分组1 - Service Properties (SVC) reported quarterly funds from operations (FFO) of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.05 per share, but down from $0.13 per share a year ago, representing a 40% surprise [1] - The company posted revenues of $435.18 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.46%, although this is a slight decrease from $436.25 million in the same quarter last year [2] - Over the last four quarters, Service Properties has surpassed consensus FFO estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed, losing about 24% since the beginning of the year compared to the S&P 500's decline of 3.9% [3] - The current consensus FFO estimate for the coming quarter is $0.41 on revenues of $501.72 million, and for the current fiscal year, it is $0.90 on revenues of $1.86 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 34% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.40 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to FFO of $0.45 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 2.56%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.37 per share when it actually produced FFO of $0.38, delivering a surprise of 2.70%. While Douglas Emmett ha ...

Core Viewpoint - One Liberty Properties, Inc. is focusing on enhancing its portfolio by increasing its industrial assets, which now account for approximately 75% of its base rent, while also managing sales of non-industrial properties to stabilize cash flow in uncertain economic conditions [2][3]. Financial Performance - Rental income increased by 7.7% to $24.2 million in Q1 2025 from $22.4 million in Q1 2024, primarily due to the acquisition of seven industrial properties [3]. - Total operating expenses rose to $15.7 million in Q1 2025 from $14.5 million in Q1 2024, driven by higher real estate expenses and increased depreciation and amortization [4]. - Net income attributable to One Liberty was $4.2 million, or $0.18 per diluted share, in Q1 2025, down from $5.2 million, or $0.23 per diluted share, in Q1 2024 [5]. - Funds from Operations (FFO) remained stable at $9.6 million, or $0.44 per diluted share, compared to $9.6 million, or $0.45 per diluted share, in the prior year [6]. Transactions - The company completed the acquisition of four industrial properties for $88.3 million, incurring new mortgage debt of $52.1 million at a weighted average interest rate of 6.2% [9]. - Two non-industrial assets were sold for a gross sales price of $3.7 million, resulting in a gain of $1.1 million [11]. Balance Sheet - As of March 31, 2025, One Liberty had total assets of $811.7 million, total debt of $471 million, and stockholders' equity of $303.2 million [12]. - The company reported $8.2 million in cash and cash equivalents, with available liquidity of $96.4 million as of May 1, 2025 [12]. Non-GAAP Financial Measures - Adjusted Funds from Operations (AFFO) for Q1 2025 was $10.5 million, or $0.48 per diluted share, compared to $10.2 million, or $0.48 per diluted share, in Q1 2024 [6][25].

Financial Data and Key Metrics Changes - For Q1 2025, normalized FFO per share was $0.35 and normalized AFFO per share was $0.37, compared to $0.34 and $0.35 in Q1 2024, representing a year-over-year increase of 79% for both metrics [14][15] - Cash rental income from the triple net portfolio totaled $90 million, up from $89 million in Q1 2024, despite the disposal of $115 million of real estate from the portfolio last year [15] - Cash NOI from the managed senior housing portfolio totaled $24.1 million, compared to $19.1 million in Q1 2024, driven by strong occupancy and margin gains [15][12] Business Line Data and Key Metrics Changes - Skilled nursing and triple net senior housing EBITDARM rent coverage reached new highs at 2.19 and 1.41, respectively, with behavioral health coverage at 3.77 [5] - Skilled occupancy increased by 80 basis points sequentially, while triple net senior housing occupancy rose by 50 basis points [6] - Revenue for the same store managed senior housing portfolio grew 6.3% year-over-year, with occupancy at 85.4% compared to 82.6% in Q1 2024 [11] Market Data and Key Metrics Changes - The domestic portfolio occupancy was 83%, gaining 340 basis points year-over-year, while the Canadian portfolio occupancy was 90.9%, adding 140 basis points [11] - RevPAR in the same store portfolio increased by 2.8% year-over-year, with Canadian RevPAR growing by 4.9% [11] - The company noted a robust deal pipeline, with over $200 million in awarded deals, which is more than the total for all of 2024 [7][8] Company Strategy and Development Direction - The company is focusing on internal and external growth opportunities in senior housing, with little new supply expected in the coming years [10] - Management emphasized a commitment to maintaining a balanced portfolio between senior housing and skilled nursing, avoiding large portfolio acquisitions to keep operations predictable [78] - The company is actively using its ATM program to raise equity for funding growth, with a focus on accretive capital [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and potential Medicaid rate increases in the summer, which could enhance coverage [86] - The company is cautious about the skilled nursing facility (SNF) market due to challenges in structuring leases around underperforming assets [66][68] - Management believes that the current operating environment will allow for improved coverage and revenue growth, despite potential headwinds from provider taxes [85] Other Important Information - The Board of Directors declared a quarterly dividend of $0.30 per share, representing a payout of 81% of the first quarter normalized AFFO per share [19] - The company has ample liquidity of over $1 billion, consisting of unrestricted cash and available borrowings [18] Q&A Session Summary Question: Update on skilled nursing facility sale - Management confirmed that the expected $50 million skilled nursing facility sale is still on track, though regulatory hurdles have delayed the process [21] Question: Trajectory of RevPOR and expense growth - Management expects occupancy to rise, which will allow for increased pricing power, while expenses are anticipated to remain stable [22][23] Question: Guidance on acquisitions and SHOP performance - Management reiterated that acquisitions are not included in current guidance until closed, and reaffirmed expectations for low to mid-teens cash NOI growth [27][28] Question: Insights on transaction market and deal flow - Management noted a robust pipeline of deals, primarily in senior housing, with private equity firms as frequent sellers [31][33] Question: Details on $200 million of awarded deals - All awarded deals are domestic, primarily in the Eastern U.S., with growth potential embedded in the assets [40][41] Question: Changes in underwriting criteria - Management stated that underwriting criteria remain unchanged, focusing on cost of capital and accretive deals [60] Question: Concerns regarding SNF acquisitions - Management highlighted challenges in acquiring SNFs due to financial instability and the difficulty in structuring leases [66][68] Question: Expectations for SHOP occupancy cadence - Management anticipates an increase in occupancy as seasonal factors improve, particularly in Canadian assets [70] Question: Interest in large portfolio acquisitions - Management confirmed a commitment to smaller, more manageable deals to maintain operational simplicity and predictability [78] Question: Medicare reimbursement impacts - Management expressed confidence that Medicare will not be significantly impacted by current government budget discussions [97]

Core Insights - Vornado Realty Trust (VNO) reported first-quarter 2025 funds from operations (FFO) of 63 cents per share, exceeding the Zacks Consensus Estimate of 52 cents, and reflecting a year-over-year increase of 14.5% [1] - Total revenues for the quarter reached $461.6 million, surpassing the Zacks Consensus Estimate of $447.9 million, with a year-over-year growth of approximately 5.8% [2] Financial Performance - Total same-store net operating income (NOI) was $293.3 million, up from $269.1 million in the prior-year quarter, with significant increases in the New York, THE MART, and 555 California Street portfolios of 8.7%, 9.9%, and 7.9% respectively [3] - The New York office portfolio leased 709,000 square feet at an initial rent of $95.53 per square foot, with a weighted average lease term of 14.7 years [4] - In the New York retail portfolio, 25,000 square feet were leased at an initial rent of $222.20 per square foot, with a weighted average lease term of 14.3 years [5] - At THE MART, 83,000 square feet were leased at an initial rent of $51.33 per square foot, with a weighted average lease term of 8 years [6] - At 555 California Street, 222,000 square feet were leased at an initial rent of $120.65 per square foot, with a weighted average lease term of 13.1 years [7] Occupancy and Portfolio Activity - The total occupancy in the New York portfolio was 83.5%, a decrease of 470 basis points year over year, while THE MART's occupancy increased to 78.2%, up 60 basis points year over year, and 555 California Street's occupancy was 92.3%, down 220 basis points year over year [8] - Vornado disposed of two condominium units and ancillary amenities at 220 Central Park South for net proceeds of $24.7 million during the quarter [9] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $568.9 million, down from $733.9 million as of December 31, 2024 [10] Market Position - Vornado currently holds a Zacks Rank 2 (Buy), indicating a favorable market position [11]

Uniti Group (UNIT) came out with quarterly funds from operations (FFO) of $0.35 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.32 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.33 per share when it actually produced FFO of $0.35, delivering a surprise of 6.06%.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Uniti, whic ...

DoorDash (DASH) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants Weston Twigg - Finance and Investor RelationsShweta Khajuria - Managing DirectorTony Xu - Co-Founder, Chair and CEORavi Inukonda - Chief Financial OfficerYoussef Squali - MD & Head of Internet and Digital Media Research GroupAndrew Boone - Managing DirectorMark Mahaney - Senior Managing DirectorBrian Nowak - Managing Director Ron Josey - Managing Director Conference Call Participants Deepak Mathivanan - Senior Equity Researc ...

Core Viewpoint - Realty Income remains a reliable investment in a volatile market, offering stability and growth potential despite broader economic uncertainties [1][2]. Group 1: Company Overview - Realty Income is a retail REIT that acquires and leases properties, distributing rental income to investors while adhering to a requirement to pay out at least 90% of taxable income as dividends [4]. - The company has a diversified portfolio, leasing 15,621 properties to 1,565 clients across over 89 industries, which mitigates risks associated with economic downturns [5]. Group 2: Tenant Quality and Occupancy - Realty Income focuses on recession-resistant retailers, with top tenants including Walgreens, 7-Eleven, Dollar General, and Dollar Tree, ensuring no single tenant exceeds 3.5% of annualized rent [7]. - The occupancy rate has consistently remained above 96%, increasing from 98.6% in 2023 to 98.7% in 2024, indicating strong demand for its properties [8]. Group 3: Financial Performance - The company has a history of increasing monthly dividends, having raised its payout 130 times since its IPO, with a forward yield of 5.6% compared to the 10-year Treasury's 4.3% [9]. - Adjusted funds from operations (AFFO) rose 4.8% to $4.19 per share in 2024, with expectations for further growth to $4.22-$4.28 per share in 2025, comfortably covering the annual dividend rate of $3.22 per share [9]. Group 4: Valuation and Market Position - Realty Income trades at $57 per share, which is 13 times the midpoint of its AFFO estimate for 2025, positioning it as a cheaper option compared to peers like Vici Properties and Agree Realty [10]. Group 5: Interest Rate Impact - The company is expected to benefit from declining interest rates, which could attract more income-seeking investors and facilitate expansion, as the Federal Reserve has cut benchmark rates three times in 2024 [11][12].

Quarterly Investor Presentation REAL ESTATE PARTNER TO THE WORLD'S LEADING COMPANIES® May 2025 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this presentation, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "l ...

分组1 - Kilroy Realty (KRC) reported quarterly funds from operations (FFO) of $1.02 per share, missing the Zacks Consensus Estimate of $1.03 per share, and down from $1.11 per share a year ago, representing an FFO surprise of -0.97% [1] - The company posted revenues of $270.84 million for the quarter, missing the Zacks Consensus Estimate by 1.51%, and down from $278.58 million year-over-year [2] - Kilroy Realty shares have declined approximately 19.9% since the beginning of the year, compared to a decline of -3.3% for the S&P 500 [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.03 on revenues of $273.54 million, and for the current fiscal year, it is $4 on revenues of $1.09 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 37% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]