Farmland Partners (FPI) has become substantially mispriced as its market price dropped while farmland values continued to increase. Using conservative estimates, we calculate FPI’s asset value between $13-$20 per share. Our methodology will be thoroughly detailed below along with a broader discussion of farmland fundamentals. Stock price moving against asset values FPI’s stock has had a rough year, down about 22%. SAHowever, fundamentals tell a different story. AFFO per share guidance has been increased re ...

Logistic Properties of the Americas Third Quarter 2025 Supplemental Information LPA Parque Logístico Calle 80 – Bogota, Colombia LPA Parque Logístico San José Verbena –San Jose, Costa Rica LPA Parque Logístico Calle 80 – Bogota, Colombia Disclaimer This presentation (the "Presentation") is provided for informational purposes only and has been prepared to provide interested parties with certain information about Logistic Properties of the Americas and its subsidiaries (collectively, "LPA") and for no other p ...

Core Insights - Healthpeak Properties, Inc. (DOC) has a market capitalization of $12.2 billion and focuses on high-quality healthcare real estate across the U.S. with a diversified portfolio of 703 assets as of September 30, 2025 [1] Performance Overview - Over the past 52 weeks, DOC shares have declined by 21.6%, underperforming the S&P 500 Index, which increased by 17.7% during the same period [2] - Year-to-date, DOC shares are down nearly 13%, while the S&P 500 has risen by 15.7% [2] - Compared to the Real Estate Select Sector SPDR Fund (XLRE), which decreased by 6.9% over the past 52 weeks, DOC's underperformance is more pronounced [3] Financial Results - Following the Q3 2025 results released on October 23, DOC shares rose by 1.2% as the company reported an AFFO of $0.46 per share and revenue of $705.9 million, both exceeding expectations [4] - The company experienced a 0.9% year-over-year growth in total merger-combined same-store cash NOI, with outpatient medical and CCRC segments growing by 2.0% and 9.4%, respectively [4] - Healthpeak reaffirmed its 2025 FFO guidance of $1.81 to $1.87 per share [4] Analyst Ratings and Price Targets - For the fiscal year ending December 2025, analysts project a 1.1% year-over-year increase in AFFO per share to $1.83 [5] - Healthpeak has a positive earnings surprise history, having met or exceeded consensus estimates in the last four quarters [5] - Among 20 analysts covering the stock, the consensus rating is a "Moderate Buy," with nine "Strong Buy" ratings, three "Moderate Buys," and eight "Holds" [5] - RBC Capital's Michael Carroll reaffirmed a "Buy" rating on Healthpeak with a price target of $21, while the mean price target of $20.72 indicates a 16.9% premium to current price levels [6] - The highest price target of $29 suggests a potential upside of 63.6% [6]

Core Insights - Capital Power Corporation announced the retirement of CFO Sandra Haskins after 23 years, effective December 31, 2025, with Scott Manson transitioning to Interim CFO [3][4] - The company reaffirmed its 2025 guidance for Adjusted EBITDA, AFFO, and Sustaining Capital despite updates to planned outages and project delays [5] Financial Highlights - For Q3 2025, Capital Power generated Adjusted EBITDA of $477 million, net income of $153 million, and AFFO of $369 million [6][11] - Revenues for Q3 2025 were reported at $1,213 million, an increase from $1,030 million in Q3 2024 [11] - The company secured a new long-term contract for the Midland Cogeneration Venture (MCV) through to 2040, expected to generate an additional $140 million in annual adjusted EBITDA [6][17] Operational Highlights - Capital Power's electricity generation for Q3 2025 was 13,374 GWh, up from 11,001 GWh in Q3 2024, with facility availability at 93% [11] - The company commissioned 170 MW of battery storage in Ontario, contracted through to 2047, enhancing its portfolio of flexible generation sources [6][16] - A new $600 million revolving credit facility was negotiated, maturing in 2027, to enhance liquidity [6][22] Strategic Developments - The company is focused on strengthening its U.S. platform and expanding contracted cash flows, with a commitment to stable, contracted cash flows and long-term value creation for shareholders [4][6] - Capital Power is actively engaged in optimizing its Alberta fleet and plans to update on the timing and capacity of incremental generation from its Genesee site [7][12] - The company is exploring a potential data center development adjacent to the MCV facility, which could add 250 MW of power under a long-term agreement [19]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income and lower interest expenses [29] - Adjusted Funds from Operations (AFFO) was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt of $189.4 million in Q4 2024 [30] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [32] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [32] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [32] Market Data and Key Metrics Changes - The portfolio's NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [19] - The market for row crop land values remains stable, with no significant frothiness observed [45] - California land values are not recovering, with some capitulation among sellers indicating potential market stabilization [16][18] Company Strategy and Development Direction - The company plans to continue selective capital deployment, focusing on small acquisitions and loan programs [27] - There is an emphasis on stock buybacks due to the perceived undervaluation of the company's shares compared to farmland values [52] - The company aims to maintain liquidity and flexibility in capital deployment strategies [62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of farmland, particularly in the context of global food demand and population growth [26] - The potential impact of tariffs on the agricultural market was discussed, with management noting that while there may be short-term pressures, long-term fundamentals remain strong [7][11] - The company anticipates modest rent increases in the row crop segment, reflecting a pause in rental growth [9] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were misinformed [21][22] Q&A Session Summary Question: Can you provide details on the amortization of the FPI loan points? - Management indicated that approximately $2.4 million is expected to be recognized as amortization of points income for the year [40] Question: Is the increase in solar, wind, and recreational rent recurring? - Management clarified that while the arrangement with a solar tenant is recurring, it may not be at the same scale as the current year [42] Question: How have cap rates moved year-to-date? - Management noted that cap rates for row crop land values are stable, with no significant changes observed [45] Question: What is the company's stance on stock buybacks versus land purchases? - Management expressed a preference for stock buybacks due to the significant discount of the stock price compared to its perceived value [52] Question: How do tariffs affect core row crop assets versus permanent crops? - Management explained that many specialty crops are consumed domestically, which may provide some benefits amid tariff pressures [56]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income, proceeds from a solar lease, and lower interest expenses [28] - AFFO was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt [29] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [31] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [31] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [31] Market Data and Key Metrics Changes - The portfolio NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [18] - The market for row crop land is stable, with no significant frothiness observed, and high-quality land remains strong [46][49] Company Strategy and Development Direction - The company plans to continue selective capital deployment, including small acquisitions and loan programs [26] - The focus remains on maintaining high cash flows and AFFO while considering stock buybacks due to perceived undervaluation [55] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs and stagflation, noting that while tariffs could impact exports, stagflation historically boosts farmland values [6][11] - The company anticipates modest rent increases in the short term but remains optimistic about long-term demand for agricultural land [9][25] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were incorrect [20][21] Q&A Session Summary Question: What is the amortization amount for the FPI loan points in Q1? - The company expects to recognize approximately $2.4 million in amortization of points income for the year [39] Question: Is the increase in solar, wind, and recreational rent recurring? - The arrangement with the tenant is recurring but not at the same scale as the current year [41] Question: How were the April 25 debt maturities repaid? - The company drew about $14 million from its line of credit and used operational funds for the remainder [45] Question: How have cap rates moved year-to-date? - Cap rates for row crop land values are stable, with no significant changes observed [46] Question: Will the Farmer Mac facility be renewed? - The company is likely to keep the facility in place for liquidity purposes [63][64]

Financial Data and Key Metrics Changes - For Q1 2025, normalized FFO per share was $0.35 and normalized AFFO per share was $0.37, compared to $0.34 and $0.35 in Q1 2024, representing a year-over-year increase of 79% for both metrics [14][15] - Cash rental income from the triple net portfolio totaled $90 million, up from $89 million in Q1 2024, despite the disposal of $115 million of real estate from the portfolio last year [15] - Cash NOI from the managed senior housing portfolio totaled $24.1 million, compared to $19.1 million in Q1 2024, driven by strong occupancy and margin gains [15][12] Business Line Data and Key Metrics Changes - Skilled nursing and triple net senior housing EBITDARM rent coverage reached new highs at 2.19 and 1.41, respectively, with behavioral health coverage at 3.77 [5] - Skilled occupancy increased by 80 basis points sequentially, while triple net senior housing occupancy rose by 50 basis points [6] - Revenue for the same store managed senior housing portfolio grew 6.3% year-over-year, with occupancy at 85.4% compared to 82.6% in Q1 2024 [11] Market Data and Key Metrics Changes - The domestic portfolio occupancy was 83%, gaining 340 basis points year-over-year, while the Canadian portfolio occupancy was 90.9%, adding 140 basis points [11] - RevPAR in the same store portfolio increased by 2.8% year-over-year, with Canadian RevPAR growing by 4.9% [11] - The company noted a robust deal pipeline, with over $200 million in awarded deals, which is more than the total for all of 2024 [7][8] Company Strategy and Development Direction - The company is focusing on internal and external growth opportunities in senior housing, with little new supply expected in the coming years [10] - Management emphasized a commitment to maintaining a balanced portfolio between senior housing and skilled nursing, avoiding large portfolio acquisitions to keep operations predictable [78] - The company is actively using its ATM program to raise equity for funding growth, with a focus on accretive capital [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and potential Medicaid rate increases in the summer, which could enhance coverage [86] - The company is cautious about the skilled nursing facility (SNF) market due to challenges in structuring leases around underperforming assets [66][68] - Management believes that the current operating environment will allow for improved coverage and revenue growth, despite potential headwinds from provider taxes [85] Other Important Information - The Board of Directors declared a quarterly dividend of $0.30 per share, representing a payout of 81% of the first quarter normalized AFFO per share [19] - The company has ample liquidity of over $1 billion, consisting of unrestricted cash and available borrowings [18] Q&A Session Summary Question: Update on skilled nursing facility sale - Management confirmed that the expected $50 million skilled nursing facility sale is still on track, though regulatory hurdles have delayed the process [21] Question: Trajectory of RevPOR and expense growth - Management expects occupancy to rise, which will allow for increased pricing power, while expenses are anticipated to remain stable [22][23] Question: Guidance on acquisitions and SHOP performance - Management reiterated that acquisitions are not included in current guidance until closed, and reaffirmed expectations for low to mid-teens cash NOI growth [27][28] Question: Insights on transaction market and deal flow - Management noted a robust pipeline of deals, primarily in senior housing, with private equity firms as frequent sellers [31][33] Question: Details on $200 million of awarded deals - All awarded deals are domestic, primarily in the Eastern U.S., with growth potential embedded in the assets [40][41] Question: Changes in underwriting criteria - Management stated that underwriting criteria remain unchanged, focusing on cost of capital and accretive deals [60] Question: Concerns regarding SNF acquisitions - Management highlighted challenges in acquiring SNFs due to financial instability and the difficulty in structuring leases [66][68] Question: Expectations for SHOP occupancy cadence - Management anticipates an increase in occupancy as seasonal factors improve, particularly in Canadian assets [70] Question: Interest in large portfolio acquisitions - Management confirmed a commitment to smaller, more manageable deals to maintain operational simplicity and predictability [78] Question: Medicare reimbursement impacts - Management expressed confidence that Medicare will not be significantly impacted by current government budget discussions [97]

Financial Data and Key Metrics Changes - The company reported a Core FFO of $14.4 million for Q1 2025, an increase of $3.7 million compared to $10.7 million in Q1 2024 [14] - On a per share basis, Core FFO was $0.46 in Q1 2025, down from $0.48 in Q1 2024, primarily due to reduced leverage and downtime from re-leasing anchor spaces [15] - The net debt to EBITDA ratio was 6.6 times at quarter end, slightly elevated from the previous quarter but a full turn lower than one year ago [14] Business Line Data and Key Metrics Changes - The company signed over 112,000 square feet of new leases, renewals, and extensions at an average rent of $24.14 per square foot, nearly 25% higher than the in-place portfolio average of $19.41 per square foot [7] - The portfolio was 93.8% leased and 91% occupied at quarter end [8] Market Data and Key Metrics Changes - The company acquired Ashley Park for $79.8 million, with a cash cap rate near the high end of guidance, indicating strong market interest [5] - The company has a signed not open leasing pipeline of $4 million in annual base rent, representing 4% of cash rents at quarter end [9] Company Strategy and Development Direction - The company continues to focus on acquiring properties in the Southeast and Southwest, with a strong pipeline of potential acquisitions [6] - The company is optimistic about re-leasing opportunities for 10 anchor spaces previously leased to tenants that filed for bankruptcy, expecting a positive cash leasing spread of 40% to 60% [8] Management's Comments on Operating Environment and Future Outlook - Management noted that leasing activity remains strong despite recent tariff uncertainties, with a well-diversified tenant base [9] - The company reaffirmed its full-year 2025 guidance for Core FFO per share of $1.80 to $1.86 and AFFO of $1.93 to $1.98 [16] Other Important Information - The company executed two SOFR swaps, fixing SOFR for $100 million of principal at a weighted average rate of 3.32% for five years, reducing the applicable interest rate significantly [11] - The company extinguished its 3.875% convertible notes for approximately $71.2 million, resulting in a debt extinguishment charge of about $20.5 million to be recorded in Q2 [13] Q&A Session Summary Question: Can you provide more detail on the anchor space negotiations? - Management indicated that leasing activity has been consistent and strong, with no pauses in discussions despite market volatility [21] Question: What drove the new lease spreads? - The new lease spreads were primarily driven by two significant leases that accounted for a large portion of the new leasing activity, resulting in spreads over 80% [23] Question: How much CapEx is required for the bankrupt tenant spaces? - The expected CapEx for re-leasing is in the range of $9 million to $12 million, covering all landlord work and commissions [30] Question: What is the expected timeframe for tenants to start paying rent after signing a lease? - A safe estimate for rent commencement is around one year, although some tenants may move in more quickly [31] Question: How does the company plan to fund new investments? - The company plans to handle funding internally with existing liquidity and is considering selling its remaining office property towards the end of the year [32] Question: Have cap rates changed since the tariff announcement? - There has been no increase in cap rates for traditional core assets, with the market remaining strong for retail shopping centers [50] Question: What is the mark-to-market upside for the Ashley Park acquisition? - The company sees opportunities for a mark-to-market upside of 10% to 20% for the Ashley Park acquisition, with significant leasing potential [58] Question: How much of the CapEx has already been spent? - Very little of the CapEx has been spent so far, as tenants need to complete their work before reimbursements begin [59] Question: Is the investment pipeline still primarily core property investments? - The company is starting to see more diverse investment opportunities and is excited about potential activity in the coming months [63]

First Quarter 2025 Earnings Conference Call April 29, 2025 © 2025 ATC TRS V LLC. All rights reserved. | American Tower Confidential and Proprietary Agenda Introduction Adam Smith Senior Vice President, Investor Relations and FP&A Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer Q&A (1) Q1 2024 results for total property revenue, total revenue, Adjusted EBITDA, AFFO attributable to AMT common stock ...

Core Insights - Crown Castle has successfully concluded a strategic review, agreeing to sell its small cells and fiber solutions businesses for $8.5 billion, positioning itself as the only pure-play, publicly traded U.S. tower company [1][3][5] - The company anticipates a reduction in its annualized dividend to approximately $4.25 per share starting in Q2 2025 and plans to implement a share repurchase program of about $3.0 billion following the transaction [1][7][8] - Crown Castle expects to maintain an investment-grade credit rating while using proceeds from the sale to repay existing debt and fund share repurchases [3][8] Financial Performance - For the full year 2024, site rental revenues decreased by 3% to $6.358 billion compared to $6.532 billion in 2023 [2][12] - The net loss for 2024 was $3.903 billion, a significant decline from a net income of $1.502 billion in 2023, primarily due to a $5.0 billion goodwill impairment charge related to the Fiber business [2][16] - Adjusted EBITDA for 2024 was $4.161 billion, down from $4.415 billion in 2023, reflecting lower site rental revenues and increased advisory fees [2][16] Strategic Focus - The sale of the Fiber segment is seen as a strategic move to enhance shareholder value and focus on the core tower business, which is expected to benefit from increasing demand for wireless data [5][6][9] - Crown Castle's tower portfolio consists of approximately 40,000 towers across key U.S. locations, which the company believes is well-positioned for future growth in mobile data demand [6][9] - The company plans to streamline processes and enhance customer service to maximize profitability and operational excellence [6][9] Outlook - For 2025, Crown Castle expects organic growth of 4.5% in tower revenues, excluding the impact of Sprint cancellations, with anticipated increases in lease and amendment applications as customers expand their 5G networks [1][17] - The full year 2025 outlook for site rental revenues is projected to be between $3.987 billion and $4.032 billion, with a focus on maintaining cash flow stability and financial flexibility [15][17] - The company anticipates a goodwill impairment loss of approximately $800 million in Q1 2025 and a total loss of between $700 million and $900 million for the full year 2025 due to the Fiber segment being classified as a discontinued operation [11][12]