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]

Financial Performance - Net income attributable to common stockholders increased by 149.7% to $91340 thousand, compared to $36580 thousand in Q1 2024[113] - Core FFO per diluted share increased by 3.4% to $061, compared to $059 in Q1 2024[113] - Cash NOI increased by 8.1% to $157197 thousand, compared to $145472 thousand in Q1 2024[113] - Same Store Cash NOI increased by 3.4% to $144620 thousand, compared to $139922 thousand in Q1 2024[113] - Cash Available for Distribution increased by 8.5% to $106486 thousand, compared to $98133 thousand in Q1 2024[113] Portfolio and Leasing Activity - The company acquired three buildings totaling 393564 square feet for $43285 thousand, with a Cash Capitalization Rate of 6.8% and a Straight-Line Capitalization Rate of 7.0%[28, 116] - One building was sold, consisting of 337391 square feet, for $67000 thousand, resulting in a net gain of $49913 thousand[34, 16] - The total portfolio Occupancy Rate was 95.9%, and the Operating Portfolio Occupancy Rate was 96.8% as of March 31, 2025[9] - Operating Portfolio leases commenced for 4962628 square feet, resulting in a Cash Rent Change of 27.3% and a Straight-Line Rent Change of 42.1%[37, 121] - Retention was 85.3% for 55 million square feet of leases expiring in the quarter[37, 121]

Note: Unless otherwise indicated, the source of all Company data is publicly available information that has been or will be filed with the Securities and Exchange Commission for the period ending March 31, 2025. Founded / IPO NYSE Market Cap1 Enterprise Value1 Operating Retail Properties Total Owned Retail GLA (SF) Retail Portfolio Percent Leased Annualized Base Rent (ABR) per SF Net Debt to Adjusted EBITDA ABR from Assets with a Grocery Component2 ABR in Sun Belt Markets3 ABR from Community & Neighborhood ...

Core Insights - Kite Realty Group reported a net income of $23.7 million, or $0.11 per diluted share, for Q1 2025, compared to $14.2 million, or $0.06 per diluted share, in Q1 2024, indicating a significant year-over-year increase in profitability [1][21][34] - The company raised its 2025 guidance for NAREIT FFO to a range of $2.04 to $2.10 per diluted share, up from the previous range of $2.02 to $2.08 per diluted share [9] - Kite Realty Group acquired Legacy West in the Dallas MSA for $785 million, with its share amounting to $408 million, through a joint venture with GIC, enhancing its portfolio in a high-growth area [3][11] Financial Performance - The company generated NAREIT FFO of $122.8 million, or $0.55 per diluted share, and Core FFO of $118.1 million, or $0.53 per diluted share for Q1 2025 [7][24] - Same Property Net Operating Income (NOI) increased by 3.1% year-over-year, reflecting strong operational performance [7][33] - The operating retail portfolio's annualized base rent per square foot was $21.49, a 3.1% increase year-over-year [7] Capital Allocation and Investments - Kite Realty executed 182 new and renewal leases representing approximately 844,000 square feet, with blended cash leasing spreads of 13.7% [7][33] - The company sold Stoney Creek Commons for $9.5 million and acquired Village Commons for $68.4 million during the quarter [3][7] - The joint venture with GIC aims to co-invest in high-quality, open-air retail and mixed-use assets, with Legacy West being a key acquisition [3][11] Dividend and Shareholder Returns - The Board of Trustees declared a second quarter 2025 dividend of $0.27 per common share, representing an 8.0% year-over-year increase [8] - The company aims to maintain leverage at or below its long-term target of 5.0x to 5.5x net debt to EBITDA, with a current net debt to Adjusted EBITDA ratio of 4.7x [6][9]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net loss of $6.9 million or a loss of $0.27 per diluted share on total revenue of $63.2 million, compared to a net income of $26.4 million or $1 earnings per diluted share for the same period in 2024 on total revenue of $67.6 million [7] - Net Operating Income (NOI) for Q1 2025 was $37.8 million on 35 properties, down from $41.1 million for Q1 2024 on 37 properties, reflecting a decrease in same store revenues of 1% and a decrease in same store NOI of 3.8% compared to Q1 2024 [7][8] - Core Funds from Operations (FFO) for Q1 2025 was $19.1 million or $0.75 per diluted share, compared to $0.74 per diluted share in Q1 2024 [7] Business Line Data and Key Metrics Changes - The company completed two full and partial upgrades during the first quarter, leasing 201 upgraded units with an average monthly rent premium of $62 and a 16.1% return on investment [7] - Since inception, the company has completed 8,558 upgrades, resulting in an average monthly rental increase of $172 and a 20.7% return on investment [8] Market Data and Key Metrics Changes - Occupancy at the end of Q1 2025 was 94.4%, with significant growth in Nashville and Phoenix, which finished at 95.4% and 96.6% respectively [11] - The company noted that national absorption was strong, with over 38,000 units absorbed in Q1, marking a record first quarter leasing performance [13] - Effective rents ended the quarter at $1,495, up 30 basis points from Q4 2024, with six out of ten markets showing flat to positive rent growth [16] Company Strategy and Development Direction - The company is focusing on driving internal growth and recycling capital as supply continues to be absorbed later in the year, with an emphasis on rent growth initiatives in most markets [20] - The management is optimistic about the inflection of new lease growth, which is seen as a positive sign for the company's assets after several quarters of softness [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing environment, noting that same store NOI is expected to improve over the remainder of the year despite a 3.8% decline in Q1 [12] - The company is monitoring the impacts of tariffs but has not seen a material effect on operations thus far, with most suppliers maintaining stable prices [18][19] Other Important Information - The company declared a quarterly dividend of $0.51 per share, which was 1.4 times covered by core FFO with a 68.3% payout ratio [8] - The company has initiated a share buyback program, purchasing 223,109 shares totaling approximately $7.6 million at an average price of $34.29 per share [10] Q&A Session Summary Question: Are there markets where cap rates are softer? - Management indicated that Atlanta and some areas in DFW are on the weaker side of the NAV guidance due to ongoing supply [25][26] Question: Could the company sell more assets to repurchase stock? - Management confirmed the intention to maintain a steady buyback program while being opportunistic in recycling capital [28] Question: Is the increase in core FFO guidance driven by share buybacks and swaps? - Management confirmed that the increase is primarily due to favorable swap rates and share buybacks [31][32] Question: What is the outlook for new lease growth? - Management expressed optimism about achieving a 2% growth in new leases for the year, driven by strong demand and limited supply [50][51] Question: What is the CapEx guidance for the year? - Management indicated a stable run rate for recurring and nonrecurring CapEx, with a target of around 300 interior upgrades in Q2 and Q3 [53][54]

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]

Financial Data and Key Metrics Changes - The company reported a same store NOI growth of 4.2% for the quarter, with total NOI from the commercial real estate portfolio at $33.2 million, representing a 4.6% increase from Q1 of the previous year [9][14] - Total FFO was $0.36 per share for Q1 2025, consisting of $0.06 from land operations and $0.30 from CRE and corporate, reflecting an 11.1% increase when normalized for previous adjustments [14][15] - The company raised its total FFO guidance to a range of $1.17 to $1.23 per share, while maintaining guidance for same store NOI growth of 2.4% to 3.2% [18] Business Line Data and Key Metrics Changes - The company executed 42 leases in its improved property portfolio, representing approximately 237,000 square feet of GLA and $5.6 million of ABR [11] - Leased occupancy was reported at 95.4%, up 80 basis points sequentially and 140 basis points year-over-year [12] - The company sold 90 acres of primarily agricultural zoned land, contributing approximately $0.06 million to land operations earnings for the quarter [10] Market Data and Key Metrics Changes - The company noted a significant lease at Kakaako Commerce Center, increasing leased occupancy to 95.6% at quarter end compared to 83.2% last quarter [10] - Economic occupancy at quarter end was 93.9%, up 100 basis points from the previous quarter and 160 basis points from the same period last year [12] Company Strategy and Development Direction - The company is focused on improving its CRE portfolio performance, internal and external growth, and streamlining its business and cost structure [9] - The recent ground lease transaction at Maui Business Park is seen as a strategic move to convert non-income producing land into long-term rental income, with plans for a self-storage facility [10][27] - The company aims to maintain a Hawaii-focused asset class diverse strategy while exploring opportunities in self-storage as a natural adjacency [10][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current macroeconomic uncertainty but emphasized strong first-quarter results and the ability to manage through challenges [21] - There have been no significant concerns from tenants regarding their operations, and leasing activity remains robust despite some discussions around tariffs [29][37] - The company is taking proactive measures to mitigate potential impacts from rising construction costs due to tariffs by pre-purchasing materials [30][55] Other Important Information - The company maintains a strong balance sheet with total liquidity of over $300 million and a net debt to adjusted EBITDA ratio of 3.6 times [16] - The first quarter dividend of $0.025 per share was paid on April 7, with a second quarter dividend declared [17] Q&A Session Summary Question: Can you provide details on the self-storage transaction and the equity investment opportunity? - The self-storage transaction involved a 75-year ground lease, converting non-income producing land into long-term rental income, with an immediate financial benefit of about a penny of FFO for 2025 [24][26] Question: What are the current concerns from tenants regarding macroeconomic conditions? - Management reported no real-time concerns from tenants, with positive metrics in tenant interest and sales [29][30] Question: How does the company view its guidance in light of strong Q1 performance? - The company maintained guidance for certain metrics due to macroeconomic uncertainties, despite a strong first quarter performance [39][41] Question: Are there any anticipated fluctuations in occupancy or FFO due to move-outs? - Management indicated no known issues that would impact occupancy or FFO significantly for the remainder of the year [59] Question: Is there potential for additional growth opportunities beyond the Maui Business Park deal? - The company is actively looking for additional growth opportunities and remains optimistic about placing capital later in the year [70]

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]

Core Insights - Mid-America Apartment Communities (MAA) reported a fourth-quarter 2024 core FFO per share of $2.23, missing the Zacks Consensus Estimate of $2.24 and reflecting a 3.9% year-over-year decline from $2.32 [2] - Rental and other property revenues for Q4 were $549.8 million, below the consensus estimate of $552.5 million but 1.4% higher than the previous year [3] - The company provided its initial outlook for 2025, projecting a core FFO per share range of $8.61-$8.93, with a midpoint of $8.77 [12] Financial Performance - The same-store portfolio's revenues decreased by 0.2% year-over-year, with average effective rent per unit declining by 0.5% [4] - The same-store portfolio's property operating expenses increased by 3.4% year-over-year, leading to a 2.1% decline in NOI [4] - For the full year 2024, core FFO per share was $8.88, lower than the prior year's $9.17 and below the consensus estimate of $8.89 [3] Portfolio Activity - MAA acquired a 386-unit multifamily community in Dallas for approximately $106 million and a 3-acre land parcel in Raleigh for $5 million [6] - The company disposed of a 216-unit community in Charlotte and a 272-unit community in Richmond for combined net proceeds of $85 million, resulting in a gain of $55 million [7] - As of December 31, 2024, MAA had seven communities under development, totaling 2,312 units with a projected cost of $851.5 million [7] Resident Turnover and Lease Pricing - Resident turnover was historically low at 42.0% on a trailing 12-month basis, attributed to low move-outs for single-family homes [5] - Lease pricing for new leases declined by 8.0%, while renewing leases increased by 4.2%, resulting in a blended decrease of 2% in lease pricing [5] Balance Sheet Position - MAA ended 2024 with cash and cash equivalents of $43.0 million, up from $41.3 million at the end of 2023 [10] - The total debt outstanding was $5.0 billion, with an average maturity of 7.3 years [11] - The company maintained a net debt/adjusted EBITDAre ratio of 4.0 times [10] 2025 Guidance - MAA anticipates a first-quarter 2025 core FFO per share between $2.08 and $2.24, with a midpoint of $2.16 [12] - Same-store property revenue growth is projected between -0.35% and 1.15%, with operating expense growth expected between 2.45% and 3.95% [13] - Average physical occupancy for the same-store portfolio is guided to be between 95.3% and 95.9% [13] Market Sentiment - There has been a downward trend in estimates for MAA, leading to a Zacks Rank of 4 (Sell) [16] - The stock has a subpar Growth Score of D and a grade of F on the value side, indicating it is in the lowest quintile for investment strategy [15]