Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.55 per share, missing the Zacks Consensus Estimate of $0.57 per share. This compares to FFO of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -3.05%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.55 per share when it actually produced FFO of $0.57, delivering a surprise of +3.64%.Over the last four quarters, t ...

分组1 - Kilroy Realty (KRC) reported quarterly funds from operations (FFO) of $0.97 per share, missing the Zacks Consensus Estimate of $0.98 per share, and down from $1.2 per share a year ago, representing an FFO surprise of -1.12% [1] - The company posted revenues of $272.19 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.58%, but down from year-ago revenues of $286.38 million [2] - Kilroy Realty shares have underperformed the market, losing about 6.3% since the beginning of the year compared to the S&P 500's gain of 1.3% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.88 on revenues of $269.06 million, and for the current fiscal year, it is $3.36 on revenues of $1.08 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 25% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

分组1 - UDR reported quarterly funds from operations (FFO) of $0.64 per share, matching the Zacks Consensus Estimate, and showing a year-over-year increase from $0.63 per share [1] - The company posted revenues of $428.83 million for the quarter ended December 2025, which was a slight miss against the Zacks Consensus Estimate by 0.16%, compared to $420.44 million in the same quarter last year [2] - UDR has surpassed consensus FFO estimates two times over the last four quarters, while it has only topped consensus revenue estimates once in the same period [2] 分组2 - The stock has gained approximately 2.4% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The current consensus FFO estimate for the upcoming quarter is $0.63, with projected revenues of $430.54 million, and for the current fiscal year, the estimate is $2.56 on revenues of $1.75 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 36% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Net income attributable to common shareholders for Q4 2025 was $601,000, or $0.00 per diluted share, down from $1,203,000, or $0.01 per diluted share in Q4 2024 [1] - For the year ended December 31, 2025, net income attributable to common shareholders was $842,851,000, or $4.20 per diluted share, compared to $8,275,000, or $0.04 per diluted share for 2024, primarily due to a $803,248,000 gain from a master lease with NYU [3] - Funds from operations (FFO) attributable to common shareholders for Q4 2025 was $112,927,000, or $0.56 per diluted share, compared to $117,085,000, or $0.58 per diluted share in Q4 2024 [2] - For the year ended December 31, 2025, FFO was $486,826,000, or $2.42 per diluted share, an increase from $470,021,000, or $2.37 per diluted share in 2024 [4] Acquisitions and Dispositions - The company acquired 3 East 54th Street for $141,000,000 on January 7, 2026, with prior purchases of defaulted notes secured by the property [9][10] - On September 4, 2025, the company purchased 623 Fifth Avenue for $218,000,000, intending to redevelop it into a boutique office building [11] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a net gain of $11,002,000 [12] Financing Activities - The company completed a $525,000,000 refinancing of One Park Avenue on February 9, 2026, with a five-year interest-only loan maturing in February 2031 [18] - On January 14, 2026, the company completed a public offering of $500,000,000 senior unsecured notes due February 1, 2033 [22] - A joint venture refinanced 7 West 34th Street for $250,000,000 on January 23, 2026, paying down a prior loan [21] Leasing Activity - Total square feet leased in Q4 2025 was 960,000, with an initial rent of $95.36 per square foot [46] - The weighted average lease term for new leases was 9.9 years in Q4 2025 [47] - Occupancy as of December 31, 2025, was 90.0% for New York properties [50] Dividends and Share Repurchase - The Board of Trustees declared a dividend of $0.74 per common share for 2025, with plans to continue the dividend policy in 2026 [44] - During 2025, the company repurchased 1,462,360 common shares for $50,962,000 at an average price of $34.85 per share [45]

Core Insights - UDR, Inc. reported strong financial results for Q4 and full-year 2025, with FFOA per share and Same-Store growth exceeding expectations [1][2] - The company established guidance ranges for 2026 and announced a dividend increase, reflecting confidence in future performance [1][2] Financial Performance - Q4 2025 net income per diluted share was $0.67, exceeding guidance of $0.13 to $0.15 and up from $0.69 in Q4 2024 [1] - Full-year 2025 net income per diluted share reached $1.13, a significant increase of 335% from $0.26 in 2024 [1] - FFO per diluted share for Q4 2025 was $0.62, slightly below the guidance of $0.63 to $0.65, but up 29% from $0.48 in Q4 2024 [1] - Full-year 2025 FFO per diluted share was $2.43, a 6% increase from $2.29 in 2024 [1] Same-Store Results - Q4 2025 Same-Store revenue growth was 1.8% year-over-year, while expenses increased by 2.0%, resulting in a 1.7% growth in Net Operating Income (NOI) [1] - For the full year 2025, Same-Store revenue growth was 2.4%, with expenses rising by 2.6%, leading to a 2.3% increase in NOI [1] Operational Highlights - The company repurchased approximately 2.6 million shares at an average price of $35.56, totaling about $92.8 million [1] - UDR completed the acquisition of The Enclave at Potomac Club for approximately $147.7 million and expanded its joint venture with LaSalle Investment Management by $231.6 million [1][2] Guidance and Outlook - For Q1 2026, UDR expects net income per diluted share between $0.11 to $0.13 and FFO per diluted share between $0.61 to $0.63 [1] - Full-year 2026 guidance includes net income per diluted share of $0.45 to $0.55 and FFO per diluted share of $2.47 to $2.57 [1] Dividend Information - The board declared a quarterly dividend of $0.43 per share for Q4 2025, a 1.2% increase from the same period in 2024 [2] - The annualized dividend for 2026 is set at $1.74, also reflecting a 1.2% increase over 2025 [2] Corporate Governance - UDR appointed Richard B. Clark and Ellen M. Goitia to its Board of Directors, enhancing the board's expertise in real estate investment and corporate governance [2]

Financial Performance - Curbline Properties (CURB) reported quarterly funds from operations (FFO) of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.27 per share, and up from $0.23 per share a year ago [1] - The quarterly FFO surprise was +6.62%, and the company has surpassed consensus FFO estimates three times over the last four quarters [2] - Curbline's revenues for the quarter were $54.15 million, surpassing the Zacks Consensus Estimate by 6.56%, compared to $34.92 million in the same quarter last year [3] Market Performance - Curbline shares have increased by approximately 8.9% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [4] - The current consensus FFO estimate for the upcoming quarter is $0.26 on revenues of $51.82 million, and for the current fiscal year, it is $1.15 on revenues of $212.08 million [8] Industry Outlook - The REIT and Equity Trust - Retail industry, to which Curbline belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook [9] - Kimco Realty (KIM), another company in the same industry, is expected to report quarterly earnings of $0.44 per share, reflecting a year-over-year change of +4.8% [10]

CURBLINE PROPERTIES TABLE OF CONTENTS CURBLINE PROPERTIES 4Q25 EARNINGS CONFERENCE CALL FEBRUARY 9, 2026 SAFE HARBOR STATEMENT Curbline Properties Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in su ...

Core Insights - Curbline Properties Corp. reported a significant increase in net income for the year ended December 31, 2025, reaching $39.8 million, or $0.37 per diluted share, compared to $10.3 million, or $0.09 per diluted share, in the previous year [1][2] - The company experienced strong growth in operating funds from operations (OFFO), which rose to $30.4 million, or $0.29 per diluted share, in the fourth quarter of 2025, up from $23.8 million, or $0.23 per diluted share, in the same period last year [1][2] - Curbline's strategy focuses on acquiring convenience shopping centers, with nearly $800 million in real estate acquired during 2025, and a same-property net operating income (NOI) growth of over 3% [1][2] Fourth Quarter Results - Fourth quarter net income attributable to Curbline was $9.5 million, or $0.09 per diluted share, down from $11.5 million, or $0.11 per diluted share, in the prior year, primarily due to decreased interest income and increased expenses [1][2] - The company reported a leased rate of 96.7% as of December 31, 2025, consistent with the previous quarter and an increase from 95.5% a year earlier [1][2] - Significant leasing spreads were achieved, with cash new leasing spreads of 19.4% and cash renewal leasing spreads of 8.0% for the trailing twelve-month period ended December 31, 2025 [1][2] Full-Year 2025 Activity - Curbline acquired a total of 81 convenience shopping centers for an aggregate price of $788.4 million during 2025 [1][2] - The company successfully executed a $150 million term loan and issued senior unsecured notes totaling $200 million, with fixed interest rates established through treasury lock agreements [1][2] - Fitch Ratings assigned a Long-Term Issuer Default Rating of 'BBB' with a Stable Outlook to Curbline in May 2025 [1][2] 2026 Guidance - For 2026, Curbline estimates net income attributable to be between $0.32 and $0.40 per diluted share, with Operating FFO projected to be between $1.17 and $1.21 per diluted share [2][3] - The guidance does not include projections for gains or losses on asset sales or transaction costs [2][3] Financial Metrics - The company reported a same-property NOI increase of 3.3% for the year ended December 31, 2025, compared to the previous year [1][2] - The Signed Not Opened spread was 260 basis points, representing $8.4 million of annualized base rent [1][2] - Curbline's OFFO for the full year 2025 was $112 million, or $1.06 per diluted share, compared to $83.5 million, or $0.80 per diluted share, in 2024 [1][2]

Core Insights - Omega Healthcare Investors reported strong fourth-quarter results with adjusted funds from operations (AFFO) of $0.80 per share and funds available for distribution (FAD) of $0.76 per share, reflecting growth driven by new investments and reduced interest expenses [1][3][6] - The company achieved a revenue increase to $319 million in the fourth quarter, up from $279 million year-over-year, with net income rising to $172 million compared to $116 million in the prior-year quarter [2][4] Financial Performance - Fourth-quarter FAD increased by one cent from the previous quarter, supported by $485 million in new investments and approximately $1 million in lower net interest expenses [1] - Full-year AFFO and FAD growth exceeded 8% year-over-year, aided by $1.1 billion in capital deployment [3][6] - The dividend payout ratio decreased to 84% of AFFO and 88% of FAD [3][6] Portfolio and Investment Activity - Omega now owns or partners in 1,111 facilities and completed over $1.1 billion in transactions during 2025, including expansions and new stakes in various facilities [5][12] - The company is monitoring the Genesis Chapter 11 bankruptcy, with expectations for resolution in Q3 or Q4 of 2026 [5][9][10] - Recent investments include a $93 million purchase of 9.9% of Saber's operating company equity and a $109 million acquisition of skilled nursing facilities in Georgia [13][14] Balance Sheet and Leverage - Omega significantly strengthened its balance sheet by reducing funded debt by over $700 million, including a $600 million note payoff, resulting in a leverage ratio of 3.51x [6][7] - The company ended 2025 with $27 million in cash and over $1.7 billion in revolver capacity, alongside a new $2 billion at-the-market program [7][8] Guidance and Future Outlook - Full-year 2026 adjusted FFO guidance is set between $3.15 and $3.25 per share, factoring in completed investments and scheduled loan repayments [16] - Management indicated a conservative approach to RIDEA underwriting and is considering increasing the dividend, contingent on board decisions [18] Regulatory Environment - Recent legislative changes addressed a 4% Medicare cut, and minimum staffing standards were repealed, which Omega welcomed [17] - The company anticipates minimal impact from CMS's proposal for flat rates in 2027 due to low Medicare Advantage exposure [17]

Core Insights - Ventas, Inc. (VTR) reported fourth-quarter 2025 normalized funds from operations (FFO) per share of 89 cents, matching the Zacks Consensus Estimate, and reflecting a 9.9% increase from the prior-year quarter [2][10] - The company achieved revenues of $1.57 billion in the fourth quarter, exceeding the Zacks Consensus Estimate of $1.50 billion, and marking a year-over-year increase of 21.7% [4][10] - Ventas provided guidance for 2026 normalized FFO per share in the range of $3.78-$3.88, with total same-store cash NOI growth projected between 8.5% and 10.5% [11] Financial Performance - In Q4 2025, same-store cash net operating income (NOI) for the total property portfolio increased by 7.8% to $486.3 million year over year [6] - The senior housing operating portfolio (SHOP) saw a significant increase in same-store cash NOI, climbing 15.4% year over year to $235.6 million, supported by a 4.7% growth in average monthly revenues per occupied room [6][7] - The outpatient medical and research (OM&R) portfolio's same-store cash NOI improved by 3.7% year over year to $140.1 million, while the triple-net leased properties' same-store cash NOI decreased by 1.3% to $110.5 million [7] Balance Sheet and Liquidity - Ventas ended Q4 2025 with cash and cash equivalents of $741.1 million, a significant increase from $188.6 million as of September 30, 2025 [8] - The company reported total liquidity of $5.3 billion, up from $4.1 billion as of September 30, 2025, with a net debt to further adjusted EBITDA ratio of 5.2 [8] 2026 Guidance - The company anticipates same-store cash NOI growth for the SHOP segment to be between 13% and 17%, while the OM&R portfolio is expected to see growth of 2-3% [11] - The investment volume for the senior housing segment is projected at $2.5 billion [12]