Core Insights - Nexus Industrial REIT has successfully transitioned to a pure-play industrial REIT, with industrial assets now contributing over 99% of its net operating income (NOI) [2][8] - The company reported a 8.6% increase in NOI year-over-year, reaching CAD 32.1 million, driven by acquisitions and growth in industrial Same Property NOI, which increased by 6.6% [8][16] - The REIT anticipates continued growth, with two significant development projects expected to add approximately CAD 6.6 million in annual stabilized NOI upon completion [2][18] Financial Performance - For Q1 2025, property revenues increased to CAD 44.8 million from CAD 41.6 million in Q1 2024 [10] - Net income for the quarter was CAD 33.2 million, down from CAD 43.7 million in the previous year, primarily due to fair value adjustments [10][31] - Normalized FFO per unit increased to CAD 0.187, up CAD 0.022 from the previous year, while Normalized AFFO per unit rose to CAD 0.154, an increase of CAD 0.019 [10][32] Portfolio and Occupancy - The REIT's total portfolio consists of 90 investment properties, with a fair value of CAD 2.47 billion, and a gross leasable area of approximately 11.7 million square feet [13][27] - The industrial occupancy rate increased to 97% from 96% in 2024, indicating strong demand for industrial space [8][13] - The weighted average lease term for the industrial portfolio is 6.8 years, reflecting stability in tenant relationships [13] Development Projects - The REIT is advancing construction on a 325,000 sq. ft. expansion project in St. Thomas, ON, and a 115,000 sq. ft. small-bay industrial complex in Calgary, AB, both expected to be completed in Q3 2025 [8][23] - The expansion project is projected to yield a contractual going-in yield of 9.0% on total development costs of CAD 54.9 million, while the Calgary project is expected to yield approximately 11% on CAD 15.4 million [23] Strategic Initiatives - The company sold 15 legacy retail properties and one office property for total proceeds of CAD 50.9 million, using the proceeds to reduce debt and fund development projects [2][8] - The REIT has renewed over 80% of its expiring gross leasable area (GLA), contributing an additional CAD 2.6 million to NOI in 2025 [4][8]

Core Viewpoint - Flagship Communities Real Estate Investment Trust reported strong financial results for the first quarter of 2025, continuing the momentum from a record year in 2024, with significant growth in rental revenue and net operating income [5][9][22]. Financial Summary - Rental revenue and related income reached $24.8 million, a 24.4% increase from $19.9 million in the same period last year [6][7]. - Same Community Revenue was $22.5 million, up 12.9% compared to $19.9 million [6][10]. - Net income and comprehensive income decreased to $10.5 million from $11.1 million, a 6.0% decline [7][11]. - Net Operating Income (NOI) was $16.4 million, reflecting a 23.0% increase from $13.3 million [7][40]. - Funds from Operations (FFO) increased by 91.8% to $8.4 million, with FFO per unit rising 61.2% to $0.332 [12][13]. - Adjusted Funds from Operations (AFFO) surged 116.5% to $7.6 million, with AFFO per unit increasing 82.4% to $0.301 [13][14]. Operational Overview - The REIT's total portfolio occupancy improved to 84.4%, up from 83.5% as of December 31, 2024 [7][21]. - Same Community Occupancy increased to 84.9%, a 1.0% rise from 83.9% [12][21]. - Rent collections remained stable at 99.7%, consistent with the previous year [15]. Strategic Initiatives - The company is advancing its lot expansion strategy, including clearing land for a new amenities package in Elsmere, Kentucky [5][19]. - Flagship published its fifth annual Environmental, Social and Governance (ESG) report, highlighting sustainability commitments and new safety initiatives [20]. Portfolio Overview - As of March 31, 2025, Flagship owned 80 Manufactured Housing Communities (MHCs) with 14,668 lots and two RV resort communities with 470 sites [21]. - The weighted average lot rent increased to $484 from $448 [21]. - The Net Asset Value (NAV) rose to $689.5 million, with NAV per unit at $27.44, compared to $670.8 million and $26.71, respectively, at the end of 2024 [21][41]. Industry Outlook - The MHC industry is viewed positively, with expectations of significant upside potential due to rising home ownership costs and limited new supply [22][29]. - Macro trends supporting this outlook include increasing household formations and declining homeownership rates [29].

Core Viewpoint - The Macerich Company reported a solid performance in Q1 2025, with funds from operations (FFO) per share exceeding expectations, driven by strong leasing activity despite a decline in occupancy and rising expenses [1][2]. Financial Performance - FFO per share was 33 cents, surpassing the Zacks Consensus Estimate of 31 cents, and remained unchanged year over year [1]. - Quarterly revenues reached $249.2 million, an increase from $208.8 million in the same quarter last year, and exceeded the Zacks Consensus Estimate of $218.9 million [2]. - Same-center net operating income (NOI) rose 0.9% year over year to $191.3 million, slightly above the expected 0.8% increase [4]. Leasing Activity - The company signed leases for 2.6 million square feet in Q1, reflecting a 156% increase year over year, primarily due to strong renewal leasing volume of 2.3 million square feet [3]. - Base rent re-leasing spreads were 10.9% higher than expiring base rent, marking the 14th consecutive quarter of positive spreads [4]. Occupancy and Expenses - Portfolio occupancy decreased to 92.6% as of March 31, 2025, down from 93.4% a year earlier, attributed to temporary and holiday specialty tenants [5]. - Year-over-year increases in expenses included a 14.8% rise in shopping center and operating expenses to $85.2 million, an 8.3% increase in management companies' operating expenses to $20.8 million, and a 6.6% rise in leasing expenses to $11.2 million [5]. Portfolio Activity - The company completed the sale of Wilton Mall for $25 million and SouthPark for $11 million in April 2025 [6]. Balance Sheet - As of May 12, 2025, Macerich had approximately $995 million in liquidity, including $650 million available on its revolving line of credit [7]. Market Position - Macerich currently holds a Zacks Rank 3 (Hold) [8].

Core Viewpoint - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, but down from $0.14 per share a year ago [1][2] Financial Performance - The FFO surprise for the quarter was 86.67%, while the previous quarter saw an FFO of $0.09 against an expectation of $0.11, resulting in a surprise of -18.18% [2] - Revenues for the quarter ended March 2025 were $16.8 million, surpassing the Zacks Consensus Estimate by 3.79%, but down from $20.25 million year-over-year [3] Market Performance - Gladstone shares have declined approximately 11.3% since the beginning of the year, compared to a decline of 3.8% for the S&P 500 [4] - The current Zacks Rank for Gladstone is 4 (Sell), indicating expected underperformance in the near future [7] Future Outlook - The consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $17.56 million, and for the current fiscal year, it is $0.48 on revenues of $81.63 million [8] - The estimate revisions trend for Gladstone is currently unfavorable, which could impact future stock performance [6][7] Industry Context - The REIT and Equity Trust - Other industry is ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [9]

Group 1 - Clipper Realty Inc. reported quarterly funds from operations (FFO) of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.16 per share, and up from $0.14 per share a year ago, representing an FFO surprise of 18.75% [1] - The company posted revenues of $39.4 million for the quarter ended March 2025, which missed the Zacks Consensus Estimate by 2.48%, compared to year-ago revenues of $35.76 million [2] - Clipper Realty has surpassed consensus FFO estimates in all four of the last quarters, while it has only topped consensus revenue estimates once in the same period [2] Group 2 - The stock has underperformed the market, losing about 12.5% since the beginning of the year, compared to the S&P 500's decline of 3.8% [3] - The current consensus FFO estimate for the coming quarter is $0.13 on revenues of $41.9 million, and for the current fiscal year, it is $0.47 on revenues of $162.6 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 41% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Group 1 - Four Corners Property Trust (FCPT) announced the acquisition of three Express Oil Change & Tire Engineers properties for $9.5 million, indicating the company's expansion and diversification efforts aimed at future revenue growth [1] - The properties were purchased at a 6.6% cap rate on rent, secured under a long-term, triple-net lease with approximately 19 years remaining, which will help ensure FCPT's long-term cash flows [2] - FCPT has a history of acquisitions, including the purchase of a Caribou Coffee property for $1.4 million in April 2025, also under a long-term, triple-net lease with about eight years remaining [3] Group 2 - In April 2025, FCPT also acquired properties for Chuy's, Outback Steakhouse, and an automotive service property for $2.9 million, $1.6 million, and $5.3 million respectively, aligning with its strategy to build a resilient portfolio [4] - Over the past three months, FCPT's shares have increased by 2.1%, contrasting with a 2.2% decline in the industry [5] - The broader REIT sector includes better-ranked stocks such as Welltower and Cousins Properties, with upward revisions in their 2025 FFO per share estimates [6]

Core Viewpoint - OUTFRONT Media Inc. reported a first-quarter 2025 adjusted funds from operations (AFFO) per share of 14 cents, missing the Zacks Consensus Estimate of 15 cents, with no change from the prior-year quarter [1][2] Financial Performance - Quarterly revenues were $390.7 million, missing the Zacks Consensus Estimate by 1.5%, and decreased 4.4% year over year [2] - Billboard revenues totaled $310.7 million, reflecting a year-over-year decline of 1%, attributed to lost billboards and lower proceeds from condemnations, partially offset by higher average revenue per display [2][3] - Transit revenues increased to $77.7 million, up 2.6% from the year-ago quarter, driven by higher average revenue per display [3] - Operating income was $13.9 million, slightly down from $14 million in the previous year [3] - Operating expenses decreased to $221.3 million, down 7.3% year over year, due to lower variable property lease expenses and the impact of lost billboards [4] - Net interest expenses decreased to $36 million, down 13% from $41.4 million in the prior-year period, due to lower average debt balance and interest rates [5] Cash Flow and Balance Sheet - Net cash flow from operating activities for the quarter was $33.6 million, an increase from $30.6 million in the prior-year period [6] - As of March 31, 2025, the company had unrestricted cash of $30.5 million and $494.8 million available under its $500 million revolving credit facility [7] - No shares were sold under the at-the-market (ATM) equity program, with $232.5 million available under the program at the quarter's end [8] Dividend Information - OUTFRONT Media announced a quarterly cash dividend of 30 cents per share, payable on June 30 to shareholders of record as of June 6, 2025 [9]

Federal Realty Investment Trust’s (FRT) first-quarter 2025 funds from operations (FFO) per share of $1.70 surpassed the Zacks Consensus Estimate by a cent. This also marked a rise of 3.7% from the year-ago quarter’s tally of $1.64. Reflecting positive sentiments, shares were up more than 1% in pre-market trading.Results reflect healthy leasing activity and occupancy levels at its properties. Following better-than-expected first results, Federal Realty has raised its 2025 FFO outlook slightly.Quarterly reven ...

Core Viewpoint - Lamar Advertising Company (LAMR) reported a first-quarter 2025 adjusted funds from operations (AFFO) per share of $1.60, exceeding the Zacks Consensus Estimate of $1.54 and showing year-over-year growth from $1.54 [1] Financial Performance - Quarterly net revenues reached $505.4 million, reflecting a 1.5% increase year-over-year, but fell short of the consensus estimate of $508.9 million [2] - Operating income surged 53.5% to $191.2 million compared to $124.6 million in the prior year, while adjusted EBITDA decreased by 0.8% to $210.2 million [3] - Acquisition-adjusted net revenues increased by 1.1% year-over-year to $505.4 million, while acquisition-adjusted EBITDA fell by 1% to $210.2 million [3] Expense Analysis - Direct advertising expenses rose by 2.2% year-over-year to $179.6 million, and general and administrative expenses increased by 7.3% to $89.2 million [4] - Free cash flow decreased by 12.7% year-over-year to $121.4 million [4] Balance Sheet Position - Cash flow from operating activities for the three months ended March 31, 2025, was $127.7 million, down from $279.3 million in the previous quarter [5] - As of March 31, 2025, total liquidity was $491.3 million, consisting of $455.2 million available for borrowing and $36.1 million in cash [6] - The outstanding balance under the revolving credit facility was $286 million, with an additional $223.5 million under the Accounts Receivable Securitization Program [6] 2025 Outlook - LAMR maintained its 2025 AFFO per share guidance between $8.13 and $8.28, with the Zacks Consensus Estimate at $8.19, within the projected range [7]

American Healthcare REIT (AHR) came out with quarterly funds from operations (FFO) of $0.38 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to FFO of $0.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.70%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.40 per share when it actually produced FFO of $0.40, delivering no surprise.Over the last four quar ...