Core Viewpoint - Saul Centers, Inc. reported mixed financial results for the quarter ended March 31, 2025, with total revenue increasing but net income decreasing due to the initial operations of Twinbrook Quarter Phase I [1][2]. Financial Performance - Total revenue for the 2025 Quarter was $71.9 million, up from $66.7 million in the 2024 Quarter, representing an increase of approximately 3.3% [1][12]. - Net income decreased to $12.8 million in the 2025 Quarter from $18.3 million in the 2024 Quarter, a decline of about 30.1% [1][12]. - Net income available to common stockholders fell to $7.0 million, or $0.29 per share, down from $10.8 million, or $0.45 per share, in the previous year [2][12]. Operational Highlights - The company leased 274 residential units at Twinbrook Quarter Phase I as of May 5, 2025 [1]. - Same property revenue increased by $1.8 million, or 2.7%, while same property net operating income decreased by $0.2 million, or 0.5%, compared to the 2024 Quarter [3][16]. - The commercial portfolio was 93.9% leased as of March 31, 2025, down from 94.6% a year earlier, while the residential portfolio was 99.3% leased, up from 98.7% [6]. Revenue Breakdown - Rental revenue for the 2025 Quarter was $70.5 million, compared to $65.3 million in the 2024 Quarter [12]. - Same property net operating income for shopping centers totaled $35.3 million, a decrease of $0.5 million compared to the previous year, primarily due to lower other property revenue and expense recoveries [3][17]. - Mixed-use same property net operating income increased to $12.7 million, up by $0.3 million from the 2024 Quarter, driven by higher residential base rent [3][17]. Funds from Operations (FFO) - FFO available to common stockholders decreased to $24.6 million, or $0.71 per share, from $27.5 million, or $0.80 per share, in the 2024 Quarter [5][13]. - FFO was adversely impacted by $4.4 million due to the initial operations of Twinbrook Quarter Phase I, but increased by $1.5 million when excluding this property [5][13]. Asset and Liability Overview - Total assets as of March 31, 2025, were $2.131 billion, slightly up from $2.126 billion at the end of 2024 [10]. - Total liabilities increased to $1.640 billion from $1.625 billion [10]. - The company operates a portfolio of 62 properties, primarily in the metropolitan Washington, D.C./Baltimore area, generating over 85% of its property net operating income from this region [7].

Core Insights - Braemar Hotels & Resorts reported quarterly funds from operations (FFO) of $0.40 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.42 per share a year ago, representing a 17.65% surprise [1] - The company posted revenues of $215.82 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.96%, although this is a decrease from $219.08 million year-over-year [2] - The stock has underperformed, losing approximately 35.3% since the beginning of the year compared to the S&P 500's decline of 4.7% [3] Financial Performance - Over the last four quarters, Braemar Hotels & Resorts has surpassed consensus FFO estimates only once [2] - The current consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $166.8 million, and for the current fiscal year, it is $0.29 on revenues of $681.8 million [7] Market Outlook - The estimate revisions trend for Braemar Hotels & Resorts is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The REIT and Equity Trust - Other industry is ranked in the bottom 37% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [8]

Core Viewpoint - EPR Properties reported quarterly funds from operations (FFO) of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and showing an increase from $1.12 per share a year ago, indicating a positive performance trend [1] Financial Performance - The company achieved revenues of $146.36 million for the quarter ended March 2025, which was slightly below the Zacks Consensus Estimate by 0.40%, but an increase from $142.28 million year-over-year [2] - Over the last four quarters, EPR Properties has surpassed consensus FFO estimates three times and has also topped consensus revenue estimates three times during the same period [2] Stock Performance - EPR Properties shares have increased approximately 13.4% since the beginning of the year, contrasting with a decline of -4.7% in the S&P 500 [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $1.25 on revenues of $149.91 million, and for the current fiscal year, it is $5.03 on revenues of $609.89 million [7] - The outlook for the REIT and Equity Trust - Retail industry is favorable, ranking in the top 26% of over 250 Zacks industries, suggesting potential for strong performance [8]

Sunstone Hotel Investors (SHO) came out with quarterly funds from operations (FFO) of $0.21 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to FFO of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 16.67%. A quarter ago, it was expected that this hotel real estate investment trust would post FFO of $0.14 per share when it actually produced FFO of $0.16, delivering a surprise of 14.29%. Over ...

This quarterly report represents an FFO surprise of 2.78%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $0.36 per share when it actually produced FFO of $0.36, delivering no surprise. Over the last four quarters, the company has surpassed consensus FFO estimates three times. Sabra, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $183.54 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimat ...

分组1 - Realty Income Corp. reported quarterly funds from operations (FFO) of $1.06 per share, matching the Zacks Consensus Estimate, and an increase from $1.03 per share a year ago [1] - The company posted revenues of $1.38 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 0.53%, compared to $1.26 billion in the same quarter last year [2] - Realty Income Corp. shares have increased approximately 6.7% since the beginning of the year, while the S&P 500 has declined by 3.3% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.06 on revenues of $1.39 billion, and for the current fiscal year, it is $4.28 on revenues of $5.56 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Innovative Industrial Properties, Inc. (IIPR) , a leading real estate investment trust (REIT) specializing in the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities, is set to announce its first-quarter 2025 earnings results on May 7, after market close. In the last reported quarter, Innovative Industrial reported adjusted funds from operations (AFFO) per share of $2.22, in line with the Zacks Consensus Esti ...

Core Viewpoint - Alexander's reported quarterly funds from operations (FFO) of $4.06 per share, exceeding the Zacks Consensus Estimate of $3.57 per share, but down from $4.98 per share a year ago, indicating a 13.73% FFO surprise [1][2] Financial Performance - The company posted revenues of $54.92 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.94%, and down from $61.4 million year-over-year [2] - Over the last four quarters, Alexander's has surpassed consensus FFO estimates four times and topped consensus revenue estimates three times [2] Stock Performance - Alexander's shares have increased approximately 7.4% since the beginning of the year, contrasting with the S&P 500's decline of -3.3% [3] - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $2.80 on $56 million in revenues, and for the current fiscal year, it is $11.50 on $223.8 million in revenues [7] - The estimate revisions trend for Alexander's is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The REIT and Equity Trust - Other industry is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Insights - Alexander's, Inc. reported a decline in net income for Q1 2025, with net income at $12.3 million ($2.40 per diluted share), down from $16.1 million ($3.14 per diluted share) in Q1 2024 [1][6] - Funds from operations (FFO) also decreased to $20.8 million ($4.06 per diluted share) in Q1 2025, compared to $25.5 million ($4.98 per diluted share) in Q1 2024 [2][6] Financial Performance - Revenues for the quarter ended March 31, 2025, were $54.9 million, a decrease from $61.4 million in the same quarter of 2024 [6] - The weighted average shares outstanding for basic and diluted calculations were 5,133,534 for Q1 2025, slightly up from 5,130,678 in Q1 2024 [6] - Depreciation and amortization of real property for Q1 2025 was $8.5 million, compared to $9.4 million in Q1 2024 [7] FFO Reconciliation - The reconciliation of net income to FFO shows that net income was $12.3 million, with depreciation and amortization of real property adding $8.5 million, resulting in FFO of $20.8 million [7] - FFO is defined by NAREIT as GAAP net income adjusted for specific items, providing a measure for comparing operating performance across periods and peers [7]

1Q2025 Supplemental Information FURNISHED AS OF MAY 1, 2025 - UNAUDITED FORWARD LOOKING STATEMENTS & RISK FACTORS This Supplemental Information report contains disclosures that are "forward-looking statements." Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "will," "expect," "believe," "anticipate," "target," "intend," "plan," "estimate," "project," "continue," "should," "could," "budget" and ...