Core Insights - NNN REIT, Inc. reported strong financial performance for Q2 2025, with revenues of $226.8 million, a 4.5% increase from $216.8 million in Q2 2024 [2][30] - The company achieved net earnings of $100.5 million, translating to $0.54 per diluted share, compared to $106.7 million or $0.58 per diluted share in the same quarter last year [2][30] - Core FFO and AFFO per diluted share grew by 1.2% year-over-year to $0.84 and $0.85, respectively [3][33] - NNN invested $233 million across 45 properties at an initial cash cap rate of 7.4% during the quarter, contributing to a total of $464.9 million in investments for the first half of 2025 [3][5] Financial Results - Total revenues for the six months ended June 30, 2025, reached $457.7 million, up from $432.2 million in the same period of 2024 [2][30] - FFO for the quarter was $157.2 million, compared to $152.4 million in Q2 2024, while Core FFO for the same period was $157.4 million, up from $152.5 million [2][30] - The company reported a 6.7% increase in Annualized Base Rent (ABR) year-over-year, reaching $893.8 million [3][41] Property Acquisitions and Dispositions - NNN closed on $232.5 million of investments in Q2 2025, with a weighted average lease term of 17.8 years [3][5] - The company sold 23 properties for $51.2 million, including $24.7 million from income-producing properties at a weighted average cap rate of 6.2% [3][7] Capital Markets Activity - NNN raised $10.9 million through the issuance of 254,222 common shares at an average price of $43.03 [8] - The company issued $500 million in senior unsecured notes due 2031, enhancing balance sheet flexibility and increasing total available liquidity to $1.4 billion [9][10] Dividend Information - The company declared a quarterly dividend of $0.60 per share, marking a 3.4% increase and the 36th consecutive annual dividend increase [10][11] 2025 Guidance - NNN updated its 2025 guidance, increasing the midpoint for Core FFO and AFFO per share by $0.01 and raising acquisition volume guidance by $100 million [12][12]

Core Insights - The company reported strong sequential and year-over-year improvements across key performance indicators in Q2 2025, leading to an upward revision of full-year 2025 guidance [10][19][24] Financial Performance - Same-store NOI (non-GAAP) grew 5.3% in Q2 2025, primarily due to a 140 basis point increase in same-store occupancy [2][19] - NOI (non-GAAP) totaled $33.6 million in Q2 2025, reflecting a 6.3% year-over-year increase [3][24] - Total FFO (non-GAAP) was $0.48 per share in Q2 2025, up $0.20 year-over-year [4][25] - CRE and corporate-related FFO per share (non-GAAP) was $0.29 in Q2 2025, a 3.6% year-over-year increase [3][24] Occupancy and Leasing Activity - Leased occupancy was 95.8%, a sequential increase of 40 basis points and a 190 basis point gain year-over-year [5][22] - Economic occupancy was 94.8% at Q2 2025 quarter-end, up 90 basis points sequentially and 200 basis points year-over-year [5][22] - In Q2 2025, 52 leases were executed, representing approximately 184,000 square feet of GLA and $6.1 million in ABR, with blended leasing spreads at 6.8% [6][22] Development and Growth Prospects - Projects under construction are expected to deliver over 150,000 square feet of GLA and $3.8 million in annual NOI upon stabilization in 2026 and 2027 [7][21] - The SNO pipeline totaled $5.8 million as of Q2 2025, including $3.1 million for two industrial build-to-suit projects [6][23] Guidance and Future Outlook - Updated guidance for same-store NOI growth (non-GAAP) is expected at 3.4%-3.8% for 2025, an increase of 80 basis points at the midpoint compared to prior guidance [9][27] - Total FFO (non-GAAP) guidance for 2025 was increased by $0.18 per share at the midpoint to $1.35-$1.40 [9][27] Market Conditions - The Hawaii commercial real estate transaction market is described as "starting to open up," with more acquisition opportunities emerging across asset classes [11][41] - Foot traffic and tenant sales have increased, reinforcing strong local market fundamentals [11][61]

Financial Performance - Net income attributable to common stockholders for the three months ended June 30, 2025, was $865079 thousand, or $082 per basic and diluted share[16, 21] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $630178 thousand, or $060 per basic and diluted share[23] - Adjusted EBITDA attributable to common stockholders for the three months ended June 30, 2025, was $822239 thousand[16, 23] - The company is raising AFFO guidance for the full year 2025 to between $2500 million and $2520 million, or between $235 and $237 per diluted common share[31, 32] Portfolio and Lease Agreements - VICI Properties owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the United States and Canada[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The weighted average lease term is 402 years as of June 30, 2025[16] - Annualized contractual rent from MGM Master Lease is $7747 million[29] - Total annualized contractual rent and income from loans and securities is $33752 million[29] Capital Structure and Credit Metrics - Total debt as of June 30, 2025, was $17273519 thousand[16, 34] - Equity market capitalization was $34874190 thousand, with a share price of $3260[16, 34] - LQA Net Leverage Ratio was 52x[16, 35]

Second Quarter 2025 Investor Presentation The Exchange at Gwinnett | Atlanta, GA Highlights Q2 2025 Highlights | $0.45 | Core FFO Per Share | | --- | --- | | $213 | Implied property value per square foot | | $19.35 | Cash ABR PSF | | ~190,000 | Square feet of comparable leasing activity | | 22% | Comparable leasing spread | | 83% | ABR from Georgia, Texas, Florida & North Carolina | | 93.9% | Leased Occupancy | | $4.6M | SNO Pipeline – 4.6% of in-place ABR | | 0.9% | Quarterly same-property NOI growth | | $ ...

Financial Performance - Boardwalk REIT reported strong financial results for Q2 2025, with Funds From Operations (FFO) per Unit of $1.16, an increase of 11.5% from Q2 2024 [3][4] - Net Operating Income (NOI) for Q2 2025 was $104.2 million, reflecting a 9.0% increase from the same period last year [4][8] - The Trust's profit for Q2 2025 was $76.3 million, down 52.1% compared to Q2 2024, primarily due to fair value losses [4][8] Revenue Growth - Same property rental revenue grew by 6.2% year-over-year in Q2 2025, with same property NOI growth of 9.8% [4][16] - The average occupancy rate was 97.9% in Q2 2025, indicating strong demand for rental units [4][13] - Alberta showed the highest population growth among Canadian provinces, supporting rental demand [4][6] Capital Management - The Trust has approximately $324.6 million in total available liquidity at the end of Q2 2025 [4][10] - 96% of Boardwalk's mortgages are CMHC-insured, contributing to a strong and flexible balance sheet [4][10] - The Trust's debt to EBITDA ratio improved to 9.77x from 10.08x at the end of 2024 [4][11] Acquisitions and Dispositions - Boardwalk finalized the sale of four communities totaling 568 suites for $117.2 million and acquired a newer portfolio totaling 393 suites for $133.1 million [4][25] - The Trust's recent acquisitions and dispositions reflect a strategic approach to capital upcycling, enhancing portfolio quality [4][26][29] Updated Financial Guidance - The Trust updated its 2025 financial guidance, projecting same property NOI growth of 8.0% to 10.0% and FFO per Unit in the range of $4.48 to $4.63 [4][33] - The outlook remains positive due to strong demand for affordable multi-family housing [4][32] Market Valuation - Boardwalk's current unit price of approximately $71 implies a value of about $201,000 per suite, with a cap rate of 5.9% on trailing NOI [4][37] - Recent private market sales transactions align with Boardwalk's fair value of approximately $243,000 per suite, indicating strong market positioning [4][36]

Core Insights - CTO Realty Growth, Inc. reported strong leasing activity, signing 190,000 square feet of comparable leases with a cash rent spread growth of 22% [1][3] - The company reaffirmed its 2025 outlook, maintaining expectations for Core FFO and AFFO [1][26] Leasing Activity - The company signed 22 leases totaling 226,732 square feet in Q2 2025, with 14 comparable leases totaling 190,027 square feet at an average cash base rent of $25.54 per square foot, representing a 21.6% increase from the previous average of $21.01 [14][16] - The signed-not-open pipeline stands at $4.6 million, which is 4.6% of in-place cash annual base rent [3][5] Financial Results - For Q2 2025, the net loss attributable to the company was $(23,418) thousand, compared to a net income of $1,183 thousand in Q2 2024, reflecting a variance of (2079.5)% [4] - Core FFO attributable to common stockholders was $14,659 thousand, a 41.6% increase from $10,353 thousand in the same period last year [4] - AFFO attributable to common stockholders was $15,267 thousand, up 38.2% from $11,051 thousand year-over-year [4] Year-to-Date Financial Performance - For the six months ended June 30, 2025, the net loss attributable to the company was $(21,157) thousand, compared to a net income of $7,025 thousand in the same period of 2024, a variance of (401.2)% [8] - Core FFO for the first half of 2025 was $29,104 thousand, a 38.0% increase from $21,090 thousand in the prior year [8] - AFFO for the same period was $30,788 thousand, up 35.6% from $22,699 thousand [8] Portfolio Overview - As of June 30, 2025, the company's portfolio consisted of 24 properties with a total of 5,254 thousand square feet, achieving a leased occupancy rate of 93.9% [10] - The portfolio is primarily retail-focused, with 69.4% of cash base rent derived from retail properties [10] Capital Markets and Balance Sheet - The total long-term debt as of June 30, 2025, was $606.8 million, with a weighted average interest rate of 4.44% [18][24] - The company has $76.0 million of undrawn commitments on its revolving credit facility and $8.6 million in cash [21] Dividends - The company declared a cash dividend of $0.38 per share for common stock and $0.40 per share for preferred stock for Q2 2025, with a payout ratio of 84.4% of Core FFO per share [25]

Core Insights - American Tower Corporation (AMT) shares are experiencing a decline following the release of its second-quarter results, which showed a total revenue increase of 3.2% to $2.63 billion and an adjusted EBITDA increase of 1.8% to $1.75 billion [1] - Analyst James Schneider from Goldman Sachs indicates that the stock is likely to remain range-bound as the results and 2025 guidance align with market expectations [1][4] Financial Performance - The second-quarter results revealed a total revenue of $2.63 billion, marking a 3.2% increase [1] - Adjusted EBITDA for the quarter reached $1.75 billion, reflecting a 1.8% increase [1] Market Sentiment - Investors are optimistic about American Tower due to stronger domestic organic growth anticipated towards year-end and the potential for a cost-cutting update in the second half of 2025 [2] - The company is noted for leading in Adjusted Funds From Operations (AFFO) per share growth within the sector [2] Guidance and Expectations - American Tower's 2025 core guidance is largely in line with market expectations, with a slight improvement in the international outlook but a small decline in U.S. organic growth projections [4] - The company has indirectly benefited from macro trends such as a weaker U.S. dollar and currency movements, which are reflected in the revised guidance [3] Competitive Landscape - Crown Castle (CCI) has reported better-than-expected results and raised its 2025 domestic activity outlook, leading to expectations for similarly positive commentary from American Tower's earnings call [3] Price Action - AMT shares are currently trading lower by 3.51% at $216.28 [5]

Core Viewpoint - Pomerantz LLP is investigating claims related to potential securities fraud or unlawful business practices involving Necessity Retail REIT, Inc. following its acquisition by Global Net Lease, Inc. [1][2] Group 1: Investigation Details - The investigation focuses on whether Necessity Retail and certain officers or directors engaged in securities fraud or other unlawful business practices [2] - Investors who received shares of Global Net Lease in connection with the merger on September 12, 2023, are encouraged to contact Pomerantz LLP [1] Group 2: Financial Projections and Market Performance - The Offering Materials for the merger projected Adjusted Funds From Operations (AFFO) for the combined company to be $399.8 million for 2024 and $409.0 million for 2025 [4] - Since the merger date, Global Net Lease's share price has declined by over 33% [4]

Core Viewpoint - Pomerantz LLP is investigating claims related to potential securities fraud or unlawful business practices by Necessity Retail REIT, Inc. following its merger with Global Net Lease, Inc. [1][2] Group 1: Investigation Details - The investigation focuses on whether Necessity Retail and its officers or directors engaged in securities fraud or other unlawful business practices [2] - Investors who received shares of Global Net Lease in connection with the merger on September 12, 2023, are encouraged to contact Pomerantz LLP [1] Group 2: Financial Projections and Market Reaction - The Offering Materials for the merger projected Adjusted Funds From Operations (AFFO) for the combined company of $399.8 million for 2024 and $409.0 million for 2025 [3] - Since the merger date, Global Net Lease's share price has declined by over 33% [3]

Company Overview - Vesta's property portfolio encompasses 431 million square feet of manufacturing and logistics facilities[14] - The company's property portfolio is valued at US$386 billion[14] Financial Performance (Q2 2025) - Total revenues reached $6727 million, a 68% increase compared to Q2 2024[20, 29] - Adjusted NOI was $6182 million, up 72% from $5768 million in Q2 2024[20, 29] - Adjusted EBITDA increased by 90% to $5500 million, compared to $5044 million in the same period last year[20, 29] - Vesta FFO stood at $4312 million, a 129% increase year-over-year[20, 31] - Total debt outstanding was $90036 million, representing a leverage ratio of 224%[20] Portfolio Metrics - Total portfolio occupancy was 923%[20] - Stabilized portfolio occupancy was 955%[20] - Same-store portfolio occupancy was 970%[20] Land Bank - Total land bank area is 9263 acres[16] - The market value of the land bank is $20451 million[16] Development Portfolio - The total expected investment in the development portfolio is $9096 million[16] - The development portfolio's GLA is 129 million square feet[16]