Equity Residential (EQR) reported first-quarter 2025 normalized funds from operations (FFO) per share of 95 cents, which outpaced the Zacks Consensus Estimate of 93 cents. The figure also improved 2.2% from the year-ago quarter.Results reflect a rise in same-store revenues and physical occupancy on a year-over-year basis. The company reaffirmed its guidance for 2025.Rental income of $760.8 million missed the consensus mark of $766.8 million. Rental income was up 4.1% year over year.According to Mark J. Parr ...

Core Insights - Extra Space Storage Inc. (EXR) reported first-quarter 2025 core funds from operations (FFO) per share of $2.00, exceeding the Zacks Consensus Estimate of $1.96, marking a 2% increase from the prior-year quarter [1] - Quarterly revenues reached $820 million, slightly below the Zacks Consensus Estimate of $823.4 million, but reflecting a year-over-year increase of 2.6% [1] Financial Performance - Same-store revenues increased by 0.3% year over year to $659.7 million, driven by a rise in net rental income, partially offset by other income [3] - Same-store operating expenses rose 4.2% year over year to $192.4 million, influenced by higher property operating expenses, repairs and maintenance, and property taxes [3] - Same-store net operating income (NOI) decreased by 1.2% year over year to $467.3 million [3] Occupancy and Interest Expenses - Same-store square-foot occupancy improved by 100 basis points year over year to 93.4% as of March 31, 2025, slightly below the estimate of 93.6% [4] - Interest expenses increased to $142.4 million from $132.9 million a year ago, surpassing the estimate of $139.7 million [4] Portfolio Activity - During the first quarter, Extra Space Storage acquired 12 operating stores for approximately $153.8 million and exchanged ownership interest in 17 properties from an existing joint venture [5] - The company added 113 stores (net increase of 100) to its third-party management platform, managing a total of 2,114 stores as of March 31, 2025 [6] Balance Sheet Position - As of March 31, 2025, Extra Space Storage had $119.6 million in cash and cash equivalents, down from $138.2 million at the end of 2024 [7] - The percentage of fixed-rate debt to total debt was 78.8%, with a combined weighted average interest rate of 4.4% and a weighted average maturity of around 4.5 years [7] Shareholder Actions - The company did not issue any shares under its at-the-market program during the first quarter and had $800 million available for issuance as of March 31, 2025 [8] - Subsequent to the quarter end, EXR repurchased 68,585 shares of common stock for $8.6 million at an average price of $125.60 per share [9] 2025 Guidance - Extra Space Storage reaffirmed its 2025 core FFO per share guidance in the range of $8.00 to $8.30, with the Zacks Consensus Estimate of $8.16 falling within this range [10] - The full-year guidance is based on an expected decline of 0.75% to 1.25% in same-store revenues and a 3.75% to 5.25% increase in same-store expenses [10]

Core Insights - Essex Property Trust Inc. (ESS) reported Q1 2025 core funds from operations (FFO) per share of $3.97, exceeding the Zacks Consensus Estimate of $3.92 and reflecting a 3.7% year-over-year improvement [1] - Total revenues reached $464.6 million, surpassing the Zacks Consensus Estimate of $459.5 million, with an 8.8% year-over-year increase [2] Financial Performance - Same-property revenues increased by 3.4% year-over-year, outperforming the estimate of 2.5%, while same-property operating expenses rose by 3.8%, slightly below the estimate of 4% [3] - Same-property net operating income (NOI) grew by 3.3% year-over-year, exceeding the estimate of 1.8% [3] - Financial occupancy remained stable at 96.3%, unchanged year-over-year and up 40 basis points sequentially, surpassing the estimate of 95.7% [3] Portfolio Activity - In Q1 2025, ESS acquired three apartment communities with 619 units in Northern California for $345.4 million [4] - The company sold a 255-unit community in Rancho Palos Verdes, CA for $127 million in February 2025 [4] - Subsequent to the quarter, ESS sold a 350-unit community in Santa Ana, CA for $239.6 million, reflecting a valuation of approximately $685,000 per unit [4] Balance Sheet Position - As of March 31, 2025, ESS had $1.4 billion in liquidity, including undrawn capacity on unsecured credit facilities, cash, and marketable securities [5] - Cash and cash equivalents, including restricted cash, increased to $107.9 million from $75.9 million at the end of the previous quarter [5] - No shares were repurchased through the stock repurchase plan during the first quarter [5] 2025 Guidance - For Q2 2025, ESS projects core FFO per share in the range of $3.90-$4.02, with the Zacks Consensus Estimate at $3.98 [6] - The full-year 2025 guidance for core FFO per share is projected between $15.56-$16.06, aligning with the Zacks Consensus Estimate of $15.98 [6] - The full-year guidance is based on same-property revenue growth projections of 2.25-3.75%, operating expense increases of 3.25-4.25%, and NOI expansion of 1.4-4% [7]

Core Viewpoint - Highwoods Properties Inc. (HIW) reported a first-quarter 2025 FFO per share of 83 cents, exceeding the Zacks Consensus Estimate of 82 cents but lower than the previous year's 89 cents, indicating mixed performance amid healthy leasing activity and rent growth [1][3] Financial Performance - Rental and other revenues totaled $200.4 million, falling short of the Zacks Consensus Estimate of $205.2 million and representing a 5.4% year-over-year decline [2] - The average in-place cash rent increased by 2.5% per square foot compared to the prior year, while same-property cash NOI decreased by 3.4% year over year to $132.3 million [3] Leasing Activity - Highwoods engaged in second-generation leasing activity covering 700,000 square feet, including 252,000 square feet of new leases, with a dollar-weighted average lease term of 5.3 years [4] - GAAP rent growth was reported at 12.8%, and net effective rents were 21% higher than the average of the previous five quarters [4] Portfolio Management - The company acquired the Advance Auto Parts Tower, a Class AA office building in Raleigh, for $138 million, and sold non-core office buildings in Tampa, FL, for $145 million [5] Balance Sheet and Liquidity - Highwoods reported total available liquidity exceeding $700 million, which includes cash, revolving credit facility availability, and undrawn joint venture construction loans [6] - The net debt-to-adjusted EBITDAre ratio was reported at 6.4, slightly up from 6.29 at the end of December 2024 [6] Guidance Revision - The company raised its 2025 FFO per share guidance to a range of $3.31-$3.47 from the previous $3.26-$3.44, with the Zacks Consensus Estimate currently at $3.35 [7] - Expected growth in same-property cash NOI is projected between -4.0% and -2.0%, with average occupancy anticipated to be between 85% and 86.5% [7]

W.P. Carey (WPC) reported first-quarter 2025 adjusted funds from operations (AFFO) per share of $1.17, missing the Zacks Consensus Estimate of $1.19. However, the figure improved 2.6% from the year-ago quarter.Results reflect dispositions impacting revenues, though net investment activity and certain lease structuring aided the performance to some extent.Quarterly revenues of $407.4 million underperformed the Zacks Consensus Estimate of $418.2 million. However, revenues increased 5.3% year over year.Per Jas ...

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of approximately $2.7 million or $0.03 per share for Q1 2025 [5] - A GAAP net loss of about $21.4 million or $0.21 per share was recorded for the same period [6] Business Line Data and Key Metrics Changes - The directly owned portfolio was approximately 69.2% leased at the end of Q1 2025, down from 70.3% at the end of Q4 2024 [9] - Economic occupancy for the directly owned portfolio was approximately 67.7% at the end of Q1 2025, compared to 68.6% at the end of 2024 [9] - Approximately 60,000 square feet of total leasing was finalized during Q1 2025, consisting entirely of renewals and expansions [10] Market Data and Key Metrics Changes - The company has tracked approximately 800,000 square feet of prospective new tenants, with about 300,000 square feet of prospects identifying FSP assets on their shortlist [11] - Scheduled lease expirations for the remainder of 2025 total approximately 246,000 square feet, representing about 5.1% of FSP's directly owned portfolio [12] Company Strategy and Development Direction - The company remains focused on advancing leasing of space in its existing property portfolio and pursuing property dispositions to repay debt [6][7] - The company is actively considering operational adjustments and strategic transactions to unlock the full value of its property portfolio [8] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainties, including tariff headlines, that could impact corporate leasing decisions and investment in office properties [7] - The company remains confident in its direction but is open to various strategies to maximize shareholder value [9] Other Important Information - Since initiating its current disposition strategy in late 2020, the company has completed approximately $1.1 billion in property sales, leading to a nearly 75% reduction in corporate indebtedness [13] - National office transaction volumes rose by 22% in 2024 and accelerated in Q1 2025, finishing 31% higher year over year [15] Q&A Session Summary Question: Insight on why leasing was solely executed for renewals during Q1 - Management indicated that new leases had stalled but they are pursuing renewal transactions and expect positive news in Q2 and Q3 [17][18] Question: Which geographies currently depict greater strength in the portfolio? - Management highlighted strong demand in Texas, particularly in Houston, with Dallas showing some improvement, while Denver and Minneapolis are better than previous years but not as robust as Texas suburbs [19]

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to diff ...

Boston Properties Inc.’s (BXP) first-quarter 2025 funds from operations (FFO) per share of $1.64 missed the Zacks Consensus Estimate of $1.65. The reported figure fell 5.2% year over year.BXP’s quarterly results reflect better-than-anticipated revenues on healthy leasing activity. However, lower occupancy during the quarter marred its year-over-year FFO per share growth. BXP also revised its guidance for 2025 FFO per share.Quarterly lease revenues were $811.1 million, up 2.9% year over year. The Zacks Conse ...

Core Viewpoint - Urban Edge Properties reported quarterly funds from operations (FFO) of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and up from $0.33 per share a year ago [1][2] Financial Performance - The company achieved revenues of $118.09 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.42%, compared to $109.63 million in the same quarter last year [3] - Urban Edge Properties has exceeded consensus revenue estimates two times over the last four quarters [3] Stock Performance - The stock has declined approximately 15.4% since the beginning of the year, while the S&P 500 has decreased by 5.5% [4] - The current consensus FFO estimate for the upcoming quarter is $0.34 on revenues of $114.51 million, and for the current fiscal year, it is $1.38 on revenues of $446.2 million [8] Industry Context - The REIT and Equity Trust - Retail industry is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can impact stock performance [6]

Financial Results and Supplemental Information FIRST QUARTER 2025 April 29, 2025 2020 Joe B. Jackson Parkway Murfreesboro, TN 1,016,281 Square Feet ILPT Ownership: 100% Table of Contents QUARTERLY RESULTS | 4 | Industrial Logistics Properties Trust Announces First Quarter 2025 Financial Results | | | --- | --- | --- | | First Quarter 2025 Highlights | | 5 | | FINANCIALS | | | | Key Financial Data | | 7 | | Condensed Consolidated Statements of Income (Loss) | | 8 | | Condensed Consolidated Balance Sheets | | ...