- Invested $269 Million in Convenience and Automotive Retail Assets - - Introduces 2026 Earnings Guidance - NEW YORK, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, today provided an update on its 2025 investment and capital markets activities. The Company also provided its initial full year 2026 earnings guidance. Investment Activity In 2025, the Company invested approximately $269 milli ...

Core Viewpoint - Iron Mountain Incorporated (IRM) is currently viewed as a battleground stock, with bullish perspectives focusing on rapid growth and low AFFO multiples, while bearish views highlight concerns over high debt and AFFO calculations [1][2]. Bear Thesis - The bear thesis identifies three main reasons for the substantial drop in IRM's stock price over the past year: overvaluation, being caught in the AI selloff, and a short attack [4][7]. - The company has evolved from physical information storage to digital information management, which has led to its classification as a data center REIT, although this segment remains a small part of its business [5][6]. Financial Overview - As of September 30, 2025, IRM's total assets amounted to $20.63 billion, with current assets of $1.88 billion and total liabilities of $18.77 billion [9]. - The company has a significant operating lease liability of $2.28 billion, which is not classified as debt, as it represents long-term rental obligations rather than traditional debt [10][11]. AFFO and Earnings Adjustments - There are concerns regarding the inflation of reported AFFO, but IRM provides transparent reconciliations between GAAP and non-GAAP metrics [14][16]. - The company reported a normalized FFO of $276.89 million for Q3 2025, reflecting an 18.7% year-over-year increase [22]. - True AFFO is estimated to be approximately $320 million lower than reported AFFO, leading to an adjusted AFFO per share of $4.00 for 2025 [27][25]. Growth and Valuation - IRM has demonstrated strong growth across various business segments, with pricing power in its legacy records information management business contributing to its growth [28][31]. - Analysts project continued strong growth through 2028, with total revenue guidance for 2025 set between $6.79 billion and $6.94 billion, representing a year-over-year increase of approximately 12% [26][34]. - The current valuation shows IRM trading at 14X forward AFFO and 16X trailing AFFO, which may be undervalued given its growth rate [38][39]. Market Position - IRM's data center builds are expected to yield high returns, with cash on cash IRRs in the low double digits, supporting the company's growth strategy [31][36]. - The information management business is considered robust, with clients reliant on data retrieval services, providing IRM with continued pricing power [36].

Iron Mountain Incorporated (IRM) has become a bit of a battleground stock. Bulls point toward rapid growth and a low AFFO multiple, while bears are concerned by high debt and AFFO calculations. The truth, as usual, is somewhere in the middle. This article will address some of the most debated aspects of Iron Mountain and try to provide a clean perspective on valuation, balance sheet, and growth. Let us start by examining the bear thesis, as it has clearly had quite a bit of traction with regard to IRM’s sto ...

Core Viewpoint - Crown Castle (CCI) has improved its 2025 outlook due to increased efficiency and demand for its assets, despite facing challenges from the pending fiber sale and Sprint cancellations [3][12]. Financial Performance - CCI owns over 40,000 cell towers and approximately 105,000 small cells, generating revenue from long-term contracts with major wireless carriers [1]. - The company raised its full-year guidance by $10 million in site rental revenue and reduced expected interest expenses by $15 million, contributing to a stronger financial outlook [5]. - The current 2025 AFFO outlook is projected between $1.845 billion and $1.895 billion, translating to $4.23 to $4.35 per share [4]. Operational Insights - The pending fiber sale is classified as "discontinued operations," which affects the AFFO calculation, making it appear artificially low until the sale closes [4]. - Management anticipates that the fiber sale will close in the first half of 2026, which will provide cash for debt reduction or share repurchase [4]. Growth Metrics - CCI uses "organic contributions" for growth measurement, which may include revenue from new assets not present in the previous period, making it less comparable to the "same-property" metric used by other REITs [7][10]. - The organic growth rate, excluding Sprint cancellations, is approximately 5% year-to-date, but including cancellations drops it to around 0% [11]. Market Reaction - The market responded positively to CCI's Q3 2025 update, with the company's share price outperforming peers despite broader sector declines [3][12].

Core Insights - Clipper Realty Inc. reported third quarter 2025 results, highlighting strong occupancy and rental demand in residential properties, with new leases exceeding previous rents by nearly 14% and renewals by over 6% [3][5][6] Financial Performance - Total revenues for Q3 2025 were $37.7 million, slightly up from $37.6 million in Q3 2024, with residential revenue increasing by $1.9 million (6.9%) [5][6] - Net operating income (NOI) for Q3 2025 was $20.8 million, down from $21.8 million in the same period last year [6][8] - The company reported a net loss of $4.6 million ($0.14 per share) for Q3 2025, compared to a net loss of $1.1 million ($0.05 per share) in Q3 2024 [7][8] - Adjusted funds from operations (AFFO) were $5.6 million ($0.13 per share) for Q3 2025, down from $7.8 million ($0.18 per share) in Q3 2024 [8][28] Operational Highlights - The Prospect House property in Brooklyn commenced operations in August 2025, contributing to initial lease-up but generating limited revenue due to full expenses [4][6] - The company faced a decrease in commercial revenue by $1.8 million due to the termination of a lease with a New York City tenant at the 250 Livingston Street property [5][6] - Clipper Realty declared a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [10] Balance Sheet Overview - As of September 30, 2025, notes payable were $1,281.2 million, reflecting an increase from $1,275.4 million at the end of 2024, primarily due to additional borrowings related to the Prospect House [9]

Core Insights - Rexford (REXR) is highlighted as a top investment choice in the industrial REIT sector, boasting 420 properties and over 50 million square feet of rentable space [1] - The company raised its guidance for Core FFO per diluted share in its Q3 earnings report, indicating a solid quarter [2][4] Updated Guidance - REXR updated its guidance for Same Property Portfolio Cash NOI Growth from 2.5% to 4%, reflecting a significant increase [4] - The new guidance for annualized figures shows a Cash NOI of $533.353 million with a growth of 2.5%, compared to the old guidance of 4% growth [4] Leasing Activity - REXR reported a record leasing activity of 3.3 million square feet in Q3, a substantial increase from 1.7 million square feet in the previous quarter [9] - The net effective leasing spreads were reported at 26.1%, while cash leasing spreads were at 10.3%, marking a strong performance [9] Financial Management - The company reduced its net interest expense guidance from $107 million to $105 million, contributing to improved financial metrics [6] - REXR repurchased $150 million worth of shares at an average price of $38.62, representing about 1.65% of the weighted-average shares outstanding [15] Overall Performance - REXR's strong performance in leasing and increased cash NOI guidance indicate robust fundamentals, positioning the company favorably in the market despite macroeconomic challenges [17] - The management's conservative balance sheet strategy and proactive share repurchase actions reflect confidence in the company's valuation and growth potential [16]

Core Insights - Clear Channel Outdoor Holdings, Inc. reported a consolidated revenue growth of 8.1% for Q3 2025, driven by strong performance in both America and Airports segments, indicating effective execution of its growth strategy [2][3] - The company is focusing on simplifying its portfolio by selling its Spanish business, which is expected to enhance its U.S. operations and reduce risk [2][5] - Adjusted EBITDA for Q3 2025 increased by 9.5% year-over-year, reflecting improved operational efficiency and revenue growth [3][10] Financial Performance - Consolidated revenue for Q3 2025 was $405.6 million, up from $375.2 million in Q3 2024, marking an 8.1% increase [3][13] - Loss from continuing operations increased to $49.6 million in Q3 2025 from $28.1 million in Q3 2024, a rise of 76.6% [3][29] - Adjusted EBITDA for Q3 2025 was $132.5 million, compared to $121.0 million in Q3 2024, a 9.5% increase [3][46] Segment Performance - Revenue from the America segment rose by 5.9% to $310.0 million in Q3 2025, while the Airports segment saw a significant increase of 16.1% to $95.6 million [13][18] - Digital revenue in the America segment increased by 6.9% to $113.1 million, driven by higher programmatic sales [18] - Airports segment digital revenue surged by 37.4% to $57.9 million, reflecting strong advertising demand [18] Debt and Liquidity - The company closed a $2.05 billion private offering of senior secured notes in August 2025, using proceeds to redeem $2.0 billion of existing senior secured notes, thereby extending its debt maturity profile [8][26] - As of September 30, 2025, the company had $178.3 million in cash and cash equivalents, with a significant portion held by discontinued operations [24][33] - Total debt as of September 30, 2025, was $5.1 billion, down from $5.7 billion at the end of 2024 [36][38] Guidance - For Q4 2025, the company expects consolidated revenue to be between $441 million and $456 million, representing a 3% to 7% increase from the prior year [9][10] - Full-year 2025 revenue guidance has been updated to a range of $1.584 billion to $1.599 billion, reflecting a 5% to 6% increase year-over-year [10][11] Market Presence - As of September 30, 2025, Clear Channel operated over 61,200 print and digital out-of-home advertising displays across 81 Designated Market Areas in the U.S., including 43 of the top 50 markets [22][23] - The company continues to expand its digital display inventory, adding new boards and enhancing its advertising capabilities [22][18]

Core Insights - NewLake Capital Partners, Inc. reported third quarter 2025 revenue of $12.6 million, reflecting a year-over-year increase of 0.3% [1][6] - The net income attributable to common stockholders for the same period was $6.7 million, up from $6.4 million in the previous year [6] - Funds from Operations (FFO) totaled $10.7 million, marking a 3.8% increase year-over-year, while Adjusted Funds from Operations (AFFO) reached $11.0 million, a 2.4% increase [6] Financial Highlights - Revenue for the third quarter of 2025 was $12.6 million, unchanged from the previous year [6] - Net income attributable to common stockholders increased to $6.7 million from $6.4 million [6] - FFO increased to $10.7 million from $10.3 million, representing a 3.8% growth [6] - AFFO rose to $11.0 million from $10.8 million, reflecting a 2.4% increase [6] - The company declared a dividend of $0.43 per share, consistent with the previous year, leading to an annualized dividend of $1.72 per share [6][16] Balance Sheet and Liquidity - As of September 30, 2025, cash and cash equivalents were $23.6 million, with total liquidity of $106.0 million [6] - The company reported gross real estate assets of $432.2 million and a debt to total gross assets ratio of 1.6% [6] - There are no debt maturities until May 2027, with a debt service coverage ratio of approximately 85x [6] Investment Activity - The company engaged in various acquisitions, totaling $1.735 million for the nine months ended September 30, 2025 [5][7] - A deed-for-deed like-kind exchange was completed involving a dispensary property, with no cash consideration [8] Tenant Management and Challenges - The company faced challenges with tenants AYR Wellness Inc. and Revolutionary Clinics, impacting rental income [10][12] - AYR accounted for approximately 5.9% of rental income for the nine months ended September 30, 2025, and ceased rent payments starting August 2025 [11] - Revolutionary Clinics entered receivership and ceased rental payments in July 2025, with ongoing efforts to market the property for lease [12][13] Recent Developments - On October 23, 2025, the company amended lease agreements with C3 Industries, modifying terms and ensuring continued rent payments until property sale [17] - A conference call and webcast are scheduled for November 6, 2025, to discuss quarterly financial results [18][19]

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 of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Core Insights - NNN REIT, Inc. reported strong financial and operational results for Q3 2025, achieving its highest quarterly acquisition volume since 2018 with over $280 million invested in real estate [1][3] - The company raised its earnings guidance for 2025, supported by $1.4 billion in liquidity and a robust balance sheet [1][9] Financial Results - Revenues for Q3 2025 were $230.2 million, up from $218.6 million in Q3 2024, representing a 5.3% increase [2] - Net earnings for Q3 2025 were $96.8 million, slightly down from $97.9 million in Q3 2024 [2] - Funds From Operations (FFO) for Q3 2025 were $158.7 million, compared to $154.2 million in Q3 2024, with FFO per share remaining stable at $0.84 [2][31] - Core FFO increased by 1.2% year-over-year to $159.4 million, with Core FFO per share at $0.85 [3][31] Portfolio Snapshot - The company owned 3,697 properties with a total gross leasable area of approximately 39.2 million square feet as of September 30, 2025 [4][14] - The occupancy rate was reported at 97.5%, slightly down from 98.0% in the previous quarter [4] - Annualized Base Rent (ABR) increased by 7.2% year-over-year to $912.2 million [3] Property Acquisitions and Dispositions - NNN closed on $283 million of investments in Q3 2025, with a weighted average cap rate of 7.3% and a weighted average lease term of 17.8 years [3][5] - The company sold 23 properties for $41.3 million, achieving a weighted average cap rate of 5.9% [3][7] Capital Markets Activity - In Q3 2025, NNN issued 1,670,737 common shares, raising $71.7 million at an average price of $42.89 [8] - The company also issued $500 million in senior unsecured notes due 2031 to fund investment activities [8] Balance Sheet and Liquidity - As of September 30, 2025, NNN reported gross debt of $4.95 billion with a weighted average interest rate of 4.2% and a maturity of 10.7 years [9][35] - The company maintained $1.4 billion in total available liquidity, including a $1.2 billion line of credit [9] Dividend Information - NNN declared a quarterly dividend of $0.60 per share, representing a 3.4% increase from the previous quarter [10][32] 2025 Guidance - The company updated its guidance for 2025, increasing Core FFO per share guidance to a range of $3.36 to $3.40 and AFFO per share guidance to $3.41 to $3.45 [11]