Financial Results - Elme Communities reported a net loss per diluted share of $1.40 for the quarter ended September 30, 2025, compared to a loss of $0.03 in the same quarter of 2024 [1] - Core Funds From Operations (FFO) per diluted share was $0.22, slightly down from $0.23 in the prior year [1] Operational Highlights - Same-store multifamily Net Operating Income (NOI) decreased by 1.8% year-over-year, primarily due to higher operating expenses [7][8] - Average occupancy for the same-store multifamily portfolio was 94.4%, down 0.8% compared to the prior year [7][8] - The average effective monthly rent per home increased by 1.1% compared to the prior year [7] Balance Sheet - As of September 30, 2025, available liquidity was $321 million, consisting of cash on hand and availability under the revolving credit facility [7] - The year-to-date Net Debt to Adjusted EBITDA ratio was 5.7x, with only $125 million of debt maturing before 2028 [7] Portfolio Sale and Liquidation Plan - Elme has entered into a Purchase and Sale Agreement for the sale of 19 multifamily communities for approximately $1.6 billion [4] - The Board of Trustees approved a voluntary plan of sale and liquidation, subject to shareholder approval at a special meeting on October 30, 2025 [4] Impairments - The company recognized an impairment charge of $111.7 million related to several properties not included in the Portfolio Sale Transaction, due to estimated cash flows being less than their carrying values [9] Dividends - On October 3, 2025, Elme paid a quarterly dividend of $0.18 per share, but does not intend to declare future dividends if the Plan of Sale and Liquidation is approved [10]

Core Insights - Brandywine Realty Trust reported financial results for Q3 and the first nine months of 2025, showing a net loss of $(26.2) million or $(0.15) per share, a significant improvement from a net loss of $(165.5) million or $(0.96) per share in Q3 2024 [9][10]. - The company achieved funds from operations (FFO) of $28.0 million or $0.16 per diluted share in Q3 2025, down from $39.8 million or $0.23 per diluted share in Q3 2024 [10][12]. - The company has a strong liquidity position with no outstanding balance on its $600 million unsecured line of credit and $75 million in cash [2][15]. Management Comments - Management expressed satisfaction with the progress of the 2025 business plan, achieving the midpoint of the speculative revenue target and maintaining a low forward lease expiration schedule of only 4.9% through 2026 [2]. - The commercial development pipeline remains robust at 1.6 million square feet, with 75,000 square feet in active lease negotiations [2]. - The company plans to recapitalize several projects as market conditions improve, although the timing has been delayed [2]. Financial Results - Total revenue for Q3 2025 was $121.4 million, compared to $131.8 million in Q3 2024 [39]. - Same store net operating income (NOI) increased by 1.4% on an accrual basis and 2.1% on a cash basis [13]. - The core portfolio was 88.8% occupied and 90.4% leased as of September 30, 2025 [16]. Disposition and Joint Venture Activity - The company completed the sale of a 223,000 square foot property in Austin, Texas for $55.1 million, or $247 per square foot, with 70% occupancy at the time of sale [4]. - In October 2025, Brandywine acquired its partner's preferred equity interest in 3025 JFK for $70.5 million, consolidating the asset in its financials [5]. Guidance and Future Outlook - The company revised its 2025 FFO guidance range to $0.51 to $0.53 per share, reflecting a prepayment charge of $0.07 per share [2][18]. - The year-end core occupancy range is projected to be between 88% and 89%, with a tenant retention rate range of 62% to 63% [19]. - The company anticipates a fourth quarter earnings charge of approximately $12.3 million due to early loan repayment [2]. Dividend Distribution - The Board of Trustees declared a quarterly dividend distribution of $0.08 per common share, payable on October 23, 2025 [17]. Portfolio and Leasing Activity - The core portfolio consists of 60 properties totaling 11.3 million square feet, with a tenant retention ratio of 68% and net absorption of 21,000 square feet during Q3 2025 [16][13]. - New and renewal leases signed during the quarter totaled 164,000 square feet, with an additional 182,000 square feet of executed new leasing scheduled to commence after September 30, 2025 [14]. Capital Markets Activity - The company issued $300 million of 5-year unsecured notes at a 6.125% yield, using proceeds to repay a $245 million secured loan due in February 2028 [15]. - As of September 30, 2025, total assets were $3.32 billion, with total liabilities of $2.47 billion [36].

Core Insights - Veris Residential, Inc. reported a significant improvement in financial performance for Q3 2025, with net income per diluted share of $0.80 compared to a loss of $(0.10) in Q3 2024 [2][28] - The company achieved a Core FFO per diluted share of $0.20, up from $0.17 in the same quarter last year, and raised its guidance for Core FFO per share to a range of $0.67 to $0.68 for 2025 [2][10] - The company has successfully executed $542 million in non-core asset sales year-to-date, exceeding its initial target and raising the disposition target to $650 million [4][10] Financial Performance - For the three months ended September 30, 2025, total property revenue increased by 2.2% year-over-year to $68.87 million, while controllable expenses rose by 5.7% [7][30] - Same Store NOI decreased by 2.7% for the quarter but increased by 1.6% year-to-date [7][10] - The company reported a Same Store blended rental growth rate of 3.9% for the quarter and 3.5% year-to-date [10] Operational Highlights - The company achieved a Same Store occupancy rate of 94.7%, up from 93.3% in the previous quarter [6][10] - Veris Residential sold four multifamily properties and one land parcel during Q3, generating $406 million in gross proceeds [8][10] - The company utilized asset sale proceeds to reduce debt by $394 million during the quarter, lowering its Net Debt-to-EBITDA (Normalized) to 10.0x [10][12] Strategic Initiatives - The company is on track to achieve a Net Debt-to-EBITDA (Normalized) of approximately 9.0x upon the anticipated sale of Harborside 8/9 [10] - Veris Residential was recognized as a 2025 Regional Listed Sector Leader and Top Performer by GRESB for its sustainability efforts [10][19] - The company amended its $500 million credit facility to introduce a leverage-based pricing grid, which is expected to enhance financial flexibility [15][16] Dividend Information - The company declared a dividend of $0.08 per share, payable on October 10, 2025 [17][30] - The dividend represents an increase from $0.07 per share in the same period last year [30] Guidance - The company maintained its operational guidance for 2025, projecting Same Store revenue growth between 2.2% and 2.7% [17] - The updated guidance for Core FFO per share reflects a positive adjustment due to one-time tax appeal refunds recognized in Q3 [10][17]

Financial Performance - Net income attributable to common stockholders for the quarter ended September 30, 2025, was $24.9 million, or $0.34 per share[23] - FFO for the quarter ended September 30, 2025, was $120.4 million, or $1.58 per share, net of transaction costs of $13.1 million[25] - The carrying value of the company's debt and preferred equity portfolio, excluding the company's investment in the SLG Opportunistic Debt Fund, was $289.7 million as of September 30, 2025[37] - The portfolio had a weighted average current yield of 8.8% as of September 30, 2025, or 11.2% excluding the effect of $63.0 million of investments that are on non-accrual[37] Portfolio & Leasing Activity - As of September 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet, including 27.1 million square feet in Manhattan buildings[2] - During the third quarter of 2025, the company signed 52 office leases in its Manhattan office portfolio totaling 657,942 square feet[30] - The average rent on the Manhattan office leases signed in the third quarter of 2025 was $92.81 per rentable square foot with an average lease term of 8.9 years[30] - Manhattan same-store office portfolio occupancy was 92.4% as of September 30, 2025, inclusive of 361,924 square feet of leases signed but not yet commenced[33] Investment & Financing Activity - The company entered into a contract to purchase Park Avenue Tower for $730.0 million in October 2025[34] - The company closed on the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd for $86.6 million in September 2025, maintaining a 55.0% stake[35] - The company completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue in September 2025 with a stated coupon of 5.625%[38] - An affiliate of the company extinguished the debt encumbering 1552-1560 Broadway, which had a total debt claim of $219.5 million, for $63.0 million in September 2025[40]

Portfolio Composition - As of September 30, 2025, the total portfolio comprised 417 properties, including 414 in service, 3 completed developments not in service, and 6 properties under construction[32] - The in-service portfolio's gross leasable area (GLA) totaled 68,526,496 square feet with an occupancy rate of 940%[32] - The company's same-store pool consisted of 395 properties, representing 63,390,096 square feet, which is 93% of the in-service square footage[34] Financial Performance - For the three months ended September 30, 2025, lease revenue was $179424 thousand, compared to $165909 thousand for the same period in 2024[15] - Net income available to common stockholders for the three months ended September 30, 2025, was $65306 thousand, compared to $99363 thousand for the same period in 2024[15] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $103514 thousand, compared to $92479 thousand for the same period in 2024[16] - Same Store Revenues increased by 82% for the three months ended September 30, 2025, reaching $165101 thousand[34] Debt Analysis - As of September 30, 2025, total debt outstanding was $2412834 thousand, with a weighted average maturity of 38 years[21,22] - The weighted average interest rate on total debt was 411% for the three months ended September 30, 2025[22] Acquisitions and Dispositions - Total property acquisitions in 2025 amounted to $1463 million, including the purchase of Camelback 303 Buildings A & B in Phoenix for $1200 million[48] - Property sales in 2025 totaled $269 million, including the sale of 28435 Automation Blvd & 47711 Clipper Street in Detroit for $119 million[62]

Financial Performance - The company reported a net income attributable to common stockholders of $24.9 million, or $0.34 per share, for Q3 2025, compared to a net loss of $13.3 million, or $0.21 per share, for the same period in 2024 [3][4] - For the nine months ended September 30, 2025, the company reported a net loss of $7.3 million, or $0.12 per share, compared to a net loss of $2.3 million, or $0.06 per share, for the same period in 2024 [4] - Funds from operations (FFO) for Q3 2025 were $120.4 million, or $1.58 per share, net of transaction costs of $13.1 million, primarily related to the pursuit of a gaming license [5][7] Leasing Activity - The company signed 52 Manhattan office leases totaling 657,942 square feet in Q3 2025, with an average rent of $92.81 per rentable square foot [11] - For the first nine months of 2025, 143 Manhattan office leases totaling 1,801,768 square feet were signed, with an average rent of $88.91 per rentable square foot [12] - Manhattan same-store office occupancy increased to 92.4% as of September 30, 2025, with expectations to reach 93.2% by December 31, 2025 [13] Investment Activity - The company entered into a contract to purchase Park Avenue Tower for $730 million, expected to close in Q1 2026 [14] - A 5.0% interest in One Vanderbilt Avenue was sold for a gross asset valuation of $4.7 billion, generating proceeds of $86.6 million [15] - The company also contracted to purchase 346 Madison Avenue for $160 million, expected to close in Q4 2025 [16] Debt and Financing - The carrying value of the company's debt and preferred equity portfolio was $289.7 million as of September 30, 2025, with a weighted average current yield of 8.8% [17] - A $1.4 billion fixed-rate refinancing of 11 Madison Avenue was completed, with an effective rate of 5.592% [18] - The mortgage on 100 Church Street was modified and extended, with a principal paydown of $5 million and a maturity date extended to June 2028 [19] Special Servicing and Asset Management - The company's special servicing business increased by $1.6 billion in active assignments, totaling $7.7 billion, with an additional $9.9 billion designated for assets not currently in active special servicing [21]

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.49 for Q3 2025, down from $0.75 in the same quarter last year, while funds from operations (FFO) increased to $0.76 per share/unit from $0.68 a year ago [2][6][20] Financial Performance - Total revenues for Q3 2025 were $181.43 million, compared to $167.65 million in Q3 2024, marking an increase of approximately 8.5% [17] - Property expenses increased to $46.19 million from $44.88 million year-over-year [17] - Net income available to common stockholders was $65.31 million in Q3 2025, down from $99.36 million in Q3 2024 [17][20] Leasing and Occupancy - The company signed 772,000 square feet of new leases during Q3 2025, with a cash rental rate increase of 32% on leases commencing in 2025 and 31% for those starting in 2026 [6][7] - In-service occupancy was reported at 94.0% at the end of Q3 2025, slightly down from 94.2% in Q2 2025 and 95.0% in Q3 2024 [7] Development and Investment Highlights - The company acquired an income-producing land site in Northern California for $11 million and sold a 60,000 square-foot building in Denver for $13 million [6][7] - The company has increased its 2025 NAREIT FFO guidance by $0.04 at the midpoint to a range of $2.94 to $2.98 per share/unit [6][9] Market Outlook - The CEO noted that industrial fundamentals are firming, with vacancy rates stabilizing and new starts remaining moderate, indicating a positive outlook for leasing and growth opportunities [3][9]

Core Insights - Rexford Industrial Realty, Inc. reported strong financial results for Q3 2025, highlighting its ability to create shareholder value through effective leasing and strategic capital allocation [3][4][11]. Financial Results - The company achieved a net income attributable to common stockholders of $87.1 million, or $0.37 per diluted share, compared to $65.1 million, or $0.30 per diluted share, in the same quarter last year [4][11]. - For the nine months ended September 30, 2025, net income attributable to common stockholders was $268.9 million, or $1.16 per diluted share, up from $203.5 million, or $0.94 per diluted share, in the prior year [4][11]. - Core FFO for Q3 2025 was $141.7 million, a 9.0% increase from $130.0 million in the prior year quarter, with Core FFO per diluted share rising to $0.60, a 1.7% increase [5][11]. - Total Portfolio NOI increased by 2.9% year-over-year to $188.9 million, while Cash NOI rose by 6.0% [6][11]. Operational Highlights - The company executed 3.3 million square feet of leasing in Q3 2025, including 845,000 square feet from repositioned or redeveloped properties [3][11]. - Positive net absorption reached 1.9 million square feet, indicating strong demand in the infill market [3][11]. - The Same Property Portfolio NOI increased by 1.9% year-over-year, with Cash NOI up by 5.5% [7][11]. Leasing Activity - A total of 123 leases were executed in Q3 2025, covering 3.3 million square feet, with net effective cash rental rates increasing by 26.1% on a net effective basis and 10.3% on a cash basis [8][11]. - The company stabilized seven repositioning and redevelopment projects totaling 586,435 square feet, achieving a weighted average unlevered stabilized yield of 4.4% [13][14]. Disposition and Capital Allocation - Rexford Industrial disposed of three properties for a total sales price of $53.6 million, generating a weighted average unlevered IRR of 14.3% [15][11]. - The company repurchased 3,883,845 shares of common stock at an average price of $38.62 per share, totaling $150 million, and authorized a new $500 million stock repurchase program [18][11]. Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $1.6 billion, including $249 million in unrestricted cash [17][11]. - The company ended the quarter with a low-leverage balance sheet, with a Net Debt to Enterprise Value ratio of 23.2% and Net Debt to Adjusted EBITDAre of 4.1x [11][19]. Guidance - The company updated its full-year 2025 guidance, projecting net income attributable to common stockholders per diluted share in the range of $1.44 to $1.46 and Core FFO per diluted share between $2.39 and $2.41 [22][11].

Core Insights - Canadian Net Real Estate Investment Trust reported strong second quarter results with an 8% year-to-date increase in Funds from Operations (FFO) per unit, reflecting successful property acquisitions and a disciplined growth strategy [2][4][8] - The REIT maintained a 100% occupancy rate in its focused portfolio of single-tenant, triple-net, and necessity-based properties, indicating resilience and demand in the market [3][4] - A conservative payout ratio of 52% supports the recently announced distribution increase and allows for further growth and stability [3][9] Financial Performance for Q2 2025 - FFO for Q2 2025 was $3.4 million, or $0.166 per unit, an increase of 8% from $3.2 million, or $0.154 per unit in Q2 2024 [4][17] - Rental income reached $6.9 million, up 4.4% from Q2 2024, while Net Operating Income (NOI) was $5.0 million, reflecting a 4.9% increase [4][17] - The REIT reported a net loss attributable to unitholders of $1.35 million, significantly improved from a net loss of $8.92 million in Q2 2024 [5][17] Financial Performance for the 6-Month Period Ended June 30, 2025 - For the six-month period, FFO was $6.8 million, or $0.330 per unit, an 8% increase compared to $6.3 million, or $0.306 per unit in the same period of 2024 [6][7] - Total rental income for the six months was $13.7 million, a 4.6% increase from the previous year, with NOI at $10.0 million, up 4.1% [7][12] - The REIT generated a net income attributable to unitholders of $8.8 million, a significant turnaround from a net loss of $7.7 million in the same period last year [7][12] Distribution Information - Canadian Net announced monthly cash distributions of $0.02917 per unit, totaling $0.35 per unit on an annualized basis, for October, November, and December 2025 [9][10] - The distributions are set for unitholders of record on October 15th, November 14th, and December 15th, 2025 [9][10] Non-IFRS Financial Measures - The increase in FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities [8][12] - NOI growth was primarily driven by increased rental income from property acquisitions, while net income variance was mainly due to changes in the fair value of investment properties [8][12]

Core Insights - Canadian Net Real Estate Investment Trust reported an 8% year-to-date increase in Funds from Operations (FFO) per unit for Q2 2025, reflecting successful property acquisitions and a disciplined growth strategy [2][4][8] - The REIT maintained a 100% occupancy rate in its portfolio of single-tenant, triple-net, and necessity-based properties, with a conservative payout ratio of 52% supporting distribution increases and future growth [3][4][9] Financial Results for Q2 2025 - FFO for Q2 2025 was $3.4 million, or $0.166 per unit, an increase of 8% from $3.2 million, or $0.154 per unit in Q2 2024 [4][6] - Rental income reached $6.9 million, up 4.4% from Q2 2024, while Net Operating Income (NOI) was $5.0 million, reflecting a 4.9% increase [4][7] - The REIT reported a net loss attributable to unitholders of $1.35 million in Q2 2025, significantly improved from a net loss of $8.92 million in Q2 2024 [5][17] Financial Results for the 6-Month Period Ended June 30, 2025 - For the six-month period, FFO totaled $6.8 million, or $0.330 per unit, an 8% increase compared to $6.3 million, or $0.306 per unit in the same period of 2024 [6][7] - Rental income for the six-month period was $13.7 million, a 4.6% increase from the previous year, with NOI at $10.0 million, up 4.1% [7][8] - The REIT generated a net income attributable to unitholders of $8.8 million for the six-month period, a turnaround from a net loss of $7.7 million in the same period last year [7][17] Distribution Announcements - Canadian Net announced monthly cash distributions of $0.02917 per unit for October, November, and December 2025, equating to an annualized distribution of $0.35 per unit [9][10] Selected Financial Information - Key financial metrics for the period ended June 30, 2025, include: - Property rental income: $13.73 million, up 5% from 2024 - Net income: $8.83 million, a significant increase from a loss of $7.66 million - NOI: $10.01 million, a 4% increase - Total assets: $316.84 million, an 8% increase from the previous year [12][18] Non-IFRS Financial Measures - The increase in FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities [8][19] - Adjusted Funds from Operations (AFFO) for Q2 2025 was $3.23 million, a 13% increase from the previous year, with AFFO per unit at $0.157 [18][19] Future Outlook - The company remains confident in its ability to deliver sustainable performance and continue building on its solid foundation, supported by its disciplined growth strategy and strong portfolio [2][3]