On the group side, Fioravanti said same-store attrition trends improved year-over-year and sequentially from the third quarter. Same-store banquet net ancillary value (NAV) revenues increased nearly 5% despite lower corporate group volumes, and banquet NAV contribution per group room night (a proxy for catering spend per group guest) rose more than 10% year-over-year.Fioravanti said ICE! ticket sales rose more than 14% to a record 1.5 million tickets. He highlighted Gaylord National as having its best ICE! ...

Financial Data and Key Metrics Changes - Adjusted EBITDAre for 2025 was $258.3 million, exceeding guidance and reflecting strong operational performance [10][18] - Net income for Q4 2025 was $6.1 million, with adjusted FFO per share at $0.45, meeting or exceeding guidance [8][10] - Full year adjusted FFO per share was $1.76, showing double-digit percentage growth compared to 2024 [6][10] Business Line Data and Key Metrics Changes - Food and beverage revenue increased by 13.4% in 2025, driven by strong banquet and catering performance [11][20] - Same-property RevPAR for Q4 2025 increased by 4.5%, building on a 5.6% growth in Q4 2024 [8][20] - Total RevPAR for the full year 2025 was $328.57, an increase of 8% compared to 2024 [21] Market Data and Key Metrics Changes - Properties in Scottsdale, Denver, Santa Clara, Orlando, San Diego, and Santa Barbara showed substantial RevPAR growth in 2025 [11][21] - Houston market experienced RevPAR growth as market performance improved after previous challenges [9][22] - Same-property RevPAR for Q1 2026 is estimated to have grown approximately 4.6% compared to the same period in 2025 [19] Company Strategy and Development Direction - The company plans to invest between $70 million and $80 million in capital expenditures in 2026, focusing on renovations and enhancements [16][29] - The strategy includes strengthening group business and capturing more corporate transient demand, with expectations for continued growth in these segments [12][43] - The company is optimistic about future growth prospects, driven by events like the FIFA World Cup and NFL Draft [18][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of lodging demand despite economic uncertainties [18][39] - The outlook for 2026 includes a projected same-property RevPAR growth range of 1.5%-4.5% [17][40] - Management highlighted the importance of group demand and the ongoing recovery in corporate transient demand as key growth drivers [12][41] Other Important Information - The company repurchased approximately 9.4 million shares in 2025, representing about 9.2% of outstanding shares at the start of the year [35] - A quarterly dividend of $0.14 per share was announced for Q1 2026, reflecting a yield of approximately 3.5% [36] - The company has no preferred equity or senior capital, with a strong balance sheet and liquidity position [34] Q&A Session Summary Question: Can you provide more context around the RevPAR guide ranges? - Management indicated that special events and strong group revenue pace are key components of the RevPAR outlook, with visibility on group business being a significant factor [47][48] Question: What are the recent trends in large corporate account growth? - Management noted that while corporate accounts are still below 2019 levels, there has been consistent growth, particularly in Q4, with mid-teens growth in large accounts [50][52] Question: What is the outlook for the asset trading market? - Management observed increased activity in the asset trading market and expressed interest in external growth opportunities, particularly in the $50 million-$200 million range [55][57] Question: How did the Nashville market perform in Q4 and what are the expectations for 2026? - Management acknowledged challenges in Q4 but expects improvement in midweek corporate and group segments in 2026 [67][68] Question: How is the company managing OpEx growth? - Management indicated that the 4.5% OpEx growth includes impacts from Grand Hyatt Scottsdale, with expectations for costs to moderate towards inflationary levels [85][86]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated NOI growth of 31.3% and reduced leverage by over three turns, with no debt maturities until 2028 [6][12] - Total revenue for the fourth quarter was $379.6 million, with Adjusted EBITDAre of $72.4 million and Normalized FFO of $21.8 million or $0.09 per share [8][22] - Full year Adjusted EBITDAre was $284 million, at the high end of guidance [22] Business Line Data and Key Metrics Changes - The SHOP NOI for the full year was $139.3 million, driven by a same-property occupancy increase of 90 basis points year-over-year to 82.4% and an average monthly rate increase of 5.8% [8][16] - Medical office and life science NOI was $108.1 million, just above the midpoint of guidance, while triple net lease senior living community and wellness center NOI was $31.1 million, exceeding guidance [22] Market Data and Key Metrics Changes - Consolidated occupancy in the medical office and life science portfolio increased by 460 basis points sequentially to 91.2% [11] - Same-property Cash Basis NOI increased 3.8% year-over-year, with margins improving 100 basis points to 59.6% [11] Company Strategy and Development Direction - The company aims to continue unlocking value through operational improvements and has identified approximately 15 locations for potential reopening of wings, which could add around 500 units to the portfolio [27] - Future dispositions will be opportunistic, focusing on reducing leverage or redeploying into accretive initiatives [14][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 outlook, supported by a robust demand for SHOP communities and a favorable industry outlook [10][14] - The company anticipates strong improvements in SHOP segment performance and reduced debt, driving free cash flow growth [22] Other Important Information - The company completed the wind down of AlerisLife, transitioning 116 communities to seven operators and completed renovations at over 30 communities [5][6] - The company expects recurring capital expenditures for 2026 to range from $100 million to $115 million, representing an over 18% decrease compared to 2025 [18] Q&A Session Summary Question: What is the go-forward strategy and opportunities for reopening wings? - The main strategy focuses on growing performance through operations, with potential for 500 units from reopening wings at identified locations [26][27] Question: Will external investments focus on renovations or acquisitions? - Renovations are prioritized for better risk-adjusted returns, but acquisitions are not ruled out for the future [28][29] Question: What drove the fourth quarter margin improvement? - The improvement was due to a combination of reduced transition disruptions and core operational gains [30] Question: What are the trends for January and February? - January showed promising results in line with expectations, with rent escalators around 4%-6% [32][33] Question: How does the company view NOI growth for the coming quarters? - NOI growth is expected to be back half of the year weighted due to ongoing transitions [38] Question: What are the prospects for renewing leases in the medical office and life science segment? - There are promising outlooks for re-leasing, particularly in the Fremont building, which is in a strong R&D market [44] Question: What implications does the momentum have on dividends? - The board will consider dividends, but there are no immediate priorities for addressing them [52]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated NOI growth of 31.3% and reduced leverage by over three turns, with no debt maturities until 2028 [6][12] - For Q4 2025, total revenue was $379.6 million, Adjusted EBITDAre was $72.4 million, and Normalized FFO was $21.8 million or $0.09 per share [7][20] - Full year Adjusted EBITDAre was $284 million, at the high end of guidance [20] Business Line Data and Key Metrics Changes - SHOP NOI for Q4 improved 27.6% year-over-year to $38.3 million, with full year SHOP NOI at $139.3 million, towards the high end of guidance [6][7] - Medical office and life science NOI was $108.1 million, just above the midpoint of guidance [21] - Same-property Cash Basis NOI increased 15.4% year-over-year to $70.4 million in Q4 [15] Market Data and Key Metrics Changes - Same-property occupancy for SHOP increased 90 basis points year-over-year to 82.4%, with average monthly rates up 5.8% [7][15] - Consolidated occupancy in the medical office and life science portfolio increased 460 basis points sequentially to 91.2% [11] Company Strategy and Development Direction - The company aims to unlock value through operational performance and is focused on executing property-specific business plans [9][26] - There is a healthy pipeline of ROI projects expected to add approximately 500 SHOP units, with an unlevered mid-teens ROI [10][27] - Future dispositions will be opportunistic, with proceeds used to reduce leverage or redeploy into accretive initiatives [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 outlook due to robust demand for SHOP communities and a favorable industry outlook [10][14] - The company anticipates continued increases in revenue and occupancy, leading to strong NOI and margin growth in 2026 [15][20] Other Important Information - The company completed the wind down of AlerisLife, transitioning 116 communities to seven operators [5] - G&A expenses for Q4 included a $5.7 million business management incentive fee, driven by a total shareholder return of nearly 113% in 2025 [16] Q&A Session Summary Question: What is the go-forward strategy and opportunities for reopening wings at existing communities? - The main strategy is to grow performance through operations, with potential to add close to 500 units through identified wings at a cost of $125-$175 per unit [26][27] Question: Will external investments focus on renovations or acquisitions? - Renovations are expected to provide better risk-adjusted returns, but acquisitions are not the current focus [28][29] Question: What drove the Q4 margin improvement? - The improvement was a combination of reduced transition noise and core operational gains [30][31] Question: What are the trends for January and February? - January showed promising results in line with expectations, with rent escalators around 4%-6% [33][34] Question: How should NOI growth be expected over the coming quarters? - NOI growth is expected to be back half of the year weighted due to occupancy growth and rate increases [38][40] Question: What are the prospects for renewing or releasing medical office and life science assets? - There are promising prospects for re-leasing, particularly for a building in Fremont, California [44] Question: What implications does the momentum have on the dividend? - The board will consider the dividend, but there are no immediate priorities for addressing it [51]

Financial Data and Key Metrics Changes - The company achieved a record quarterly leasing volume of nearly 4 million sq ft with a weighted average rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth [5][9] - Normalized FFO grew 113% year-over-year, reaching $18.9 million or $0.29 per share, which was at the high end of guidance [12] - Same property cash basis NOI increased by 5.2% year-over-year [5] - Total shareholder return exceeded 55% in 2025, ranking the company third among all U.S. REITs [5] Business Line Data and Key Metrics Changes - The company completed 42 new and renewal leases totaling 7.3 million sq ft during 2025, expected to generate an increase of approximately $10.6 million in annualized rental revenue [7] - Renewals represented the majority of leasing activity, with a tenant retention rate of 96% [9] - Significant lease renewals included Amazon (2.3 million sq ft), Restoration Hardware (1.2 million sq ft), and FedEx (152,000 sq ft) [9][10] Market Data and Key Metrics Changes - Consolidated occupancy at year-end was 94.5%, a 40 basis point increase from the previous quarter [7] - The company’s portfolio consists of 409 properties across 39 states, totaling approximately 60 million sq ft, with a weighted average lease term of seven years [6] Company Strategy and Development Direction - The company is focused on improving its balance sheet and positioning for future growth, including refinancing $1.2 billion of floating rate debt into fixed rate debt [6] - The leasing pipeline consists of 6.4 million sq ft, with 3.8 million sq ft in advanced stages of negotiation [10] - The company aims to generate organic cash flow growth and reduce leverage, which has declined from 12.4x to 11.8x over the last year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum, indicating a focus on leasing priorities in 2026 [8] - The company noted that while construction has slowed, tenant retention remains strong, and there is no significant concern regarding competing supply in core markets [45] Other Important Information - The company ended the quarter with cash on hand of $95 million and restricted cash of $88 million, with a total net debt to total assets ratio of 69% [14] - The company expects interest expense for the first quarter to be $61.5 million, including $57 million of cash interest expense [15] Q&A Session Summary Question: Non-cash interest amount for the quarter - The non-cash interest amount for the quarter is $4.5 million [20] Question: Update on another asset under contract for sale - The company had a property under LOI for about $50 million, but the tenant preferred to engage in a renewal discussion instead of purchasing the property [21] Question: Known move-outs to be aware of - There are no material known move-outs at this point, and progress is being made on expirations [22][23] Question: Changes in marketing process for vacancies - Progress is being made on the Indianapolis property, with lease comments currently being exchanged [24] Question: Interest expense forecast for Q1 - The forecasted interest expense for Q1 is $61.5 million, with a decrease expected in Q2 due to the impact of a cap [26][28] Question: Same store NOI growth drivers - The increase in same store NOI growth is primarily due to leasing activities, with cash impacts expected to hit in the latter half of 2026 and into 2027 [36][38] Question: Thoughts on refinancing the Monmouth JV loan - The company is actively evaluating refinance opportunities and has flexibility due to the extension option [42] Question: Competing supply in core markets - There is currently no significant concern regarding competing supply, as tenant retention remains strong [45]

Financial Data and Key Metrics Changes - The company achieved a record quarterly leasing volume of nearly 4 million sq ft with a weighted average rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth [5][10] - Normalized FFO grew 113% year-over-year, reaching $18.9 million or $0.29 per share, which was at the high end of guidance [5][13] - Same property cash basis NOI increased by 5.2% year-over-year, totaling $85.7 million [5][13] - Total shareholder return exceeded 55% in 2025, ranking the company third among all U.S. REITs [5] Business Line Data and Key Metrics Changes - The company completed 42 new and renewal leases and two rent resets, totaling 7.3 million sq ft during 2025 [7] - Notable lease renewals included Amazon for 2.3 million sq ft with a roll-up in rent of 26.8% and Restoration Hardware for 1.2 million sq ft with a roll-up of 29% [10][11] - The tenant retention rate was reported at 96% for the quarter [10] Market Data and Key Metrics Changes - Consolidated occupancy at year-end was 94.5%, a 40 basis point increase from the previous quarter [7] - The company’s portfolio includes 409 properties across 39 states, totaling approximately 60 million sq ft, with a weighted average lease term of seven years [6] Company Strategy and Development Direction - The company is focused on leasing priorities, particularly a 2.2 million sq ft land parcel in Hawaii and a 535,000 sq ft property in Indianapolis [9] - The company aims to generate organic cash flow growth and reduce leverage, which has improved from 12.4x to 11.8x over the last year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum, positioning the company well for 2026 [9][16] - The company noted that while construction has slowed, tenant retention remains strong, and there is no significant concern regarding competing supply in core markets [45] Other Important Information - The company successfully refinanced $1.2 billion of floating rate debt into fixed rate debt, resulting in annual cash savings of over $8 million [6] - The annualized dividend was increased from $0.04 to $0.20 per share [6] Q&A Session Summary Question: What is the non-cash interest amount for the quarter? - The non-cash interest amount for the quarter is $4.5 million [20] Question: Can you provide an update on another asset that was under contract for sale? - The property was under LOI for about $50 million, but the tenant preferred to engage in a renewal discussion instead of purchasing [21] Question: Are there any known move-outs we need to be aware of? - There are no material move-outs at this point, and progress is being made on expirations for 2026 and 2027 [22] Question: Are there any changes in the marketing process for the Indianapolis and Hawaii vacancies? - Progress is being made in Indianapolis, with lease comments currently being exchanged [24] - In Hawaii, discussions are ongoing, but the complexity of the parcel presents timing delays [25] Question: How did interest expense change from Q4 to Q1? - The interest expense is forecasted to be $61.5 million for Q1, influenced by the number of days in the quarter [26] Question: What is the thought process around refinancing the Monmouth JV loan? - The company is actively evaluating refinance opportunities and has flexibility due to the extension option [42]

For the fourth quarter, Host reported Adjusted EBITDAre of $428 million and adjusted FFO per share of $0.51 . Comparable hotel total RevPAR increased 5.4% year over year, while comparable hotel RevPAR rose 4.6% , which management said was driven by strong leisure transient demand, higher room rates, and increased out-of-room spending.Risoleo said full-year RevPAR and Adjusted EBITDAre exceeded the company’s initial 2025 guidance by 2.3 percentage points and 8.5% , respectively, and that Host’s portfolio out ...

SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act o ...

Financial Performance - Net loss attributable to common stockholders was $(11301) thousand for the three months ended September 30, 2025, compared to $(4272) thousand in 2024[13] - Net loss per diluted share was $(011) for the three months ended September 30, 2025, compared to $(004) in 2024[13] - Total revenues were $177117 thousand for the three months ended September 30, 2025, slightly up from $176807 thousand in 2024[13] - Adjusted EBITDAre decreased to $39263 thousand for the three months ended September 30, 2025, from $45340 thousand in 2024[13] - Adjusted FFO was $21253 thousand for the three months ended September 30, 2025, compared to $27610 thousand in 2024[13] Pro Forma Operating Results - Pro forma total revenues for the three months ended September 30, 2025, were $177117 thousand, compared to $182537 thousand in 2024[30] - Pro forma hotel EBITDA was $54118 thousand for the three months ended September 30, 2025, down from $62180 thousand in 2024[30] - Pro forma hotel EBITDA margin decreased to 306% for the three months ended September 30, 2025, from 341% in 2024[30] - RevPAR decreased by (42)% for the three months ended September 30, 2025[13] Capitalization - Market value of common equity at quarter end was $668748 thousand as of September 30, 2025[35] - Consolidated total debt was $1433483 thousand as of September 30, 2025[35]

Core Insights - The company reported a net loss of $11.3 million for Q3 2025, compared to a loss of $4.3 million in Q3 2024, reflecting ongoing challenges in the hospitality sector [6][7][30] - The company completed the sale of two hotels for $39 million, achieving a blended capitalization rate of 4.3%, as part of its capital recycling strategy [3][11][12] - The company expects a sequential improvement in operating trends for Q4 2025, despite a challenging environment characterized by reduced government demand and slower international travel [2][19] Financial Performance - Total revenues for Q3 2025 were $177.1 million, slightly up from $176.8 million in Q3 2024 [8][30] - Same store RevPAR decreased by 3.7% to $115.77 in Q3 2025 compared to Q3 2024, while pro forma RevPAR decreased by 4.2% to $116.57 [7][8] - Adjusted EBITDAre for Q3 2025 was $39.3 million, down from $45.3 million in Q3 2024 [8][30] Balance Sheet and Capital Management - The company refinanced a $400 million term loan at a lower interest rate, enhancing its balance sheet and extending debt maturities until 2030 [3][15][19] - As of September 30, 2025, the company had total outstanding debt of $1.1 billion with a weighted average interest rate of 4.52% [25] - The company declared a quarterly cash dividend of $0.08 per share, representing an annualized yield of 6.1% [17][18] Market Outlook - The company anticipates Q4 2025 RevPAR growth to range from -2.0% to -2.5%, reflecting ongoing price sensitivity and macroeconomic volatility [19] - The long-term outlook remains positive due to a lack of new supply growth in the industry [2][19]