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]

Core Insights - Cousins Properties (CUZ) reported fourth-quarter 2025 funds from operations (FFO) per share of 71 cents, marking a 2.9% year-over-year increase and aligning with the Zacks Consensus Estimate [1][10] - The company experienced strong leasing activity, although weighted average occupancy decreased, and interest expenses rose significantly [1][6][10] Financial Performance - Rental property revenues increased by 15% year over year to $253.3 million, exceeding the Zacks Consensus Estimate of $248.7 million, while total revenues grew 11.6% year over year to $255 million [2][10] - For the full year 2025, FFO per share was $2.84, up from $2.69 in the previous year, consistent with the Zacks Consensus Estimate [2] - Same-property rental property revenues on a cash basis rose 1.4% year over year to $198.7 million, while operating expenses increased by 3.8% to $73.1 million, leading to a marginal improvement in same-property net operating income [5] Leasing and Occupancy - In Q4, Cousins Properties executed leases for 700,000 square feet of office space, including 493,000 square feet of new and expansion leases [4] - The weighted average occupancy for the same-property portfolio was 87.4%, down 1.4% from the prior year, with the overall portfolio leased at 90.1%, a decrease from 91% year-over-year [5][6] Acquisitions and Sales - The company announced the acquisition of 300 South Tryon for $317.5 million, a fully leased lifestyle office property in Charlotte, NC, with a weighted average lease term of six years [3] - CUZ entered into agreements to sell Harborview Plaza in Tampa, FL, for $39.5 million and a land parcel in Charlotte, NC, for $23.7 million, with expected closing in 2026 [7] Balance Sheet and Outlook - At the end of Q4 2025, CUZ had cash and cash equivalents of $5.7 million, an increase from $4.7 million as of September 30, 2025 [8] - The net debt-to-annualized EBITDAre ratio was 5.30, down from 5.38 in the previous quarter, while fixed charges coverage improved to 3.52X [8] - For 2026, CUZ expects FFO per share to be in the range of $2.87-$2.97, with the Zacks Consensus Estimate currently at $2.92 [9]

Core Insights - Camden Property Trust (CPT) reported Q4 2025 core funds from operations (FFO) per share of $1.76, exceeding the Zacks Consensus Estimate of $1.73, marking a 1.7% year-over-year increase [1] - Property revenues for Q4 2025 were $390.8 million, below the Zacks Consensus Estimate of $394.7 million, but up 1.2% year-over-year [2] - The company announced a small dividend increase of one cent per share [1] Financial Performance - Same-property revenues rose 0.5% year-over-year to $362 million, while same-property expenses increased by 1.5% to $126.2 million, resulting in nearly flat same-property NOI of $235.8 million [3] - The same-property occupancy rate was 95.2%, down 10 basis points year-over-year and 30 basis points sequentially [3] - Effective blended lease rates decreased by 1.6%, with new lease rates down 5.3% and renewal rates up 2.8% compared to expiring lease rates [4] Portfolio Activity - Camden is developing three communities with a total of 1,162 units at an estimated cost of $492 million [5] - The company acquired Camden Lake Buena Vista, a 322-apartment community in Orlando, FL, for approximately $85.2 million [5] - Camden disposed of two operating communities comprising 979 apartment homes for around $201 million, realizing a gain of $128 million [6] Balance Sheet Position - As of the end of Q4 2025, CPT had liquidity of $635.2 million, including $25.2 million in cash and cash equivalents, and approximately $610 million available under its unsecured credit facility and commercial paper program [7] - The net debt-to-annualized adjusted EBITDAre ratio was 4.1 times, down from 4.2 times in the previous quarter [7] Share Repurchase and Guidance - During Q4, CPT repurchased 2.1 million common shares for a total of $220.6 million, with an additional 1.1 million shares repurchased post-quarter for $120.7 million [8] - For Q1 2026, CPT expects core FFO per share in the range of $1.64-$1.68, below the Zacks Consensus Estimate of $1.71 [11] - Full-year 2026 core FFO per share guidance is set between $6.60 and $6.90, with the midpoint at $6.75, also below the Zacks Consensus Estimate of $6.92 [11] Dividend Information - Camden declared a first-quarter 2026 dividend of $1.06 per share, representing a marginal increase from the previous quarter, payable on April 17 to shareholders on record as of March 31, 2026 [13]

Fourth Quarter 2025 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results 11 - 18 | | | Debt Summary 19 - 21 | | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstanding | 23 | | Partially Owned Properties ...

分组1 - Alpine Income (PINE) reported quarterly funds from operations (FFO) of $0.54 per share, exceeding the Zacks Consensus Estimate of $0.49 per share, and up from $0.44 per share a year ago, representing an FFO surprise of +10.20% [1] - The company achieved revenues of $16.9 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 6.63%, compared to $13.79 million in the same quarter last year [2] - Over the last four quarters, Alpine Income has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times [2] 分组2 - The stock has gained approximately 8.1% since the beginning of the year, outperforming the S&P 500, which has gained 0.5% [3] - The current consensus FFO estimate for the coming quarter is $0.49 on revenues of $15.96 million, and for the current fiscal year, it is $1.95 on revenues of $64.41 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 28% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Core Viewpoint - Cousins Properties reported quarterly funds from operations (FFO) of $0.71 per share, matching the Zacks Consensus Estimate and showing an increase from $0.69 per share a year ago [1] - The company also posted revenues of $253.34 million for the quarter, exceeding the Zacks Consensus Estimate by 0.49% and up from $220.22 million year-over-year [2] Financial Performance - The FFO of $0.71 per share is consistent with the previous quarter's expectations, where it was anticipated to be $0.69 per share [1] - Over the last four quarters, Cousins Properties has surpassed consensus FFO estimates only once [1] - The company has exceeded consensus revenue estimates three times in the last four quarters [2] Market Performance - Cousins Properties shares have increased by approximately 0.8% since the beginning of the year, compared to a 0.5% gain in the S&P 500 [3] - The stock's future price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.71, with projected revenues of $251.73 million, and for the current fiscal year, the estimate is $2.92 on $1.02 billion in revenues [7] - The estimate revisions trend for Cousins Properties was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The REIT and Equity Trust - Other industry, to which Cousins Properties belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, suggesting potential challenges ahead [8]

分组1 - Phillips Edison & Company reported quarterly funds from operations (FFO) of $0.66 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.62 per share a year ago, with a surprise of +0.73% [1] - The company achieved revenues of $187.86 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 0.73%, and up from $173.05 million year-over-year [2] - The stock has gained approximately 4.6% since the beginning of the year, outperforming the S&P 500, which has gained 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.67 on revenues of $187.27 million, and for the current fiscal year, it is $2.74 on revenues of $765.76 million [7] - The REIT and Equity Trust - Retail industry, to which Phillips Edison & Company belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook [8] - The estimate revisions trend for Phillips Edison & Company was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6]

Core Viewpoint - Equity Residential (EQR) reported quarterly funds from operations (FFO) of $1.03 per share, slightly missing the Zacks Consensus Estimate of $1.04 per share, but showing an increase from $1 per share a year ago [1] Financial Performance - The company posted revenues of $781.91 million for the quarter ended December 2025, which was below the Zacks Consensus Estimate by 0.94%, compared to $766.78 million in the same quarter last year [2] - Over the last four quarters, Equity Residential has surpassed consensus FFO estimates only once [2] Stock Performance and Outlook - Equity Residential shares have increased by approximately 0.1% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [4][6] Estimate Revisions and Industry Context - The current consensus FFO estimate for the upcoming quarter is $0.99 on revenues of $789.64 million, and for the current fiscal year, it is $4.13 on revenues of $3.21 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

First Liberty Logistics Center | Houston, TX 424,560 Square Feet SUPPLEMENTAL INFORMATION FOURTH QUARTER 2025 TABLE OF CONTENTS | SECTION PAGE | | | --- | --- | | PORTFOLIO COMPOSITION | 3 | | FINANCIAL STATEMENTS | | | Balance Sheets | 4 | | GAAP Statements of Operations | 5 | | Supplemental Statements of Operations | 6 | | Supplemental Statements of Operations Reconciliation | 7 | | SELECTED FINANCIAL INFORMATION | | | Equity Analysis | 9 | | Debt Analysis | 10 | | Debt Covenant Analysis and Credit Rating ...

Core Insights - Essex Property Trust Inc. (ESS) reported fourth-quarter 2025 core funds from operations (FFO) per share of $3.98, missing the Zacks Consensus Estimate of $4, but showing improvement from $3.92 per share a year ago [1][8] - The company experienced favorable growth in same-property net operating income (NOI) and higher occupancy, although higher interest expenses acted as a dampener [1][8] Financial Performance - Total revenues for the fourth quarter reached $479.6 million, up 5.5% year over year, surpassing the Zacks Consensus Estimate of $476.6 million [2] - For the full year 2025, core FFO per share was $15.94, a 2.2% year-over-year improvement, but missed the Zacks Consensus Estimate of $15.98; total revenues grew 6.4% year over year to $1.89 billion [2] Operational Metrics - In Q4, same-property revenues and same-property operating expenses increased by 3.8% compared to the prior year [3] - Same-property NOI rose by 3.8% year over year, with financial occupancy at 96.3%, up 20 basis points sequentially and 40 basis points year over year [3][8] - Interest expenses increased by 7.1% year over year to $64.6 million [3][8] Portfolio Activity - During Q4, ESS acquired 1250 Lakeside, a 250-unit apartment community built in 2021, for $143.5 million [4] Balance Sheet Position - As of December 31, 2025, ESS had $1.7 billion in liquidity, including cash and cash equivalents of $85.6 million, up from $75.2 million at the end of the prior quarter [5] - The company did not repurchase any shares during the fourth quarter [5] 2026 Guidance - For Q1 2026, ESS projects core FFO per share in the range of $3.89-$4.01, with a midpoint of $3.95, while the Zacks Consensus Estimate is $4.01 [6] - For the full year 2026, the projected core FFO per share is between $15.69-$16.19, with a midpoint of $15.94, below the Zacks Consensus Estimate of $16.28 [6] - The full-year guidance is based on projections for same-property revenue growth of 1.70-3.10%, operating expense increase of 2.50-3.50%, and NOI expansion of 0.8-3.4% [7]