During Q&A, management clarified that the GBP 1 billion target includes disposals already exchanged in 2026 and is “not a cap,” with the pace and total potentially influenced by market conditions and pricing.In 2025, the company completed GBP 216 million of disposals. Management said 2026 had started strongly, with GBP 140 million exchanged since the start of the year (including a Whitfield Street sale announced the morning of the presentation), and a further amount under offer, described as broadly in line ...

SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS [Accessibility Statement] Skip NavigationAccretive Capital Recycling Continues with the Sale of the Hilton Garden Inn LongviewRefinance of Convertible Notes Complete Utilizing Delayed Draw Term LoanNo Debt Maturities Until 2028AUSTIN, Texas, Feb. 25, 2026 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and twelve months ended December 31, 2025."Demand across our portfoli ...

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, while total same-property NOI, including non-core properties, rose by 1.1% [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, achieving a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents [7] Market Data and Key Metrics Changes - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities in unfinished shell space [8] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, expected to close in Q1 2026 [10] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing driving strong results [4] - The company has identified six outparcels for development, with investments averaging about $5 million each, expected to contribute to earnings in the second half of 2027 [11] - The company aims to recycle capital from dispositions into higher-yielding acquisitions, demonstrating a commitment to value-add strategies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 and 100% in 2027 [8] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19] - Management noted that the leasing environment remains strong, particularly for national brands, which are actively seeking expansion opportunities [34] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for upcoming acquisitions [18] - The net debt to EBITDA ratio improved to 6.4x from 6.7x, with expectations for further deleveraging from asset sales and rent commencement from the signed, not open pipeline [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 [24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management is in early discussions for potential sale but is waiting for higher values as the State of New Mexico's rent commencement approaches [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions and noted limited availability in the current market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and is not expected to be the run rate going forward [53][54] Question: Timing for signed, not open pipeline recognition - Management confirmed that recognition will be ratable, with a slight ramp-up expected in the latter half of 2026 [38][39] Question: Market allocation strategy for new acquisitions - Management plans to reduce exposure in Atlanta while focusing on growth markets in the Southeast and Southwest [60] Question: Relative merits of grocery anchor, lifestyle, and power centers - Management prefers lifestyle and power centers for their higher yields and growth potential, while being cautious about grocery anchors due to lower yields [66]

Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO per share for Q4 2025 were both $0.37, compared to $0.35 in Q4 2024, indicating a growth of approximately 5.7% year-over-year [11] - For the full year 2025, FFO was $1.38 and core FFO was $1.40 per share, slightly down from $1.41 and $1.42 per share in 2024 [11] - Total operating revenues for Q4 2025 were $43.5 million, up from $37.4 million in Q4 2024, while operating expenses increased to $26.4 million from $25 million [12] Business Line Data and Key Metrics Changes - The company acquired over $206 million in industrial assets across 10 facilities, increasing the industrial concentration in the portfolio to 69% as of December 31, 2025, up from 63% in 2024 [5][6] - A net increase of $2.1 million in GAAP rent was achieved through the renewal and extension of leases covering 1.2 million sq ft [6] - The occupancy rate across the portfolio reached 99.1%, with a 4% increase in same-store lease revenue compared to 2024 [8] Market Data and Key Metrics Changes - The company is focused on acquiring higher quality industrial assets that are mission-critical to tenants, with a target of reaching 70% industrial annualized straight-line rent [9][10] - The competitive market for acquisitions is noted, with cap rates generally ranging from 7.5% to 8.5% [25][33] Company Strategy and Development Direction - The company aims to grow its industrial concentration, add value through lease renewals and strategic capital investments, and dispose of non-core assets [7] - There is a strategic focus on maintaining high occupancy rates and managing tenant relationships effectively [9] - The company plans to continue evaluating opportunities for accretive industrial acquisitions and portfolio improvements [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high occupancy rates despite fluctuations due to property additions or disposals [22] - The company is aware of the challenging office environment but remains strategic in evaluating its portfolio [10] - Management anticipates a pickup in acquisition activity in 2026, with a focus on quality over high returns [25] Other Important Information - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% [18] - The company reported a net asset increase from $1.1 billion to $1.25 billion due to portfolio acquisitions and revenue-generating capital expenditures [17] Q&A Session Summary Question: What happened to the occupancy rate despite losing a tenant? - Management noted that occupancy remains at an all-time high since 2019, with successful tenant renewals contributing to this stability [22] Question: What is the current transaction environment and cap rate trends? - Management indicated a competitive market with cap rates generally between 7.5% and 8.5%, and they are focused on quality properties rather than just high returns [25][33] Question: What is the size of the current acquisition pipeline? - The company is looking at approximately $300 million in transactions, with a goal to close around $10 million in the first quarter [33][48] Question: How is the company managing lease maturities? - Management is in contact with tenants whose leases are maturing, with a focus on maintaining stability and addressing upcoming lease expirations [36] Question: What is the strategy for additional debt capital? - The company plans to use its revolving credit facility for acquisitions and clean it up with private placement issuances, maintaining sufficient liquidity for future needs [40]

As we move through February 2026, the Singapore REIT (S-REIT) sector remains a cornerstone for income-seeking investors. However, the narrative is shifting. No longer is it just about surviving high interest rates; it is now about which managers are successfully “recycling” capital and pivoting their portfolios to meet new structural challenges.We examine three heavyweights in the retail and commercial space and what you need to know about your dividends.CapitaLand Integrated Commercial Trust (SGX: C38U) [C ...

EMPIRE STATE REALTY TRUST Investor Presentation February 2026 North Sixth Street Collect Multi-Purpose Space at ESB Williamsburg, Brooklyn Rooftop and Penthouse Lounge at 501 Seventh Ave Sol de Janeiro at One Grand Central Place 34th Street Empire Lounge at ESB CLA at One Grand Central Place Empire State Empire State Building REALTY TRU Contents ESRT's Transformation Quarterly Highlights ESRT Overview ESRT Property Sector Highlights Key Takeaways Appendix 2 | 38 RE STATE REALTY TRUST ESRT's Transformation 3 ...

Core Insights - The company reported a gain of approximately $11.5 million from the sale of an inpatient rehab facility at a cap rate of 7.9%, with net proceeds reinvested into a new facility for $28.5 million, expected to yield an annual return of about 9.3% [1] - Total revenue for the fourth quarter increased to $30.9 million, reflecting a 5.6% annual growth, although it showed a slight decrease of $140,000 quarter-over-quarter [8][9] - The company is actively engaged in capital recycling, with plans for further acquisitions and dispositions, maintaining a focus on selective investment opportunities [5][19] Financial Performance - Funds from operations (FFO) for 2025 reached $13.3 million, a 4.6% increase year-over-year, while adjusted funds from operations (AFFO) totaled $14.9 million, a 2.1% increase from 2024 [10][11] - The company declared a fourth-quarter dividend of $0.4775 per share, marking a consistent increase in dividends since its IPO [6][7] Portfolio Management - Occupancy rates slightly decreased from 90.1% to 90% during the quarter, with an increase in the weighted average lease term from 6.7 to 7 years [2] - The company is undergoing redevelopment on three properties, with the largest project expected to be completed in 2026 [2] Acquisition and Disposition Strategy - The company has signed definitive purchase and sale agreements for five properties, with an expected total investment of $122.5 million [5] - The company anticipates closing on one property in the first quarter, with two more expected to close in 2026 and the remaining two in 2027 [6] Market Conditions - The company noted a high level of demand for its assets, with a cap rate of 7.9% achieved on recent dispositions, and expects similar pricing for future sales [22] - The company is seeing opportunities for acquisitions in the 9% to 10% cap rate range, while being cautious about raising capital through stock issuance at current price levels [22][30]

Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q4 2024 to $30.9 million in Q4 2025, representing a 5.6% annual growth [11] - FFO in Q4 2025 was $13.3 million, a 4.6% increase year-over-year compared to $12.7 million in Q4 2024 [13] - AFFO totaled $14.9 million in Q4 2025, a 2.1% increase year-over-year compared to $14.6 million in Q4 2024 [14] - Interest expense decreased slightly to $7 million in Q4 2025, primarily due to recent FOMC interest rate cuts [12] Business Line Data and Key Metrics Changes - Occupancy increased from 90.1% to 90.6% during the quarter [6] - Weighted average lease term increased from 6.7 to 7 years [6] - The company sold an inpatient rehab facility at a 7.9% cap rate, resulting in a gain of approximately $11.5 million [7] Market Data and Key Metrics Changes - The company acquired three properties totaling 113,000 sq ft for an aggregate purchase price of $64.5 million, which were 100% leased [8] - The company signed definitive purchase and sale agreements for five properties with an expected investment of $122.5 million [9] Company Strategy and Development Direction - The company aims to maintain modest leverage levels while evaluating the best uses of capital [9] - The company is focused on capital recycling and selective acquisitions, with plans to use 1031 like-kind exchanges for reinvestment [9][23] - The company anticipates significant growth from redevelopment projects expected to come online in mid-2026 and late 2026 [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the transaction with the geriatric behavioral hospital operator is expected to occur all at once, with no plans for a staged closing [20] - Management expressed confidence in the leasing activity and expects leased occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] - Management indicated that there are still great opportunities in the market, with a focus on maintaining relationships with brokers to identify potential acquisitions [34] Other Important Information - The company declared a dividend of $0.4775 per common share for Q4 2025, raising it to an annualized dividend of $1.91 per share [10] - The company did not issue any shares under its ATM last quarter, anticipating sufficient capital from asset sales to fund near-term acquisitions [9] Q&A Session Summary Question: Update on the Geriatric Behavioral Hospital operator transaction - Management indicated that the transaction is expected to happen all at once, with significant progress in the first quarter [20] Question: Balancing transactions and potential leverage increase - Management aims to sequence dispositions and acquisitions to avoid adding leverage, confident in capital recycling efforts [23] Question: Changes in cap rates for acquisitions or dispositions - Management noted a high level of demand for assets and expects similar pricing on other dispositions, with opportunities in the 9%-10% cap rate range [26] Question: Future occupancy expectations - Management expects occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] Question: Investment pipeline and opportunities - Management confirmed that opportunities still exist, with a focus on supporting clients and potential acquisitions when stock prices allow [34] Question: Status of the dialysis term sheet pipeline - Management stated that the relationship is on the back burner, with no current focus on executing transactions under that deal [36]

Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q4 2024 to $30.9 million in Q4 2025, representing a 5.6% annual growth [11] - FFO in Q4 2025 was $13.3 million, a 4.6% increase year-over-year compared to $12.7 million in Q4 2024 [13] - AFFO totaled $14.9 million in Q4 2025, a 2.1% increase year-over-year from $14.6 million in Q4 2024 [14] - The company declared a dividend of $0.4775 per common share for Q4 2025, raising the annualized dividend to $1.91 per share [10] Business Line Data and Key Metrics Changes - Occupancy increased from 90.1% to 90.6% during the quarter [6] - The weighted average lease term increased from 6.7 years to 7 years [6] - The company sold an inpatient rehab facility at a 7.9% cap rate, resulting in a gain of approximately $11.5 million [7] Market Data and Key Metrics Changes - The company acquired three properties totaling 113,000 sq ft for $64.5 million, which were 100% leased [8] - The expected return on new investments ranges from 9.1% to 9.75% [9] - The indicative cap rate for the sale of the inpatient rehab facility was 7.9%, with expectations for similar pricing on other dispositions [26] Company Strategy and Development Direction - The company is focused on capital recycling and selective acquisitions, maintaining modest leverage levels [9][23] - There are ongoing redevelopment projects expected to come online in mid-2026 and late 2026, which are anticipated to provide growth [27] - The company aims to execute transactions without adding meaningful leverage to the balance sheet [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the transaction with the behavioral hospital operator is progressing, with expectations for a simultaneous closing of all six hospitals [20] - Leasing activity is strong, and management expects occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] - The company sees a high level of demand for its assets and is optimistic about future acquisition opportunities [26][34] Other Important Information - The company has signed definitive purchase and sale agreements for five properties expected to be acquired after completion and occupancy [9] - The company did not issue any shares under its ATM last quarter, indicating a focus on using capital from asset sales for acquisitions [9] Q&A Session Summary Question: Update on the JRF Behavioral Hospital operator transaction - Management indicated that the transaction is expected to occur all at once, with no plans for a staged closing [20] Question: Balancing transactions and potential leverage increases - Management emphasized the goal of sequencing dispositions and acquisitions to maintain leverage levels [23] Question: Changes in cap rates for acquisitions or dispositions - Management noted a high demand for assets and expected similar pricing on other dispositions [26] Question: Future occupancy expectations - Management anticipates occupancy to remain stable in the low nineties for the next couple of quarters, with potential increases in the second half of the year [32] Question: Investment pipeline and opportunities - Management confirmed that opportunities still exist, and they are in touch with brokers to identify potential acquisitions [34] Question: Status of the dialysis term sheet pipeline - Management stated that the relationship is on the back burner, with no immediate focus on executing transactions [36]

Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q4 2024 to $30.9 million in Q4 2025, representing a 5.6% annual growth [11] - FFO in Q4 2025 was $13.3 million, a 4.6% increase year-over-year compared to $12.7 million in Q4 2024 [13] - AFFO totaled $14.9 million in Q4 2025, a 2.1% increase year-over-year from $14.6 million in Q4 2024 [14] - Interest expense decreased slightly to $7 million in Q4 2025, primarily due to recent FOMC interest rate cuts [12] Business Line Data and Key Metrics Changes - Occupancy increased from 90.1% to 90.6% during the quarter, with a weighted average lease term rising from 6.7 to 7 years [6] - The company sold an inpatient rehab facility at a 7.9% cap rate, resulting in a gain of approximately $11.5 million [7] - Acquired three properties totaling 113,000 sq ft for $64.5 million, all 100% leased with anticipated annual returns of 9.3%-9.5% [8] Market Data and Key Metrics Changes - The company received a 7.9% cap rate on the sale of the inpatient rehab facility and expects similar pricing on other dispositions [27] - Opportunities on the buy side are seen in the 9%-10% cap rate range [27] Company Strategy and Development Direction - The company is focused on capital recycling and selective acquisitions, with plans to maintain modest leverage levels [9] - Future acquisitions are expected to be funded through selected asset sales and revolver capacity [9] - The company anticipates significant growth from redevelopment projects expected to come online in mid-2026 and late 2026 [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the transaction with the behavioral hospital operator is expected to occur all at once, with no plans for a staged closing [20] - The company expects leased occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [33] - Management remains optimistic about the investment pipeline, indicating that opportunities still exist despite recent challenges [36] Other Important Information - The company declared a dividend of $0.4775 per common share for Q4 2025, marking a continuous increase since the IPO [10] - The company has signed definitive purchase and sale agreements for five properties expected to close between 2026 and 2027 [9] Q&A Session Summary Question: Update on the JRF Behavioral Hospital operator transaction - Management indicated that the transaction is expected to happen all at once, with significant progress anticipated in the first quarter [20] Question: Balancing transactions and potential increase in debt levels - Management aims to sequence dispositions and acquisitions effectively, maintaining current leverage levels without adding more [22][24] Question: Changes in cap rates for acquisitions or dispositions - Management noted a high demand for assets and expects similar cap rates for future dispositions, with opportunities in the 9%-10% range for acquisitions [27] Question: Expectations for occupancy rates - Management expects occupancy to remain stable in the low nineties for the next couple of quarters, with potential increases in the second half of the year [33] Question: Investment pipeline and opportunities - Management confirmed that opportunities still exist in the market, with a focus on both client business and brokered deals [36]