Highlights for the Three Months Ended September 30, 2025 David Bistricer, Co-Chairman, and Chief Executive Officer, commented, "For the quarter, the Company's residential properties continued to have high occupancy and strong renter demand and we brought online our new Prospect House property at 953 Dean Street in Brooklyn, NY. For all our properties, new leases exceeded previous rents by nearly 14% and renewals by over 6%. At our Flatbush Gardens property, we continue to achieve high rental recoveries from ...

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]

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Financial Performance & Portfolio Highlights - Net income attributable to common stockholders was $762040 thousand for the three months ended September 30, 2025[17, 22] - Adjusted EBITDA attributable to common stockholders was $825582 thousand for the three months ended September 30, 2025[17, 24] - The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The portfolio has a 400 year weighted average lease term as of September 30, 2025[16] Capital Structure & Credit Metrics - Total debt was $17097906 thousand as of September 30, 2025[17, 35] - The company has a LQA Net Leverage Ratio of 50x as of September 30, 2025[17, 36] - The company's total liquidity was $3104483 thousand, including $2352094 thousand from the Revolving Credit Facility Capacity[35] Future Outlook - The company estimates AFFO for the year ending December 31, 2025, will be between $2510 million and $2520 million, or between $236 and $237 per diluted common share[32]

Realty Income Corporation (O), headquartered in San Diego, California, is a real estate partner to the world's leading companies. With a market cap of $52.9 billion, the company owns and manages a portfolio of commercial properties located across the U.S. Realty Income focuses on acquiring single-tenant retail locations, leased to regional and national chains, and under long-term net lease agreements. Shares of this REIT giant have underperformed the broader market considerably over the past year. O has d ...

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