Key Takeaways LAMR reported Q4 AFFO of $2.24, beating estimates and topping prior-year results.Lamar posted 2.8% Y/Y revenue growth, with local and national sales driving top-line gains.LAMR guided 2026 AFFO at $8.50-$8.70 per share.Lamar Advertising Company (LAMR) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $2.24, which outpaced the Zacks Consensus Estimate of $2.18. The figure also compared favorably with the prior-year quarter's tally of $2.21.Results reflect year-over ...

Core Insights - W. P. Carey (WPC) completed $2.1 billion in acquisitions during the 2025 fiscal year, indicating strong growth and strategic expansion in its portfolio [1] - The company managed to outperform expectations for its 2026 adjusted funds from operations (FFO), reflecting a rebound in underlying performance metrics [1] Financial Performance - The completion of $2.1 billion in acquisitions suggests a robust investment strategy aimed at enhancing asset value and revenue generation [1] - The positive performance in adjusted FFO indicates a recovery and potential for continued growth in the commercial real estate investment trust (REIT) sector [1]

Reilly outlined category performance, saying strength came from services, healthcare, building and construction, and financial advertising, while telecom and beer and wine were weaker. He later quantified several category moves, including services up 12% in Q4, healthcare up 13%, financial up 17%, and building and construction up 16%, while telecommunications fell 10% and beer and wine fell 20% in the quarter. He also emphasized that Lamar’s largest verticals—services (about 19% of the book) and healthcare ...

Core Insights - Host Hotels & Resorts, Inc. (HST) reported fourth-quarter adjusted funds from operations (AFFO) per share of 51 cents, exceeding the Zacks Consensus Estimate of 47 cents, marking a 13.3% increase from the prior-year quarter [1] - Total revenues reached $1.60 billion, surpassing the Zacks Consensus Estimate of $1.54 billion, and reflecting a year-over-year growth of 12.3% [1] Financial Performance - Comparable hotel RevPAR was $227.14 in the fourth quarter, up 4.6% from the previous year, driven by increased room rates and strong transient leisure demand [4] - Comparable hotel EBITDA was $411 million, a 4.1% increase year-over-year, although the EBITDA margin decreased by 30 basis points to 28% due to one-time benefits recognized in 2024 [4] - The average room rate rose to $339.44 from $323.78 in the prior year, while the comparable average occupancy percentage was 66.9%, down 20 basis points from the previous year [5] Business Segments - Room nights for contract and transient business increased by 8.7% and 0.2% year-over-year, while group business declined by 2.5% [6] - The transient, group, and contract businesses accounted for approximately 61%, 34%, and 5% of 2025 room sales, respectively [6] Portfolio Activity - In February 2026, Host Hotels sold the 444-room Four Seasons Resort Orlando and the 125-room Four Seasons Resort and Residences Jackson Hole for a total of $1.1 billion [7] - The company also sold The St. Regis Houston for $51 million in January 2026 [7] Balance Sheet Position - Host Hotels ended the fourth quarter with cash and cash equivalents of $768 million, an increase from $539 million as of September 30, 2025 [8] - Total liquidity amounted to $2.4 billion, including $167 million in FF&E escrow reserves and $1.5 billion available under the revolver portion of the credit facility [10] Capital Expenditure - For 2025, capital expenditure totaled $644 million, with $282 million allocated to total return on investment projects, $287 million for renewal and replacement, and $75 million for property damage reconstruction [11] 2026 Outlook - HST projects full-year AFFO per share to be in the range of $2.03-$2.11, with the Zacks Consensus Estimate at $2.05 [12] - Expected comparable hotel RevPAR is projected between $382-$388 million, and adjusted EBITDAre is estimated to be between $1.74 billion and $1.80 billion [12] - Total capital expenditure for 2026 is anticipated to be in the range of $525-$625 million [12]

Core Insights - The company achieved strong financial and operational results for 2025, with a total same property NOI increase of 6.1% and a revenue growth of 5.4% in the same property apartment portfolio [3][4][7] - Management expects at least 3% growth in both revenue and NOI for the same property apartment portfolio in 2026, with a focus on balancing occupancy and rent growth [1][7] Financial Performance - The REIT reported a net income of CAD 29.4 million for 2025, a significant decline from the previous year due to a CAD 120.5 million fair value loss on investment properties [6][8] - Funds from operations (FFO) per unit increased by 4.2% to CAD 1.23, while adjusted funds from operations (AFFO) rose by 5.1%, improving the AFFO payout ratio to 69% [6][9] Operational Metrics - Same property occupancy averaged 97.3% in 2025, a decrease of 30 basis points from the prior year, while average monthly rental rates increased by 4.8% year-over-year [2][11] - The company noted that rental rate growth has moderated from peak levels in 2024, aligning with broader market trends [11] Capital Allocation and Balance Sheet - The REIT increased its use of CMHC-insured mortgages to 91% of total apartment debt, with total debt at 41.9% of assets [5][14] - In 2025, the company completed CAD 148 million in property dispositions and plans to recycle at least CAD 50 million in 2026 [20][21] Future Outlook - Management anticipates a more modest growth pace in 2026 compared to 2025, with expectations of easing interest expense pressures and progress on property repositioning [23] - Atlantic Canada is expected to outperform in 2026, with Halifax identified as a key opportunity for mark-to-market growth [12][23]

Core Insights - Piedmont Realty Trust reported a record leasing volume in 2025, leasing 2.5 million square feet, which is about 16% of its portfolio, exceeding guidance by approximately 1 million square feet [2] - The company ended 2025 with an occupancy rate of 89.6%, up 120 basis points from the previous year, and has a significant backlog of signed-but-uncommenced leases totaling nearly 2 million square feet, representing $68 million in future annualized cash rents [1][7] Leasing Activity - In Q4 2025, Piedmont completed approximately 679,000 square feet of leasing, with around 70% attributed to new tenants [1] - The company has leased about 75% of its portfolio over the last five years, totaling approximately 11.6 million square feet, while maintaining positive cash same-store net operating income (NOI) growth each year [2] Market Trends - The national office market showed signs of improvement in late 2025, with a notable increase in demand for high-quality assets, as indicated by a JLL survey showing that 55% of Fortune 100 companies now require a five-day in-office workweek, up from 5% two years ago [3] - Supply constraints, such as lower sublet availability and limited new deliveries, are also impacting the market [3] Financial Performance - For Q4 2025, Piedmont reported core funds from operations (Core FFO) of $0.35 per diluted share, a slight decline from $0.37 per diluted share in Q4 2024, primarily due to the sale of two projects and higher net interest expenses [16] - The company issued $400 million in bonds to repurchase $245 million of higher-coupon bonds, which is expected to save approximately $0.04 per year [17] 2026 Guidance - Piedmont's management targets a Core FFO of $1.47 to $1.53 per share for 2026, reflecting an increase of $0.08 at the midpoint compared to 2025 [18] - The company anticipates leasing activity of 1.7 to 2.0 million square feet in 2026, with a year-end portfolio lease percentage projected to be between 89.5% and 90.5% [18] Market-Level Insights - Atlanta and Orlando are highlighted as key markets, with Atlanta being the most productive, accounting for about half of the company's leasing volume in Q4 2025 [9] - The out-of-service redevelopment portfolio was reported to be 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 or early 2027 [12] Operational Developments - The company has made significant progress in retaining tenants for major expirations in 2026, including Epsilon in Dallas and the City of New York at 60 Broad [13] - Management noted that leasing momentum has continued into 2026, with over 200,000 square feet of leases already signed [15]

Core Insights - Iron Mountain Incorporated (IRM) reported fourth-quarter adjusted funds from operations (AFFO) per share of $1.44, exceeding the Zacks Consensus Estimate of $1.39, marking a 16.1% year-over-year increase [1][9] - The company's total quarterly revenues reached $1.84 billion, surpassing the Zacks Consensus Estimate of $1.80 billion, and reflecting a 16.6% year-over-year growth [2][3] Financial Performance - For the full year 2025, IRM's AFFO per share was $5.17, up 13.9% year over year, also beating the Zacks Consensus Estimate of $5.11 [3] - Revenues for the full year amounted to $6.90 billion, a 12.2% increase year over year, exceeding the consensus mark of $6.86 billion [3] Segment Performance - Storage rental revenues in Q4 were $1.06 billion, up 12.6% year over year [4] - Service revenues increased by 22.4% year over year to $782 million [4] - Global RIM business revenues grew 9.1% year over year to $1.37 billion [4] - Global Data Center business reported revenues of $236.7 million in Q4, rising 39.1% year over year [4] - Adjusted EBITDA rose 16.6% year over year to $705.3 million, with an unchanged adjusted EBITDA margin of 38.3% [4] Interest Expenses and Balance Sheet - Interest expenses increased by 13% year over year to $219.8 million in the quarter [5] - As of December 31, 2025, IRM had net debt of $16.39 billion, up from $16.11 billion as of September 30, 2025, with a weighted average interest rate of 5.6% [6] Dividend Announcement - Concurrently with the fourth-quarter earnings release, IRM announced a cash dividend of 86.4 cents per share for the first quarter of 2026, payable on April 3, 2026 [7] Guidance for Future Performance - For Q1 2026, Iron Mountain expects AFFO per share of $1.39 and revenues estimated at $1.855 billion [8] - For the full year 2026, the company anticipates AFFO per share between $5.69 and $5.79, with revenues projected in the range of $7.625 billion to $7.775 billion [10]

Core Insights - Equinix Inc. (EQIX) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $8.91, which missed the Zacks Consensus Estimate of $9.07, but showed a 12.5% improvement year over year [1] - Total quarterly revenues were $2.42 billion, falling short of the Zacks Consensus Estimate of $2.47 billion, yet increased by 7% year over year [2] - The company announced a 10% increase in its quarterly cash dividend to $5.16 per share, payable on March 18, 2026 [6] Financial Performance - Recurring revenues reached $2.29 billion, up 9.7% from the previous year, while non-recurring revenues decreased by 25.9% to $126 million [3] - Adjusted EBITDA for the quarter was $1.19 billion, reflecting a 16.2% year-over-year increase, with an adjusted EBITDA margin of 49% [3][8] - For the full year 2025, AFFO per share was $38.33, a 9.5% increase from the prior year, but below the consensus estimate of $38.48 [2] Capital Expenditures and Expenses - The company spent $139 million on recurring capital expenditures in Q4, a 20.9% increase year over year, while non-recurring capital expenditures rose by 48.7% to $1.30 billion [4] - Cash sales and marketing expenses surged by 17.6% to $160 million, and cash general and administrative expenses increased by 6.4% to $301 million [4] Balance Sheet and Liquidity - As of December 31, 2025, Equinix had $7.2 billion in available liquidity, including $3.2 billion in cash and cash equivalents, and total gross debt of approximately $19 billion [5] - The net leverage ratio stood at 3.8, with a weighted average maturity of 6.5 years [5] 2026 Guidance - For the first quarter of 2026, Equinix projects revenues between $2.496 billion and $2.536 billion, indicating a 3-5% increase over the prior quarter [9] - For the full year 2026, total revenues are estimated to be between $10.123 billion and $10.223 billion, reflecting a growth of 10-11% from 2025 [10] - The company anticipates an adjusted EBITDA of $5.141 billion to $5.221 billion, with an adjusted EBITDA margin of 51% [10]

Core Insights - European Residential Real Estate Investment Trust (ERES) reported significant strategic dispositions and financial results for the year ended December 31, 2025, including the sale of 1,980 residential suites and commercial properties for total gross proceeds of €489.7 million [4][7] - The REIT declared a special distribution of €0.90 per Unit in September 2025 and ceased regular monthly distributions effective September 2025 [4][53] - The REIT's financial performance showed a decrease in Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) per Unit, primarily due to lower Net Operating Income (NOI) from dispositions [11][40] Strategic Initiatives Update - ERES is actively pursuing a sale process for its remaining portfolio, having retained BMO Capital Markets as its financial advisor [4] - The REIT's ongoing disposition strategy is aimed at maximizing value, with a focus on managing tax and structural matters [4] Operating Metrics - Same property portfolio Occupied Average Monthly Rents (AMR) increased by 5.9% from €1,377 to €1,458 year-over-year [4][14] - Same property occupancy for residential properties decreased to 89.3% from 93.9% due to suites held vacant for value maximization [4][14] - Same property Net Operating Income (NOI) margin decreased by 13.2% for the three months ended December 31, 2025, primarily due to increased costs [4][27] Financial Performance - Total portfolio operating revenues decreased by 77.4% for the three months ended December 31, 2025, compared to the same period last year [26] - FFO per Unit decreased by 83.3% for the three months ended December 31, 2025, primarily due to lower total portfolio NOI [11][38] - The REIT's net loss for the year was €70.5 million, compared to a loss of €64.3 million in the previous year [35] Financial Position and Liquidity - As of December 31, 2025, ERES's available liquidity decreased to €36.7 million from €132.8 million due to a reduction in the Revolving Credit Facility [49] - The REIT's adjusted debt to gross book value ratio stood at 30.5%, indicating a decrease from 39.7% the previous year [47] - The weighted average mortgage effective interest rate increased to 2.91% from 2.27% [47] Distributions - ERES declared a special distribution of €0.90 per Unit in September 2025, with regular monthly distributions terminated thereafter [53] - The final regular monthly distribution was for August 2025, with payment made in September 2025 [53]

Core Insights - Essential Properties Realty Trust, Inc. reported a fourth quarter net income per share of $0.34, representing a 13% increase compared to the same period in 2024 [1] - The company closed investments totaling $295.8 million at a weighted average cash cap rate of 7.7% [1] - The 2026 AFFO guidance has been increased to a range of $1.99 to $2.04 per share [2] Financial Highlights - **Fourth Quarter 2025 Results**: - Net income per share increased by 13% to $0.34 [1] - Funds from Operations (FFO) per share increased by 15% to $0.54 [1] - Adjusted Funds from Operations (AFFO) per share increased by 9% to $0.49 [1] - **Full Year 2025 Results**: - Net income per share increased by 11% to $1.28 [1] - FFO per share increased by 8% to $2.05 [1] - AFFO per share increased by 9% to $1.89 [1] Investment Activity - **Investments**: - Total investment volume for the fourth quarter was $295.8 million across 58 properties [1] - For the full year, total investments reached $1.3 billion across 270 properties [1] - **Dispositions**: - The company disposed of 19 properties in the fourth quarter, generating net proceeds of $48.1 million [1] - For the full year, 60 properties were disposed of, yielding net proceeds of $130.1 million [1] Portfolio Overview - As of December 31, 2025, the company’s portfolio consisted of 2,300 properties with a weighted average lease term of 14.4 years [2] - The weighted average rent coverage ratio was reported at 3.6x [2] - The portfolio was 99.7% leased, with 91.5% of cash ABR coming from service-oriented or experience-based businesses [2] Debt and Equity - The company raised $170.3 million through its ATM program at an average price of $30.93 per share [1] - Pro forma net debt to annualized adjusted EBITDA ratio stood at 3.8x as of the quarter end [1] - Total available liquidity was reported at $1.4 billion, including cash and cash equivalents of $70.4 million [1] Guidance and Future Outlook - The company anticipates an investment volume of $1.0 billion to $1.4 billion for 2026 [2] - Cash general and administrative expenses are expected to be between $31 million and $35 million [2]