Earnings per Share (EPS) of $3.47, missing the estimated $3.89.Funds from Operations (FFO) reported at $3.19 per share, below the Zacks Consensus Estimate of $3.25.Revenue growth from the previous year, with net income of $370.4 million.SBA Communications Corporation (NASDAQ:SBAC) is a leading player in the wireless communications infrastructure industry. The company specializes in owning and operating wireless communications towers, which are essential for mobile network operators. SBAC competes with other ...

Core Insights - Rexford Industrial Realty, Inc. (REXR) reported solid Q4 2025 results, beating consensus estimates for AFFO per share, but the guidance disappointed the market [1][11] - The guidance for full-year core FFO per share was below consensus estimates, and same-store NOI growth was slightly negative, leading to a decline in share price [2][13] Financial Performance - REXR's projected occupancy for 2025 is between 94.8% and 95.3%, which is lower than the 96.4% average achieved in 2025 [2] - Same-store NOI growth was negative, with cash NOI growth at 2.8% and overall same-store NOI up by 0.4% [22] - REXR's shares are currently trading just under $37.40, with a forward AFFO multiple around 19.4x, which is lower than peers like Terreno (TRNO) and Prologis (PLD) [9] Capital Allocation - REXR repurchased $100 million worth of shares in Q4 2025, retiring over 1% of outstanding shares, and plans to dispose of properties worth $400 to $500 million [3][20] - The capital allocation strategy of buybacks is viewed positively, especially as REXR trades at a discount [20] Leasing Activity - REXR signed over 3 million square feet of leases in Q4 2025, with net effective rent change at 22.0% and cash rent change at 9.0% [14][15] - The retention rate for leases was 61%, with a total leasing activity of 3,039,567 square feet [16] Valuation Comparison - REXR is considered to be within a favorable valuation range compared to peers, despite having more debt in its capital structure [5][9] - The difference in valuation between REXR and its peers is material, indicating that prices still matter in the investment decision [7]

Corporate Information & Analyst Coverage | Key Management | | | --- | --- | | Andrew Spodek | Chief Executive Officer | | Jeremy Garber | President, Treasurer & Secretary | | Steve Bakke | Chief Financial Officer | | Board of Directors | Board Responsibilities | | Patrick Donahoe | Chair of the Board, Member - Audit Committee | | Andrew Spodek | Chief Executive Officer, Director | | Barry Lefkowitz | Chair of Audit Committee, Member - Corporate Governance & Compensation Committee | | Anton Feingold | Chair ...

Financial Data and Key Metrics Changes - The company ended Q4 2025 with diluted AFFO per share increasing 1.4% to $2.24 compared to $2.21 in Q4 2024 [9] - Full-year AFFO guidance is projected to be between $8.50 and $8.70 per share, reflecting a year-over-year growth of 4.1% at the midpoint [4][14] - Adjusted EBITDA for Q4 was $288.9 million, an increase of 3.7% from $278.5 million in Q4 2024 [9] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% while national programmatic revenue grew by 3.3% in Q4, marking the third consecutive quarter of growth for national [5] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of total business [18][19] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [5][19] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [18] - Political advertising was a headwind in Q4, down about $11 million compared to 2024, but is expected to reverse in 2026 [5][56] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as last year [6] - The integration of acquired assets, including the Verde deal, is progressing well, with expectations for another active M&A year in 2026 [6][14] - The company has an investment capacity exceeding $1 billion while maintaining a target leverage range of 3.5-4 times net debt to EBITDA [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising climate for 2026, citing political tailwinds and increased spending around World Cup venues [27] - The company anticipates a conservative growth pace in Q1, with expectations for momentum to build throughout the year [38] - Management highlighted the positive impact of changes in FDA rules on pharmaceutical advertising, which could enhance revenue from this vertical [51] Other Important Information - The company plans to declare a regular cash dividend of $1.60 per share for Q1, with an expected total of $6.40 per share for 2026 [17] - Total consolidated debt stands at approximately $3.4 billion, with a weighted average interest rate of 4.5% [13] Q&A Session Summary Question: What is the state of the macro U.S. ad market as we enter 2026? - Management expects to maintain acquisition spending close to $200 million, with a positive ad spend climate anticipated for 2026 [26][27] Question: What are the implications of Clear Channel's acquisition for Lamar? - Management does not foresee significant changes in the industry structure and believes Clear Channel may not need to sell assets to deleverage [31][32] Question: How should acquisition-adjusted growth be viewed for Q1? - Management indicated that Q1 growth may be slightly below guidance but expects momentum to increase as the year progresses [38] Question: What are the expectations for local versus national growth and the impact of the World Cup? - Management anticipates $3 million-$4 million in incremental World Cup business, with positive trends in national advertising [42] Question: What is the expected benefit from political advertising in 2026? - Management estimates a conservative increase of around $12 million to $14 million in political advertising revenue compared to the previous year [56]

Fourth Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA Highlights Q4 2025 Highlights | Core FFO Per Share | | --- | | Implied property value per square foot | | Square feet of comparable leasing 167,000 activity | | 31% Comparable leasing spread | | ABR from Georgia, Florida, North Carolina & Texas | | Leased Occupancy – 490 bps spread to 91.0% occupancy | | SNO Pipeline – 5.8% of in-place ABR | | Cash ABR PSF | | Quarterly same-property NOI growth 4.3% for shopping centers | | $0 ...

Core Insights - Strawberry Fields REIT, Inc. reported its best operating results since inception, with significant growth in funds from operations (FFO) and rental revenues in 2025 compared to 2024 [5][6]. Financial Performance - FFO for 2025 was $79.6 million, up from $60.2 million in 2024, representing a growth of 32% [6][25]. - FFO per share increased to $1.43 from $1.15, marking a 24% rise [6][25]. - Adjusted FFO (AFFO) was $72.5 million, compared to $55.8 million in 2024, reflecting a 30% increase [6][25]. - AFFO per share rose to $1.30 from $1.07, a 21% increase [6][25]. - Net income increased to $33.3 million from $26.5 million, driven by higher rental revenues [11][21]. Revenue Growth - Rental revenues increased by $37.9 million, or 32.4%, compared to 2024, primarily due to new leases and acquisitions [6][11]. - The new Kentucky Master Lease contributed $13.1 million to the revenue growth, alongside contributions from acquisitions in Missouri, Kansas, and other states [6][11]. Acquisitions and Leases - The company entered into a new master lease for 10 properties in Kentucky with an annual base rent of $23.3 million, subject to CPI adjustments [4]. - Acquisitions included six facilities in Kansas for $24 million, nine skilled nursing facilities in Missouri for $59 million, and additional properties in Oklahoma and Missouri, totaling over $90 million in investments [4][6]. Expenses - Depreciation expense rose by $6.7 million, or 23.2%, due to new real estate investments [7]. - General and administrative expenses increased by $1.8 million, or 25.6%, primarily from higher payroll costs [8]. - Interest expense increased by $16 million, or 49.1%, mainly due to new bond issuance and additional notes payable [10]. Future Outlook - The company plans to pursue accretive deals while maintaining a disciplined acquisition strategy to sustain growth [5]. - The CEO expressed optimism about the investor perception of the senior housing sector and hopes for the stock price to reflect the company's strengths [5].

GUIDANCE PRESENTATION 2026 2026 OUTLOOK: CONTINUED OPERATIONS | $ IN MILLIONS | | | | --- | --- | --- | | | LOW | HIGH | | RETAIL NOI | $68.5M | $70.0M | | OFFICE NOI | $58.5M | $60.0M | | EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) | $3.4M | $3.9M | | ACQUISITION NOI | $1.0M | $1.7M | | TOTAL COMMERCIAL NOI | $131.4M | $135.6M | | G&A EXPENSES | -$19.7M | -$18.7M | | INTEREST EXPENSE | -$57.2M | -$54.2M | | OTHER NOI(2) | $8.9M | $9.9M | | PREFERRED STOCK DIVIDENDS | -$11.5M | -$11.5M | | PRO FORMA ...

Financial Data and Key Metrics Changes - Sabra's normalized FFO per share for Q4 2025 was $0.36, and normalized AFFO per share was $0.38, totaling $91.2 million and $95.2 million respectively for the quarter [12][15] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [8] - The same-store managed senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra's investment activity is projected to exceed the volume of 2025 investments, with a robust pipeline and $240 million of awarded deals expected to close in Q1 and early Q2 2026 [6][9] - The company continues to focus on SHOP investments, which represent approximately 95% of the investment opportunities being pursued [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth prospects, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and management does not foresee significant changes impacting operations [7][82] - The company anticipates continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and long-term prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels, with potential for rate growth [24][25] Question: What is the status of the RCA loan and tenant health? - The RCA loan is being serviced appropriately, and discussions with the equity sponsor are ongoing, indicating tenant health is stable [27][30] Question: What are the expectations for maintenance CapEx in 2026? - Maintenance CapEx is expected to remain at similar levels, with non-maintenance CapEx projected in the $20-$30 million range [32] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with continued competition but opportunities for high-quality assets at good yields [58] Question: What is the outlook for occupancy growth in Canada? - The Canadian portfolio is expected to continue its growth trajectory, with lower construction rates compared to the U.S. market [52] Question: How does the company view the complexity of operating in the SHOP space? - Management acknowledges the complexities of operating in the SHOP space, emphasizing the importance of experienced operators and continuous improvement in management practices [88][91]

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION FEBRUARY 2026 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not histori ...

Core Insights - Getty Realty Corp. reported strong financial performance for the fourth quarter and full year of 2025, highlighting a disciplined investment strategy and consistent earnings growth [4][28] - The company deployed $269 million in investments at a yield of 7.9%, indicating effective transaction sourcing and closing [4][16] - With over $500 million in liquidity and a robust investment pipeline, Getty Realty is positioned for continued growth in 2026 [4][18] Fourth Quarter 2025 Highlights - Net earnings for Q4 2025 were $27.0 million, or $0.45 per share, compared to $22.3 million, or $0.39 per share in Q4 2024, reflecting a 21.5% increase in net earnings [6][48] - Funds From Operations (FFO) for Q4 2025 were $38.0 million, or $0.64 per share, up from $32.5 million, or $0.57 per share in Q4 2024 [6][48] - Adjusted Funds From Operations (AFFO) for Q4 2025 were $37.6 million, or $0.63 per share, compared to $34.0 million, or $0.60 per share in Q4 2024 [6][48] Full Year 2025 Highlights - For the full year 2025, net earnings reached $79.2 million, or $1.35 per share, compared to $71.1 million, or $1.25 per share in 2024, marking an increase of 11.6% [6][48] - Total revenues from rental properties for 2025 were $219.6 million, up from $198.7 million in 2024, representing a growth of 10.5% [9][48] - Base rental income for 2025 grew 11.6% to $206.5 million, driven by new acquisitions and contractual rent increases [10] Investment Activities - In Q4 2025, the company invested $135.4 million at a 7.9% initial cash yield, while for the full year, it invested $268.8 million at the same yield [16][22] - The company has a committed investment pipeline of approximately $100 million for the development and acquisition of 36 properties, expected to be funded over the next 3-12 months [18] Balance Sheet and Capital Markets - As of December 31, 2025, Getty Realty had total outstanding indebtedness of $1.0 billion, with $750 million in senior unsecured notes at a weighted average interest rate of 4.1% [23][25] - The company closed a private placement of $250 million in senior unsecured notes at a fixed rate of 5.76% in November 2025 [24] - Getty Realty settled approximately 2.1 million shares of common stock for net proceeds of approximately $59.2 million during Q4 2025 [26] 2025 Guidance - The company reaffirms its 2026 AFFO guidance of $2.48 to $2.50 per diluted share, based on current assumptions and completed transaction activity [28]