Financial Performance - Net income per diluted share increased to $0.79 in Q2 2025 from $0.74 in Q1 2025 and $0.81 in Q2 2024[8] - NAREIT FFO per diluted share increased to $1.19 in Q2 2025 from $1.14 in Q1 2025 and $1.18 in Q2 2024[8] - Normalized FFO per share increased to $1.22 in Q2 2025 from $1.15 in Q1 2025 and $1.18 in Q2 2024[8] - Funds Available for Distribution (FAD) was $55.957 million in Q2 2025, compared to $56.001 million in Q1 2025 and $51.779 million in Q2 2024[8] - The FAD payout ratio was 76.3% in Q2 2025, compared to 74.9% in Q1 2025 and 75.5% in Q2 2024[8] Senior Housing Operating Portfolio (SHOP) - SHOP NOI increased 29.4% year-over-year to $3.8 million in Q2 2025[12, 21] - SHOP NOI margin increased 480 bps year-over-year to 26.9% in Q2 2025[12, 21] - Average SHOP occupancy increased 210 bps year-over-year to 89.1% in Q2 2025[12, 21] - Revenue per Occupied Room (RevPOR) increased 3.7% year-over-year to $3,071 in Q2 2025[12, 21] Investments and Capital Structure - NHI settled approximately 0.8 million shares for proceeds of $58.0 million and sold approximately 1.3 million shares on a forward basis for net proceeds of approximately $93.2 million during the quarter[12] - Total liquidity was approximately $758.7 million as of June 30, 2025[12, 46] - Net Debt to Adjusted EBITDA at an annualized 3.9x is below the low end of NHI's target range of 4.0x – 5.0x[12]

Company Overview - UMH Properties Inc is a leading owner and operator of manufactured home communities, with a portfolio of 144 communities across 12 states, containing approximately 26,800 developed homesites[8] - The company has a growing rental portfolio of approximately 10,600 units, reflecting an increase of 500 homes in the last 12 months, and anticipates adding an additional 700-800 homes this year[8] - UMH has a $95.3 million loan portfolio with a weighted average interest rate of approximately 7.1%, generating approximately $13.9 million in principal and interest payments annually[10,65] Financial Performance - Same Property Occupancy increased by 80 basis points from 87.4% to 88.2%[16] - Rental and Related Income increased by 9%, Sales of Manufactured Homes increased by 19%, Community Net Operating Income ("NOI") increased by 11%, and Normalized Funds from Operations ("Normalized FFO") increased by 16%[18] - The company completed the addition of ten communities to its Fannie Mae credit facility through Wells Fargo Bank, N A, for total proceeds of approximately $101.4 million at a fixed rate of 5.855% with a 10-year term[18] Portfolio and Growth - The company's gross asset value is $2.1 billion, with a gross real estate book value of $1.8 billion and a total market capitalization of $2.4 billion[21] - UMH has approximately 2,300 vacant acres on which to build approximately 9,200 future lots[8] - The company issued and sold approximately 1.8 million shares of Common Stock through its At-the-Market Sale Program at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million and net proceeds of $30.3 million[18] Future Outlook - The company is well-positioned for growth with 3,100 existing vacant lots to fill[8] - UMH anticipates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year[109] - The company's 2025 guidance for Normalized FFO Per Share is in the range of $0.96 to $1.04[106]

Company Overview and Strategy - Americold is a global leader in the cold storage industry, operating a network of strategically located warehouses [7, 83] - The company's strategy focuses on solutions, operational excellence, and experienced leadership [7, 83] - Americold has a capital allocation strategy supported by a blue-chip customer base and unique partnerships [7, 83] Financial Performance and Highlights - The company's total enterprise value is $8.7 billion, with an equity market capitalization of $4.8 billion as of June 30, 2025 [13] - LTM Pro Forma Core EBITDA is $626 million [13] - The company experienced a (1.5)% change in total same-store revenue and a (4.2)% change in same-store NOI for Q2 2025 [13] - Adjusted FFO grew by 34% from $299 million in 2021 to $405 million in LTM Q2 25 [15] Infrastructure and Operations - Americold operates approximately 237 warehouses globally, with a total capacity of approximately 1.5 billion cubic feet [11] - The company has a development pipeline of approximately $1 billion in current projects [18, 49] - Americold's operating system (AOS) ensures best practices across the entire warehouse network [18, 52] Growth Drivers and Market Position - The company has strong same-store warehouse revenue and NOI growth [63, 64] - Americold is a global leader in a highly fragmented market, holding 18% of the North American market share and 6% of the global market share [58, 59]

Core Insights - SmartStop Self Storage REIT reported its first earnings as a publicly traded entity, with total revenues of $66.8 million, surpassing consensus estimates of $56.8 million and reflecting a year-over-year increase of 12.9% [1][2] - Adjusted funds from operations (FFO) per diluted share and OP unit stood at $0.42, down 6.7% from $0.45 in Q2 2024, indicating some operational challenges despite overall revenue growth [1][6] - The company’s same-store net operating income decreased by 1.1%, highlighting underlying softness in performance despite a rise in occupancy to 93.1% [1][7] Financial Performance - Total debt decreased to $950 million from $1.32 billion at year-end 2024, aided by the capital raised from the IPO [5][10] - The company declared monthly distributions of $0.1315 per share for June and $0.1359 for July 2025, indicating a slight increase in dividends [11] - Full-year 2025 guidance was updated, projecting same-store net operating income growth of 0.6% to 1.6% in U.S. dollars, with adjusted FFO per share guidance raised to a midpoint of $1.85–$1.93 [12] Business Operations - SmartStop operates a large portfolio of self-storage properties, with over 18.7 million rentable square feet across 230 properties in the U.S. and Canada [3] - The company relies on its scale for operational efficiencies, managing operations internally rather than outsourcing [4] - New property acquisitions totaled nearly $200 million during the quarter, adding approximately 900,900 net rentable square feet and 8,260 units [8] Strategic Outlook - The company is focused on maintaining high occupancy rates and managing costs effectively, with ongoing efforts to scout acquisition opportunities [13] - The managed REIT platform has expanded, with assets under management reaching $973.9 million at quarter-end [9] - SmartStop's stronger balance sheet and investment-grade ratings position it well for disciplined growth while maintaining dividend payouts, appealing to income-focused investors [13]

Core Insights - American Hotel Income Properties REIT LP (AHIP) reported its financial results for the second quarter and first half of 2025, highlighting significant progress in debt reduction and portfolio enhancement through asset sales and refinancings [1][3]. Financial Performance - For Q2 2025, diluted FFO per unit was $0.06, down from $0.12 in Q2 2024, while normalized diluted FFO per unit also decreased from $0.10 to $0.06 [6][13]. - Average Daily Rate (ADR) increased by 2.2% to $140, and occupancy rose by 30 basis points to 75.7% compared to Q2 2024 [10][32]. - Revenue for Q2 2025 was $51.1 million, a decrease of 28.5% from $71.5 million in Q2 2024, primarily due to the sale of hotel properties [27][32]. Asset Dispositions - In 2025, AHIP completed the sale of 11 hotel properties for total gross proceeds of $73.5 million, with an additional two properties under contract for estimated proceeds of $25.2 million [3][24]. - The dispositions completed in 2024 and 2025 had a combined capitalization rate of 7.3%, indicating value above current trading levels of remaining assets [3][21]. Debt Management - AHIP has no debt maturing until Q4 2026, with a stable cash position allowing for orderly management of future obligations [8][9]. - The company disposed of 16 hotel properties in 2024 for gross proceeds of $165.2 million, improving overall portfolio quality and significantly reducing leverage [5][19]. Operational Metrics - Same property NOI for Q2 2025 was $15.1 million, down 5.4% from $15.9 million in Q2 2024, with a same property NOI margin of 32.9%, a decrease of 150 basis points [11][12]. - RevPAR increased by 2.9% to $106 in Q2 2025 compared to $103 in Q2 2024, attributed to improved ADR and occupancy [10][32]. Future Outlook - Management anticipates continued interest in marketed properties, with approximately 20 hotels currently being marketed for sale [3][9]. - The company is considering various alternatives to address future obligations, including further hotel sales and recapitalization of Series C Shares and Debentures [9][39]. Corporate Governance - AHIP appointed MNP LLP as its new external auditor, replacing KPMG LLP, effective August 7, 2025 [35][36]. - The Board has determined that it is no longer in the best interests of AHIP for its U.S. subsidiary to maintain REIT status, allowing for greater flexibility in managing financial obligations [38][40].

Core Insights - American Hotel Income Properties REIT LP (AHIP) reported its financial results for the second quarter and first half of 2025, highlighting significant progress in debt reduction and portfolio enhancement through asset sales and refinancings [1][3][4] Financial Performance - For Q2 2025, diluted FFO per unit was $0.06, down from $0.12 in Q2 2024, while normalized diluted FFO per unit also decreased from $0.10 to $0.06 [6][13] - Revenue for Q2 2025 was $51.1 million, a decrease of 28.5% compared to $71.5 million in Q2 2024, primarily due to the sale of hotel properties [28][32] - Same property NOI for Q2 2025 was $15.1 million, down 5.4% from $15.9 million in Q2 2024, with a same property NOI margin of 32.9%, a decrease of 150 bps from 34.4% [11][12][18] Operational Highlights - Average Daily Rate (ADR) increased by 2.2% to $140 in Q2 2025, while occupancy rose by 30 bps to 75.7% compared to the same period in 2024 [10][31] - RevPAR increased by 2.9% to $106 in Q2 2025, attributed to the disposition of lower-performing hotel properties [10][32] Asset Dispositions - AHIP completed the sale of 11 hotel properties in 2025 for total gross proceeds of $73.4 million, with a blended Cap Rate of 6.9% on 2024 annual hotel EBITDA [3][23] - The company has approximately 20 additional hotels currently being marketed for sale to enhance liquidity and manage future financial obligations [9][39] Debt Management - AHIP has no debt maturing until the fourth quarter of 2026, with a stable cash position allowing for orderly management of future obligations [8][9] - As of June 30, 2025, debt-to-gross book value was 48.7%, a decrease from 49.3% at the end of 2024, while debt-to-EBITDA was 8.1x, slightly up from 8.0x [20][30] Strategic Initiatives - The Board of Directors has approved a plan to cease AHIP's qualification as a REIT under U.S. tax law, providing flexibility to manage financial obligations and pursue asset sales [37][39][40] - Capital expenditures for 2025 are estimated at $1.9 million for property improvement plans and $7.5 million for furniture, fixtures, and equipment improvements [26][27]

Core Insights - Chatham Lodging Trust reported Q2 2025 earnings per share (EPS) of $0.07, with non-GAAP EPS exceeding analyst expectations but overall revenue falling short of estimates [1][5] - The company experienced a 7.2% decline in total revenue year-over-year, totaling $80.3 million for Q2 2025 [5][6] - Adjusted funds from operations (FFO) per diluted share reached $0.36, aligning with the high end of guidance despite a challenging industry backdrop [1][5] Financial Performance - Non-GAAP revenue for Q2 2025 was $28.5 million, significantly below the analysts' estimate of $79.7 million [1] - Adjusted EBITDA for Q2 2025 was reported at $28.5 million, down 9.2% from $31.4 million in Q2 2024 [2][5] - Revenue per available room (RevPAR) in the comparable hotel portfolio decreased by 0.6% to $155 [6][7] Business Overview - Chatham specializes in upscale extended-stay and select-service hotels, utilizing a REIT structure to avoid federal income tax on distributed earnings [3] - The company focuses on disciplined acquisitions of underperforming hotels in high-demand locations and strategic asset recycling [4] Capital Return and Strategy - The trust increased its quarterly common dividend by 29% to $0.09 per share and initiated a $25 million share buyback program [8] - Capital expenditures for Q2 2025 amounted to $9 million, aimed at renovations and adding rooms [8] - The sale of five legacy hotels helped reduce leverage from 23% to 21% [6][8] Future Guidance - For Q3 2025, management expects RevPAR to range from $153 to $156, indicating a potential year-over-year decline of 1.5% to growth of 0.5% [9] - Total hotel revenue is projected between $78.8 million and $80.3 million for Q3 2025, with adjusted FFO per diluted share forecasted to fall between $0.29 and $0.33 [9] - Fiscal 2025 guidance anticipates stable performance with RevPAR expected at $142 to $143 [9][10]

Financial Performance & Growth - Iron Mountain achieved record Q2 2025 results, exceeding expectations, with total revenues of $1.712 billion, a 12% year-over-year increase[39] - Adjusted EBITDA for Q2 2025 was $628 million, a 15% year-over-year increase, with an Adjusted EBITDA margin of 36.7%[39] - Adjusted Funds From Operations (AFFO) for Q2 2025 was $370 million, a 15% year-over-year increase, with AFFO per share at $1.24, also a 15% increase[39] - The company is increasing its full year 2025 revenue guidance to $6.79 billion - $6.94 billion, representing approximately 12% year-over-year growth[41] - Adjusted EBITDA for full year 2025 is guided to $2.52 billion - $2.57 billion, approximately 14% year-over-year growth[41] - AFFO for full year 2025 is guided to $1.505 billion - $1.530 billion, approximately 13% year-over-year growth, with AFFO per share of $5.04 - $5.13, a 12% increase[41] Business Segments - Global RIM (Records Management) segment is expected to generate ~$5.3 billion in revenue in 2025[28] - Data Center organic storage revenue increased by 26% year-over-year[39] - Asset Lifecycle Management (ALM) organic revenue growth was 42%, with reported growth of 70% year-over-year[39] Strategic Initiatives - Growth businesses (Data Center, Digital Solutions, ALM) are expected to account for 28% of total revenue in 2025, up from 15% in 2021[15, 45] - The company has a total addressable market of $165 billion[8, 45] - The company is expanding its data center capacity to approximately 1.3 GW from the current operating portfolio of 450 MW[9, 32]

Financial Performance - Net income available to common stockholders for the three months ended June 30, 2025, was $92877 thousand, or $0.90 per share[58, 60] - Funds from Operations (FFO) for the three months ended June 30, 2025, was $66335 thousand, or $0.64 per share[60] - Adjusted Funds from Operations (AFFO) for the three months ended June 30, 2025, was $51888 thousand[60] - Cash Same Store NOI growth for Q2 2025 was 7.3%[16, 18] - Rental revenues and tenant expense reimbursements for the three months ended June 30, 2025, were $112234 thousand[58, 60] Investment and Capital Activities - Q2 2025 acquisitions totaled $123.5 million[21] - Acquisitions under contract as of August 5, 2025, totaled $472.5 million[21] - Q2 2025 dispositions totaled $114.5 million[21] - Year-to-date through June 30, 2025, the company issued 3506371 shares of common stock, receiving gross proceeds of $237.4 million[25] Portfolio Overview - Portfolio occupancy as of June 30, 2025, was 97.7%[29] - The portfolio consists of approximately 18.9 million square feet and 47 improved land parcels consisting of approximately 150.6 acres as of June 30, 2025[29]

Financial Results - Elme Communities reported a net loss per diluted share of $(0.04) for the quarter ended June 30, 2025, consistent with the same period in 2024 [1] - Core Funds From Operations (FFO) per diluted share increased to $0.24 from $0.23 year-over-year [1] Operational Highlights - Same-store multifamily Net Operating Income (NOI) increased by 4.5% compared to the prior year quarter, driven by higher rental revenue and fee income [8][9] - Average occupancy for the same-store multifamily portfolio was 94.7%, up 0.2% from the prior year [8][9] - Retention rate for leases was 62%, aligning with expectations [8] Strategic Review Update - Elme announced a Purchase and Sale Agreement with Cortland Partners for the sale of 19 multifamily communities for approximately $1.6 billion [4] - The Board of Trustees approved a voluntary plan of sale and liquidation for the remaining assets of Elme Communities [4] Balance Sheet - As of June 30, 2025, Elme had available liquidity of $330 million, consisting of cash and availability under its revolving credit facility [8] - The annualized Net Debt to Adjusted EBITDA ratio was 5.6x, indicating a strong balance sheet with only $125 million of debt maturing before 2028 [8] Dividends - Elme Communities paid a quarterly dividend of $0.18 per share on July 3, 2025, and declared another dividend of $0.18 per share to be paid on October 3, 2025 [10]