Highlights for the Three Months Ended September 30, 2025 David Bistricer, Co-Chairman, and Chief Executive Officer, commented, "For the quarter, the Company's residential properties continued to have high occupancy and strong renter demand and we brought online our new Prospect House property at 953 Dean Street in Brooklyn, NY. For all our properties, new leases exceeded previous rents by nearly 14% and renewals by over 6%. At our Flatbush Gardens property, we continue to achieve high rental recoveries from ...

Core Insights - Camden Property Trust (CPT) has a market capitalization of $10.9 billion and primarily focuses on multifamily apartment communities, but has significantly underperformed the broader market over the past 52 weeks, with a 15% decline in share price compared to a 14.1% increase in the S&P 500 Index [1] - Year-to-date, CPT's stock is down 10.7%, while the S&P 500 has risen by 16.4% [1] - CPT has also lagged behind the iShares Residential and Multisector Real Estate ETF (REZ), which saw a 3.3% drop over the past 52 weeks and a 4.7% rise year-to-date [2] Financial Performance - REG reported mixed Q3 results, with property revenue increasing by 2.2% year-over-year to $395.7 million, but missing consensus estimates [3] - Core FFO for REG declined slightly year-over-year to $1.70, exceeding analyst expectations by a penny [3] - REG raised its fiscal 2025 core FFO guidance midpoint to $6.85 per share due to anticipated positive impacts from future acquisition/disposition activities and lower borrowing costs [3] Analyst Ratings - For the current fiscal year, analysts expect REG's FFO to remain flat at $6.85, with a promising history of exceeding consensus estimates in the last four quarters [4] - Among 27 analysts covering REG, the consensus rating is a "Moderate Buy," consisting of nine "Strong Buy," one "Moderate Buy," 14 "Hold," and three "Strong Sell" ratings [4] - CPT's price target was lowered to $105 by UBS, indicating a 1.3% potential upside, while the mean price target of $119.11 suggests a 14.9% premium from current levels [5]

Core Insights - National Health Investors, Inc. (NHI) reported strong financial results for Q3 2025, with a notable year-over-year growth in Same Store Senior Housing Operating Portfolio (SHOP) Net Operating Income (NOI) of approximately 63% [2][3] - The company has made significant acquisitions, including a $74.3 million investment that is expected to more than double its SHOP NOI, and has surpassed last year's investment activity with $303.2 million announced to date [3][4] - NHI has updated its full-year guidance for 2025, reflecting a positive outlook for continued growth and a strong balance sheet that provides ample access to capital [4][6] Financial Performance - For the three months ended September 30, 2025, net income attributable to common stockholders was $0.69 per diluted share, an increase from $0.65 per share in the same period last year [5][38] - NAREIT Funds From Operations (FFO) per diluted share for Q3 2025 was $1.09, compared to $1.03 in the prior year, while Normalized FFO per diluted share increased to $1.32 from $1.03 [5][38] - Normalized Funds Available for Distribution (FAD) for Q3 2025 was $62.2 million, up from $49.4 million in the same period last year [7] Acquisitions and Growth Strategy - NHI's recent acquisition activities include a $74.3 million investment in four properties in Oklahoma and Oregon, and a $52.5 million investment in a 251-unit continuing care retirement community in South Carolina [6][9] - The company has a robust pipeline of investment opportunities, with approximately $195.3 million under signed Letters of Intent (LOI) and an additional $154.0 million currently being evaluated [17][22] Balance Sheet and Liquidity - As of September 30, 2025, NHI had $1.1 billion in net debt and maintained a net debt to adjusted EBITDA ratio of 3.6x, below its target range of 4.0x - 5.0x [11][14] - The company issued $350 million in senior notes during Q3 2025, which were used to repay existing indebtedness, and extended the maturity of its bank term loan by six months [13][14] Guidance and Future Outlook - NHI has increased its guidance for the full year 2025, with expectations for Same Store SHOP NOI growth in the range of 7% - 9% year-over-year and continued collection of deferred rents [6][22] - The company anticipates significant organic upside from its Same Store SHOP portfolio, with NOI growth expected to return to double-digit levels in 2026 [3][4]

Core Insights - Prologis, Inc. is the world's largest industrial real estate company with a market cap of $97.2 billion, focusing on logistics and distribution properties [1] Financial Performance - Prologis reported a third-quarter EPS of $0.82 and core FFO of $1.49, reflecting a year-over-year increase of 4.2% [4] - Total revenue for the quarter surged 8.7% year over year to $2.2 billion [4] - Analysts expect Prologis to report an FFO of $5.80 for the fiscal year ending December 2025, indicating a growth of 4.3% YoY [5] Market Performance - Prologis shares have increased 8.2% over the past year and 14.1% in 2025, although this is below the S&P 500 Index's gains of 17.5% and 15.6% respectively [2] - The Real Estate Select Sector SPDR ETF (XLRE) has declined 6.6% over the past year, highlighting Prologis as an outperformer in a sluggish real estate market [3] Leasing and Occupancy - Occupancy rates for Prologis rose to 95.3%, with same-store net operating income increasing by 3.9% on a net effective basis and 5.2% on a cash basis [4] - Record leasing activity was noted with signings totaling 62 million square feet, and rental growth showed a net effective rent change near 49% and cash rent change around 29% [4] Analyst Ratings - The consensus rating for Prologis among 25 analysts is a "Moderate Buy," with 14 "Strong Buys," two "Moderate Buys," and nine "Hold" ratings [5] - The current analyst configuration is more bullish compared to two months ago, when only 13 analysts recommended a "Strong Buy" [6]

Core Insights - NewLake Capital Partners, Inc. reported third quarter 2025 revenue of $12.6 million, reflecting a year-over-year increase of 0.3% [1][6] - The net income attributable to common stockholders for the same period was $6.7 million, up from $6.4 million in the previous year [6] - Funds from Operations (FFO) totaled $10.7 million, marking a 3.8% increase year-over-year, while Adjusted Funds from Operations (AFFO) reached $11.0 million, a 2.4% increase [6] Financial Highlights - Revenue for the third quarter of 2025 was $12.6 million, unchanged from the previous year [6] - Net income attributable to common stockholders increased to $6.7 million from $6.4 million [6] - FFO increased to $10.7 million from $10.3 million, representing a 3.8% growth [6] - AFFO rose to $11.0 million from $10.8 million, reflecting a 2.4% increase [6] - The company declared a dividend of $0.43 per share, consistent with the previous year, leading to an annualized dividend of $1.72 per share [6][16] Balance Sheet and Liquidity - As of September 30, 2025, cash and cash equivalents were $23.6 million, with total liquidity of $106.0 million [6] - The company reported gross real estate assets of $432.2 million and a debt to total gross assets ratio of 1.6% [6] - There are no debt maturities until May 2027, with a debt service coverage ratio of approximately 85x [6] Investment Activity - The company engaged in various acquisitions, totaling $1.735 million for the nine months ended September 30, 2025 [5][7] - A deed-for-deed like-kind exchange was completed involving a dispensary property, with no cash consideration [8] Tenant Management and Challenges - The company faced challenges with tenants AYR Wellness Inc. and Revolutionary Clinics, impacting rental income [10][12] - AYR accounted for approximately 5.9% of rental income for the nine months ended September 30, 2025, and ceased rent payments starting August 2025 [11] - Revolutionary Clinics entered receivership and ceased rental payments in July 2025, with ongoing efforts to market the property for lease [12][13] Recent Developments - On October 23, 2025, the company amended lease agreements with C3 Industries, modifying terms and ensuring continued rent payments until property sale [17] - A conference call and webcast are scheduled for November 6, 2025, to discuss quarterly financial results [18][19]

Core Insights - CoreCivic, Inc. reported a total revenue increase of 18.1% year-over-year, reaching $580.4 million in Q3 2025, driven by strong demand from U.S. Immigration and Customs Enforcement (ICE) and the activation of idle facilities [7][4] - The company experienced a net income of $26.3 million, a 24.7% increase from the previous year, with diluted earnings per share rising to $0.24, up 26.3% [5][7] - CoreCivic's adjusted EBITDA for Q3 2025 was $88.8 million, reflecting a 6.6% increase compared to the same quarter in 2024 [7][11] Financial Performance - Total revenue for Q3 2025 was $580.4 million, up from $491.6 million in Q3 2024 [7] - Net income increased to $26.3 million, compared to $21.1 million in the prior year [5] - Diluted earnings per share rose to $0.24 from $0.19 year-over-year [5] - Adjusted diluted earnings per share also increased to $0.24, up from $0.20 [5] - Normalized funds from operations (FFO) per diluted share was $0.48, an 11.6% increase from the previous year [12] Operational Highlights - The average daily residential population served was 55,236 in Q3 2025, compared to 50,757 in Q3 2024, indicating a 8.9% increase [6][8] - Revenue from ICE, the largest government partner, surged by 54.6% to $215.9 million, driven by the reactivation of facilities and new contracts [10] - The company repurchased 1.9 million shares at a cost of $40 million during the third quarter, with a total of 5.9 million shares repurchased in 2025 [14][7] Business Development - CoreCivic activated five idle facilities in 2025, with four contracts awarded in Q3 expected to generate approximately $320 million in annual revenue once stabilized [4][10] - The acquisition of the Farmville Detention Center for $71.4 million is anticipated to add $40 million in annual revenue [17] - New contracts at the West Tennessee Detention Facility and California City Immigration Processing Center are expected to generate $30 million and $130 million in annual revenue, respectively, once fully activated [18][19] Financial Guidance - The company revised its full-year 2025 financial guidance, projecting net income between $107 million and $113 million, down from previous estimates [22] - Adjusted net income is now expected to be between $108 million and $114 million, reflecting updated occupancy projections and start-up expenses related to new contracts [22][24]

Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Financial Performance - Net loss attributable to common stockholders was $(11301) thousand for the three months ended September 30, 2025, compared to $(4272) thousand in 2024[13] - Net loss per diluted share was $(011) for the three months ended September 30, 2025, compared to $(004) in 2024[13] - Total revenues were $177117 thousand for the three months ended September 30, 2025, slightly up from $176807 thousand in 2024[13] - Adjusted EBITDAre decreased to $39263 thousand for the three months ended September 30, 2025, from $45340 thousand in 2024[13] - Adjusted FFO was $21253 thousand for the three months ended September 30, 2025, compared to $27610 thousand in 2024[13] Pro Forma Operating Results - Pro forma total revenues for the three months ended September 30, 2025, were $177117 thousand, compared to $182537 thousand in 2024[30] - Pro forma hotel EBITDA was $54118 thousand for the three months ended September 30, 2025, down from $62180 thousand in 2024[30] - Pro forma hotel EBITDA margin decreased to 306% for the three months ended September 30, 2025, from 341% in 2024[30] - RevPAR decreased by (42)% for the three months ended September 30, 2025[13] Capitalization - Market value of common equity at quarter end was $668748 thousand as of September 30, 2025[35] - Consolidated total debt was $1433483 thousand as of September 30, 2025[35]

Core Viewpoint - STAG Industrial is a real estate investment trust (REIT) focused on single-tenant warehouses and distribution centers, positioning itself well within the growing e-commerce and logistics sectors [1][5]. Financial Performance - STAG reported a Funds From Operations (FFO) per share of $0.65 for Q3, exceeding analyst expectations of $0.63, indicating strong operational cash generation [3][5]. - The current stock price is $38.46, with a slight decrease of 0.25% today, and a trading range between $38.17 and $38.64 [4]. Market Position - The company has a market capitalization of approximately $7.18 billion and a trading volume of 400,980 shares, reflecting its solid presence in the market [4]. - Analyst Nicholas Thillman from Robert W. Baird set a price target of $39 for STAG, suggesting a potential upside of about 1.27% from its current trading price [2][5]. Volatility and Growth Potential - Over the past year, STAG's stock has experienced a high of $39.01 and a low of $28.61, indicating volatility but also potential for growth [4].

Core Insights - The company reported a net loss of $11.3 million for Q3 2025, compared to a loss of $4.3 million in Q3 2024, reflecting ongoing challenges in the hospitality sector [6][7][30] - The company completed the sale of two hotels for $39 million, achieving a blended capitalization rate of 4.3%, as part of its capital recycling strategy [3][11][12] - The company expects a sequential improvement in operating trends for Q4 2025, despite a challenging environment characterized by reduced government demand and slower international travel [2][19] Financial Performance - Total revenues for Q3 2025 were $177.1 million, slightly up from $176.8 million in Q3 2024 [8][30] - Same store RevPAR decreased by 3.7% to $115.77 in Q3 2025 compared to Q3 2024, while pro forma RevPAR decreased by 4.2% to $116.57 [7][8] - Adjusted EBITDAre for Q3 2025 was $39.3 million, down from $45.3 million in Q3 2024 [8][30] Balance Sheet and Capital Management - The company refinanced a $400 million term loan at a lower interest rate, enhancing its balance sheet and extending debt maturities until 2030 [3][15][19] - As of September 30, 2025, the company had total outstanding debt of $1.1 billion with a weighted average interest rate of 4.52% [25] - The company declared a quarterly cash dividend of $0.08 per share, representing an annualized yield of 6.1% [17][18] Market Outlook - The company anticipates Q4 2025 RevPAR growth to range from -2.0% to -2.5%, reflecting ongoing price sensitivity and macroeconomic volatility [19] - The long-term outlook remains positive due to a lack of new supply growth in the industry [2][19]