REITs (PLD, SPG, AMT): Real Estate Investment Trusts report income-producing properties as "Investment Properties" rather than PPE. Prologis shows only $212M in PPE but has approximately $30B in real estate investments.

TECH COMPANIES (MSFT, GOOGL, AMZN): Significant data center infrastructure classified as PPE, with continuous expansion. Amazon's hybrid model includes both tech and logistics facilities.

FINANCIAL INSTITUTIONS (JPM, BAC, WFC): Banks typically show lower PPE relative to total assets. Many bank branches are leased rather than owned outright, and financial institutions often use complex sale-leaseback arrangements. For detailed methodology or custom analyses, contact ahmed@batonics.com.

ENERGY COMPANIES (XOM, CVX): High PPE values include oil and gas properties subject to specialized accounting under FASB ASC 932. Values incorporate exploration, development, and production assets beyond traditional real estate.

RETAILERS (WMT, HD, TGT): Major retailers often carry real estate at historical cost, which can significantly understate current market value, especially for properties acquired decades ago.