Tax-loss harvesting alternatives for SAFE

Among the 6 Other Specialized REITs peers screened, FCPT (Four Corners Property Trust, Inc.) has tracked SAFE most closely over the past year, with a return correlation of 0.53. The strongest fund stand-in is VNQ (Vanguard Real Estate ETF) at 0.62 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
FCPT	Four Corners Property Trust, Inc.	Other Specialized REITs	0.53	0.57	0.49	0.51
GLPI	Gaming and Leisure Properties	Other Specialized REITs	0.46	0.52	0.47	0.56
EPR	EPR Properties	Other Specialized REITs	0.41	0.50	0.46	0.55
LAMR	Lamar Advertising Company	Other Specialized REITs	0.40	0.45	0.44	0.53
OUT	Outfront Media	Other Specialized REITs	0.38	0.46	0.43	0.50
IRM	Iron Mountain	Other Specialized REITs	0.22	0.33	0.37	0.39

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
VNQ	Vanguard Real Estate ETF	REITs	SECTOR	0.62	0.69	0.62	0.63
RWR	SPDR Dow Jones REIT ETF	REITs	SECTOR	0.61	0.67	0.61	0.64
USRT	iShares Core US REIT ETF	REITs	SECTOR	0.61	0.67	0.61	0.63
INDS	Pacer Industrial Real Estate ETF	Industrial REITs	SUB-IND	0.61	0.67	0.59	0.57
IYR	iShares US Real Estate ETF	REITs	SECTOR	0.61	0.67	0.61	0.63
SCHH	Schwab US REIT ETF	REITs	SECTOR	0.60	0.67	0.61	0.63
XLRE	Real Estate Select Sector SPDR	Real Estate Sector	SECTOR	0.58	0.65	0.59	0.58
REZ	iShares Residential & Multisector RE	Residential REITs	SUB-IND	0.53	0.62	0.57	0.60
SRVR	Pacer Data & Infrastructure RE	Data Center & Tower REITs	SUB-IND	0.31	0.50	0.52	0.49
IVV	iShares Core S&P 500	S&P 500	BROAD	0.25	0.33	0.42	0.47
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.25	0.33	0.42	0.47
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.25	0.34	0.42	0.47

NEXT STEPS

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Replacement research for SAFE's peers

FCPT GLPI EPR LAMR OUT IRM

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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.