Tax-loss harvesting alternatives for CCI

Among the 93 Telecom Tower REITs peers screened, AMT (American Tower) has tracked CCI 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
AMT	American Tower	Telecom Tower REITs	0.86	0.83	0.83	0.83
SBAC	SBA Communications	Telecom Tower REITs	0.72	0.76	0.80	0.80
EXR	Extra Space Storage	Self-Storage REITs	0.47	0.51	0.54	0.53
VICI	Vici Properties	Hotel & Resort REITs	0.46	0.56	0.54	0.48
CUBE	CubeSmart	Industrial REITs	0.45	0.54	0.56	0.54
AVB	AvalonBay Communities	Residential REITs	0.44	0.44	0.52	0.53
EQR	Equity Residential	Residential REITs	0.42	0.45	0.52	0.51
VMRK	Vivmark Residential	Multi-Family Residential REITs	0.42	0.44	0.52	0.51
MAA	Mid-America Apartment	Residential REITs	0.41	0.43	0.54	0.55
AMH	American Homes 4 Rent	Single-Family Residential REITs	0.41	0.42	0.52	0.54
PSA	Public Storage	Self-Storage REITs	0.41	0.53	0.56	0.56
INVH	Invitation Homes	Residential REITs	0.40	0.42	0.51	0.54
CPT	Camden Property Trust	Multi-Family Residential REITs	0.39	0.42	0.52	0.54
UDR	UDR, Inc.	Multi-Family Residential REITs	0.38	0.44	0.53	0.53
GLPI	Gaming and Leisure Properties	Other Specialized REITs	0.35	0.49	0.52	0.44
ESS	Essex Property Trust	Multi-Family Residential REITs	0.35	0.40	0.50	0.50
IRT	Independence Realty Trust	Multi-Family Residential REITs	0.34	0.41	0.49	0.50
O	Realty Income	Retail REITs	0.33	0.52	0.56	0.52
ELS	Equity Lifestyle Properties	Single-Family Residential REITs	0.33	0.48	0.54	0.56
ADC	Agree Realty	Retail REITs	0.32	0.50	0.52	0.51
NNN	NNN REIT	Retail REITs	0.32	0.49	0.52	0.45
WPC	W. P. Carey	Diversified REITs	0.31	0.47	0.51	0.53
KIM	Kimco Realty	Retail REITs	0.31	0.43	0.47	0.37
REG	Regency Centers	Retail REITs	0.30	0.45	0.47	0.40
HR	Healthcare Realty Trust	Health Care REITs	0.29	0.43	0.45	0.50
NXRT	NexPoint Residential Trust, Inc.	Multi-Family Residential REITs	0.28	0.38	0.44	0.44
IRM	Iron Mountain	Other Specialized REITs	0.28	0.31	0.43	0.44
GTY	Getty Realty Corp.	Retail REITs	0.28	0.45	0.48	0.45
BRX	Brixmor Property Group	Retail REITs	0.28	0.36	0.44	0.37
FCPT	Four Corners Property Trust, Inc.	Other Specialized REITs	0.26	0.48	0.51	0.48
SAFE	Safehold, Inc.	Other Specialized REITs	0.26	0.40	0.42	0.37
FRT	Federal Realty Investment Trust	Retail REITs	0.26	0.38	0.45	0.38
SPG	Simon Property Group	Retail REITs	0.26	0.30	0.37	0.29
NTST	NETSTREIT Corp.	Retail REITs	0.26	0.44	0.46	0.43
EPR	EPR Properties	Other Specialized REITs	0.26	0.39	0.41	0.33
EPRT	Essential Properties Realty Trust, Inc.	Diversified REITs	0.25	0.43	0.48	0.37
DLR	Digital Realty	Data Center REITs	0.25	0.29	0.48	0.56
PLD	Prologis Inc.	Industrial REITs	0.24	0.36	0.50	0.57
EQIX	Equinix Inc.	Data Center REITs	0.24	0.33	0.49	0.57
REXR	Rexford Industrial Realty	Industrial REITs	0.24	0.37	0.49	0.53
KRG	Kite Realty Group Trust	Retail REITs	0.23	0.37	0.41	0.35
DOC	Healthpeak Properties	Health Care REITs	0.22	0.42	0.51	0.53
WY	Weyerhaeuser	Timber REITs	0.22	0.37	0.43	0.46
BFS	Saul Centers, Inc.	Retail REITs	0.22	0.38	0.44	0.38
RYN	Rayonier	Timber REITs	0.22	0.36	0.44	0.44
DEA	Easterly Government Properties, Inc.	Office REITs	0.21	0.34	0.39	0.44
AKR	Acadia Realty Trust	Retail REITs	0.21	0.33	0.40	0.33
BNL	Broadstone Net Lease, Inc.	Industrial REITs	0.20	0.41	0.49	—
WELL	Welltower Inc.	Health Care REITs	0.20	0.34	0.42	0.40
CSR	Centerspace Trust	Multi-Family Residential REITs	0.19	0.32	0.42	0.38
TRNO	Terreno Realty Corporation	Industrial REITs	0.19	0.33	0.46	0.51
UE	Urban Edge Properties	Retail REITs	0.19	0.34	0.41	0.36
VTR	Ventas Inc.	Health Care REITs	0.19	0.36	0.42	0.39
LAMR	Lamar Advertising Company	Other Specialized REITs	0.19	0.26	0.37	0.40
DRH	DiamondRock Hospitality Company	Hotel & Resort REITs	0.17	0.18	0.27	0.19
IVT	InvenTrust Properties	Retail REITs	0.17	0.30	-0.00	-0.00
EGP	EastGroup Properties	Industrial REITs	0.17	0.32	0.46	0.53
FR	First Industrial Realty Trust	Industrial REITs	0.17	0.32	0.46	0.54
PECO	Phillips Edison & Company	Retail REITs	0.16	0.38	0.41	—
STAG	STAG Industrial	Industrial REITs	0.16	0.34	0.47	0.53
XHR	Xenia Hotels & Resorts, Inc.	Hotel & Resort REITs	0.16	0.17	0.27	0.25
SKT	Tanger Factory Outlet Centers, Inc.	Retail REITs	0.16	0.22	0.28	0.23
MAC	Macerich	Retail REITs	0.15	0.23	0.31	0.24
PK	Park Hotels & Resorts	Hotel & Resort REITs	0.15	0.16	0.24	0.23
OUT	Outfront Media	Other Specialized REITs	0.15	0.22	0.31	0.33
RHP	Ryman Hospitality Properties	Hotel & Resort REITs	0.15	0.18	0.28	0.23
APLE	Apple Hospitality REIT, Inc.	Hotel & Resort REITs	0.14	0.18	0.27	0.25
DEI	Douglas Emmett	Office REITs	0.14	0.29	0.37	0.41
SHO	Sunstone Hotel Investors, Inc.	Hotel & Resort REITs	0.13	0.16	0.25	0.28
ARE	Alexandria Real Estate	Office REITs	0.13	0.32	0.42	0.50
HST	Host Hotels & Resorts	Hotel & Resort REITs	0.13	0.15	0.23	0.25
GNL	Global Net Lease, Inc.	Diversified REITs	0.12	0.35	0.42	0.41
CURB	Curbline Properties Corp.	Retail REITs	0.12	0.16	—	—
BXP	BXP Inc.	Office REITs	0.12	0.31	0.38	0.41
CUZ	Cousins Properties	Office REITs	0.12	0.31	0.40	0.42
CDP	COPT Defense Properties	Office REITs	0.12	0.29	0.39	0.43
HIW	Highwoods Properties	Office REITs	0.12	0.31	0.40	0.44
AAT	American Assets Trust	Diversified REITs	0.11	0.32	0.38	0.39
MRP	Millrose Properties, Inc.	Single-Family Residential REITs	0.11	—	—	—
JBGS	JBG Smith	Office REITs	0.11	0.25	0.36	0.41
LXP	Lexington Realty Trust	Diversified REITs	0.10	0.30	0.41	0.48
LTC	LTC Properties, Inc.	Health Care REITs	0.10	0.31	0.37	0.44
IIPR	Innovative Industrial Properties, Inc.	Industrial REITs	0.10	0.20	0.29	0.28
NHI	National Health Investors, Inc.	Health Care REITs	0.09	0.30	0.36	0.42
OHI	Omega Healthcare Investors	Health Care REITs	0.08	0.29	0.32	0.31
MPT	Medical Properties Trust	Health Care REITs	0.08	0.26	0.32	0.40
SLG	SL Green Realty	Office REITs	0.07	0.28	0.35	0.35
VNO	Vornado Realty Trust	Office REITs	0.07	0.27	0.34	0.34
PEB	Pebblebrook Hotel Trust	Hotel & Resort REITs	0.07	0.16	0.24	0.22
AHR	American Healthcare REIT	Health Care REITs	0.06	0.21	—	—
CTRE	CareTrust REIT	Health Care REITs	0.04	0.24	0.35	0.32
SBRA	Sabra Health Care REIT	Health Care REITs	0.04	0.27	0.32	0.33
KRC	Kilroy Realty Corp	Office REITs	0.03	0.27	0.35	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	0.65	0.73	0.75
IYR	iShares US Real Estate ETF	REITs	SECTOR	0.55	0.62	0.70	0.71
VNQ	Vanguard Real Estate ETF	REITs	SECTOR	0.54	0.61	0.69	0.69
SCHH	Schwab US REIT ETF	REITs	SECTOR	0.54	0.63	0.70	0.67
SRVR	Pacer Data & Infrastructure RE	Data Center & Tower REITs	SUB-IND	0.44	0.58	0.70	0.76
USRT	iShares Core US REIT ETF	REITs	SECTOR	0.43	0.53	0.62	0.62
REZ	iShares Residential & Multisector RE	Residential REITs	SUB-IND	0.41	0.54	0.62	0.61
RWR	SPDR Dow Jones REIT ETF	REITs	SECTOR	0.40	0.52	0.61	0.61
INDS	Pacer Industrial Real Estate ETF	Industrial REITs	SUB-IND	0.39	0.53	0.60	0.65
IVV	iShares Core S&P 500	S&P 500	BROAD	0.03	0.10	0.31	0.44
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.03	0.10	0.31	0.44
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.02	0.09	0.31	0.44

NEXT STEPS

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Replacement research for CCI's peers

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