GUIDANCE PRESENTATION 2026 2026 OUTLOOK: CONTINUED OPERATIONS | $ IN MILLIONS | | | | --- | --- | --- | | | LOW | HIGH | | RETAIL NOI | $68.5M | $70.0M | | OFFICE NOI | $58.5M | $60.0M | | EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) | $3.4M | $3.9M | | ACQUISITION NOI | $1.0M | $1.7M | | TOTAL COMMERCIAL NOI | $131.4M | $135.6M | | G&A EXPENSES | -$19.7M | -$18.7M | | INTEREST EXPENSE | -$57.2M | -$54.2M | | OTHER NOI(2) | $8.9M | $9.9M | | PREFERRED STOCK DIVIDENDS | -$11.5M | -$11.5M | | PRO FORMA ...

Core Insights - Kite Realty Group reported significant growth in net income for both the fourth quarter and the full year of 2025, with net income attributable to common shareholders reaching $180.8 million, or $0.84 per diluted share, compared to $21.8 million, or $0.10 per diluted share in the same quarter of 2024 [1][21]. For the full year, net income was $298.7 million, or $1.37 per diluted share, up from $4.1 million, or $0.02 per diluted share in 2024 [1][21]. Financial Performance - The company generated Core Funds From Operations (FFO) of $460.4 million, or $2.06 per diluted share, representing a 3.5% year-over-year increase [5]. NAREIT FFO was $468.6 million, or $2.10 per diluted share, reflecting a 1.4% year-over-year increase [5]. - Same Property Net Operating Income (NOI) increased by 2.9% year-over-year [5]. The operating retail portfolio's annualized base rent (ABR) per square foot was $22.63, a 7.0% increase year-over-year [5]. Leasing and Portfolio Management - In 2025, the company leased approximately 4.6 million square feet with comparable blended cash leasing spreads of 13.8% [2]. The retail portfolio's leased percentage was 95.1% at year-end, a 120-basis point increase sequentially [5]. - The company executed 683 new and renewal leases representing approximately 4.6 million square feet, with cash leasing spreads of 20.3% on a blended basis for comparable new and non-option renewal leases [5]. Capital Allocation and Shareholder Returns - Kite Realty Group formed two joint ventures with GIC in 2025, totaling approximately $1.0 billion in gross asset value [2]. The company sold 13 properties and two land parcels for $621.7 million in gross proceeds, reducing power center exposure by approximately 400 basis points of total weighted annualized base rent [2]. - The company repurchased 13.0 million common shares for $300.0 million at an average price of $23.00 [2]. A special dividend of $0.145 per common share was declared and paid in January 2026, with a first-quarter 2026 dividend of $0.29 per common share representing a 7.4% year-over-year increase [11]. 2026 Outlook - The company expects to generate net income attributable to common shareholders of $0.36 to $0.42 per diluted share in 2026, with NAREIT FFO and Core FFO both projected to be in the range of $2.06 to $2.12 per diluted share [9]. The guidance is based on assumptions including a Same Property NOI range of 2.25% to 3.25% [11].

Financial Data and Key Metrics Changes - Sabra's normalized FFO per share for Q4 2025 was $0.36, and normalized AFFO per share was $0.38, totaling $91.2 million and $95.2 million respectively for the quarter [12][15] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [8] - The same-store managed senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra's investment activity is projected to exceed the volume of 2025 investments, with a robust pipeline and $240 million of awarded deals expected to close in Q1 and early Q2 2026 [6][9] - The company continues to focus on SHOP investments, which represent approximately 95% of the investment opportunities being pursued [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth prospects, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and management does not foresee significant changes impacting operations [7][82] - The company anticipates continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and long-term prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels, with potential for rate growth [24][25] Question: What is the status of the RCA loan and tenant health? - The RCA loan is being serviced appropriately, and discussions with the equity sponsor are ongoing, indicating tenant health is stable [27][30] Question: What are the expectations for maintenance CapEx in 2026? - Maintenance CapEx is expected to remain at similar levels, with non-maintenance CapEx projected in the $20-$30 million range [32] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with continued competition but opportunities for high-quality assets at good yields [58] Question: What is the outlook for occupancy growth in Canada? - The Canadian portfolio is expected to continue its growth trajectory, with lower construction rates compared to the U.S. market [52] Question: How does the company view the complexity of operating in the SHOP space? - Management acknowledges the complexities of operating in the SHOP space, emphasizing the importance of experienced operators and continuous improvement in management practices [88][91]

Core Insights - Federal Realty Investment Trust reported a strong quarter with a 6.4% growth in FFO for Q4 and a 4.3% growth for the year, with guidance for 2026 indicating a midpoint growth of nearly 6% [1][18][23] - The overall portfolio ended the year with a leasing rate of 96.1% and an occupancy rate of 94.1%, reflecting strong demand across both historical and newer markets [1][12] Financial Performance - FFO per share for Q4 was $1.84, slightly below guidance due to a noncash charge related to Saks' bankruptcy [18][62] - Comparable POI growth averaged 3.8% for the year and 3.1% for Q4, with cash basis metrics at 3.6% and 4.3% respectively [18] - The company closed on a $250 million delayed draw term loan, enhancing financial flexibility [19] Leasing and Acquisitions - In Q4, 601,000 square feet of comparable deals were completed at a 12% rollover, with 2.3 million square feet for the year at a 15% rollover, resulting in an incremental $11 million of new rent under contract [4][12] - The company acquired properties like Annapolis Town Center and Village Pointe, adding nearly 1 million square feet for $340 million with initial cash-on-cash yields in the low 7% range [5][6] Dispositions and Development - The company sold Bristol Plaza and Palisades for a combined $169 million, with a low 5% cap rate [6][21] - A total of $280 million has been allocated for new residential developments, adding over 500 units to the portfolio [8][20] Market Outlook - The company anticipates strong demand across all categories, particularly in California, which is expected to be a significant growth driver [10][55] - Guidance for 2026 includes comparable POI growth forecasted at 3% to 3.5%, with expectations for occupancy to improve by year-end [24][48] Strategic Focus - The company aims to drive rent growth and maintain disciplined expense management while capitalizing on quality real estate for multi-year growth opportunities [12][13] - The introduction of a new core FFO metric aims to provide enhanced comparability across periods by adjusting for nonrecurring items [22][23]

Core Insights - CAPREIT reported its operating and financial results for the year ended December 31, 2025, highlighting a strategic focus on enhancing business value and financial resilience through significant property transactions [1][9]. Financial Performance - For the three months ended December 31, 2025, operating revenues decreased to $243.3 million from $276.4 million in 2024, while net operating income (NOI) fell to $158.1 million from $177.9 million [4][38]. - The net income for the year ended December 31, 2025, was $197.1 million, a recovery from a loss of $48.8 million in 2024 [4][9]. - Funds From Operations (FFO) per unit increased to $2.541 in 2025 from $2.534 in 2024, with a payout ratio of 60.8% [4][9]. Portfolio Performance - As of December 31, 2025, CAPREIT's total portfolio consisted of 45,905 suites, down from 48,696 in 2024, with a fair value of approximately $14.7 billion [2][53]. - The occupancy rate for the total portfolio was 97.1%, slightly down from 97.2% in 2024, with the Canadian residential portfolio at 97.3% and the Netherlands portfolio at 90.6% [2][21]. Strategic Initiatives - CAPREIT completed $2 billion in gross transaction volume in 2025, including the acquisition of 15 properties with 1,891 suites for $658.6 million and the disposition of 4,600 suites for $1.2 billion [9][13]. - The company has focused on repositioning its portfolio towards higher-yielding Canadian properties and enhancing operational efficiency, resulting in a same property NOI margin increase to 64.7% for the year [9][14]. Balance Sheet Highlights - As of December 31, 2025, total debt to gross book value was 39.3%, with a weighted average mortgage interest rate of 3.30% and a debt service coverage ratio of 1.9 times [6][19]. - Cash and cash equivalents were reported at $33.2 million, with available borrowing capacity of $182.0 million on its Acquisition and Operating Facility [6][19]. Subsequent Events - Subsequent to year-end, CAPREIT disposed of an additional 33 suites in the Netherlands for a gross sale price of $16.3 million [16][49].

SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act o ...

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION FEBRUARY 2026 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not histori ...

Core Insights - Kimco Realty reported strong financial results for Q4 and full year 2025, with net income per diluted share at $0.21 for Q4 and $0.82 for the full year, reflecting significant growth from the previous year [5][9] - The company achieved a 6.7% increase in funds from operations (FFO) per diluted share for the full year 2025, marking the second consecutive year of exceeding 5% growth [4][6] - Kimco provided an initial outlook for 2026, projecting net income per diluted share between $0.80 and $0.84 and FFO per diluted share between $1.80 and $1.84 [17] Financial Results - For Q4 2025, net income was $143.6 million, down from $154.8 million in Q4 2024, while FFO grew to $294.3 million, up from $286.9 million in the same period [5][6] - Full year net income increased to $554.4 million from $375.7 million in 2024, and FFO rose to $1.2 billion from $1.1 billion [9][6] Operational Highlights - The company reported a pro-rata portfolio occupancy of 96.4%, matching an all-time high, with small shop occupancy reaching a record 92.7% [6][14] - Kimco signed 435 leases totaling 2.7 million square feet in Q4, with a blended pro-rata cash rent spread of 13.8% [14] - The company completed 21 projects in 2025 with a total gross cost of $79.4 million and a stabilized blended yield of 13.4% [14] Strategic Initiatives - Kimco acquired common member interests in The Shoppes at 82nd Street for $74 million, enhancing its portfolio in a densely populated area of Queens, New York [14] - The company repurchased 3.1 million shares of common stock in Q4 2025 at an average price of $19.96, totaling 6.1 million shares for the full year [18] 2026 Outlook - The company anticipates same property NOI growth of 2.5% to 3.5% for 2026, with credit loss as a percentage of total pro-rata rental revenues projected between 75 basis points and 100 basis points [17] - Redevelopment capital expenditures are expected to range from $100 million to $150 million, while leasing and maintenance capex is projected between $275 million and $300 million [17]

Core Insights - CoreCivic reported strong financial performance for Q4 and full year 2025, driven by facility activations and higher occupancy rates [1][2] - The company anticipates continued growth in 2026 due to increased demand from government partners and the activation of previously idle facilities [1][2] Financial Performance - Total revenue for Q4 2025 was $604.0 million, a 26% increase year-over-year, while full year revenue reached $2.2 billion, up 13% [2] - Net income for Q4 2025 was $26.5 million, a 38% increase from Q4 2024, with diluted EPS rising 53% to $0.26 [2][3] - Adjusted EBITDA for Q4 2025 was $92.5 million, up 25% year-over-year, and full year adjusted EBITDA was $365.6 million, an 11% increase [2][9] Operational Highlights - The Dilley Immigration Processing Center resumed operations in Q1 2025, contributing to increased occupancy levels, which rose to 78.1% in Q4 2025 from 75.5% in Q4 2024 [4][5] - Revenue from U.S. Immigration & Customs Enforcement (ICE) more than doubled year-over-year, reaching $244.7 million in Q4 2025 [7] - The company activated four previously idle facilities, positioning them for new contract awards and increased capacity [1][2] Capital Strategy - CoreCivic's share repurchase program has been expanded to $700 million, with $218.4 million spent on repurchasing 11.2 million shares in 2025 [12][13] - The company amended its revolving credit facility to increase capacity from $275 million to $575 million, enhancing balance sheet flexibility [14] 2026 Financial Guidance - For 2026, CoreCivic expects net income between $147.5 million and $157.5 million, with diluted EPS projected at $1.49 to $1.59 [19][20] - The guidance does not include potential new contract awards or activations of remaining idle facilities, which could impact financial performance [20][21]

Core Insights - Getty Realty Corp. reported strong financial performance for the fourth quarter and full year of 2025, highlighting a disciplined investment strategy and consistent earnings growth [4][28] - The company deployed $269 million in investments at a yield of 7.9%, indicating effective transaction sourcing and closing [4][16] - With over $500 million in liquidity and a robust investment pipeline, Getty Realty is positioned for continued growth in 2026 [4][18] Fourth Quarter 2025 Highlights - Net earnings for Q4 2025 were $27.0 million, or $0.45 per share, compared to $22.3 million, or $0.39 per share in Q4 2024, reflecting a 21.5% increase in net earnings [6][48] - Funds From Operations (FFO) for Q4 2025 were $38.0 million, or $0.64 per share, up from $32.5 million, or $0.57 per share in Q4 2024 [6][48] - Adjusted Funds From Operations (AFFO) for Q4 2025 were $37.6 million, or $0.63 per share, compared to $34.0 million, or $0.60 per share in Q4 2024 [6][48] Full Year 2025 Highlights - For the full year 2025, net earnings reached $79.2 million, or $1.35 per share, compared to $71.1 million, or $1.25 per share in 2024, marking an increase of 11.6% [6][48] - Total revenues from rental properties for 2025 were $219.6 million, up from $198.7 million in 2024, representing a growth of 10.5% [9][48] - Base rental income for 2025 grew 11.6% to $206.5 million, driven by new acquisitions and contractual rent increases [10] Investment Activities - In Q4 2025, the company invested $135.4 million at a 7.9% initial cash yield, while for the full year, it invested $268.8 million at the same yield [16][22] - The company has a committed investment pipeline of approximately $100 million for the development and acquisition of 36 properties, expected to be funded over the next 3-12 months [18] Balance Sheet and Capital Markets - As of December 31, 2025, Getty Realty had total outstanding indebtedness of $1.0 billion, with $750 million in senior unsecured notes at a weighted average interest rate of 4.1% [23][25] - The company closed a private placement of $250 million in senior unsecured notes at a fixed rate of 5.76% in November 2025 [24] - Getty Realty settled approximately 2.1 million shares of common stock for net proceeds of approximately $59.2 million during Q4 2025 [26] 2025 Guidance - The company reaffirms its 2026 AFFO guidance of $2.48 to $2.50 per diluted share, based on current assumptions and completed transaction activity [28]