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Atrium Health – Winston-Salem, NC FIRST QUARTER 2025 EARNINGS SUPPLEMENTAL www.globalmedicalreit.com NYSE: GMRE TABLE OF CONTENTS Legent Hospital for Special Surgery – Plano, TX | Company Overview | 3 | | --- | --- | | Select Quarterly Financial Data | 6 | | Business Summary | 7 | | Acquisitions / Dispositions | 8 | | Portfolio Summary | 9 | | Key Tenants | 12 | | Debt and Hedging Summary | 13 | | Total Capitalization and Equity Summary | 15 | | Sustainability Summary | 16 | | Condensed Consolidated | 17 | ...

Core Insights - CoreCivic reported strong financial performance in Q1 2025, with increased occupancy and new contracts leading to an upward revision of its full-year guidance for 2025 [1][3][18] - The company achieved a first-quarter occupancy rate of 77.0%, up from 75.2% in the same period last year, driven by effective cost management and increased utilization from ICE [3][5] - CoreCivic has begun reactivating previously idle facilities, including the Dilley Immigration Processing Center, which is expected to care for up to 2,400 individuals [3][16] Financial Performance - Q1 2025 net income was $25.1 million, or $0.23 per diluted share, compared to $9.5 million, or $0.08 per diluted share in Q1 2024 [5][34] - Total revenue for Q1 2025 was $488.6 million, with FFO per diluted share at $0.45, up from $0.30 in Q1 2024 [6][10] - EBITDA for Q1 2025 was $81.0 million, an increase from $62.8 million in Q1 2024, while Adjusted EBITDA was $80.9 million [9][37] Capital Strategy - The company repurchased 1.9 million shares for $37.9 million during Q1 2025, part of a broader share repurchase program authorized for up to $350 million [12][13] - CoreCivic plans to invest $65 million to $70 million in capital expenditures for activating previously idle facilities and enhancing transportation services [22] Contract Updates - CoreCivic is actively engaging with federal and state partners for additional contracting opportunities, with recent modifications to existing contracts to increase capacity for ICE detainees [4][15] - The company has entered into letter agreements with ICE for the activation of the Midwest Regional Reception Center and California City Immigration Processing Center, with initial funding authorized for both [17] Revised Financial Guidance - The revised full-year 2025 guidance includes net income projected between $91.3 million and $101.3 million, and diluted EPS between $0.83 and $0.92, reflecting improved occupancy and contract reactivations [18][19] - The updated guidance does not account for any new contracts not yet announced, indicating potential for further growth [20]

Core Insights - Global Net Lease, Inc. (GNL) successfully closed the first phase of a multi-tenant portfolio sale, generating $1.1 billion in gross proceeds and is on track to complete the remaining phases by the end of Q2 2025 [1][5] - The company reduced its net debt by $833 million in Q1 2025, improving its net debt to adjusted EBITDA ratio to 6.7x [1][9] - GNL repurchased 7.9 million shares at an average price of $7.50, totaling $59 million as of May 2, 2025 [1][18] - The company reaffirmed its 2025 guidance for adjusted funds from operations (AFFO) per share in the range of $0.90 to $0.96 and net debt to adjusted EBITDA between 6.5x and 7.1x [6] Financial Performance - Revenue for Q1 2025 was $132.4 million, down from $147.9 million in Q1 2024, primarily due to asset dispositions [5][31] - The net loss attributable to common stockholders was $200.3 million in Q1 2025, compared to a net loss of $34.7 million in Q1 2024, largely due to the timing and purchase price allocation related to the multi-tenant portfolio sale [5][31] - Core Funds from Operations (Core FFO) for Q1 2025 was $35.0 million, down from $56.6 million in Q1 2024 [5][31] - Adjusted Funds from Operations (AFFO) was $66.2 million, or $0.29 per share, compared to $75.0 million, or $0.33 per share in Q1 2024 [5][31] Portfolio and Asset Management - As of March 31, 2025, GNL's portfolio consisted of 1,045 net lease properties across ten countries, totaling 51.3 million rentable square feet [8] - The company has a closed plus disposition pipeline totaling $2.1 billion at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years [5][13] - 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [10][5] Capital Structure and Liquidity - GNL had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility as of March 31, 2025 [9] - The company successfully reduced its net debt by $1.5 billion since Q1 2024, including the recent $833.2 million reduction [5][9] - The weighted average interest rate on total combined debt was 4.2%, with 91% of the debt being fixed rate [10][9]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% year-over-year, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [10] - Adjusted FFO was $0.19 per share, an increase of 5.6% over 2024, and free cash flow per share increased by 10% to $0.63 [11] Business Line Data and Key Metrics Changes - Urban hotels saw RevPAR growth of 5%, driven by group and business transient segments, while food and beverage revenue declined by 3.3% year-over-year [4][5] - Resort portfolio experienced a decline in comparable RevPAR by 2.1%, with total revenues slightly up in January and February but down by 4.3% in March [6][8] - Group room revenues increased by 10.4% year-over-year, with urban hotels seeing a 14.4% increase [9] Market Data and Key Metrics Changes - Florida assets experienced mid-single-digit revenue declines, with RevPAR down 5.9% [8] - Outside of Florida, RevPAR increased by 1.7%, with notable increases in luxury resorts like The Heights and Vail, which saw RevPAR growth of 7% and total RevPAR growth of 9.5% [8] Company Strategy and Development Direction - The company is focused on adding groups to resorts to enhance pricing and profitability, while also managing costs effectively in the face of revenue softness [9] - The company plans to continue share repurchases and is exploring refinancing options for maturing debts [12][13] - The outlook for 2025 has been revised, with FFO per share guidance unchanged at $0.94 to $1.06, and RevPAR outlook adjusted to a range of -1% to +1% growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains unsettled, impacting group lead conversion rates, but expressed cautious optimism for the second half of 2025 [22][24] - The company anticipates that demand for drive-to resorts may increase due to economic conditions, while foreign visitation is expected to be softer than initially anticipated [20][21] - Management highlighted the importance of maintaining liquidity and flexibility in the current environment while focusing on increasing earnings per share [80] Other Important Information - The company repurchased 1.4 million shares at an average price of $7.85, with a total of approximately $16 million in repurchases year-to-date [12] - The company has three mortgage loans maturing in 2025, totaling just under $300 million, and is considering a recast of its corporate credit facility [12][13] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Management indicated that preliminary April RevPAR is showing better than 2% growth [31] Question: Impact of tariffs on renovation costs - Management stated that renovation costs are complex and depend on the timing of orders and tariffs [32][34] Question: Profile of average group bookings - Management noted that group bookings range from associations to corporate events, with average hotel sizes around 200 to 250 rooms [39] Question: Markets with strong group pacing - Management highlighted Denver and Salt Lake as markets showing significant strength in group bookings [42] Question: Average booking window for groups - Management mentioned that the booking window for smaller groups is typically 4 to 6 months, while larger groups book 8 to 12 months out [57] Question: Consumer behavior shifts in booking and spending - Management observed that booking windows are getting shorter, but on-property spending remains in line with or ahead of last year [70] Question: Expectations for wages and benefits growth - Management expects wages and benefits growth to be around 3% to 3.5% for the full year [76] Question: Incremental share repurchases versus cash position - Management emphasized the importance of driving value through share repurchases while maintaining liquidity [80]

Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [15][25]. - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [15][16]. - ADR reached a first quarter record of $264, up nearly 6% compared to the previous year [16]. Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre were driven by strong growth in both group and transient segments, with outside room spending from group customers slightly better than anticipated [17][19]. - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [16]. Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 133% and 135% respectively [21]. - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to show strength in the first quarter [17]. Company Strategy and Development Direction - The company is focusing on long-term value creation while managing short-term dynamics, with a proactive approach to margin management and operational efficiencies [11][24]. - The acquisition of Southern Entertainment is seen as an opportunity to expand the live entertainment segment and enhance brand synergy across venues [53][56]. Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business and group demand [6][11]. - The company has slightly modified its guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [25][27]. Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30]. - Capital expenditures expectations for 2025 have been lowered to a range of $350 million to $450 million, based on updated construction timelines [31]. Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is uncertainty, recent April production numbers showed a marked improvement in lead volumes for in-the-year bookings, indicating a potential recovery [38][39]. Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company has implemented profit improvement plans early in the year, which have helped safeguard margins and maintain guidance [46][48]. Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall brand experience across different events [53][56]. Question: What is the government exposure across the portfolio? - The company indicated that government business is not a significant portion of its overall bookings, and stress testing showed resilience even if all government business were to cancel [92][93]. Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees compared to previous crises, while still working with customers to find mutually beneficial solutions [100][101].

Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [17] - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [17] - ADR reached a first quarter record of $264, up nearly 6% compared to last year [18] Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre growth were attributed to strong performance in both group and transient segments, with outside room spending from group customers slightly better than anticipated [19] - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [18] Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 1335% and 913% respectively [22][40] - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to demonstrate strength in the first quarter [19] Company Strategy and Development Direction - The company is focused on long-term value creation while managing short-term dynamics, emphasizing the importance of its diversified customer base to mitigate fluctuations during uncertain times [13][25] - The company is actively managing its capital deployment program and has identified new growth projects, including a ten-year contract to manage the Ascend Amphitheater in Nashville [24] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business, but maintained a positive long-term view [10][12] - The company has slightly modified its full-year guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [26] Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30] - Capital expenditures expectations for 2025 were lowered from $400-$500 million to $350-$450 million based on updated construction timelines [31] Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is hesitancy, lead volumes improved from a 50% decline in March to only an 8% decline in April, indicating a positive trend [36] Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company implemented profit improvement plans early in the year, which are expected to safeguard margins and bottom line [45] Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall fan experience across venues [53] Question: What is the government exposure across the portfolio? - The company indicated that government business is not significant and has stress-tested its model to ensure it can weather potential cancellations [94] Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees while also working with customers to find mutually beneficial solutions [100]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q1 2025 was $514 million, a 5.1% increase year-over-year, while adjusted FFO per share rose by 4.9% to $0.64 [4] - Comparable hotel total RevPAR improved by 5.8% compared to February, with a 7% increase driven by strong rate growth [4] - Comparable hotel EBITDA margin improved by 30 basis points year-over-year to 31.8% as revenue growth outpaced expenses [4][25] Business Line Data and Key Metrics Changes - Transient RevPAR grew by 6%, particularly strong in resorts, with Maui accounting for nearly half of the transient RevPAR growth [5][6] - Group RevPAR increased by 7% year-over-year, driven by special events and strong corporate group bookings [7][24] - Food and beverage RevPAR grew by 5%, with other revenue per available room increasing by 2% despite declines in attrition and cancellation revenue [9][20] Market Data and Key Metrics Changes - Strong performance noted in Washington DC, New York, New Orleans, Los Angeles, and Maui, with Maui's transient rooms sold up approximately 70% year-over-year [5][6] - Business transient RevPAR grew by 2%, driven by rate growth, while group revenue pace was up 3.3% compared to the same time last year [7][24] - The luxury segment showed resilience, with upper-tier markets performing better than the overall market [39] Company Strategy and Development Direction - The company is focused on capital allocation, including share repurchases and property reinvestment, with $585 million remaining under the share repurchase program [12][30] - Continued investment in renovations and redevelopment projects, with expectations of significant operating profit guarantees from the Hyatt transformational capital program [14][15] - The company maintains a cautious outlook for 2025, adjusting guidance based on macroeconomic uncertainties while leveraging its strong balance sheet [18][29] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential deteriorating lodging fundamentals, maintaining RevPAR guidance with a slight reduction in total RevPAR [16][17] - The company is well-positioned to weather economic uncertainties due to its investment-grade balance sheet and diversified portfolio [18][30] - Future guidance reflects a range of potential economic outcomes, with expectations for continued operational improvements in Maui [27][29] Other Important Information - The company expects to complete the mid-rise condominium building at the Four Seasons Resort Orlando by Q4 2025, with deposits already secured [13] - Total property damage and remediation costs at the Don Cesar are estimated between $100 million and $110 million, with $10 million collected in business interruption proceeds [11] Q&A Session Summary Question: Recent trends in April from a demand standpoint - Management noted that top markets are performing well, with strong RevPAR performance even excluding one-time events [35][36] Question: Outlook for Maui for the remainder of the year - Maui's Q1 performance was strong, with expectations for continued improvement, particularly in Q4 [44][46] Question: Opportunities for acquisitions in the current market - Management indicated uncertainty in the transaction market but remains opportunistic for future acquisitions [50][52] Question: Consumer environment and off-peak periods - Consistent performance noted across peak and off-peak periods, with strong group booking pace [64][66] Question: Margin management and cost-cutting initiatives - Contingency plans are in place for potential downturns, but no immediate staffing changes are planned [67][68] Question: Impact of tariffs on CapEx budget - The company maintains its CapEx guidance and is monitoring tariff impacts, but no significant risks are anticipated at this time [71][72] Question: Group and business transient demand details - Group lead volumes are moderating, particularly for government groups, while business transient rates are expected to remain stable [80][81] Question: Labor supply and margin pressures - No significant labor supply issues reported, and current margin guidance remains intact despite economic uncertainties [85][86] Question: Performance of the Rich Carlton, Turtle Bay - The hotel is performing well, with a 13% increase in RevPAR, and strategic decisions regarding golf course renovations are underway [99][102]

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]