Core Viewpoint - Equinix Inc. reported strong financial results for Q1 2025, with adjusted funds from operations (AFFO) per share of $9.67, exceeding estimates and reflecting a 9.1% year-over-year increase, driven by robust demand for digital infrastructure and services [1][2] Financial Performance - Total quarterly revenues reached $2.23 billion, surpassing the Zacks Consensus Estimate of $2.22 billion, and increased by 4.6% year over year [2] - Recurring revenues were $2.087 billion, up 3.8% from the previous year, while non-recurring revenues rose 17.9% to $138 million [3] - Adjusted EBITDA was reported at $1.067 billion, a 7.6% increase year over year, with an adjusted EBITDA margin of 48% [4] - AFFO increased by 12.3% from the prior year to $947 million [4] Balance Sheet Position - As of March 31, 2025, Equinix had $7.6 billion in available liquidity and total debt of approximately $18.2 billion, with a net leverage ratio of 3.4 [5] Dividend Announcement - Equinix's board declared a quarterly cash dividend of $4.69 per share, payable on June 18, 2025, to shareholders on record as of May 21, 2025 [6] 2025 Guidance Revision - For Q2 2025, Equinix projects revenues between $2.244 billion and $2.264 billion, indicating a 1% increase over the prior quarter, with adjusted EBITDA expected in the range of $1.095-$1.115 billion [7] - The company raised its 2025 AFFO per share guidance to between $37.36 and $38.17, suggesting a 7-9% increase from the previous year [7] - Total revenue for 2025 is estimated to be between $9.175 billion and $9.275 billion, reflecting a growth of 5-6% from 2024 [8]

NNN REIT (NNN) came out with quarterly funds from operations (FFO) of $0.87 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to FFO of $0.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 4.82%. A quarter ago, it was expected that this retail real estate investment trust would post FFO of $0.82 per share when it actually produced FFO of $0.82, delivering no surprise.Over the last four quarters, the ...

Medical Properties (MPW) came out with quarterly funds from operations (FFO) of $0.14 per share, missing the Zacks Consensus Estimate of $0.15 per share. This compares to FFO of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -6.67%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $0.16 per share when it actually produced FFO of $0.18, delivering a surprise of 12.50%.Over th ...

Summit Hotel Properties (INN) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Company Participants Kevin Milota - SVP - Corporate FinanceJonathan Stanner - President & CEOWilliam Conkling - EVP & CFOJosh Friedland - Senior Equity Research Associate Conference Call Participants Chris Woronka - AnalystMichael Bellisario - Senior Research Analyst Operator Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Mulotta. Please go ahea ...

Kimco Realty (KIM) came out with quarterly funds from operations (FFO) of $0.44 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to FFO of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 4.76%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.42 per share when it actually produced FFO of $0.42, delivering no surprise.Over the last four quarters, the co ...

Summit Hotel Properties (INN) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Speaker0 Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Mulotta. Please go ahead. Speaker1 Thank you, operator, and good morning. I'm joined by Summit Hotel Properties President and Chief Executive Officer, John Stanner and Executive Vice President and Chief Financial Officer, Trey Conkling. Please note that many of our comments today are consid ...

Financial Data and Key Metrics Changes - The company reported a core FFO per share of $0.27 for Q1 2025, flat compared to the prior year, reflecting the impact of portfolio optimization and deleveraging strategy completed last year [14] - Same store NOI grew by 2.7%, driven by a 2.3% increase in same store revenue and a 1.6% increase in operating expenses year-over-year [14][19] - The average occupancy increased by 100 basis points year-over-year, contributing to the same store NOI growth [6][14] Business Line Data and Key Metrics Changes - The company completed value-add renovations on 275 units with a weighted average return on investment of 16.2% [6] - The company has 28 communities with over 4,600 units in the ongoing value-add program, expecting to complete between 505,000 units this year [6] - The company sold its final asset in Birmingham, Alabama for $111 million, completing its exit from that market [7] Market Data and Key Metrics Changes - In 2020, approximately 79,000 new apartment units were delivered across the company's submarkets, representing 6.1% of existing supply [10] - The company expects only 32,000 new deliveries in 2025 and 24,000 units in 2026, representing a 60% annual decrease in 2025 and an additional 24% decrease in 2026 [10] - The company forecasts positive net absorption of 8.5% in its submarkets for 2025, significantly higher than the national average of 1.5% [11][65] Company Strategy and Development Direction - The company is focused on a long-term investment strategy, capitalizing on strong population and employment growth in its communities [5][12] - The company aims to maintain pricing power and expects ongoing rental rate gains without sacrificing occupancy [12][19] - The acquisition pipeline remains strong, with ample liquidity to fund accretive investments [8][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but remains confident in supply and demand fundamentals driving operations [12][19] - The company expects to enter 2026 with solid earnings momentum and growth opportunities [20] - Management noted that demand for Class B communities has proven resilient, with stable occupancy rates and positive blended rent growth [11][52] Other Important Information - The company ended the quarter with a net debt to adjusted EBITDA ratio of 6.3 times, with plans to achieve a mid-five ratio by year-end 2025 [17] - The company has nearly $750 million of liquidity available for investments [18] Q&A Session Summary Question: Can you walk through the leasing spreads for the first quarter? - New leases were down 4.6%, while renewals were up 4.8%. The company did not experience the same level of decline in rental rates as some peers due to its Class B portfolio [23][24] Question: Have you seen any evidence of stress from tariffs or macro uncertainty? - The company has not felt significant effects from tariffs or deportations and has seen a decrease in bad debt by 50 basis points year-over-year [25][27] Question: Can you speak to trends in leasing traffic and conversion? - Demand is up 25% compared to the same time last year, with conversion rates remaining stable [31] Question: What are your expectations for new lease rates and renewals? - The company anticipates positive trends in blended rental rates, with improvements noted month-to-month [36][38] Question: How are you thinking about the revenue guidance for the full year? - The company expects continued strong demand and significant declines in new supply, maintaining its revenue guidance [19][65] Question: Can you discuss the impact of insurance renewals on expenses? - The company expects a net decrease in insurance premiums despite initially assuming a 10% increase [72][75] Question: Are there any other markets you expect to exit by year-end? - Currently, there are no expected changes to the company's market dispositions [81] Question: How do you expect the performance between Class A and Class B to trend? - Class B properties are showing better rental rate growth compared to Class A properties, which are facing more competition from new supply [88][89]

ORLANDO, Fla., May 1, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter ended March 31, 2025. Highlights include:First Quarter 2025 Highlights: Net earnings of $0.51 per diluted share Grew Core FFO and AFFO per diluted share by 3.6% over prior year results, to $0.86 and $0.87, respectively Increased ABR by 5.2% over the prior year result Closed on $232.4 million of investments, at an initi ...

Whitestone REIT (WSR) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Ladies and gentlemen, greetings, and welcome to the Whitestone REIT First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Modi, Director of Investor Relations. Please go ahead. Speaker1 Good morni ...

LXP Industrial (LXP) came out with quarterly funds from operations (FFO) of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.16 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 $0.16 per share when it actually produced FFO of $0.16, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO estimates.LXP Industri ...