Core Viewpoint - Postal Realty Trust demonstrated strong financial performance in 2025, with significant growth in assets and stable leasing from the USPS, positioning the company for continued expansion in 2026 through strategic acquisitions and a solid balance sheet [2][4][22] Financial Performance - The company reported a 20% growth in its asset base for 2025 and an adjusted funds from operations (AFFO) per share of $1.32, reflecting a 13.8% increase year-over-year [4][11] - For 2026, the company provided AFFO guidance of $1.39 to $1.41 per share, indicating a projected growth of approximately 6.1% at the midpoint [5][6] Liquidity and Capital Structure - Year-end liquidity increased to approximately $271 million, supported by a triple-B investment grade rating from Kroll KBRA [1][3] - The company lowered its leverage target to net debt to adjusted EBITDA below 6x, achieving a ratio of 5.2x at year-end 2025 [3][11] Acquisition Strategy - Postal Realty Trust plans to acquire between $115 million and $125 million in properties in 2026, with the high end of this guidance already funded [4][9] - In 2025, the company acquired 216 properties for $123 million at a weighted average initial cash cap rate of 7.7% [16] Leasing Stability - USPS has consistently paid 100% of monthly rent, with lease expenses representing only 1.5% of its total operating expenses [2] - The company noted that 53% of its portfolio rent is subject to annual rent escalations, and 37% consists of leases with 10-year terms [18] Operational Efficiency - Cash general and administrative expenses for 2025 were reported at $10.9 million, showing a decline of nearly 130 basis points as a share of revenue due to scale efficiencies [7] - Same-store cash net operating income (NOI) performance was 8.9% in 2025 [7] Future Outlook - Management expressed confidence in the acquisition pipeline, with initial 2026 acquisition guidance being over 40% higher than the previous year [19] - The company is in a strong position to pursue growth opportunities, supported by capital raised and a robust acquisition pipeline [22]

Core Insights - National Health Investors (NHI) reported a solid finish to 2025, driven by growth in its Seniors Housing Operating Portfolio (SHOP) and an active investment year that exceeded initial expectations [4] Financial Performance - Fourth-quarter net income was $0.80 per share, down 15.8% year-over-year, with full-year net income at $3.02 per share compared to $3.13 in the prior year [1] - Normalized funds from operations (FFO) per share rose 8.9% in Q4 and 10.6% for the full year, while total funds available for distribution (FAD) increased 11.1% in Q4 and 13.7% for the full year [3] - Nareit FFO per share was $1.22 in Q4 (down 1.6% year-over-year) and $4.65 for the year (up 2.2%) [8] SHOP Performance - SHOP total net operating income (NOI) increased 125% year-over-year in Q4 and 57% for the full year, with cash rental income rising about 7% in the quarter [2][7] - SHOP investment roughly doubled to about $740 million, contributing approximately 12% of annualized NOI compared to 4.5% at the end of 2024 [9][7] Investment Activity - NHI completed $392.4 million of announced investments in 2025 at an average initial yield of 8.1%, with $217.5 million in Q4 alone [6][13] - The company closed its largest SHOP acquisition to date for $105.5 million in early 2026, expecting a first-year NOI yield of about 8% [14] Liquidity and Leverage - NHI exited 2025 with approximately $875 million of available liquidity and a net debt/adjusted EBITDA ratio of 3.8x, lowering its target leverage to 3.5x–4.5x [5][18] - The company declared a $0.92 dividend for shareholders of record on March 31, 2026, payable May 1, 2026 [18] 2026 Guidance - For 2026, NHI guided to midpoint growth of 6.9% in Nareit FFO per share and 1.2% in normalized FFO per share, with total FAD expected to rise 7.8% to $250.2 million at the midpoint [19] - The guidance includes $230 million of future investments at an average NOI yield of 7.8%, with approximately 70% allocated to SHOP [20]

Fourth Quarter 2025 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO ...

Key Takeaways SBAC posted Q4 AFFO of $3.19, missing estimates, as operating income fell 21.8%.SBAC revenues rose 3.7%, but higher site costs and interest expenses put pressure on margins.SBAC guided 2026 AFFO below consensus and raised its dividend 12.6% to $1.25.SBA Communications Corporation (SBAC) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $3.19, missing the Zacks Consensus Estimate of $3.25. The figure compared unfavorably with the FFO of $3.47 in the prior-year peri ...

Clipper Realty Inc. (CLPR) came out with quarterly funds from operations (FFO) of $0.04 per share, missing the Zacks Consensus Estimate of $0.11 per share. This compares to FFO of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -63.64%. A quarter ago, it was expected that this company would post FFO of $0.1 per share when it actually produced FFO of $0.13, delivering a surprise of +30%.Over the last four quarters, the company ...

SBA Communications (SBAC) came out with quarterly funds from operations (FFO) of $3.19 per share, missing the Zacks Consensus Estimate of $3.25 per share. This compares to FFO of $3.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.85%. A quarter ago, it was expected that this communications tower operator would post FFO of $3.19 per share when it actually produced FFO of $3.3, delivering a surprise of +3.45%.Over the last four ...

Three Months Ended December 31, 2025 Table of Contents | | Page | | --- | --- | | Executive Summary | 3 | | Corporate Information | 6 | | Consolidated Balance Sheets | 8 | | Consolidated Statements of Operations | 9 | | Funds from Operations & Adjusted Funds from Operations | 10 | | Consolidated Same-Store Property Performance | 11 | | NOI Detail | 12 | | Debt Summary & Debt Metrics | 13 | | Debt Maturities, Composition & Hedging Instruments | 14 | | Debt Covenant Compliance | 15 | | Existing Portfolio Summ ...

Key Takeaways VICI Properties reported Q4 AFFO of 60 cents per share, up 5.3% year over year.VICI Properties' 2025 AFFO rose to $2.38 per share as revenues climbed 4.1%.VICI Properties expects 2026 AFFO per share of $2.42-$2.45VICI Properties (VICI) reported fourth-quarter adjusted funds from operations (AFFO) per share of 60 cents, meeting the Zacks Consensus Estimate. Moreover, the figure increased 5.3% from the prior-year quarter.Results reflect a year-over-year rise in revenues, mainly driven by an incr ...

FREEHOLD, NJ, Feb. 25, 2026 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $261.8 million for the year ended December 31, 2025 as compared to $240.6 million for the year ended December 31, 2024, representing an increase of 9%. Total Income for the quarter ended December 31, 2025 was $67.0 million as compared to $61.9 million for the quarter ended December 31, 2024, representing an increase of 8%. Net Income Attributable to Common Shareholders amounted to $6.0 million ...

HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the fourth quarter and full year of 2025. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in some of the largest, fastest-growing, high-household-income markets in the Sunbelt. For the three months ended December 31, 2025 and 2024, Net ...