Key Takeaways INVH is set to report Q4 2025 results, with revenues and FFO per share expected to rise year over year.Invitation Homes is projected to post $659.2M in rental revenues and $677.1M in total revenues for Q4.INVH faces supply-heavy markets and an unchanged 48-cent FFO estimate despite a 2.13% YoY growth outlook.Invitation Homes (INVH) is slated to report fourth-quarter 2025 results on Feb. 18, after market close. The company’s quarterly results are likely to report a year-over-year increase in re ...

Core Insights - The company achieved strong financial and operational results for 2025, with a total same property NOI increase of 6.1% and a revenue growth of 5.4% in the same property apartment portfolio [3][4][7] - Management expects at least 3% growth in both revenue and NOI for the same property apartment portfolio in 2026, with a focus on balancing occupancy and rent growth [1][7] Financial Performance - The REIT reported a net income of CAD 29.4 million for 2025, a significant decline from the previous year due to a CAD 120.5 million fair value loss on investment properties [6][8] - Funds from operations (FFO) per unit increased by 4.2% to CAD 1.23, while adjusted funds from operations (AFFO) rose by 5.1%, improving the AFFO payout ratio to 69% [6][9] Operational Metrics - Same property occupancy averaged 97.3% in 2025, a decrease of 30 basis points from the prior year, while average monthly rental rates increased by 4.8% year-over-year [2][11] - The company noted that rental rate growth has moderated from peak levels in 2024, aligning with broader market trends [11] Capital Allocation and Balance Sheet - The REIT increased its use of CMHC-insured mortgages to 91% of total apartment debt, with total debt at 41.9% of assets [5][14] - In 2025, the company completed CAD 148 million in property dispositions and plans to recycle at least CAD 50 million in 2026 [20][21] Future Outlook - Management anticipates a more modest growth pace in 2026 compared to 2025, with expectations of easing interest expense pressures and progress on property repositioning [23] - Atlantic Canada is expected to outperform in 2026, with Halifax identified as a key opportunity for mark-to-market growth [12][23]

分组1 - Federal Realty Investment Trust (FRT) reported quarterly funds from operations (FFO) of $1.84 per share, missing the Zacks Consensus Estimate of $1.86 per share, but showing an increase from $1.73 per share a year ago, resulting in an FFO surprise of -0.97% [1] - The company posted revenues of $336.05 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.15%, compared to year-ago revenues of $311.44 million, and has topped consensus revenue estimates four times over the last four quarters [2] - The current consensus FFO estimate for the coming quarter is $1.78 on revenues of $327.58 million, and for the current fiscal year, it is $7.42 on revenues of $1.34 billion [7] 分组2 - Federal Realty Investment Trust shares have increased by approximately 6.1% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 28% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8] - The estimate revisions trend for Federal Realty Investment Trust was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]

Core Insights - Healthcare Realty Trust Incorporated reported a transformational year in 2025, with significant same-store growth and successful asset dispositions totaling $1.2 billion at attractive pricing levels, driven by long-term trends in outpatient medical services demand [2] Financial Performance - For Q4 2025, GAAP net income was $0.04 per share, compared to a loss of $0.31 per share in Q4 2024. The company reported a net loss of $0.71 per share for the full year 2025, down from a loss of $1.81 per share in 2024 [5][6] - NAREIT FFO for Q4 2025 was $0.36 per share, while Normalized FFO was $0.40 per share. For the full year, NAREIT FFO was $1.38 per share, and Normalized FFO was $1.61 per share [6][24] - Same-store cash NOI growth was +5.5% in Q4 2025, driven by an occupancy rate of 82.7% and cash leasing spreads of +3.7% [6] Leasing Activity - In Q4 2025, the company executed 292 new and renewal leases totaling 1.5 million square feet, with a weighted average lease term of 6.2 years and average annual escalators of 3.0% [7] - Full year lease executions reached approximately 5.8 million square feet, including 1.6 million square feet of new leases [6] Capital Allocation - The company completed asset sales of $682 million in Q4 2025 and $1.2 billion for the full year, through 34 transactions at a blended cap rate of 6.7% [6][10] - Significant market exits included a 25-property portfolio sale for $348.9 million, reducing exposure to non-priority markets [10] Balance Sheet and Governance - Net Debt to Adjusted EBITDA improved to 5.4x at year-end 2025, down from 6.1x the previous year. The company repaid approximately $650 million of term loans and $250 million of senior notes [6][8] - The company appointed new leadership, including Peter Scott as President & CEO and Daniel Gabbay as CFO, enhancing its governance and strategic direction [6] Dividend and Guidance - The Board approved a common stock dividend of $0.24 per share, payable on March 11, 2026 [11] - For 2026, the company provided guidance with expected earnings per share ranging from -$0.05 to $0.05, NAREIT FFO per share between $1.44 and $1.50, and same-store cash NOI growth projected at 3.5% to 4.5% [12]

分组1 - LXP Industrial reported quarterly funds from operations (FFO) of $0.79 per share, missing the Zacks Consensus Estimate of $0.85 per share, and showing a slight decrease from $0.80 per share a year ago, resulting in an FFO surprise of -7.06% [1] - The company posted revenues of $86.74 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.61%, but down from $100.85 million in the same quarter last year [2] - LXP Industrial shares have increased approximately 4.2% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] 分组2 - The future performance of LXP Industrial's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [4][6] - The current consensus FFO estimate for the upcoming quarter is $0.85 on revenues of $86.76 million, and for the current fiscal year, it is $3.50 on revenues of $354.63 million [7] - The REIT and Equity Trust - Residential industry, to which LXP Industrial belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Insights - Essential Properties (EPRT) reported quarterly funds from operations (FFO) of $0.49 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 +0.35% [1] - The company posted revenues of $149.87 million for the quarter ended December 2025, which was 1.16% below the Zacks Consensus Estimate, but an increase from $119.71 million year-over-year [2] - Essential Properties shares have increased approximately 7.6% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] Financial Performance - Over the last four quarters, Essential Properties has surpassed consensus FFO estimates only once, while it has topped consensus revenue estimates three times [2] - The current consensus FFO estimate for the upcoming quarter is $0.49 on revenues of $158.66 million, and for the current fiscal year, it is $2.04 on revenues of $673.59 million [7] Industry Context - The REIT and Equity Trust - Retail industry, to which Essential Properties belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of Essential Properties may be influenced by the overall industry outlook, as empirical research shows a strong correlation between stock movements and trends in estimate revisions [5][8]

分组1 - Piedmont Realty Trust reported quarterly funds from operations (FFO) of $0.35 per share, matching the Zacks Consensus Estimate, but down from $0.37 per share a year ago, representing an FFO surprise of +1.45% [1] - The company posted revenues of $142.85 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 3.22%, although this is a slight decrease from year-ago revenues of $143.23 million [2] - Piedmont Realty Trust has surpassed consensus FFO estimates in all four of the last quarters and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has gained approximately 5% since the beginning of the year, outperforming the S&P 500, which has increased by 1.4% [3] - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $140.38 million, and for the current fiscal year, it is $1.47 on revenues of $570.87 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

分组1 - Getty Realty (GTY) reported quarterly funds from operations (FFO) of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and up from $0.60 per share a year ago, representing an FFO surprise of +2.44% [1] - The company achieved revenues of $60 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 7.61%, compared to year-ago revenues of $52.24 million [2] - Over the last four quarters, Getty Realty has surpassed consensus FFO estimates two times and revenue estimates three times [2] 分组2 - The stock has increased approximately 14.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] - The current consensus FFO estimate for the upcoming quarter is $0.60 on revenues of $58.77 million, and for the current fiscal year, it is $2.49 on revenues of $228.56 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

分组1 - Stag Industrial (STAG) reported quarterly funds from operations (FFO) of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.61 per share a year ago, representing an FFO surprise of +4.76% [1] - The company achieved revenues of $220.9 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 5.27%, compared to $199.32 million in the same quarter last year [2] - Stag has outperformed the S&P 500 with a 7.3% increase since the beginning of the year, while the S&P 500 gained 1.4% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.64 on revenues of $209.46 million, and for the current fiscal year, it is $2.61 on revenues of $848.18 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 29% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Core Insights - Equinix reported quarterly funds from operations (FFO) of $8.91 per share, missing the Zacks Consensus Estimate of $9.07 per share, but showing an increase from $7.92 per share a year ago, resulting in an FFO surprise of -1.74% [1] - The company posted revenues of $2.42 billion for the quarter ended December 2025, which was below the Zacks Consensus Estimate by 1.96%, compared to $2.26 billion in the same quarter last year [2] - Equinix shares have increased by approximately 11.8% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] Financial Performance - Over the last four quarters, Equinix has surpassed consensus FFO estimates three times and topped revenue estimates two times [2] - The current consensus FFO estimate for the upcoming quarter is $10.01 on revenues of $2.46 billion, and for the current fiscal year, it is $40.63 on revenues of $10.06 billion [7] Market Outlook - The sustainability of Equinix's stock price movement will largely depend on management's commentary during the earnings call [3] - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Equinix currently holds a Zacks Rank 2 (Buy), suggesting that the stock is expected to outperform the market in the near future [6]