Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships C o r p o r a t e D e c k | N o v e m b e r 6 , 2 0 2 5 Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statem ...

Core Insights - Lamar Advertising Company reported solid third-quarter results with a year-over-year revenue growth of 3.8% to $585.5 million, driven by an increase in national sales and positive momentum heading into the holiday season [3][4][9] - The company achieved an adjusted EBITDA of $280.8 million, reflecting a 3.5% increase compared to the same period in 2024 [5][9] - For the nine months ended September 30, 2025, net revenues reached $1.67 billion, a 2.6% increase from the previous year, with net income rising 20.4% to $438.3 million, largely due to a gain from the sale of equity interest in Vistar Media [11][12][13] Third Quarter Highlights - Net revenues for Q3 2025 were $585.5 million, up from $564.1 million in Q3 2024, marking a 3.8% increase [4][9] - Operating income increased by $2.5 million to $189.1 million compared to $186.6 million in Q3 2024 [4] - Net income for Q3 2025 was $144.1 million, down from $147.8 million in Q3 2024, resulting in a decrease of 2.5% [4][9] Nine Month Results - For the nine months ended September 30, 2025, net revenues were $1.67 billion, compared to $1.63 billion in the same period of 2024, reflecting a 2.6% increase [11] - Operating income for the nine months increased by $82.6 million to $578.0 million [11] - Funds from operations (FFO) rose to $600.8 million, a 5.1% increase from $571.7 million in the prior year [13] Cash Flow and Liquidity - Cash flow from operating activities for Q3 2025 was $235.7 million, an increase of $8.3 million from $227.4 million in Q3 2024 [5][12] - Free cash flow for Q3 2025 was $189.2 million, down 4.5% from $198.1 million in Q3 2024 [5][12] - As of September 30, 2025, the company had total liquidity of $834.2 million, including $742.2 million available for borrowing under its revolving credit facility [14] Recent Developments - On September 23, 2025, Lamar Media Corp. entered into an amendment to its credit agreement, establishing $700 million in Term B Loans, which were fully drawn to refinance existing debt [15] - The company completed a private placement of $400 million in senior notes due 2033, with net proceeds used to pay down existing debt [16]

Core Insights - National Healthcare Properties, Inc. reported strong financial performance for the third quarter of 2025, highlighting significant growth in cash net operating income across its segments, particularly in Senior Housing Operating Properties [2][6]. Financial Performance and Other Highlights - The Company achieved a net loss of $(0.56) per basic and diluted share, with Nareit defined Funds from Operations (FFO) of $0.23 per diluted share, and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share [6]. - FFO per share increased by 21.1% quarter-over-quarter, while AFFO per share rose by 12.5% [6]. - Same Store Cash Net Operating Income (NOI) grew by 12.2% year-over-year, with the Senior Housing Operating Property segment experiencing a remarkable 27.2% growth [6]. - The Outpatient Medical Facility segment saw a Same Store Cash NOI growth of 4.7% [6]. - The Company completed the sale of one non-core SHOP for $1.8 million during the quarter [3]. Balance Sheet and Capital - As of September 30, 2025, total debt outstanding was $1.0 billion, with a weighted average interest rate of 5.1% and an average remaining term of 3.5 years [4]. - The Company paid down $83.1 million of debt year-to-date through September 2025, utilizing proceeds from property dispositions [4]. - Net Leverage (Net Debt to Annualized Adjusted EBITDA) improved to 8.9x as of September 30, 2025, a reduction of 0.4x compared to June 30, 2025 [5]. Preferred Stock and Dividends - The Board of Directors declared dividends on preferred stock, including $0.4609375 per share on the 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock and $0.4453125 per share on the 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, both paid on October 15, 2025 [7]. - The Company repurchased $4.5 million of previously outstanding shares of preferred stock at a weighted average yield of 11.9%, reducing leverage by $2.9 million [8].

Core Insights - National Healthcare Properties, Inc. reported strong business momentum in Q3 2025, with significant growth in same-store cash net operating income (NOI) in the Senior Housing Operating Property segment and stable performance in the Outpatient Medical Facility segment [2][4]. Financial Performance and Other Highlights - The company recorded a net loss of $(0.56) per share, with Nareit defined Funds from Operations (FFO) of $0.23 per diluted share and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share [8]. - FFO per share increased by 21.1% quarter-over-quarter, while AFFO per share rose by 12.5% quarter-over-quarter [8]. - Same Store Cash NOI growth was 12.2% year-over-year, with the Senior Housing Operating Property segment achieving a remarkable 27.2% growth [8]. - The Outpatient Medical Facility segment experienced a 4.7% growth in Same Store Cash NOI [8]. - The average occupancy rate for Same Store properties was 83.7%, reflecting a 4.0% increase year-over-year [8]. - Same Store revenue increased by 12.0% year-over-year, and the Same Store Cash NOI Margin expanded by 2.5% year-over-year to 21.5% [8]. Balance Sheet and Capital - As of September 30, 2025, total debt outstanding was $1.0 billion, with a weighted average interest rate of 5.1% and an average remaining term of 3.5 years [5]. - The company paid down $83.1 million of debt year-to-date through September 2025, including the full repayment of a $21.7 million Capital One OMF Warehouse Facility [5]. - Net leverage (Net Debt to Annualized Adjusted EBITDA) improved to 8.9x as of September 30, 2025, a 0.4x improvement from June 30, 2025 [6]. Investment Activity - The company completed the sale of one non-core Senior Housing Operating Property (SHOP) for a contract price of $1.8 million during Q3 2025 [4].

Core Viewpoint - Sachem Capital Corp. reported its financial results for Q3 2025, highlighting a focus on disciplined portfolio management and capital preservation amid a challenging macroeconomic environment [2][3]. Financial Performance - Total revenue for Q3 2025 was $12.0 million, down from $14.8 million in Q3 2024, primarily due to lower net new origination and an increase in nonperforming loans [4]. - The effective interest rate on loans held for investment was 12.4% for Q3 2025, slightly down from 12.6% in Q3 2024 [4]. - Net loss attributable to common shareholders was $0.1 million, or $0.00 per share, compared to a net loss of $6.1 million, or $0.13 per share, in Q3 2024 [6]. Operating Costs - Total operating costs and expenses for Q3 2025 were $12.4 million, significantly lower than $19.6 million in the same quarter last year [5]. - The provision for credit losses related to loans held for investment decreased to $0.8 million in Q3 2025 from $8.1 million in Q3 2024, reflecting a reduction in non-performing loan balances [5][22]. Balance Sheet - Total assets at the end of Q3 2025 were $484.4 million, down from $492.0 million as of December 31, 2024 [7]. - Total liabilities were $308.8 million, slightly down from $310.3 million at the end of 2024 [7]. - Total shareholders' equity decreased to $175.6 million from $181.7 million as of December 31, 2024 [9]. Dividends - The company paid a dividend of $0.484375 per share to Series A Preferred Stockholders and $0.05 per share to common shareholders on September 30, 2025 [12]. - The company intends to continue qualifying as a Real Estate Investment Trust (REIT) and plans to distribute a minimum of 90% of taxable income to shareholders [11]. Future Outlook - The company aims to capitalize on high-quality lending opportunities to drive long-term shareholder value into 2026 and beyond [3].

Core Viewpoint - Kimco Realty Corporation (KIM) is a leading grocery-anchored shopping center REIT with a market cap of $14 billion, focusing on high-quality properties in major metropolitan areas and rapidly growing Sun Belt cities [1]. Performance Summary - KIM shares have underperformed the broader market, declining 14% over the past year, while the S&P 500 Index increased by nearly 17.7% [2]. - In 2025, KIM's stock fell 11.8%, contrasting with the SPX's 16.3% rise year-to-date [2]. - Compared to the Real Estate Select Sector SPDR Fund (XLRE), which declined about 7% over the past year, KIM's performance remains notably weaker [3]. Financial Results - On October 30, KIM reported Q3 results, with FFO of $0.44 per share, exceeding analyst expectations of $0.43 per share [4]. - The company's revenue reached $535.9 million, surpassing Wall Street forecasts of $524.3 million [4]. - KIM anticipates full-year FFO in the range of $1.75 to $1.76 per share [4]. Analyst Expectations - For the current fiscal year ending in December, analysts project KIM's FFO per share to grow 6.7% to $1.76 on a diluted basis [5]. - KIM has consistently beaten or matched consensus estimates in the last four quarters [5]. - Among 25 analysts covering KIM, the consensus rating is a "Moderate Buy," with nine "Strong Buy" ratings and 16 "Holds" [5]. Price Targets - Scotiabank analyst Greg McGinniss maintained a "Hold" rating on KIM with a price target of $23, indicating a potential upside of 11.3% from current levels [6]. - The mean price target of $24.61 suggests a 19.1% premium to KIM's current price [6]. - The highest price target of $30 implies an ambitious upside potential of 45.2% [6].

Core Insights - Kite Realty Group Trust has seen significant institutional investment, with 90.81% of its stock owned by institutional investors and hedge funds [1] - CEO John A. Kite sold 50,000 shares at an average price of $22.70, resulting in a 48.02% decrease in his position [2] - Analysts have mixed ratings on Kite Realty Group Trust, with a consensus rating of "Hold" and a price target of $26.70 [4] Institutional Holdings - Centersquare Investment Management LLC increased its stake by 133.6%, owning 5,960,072 shares valued at $133.33 million after purchasing an additional 3,408,442 shares [1] - Other notable acquisitions include Nuveen LLC ($70.07 million), Long Pond Capital LP ($60.62 million), and Alyeska Investment Group L.P. ($24.73 million) [1] - Oppenheimer Asset Management Inc. also bought 22,692 shares valued at approximately $514,000 during the second quarter [8] Insider Transactions - CEO John A. Kite sold 50,000 shares for a total of $1.135 million, leaving him with 54,121 shares valued at $1.23 million [2] - Insiders currently own 2.50% of the stock [2] Analyst Ratings - Weiss Ratings maintained a "hold (c+)" rating, while Wall Street Zen downgraded the stock from "hold" to "sell" [4] - LADENBURG THALM/SH SH initiated coverage with a "buy" rating and a target price of $30.00 [4] - Citigroup and Piper Sandler both reissued "neutral" ratings with reduced price targets of $24.00 [4] Financial Performance - Kite Realty Group Trust reported $0.52 earnings per share, exceeding analysts' estimates of $0.51 [6] - The company had a revenue of $205.06 million, slightly below the consensus estimate of $208.82 million [6] - FY 2025 guidance is set at 2.090-2.110 EPS, with analysts predicting an average of 2.05 EPS for the current fiscal year [6] Dividend Information - The company announced a quarterly dividend of $0.29, up from the previous $0.27, representing an annualized dividend of $1.16 and a yield of 5.2% [9] - The payout ratio is currently at 181.25% [9] Company Overview - Kite Realty Group Trust is a real estate investment trust headquartered in Indianapolis, IN, focusing on open-air shopping centers and mixed-use assets [10]

One analyst felt compelled to downgrade the stock soon after it published quarterly earnings.A disappointing quarterly earnings report and an analyst's recommendation downgrade combined to put the hurt on Alexandria Real Estate Equities (ARE 4.07%) stock over the past few trading days. According to data compiled by S&P Global Market Intelligence, shares of the real estate investment trust (REIT) had shed over 27% of their value week to date as of early Friday morning. Third-quarter tumblesThe gloom descende ...

Dallas, Texas-based Invitation Homes Inc. (INVH) operates as a leading single-family home leasing and management company in the United States. With a market cap of $16.8 billion, Invitation Homes focuses on providing high-quality, updated homes in desirable neighborhoods, catering to modern lifestyle demands. The REIT has underperformed the broader market over the past year and in 2025. INVH stock prices have dropped 11.1% in 2025 and 14.5% over the past 52 weeks, lagging behind the S&P 500 Index’s ($SPX) ...

Core Insights - Cousins Properties has released its third quarter 2025 results, with a conference call scheduled for October 31, 2025, to discuss these results [1][2]. Company Overview - Cousins Properties is a fully integrated, self-administered, and self-managed real estate investment trust (REIT) based in Atlanta, GA, primarily investing in Class A office buildings in high-growth Sun Belt markets [3]. - The company was founded in 1958 and focuses on creating shareholder value through expertise in development, acquisition, leasing, and management of high-quality real estate assets [3]. - Cousins Properties employs a comprehensive strategy based on a simple platform, trophy assets, and opportunistic investments [3]. Financial Information - The Board of Directors of Cousins Properties has declared a cash dividend of $0.32 per common share for the third quarter of 2025 [5].