Financial Performance & Dividends - The company anticipates AFFO per share for 2025 to be in the range of $4.22 to $4.28[23] - The company has a strong dividend track record with a 4.3% compound annual growth rate (CAGR) since 1994[10, 15] - The company's annualized dividend for 2025 is $3.222[10] - The company's AFFO per share for Q1 2025 was $1.06, representing 2.9% growth compared to last year[23] Portfolio & Investments - The company's enterprise value is approximately $80 billion[6] - The company's gross real estate value is approximately $59 billion[7] - The company invested $1.4 billion in Q1 2025 at an initial weighted average cash yield of 7.5%, including $893 million in Europe at 7.0% and $479 million in the U.S at 8.3%[23] - The company expects approximately $4.0 billion in investment volume for 2025[23, 24] - The company's annualized base rent is approximately $5.05 billion[13] Diversification & Stability - The company's portfolio consists of 15,627 commercial real estate properties[6] - The company's portfolio has ~91% occupancy[9] - Approximately 34% of the company's rent comes from investment-grade clients[6]

Financial Highlights - Investment activity reached $80 million[4] - Implied property value per square foot is $225[4,16] - Same-Property NOI quarter-over-quarter growth is 2.4%[4] - Net Debt to Pro Forma Adjusted EBITDA is 6.6x[4,60] Portfolio Overview - Portfolio square footage is 5.2 million[7] - 83% of the portfolio's ABR (Annualized Base Rent) comes from Georgia, Texas, Florida & North Carolina[4,11] - Grocery-Anchored Retail accounts for 20% of the portfolio's asset type[14] - The portfolio's 5-mile population is approximately 191,000[4,15] Leasing Activity - Comparable leasing spread is 37%[4,16,22]

Core Insights - CTO Realty Growth, Inc. reported strong operational and financial results for Q1 2025, including the acquisition of a significant property and positive leasing activity [1][3][6] Financial Performance - Net income attributable to the company decreased to $2.261 million for Q1 2025, down 61.3% from $5.842 million in Q1 2024 [4][10] - Core Funds from Operations (FFO) attributable to common stockholders increased by 34.5% to $14.445 million, while Adjusted Funds from Operations (AFFO) rose by 33.3% to $15.521 million [4][5] - Same-Property Net Operating Income (NOI) totaled $17.1 million, reflecting a 2.4% increase from the prior year [5][10] Leasing Activity - The company signed 18 leases totaling 112,585 square feet, with a comparable cash rent growth of 37.2%, increasing from an average of $17.47 to $23.97 per square foot [11][12] - The current signed-not-open pipeline represents $4.0 million, or 4.0%, of annual cash base rent as of March 31, 2025 [5] Property Acquisition - CTO acquired Ashley Park, a 559,000-square-foot lifestyle center in Atlanta, Georgia, for $79.8 million, achieving a going-in cap rate at the high end of the company's guidance [3][6] Portfolio Overview - As of March 31, 2025, the company's portfolio consisted of 24 properties with a total of 5,246 thousand square feet and a weighted average remaining lease term of 4.9 years [7] - The portfolio's leased occupancy rate was reported at 93.8% [7] Capital Structure and Liquidity - The company had liquidity of $138.4 million as of March 31, 2025, with $130.0 million of undrawn commitments on its Revolving Credit Facility [5][13] - Total long-term debt amounted to $603.8 million, with a weighted average interest rate of 4.35% [14][15] 2025 Outlook - The company reaffirmed its Core FFO and AFFO guidance for 2025, projecting Core FFO per common share to be between $1.80 and $1.86, and AFFO per common share to be between $1.93 and $1.98 [20][21]

Core Insights - NNN REIT, Inc. reported strong financial results for Q1 2025, with revenues of $230.854 million, a 7.2% increase from $215.407 million in Q1 2024 [2] - The company achieved net earnings of $96.458 million, slightly up from $94.371 million in the previous year, resulting in a diluted earnings per share of $0.51 [2][4] - NNN's Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87 respectively [4][31] Financial Results - Total revenues for Q1 2025 were $230.854 million, compared to $215.407 million in Q1 2024, marking a 7.2% increase [2] - Net earnings increased to $96.458 million from $94.371 million, with net earnings per share slightly decreasing from $0.52 to $0.51 [2][4] - FFO for the quarter was $158.734 million, up from $151.261 million in the prior year, with FFO per share increasing from $0.83 to $0.85 [2][31] - Core FFO reached $160.907 million, compared to $151.578 million in Q1 2024, with Core FFO per share rising from $0.83 to $0.86 [2][31] - AFFO was reported at $163.015 million, an increase from $153.259 million, with AFFO per share growing from $0.84 to $0.87 [2][31] Operating Results - As of March 31, 2025, NNN owned 3,641 properties with a total gross leasable area of approximately 37.311 million square feet [3][15] - The occupancy rate was reported at 97.7%, slightly below the 20-year average of 98.2% [4][15] - The weighted average remaining lease term was 9.9 years [3][15] - NNN initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator, successfully re-leasing 31 of these properties [3][5] Property Acquisitions and Dispositions - NNN closed on $232.4 million of investments during the quarter, completing over 40% of its 2025 acquisition volume plan [4][6] - The company disposed of 10 properties, generating net sale proceeds of $15.839 million [8] Balance Sheet and Liquidity - As of March 31, 2025, NNN reported gross debt of $4.6 billion with a weighted average interest rate of 4.1% and a maturity of 11.6 years [9][34] - The company maintained $1.1 billion in total available liquidity, with only 2.5% of its debt being floating rate [4][9] - The net debt to annualized EBITDAre ratio was 5.5x, while the fixed charge coverage ratio stood at 4.2x [9][37] Dividend Information - NNN declared a quarterly dividend of $0.58 per share, representing an annualized yield of 5.4% and an AFFO payout ratio of 66% [10][31] 2025 Guidance - The company maintained its 2025 guidance, projecting net earnings per share between $1.97 and $2.02, Core FFO per share between $3.33 and $3.38, and AFFO per share between $3.39 and $3.44 [11]

Q1 2025 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial- focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com Table of Contents | Section | Page | | --- | --- | | About the Data | 3 | | Company Overview | 4 | | Quarterly Financial Summary | 5 | | Balance Sheet | 6 | | Income Statement Summary | ...

Financial Performance - Total revenue for the three months ended March 31, 2025, was $27107 thousand[17], compared to $31225 thousand for the three months ended March 31, 2024[17] - Net loss for the three months ended March 31, 2025, was $(21435) thousand[17], compared to a net loss of $(7552) thousand for the three months ended March 31, 2024[17] - Adjusted EBITDA for the three months ended March 31, 2025, was $8418 thousand[29], compared to $11113 thousand for the three months ended March 31, 2024[29] - FFO for the three months ended March 31, 2025, was $2673 thousand[27], compared to $4072 thousand for the three months ended March 31, 2024[27] - AFFO for the three months ended March 31, 2025, was $(693) thousand[27], compared to $(659) thousand for the three months ended March 31, 2024[27] Property Portfolio - As of March 31, 2025, the company owned 14 properties and one consolidated Sponsored REIT[7] - Total owned square footage was 5020216 square feet[40], with a weighted occupied percentage of 664%[40] - Property NOI from owned properties was $5020 thousand[25], compared to $11319 thousand in the prior year quarter[25], a decrease of 76%[25] - Same-store property NOI decreased by 76% to $11319 thousand[25] Debt and Capitalization - Total market capitalization was $434528 thousand[14] - Total debt outstanding (excluding unamortized financing costs) was $250179 thousand[14], representing 576% of total market capitalization[14] - Net Debt to Adjusted EBITDA was 65[14]

Calko Medical Building Brooklyn, NY Earnings Release and Supplemental Report First Quarter 2025 ___________________________________________________________________ To learn more about Healthpeak's commitment to responsible business and view our most recent Corporate Impact Report, please visit www.healthpeak.com/corporate-impact. Return to TOC 3 – Net income of $0.06 per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.46 per share, AFFO of $0.43 per share, and Total Same-Store Portfolio Cash (Ad ...

Portfolio Overview - The company has 134 net lease properties[3], representing a total portfolio of 4.1 million square feet[3, 16] - The portfolio's enterprise value is $610 million, equating to $150 per square foot[3] - The portfolio has a 96% retail net lease occupancy rate[3] - 50% of the Annualized Base Rent (ABR) comes from investment-grade rated tenants[3, 16] - The weighted average lease term is 9.0 years[3, 16], up from 7.0 years at the beginning of 2024[14] Financial Performance - The company's equity market capitalization is $262 million[3] - The annualized dividend yield is 6.8%[3, 51] - The company repurchased 273,825 common shares for a net cost of $4.5 million[14] - The company originated/upsized 4 loans totaling $39.5 million with a weighted average initial cash yield of 9.5%[13] Tenant and Market Diversification - The top tenant accounts for 10% of ABR[36] - The top sector, sporting goods, accounts for 16% of ABR[23] - Florida represents the largest state exposure at 14% of ABR[24]

Core Insights - Alpine Income Property Trust, Inc. reported a first quarter net loss of $(1,179) thousand, translating to $(0.08) per diluted share, while Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) were both $6,909 thousand, or $0.44 per diluted share [3][19][47] - The company completed investments totaling $79.2 million with a weighted average initial cash yield of 9.0% during the first quarter of 2025 [1][4] - The company announced an increase in dividends for Q1 2025, declaring $0.285 per share, maintaining a payout ratio of 64.8% for both FFO and AFFO [19][47] Investment Activity - In Q1 2025, the company made seven investments, including three properties and four commercial loans, amounting to $79.2 million [4] - The weighted average initial cash cap rate for properties was 8.6%, while the cash yield for commercial loans was 9.5% [4] - The company also disposed of three properties for $11.7 million, achieving a weighted average exit cash cap rate of 9.1% [6] Property Portfolio - As of March 31, 2025, the company owned 134 properties with a total square footage of 4.1 million and an annualized base rent of $47.1 million [7] - The portfolio had a weighted average remaining lease term of 9.0 years and an occupancy rate of 98.6% [7] - 50% of the annualized base rent was attributable to investment-grade rated tenants, and 81% was from credit-rated tenants [7] Financial Performance - Total revenues for Q1 2025 were $14,206 thousand, up from $12,466 thousand in Q1 2024 [3] - Operating expenses increased to $13,088 thousand from $9,883 thousand year-over-year, primarily due to higher depreciation and impairment provisions [43] - The company reported a net loss of $(1,278) thousand for the quarter, compared to a loss of $(283) thousand in the same period last year [43] Balance Sheet and Capital Markets - As of March 31, 2025, the company had a net debt to total enterprise value ratio of 57.1% and a fixed charge coverage ratio of 3.5x [11] - Total liquidity was reported at $64,876 thousand, including $56,358 thousand available under the revolving credit facility [11][12] - The company had total long-term debt of $356,511 thousand with a weighted average interest rate of 4.51% [15] 2025 Outlook - The company revised its 2025 outlook, increasing the investment range to $70 million to $100 million and the disposition range to $50 million to $70 million [22] - FFO and AFFO per diluted share are projected to be between $1.74 and $1.77, reflecting an increase of $0.04 from the prior outlook [22]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported AFFO per share of $0.33, in line with guidance, while proforma AFFO per share would have been $0.27 assuming the repayment of fixed-rate notes at the beginning of the quarter [19][20] - The net debt ratio concluded the year at 5.2 times, indicating a prudent approach to leverage and a robust balance sheet [22] Business Line Data and Key Metrics Changes - In Q4 2024, the company acquired properties worth $103.4 million at an average cap rate of 7.93% with a weighted average lease term of 11 years [6] - The portfolio consisted of 307 freestanding properties with an average remaining lease term of over seven years, maintaining strong occupancy at approximately 98% [12] Market Data and Key Metrics Changes - The company is targeting strong credit tenants in essential services, health and wellness, while avoiding casual dining and pharmacy sectors [33] - The exposure to the sit-down fast casual space decreased from 19.3% of ABR at the end of Q3 2024 to approximately 15% at the end of Q4 2024 [16] Company Strategy and Development Direction - The company aims to acquire assets at above-market cap rates, with a planned investment activity of approximately $175 million to $200 million in 2025 [9][24] - The strategy includes addressing tenant health issues and repurposing or selling troubled assets to maximize long-term value for shareholders [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in acquiring properties at above-market cap rates despite slight tightening in the marketplace [7][8] - The company anticipates that the majority of properties currently on the watch list will come back online by late 2025 at meaningful recovery rates [15][40] Other Important Information - The company has secured a new $250 million revolving credit facility and a $200 million term loan at favorable terms, enhancing financial flexibility [23] - A quarterly dividend of $0.215 per share has been declared for the first quarter, balancing shareholder returns with reinvestment into growth [27] Q&A Session Summary Question: Can you discuss the acquisition pipeline and cap rate trends? - Management highlighted a robust acquisition pipeline with average cap rates in the high sevens, focusing on strong credit tenants in essential services while avoiding casual dining and pharmacy sectors [32][33] Question: What is the current tenant health and bad debt guidance? - Bad debt expectations are projected to be in the 2% to 3% range for the year, primarily related to tenants on the watch list, with expectations of returning to normalcy by the end of 2025 [39][40] Question: Can you provide details on the timing of asset recovery? - Management is currently in negotiations for 12 assets, expecting a significant portion of lost rent to come back online, with a conservative estimate pushing recovery into late 2025 [44][50] Question: How does the underwriting for new leases compare with the existing portfolio? - Rental increases for new leases remain consistent with historical rates of 1.5% to 2%, with a high percentage of corporate credits among new acquisitions [52][53] Question: Who are the primary sellers of properties currently? - The company is seeing motivated sellers primarily in the private investor market, with many individual sellers facing distress in other parts of their portfolios [56][59] Question: What is the company's approach to leverage and acquisitions? - Management indicated a willingness to maintain leverage around 6 times net debt to EBITDA, monitoring share price fluctuations to guide acquisition activity [63][66]