分组1 - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.47 per share, matching the Zacks Consensus Estimate and showing an increase from $0.45 per share a year ago, resulting in an FFO surprise of +0.56% [1] - The company posted revenues of $454.99 million for the quarter ended December 2025, which was 1.59% below the Zacks Consensus Estimate, but an increase from $436.59 million year-over-year [2] - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates four times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 2.3% since the beginning of the year compared to the S&P 500's gain of 0.5% [3] - The current consensus FFO estimate for the coming quarter is $0.48 on revenues of $484.48 million, and for the current fiscal year, it is $1.96 on revenues of $1.97 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 29% of over 250 Zacks industries, indicating potential challenges for the sector [8]

分组1 - CTO Realty reported quarterly funds from operations (FFO) of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, and showing an increase from $0.49 per share a year ago, resulting in an FFO surprise of +2.00% [1] - The company achieved revenues of $38.34 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.34%, and this represents a year-over-year revenue increase from $35.74 million [2] - CTO Realty has outperformed the market with a share price increase of approximately 3.2% since the beginning of the year, compared to the S&P 500's gain of 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.54, with expected revenues of $38.66 million, and for the current fiscal year, the estimate is $2.16 on revenues of $157.56 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for CTO Realty was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expectations of underperformance in the near future [6]

Core Insights - Extra Space Storage Inc. reported steady financial results for Q4 and the full year of 2025, highlighting a focus on occupancy and revenue growth despite slight declines in same-store metrics [1][2]. Financial Performance - For Q4 2025, the company paid a dividend of $1.62 per share and achieved net income of $287.4 million, or $1.36 per diluted share, a 9.7% increase from Q4 2024 [1][2]. - Funds from operations (FFO) for Q4 were $440.3 million, translating to $1.99 per diluted share, while Core FFO was $460.8 million, or $2.08 per diluted share, marking a 2.5% increase year-over-year [1][2]. - For the full year 2025, net income attributable to common stockholders was $974.0 million, or $4.59 per diluted share, a 13.9% increase from 2024 [1][2]. Operational Highlights - The company added 379 stores to its third-party management platform in 2025, bringing the total managed stores to 2,263 [1][2]. - Same-store revenue increased by 0.1% for the year, while same-store net operating income (NOI) decreased by 1.7% compared to 2024 [1][2]. - As of December 31, 2025, same-store occupancy was reported at 92.6%, down from 93.3% in the previous year [1][2]. Investment Activities - In 2025, the company originated $409.4 million in mortgage and mezzanine bridge loans and sold $122.1 million in mortgage bridge loans [1][2]. - The company acquired 41 operating stores for a total cost of $483.6 million during the year [1][2]. - The company also repurchased 1,158,244 shares of common stock for $149.5 million at an average price of $129.10 per share [1][2]. Outlook for 2026 - The company anticipates Core FFO for 2026 to range between $8.05 and $8.35 per share, with same-store revenue growth projected between -0.5% and 1.5% [2][5]. - Management expects customer rates to strengthen and new supply to moderate, positioning the portfolio for improved results in the coming year [1][2].

Core Insights - CBL & Associates Properties, Inc. (CBL) reported strong financial performance for the fourth quarter and full year of 2025, with significant increases in net income and revenues, outperforming the S&P 500 Index [1][2][3] Financial Performance - For Q4 2025, net income attributable to common shareholders rose 29.7% year over year to $48.3 million, or $1.56 per diluted share, compared to $37.2 million, or $1.22 per diluted share, in the previous year [2] - Total revenues for Q4 2025 increased 18.8% year over year to $156.4 million, driven by a 19.6% rise in rental revenues to $150.4 million [2] - For the full year 2025, net income attributable to common shareholders jumped 131.8% to $133.9 million, or $4.34 per diluted share, from $57.8 million, or $1.87 per diluted share, in 2024 [3] - Annual revenues advanced 12.2% to $578.4 million from $515.6 million [3] Funds from Operations (FFO) - On a non-GAAP basis, Q4 2025 FFO as adjusted rose 17.2% year over year to $2.25 per diluted share from $1.92 per share [4] - For the full year, FFO as adjusted increased 7.8% to $7.21 per share from $6.69 per share in 2024 [4] Same-Center Net Operating Income (NOI) - Same-center NOI grew 3.3% year over year in Q4 2025, with lifestyle centers leading at 16.3% growth, while outlet centers declined 0.3% [5] - For the full year, lifestyle centers also led with 9.1% growth, whereas mall NOI dipped 0.5% and outlet centers fell 1.9% [5] Occupancy and Leasing Activity - Portfolio occupancy stood at 90% as of Dec. 31, 2025, slightly down from 90.3% a year earlier, with management noting that store closures due to bankruptcy negatively impacted mall occupancy [6] - CBL executed over 4 million square feet of leases in 2025, with a 2.6% increase in average rents for comparable new and renewal leases [7] Tenant Productivity - Same-center tenant sales per square foot increased 3.7% year over year in Q4 and rose 2.8% for the year to $437 [8] Management Commentary and Balance Sheet - CEO Stephen D. Lebovitz described 2025 as an "exceptional year," highlighting operating performance and balance sheet progress, including $240 million in disposition proceeds and a $178.9 million acquisition of four malls [9] - Liquidity remained solid with $335.4 million in unrestricted cash and marketable securities at year-end [10] Guidance - CBL initiated 2026 FFO as adjusted guidance in a range of $6.74 to $7.06 per share, with expectations for same-center NOI to range from a decline of 1.2% to growth of 1.1% [12] Other Developments - CBL completed several asset sales in 2025, contributing to total gross disposition proceeds of approximately $240.7 million, and repurchased 573,998 shares for $18 million under its stock repurchase program [13]

分组1 - Medical Properties (MPT) reported quarterly funds from operations (FFO) of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.15 per share, with a year-over-year comparison showing no change [1] - The company achieved revenues of $270.34 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 10.47%, compared to $231.84 million in the same quarter last year [2] - Medical Properties shares have increased approximately 7.4% since the beginning of the year, outperforming the S&P 500's gain of 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.17 on revenues of $250.87 million, and for the current fiscal year, it is $0.68 on revenues of $1.04 billion [7] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Insights - The company is focused on increasing its industrial asset concentration, enhancing portfolio value through strategic investments, and disposing of non-core assets to reinvest in quality industrial properties [1][6][15] - In 2025, the company acquired over $260 million in industrial assets, increasing the industrial concentration of its portfolio to 69% from 63% in 2024 [3][15] - The company achieved a 99.1% occupancy rate across its portfolio, with a 4% increase in same-store lease revenue compared to 2024 [5][9][15] Financial Performance - The company invested $21 million in renewing or extending leases for 1.2 million square feet, resulting in a net increase of $2.1 million in GAAP rent [2] - Funds from operations (FFO) and core FFO per share for the quarter were both $0.37, compared to $0.35 in 2024 [8] - Total operating revenues for the fourth quarter were $43.5 million, up from $37.4 million in the same period of 2024, driven by increased portfolio size and rental rates [10] Debt and Capital Management - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% due in 2030 [2][11][15] - As of December 31, 48% of the company's debt was fixed, 47% was hedged floating rate, and 5% was floating rate [13] - The company raised $61 million through the sale of 4.4 million shares under its ATM program, ensuring sufficient liquidity for upcoming capital requirements [13][14] Strategic Outlook - The company aims to achieve a 70% industrial annualized straight-line rent and is focused on acquiring higher-quality industrial assets [6][15] - The company is strategically evaluating its portfolio to dispose of office properties while enhancing its industrial asset base [7][15] - The company is actively managing lease expirations, with eight leases maturing in 2026, representing approximately 8% of straight-line rent [23][24]

Core Insights - The Macerich Company (MAC) reported fourth-quarter 2025 funds from operations (FFO) per share of 48 cents, exceeding the Zacks Consensus Estimate of 43 cents and slightly up from 47 cents in the prior-year quarter [1][11] - Quarterly revenues were $261.7 million, which fell short of the Zacks Consensus Estimate of $283.3 million and represented a 4.4% decrease from the same quarter last year [2][11] - For the full year 2025, Macerich reported an FFO per share of $1.50, surpassing the Zacks Consensus Estimate of $1.45 but down from $1.58 in the previous year; revenues reached $1.01 billion, a 10.4% year-over-year increase [3] Leasing and Occupancy - The portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $881, up from $837 year-over-year [4] - In Q4, Macerich signed leases totaling 1.4 million square feet, marking a 36% increase in leased square footage year-over-year [4][11] - Go-Forward Portfolio Centers' net operating income (NOI) rose 1.7% year-over-year to $197.5 million, with base rent re-leasing spreads increasing by 6.7% for the 17th consecutive quarter [5][11] - Portfolio occupancy was 94% as of December 31, 2025, slightly down from 94.1% a year earlier, while Go-Forward Portfolio Center occupancy was 94.9% [6] Financial Activity - During Q4 2025, MAC completed outparcel and land sales totaling $42.3 million [7] - As of February 18, 2026, Macerich had approximately $990 million in liquidity, including $650 million available on its revolving line of credit [8] Market Position - Macerich currently holds a Zacks Rank of 3 (Hold) [9]

Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO per share for Q4 2025 were both $0.37, compared to $0.35 in Q4 2024, indicating a growth of approximately 5.7% year-over-year [10] - For the full year 2025, FFO was $1.38 per share, down from $1.41 in 2024, while core FFO was $1.40 per share, slightly down from $1.42 in 2024 [10][11] - Operating revenues for Q4 2025 were $43.5 million, up from $37.4 million in Q4 2024, while operating expenses increased to $26.4 million from $25 million in the same period [11][12] Business Line Data and Key Metrics Changes - The company acquired over $206 million in industrial assets during 2025, increasing the industrial concentration in the portfolio to 69% of annualized straight-line rent, up from 63% in 2024 [5][6] - A total of $21 million was invested in renewing or extending leases across 1.2 million sq ft, resulting in a net increase of $2.1 million in GAAP rent [6][7] - The occupancy rate across the portfolio reached 99.1%, with a 4% increase in same-store lease revenue compared to 2024 [7][11] Market Data and Key Metrics Changes - The company is focused on acquiring higher quality industrial assets that are mission-critical to tenants, with a target of achieving 70% industrial annualized straight-line rent [8][9] - The competitive market for acquisitions is noted, with cap rates generally ranging from 7.5% to 8.5% [22][32] Company Strategy and Development Direction - The company aims to grow its industrial concentration, add value through lease renewals and strategic capital investments, and dispose of non-core assets [7][9] - The strategy includes maintaining strong occupancy rates and capturing mark-to-market opportunities while being discerning in property acquisitions [22][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high occupancy rates despite fluctuations due to property additions or disposals [20] - The company is optimistic about the transaction environment improving in 2026, with a pipeline of approximately $300 million in potential transactions [31][32] Other Important Information - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% [16][13] - As of the end of the quarter, the company had $27.6 million in loan maturities for 2026 and $37.4 million in revolver borrowings outstanding [14][15] Q&A Session Summary Question: What happened to the occupancy rate despite losing a tenant? - Management noted that occupancy remains at an all-time high since 2019, with successful tenant renewals contributing to this stability [20] Question: What is the current transaction environment and cap rate trends? - The market is competitive, with cap rates generally at a floor of 7.5%, and the company is focused on underwriting middle-market credits [22][31] Question: What is the size of the current acquisition pipeline? - The company is looking at approximately $300 million in transactions, with cap rates for target assets expected to be between 7.5% and 8.5% [31][32] Question: How is the company managing lease maturities? - Management is in contact with tenants whose leases are expiring, with a focus on maintaining stability and addressing upcoming lease expirations [33][34] Question: What is the strategy for additional debt capital? - The company plans to use its revolving credit facility for acquisitions and clean it up with private placement market issuances [38]

Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO per share for Q4 2025 were both $0.37, compared to $0.35 in Q4 2024, indicating a growth of approximately 5.7% year-over-year [11] - For the full year 2025, FFO was $1.38 and core FFO was $1.40 per share, slightly down from $1.41 and $1.42 per share in 2024 [11] - Total operating revenues for Q4 2025 were $43.5 million, up from $37.4 million in Q4 2024, while operating expenses increased to $26.4 million from $25 million [12] Business Line Data and Key Metrics Changes - The company acquired over $206 million in industrial assets across 10 facilities, increasing the industrial concentration in the portfolio to 69% as of December 31, 2025, up from 63% in 2024 [5][6] - A net increase of $2.1 million in GAAP rent was achieved through the renewal and extension of leases covering 1.2 million sq ft [6] - The occupancy rate across the portfolio reached 99.1%, with a 4% increase in same-store lease revenue compared to 2024 [8] Market Data and Key Metrics Changes - The company is focused on acquiring higher quality industrial assets that are mission-critical to tenants, with a target of reaching 70% industrial annualized straight-line rent [9][10] - The competitive market for acquisitions is noted, with cap rates generally ranging from 7.5% to 8.5% [25][33] Company Strategy and Development Direction - The company aims to grow its industrial concentration, add value through lease renewals and strategic capital investments, and dispose of non-core assets [7] - There is a strategic focus on maintaining high occupancy rates and managing tenant relationships effectively [9] - The company plans to continue evaluating opportunities for accretive industrial acquisitions and portfolio improvements [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high occupancy rates despite fluctuations due to property additions or disposals [22] - The company is aware of the challenging office environment but remains strategic in evaluating its portfolio [10] - Management anticipates a pickup in acquisition activity in 2026, with a focus on quality over high returns [25] Other Important Information - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% [18] - The company reported a net asset increase from $1.1 billion to $1.25 billion due to portfolio acquisitions and revenue-generating capital expenditures [17] Q&A Session Summary Question: What happened to the occupancy rate despite losing a tenant? - Management noted that occupancy remains at an all-time high since 2019, with successful tenant renewals contributing to this stability [22] Question: What is the current transaction environment and cap rate trends? - Management indicated a competitive market with cap rates generally between 7.5% and 8.5%, and they are focused on quality properties rather than just high returns [25][33] Question: What is the size of the current acquisition pipeline? - The company is looking at approximately $300 million in transactions, with a goal to close around $10 million in the first quarter [33][48] Question: How is the company managing lease maturities? - Management is in contact with tenants whose leases are maturing, with a focus on maintaining stability and addressing upcoming lease expirations [36] Question: What is the strategy for additional debt capital? - The company plans to use its revolving credit facility for acquisitions and clean it up with private placement issuances, maintaining sufficient liquidity for future needs [40]

Core Viewpoint - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.37 per share, and showing a year-over-year increase from $0.37 per share [1] Group 1: Financial Performance - The company posted revenues of $658.45 million for the quarter ended December 2025, slightly missing the Zacks Consensus Estimate by 0.05%, and down from $666.43 million a year ago [2] - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Americold Realty Trust shares have declined approximately 6.7% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus FFO estimate for the upcoming quarter is $0.29 on revenues of $631.51 million, and for the current fiscal year, it is $1.24 on revenues of $2.63 billion [7] Group 3: Industry Context - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for the sector [8]