI	Gaming and Leisure Properties	Other Specialized REITs	0.38	0.50	0.54	0.46
VMRK	Vivmark Residential	Multi-Family Residential REITs	0.38	0.41	0.50	0.52
AVB	AvalonBay Communities	Residential REITs	0.38	0.42	0.51	0.55
ELS	Equity Lifestyle Properties	Single-Family Residential REITs	0.37	0.51	0.57	0.58
ADC	Agree Realty	Retail REITs	0.37	0.53	0.53	0.53
O	Realty Income	Retail REITs	0.36	0.53	0.57	0.54
MAA	Mid-America Apartment	Residential REITs	0.36	0.39	0.52	0.56
CPT	Camden Property Trust	Multi-Family Residential REITs	0.35	0.40	0.51	0.55
NNN	NNN REIT	Retail REITs	0.34	0.52	0.53	0.46
EQR	Equity Residential	Residential REITs	0.34	0.40	0.50	0.52
KIM	Kimco Realty	Retail REITs	0.34	0.41	0.47	0.37
UDR	UDR, Inc.	Multi-Family Residential REITs	0.33	0.40	0.52	0.54
WPC	W. P. Carey	Diversified REITs	0.33	0.48	0.51	0.52
ESS	Essex Property Trust	Multi-Family Residential REITs	0.32	0.38	0.48	0.52
GTY	Getty Realty Corp.	Retail REITs	0.30	0.44	0.47	0.45
REG	Regency Centers	Retail REITs	0.29	0.44	0.48	0.41
FCPT	Four Corners Property Trust, Inc.	Other Specialized REITs	0.29	0.49	0.52	0.50
HR	Healthcare Realty Trust	Health Care REITs	0.29	0.40	0.44	0.51
BRX	Brixmor Property Group	Retail REITs	0.28	0.35	0.43	0.36
NTST	NETSTREIT Corp.	Retail REITs	0.28	0.47	0.48	0.45
EPRT	Essential Properties Realty Trust, Inc.	Diversified REITs	0.27	0.44	0.49	0.37
IRT	Independence Realty Trust	Multi-Family Residential REITs	0.27	0.37	0.46	0.48
SPG	Simon Property Group	Retail REITs	0.27	0.27	0.36	0.30
PLD	Prologis Inc.	Industrial REITs	0.26	0.37	0.50	0.59
SAFE	Safehold, Inc.	Other Specialized REITs	0.25	0.39	0.42	0.38
WY	Weyerhaeuser	Timber REITs	0.25	0.39	0.44	0.47
EQIX	Equinix Inc.	Data Center REITs	0.25	0.35	0.51	0.59
DEA	Easterly Government Properties, Inc.	Office REITs	0.25	0.34	0.39	0.45
AKR	Acadia Realty Trust	Retail REITs	0.24	0.32	0.39	0.33
BFS	Saul Centers, Inc.	Retail REITs	0.24	0.37	0.43	0.38
FRT	Federal Realty Investment Trust	Retail REITs	0.24	0.36	0.44	0.39
BNL	Broadstone Net Lease, Inc.	Industrial REITs	0.23	0.42	0.49	—
EPR	EPR Properties	Other Specialized REITs	0.23	0.38	0.40	0.33
NXRT	NexPoint Residential Trust, Inc.	Multi-Family Residential REITs	0.23	0.34	0.42	0.46
DOC	Healthpeak Properties	Health Care REITs	0.22	0.40	0.49	0.53
KRG	Kite Realty Group Trust	Retail REITs	0.22	0.34	0.40	0.34
IRM	Iron Mountain	Other Specialized REITs	0.22	0.32	0.42	0.44
DLR	Digital Realty	Data Center REITs	0.21	0.29	0.46	0.55
RYN	Rayonier	Timber REITs	0.21	0.35	0.41	0.44
REXR	Rexford Industrial Realty	Industrial REITs	0.20	0.32	0.47	0.53
WELL	Welltower Inc.	Health Care REITs	0.20	0.33	0.41	0.43
IVT	InvenTrust Properties	Retail REITs	0.19	0.27	-0.01	-0.01
PECO	Phillips Edison & Company	Retail REITs	0.19	0.38	0.42	—
TRNO	Terreno Realty Corporation	Industrial REITs	0.19	0.32	0.46	0.52
CDP	COPT Defense Properties	Office REITs	0.18	0.32	0.38	0.43
VTR	Ventas Inc.	Health Care REITs	0.18	0.37	0.43	0.40
LAMR	Lamar Advertising Company	Other Specialized REITs	0.18	0.25	0.38	0.41
FR	First Industrial Realty Trust	Industrial REITs	0.18	0.32	0.47	0.56
CSR	Centerspace Trust	Multi-Family Residential REITs	0.18	0.30	0.41	0.40
EGP	EastGroup Properties	Industrial REITs	0.17	0.32	0.46	0.56
MRP	Millrose Properties, Inc.	Single-Family Residential REITs	0.17	—	—	—
UE	Urban Edge Properties	Retail REITs	0.17	0.32	0.39	0.34
OHI	Omega Healthcare Investors	Health Care REITs	0.17	0.33	0.34	0.33
GNL	Global Net Lease, Inc.	Diversified REITs	0.16	0.34	0.40	0.39
ARE	Alexandria Real Estate	Office REITs	0.16	0.33	0.42	0.51
SKT	Tanger Factory Outlet Centers, Inc.	Retail REITs	0.16	0.18	0.25	0.23
LTC	LTC Properties, Inc.	Health Care REITs	0.14	0.28	0.35	0.44
BXP	BXP Inc.	Office REITs	0.14	0.31	0.37	0.41
LXP	Lexington Realty Trust	Diversified REITs	0.14	0.31	0.40	0.48
MAC	Macerich	Retail REITs	0.14	0.21	0.30	0.23
XHR	Xenia Hotels & Resorts, Inc.	Hotel & Resort REITs	0.14	0.11	0.23	0.22
AAT	American Assets Trust	Diversified REITs	0.14	0.31	0.36	0.39
HIW	Highwoods Properties	Office REITs	0.14	0.30	0.38	0.44
NHI	National Health Investors, Inc.	Health Care REITs	0.13	0.30	0.36	0.43
RHP	Ryman Hospitality Properties	Hotel & Resort REITs	0.13	0.15	0.26	0.23
CUZ	Cousins Properties	Office REITs	0.13	0.28	0.37	0.41
DEI	Douglas Emmett	Office REITs	0.13	0.27	0.35	0.41
DRH	DiamondRock Hospitality Company	Hotel & Resort REITs	0.13	0.14	0.25	0.18
STAG	STAG Industrial	Industrial REITs	0.12	0.32	0.46	0.53
OUT	Outfront Media	Other Specialized REITs	0.12	0.20	0.29	0.34
CURB	Curbline Properties Corp.	Retail REITs	0.12	0.15	—	—
SHO	Sunstone Hotel Investors, Inc.	Hotel & Resort REITs	0.12	0.12	0.23	0.28
APLE	Apple Hospitality REIT, Inc.	Hotel & Resort REITs	0.11	0.14	0.24	0.25
PK	Park Hotels & Resorts	Hotel & Resort REITs	0.11	0.11	0.22	0.22
CTRE	CareTrust REIT	Health Care REITs	0.10	0.28	0.38	0.35
JBGS	JBG Smith	Office REITs	0.09	0.24	0.33	0.41
MPT	Medical Properties Trust	Health Care REITs	0.09	0.24	0.29	0.39
SBRA	Sabra Health Care REIT	Health Care REITs	0.09	0.29	0.33	0.33
HST	Host Hotels & Resorts	Hotel & Resort REITs	0.08	0.11	0.22	0.24
IIPR	Innovative Industrial Properties, Inc.	Industrial REITs	0.08	0.18	0.29	0.28
SLG	SL Green Realty	Office REITs	0.08	0.26	0.31	0.35
VNO	Vornado Realty Trust	Office REITs	0.08	0.24	0.31	0.33
AHR	American Healthcare REIT	Health Care REITs	0.08	0.24	—	—
PEB	Pebblebrook Hotel Trust	Hotel & Resort REITs	0.03	0.11	0.21	0.21
KRC	Kilroy Realty Corp	Office REITs	0.00	0.24	0.33	0.41

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
XLRE	Real Estate Select Sector SPDR	Real Estate Sector	SECTOR	0.61	0.66	0.74	0.77
VNQ	Vanguard Real Estate ETF	REITs	SECTOR	0.55	0.62	0.70	0.71
IYR	iShares US Real Estate ETF	REITs	SECTOR	0.55	0.63	0.71	0.73
SCHH	Schwab US REIT ETF	REITs	SECTOR	0.54	0.63	0.71	0.68
SRVR	Pacer Data & Infrastructure RE	Data Center & Tower REITs	SUB-IND	0.43	0.60	0.72	0.78
USRT	iShares Core US REIT ETF	REITs	SECTOR	0.42	0.52	0.62	0.64
REZ	iShares Residential & Multisector RE	Residential REITs	SUB-IND	0.41	0.53	0.61	0.62
RWR	SPDR Dow Jones REIT ETF	REITs	SECTOR	0.40	0.52	0.61	0.62
INDS	Pacer Industrial Real Estate ETF	Industrial REITs	SUB-IND	0.39	0.52	0.61	0.66
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	-0.07	0.03	0.29	0.43
IVV	iShares Core S&P 500	S&P 500	BROAD	-0.08	0.03	0.29	0.44
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	-0.08	0.03	0.29	0.44

NEXT STEPS

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Replacement research for AMT's peers

CCI SBAC EXR CUBE VICI INVH PSA AMH GLPI VMRK AVB ELS ADC O MAA CPT NNN EQR KIM UDR WPC ESS GTY REG FCPT HR BRX NTST EPRT IRT SPG PLD SAFE WY EQIX DEA AKR BFS FRT BNL EPR NXRT DOC KRG IRM DLR RYN REXR WELL IVT PECO TRNO CDP VTR LAMR FR CSR EGP MRP UE OHI GNL ARE SKT LTC BXP LXP MAC XHR AAT HIW NHI RHP CUZ DEI DRH STAG OUT CURB SHO APLE PK CTRE JBGS MPT SBRA HST IIPR SLG VNO AHR PEB KRC

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.