Core Viewpoint - Realty Income, a prominent real estate investment trust (REIT) specializing in retail properties, reported its third-quarter results, showing revenue growth but facing investor disappointment due to revised guidance for the upcoming year [1][2][6]. Financial Performance - Realty Income's Q3 revenue exceeded $1.47 billion, marking a 10% increase from the same quarter in 2024. Net income rose by 21% to nearly $316 million, translating to $0.35 per share [3][4]. - The adjusted funds from operations (FFO) increased by 8% year over year to nearly $992 million, or $1.08 per share, indicating solid operational performance [5][6]. Market Reaction - Despite the positive financial results, the stock experienced a decline of 0.7% after the earnings release, followed by an additional drop of 2.8% during the trading session, likely influenced by management's revised guidance rather than the quarterly performance itself [6][7]. Guidance Adjustments - Realty Income adjusted its full-year 2025 guidance, projecting net income per share between $1.27 and $1.29, down from a previous range of $1.29 to $1.33. The adjusted FFO guidance was tightened to a range of $4.25 to $4.27, compared to the earlier forecast of $4.24 to $4.28 [8]. Company Overview - As of the end of September, Realty Income is the largest retail REIT, managing a portfolio of 15,542 properties, primarily located in the U.S., with expanding operations in international markets such as the U.K., Germany, and France [9].

Core Insights - Iron Mountain Incorporated (IRM) reported third-quarter adjusted funds from operations (AFFO) per share of $1.32, exceeding the Zacks Consensus Estimate of $1.29, marking a year-over-year increase of 16.8% [1][9] - Total quarterly revenues reached $1.75 billion, slightly below the Zacks Consensus Estimate of $1.76 billion, but reflecting a year-over-year improvement of 12.6% [2][9] Revenue Breakdown - Storage rental revenues amounted to $1.03 billion, up 10.4% year over year, with an estimated figure of $1.04 billion [3] - Service revenues increased by 16% from the prior-year quarter to $721.2 million, surpassing the estimate of $709.6 million [3] - Global RIM business revenues grew 6.2% year over year to $1.34 billion, slightly below the estimate of $1.36 billion [3] - Global Data Center business reported revenues of $204.1 million, rising 33.2% year over year, exceeding the estimate of $192.1 million [4] Profitability Metrics - Adjusted EBITDA rose 16.2% year over year to $660.4 million, with the adjusted EBITDA margin expanding by 110 basis points to 37.6% [4] - Interest expenses increased by 12.7% year over year to $209.7 million [4] Balance Sheet Position - As of September 30, 2025, the company had $195.2 million in cash and cash equivalents, down from $218 million as of June 30, 2025 [5] - Net debt increased to $16.11 billion from $15.48 billion, with a weighted average interest rate of 5.6% and an average maturity of 4.6 years [5] Dividend Announcement - IRM announced a cash dividend of 86.4 cents per share for the fourth quarter of 2025, representing a 10% increase over the previous dividend, payable on January 6, 2026 [6][9]

Core Insights - The Macerich Company (MAC) reported Q3 2025 FFO per share of 35 cents, missing the Zacks Consensus Estimate of 36 cents and down from 38 cents in the prior year [1][9] - Quarterly revenues reached $253.3 million, a 15% increase year-over-year, but fell short of the Zacks Consensus Estimate of $257 million [2] - The company experienced a decline in occupancy rates and an increase in interest expenses, yet solid leasing activity contributed to growth in net operating income (NOI) and base rent re-leasing spreads [1][5] Financial Performance - Portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $867 from $834 year-over-year [3] - In Q3, MAC signed leases for 1.5 million square feet, marking an 81% increase in leased square footage year-over-year [3] - Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year-over-year to $178.8 million [4] Occupancy and Expenses - Portfolio occupancy was 93.4% as of September 30, 2025, down from 93.7% a year prior, while Go-Forward Portfolio Center occupancy was 94.3% [5] - Interest expenses increased by 27.3% year-over-year to $72.7 million [5] Portfolio Activity - In July 2025, MAC sold Atlas Park for $72 million, followed by the sale of Lakewood Center for $332 million and Valley Mall for $22 million in August 2025 [6] Balance Sheet - As of November 4, 2025, MAC had approximately $1 billion in liquidity, including $650 million available on its revolving line of credit [7] - The company raised around $50 million in net proceeds by selling 2.8 million shares of common stock through its at-the-market program during Q3 [7] Industry Comparison - Other retail REITs like Regency Centers Corporation and Kimco Realty Corp. reported positive FFO growth, indicating a mixed performance across the sector [10][11]

St. Joseph's Medical Plaza – Tucson, AZ THIRD QUARTER 2025 EARNINGS SUPPLEMENTAL www.globalmedicalreit.com NYSE: GMRE TABLE OF CONTENTS Legent Hospital for Special Surgery – Plano, TX | Company Overview | 3 | | --- | --- | | Select Quarterly Financial Data | 6 | | Business Summary | 7 | | Acquisitions / Dispositions | 8 | | Portfolio Summary | 9 | | Key Tenants | 11 | | Debt and Hedging Summary | 12 | | Total Capitalization and Equity | 14 | | Summary | | | Condensed Consolidated | 15 | | Statements of Oper ...

Financial Performance - Chatham Lodging reported quarterly funds from operations (FFO) of $0.32 per share, matching the Zacks Consensus Estimate, but down from $0.35 per share a year ago [1] - The company posted revenues of $78.41 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.5%, compared to $87.18 million in the same quarter last year [2] - Over the last four quarters, Chatham Lodging has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times [2][1] Stock Performance and Outlook - Chatham Lodging shares have declined approximately 28.5% since the beginning of the year, contrasting with the S&P 500's gain of 15.1% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of FFO expectations [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.18 on revenues of $68.9 million, and for the current fiscal year, it is $0.99 on revenues of $296.68 million [7] Industry Context - The REIT and Equity Trust - Other industry, to which Chatham Lodging belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can impact Chatham Lodging's stock performance [5]

分组1 - Postal Realty Trust (PSTL) reported quarterly funds from operations (FFO) of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.30 per share a year ago, resulting in an FFO surprise of +6.45% [1] - The company achieved revenues of $24.33 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.80%, and up from $19.67 million in the same quarter last year [2] - Postal Realty Trust has consistently outperformed consensus FFO and revenue estimates over the last four quarters [2] 分组2 - The stock has gained approximately 13.6% since the beginning of the year, while the S&P 500 has increased by 16.5% [3] - The future performance of Postal Realty Trust's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.31 on revenues of $24.56 million, and for the current fiscal year, it is $1.26 on revenues of $94.19 million [7] 分组3 - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5][6]

Core Insights - Summit Hotel Properties (INN) reported quarterly funds from operations (FFO) of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.14 per share, but down from $0.22 per share a year ago [1][2] - The company achieved an FFO surprise of +21.43% for the quarter, having surpassed consensus FFO estimates in all four of the last quarters [2] - Revenues for the quarter were $177.12 million, slightly missing the Zacks Consensus Estimate by 0.69%, and showing a marginal increase from $176.81 million year-over-year [3] Financial Performance - The FFO for the previous quarter was $0.27 per share, compared to an expectation of $0.26 per share, resulting in a surprise of +3.85% [2] - The current consensus FFO estimate for the upcoming quarter is $0.19, with projected revenues of $177.93 million, and for the current fiscal year, the estimate is $0.77 on revenues of $734.55 million [8] Market Position - Summit Hotel Properties has underperformed the market, with shares down approximately 23.8% year-to-date, while the S&P 500 has gained 16.5% [4] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 35% of over 250 Zacks industries, indicating a favorable industry outlook [9] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [4] - The estimate revisions trend for Summit Hotel Properties was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [7]

Core Insights - Realty Income Corporation (O) reported third-quarter 2025 adjusted funds from operations (AFFO) per share of $1.08, exceeding the Zacks Consensus Estimate of $1.07 and up from $1.05 in the prior-year quarter [1][8] - Total revenues reached $1.47 billion, surpassing the Zacks Consensus Estimate of $1.42 billion, reflecting a year-over-year increase of 10.5% [2][8] - The company experienced a rise in interest expenses, which increased by 12.7% year over year to $294.5 million [4] Financial Performance - Same-store rental revenues amounted to $1.16 billion from 14,482 properties, marking a 1.3% increase from the prior-year period [3] - The portfolio occupancy rate was 98.7% as of September 30, 2025, up 10 basis points sequentially, while remaining unchanged year over year [4] - Realty Income achieved a rent recapture rate of 103.5% on re-leased properties during the quarter [4] Investment Activities - The company invested $1.36 billion in 123 properties and properties under development or expansion during the quarter [4][8] - Realty Income sold 140 properties, generating net sales proceeds of $214.8 million and a gain of $49.1 million on the sale of real estate [5] Balance Sheet and Liquidity - As of the end of the third quarter, Realty Income had $3.5 billion in liquidity, including cash and cash equivalents of $417.2 million and $2.2 billion available under its unsecured revolving credit facility [6] - The net debt to annualized pro-forma adjusted EBITDAre ratio stood at 5.4X [6] Guidance - The company revised its 2025 AFFO per share guidance to a range of $4.25-$4.27, with the Zacks Consensus Estimate at $4.27 [7] - Full-year projections include an expected same-store rent growth of approximately 1% and an occupancy rate of around 98.5% [7] - Realty Income increased its full-year investment volume guidance to approximately $5.5 billion from the previous $5 billion [7]

Financial Data and Key Metrics Changes - FFO and core FFO per share for Q3 2025 were both $0.35, down from $0.38 in Q3 2024 [12] - Total operating revenues for Q3 2025 were $40.8 million, compared to $39.2 million in Q3 2024, while operating expenses decreased from $28.5 million to $26 million [13][14] - Net assets increased from $1.21 billion to $1.265 billion due to portfolio acquisition [14] Business Line Data and Key Metrics Changes - The company acquired a six-facility industrial manufacturing portfolio for $54.5 million, increasing industrial concentration to 69% of annualized straight-line rents from 63% at the start of the year [6][19] - The portfolio achieved a 99.1% occupancy rate, the highest since Q1 2019, with a weighted average lease term of 7.5 years [8] Market Data and Key Metrics Changes - The Federal Reserve reduced the funds rate by 50 basis points, contributing to a downward trend in long-term rates [5] - Asking cap rates showed a gradual downward trend, aligning with long-term Treasury yields [5] Company Strategy and Development Direction - The company focuses on growing its industrial concentration, managing existing portfolio assets, and strategically disposing of non-core assets [6][10] - Plans to continue acquiring high-quality industrial assets and support tenant growth through lease extensions and capital improvements [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the capital markets and the company's ability to execute its strategy effectively [5][11] - The company remains aware of challenges in the office environment and will strategically evaluate its portfolio for potential disposals [10] Other Important Information - The company increased its credit facility to $600 million, extending and laddering debt maturities [9][19] - The common stock dividend remains at $0.30 per share per quarter [18] Q&A Session Summary Question: Future of Industrial Allocation - Management anticipates increasing industrial allocation beyond 70% in the foreseeable future [24] Question: Increase in Operating Expenses - Operating expenses have risen due to inflation and insurance costs, which are being passed on to tenants where possible [28][31] Question: Capital Expenditure Insights - Higher capital expenditures were driven by renewals, which are expected to be accretive to the company [32] Question: Dividend Confidence Amid CapEx - Management believes that the capital expenditures are accretive and do not negatively impact the dividend [36] Question: Acquisitions Pipeline for 2026 - Management is optimistic about matching 2025 acquisition levels, with two transactions currently in the pipeline [37] Question: Lease Termination Details - A lease termination occurred with a small tenant, but a new tenant has already taken over the space [44][50] Question: Automotive Exposure and Bankruptcy Concerns - Management maintains confidence in their automotive exposure, emphasizing robust underwriting practices [51][53] Question: Leverage and Asset Sales - The company plans to manage leverage through capital recycling and may issue more equity to reduce leverage [55] Question: Cap Rate Trends - Management sees cap rates compressing and anticipates taking advantage of favorable conditions in the market [61] Question: Impact of Government Shutdown - No significant impact from the government shutdown has been reported by tenants [62]

Core Insights - Vornado Realty Trust's (VNO) third-quarter 2025 adjusted funds from operations (FFO) were 57 cents per share, exceeding the Zacks Consensus Estimate of 55 cents and reflecting a year-over-year increase of 9.6% [1][11] - Total revenues for the quarter reached $453.7 million, surpassing the Zacks Consensus Estimate of $443.3 million, with a year-over-year growth of 2.4% [2][11] Financial Performance - Total same-store net operating income (NOI) was $266.7 million, up from $265.5 million in the prior year, with notable increases of 9.1% in the New York portfolio and 3.8% in the 555 California Street portfolio, while THE MART saw a decrease of 10.4% [3][11] - The occupancy rate in the total New York portfolio improved to 87.5%, an increase of 80 basis points year over year, with THE MART at 80.7% (up 100 bps) and 555 California Street at 96.3% (up 180 bps) [7][11] Leasing Activity - In the New York office portfolio, 594,000 square feet were leased at an initial rent of $102.60 per square foot, with a weighted average lease term of 12.5 years [4] - The New York retail portfolio saw 27,000 square feet leased at an initial rent of $292.79 per square foot, with a weighted average lease term of 9 years [5] - At THE MART, 158,000 square feet were leased at an initial rent of $48.84 per square foot, with a weighted average lease term of 10.5 years [6] Portfolio Activity - Vornado acquired the 623 Fifth Avenue office condominium for $218 million, which includes 382,500 rentable square feet and is currently 75% vacant, with plans for redevelopment by 2027 [8][11] - A joint venture, in which Vornado holds a 55% interest, sold the 512 West 22nd Street office building for $205 million [9][11] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $1.01 billion, a decrease from $1.2 billion as of June 30, 2025 [10]