Financial Data and Key Metrics Changes - The company ended Q4 2025 with a diluted AFFO per share of $2.24, an increase of 1.4% from $2.21 in Q4 2024 [10] - Full-year AFFO guidance for 2026 is projected to be between $8.50 and $8.70 per share, indicating a year-over-year growth of 4.1% at the midpoint [5][16] - Adjusted EBITDA for Q4 was $288.9 million, up 3.7% from $278.5 million in Q4 2024, with an adjusted EBITDA margin of 48.5%, an expansion of 40 basis points year-over-year [10][11] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% in Q4, while national programmatic revenue grew by 3.3%, marking the third consecutive quarter of growth for national [6] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of total revenue for the quarter [20][21] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [7] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [19] - Political advertising was a headwind in Q4, down approximately $11 million compared to 2024, but is expected to reverse in 2026 [6][19] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as in the previous year [8] - The company is well-positioned for acquisitions, with an investment capacity exceeding $1 billion while maintaining leverage within the target range of 3.5x-4x net debt to EBITDA [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising climate for 2026, citing political tailwinds and increased spending around World Cup venues [29] - The company anticipates a conservative start to Q1 but expects momentum to build throughout the year, particularly in political advertising [42] Other Important Information - The company completed 13 acquisitions in Q4 for approximately $57 million, bringing the total for the year to 50 acquisitions for $191 million [8] - The proposed cash dividend for Q1 2026 is $1.60 per share, with an expected total of $6.40 per share for the year [18] Q&A Session Summary Question: What is the state of the macro in the U.S. ad market? - Management expects to maintain acquisition spending close to $200 million in 2026, with a positive ad spend climate anticipated [28][29] Question: What are the implications of Clear Channel's acquisition? - Management does not foresee significant changes in the industry structure and believes Clear Channel may not need to sell assets [33][34] Question: What are the expectations for acquisition-adjusted growth in Q1? - Management anticipates Q1 growth may be slightly below guidance but expects momentum to increase as the year progresses [40][42] Question: How much benefit is expected from political advertising? - Management estimates around $12 million to $14 million in incremental political advertising revenue compared to the previous year [59]

Financial Data and Key Metrics Changes - In 2025, the company achieved over 4.5% growth in AFFO per share, with a total investment of $1.55 billion across its platforms, marking over 60% year-over-year growth [6][8] - Core FFO per share for Q4 was $1.10, representing a 7.3% year-over-year increase, while full-year Core FFO per share was $4.28, reflecting a 5.1% increase [21] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, and for the full year, it was $4.33, indicating 4.6% year-over-year growth [21][22] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 retail net lease properties, with a weighted average cap rate of 7.1% and a weighted average lease term of 9.6 years [11][12] - For the full year 2025, nearly $1.6 billion was invested in 338 retail net lease properties, with over $1.4 billion originating from the acquisition platform [12][13] - The development and DFP platforms had a record year with 34 projects, representing approximately $225 million of committed capital [13] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, reflecting a 50 basis point improvement since Q1 [16] - The properties acquired during Q4 were leased to leading operators in various sectors, including home improvement and grocery stores, indicating a diverse market presence [12] Company Strategy and Development Direction - The company aims to increase its 2026 investment guidance to a range of $1.4 billion-$1.6 billion, representing a 10% increase from the prior range [9] - The company is focused on maintaining a fortress balance sheet and executing on its investment guidance without raising additional equity capital [20] - The company is enhancing operational efficiencies through IT improvements and anticipates a material reduction in G&A as a percentage of revenue [8][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [6] - The management highlighted the ongoing challenges faced by middle-income consumers due to rising costs, which may impact retail trends [101] - The company expects to maintain a growth trajectory with a goal of delivering 10% operational returns and achieving two-year stacked AFFO growth [108] Other Important Information - The company raised approximately $1.5 billion in capital during 2025, including a $400 million bond offering and a $350 million term loan [17][18] - The company achieved an A- rating from Fitch, validating its strong balance sheet and disciplined capital allocation [20][21] Q&A Session Summary Question: Increase in 2026 investment guidance - Management noted that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [26] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by valuations and confidence in future performance [27] Question: Cap rate trends - Management indicated no material changes in cap rates and noted that rent escalators have been embedded with historic inflation [31][32] Question: Sale-leaseback interest - Management stated that while there hasn't been a significant increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [40] Question: Development investment commitments - Management expressed optimism about growth in development investments but noted that timing is often subject to third-party approvals [69] Question: Credit loss assumptions - Management indicated that the assumed credit loss for 2026 guidance is 25-50 basis points, consistent with 2025 performance [70]

Core Viewpoint - Agree Realty (ADC) has significant capacity for growth but is currently not utilizing it fully, raising questions about management's strategy and market conditions. Financial Metrics - Pro forma net debt-to-recurring EBITDA stands at 3.5x, which includes unsettled forward equity offerings; excluding these, the figure is 5.1x, still within investment-grade net lease REIT standards [2] - AFFO payout ratio is approximately 70%, indicating that ADC retains more internal capital compared to peers with payout ratios in the mid-70s to low-80s [3][4] Earnings Performance - AFFO per share for Q3 2025 was $1.10, reflecting a year-over-year increase of 7.2%; full-year 2025 guidance has been raised to $4.31–$4.33, suggesting a growth of 4.4% at the midpoint [4] - ADC deployed $1.55 billion in 2025, but the 2026 investment guidance is lower at $1.25–$1.50 billion, indicating a potential pullback in investment activity [6][7] Credit Ratings - Fitch assigned ADC an A- issuer rating with a stable outlook, citing superior tenant credit quality and sector-leading access to capital; Moody's rates it Baa1, and S&P Global Ratings upgraded it to BBB+ [5][6] Tenant Quality - Approximately 66.8% of ADC's annualized base rent comes from investment-grade tenants, with a potential shift in this percentage serving as an indicator of underwriting philosophy [11] Future Indicators - Key signals to watch for changes in management behavior include 2026 AFFO guidance relative to consensus, ex-forward leverage compression, and shifts in the investment-grade tenant mix [8][9][10]

Core Insights - Crown Castle Inc. reported its full year 2025 results, showing a net income of $444 million, a significant recovery from a loss of $3.9 billion in 2024, primarily due to the absence of a goodwill impairment charge recorded in the previous year [9][18] - The company provided its outlook for 2026, expecting site rental revenues to decline by 5% to approximately $3.85 billion, alongside a projected net income of $780 million, reflecting a 76% increase from 2025 [2][11] Financial Performance - Site rental revenues for 2025 were $4.049 billion, down 5% from 2024, impacted by Sprint cancellations and a decrease in amortization of prepaid rent [2][6] - Adjusted EBITDA for 2025 was $2.863 billion, a decrease of 6% from the previous year, attributed to lower site rental revenues [9][18] - The company’s AFFO for 2025 was $1.904 billion, or $4.36 per share, representing a 4% decrease from 2024 [9][18] Operational Changes - Crown Castle plans to reduce its tower and corporate workforce by approximately 20%, aiming for $65 million in annualized operating cost savings [3][13] - The company is reaffirming its capital allocation framework, with plans to maintain its dividend at $4.25 per share [3][8] Future Outlook - For 2026, the company anticipates organic growth of approximately 3.5%, excluding the impacts of DISH revenues and Sprint cancellations [3][18] - The expected impact from DISH terminations and Sprint cancellations is projected to be $240 million for 2026 [18] - Crown Castle plans to repurchase approximately $1 billion of shares and repay around $7 billion of debt following the anticipated sale of its Fiber Business [8][13] Market Position - Crown Castle operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential infrastructure for wireless services across major U.S. markets [23]

Company Overview - American Tower Corporation (AMT) has a market cap of $85.9 billion and is a leading independent owner, operator, and developer of multitenant communications real estate, managing nearly 149,000 communications sites globally [1] Financial Performance - Analysts project AMT to report an AFFO of $2.47 per share for fiscal Q4 2025, reflecting a 6.5% increase from $2.32 per share in the same quarter last year [2] - For fiscal 2025, the forecasted AFFO is $10.30 per share, down 2.3% from $10.54 per share in fiscal 2024, but expected to grow to $10.78 per share in fiscal 2026, a year-over-year increase of 4.7% [3] Stock Performance - Over the past 52 weeks, AMT shares have declined by 3.4%, underperforming the S&P 500 Index's gain of 16.9% and the State Street Real Estate Select Sector SPDR ETF's rise of 2.7% [4] - Despite reporting better-than-expected Q3 2025 AFFO of $2.78 per share and revenues of $2.72 billion, AMT's shares fell by 3.7% due to flat property revenue in the U.S. and Canada and a modest overall property segment increase [5] Analyst Ratings - The consensus view on AMT stock is cautiously optimistic, with a "Moderate Buy" rating. Among 22 analysts, 14 suggest a "Strong Buy," one a "Moderate Buy," and seven recommend a "Hold" [6] - The average analyst price target for American Tower is $219.25, indicating a potential upside of 19.4% from current levels [6]

Core Viewpoint - Farmland Partners (FPI) is significantly undervalued as its stock price has declined while farmland values have risen, with asset value estimated between $13-$20 per share [1][8][63]. Group 1: Stock Performance and Valuation - FPI's stock has decreased approximately 22% over the past year, contrasting with increasing farmland values [2][11]. - The stock price is currently trading at a substantial discount to its asset value, indicating a potential buying opportunity for investors [25][63]. Group 2: Financial Performance and Guidance - FPI has increased its AFFO (Adjusted Funds from Operations) per share guidance to a midpoint of $0.34, reflecting a 17% growth from 2024 [5][8]. - The USDA reports a 4.3% increase in land values for 2025 compared to 2024, with a compound annual growth rate (CAGR) of 5.8% over the last five years [11][12]. Group 3: Land Value and Quality - FPI's land is primarily located in high-value areas such as Illinois and California, with average land values significantly higher than the national average [51][52]. - The quality of FPI's farmland is superior, as evidenced by higher rental rates compared to USDA averages, with an estimated rent per acre around $300 [55][60]. Group 4: Strategic Actions and Financial Management - FPI has executed share buybacks, debt paydowns, and special dividends, with liabilities reduced from nearly $500 million in 2023 to $180 million by Q3 2025 [30][33]. - The company has also utilized proceeds from asset sales to acquire new farmland, focusing on high-quality row crop farmland in the corn belt [38][39]. Group 5: Market Dynamics and Future Outlook - The current trade dynamics, particularly with China halting soybean purchases, have created short-term challenges, but overall demand for food remains stable [16][19]. - FPI's management is aware of the stock's undervaluation and is likely to continue share buybacks rather than issuing new shares at a discount [65][66].

Company Profile & Portfolio - LPA's total portfolio Gross Leasable Area (GLA) reached 76 million sq ft as of September 30, 2025, including 60 million sq ft of operating GLA and 15 million sq ft of potential new GLA to be built-out [25, 26] - The operating portfolio's period-end occupancy rate was 979% [25] - US dollar-denominated leases accounted for 805% of the active leases as of September 30, 2025 [25] - The weighted average remaining lease life was 47 years [25] Financial Performance - For the three months ended September 30, 2025, rental revenues were $122 million [28] - Net Operating Income (NOI) for the same period was $104 million, with a NOI margin of 853% [28] - Cash Net Operating Income (Cash NOI) was $105 million [28] - Adjusted EBITDA for the three months ended September 30, 2025, was $73 million, representing a 567% margin [28] Capital Deployment & Land Portfolio - The fair market value (FMV) of the land portfolio as of September 30, 2025, was $398 million [69] - The total buildable area in the land portfolio was 1531326 sq ft [69]

Core Insights - Healthpeak Properties, Inc. (DOC) has a market capitalization of $12.2 billion and focuses on high-quality healthcare real estate across the U.S. with a diversified portfolio of 703 assets as of September 30, 2025 [1] Performance Overview - Over the past 52 weeks, DOC shares have declined by 21.6%, underperforming the S&P 500 Index, which increased by 17.7% during the same period [2] - Year-to-date, DOC shares are down nearly 13%, while the S&P 500 has risen by 15.7% [2] - Compared to the Real Estate Select Sector SPDR Fund (XLRE), which decreased by 6.9% over the past 52 weeks, DOC's underperformance is more pronounced [3] Financial Results - Following the Q3 2025 results released on October 23, DOC shares rose by 1.2% as the company reported an AFFO of $0.46 per share and revenue of $705.9 million, both exceeding expectations [4] - The company experienced a 0.9% year-over-year growth in total merger-combined same-store cash NOI, with outpatient medical and CCRC segments growing by 2.0% and 9.4%, respectively [4] - Healthpeak reaffirmed its 2025 FFO guidance of $1.81 to $1.87 per share [4] Analyst Ratings and Price Targets - For the fiscal year ending December 2025, analysts project a 1.1% year-over-year increase in AFFO per share to $1.83 [5] - Healthpeak has a positive earnings surprise history, having met or exceeded consensus estimates in the last four quarters [5] - Among 20 analysts covering the stock, the consensus rating is a "Moderate Buy," with nine "Strong Buy" ratings, three "Moderate Buys," and eight "Holds" [5] - RBC Capital's Michael Carroll reaffirmed a "Buy" rating on Healthpeak with a price target of $21, while the mean price target of $20.72 indicates a 16.9% premium to current price levels [6] - The highest price target of $29 suggests a potential upside of 63.6% [6]

Core Insights - Capital Power Corporation announced the retirement of CFO Sandra Haskins after 23 years, effective December 31, 2025, with Scott Manson transitioning to Interim CFO [3][4] - The company reaffirmed its 2025 guidance for Adjusted EBITDA, AFFO, and Sustaining Capital despite updates to planned outages and project delays [5] Financial Highlights - For Q3 2025, Capital Power generated Adjusted EBITDA of $477 million, net income of $153 million, and AFFO of $369 million [6][11] - Revenues for Q3 2025 were reported at $1,213 million, an increase from $1,030 million in Q3 2024 [11] - The company secured a new long-term contract for the Midland Cogeneration Venture (MCV) through to 2040, expected to generate an additional $140 million in annual adjusted EBITDA [6][17] Operational Highlights - Capital Power's electricity generation for Q3 2025 was 13,374 GWh, up from 11,001 GWh in Q3 2024, with facility availability at 93% [11] - The company commissioned 170 MW of battery storage in Ontario, contracted through to 2047, enhancing its portfolio of flexible generation sources [6][16] - A new $600 million revolving credit facility was negotiated, maturing in 2027, to enhance liquidity [6][22] Strategic Developments - The company is focused on strengthening its U.S. platform and expanding contracted cash flows, with a commitment to stable, contracted cash flows and long-term value creation for shareholders [4][6] - Capital Power is actively engaged in optimizing its Alberta fleet and plans to update on the timing and capacity of incremental generation from its Genesee site [7][12] - The company is exploring a potential data center development adjacent to the MCV facility, which could add 250 MW of power under a long-term agreement [19]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income and lower interest expenses [29] - Adjusted Funds from Operations (AFFO) was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt of $189.4 million in Q4 2024 [30] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [32] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [32] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [32] Market Data and Key Metrics Changes - The portfolio's NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [19] - The market for row crop land values remains stable, with no significant frothiness observed [45] - California land values are not recovering, with some capitulation among sellers indicating potential market stabilization [16][18] Company Strategy and Development Direction - The company plans to continue selective capital deployment, focusing on small acquisitions and loan programs [27] - There is an emphasis on stock buybacks due to the perceived undervaluation of the company's shares compared to farmland values [52] - The company aims to maintain liquidity and flexibility in capital deployment strategies [62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of farmland, particularly in the context of global food demand and population growth [26] - The potential impact of tariffs on the agricultural market was discussed, with management noting that while there may be short-term pressures, long-term fundamentals remain strong [7][11] - The company anticipates modest rent increases in the row crop segment, reflecting a pause in rental growth [9] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were misinformed [21][22] Q&A Session Summary Question: Can you provide details on the amortization of the FPI loan points? - Management indicated that approximately $2.4 million is expected to be recognized as amortization of points income for the year [40] Question: Is the increase in solar, wind, and recreational rent recurring? - Management clarified that while the arrangement with a solar tenant is recurring, it may not be at the same scale as the current year [42] Question: How have cap rates moved year-to-date? - Management noted that cap rates for row crop land values are stable, with no significant changes observed [45] Question: What is the company's stance on stock buybacks versus land purchases? - Management expressed a preference for stock buybacks due to the significant discount of the stock price compared to its perceived value [52] Question: How do tariffs affect core row crop assets versus permanent crops? - Management explained that many specialty crops are consumed domestically, which may provide some benefits amid tariff pressures [56]