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Group 1 - REITs have performed poorly over the past five years, while the S&P 500 has seen significant gains, doubling investors' money since early 2020 with an average annual return of approximately 15% [1] - The company invests substantial resources, over $100,000 annually, into researching profitable investment opportunities in real estate [2] - The approach has garnered over 500 five-star reviews from satisfied members, indicating a positive reception and effectiveness of the strategies offered [2]

Realty Income's strong performance in the second quarter amid market instability reinforced its reputation as a top-tier dividend stock. Despite tariffs and interest rate fluctuations, the company produced steady results, demonstrating why consistency in both returns and dividends makes it a must-own investment for those seeking both growth and stability. Realty Income is a very reliable dividend stock. Realty Income (O 0.32%) stands out for its unmatched consistency as a dividend stock. The real estate inv ...

Financial Data and Key Metrics Changes - Total revenues increased by 63.3% in Q2 2025 compared to the same quarter last year [6] - Normalized FFO per share rose by approximately 19% [6] - Normalized FAD per share increased by about 16% [6] - Quarterly dividend was raised by 15.5% year over year while maintaining a comfortable payout ratio [6][14] Business Line Data and Key Metrics Changes - The integration of Care REIT assets is progressing well, with strong operator relationships established [7] - Approximately $1,200,000,000 in total investments closed year to date, with a strong pipeline of about $600,000,000 [11][12] - The company completed a $146,000,000 acquisition of a portfolio of 10 skilled nursing assets in the Pacific Northwest [11] Market Data and Key Metrics Changes - The investment pipeline primarily consists of skilled nursing facilities, with some seniors housing deals and UK care home opportunities included [12] - The company is actively evaluating potential acquisitions in the UK care home sector, which represents an additional growth avenue [12] Company Strategy and Development Direction - The company aims to continue its growth trajectory, feeling like it is still in "startup mode" and focused on sustainable FFO per share growth [8] - Investments are being made in people and systems to support future growth, including expanding the UK presence and enhancing the US team [9] - The company is focused on building strong operator relationships and diversifying its asset types and geographic concentration [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the strong performance and record pace of investments over the past two years [8][18] - There is a belief that Medicaid for skilled nursing and senior care has broad bipartisan support, which may help stabilize reimbursement rates [60] Other Important Information - The company raised its guidance for normalized FFO and FAD per share for the year to between $1.77 and $1.79 [15] - Liquidity remains strong with $65,000,000 in cash on hand and $1,140,000,000 available under the revolver [16] Q&A Session Summary Question: Can you discuss the composition of the investment pipeline and contributions from the UK? - The majority of the pipeline is still US skilled nursing, with some contributions from US seniors and UK transactions [22] Question: Have you seen increased competition for assets in the market? - There has not been a meaningful uptick in deal flow from recent legislation, but regional operators are starting to bring more assets to market [32] Question: What are the potential synergies from the integration of the Care REIT team? - Integration is going well, with expectations of realizing synergies of about $10,000,000, with 50% expected to kick in mostly in Q1 next year [69] Question: Are you looking at new operators and financing deals with them? - The company is developing a bench of new operators while continuing to grow with existing ones [52] Question: How is the competitive landscape affecting your operations, particularly in seniors housing? - There is a wider range of cap rates in seniors housing, but the company remains competitive with the right opportunities and operators [46]

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Q2 SUPPLEMENTAL INFORMATION QUARTER ENDED JUNE 30, 2025 Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy | Fee-Bearing Capital | $563B | Our Businesses by Fee-Bearing Capital Renewable Power & Transition | | | | --- | --- | --- | --- | --- | | | | $64B | | | | Assets Under Management | $1T+ | Infrastructure | | | | | | | $100B ...

Financial Data and Key Metrics Changes - The normalized FFO per share for Q2 2025 was $0.37, and normalized AFFO per share was $0.38, representing a 6% improvement over the same period in 2024 [21][24] - Total normalized FFO and normalized AFFO for the quarter were $89.2 million and $91.6 million respectively, reflecting strong sequential growth from increased NOI in both triple net and managed senior housing portfolios [21][22] - Cash rental income from the triple net portfolio increased by $2.3 million from the first quarter, driven by a $1.4 million increase in percentage rents [22] Business Line Data and Key Metrics Changes - The managed senior housing portfolio contributed nearly 21% to total annualized cash NOI, with cash NOI for the quarter growing 17.1% year over year in the same store portfolio [14][18] - Revenue for the same store managed senior housing portfolio grew 5.6% year over year, with occupancy increasing to 86% from 84.6% in 2024 [16] - Cash NOI from the managed senior housing portfolio totaled $25.3 million for the quarter, up from $24.1 million last quarter [22] Market Data and Key Metrics Changes - The average Medicaid rate increase is expected to be around 3.5%, with the top five skilled nursing tenants averaging just above 5% [8] - The Medicare market saw an upward revision from 2.8% to 3.2%, which is considered unusual but positive [8] - The Canadian portfolio's RevPAR increased by 6.8% year over year, with occupancy above 90% for over five quarters [17] Company Strategy and Development Direction - The company aims to increase its SHOP (Senior Housing Operating Portfolio) from 20% to 30% by 2026, requiring $1 billion in investments [11] - The focus remains on acquiring well-performing newer senior housing communities that cater to the baby boomer generation [15] - The company is not interested in building a loan book or complex joint venture structures, preferring straightforward traditional deals [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment activity and operational performance, noting that triple net rent coverage is at new highs across all asset classes [12] - The company anticipates continued growth momentum into 2026, with a strong pipeline of investment opportunities [12][71] - Management remains cautious about the potential impact of economic factors on Medicare and Medicaid but believes the industry is in a healthier position than before [92][96] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, representing a payout of 79% of the second quarter normalized AFFO per share [29][30] - The net debt to adjusted EBITDA ratio was five times as of June 30, 2025, a decrease from previous quarters, indicating improved leverage [25][26] Q&A Session Summary Question: Investment guidance and confidence in reaching $500 million for the year - Management indicated that the investment range would be between $400 million to $500 million, depending on timing [33] Question: Composition of future investments and skilled nursing deals - Management clarified that while pricing is not an issue, the focus is on finding quality assets in the right markets, with a majority of future investments likely still in SHOP [35] Question: Same store SHOP NOI performance and guidance - Management expressed hope for upside but opted for a moderate approach in guidance adjustments [42] Question: Impact of holiday transition on occupancy and NOI - Management noted that the transition had an initial negative impact but expected improvements in occupancy and NOI moving forward [66] Question: Labor market conditions and wage increases - Wage increases across operators are around 4%, with no significant issues in specific markets [100][103] Question: Selection criteria for new operators - The selection process involves understanding operators' quality outcomes and their desire for growth [107]

Core Viewpoint - Armada Hoffler Properties reported strong normalized FFO per diluted share of $0.25, significantly surpassing analyst expectations, despite a substantial decline in total revenue due to challenges in the construction business [1][5][8] Financial Performance - Total revenue for Q2 2025 was $101.3 million, down 45.2% from $184.7 million in Q2 2024, primarily due to a steep decline in construction and real estate services revenue [2][5] - Normalized FFO per diluted share decreased by 26.5% year over year, from $0.34 to $0.25 [2] - Rental revenue increased by 3%, rising to $65.1 million from $63.3 million [6] Operational Highlights - The company maintained high occupancy rates across its portfolio, with a weighted average occupancy of 94.9% [6] - Retail renewal spreads were 10.8% (GAAP) and 5.5% (Cash), while office renewal spreads were 11.7% (GAAP) and 5.5% (Cash), indicating effective lease management [7] - The construction backlog decreased to $106.6 million, reflecting a strategic shift away from third-party projects [8] Strategic Focus - Armada Hoffler is concentrating on core property-level income and has shifted focus from fee-based construction to stable rental income [5][8] - The company is actively managing its financial position, with total debt rising to $1.45 billion as of June 30, 2025, and has issued $115.0 million in senior notes to refinance variable-rate loans [9] - The quarterly dividend was set at $0.14 per share to align with property-level cash flow [10] Future Guidance - Management reaffirmed full-year 2025 guidance for normalized FFO per share at $1.00 to $1.10, with construction segment gross profit expected between $4.8 million and $6.8 million [13] - The company is prioritizing portfolio stabilization and prudent development, with a focus on replacing declining construction revenue with stable property NOI [14]

The REIT Team of Chilton Capital Management, a Houston-based investment adviser, is headed by co-portfolio managers Bruce Garrison, CFA, and Matt Werner, CFA. Mr. Garrison has over 40 years of experience analyzing public REITs both on the buy-side and the sell-side. Mr. Werner joined Mr. Garrison on the Chilton REIT Team in 2009. The REIT Team's strategy primarily pursues investments in publicly traded real estate investment trusts (REITs) and real estate related entities based primarily in North America. T ...