Core Viewpoint - Global Self Storage, Inc. (SELF) reported a mixed performance in its second quarter of 2025, with revenue growth but underperformance compared to the S&P 500 Index [1][2]. Financial Performance - Total revenues for the second quarter of 2025 reached $3.2 million, a 2.7% increase from $3.1 million in the same period last year [2]. - Net income rose to $0.7 million, or $0.06 per diluted share, reflecting a 12.3% increase from $0.6 million, or $0.05 per diluted share, in the prior year [2]. - Funds from operations (FFO) increased by 18.9% year over year to $1.1 million, or $0.10 per diluted share, compared to $0.9 million, or $0.08 per diluted share, in the previous year [2]. - Adjusted FFO (AFFO) also rose 17.5% to $1.2 million, or $0.10 per diluted share, from $0.9 million, or $0.09 per diluted share, in the year-ago quarter [2]. Operational Metrics - Same-store revenues increased by 2.7% to $3.2 million, driven by higher occupancy rates [3]. - Same-store net operating income (NOI) improved by 3.9% to $1.99 million from $1.92 million [3]. - Same-store occupancy rose by 170 basis points year over year to 94.7% from 93% [3]. - The average tenant duration reached a record-high of 3.4 years compared to 3.3 years as of June 30, 2024 [3]. Cost Management - Operating expenses decreased by 4.4% year over year to $2.4 million, primarily due to a 12.8% reduction in general and administrative costs [4]. - Property operations expenses increased slightly by 0.7% to $1.18 million [4]. - Interest expense rose marginally by 1.4% to $214,392 [4]. Capital Resources - As of June 30, 2025, total capital resources amounted to $25.2 million, including $7.6 million in cash and cash equivalents, $2.6 million in marketable securities, and full availability under a $15 million revolving credit facility [5]. Management Insights - The CEO attributed growth to targeted marketing and brand recognition, leading to improved same-store revenues, occupancy, NOI, and FFO [6]. - High tenant satisfaction, with an average customer rating exceeding 4.9 out of 5 stars, was noted as a key driver for referrals and brand loyalty [6]. - The company maintains a strong balance sheet and focuses on markets with limited supply growth and lower competition [6]. Revenue Drivers - Revenue growth was primarily driven by higher occupancy rates and a proprietary revenue rate management program [7]. - Expense reductions in general and administrative categories contributed to a 30.4% increase in operating income [7]. - The company maintained pricing discipline while attracting long-term tenants through targeted marketing efforts [7]. Future Outlook - While no explicit forward-looking financial guidance was provided, management indicated that move-in rates were stabilizing and demand remained steady in operating markets [8]. - The strategic focus continues to be on acquisitions, joint ventures, and expansions in markets with favorable supply-demand dynamics [8]. Portfolio Overview - As of June 30, 2025, the portfolio consisted of 12 same-store properties and the management of one third-party-owned property, with no non-same-store assets reported [9].

Core Insights - Terreno Realty (TRNO) has executed a 52,000 square foot early lease renewal in Washington, D.C. with a wine and spirits distributor, effective from April 1, 2026, to March 2031 [1] - The company also renewed a 35,000 square foot lease and expanded by 30,000 square feet in Santa Clara, CA, with a designer and developer of eVTOL aircraft [2] - TRNO's operating portfolio was 97.7% leased to 662 tenants as of June 30, 2025, with a same-store portfolio leased at 98.5% [3] - Cash rents on new and renewed leases increased by 22.6% during Q2 2025, with a tenant retention ratio of 71.7% [4][8] - The company is well-positioned for long-term growth due to a solid operating platform and healthy balance sheet, despite macroeconomic uncertainties affecting customer decision-making [5] Leasing Performance - TRNO's Q2 2025 leasing activity shows strong performance, with a high leasing rate across its portfolios [3] - The company has successfully locked in higher rents on new and renewed leases, indicating robust demand for its properties [4] Market Position - TRNO's shares have decreased by 6.5% over the past month, compared to a 3.1% decline in the broader industry [6] - The company is ranked 2 (Buy) by Zacks, indicating a favorable outlook compared to other REITs [6][9]

Core Viewpoint - Sotherly Hotels (SOHO) reported quarterly funds from operations (FFO) of $0.21 per share, which fell short of the Zacks Consensus Estimate of $0.34 per share, marking a significant decline from $0.37 per share a year ago, indicating a -38.24% surprise in FFO performance [1] Financial Performance - The company posted revenues of $48.79 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 5.8% and down from $50.69 million year-over-year [2] - Over the last four quarters, Sotherly Hotels has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Sotherly Hotels shares have declined approximately 15.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.4% [3] - The current consensus FFO estimate for the upcoming quarter is -$0.04 on revenues of $41.7 million, while for the current fiscal year, it is $0.55 on revenues of $186.8 million [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which Sotherly Hotels belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Core Insights - Nexus Industrial REIT reported strong operating results in its first quarter as a pure-play industrial REIT, with normalized FFO per unit increasing by 5.6% year-over-year and industrial Same Property NOI growing by 2.8% [1][6][22] Financial Performance - For Q2 2025, property revenues were CAD 42.0 million, down from CAD 43.9 million in Q2 2024, while NOI increased to CAD 32.2 million from CAD 31.6 million [9][39] - The net loss for Q2 2025 was CAD 7.6 million, significantly lower than the net income of CAD 43.5 million in Q2 2024, primarily due to fair value losses on Class B LP units and investment properties [15][16] - Year-to-date, net income for the first half of 2025 was CAD 25.5 million, down from CAD 87.2 million in the same period last year [16] Operational Highlights - The company completed the sale of 33 legacy properties and advanced construction on two significant development projects, which are expected to add CAD 6.6 million in annual stabilized NOI [2][6][23] - Leasing activity included 1,192,792 square feet completed at an average spread of 82% over expiring and in-place rents [6] Portfolio and Capital Structure - The REIT's total portfolio consists of 88 properties with a gross leasable area of approximately 11.7 million square feet, and the industrial occupancy rate was reported at 94% [13][28] - Unitholders' equity increased to CAD 1.1 billion, with NAV per unit slightly decreasing to CAD 13.17 [7][13] Future Outlook - The REIT anticipates mid-single digit Same Property NOI growth for the full year, driven by lease-up of vacant space and releasing at market rents [21][22] - The completion of the two development projects is expected to enhance the REIT's financial performance significantly [23][31]

Group 1 - Strawberry Fields REIT, Inc. reported quarterly funds from operations (FFO) of $1.52 per share, significantly exceeding the Zacks Consensus Estimate of $0.30 per share, representing an FFO surprise of +406.67% [1] - The company posted revenues of $37.86 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.86%, compared to $29.27 million in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus FFO estimates three times and topped consensus revenue estimates two times [2] Group 2 - The current consensus FFO estimate for the coming quarter is $0.32 on revenues of $37.75 million, and for the current fiscal year, it is $1.24 on revenues of $150.57 million [7] - The estimate revisions trend for Strawberry Fields REIT, Inc. was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The REIT and Equity Trust - Other industry is currently in the top 39% of Zacks industries, suggesting that the outlook for the industry can significantly impact the stock's performance [8]

Financial Performance - Lamar Advertising reported quarterly funds from operations (FFO) of $2.22 per share, exceeding the Zacks Consensus Estimate of $2.15 per share, and up from $2.08 per share a year ago, representing an FFO surprise of +3.26% [1] - The company posted revenues of $579.31 million for the quarter ended June 2025, which missed the Zacks Consensus Estimate by 0.45%, compared to year-ago revenues of $565.25 million [2] - Over the last four quarters, Lamar has surpassed consensus FFO estimates two times but has not beaten consensus revenue estimates [2] Stock Performance and Outlook - Lamar shares have increased approximately 2.5% since the beginning of the year, while the S&P 500 has gained 7.8% [3] - The future stock price movement will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the coming quarter is $2.18 on revenues of $589.51 million, and for the current fiscal year, it is $8.19 on revenues of $2.28 billion [7] Industry Context - The REIT and Equity Trust - Other industry, to which Lamar belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

Group 1 - RLJ Lodging reported quarterly funds from operations (FFO) of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, but down from $0.51 per share a year ago, representing an FFO surprise of +4.35% [1] - The company posted revenues of $363.1 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 0.64%, compared to year-ago revenues of $369.3 million [2] - RLJ Lodging has surpassed consensus FFO estimates four times over the last four quarters and topped consensus revenue estimates two times during the same period [2] Group 2 - The stock has underperformed, losing about 28.2% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The company's FFO outlook is crucial for investors, as it includes current consensus FFO expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus FFO estimate for the coming quarter is $0.36 on revenues of $343.97 million, and for the current fiscal year, it is $1.45 on revenues of $1.37 billion [7] Group 3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other industry is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - The estimate revisions trend for RLJ Lodging was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6]

Core Viewpoint - DiamondRock Hospitality (DRH) reported quarterly funds from operations (FFO) of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and showing a slight increase from $0.34 per share a year ago [1] Group 1: Financial Performance - The quarterly FFO surprise was +6.06%, and the company had a previous quarter surprise of +11.76% with an actual FFO of $0.19 compared to an expected $0.17 [2] - Revenues for the quarter ended June 2025 were $305.72 million, which missed the Zacks Consensus Estimate by 0.94%, and decreased from $309.28 million year-over-year [3] - Over the last four quarters, the company has surpassed consensus FFO estimates three times but has only topped revenue estimates once [3] Group 2: Stock Performance and Outlook - DiamondRock Hospitality shares have declined approximately 16.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [4] - The company's FFO outlook is crucial for investors, with current consensus FFO estimates at $0.26 for the coming quarter and $1.00 for the current fiscal year [5][8] - The Zacks Rank for DiamondRock Hospitality is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Group 3: Industry Context - The REIT and Equity Trust - Other industry is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [9]

Financial Data and Key Metrics Changes - Funds from Operations (FFO) per share for Q2 2025 was $0.33, down from $0.36 in Q2 2024, while Core FFO per share was $0.35 compared to $0.36 in the same period [13][14] - Total operating revenues increased to $39.5 million in Q2 2025 from $37.1 million in Q2 2024, while operating expenses decreased to $25.1 million from $26 million [14] - Net assets rose from $1.16 billion to $1.2 billion due to acquisitions made during the quarter [15] Business Line Data and Key Metrics Changes - The company acquired two industrial facilities totaling 519,093 square feet for approximately $79 million, increasing the industrial concentration in the portfolio to 67% of annualized straight-line rents [9][10] - Portfolio occupancy remained high at 98.7% as of June 30, 2025 [9][13] Market Data and Key Metrics Changes - The industrial real estate sector showed steady performance with net absorption of 29.6 million square feet in 2025, while the vacancy rate rose slightly to 7.1% [7][8] - New construction completions declined to the lowest level since 2019, indicating a slowdown in the development pipeline [8] Company Strategy and Development Direction - The company aims to acquire high-quality industrial assets that are mission-critical to tenants while selectively disposing of non-core assets [12] - The focus remains on maintaining a disciplined underwriting approach, emphasizing credit quality, location, and long-term value [11] Management's Comments on Operating Environment and Future Outlook - Management noted continued uncertainty in the economic environment but expressed confidence in the industrial real estate sector's resilience [6][9] - The company anticipates upward pressure on industrial rental rates due to a slowdown in new construction and increasing competition for space [9] Other Important Information - The company maintained a common stock dividend of $0.30 per share per quarter [18] - As of June 30, 2025, the company had $94.4 million in revolver borrowings outstanding and approximately $6 million in cash [17] Q&A Session Summary Question: Can you talk about the acquisition pipeline? - The company currently has six Letters of Intent (LOIs) out and is reviewing around 20 transactions, expecting to finalize a $50 million transaction soon [25][27] Question: Can you provide details on the industrial property sold? - The sold property was located in Georgia, where the tenant exercised a purchase option within the lease [29] Question: How is the incentive fee waiver determined? - The waiver is discussed quarterly with management, considering the alignment with shareholder interests and employee retention [30] Question: What are the plans regarding the revolver borrowings? - The company is considering options such as sales under the ATM program and refinancing discussions with lenders [57] Question: Are you seeing any changes in cap rates? - Management does not expect cap rates to reach the 9% range, with average cap rates projected to be around 8.5% [47][48] Question: How is the company managing tenant quality amid macro uncertainties? - The company has not seen significant impacts on tenant quality and maintains its underwriting criteria [49]

分组1 - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.38 per share a year ago, representing an FFO surprise of +5.88% [1] - The company posted revenues of $650.75 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.50%, but down from $660.96 million year-over-year [2] - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates two times and topped consensus revenue estimates once [2] 分组2 - The stock has underperformed, losing about 24.3% since the beginning of the year, compared to the S&P 500's gain of 7.9% [3] - The current consensus FFO estimate for the coming quarter is $0.37 on revenues of $695.46 million, and for the current fiscal year, it is $1.43 on revenues of $2.68 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]