Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com Fourth Quarter 2025 Table of Contents | ` | Pa | Pa | ge | ge | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Core Insights - NewLake Capital Partners, Inc. reported fourth quarter 2025 revenue of $12.3 million and full year 2025 revenue of $51.1 million, reflecting a modest increase of 1.9% compared to 2024 [1][11] - The company declared a first quarter 2026 cash dividend of $0.43 per share, maintaining a strong AFFO payout ratio of 85% for the fourth quarter [3][19] Financial Highlights - Fourth quarter 2025 net income attributable to common stockholders was $6.0 million, with funds from operations (FFO) totaling $10.0 million and adjusted funds from operations (AFFO) at $10.6 million [2][8] - For the full year 2025, net income attributable to common stockholders reached $26.3 million, with FFO of $42.3 million and AFFO of $43.8 million [2][11] Operational Highlights - The company experienced a 1.4% decline in fourth quarter revenue compared to the same period in 2024, primarily due to vacancies at properties previously leased to AYR Wellness, Inc. and Revolutionary Clinics, Inc. [10] - Full year 2025 revenue growth was driven by acquisitions, a full year of rent from properties acquired in 2024, and annual contractual rent escalations, despite the impact of vacancies [11] Investment Activity - In 2025, the company acquired two dispensaries in Ohio for approximately $0.8 million and committed to fund improvements totaling approximately $1.1 million [8][12] - The company completed a like-kind exchange involving a dispensary in Mokena, IL for one in Brookville, PA [8] Balance Sheet Highlights - As of December 31, 2025, the company had total liquidity of $106.3 million, with cash and cash equivalents of $23.9 million [13] - The company maintained a low debt to total gross assets ratio of 1.6% and a debt service coverage ratio of approximately 77.9x [13] Dividend Information - The board of directors declared a fourth quarter 2025 cash dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per share, representing a 79% growth since the company's IPO in 2021 [19][20] - The total dividends declared for the year ended December 31, 2025, were also $1.72 per share, with an annual AFFO payout ratio of 82% [20]

Core Insights - LEG Immobilien SE reported a significant increase in fiscal 2025 AFFO, reaching 220.5 million euros, up 10% from 200.4 million euros in the previous year, driven by the integration of the BCP portfolio, rental growth, and value-add services [1] - The company anticipates further earnings growth for fiscal 2026, projecting AFFO between 220 to 240 million euros and FFO I between 475 to 495 million euros, with expected rental growth of 3.8 to 4.0 percent [2] - A proposed dividend of 2.92 euros per share for fiscal 2025 represents an 8% increase over the previous year's dividend [3] Financial Performance - AFFO per share increased to 2.92 euros from 2.69 euros [1] - FFO I rose by 5.2% year-on-year to 481.5 million euros [1] - Net cold rent increased by 7% to 919.9 million euros, attributed to the BCP portfolio integration and rental growth in the free-financed segment [2] Market Position - At the last close, LEG shares were trading at 66.05 euros, reflecting a decrease of 0.68% [4]

Core Insights - AvalonBay Communities (AVB) is a prominent real estate investment trust (REIT) focused on developing, acquiring, and managing apartment communities in high-barrier markets across the U.S. [1] - The company is currently trading at a price of $177.32, reflecting a decrease of 0.94% from the previous day [4] - AVB has a market capitalization of approximately $25.11 billion, indicating significant investor interest [5] Price Target and Growth Potential - Michael Lewis from Truist Financial has set a price target of $201 for AVB, suggesting a potential upside of 13.35% from its current trading price [2][6] - The company is expected to see strong growth in Core Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) per share in 2027–2028, following a stagnation period in 2025–2026 [3][6] Financial Metrics - AVB is currently trading at historically low FFO and AFFO multiples, presenting an attractive entry point for value investors [3][6] - The stock has fluctuated between a low of $174.37 and a high of $178.02 during the trading day, with a yearly high of $230.21 and a low of $166.73 [4] Strategic Positioning - The company's strategic capital allocation includes moderate leverage, aggressive buybacks, and high-yield development, positioning it well for long-term growth [5]

Core Insights - SBAC Communications Corporation is a key player in the wireless communications infrastructure sector, focusing on owning and operating wireless communication towers essential for mobile network operators [1] Financial Performance - For the quarter ending February 26, 2026, SBAC reported an earnings per share (EPS) of $3.47, which was below the estimated $3.89, indicating a shortfall in earnings [2][6] - The company's funds from operations (FFO) were reported at $3.19 per share, missing the Zacks Consensus Estimate of $3.25, and reflecting a decline from the previous year's FFO of $3.47 per share, resulting in a -1.85% FFO surprise [2][6] - SBAC's revenue for the quarter was approximately $719.6 million, slightly under the estimated $725.8 million, but showed growth from $693.7 million reported in the same quarter the previous year [3] Profitability and Shareholder Value - The company achieved a net income of $370.4 million, translating to an EPS of $3.47, and recorded an industry-leading Adjusted Funds From Operations (AFFO) per share of $3.19 [4] - SBAC repurchased 1.1 million shares, demonstrating its commitment to enhancing shareholder value, and announced significant dividend growth, reflecting strong financial health [4] Market Valuation Metrics - SBAC has a price-to-earnings (P/E) ratio of approximately 19.39 and a price-to-sales ratio of about 7.27, with an enterprise value to sales ratio around 8.73 and an enterprise value to operating cash flow ratio of approximately 19.03 [5] - The earnings yield is about 5.16%, and the debt-to-equity ratio is approximately -0.90, indicating its capital structure, while the current ratio is around 0.29, reflecting its ability to cover short-term liabilities [5]

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].