Financial Data and Key Metrics Changes - The company reported FFO of $0.90 per share for Q4 2025, including $0.06 from land sale gains, resulting in a full-year FFO of $3.48 per share, which is 2% higher than the midpoint of the original outlook for 2025 [8][26] - Net income for Q4 2025 was $28.7 million, or $0.26 per share [26] - The initial 2026 FFO outlook is set at a midpoint of $3.54 per share, which is 5.7% higher than the initial 2025 outlook [8][28] Business Line Data and Key Metrics Changes - The company leased 526,000 sq ft of second-generation space in Q4 2025, including 221,000 sq ft of new leases [8] - The development pipeline is now 78% pre-leased, up from 72% last quarter and 56% one year ago [10] - Cash rent spreads were positive, with GAAP rent spreads in the mid-teens, and net effective rents were 20% higher than in 2024 [10] Market Data and Key Metrics Changes - The company highlighted strong demand in its core Sun Belt markets, with limited new supply and increasing rental rates [5][19] - Charlotte, Dallas, and Raleigh are identified as strong markets with significant job growth and corporate relocations [21][23] - The overall leasing activity in the Sun Belt markets is robust, with positive net absorption and a decrease in competitive supply [19][22] Company Strategy and Development Direction - The company aims to drive occupancy higher by approximately 200 basis points from the end of 2025 to the end of 2026, with a focus on high-quality office and BBD locations [6] - Future investments are expected to yield attractive risk-adjusted returns, with approximately $800 million invested over the past 12 months [7] - The company plans to announce up to $200 million in new development projects in 2026, driven by strong demand [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the next few years, citing strong fundamentals in the Sun Belt markets and the potential for significant NOI and earnings growth [5][6] - The company is confident in its ability to navigate the current economic environment, with a focus on high-quality assets and capital recycling [18] - Management noted that expansions are outpacing contractions in their portfolio, indicating a healthy demand environment [44] Other Important Information - The company sold $66 million of non-core buildings and land in Q4 and plans to close an additional $190 million to $210 million in dispositions by mid-year 2026 [16][27] - The company has filed a new S-3 shelf registration statement with the SEC for future capital market transactions [35] Q&A Session Summary Question: When does the company expect to realize elevated growth rates from capital recycling? - Management indicated that the impact on 2026 is one-time in nature, with growth expected to normalize in 2027 [37] Question: How is demand for the remaining leasing in the development pipeline? - Management reported strong demand, with continued progress in leasing throughout 2025 [40] Question: Has the company seen any impact from AI-related layoffs? - Management stated that they have not observed any significant impact from AI on their tenant base, with continued demand for office space [44] Question: What is the expected cash flow outlook given elevated CapEx? - Management expects 2026 spending to be lower than 2025, with increased cash NOI anticipated from future leases [48] Question: What percentage of the $200 million in non-core sales is related to land sales? - Management clarified that the $200 million does not include land sales, which are expected later in the year [54]

Core Insights - NNN REIT, Inc. reported a 2.7% growth in AFFO per share and a record investment of over $900 million in real estate for 2025, positioning the company for solid growth in 2026 [3][5][16] Financial Results - For the fourth quarter of 2025, revenues increased to $238.4 million from $218.5 million in 2024, while net earnings slightly decreased to $95.9 million from $97.9 million [4][5] - Full-year revenues reached $926.2 million, up from $869.3 million in 2024, with net earnings of $389.8 million compared to $396.8 million in the previous year [4][5] - FFO for the fourth quarter was $163.8 million, up from $152.7 million in 2024, and for the full year, FFO was $638.4 million compared to $610.5 million [4][6] Portfolio Snapshot - As of December 31, 2025, NNN owned 3,692 properties with a total gross leasable area of approximately 39.6 million square feet and an occupancy rate of 98.3% [7][18] - The weighted average remaining lease term was 10.2 years, and the annualized base rent (ABR) increased by 7.8% to $928.1 million [5][7] Property Acquisitions and Dispositions - In 2025, NNN closed on $931 million of investments at a cash cap rate of 7.4%, with a weighted average remaining lease term of 17.6 years [5][8] - The company sold 116 properties for $190.5 million, including $90.7 million of income-producing properties, at a weighted average cap rate of 6.4% [5][10] Capital Markets Activity - NNN raised $85.4 million through the issuance of 1,992,955 common shares at an average price of $42.86 [11] - The company issued $500 million in senior unsecured notes due February 2031 and redeemed $400 million in notes due November 2025 [12][13] Balance Sheet and Liquidity - As of December 31, 2025, NNN's gross debt was $4.9 billion with a weighted average interest rate of 4.2% and a maturity of 10.8 years [14][41] - The company maintained $1.2 billion in total available liquidity, including $851.9 million in unused line of credit capacity [14] Dividend Information - NNN declared a quarterly dividend of $0.60 per share, representing an annualized dividend of $2.40 and a yield of 6.1% as of December 31, 2025 [15] 2026 Guidance - The company provided initial guidance for 2026, projecting AFFO per share between $3.52 and $3.58, indicating a 3.2% increase from the previous year [16]

Kilroy Realty Supplemental Financial Report Q4 2025 Where Innovation Works KILROY REALTY CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS --------------- LOS ANGELES, February 9, 2026 - Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the "Company") today reported financial results for the fourth quarter and full year ended December 31, 2025. "Our strong performance in the fourth quarter capped off an exceptional year of execution by the entire Kilroy Team," said Angela Aman, Chief Execu ...

EARNINGS RELEASE & SUPPLEMENTAL 2025 FINANCIAL INFORMATION Q4 | 2025 The Enclave at Potomac Club | Northern Virginia Dave Bragg, CFO - 720.398.0885 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM UDR Fourth Quarter 2025 Earnings Supplement | 4Q 2025 Earnings Press Release Pages 1-6 | | | --- | --- | | Company | Financial Highlights | | Consolidated Statements of Operations Attachment 1 | Funds From Operations (FFO), FFO as Adjusted, AFFO Attachment 2 | | Consolidated Balance Sheets Att ...

Company Overview - Camden Property Trust (CPT) is a Houston-based company that owns, manages, develops, and constructs multifamily apartment communities, with a market cap of $11.5 billion and 172 properties containing 58,250 apartment homes across the U.S. [1] Stock Performance - CPT shares have underperformed the broader market, declining 9.5% over the past year, while the S&P 500 Index has increased by nearly 15.6% [2] - Year-to-date in 2026, CPT stock is down 2%, compared to a 1.7% rise in the S&P 500 [2] Comparison with ETFs - CPT has also lagged behind the Residential REIT ETF (HAUS), which has declined about 3.5% over the past year, while the ETF has returned 2.2% year-to-date [3] Financial Results - For Q4, CPT reported a Funds From Operations (FFO) of $1.76 per share, exceeding Wall Street expectations of $1.73, but its revenue of $390.8 million fell short of forecasts of $394.6 million [5] - Analysts expect CPT's FFO per share to decline slightly to $6.84 for the current fiscal year ending in December [6] Analyst Ratings - Among 25 analysts covering CPT, the consensus rating is a "Moderate Buy," with seven "Strong Buy" ratings, one "Moderate Buy," 16 "Holds," and one "Strong Sell" [6] - The current analyst configuration is less bullish than a month ago, with eight analysts previously suggesting a "Strong Buy" [7] Price Targets - Colliers Securities analyst Barry Oxford maintains a "Buy" rating on CPT with a price target of $125, indicating a potential upside of 15.9% from current levels [7] - The mean price target is $115.61, representing a 7.2% premium to CPT's current price, while the highest price target of $134 suggests an upside potential of 24.2% [7]

Core Viewpoint - Regency Centers Corporation (REG) is a prominent real estate investment trust (REIT) focused on shopping centers in suburban areas, with a market cap of $13.8 billion and a diverse portfolio of tenants including grocers and retailers [1]. Performance Summary - REG shares have underperformed the broader market over the past year, gaining only 2.8% compared to the S&P 500 Index's 15.6% increase. However, in 2026, REG stock has risen by 10.2%, outperforming the S&P 500's 1.7% year-to-date growth [2]. - REG's performance is also better than the Real Estate Select Sector SPDR Fund (XLRE), which has seen a marginal gain over the past year, while REG's year-to-date gains are in the low double digits compared to XLRE's 4.7% [3]. Financial Results - On February 5, REG reported its Q4 results, with a Funds From Operations (FFO) of $1.17 per share, meeting analyst expectations. The company anticipates a full-year FFO between $4.83 and $4.87 per share [6]. - For the current fiscal year ending in December, analysts project REG's FFO per share to grow by 4.3% to $4.84 on a diluted basis. REG has consistently met or exceeded consensus estimates in the last four quarters [6]. Analyst Ratings - Among 20 analysts covering REG, the consensus rating is a "Moderate Buy," consisting of 10 "Strong Buy" ratings, two "Moderate Buys," and eight "Holds" [7]. - The sentiment has slightly decreased from two months ago when 11 analysts recommended a "Strong Buy." The current price target set by Evercore ISI analyst Steve Sakwa is $78, indicating a potential upside of 2.6% from current levels. The mean price target is $79.22, suggesting a 4.2% premium, while the highest target of $85 indicates an upside potential of 11.8% [8].

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Core Viewpoint - Kilroy Realty Corporation reported strong performance in Q4 2025, highlighting growth in tenant demand for high-quality office and life science projects, significant leasing activity, and a positive outlook for 2026 [2][6]. Financial Results - Revenues for Q4 2025 were $272.2 million, down from $286.4 million in Q4 2024 [6][31]. - Net income available to common stockholders was $12.4 million, or $0.10 per diluted share, compared to $59.5 million, or $0.50 per diluted share in the previous year [6][31]. - Funds from operations (FFO) were $117.2 million, or $0.97 per diluted share, down from $144.9 million, or $1.20 per diluted share in Q4 2024 [6][31]. - For the full year 2025, revenues totaled $1,112.7 million, a decrease from $1,135.6 million in 2024 [13][31]. - Full year net income available to common stockholders was $276.1 million, or $2.32 per diluted share, compared to $211.0 million, or $1.77 per diluted share in 2024 [13][31]. - Full year FFO was $505.9 million, or $4.20 per diluted share, down from $551.6 million, or $4.59 per diluted share in 2024 [13][31]. Leasing and Occupancy - The stabilized portfolio was 81.6% occupied and 83.8% leased as of December 31, 2025, with 220 basis points of leases signed that have not commenced [6][24]. - In Q4 2025, approximately 827,000 square feet of leases were signed, marking the strongest fourth-quarter leasing performance in six years [6][31]. - Leasing activity included 547,000 square feet of new leasing on previously vacant space, 148,000 square feet on currently occupied space, and 132,000 square feet of renewal leasing [6][31]. - GAAP and cash rents on leases signed during the quarter decreased by 16.8% and 27.1%, respectively, from prior levels on Second Generation leasing [6][31]. Capital Recycling Activity - In December 2025, the company completed the sale of Sunset Media Center for $61.0 million and entered into an agreement to sell Kilroy Sabre Springs for $124.5 million, which closed in January 2026 [6][31]. - The company also agreed to sell a portion of land at Santa Fe Summit for $86.0 million in gross sales proceeds [12][31]. Dividend - The Board declared a quarterly cash dividend of $0.54 per share, equivalent to an annual rate of $2.16 per share, paid on January 7, 2026 [7]. Guidance for 2026 - The company initiated FFO per share guidance for 2026 of $3.25 to $3.45 per diluted share [17][19]. - Key assumptions for 2026 include average full year occupancy of 76.0% to 78.0% and same property cash net operating income growth of -1.50% to 0.00% [19]. Sustainability and Corporate Social Responsibility - Kilroy achieved carbon neutral operations for the sixth consecutive year and has over six megawatts of installed onsite solar capacity [26][27]. - The company has received numerous sustainability accolades, including the GRESB 5-Star Designation and ENERGY STAR certifications [26][27].

NYSE: PINE - Investor Presentation - 4Q 2025 W a l m a r t – H o w e l l , M I 127 Properties $672M Enterprise Value $157 TEV / SF 4.3M Total Portfolio Square Feet 8.1% Implied Cap Rate 99.5% Occupancy 51% of ABR From Investment Grade-Rated Tenants 6.8% Annualized Dividend Yield $268 Equity Market Capitalization Portfolio1 Value + Income 8.4 Years W.A. Lease Term2 D i c k ' s & B e s t B u y – M c D o n o u g h , G A As of December 31, 2025, unless otherwise noted. PINE stock price on December 31, 2025 was ...

Core Insights - Digital Realty reported strong financial results for Q4 2025, with revenues of $1.6 billion, marking a 4% increase from the previous quarter and a 14% increase year-over-year [3][6] - The company achieved a net income of $96 million for the quarter, translating to $0.24 per share, compared to $0.15 per share in Q3 2025 and $0.51 per share in Q4 2024 [3][9] - Adjusted EBITDA for the quarter was $857 million, a slight decrease of 1% from the previous quarter but a 14% increase from the same quarter last year [4][6] Financial Performance - Total revenues for Q4 2025 were $1.634 billion, with a year-over-year increase in rental revenues to $1.075 billion [30] - Funds From Operations (FFO) reached $658 million, or $1.89 per share, up from $1.65 per share in Q3 2025 and $1.61 per share in Q4 2024 [4][9] - Core FFO per share was reported at $1.86, slightly down from $1.89 in the previous quarter but up from $1.73 in the same quarter last year [5][9] Leasing Activity - In Q4 2025, Digital Realty signed total bookings expected to generate $400 million in annualized GAAP rental revenue, with the company's share amounting to $175 million [7][9] - The backlog of signed-but-not-commenced leases at the end of the quarter was $817 million in annualized GAAP base rent [8][9] - Renewal leases signed during the quarter represented $269 million in annualized cash rental revenue, with rental rates increasing by 6.1% on a cash basis and 12.0% on a GAAP basis [9] Investment Activity - Digital Realty sold a non-core data center in Dallas for approximately $33 million and established a joint venture in Israel to develop an 18-megawatt campus [12][14] - The company also acquired land in Portland and Lisbon, supporting future capacity expansions [14][15] - Subsequent to the quarter, an agreement was made to acquire the TelcoHub 1 data center in Malaysia, enhancing Digital Realty's footprint in the region [15] Balance Sheet - As of December 31, 2025, Digital Realty had approximately $18.4 billion in total debt, with a net debt-to-Adjusted EBITDA ratio of 4.9x [16][19] - The company issued €600 million in notes due 2033 and €800 million in notes due 2037, raising approximately €1.4 billion [17][19] - Early repayment of €1.075 billion in senior notes due 2026 was completed in December 2025 [18] 2026 Outlook - Digital Realty provided a 2026 Core FFO per share outlook of $7.90 to $8.00, with total revenue expected to be between $6.600 billion and $6.700 billion [19][22] - The company anticipates rental rate increases on renewal leases in the range of 6.0% to 8.0% on a cash basis and 8.5% to 10.5% on a GAAP basis [20][22] - Development capital expenditures are projected to be between $3.250 billion and $3.750 billion, with average stabilized yields expected to exceed 10% [20][22]