Shares in data center company and real estate investment trust (REIT) Equinix (EQIX -7.92%) were lower by nearly 10% by noon ET today. The decline comes after a slew of Wall Street analysts downgraded the stock the day after its analyst day presentation.Here's what the investment community is worried about.Analyst downgradesIn truth, the decline is probably a combination of lofty expectations going into the analyst day presentation (not least because data centers and artificial intelligence, or AI, are the ...

EARNINGS RELEASE & FINANCIAL SUPPLEMENT First Quarter 2022 Financial Supplement First Quarter 2022 Table of Contents | Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 13 | | Financial Information | | | Consolidated Balance Sheets | 15 | | Consolidated Statements of Operations | 16 | | Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | 17 | | Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EB ...

Financial Supplement Third Quarter 2022 Financial Supplement Third Quarter 2022 Table of Contents | Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 16 | | Financial Information | | | Consolidated Balance Sheets | 18 | | Consolidated Statements of Operations | 19 | | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO | 20 | | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | 22 | | Acqui ...

| Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 14 | | Financial Information | | | Consolidated Balance Sheets | 16 | | Consolidated Statements of Operations | 17 | | Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | 18 | | Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA | 20 | | Acquisition, Litigation and Other, net | 21 | | Debt Detail and Maturities | 22 | | Operations Overview ...

EARNINGS RELEASE & FINANCIAL SUPPLEMENT Third Quarter 2023 Financial Supplement Third Quarter 2023 Table of Contents | Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 15 | | Financial Information | | | Consolidated Balance Sheets | 17 | | Consolidated Statements of Operations | 18 | | Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | 19 | | Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EB ...

Investment Rating - The report assigns a "Sell" rating to Vornado Realty Trust (VNO) with a 12-month price target of $33.00, indicating a downside potential of 13.1% from the current price of $37.97 [14]. Core Insights - Management believes it is in a landlord's market, with strong tenant demand for Class A office space in Manhattan and constrained new supply due to high replacement costs and interest rates [3]. - VNO's occupancy in New York decreased from 88.8% at the end of 4Q24 to 84.4% in 1Q25 but is expected to recover to the low 90% range within 12 months due to leasing activity [3]. - The company completed significant leasing transactions, including a 337k SF lease by Universal Music Group at PENN 2 and a 222k SF lease at 555 California Street in San Francisco [3][11]. - VNO's 2025 comparable FFO is expected to be flat compared to 2024, with meaningful growth anticipated by 2027 driven by the lease-up of PENN 1 and PENN 2 [4]. Financial Performance - VNO's NTM FFO is currently trading at 17.9x, below its historical average of 22.3x, while trading at a 6.0% premium relative to the REIT sector [10]. - On an AFFO basis, VNO is trading at 37.9x NTM AFFO, significantly higher than its pre-pandemic average of 32.0x, reflecting an 88% premium compared to the REITs average [10]. - The report updates estimates for VNO, with 2025 NAREIT FFO projected at $2.20, reflecting a slight decrease from previous estimates, while 2026 and 2027 show growth [12]. Valuation Trends - The report notes that VNO's premium versus the REIT sector is approaching historical average levels, indicating a potential normalization in valuation [6]. - The updated price target reflects a revised AFFO multiple of 27.0x, up from 26.2x, based on recent leasing strength and market movements [12].

REIT also announces monthly distributions for Q3 2025MONTRÉAL, May 15, 2025 (GLOBE NEWSWIRE) -- Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended March 31st, 2025 (“Q1 2025”). The REIT also announced an increase in annual distributions and distributions for July, August and September 2025. “This was a solid quarter for Canadian Net, with FFO per unit growing by 8% as we are now reaping the benefits of our capital recycli ...

Core Insights - Nexus Industrial REIT has successfully transitioned to a pure-play industrial REIT, with industrial assets now contributing over 99% of its net operating income (NOI) [2][8] - The company reported a 8.6% increase in NOI year-over-year, reaching CAD 32.1 million, driven by acquisitions and growth in industrial Same Property NOI, which increased by 6.6% [8][16] - The REIT anticipates continued growth, with two significant development projects expected to add approximately CAD 6.6 million in annual stabilized NOI upon completion [2][18] Financial Performance - For Q1 2025, property revenues increased to CAD 44.8 million from CAD 41.6 million in Q1 2024 [10] - Net income for the quarter was CAD 33.2 million, down from CAD 43.7 million in the previous year, primarily due to fair value adjustments [10][31] - Normalized FFO per unit increased to CAD 0.187, up CAD 0.022 from the previous year, while Normalized AFFO per unit rose to CAD 0.154, an increase of CAD 0.019 [10][32] Portfolio and Occupancy - The REIT's total portfolio consists of 90 investment properties, with a fair value of CAD 2.47 billion, and a gross leasable area of approximately 11.7 million square feet [13][27] - The industrial occupancy rate increased to 97% from 96% in 2024, indicating strong demand for industrial space [8][13] - The weighted average lease term for the industrial portfolio is 6.8 years, reflecting stability in tenant relationships [13] Development Projects - The REIT is advancing construction on a 325,000 sq. ft. expansion project in St. Thomas, ON, and a 115,000 sq. ft. small-bay industrial complex in Calgary, AB, both expected to be completed in Q3 2025 [8][23] - The expansion project is projected to yield a contractual going-in yield of 9.0% on total development costs of CAD 54.9 million, while the Calgary project is expected to yield approximately 11% on CAD 15.4 million [23] Strategic Initiatives - The company sold 15 legacy retail properties and one office property for total proceeds of CAD 50.9 million, using the proceeds to reduce debt and fund development projects [2][8] - The REIT has renewed over 80% of its expiring gross leasable area (GLA), contributing an additional CAD 2.6 million to NOI in 2025 [4][8]

Not for distribution to U.S. newswire services or dissemination in the United States. TORONTO, May 13, 2025 (GLOBE NEWSWIRE) -- Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX: MHC.U; MHC.UN) today released its first quarter 2025 results. The financial results of the REIT are prepared in accordance with IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). Results are shown in U.S. dollars, unless otherwise noted. First ...

OUTFRONT Media Inc. (OUT) reported first-quarter 2025 adjusted funds from operations (AFFO) per share of 14 cents, missing the Zacks Consensus Estimate of 15 cents. The reported figure remained unchanged from the prior-year quarter.Results reflected a decline in billboard revenues in the quarter, which affected year-over-year top-line growth. However, a rise in transit revenues, and lower interest expenses and operating expenses supported the results to some extent.Quarterly revenues came in at $390.7 milli ...