Core Insights - NNN REIT, Inc. reported a 2.7% growth in AFFO per share and a record investment of over $900 million in real estate for 2025, positioning the company for solid growth in 2026 [3][5][16] Financial Results - For the fourth quarter of 2025, revenues increased to $238.4 million from $218.5 million in 2024, while net earnings slightly decreased to $95.9 million from $97.9 million [4][5] - Full-year revenues reached $926.2 million, up from $869.3 million in 2024, with net earnings of $389.8 million compared to $396.8 million in the previous year [4][5] - FFO for the fourth quarter was $163.8 million, up from $152.7 million in 2024, and for the full year, FFO was $638.4 million compared to $610.5 million [4][6] Portfolio Snapshot - As of December 31, 2025, NNN owned 3,692 properties with a total gross leasable area of approximately 39.6 million square feet and an occupancy rate of 98.3% [7][18] - The weighted average remaining lease term was 10.2 years, and the annualized base rent (ABR) increased by 7.8% to $928.1 million [5][7] Property Acquisitions and Dispositions - In 2025, NNN closed on $931 million of investments at a cash cap rate of 7.4%, with a weighted average remaining lease term of 17.6 years [5][8] - The company sold 116 properties for $190.5 million, including $90.7 million of income-producing properties, at a weighted average cap rate of 6.4% [5][10] Capital Markets Activity - NNN raised $85.4 million through the issuance of 1,992,955 common shares at an average price of $42.86 [11] - The company issued $500 million in senior unsecured notes due February 2031 and redeemed $400 million in notes due November 2025 [12][13] Balance Sheet and Liquidity - As of December 31, 2025, NNN's gross debt was $4.9 billion with a weighted average interest rate of 4.2% and a maturity of 10.8 years [14][41] - The company maintained $1.2 billion in total available liquidity, including $851.9 million in unused line of credit capacity [14] Dividend Information - NNN declared a quarterly dividend of $0.60 per share, representing an annualized dividend of $2.40 and a yield of 6.1% as of December 31, 2025 [15] 2026 Guidance - The company provided initial guidance for 2026, projecting AFFO per share between $3.52 and $3.58, indicating a 3.2% increase from the previous year [16]

NYSE: PINE - Investor Presentation - 4Q 2025 W a l m a r t – H o w e l l , M I 127 Properties $672M Enterprise Value $157 TEV / SF 4.3M Total Portfolio Square Feet 8.1% Implied Cap Rate 99.5% Occupancy 51% of ABR From Investment Grade-Rated Tenants 6.8% Annualized Dividend Yield $268 Equity Market Capitalization Portfolio1 Value + Income 8.4 Years W.A. Lease Term2 D i c k ' s & B e s t B u y – M c D o n o u g h , G A As of December 31, 2025, unless otherwise noted. PINE stock price on December 31, 2025 was ...

Core Insights - Digital Realty reported strong financial results for Q4 2025, with revenues of $1.6 billion, marking a 4% increase from the previous quarter and a 14% increase year-over-year [3][6] - The company achieved a net income of $96 million for the quarter, translating to $0.24 per share, compared to $0.15 per share in Q3 2025 and $0.51 per share in Q4 2024 [3][9] - Adjusted EBITDA for the quarter was $857 million, a slight decrease of 1% from the previous quarter but a 14% increase from the same quarter last year [4][6] Financial Performance - Total revenues for Q4 2025 were $1.634 billion, with a year-over-year increase in rental revenues to $1.075 billion [30] - Funds From Operations (FFO) reached $658 million, or $1.89 per share, up from $1.65 per share in Q3 2025 and $1.61 per share in Q4 2024 [4][9] - Core FFO per share was reported at $1.86, slightly down from $1.89 in the previous quarter but up from $1.73 in the same quarter last year [5][9] Leasing Activity - In Q4 2025, Digital Realty signed total bookings expected to generate $400 million in annualized GAAP rental revenue, with the company's share amounting to $175 million [7][9] - The backlog of signed-but-not-commenced leases at the end of the quarter was $817 million in annualized GAAP base rent [8][9] - Renewal leases signed during the quarter represented $269 million in annualized cash rental revenue, with rental rates increasing by 6.1% on a cash basis and 12.0% on a GAAP basis [9] Investment Activity - Digital Realty sold a non-core data center in Dallas for approximately $33 million and established a joint venture in Israel to develop an 18-megawatt campus [12][14] - The company also acquired land in Portland and Lisbon, supporting future capacity expansions [14][15] - Subsequent to the quarter, an agreement was made to acquire the TelcoHub 1 data center in Malaysia, enhancing Digital Realty's footprint in the region [15] Balance Sheet - As of December 31, 2025, Digital Realty had approximately $18.4 billion in total debt, with a net debt-to-Adjusted EBITDA ratio of 4.9x [16][19] - The company issued €600 million in notes due 2033 and €800 million in notes due 2037, raising approximately €1.4 billion [17][19] - Early repayment of €1.075 billion in senior notes due 2026 was completed in December 2025 [18] 2026 Outlook - Digital Realty provided a 2026 Core FFO per share outlook of $7.90 to $8.00, with total revenue expected to be between $6.600 billion and $6.700 billion [19][22] - The company anticipates rental rate increases on renewal leases in the range of 6.0% to 8.0% on a cash basis and 8.5% to 10.5% on a GAAP basis [20][22] - Development capital expenditures are projected to be between $3.250 billion and $3.750 billion, with average stabilized yields expected to exceed 10% [20][22]

Prologis Park Bottrop, Bottrop, Germany FOURTH QUARTER 2025 Prologis Supplemental Information Unaudited Contents Q4 2025 Supplemental Highlights Financial Information Operations Capital Deployment Strategic Capital Capitalization Notes and Definitions 35 Notes and Definitions 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Ne ...

Investment Activity - In 2025, the company invested approximately $269 million at a 7.9% initial cash yield, acquiring 26 drive-thru quick service restaurants, 25 convenience stores, 12 express tunnel car washes, and 10 auto service centers [3] - For the quarter ended December 31, 2025, the company invested about $135 million at a 7.9% initial cash yield, including 15 convenience stores, six auto service centers, and two express tunnel car washes [3] - As of December 31, 2025, the company had a committed investment pipeline of over $75 million for the development and acquisition of 28 convenience and automotive retail assets, expected to be funded over the next 3-12 months [4] Capital Markets Activity - In November 2025, the company closed a private placement of $250 million of senior unsecured notes at a fixed rate of 5.76%, maturing on January 22, 2036, with proceeds to repay amounts under its $450 million unsecured revolving credit facility [5] - During the quarter ended December 31, 2025, the company settled approximately 2.1 million shares of common stock for net proceeds of about $59 million and entered into new forward sale agreements for approximately 0.4 million shares, anticipated to raise about $13 million [6] 2026 Earnings Guidance - The company established its initial 2026 AFFO guidance at a range of $2.48 to $2.50 per diluted share, based on completed transaction activity and the notes issuance, but excluding prospective acquisitions and capital markets activities [8]

Core Viewpoint - Iron Mountain Incorporated (IRM) is currently viewed as a battleground stock, with bullish perspectives focusing on rapid growth and low AFFO multiples, while bearish views highlight concerns over high debt and AFFO calculations [1][2]. Bear Thesis - The bear thesis identifies three main reasons for the substantial drop in IRM's stock price over the past year: overvaluation, being caught in the AI selloff, and a short attack [4][7]. - The company has evolved from physical information storage to digital information management, which has led to its classification as a data center REIT, although this segment remains a small part of its business [5][6]. Financial Overview - As of September 30, 2025, IRM's total assets amounted to $20.63 billion, with current assets of $1.88 billion and total liabilities of $18.77 billion [9]. - The company has a significant operating lease liability of $2.28 billion, which is not classified as debt, as it represents long-term rental obligations rather than traditional debt [10][11]. AFFO and Earnings Adjustments - There are concerns regarding the inflation of reported AFFO, but IRM provides transparent reconciliations between GAAP and non-GAAP metrics [14][16]. - The company reported a normalized FFO of $276.89 million for Q3 2025, reflecting an 18.7% year-over-year increase [22]. - True AFFO is estimated to be approximately $320 million lower than reported AFFO, leading to an adjusted AFFO per share of $4.00 for 2025 [27][25]. Growth and Valuation - IRM has demonstrated strong growth across various business segments, with pricing power in its legacy records information management business contributing to its growth [28][31]. - Analysts project continued strong growth through 2028, with total revenue guidance for 2025 set between $6.79 billion and $6.94 billion, representing a year-over-year increase of approximately 12% [26][34]. - The current valuation shows IRM trading at 14X forward AFFO and 16X trailing AFFO, which may be undervalued given its growth rate [38][39]. Market Position - IRM's data center builds are expected to yield high returns, with cash on cash IRRs in the low double digits, supporting the company's growth strategy [31][36]. - The information management business is considered robust, with clients reliant on data retrieval services, providing IRM with continued pricing power [36].

Core Viewpoint - Iron Mountain Incorporated (IRM) is experiencing a divide among investors, with bullish perspectives focusing on rapid growth and low AFFO multiples, while bearish views highlight concerns over high debt and AFFO calculations [1] Bear Thesis - The stock price of IRM has dropped significantly due to three main reasons: overvaluation, being affected by the AI selloff, and a short attack [4][7] - The company has transitioned from physical information storage to digital management, which has led to its classification as a data center REIT, although this segment remains a small part of its business [5][6] Financial Overview - As of September 30, 2025, IRM's total assets amounted to $20.63 billion, with current assets at $1.88 billion and total liabilities at $18.77 billion [9] - The company has a significant operating lease liability of $2.28 billion, which is not classified as debt, as it represents long-term rental obligations [10][11] - IRM's reported AFFO may be inflated, but the company provides transparent reconciliations to clarify its financial metrics [14][16] Earnings and Adjustments - In Q3 2025, IRM reported a net income of $86.24 million, with FFO (Nareit) at $198.31 million, reflecting a year-over-year increase of 192.7% [18] - The company’s AFFO for Q3 2025 was reported at $393.32 million, up 18.5% year-over-year [22] - Adjustments to AFFO calculations include considerations for stock-based compensation and non-real estate depreciation, which could lower the true AFFO by approximately $320 million [25][21] Growth Prospects - IRM has demonstrated strong growth across various business segments, with pricing power in its legacy records information management business contributing to its growth [28] - Analysts project continued strong growth through 2028, supported by the company's data center builds and information management services [34][36] Valuation - IRM is currently trading at 14X forward AFFO and 16X trailing AFFO, which may be undervalued given its growth rate [38] - Adjusting for true AFFO, the forward multiple could be around 17.23X, indicating an attractive valuation for a company growing at approximately 11% [41][42]

Core Viewpoint - Crown Castle (CCI) has improved its 2025 outlook due to increased efficiency and demand for its assets, despite facing challenges from the pending fiber sale and Sprint cancellations [3][12]. Financial Performance - CCI owns over 40,000 cell towers and approximately 105,000 small cells, generating revenue from long-term contracts with major wireless carriers [1]. - The company raised its full-year guidance by $10 million in site rental revenue and reduced expected interest expenses by $15 million, contributing to a stronger financial outlook [5]. - The current 2025 AFFO outlook is projected between $1.845 billion and $1.895 billion, translating to $4.23 to $4.35 per share [4]. Operational Insights - The pending fiber sale is classified as "discontinued operations," which affects the AFFO calculation, making it appear artificially low until the sale closes [4]. - Management anticipates that the fiber sale will close in the first half of 2026, which will provide cash for debt reduction or share repurchase [4]. Growth Metrics - CCI uses "organic contributions" for growth measurement, which may include revenue from new assets not present in the previous period, making it less comparable to the "same-property" metric used by other REITs [7][10]. - The organic growth rate, excluding Sprint cancellations, is approximately 5% year-to-date, but including cancellations drops it to around 0% [11]. Market Reaction - The market responded positively to CCI's Q3 2025 update, with the company's share price outperforming peers despite broader sector declines [3][12].

Core Insights - Clipper Realty Inc. reported third quarter 2025 results, highlighting strong occupancy and rental demand in residential properties, with new leases exceeding previous rents by nearly 14% and renewals by over 6% [3][5][6] Financial Performance - Total revenues for Q3 2025 were $37.7 million, slightly up from $37.6 million in Q3 2024, with residential revenue increasing by $1.9 million (6.9%) [5][6] - Net operating income (NOI) for Q3 2025 was $20.8 million, down from $21.8 million in the same period last year [6][8] - The company reported a net loss of $4.6 million ($0.14 per share) for Q3 2025, compared to a net loss of $1.1 million ($0.05 per share) in Q3 2024 [7][8] - Adjusted funds from operations (AFFO) were $5.6 million ($0.13 per share) for Q3 2025, down from $7.8 million ($0.18 per share) in Q3 2024 [8][28] Operational Highlights - The Prospect House property in Brooklyn commenced operations in August 2025, contributing to initial lease-up but generating limited revenue due to full expenses [4][6] - The company faced a decrease in commercial revenue by $1.8 million due to the termination of a lease with a New York City tenant at the 250 Livingston Street property [5][6] - Clipper Realty declared a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [10] Balance Sheet Overview - As of September 30, 2025, notes payable were $1,281.2 million, reflecting an increase from $1,275.4 million at the end of 2024, primarily due to additional borrowings related to the Prospect House [9]

Core Insights - Rexford (REXR) is highlighted as a top investment choice in the industrial REIT sector, boasting 420 properties and over 50 million square feet of rentable space [1] - The company raised its guidance for Core FFO per diluted share in its Q3 earnings report, indicating a solid quarter [2][4] Updated Guidance - REXR updated its guidance for Same Property Portfolio Cash NOI Growth from 2.5% to 4%, reflecting a significant increase [4] - The new guidance for annualized figures shows a Cash NOI of $533.353 million with a growth of 2.5%, compared to the old guidance of 4% growth [4] Leasing Activity - REXR reported a record leasing activity of 3.3 million square feet in Q3, a substantial increase from 1.7 million square feet in the previous quarter [9] - The net effective leasing spreads were reported at 26.1%, while cash leasing spreads were at 10.3%, marking a strong performance [9] Financial Management - The company reduced its net interest expense guidance from $107 million to $105 million, contributing to improved financial metrics [6] - REXR repurchased $150 million worth of shares at an average price of $38.62, representing about 1.65% of the weighted-average shares outstanding [15] Overall Performance - REXR's strong performance in leasing and increased cash NOI guidance indicate robust fundamentals, positioning the company favorably in the market despite macroeconomic challenges [17] - The management's conservative balance sheet strategy and proactive share repurchase actions reflect confidence in the company's valuation and growth potential [16]