Key Takeaways OUTFRONT Media beat Q4 AFFO estimates, driven by strong Transit growth and margin expansion.OUT saw Transit revenue surge 15.7%, lifting total revenues 4.1% year over year.OUT expects comfortably double-digit AFFO growth in 2026, backed by digital gains and efficiencies.OUTFRONT Media Inc. (OUT) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of 73 cents, surpassing the Zacks Consensus Estimate of 71 cents. This compares favorably with the FFO per share of 69 cents ...

Core Viewpoint - Community Healthcare Trust Incorporated reported a net income of approximately $14.4 million for the three months ended December 31, 2025, translating to $0.51 per diluted common share, alongside FFO and AFFO of $0.49 and $0.55 per diluted common share respectively [1][2] Financial Performance - The Company’s rental income for the fourth quarter of 2025 was $30.7 million, an increase from $29.0 million in the same period of 2024 [2] - Total revenues for the twelve months ended December 31, 2025, were $121.4 million, compared to $114.6 million in 2024 [2] - The Company reported a net income of $14.4 million for Q4 2025, a significant increase from $1.8 million in Q4 2024 [2] Dividends and Shareholder Returns - The Board of Directors declared a quarterly common stock dividend of $0.4775 per share, payable on March 4, 2026 [1] - The Company has not issued any shares under its ATM program during the fourth quarter of 2025 [1] Property Transactions and Investments - The Company has five properties under definitive purchase agreements with an expected aggregate purchase price of approximately $122.5 million, anticipating returns of 9.1% to 9.75% [1] - During Q4 2025, the Company disposed of three buildings, generating net proceeds of approximately $31.6 million and recognizing a net gain of about $12.3 million [1] - An inpatient rehabilitation facility in Florida was acquired for approximately $28.5 million, fully leased to a tenant with a lease expiration in 2040 and an expected return of approximately 9.3% [1] Balance Sheet Highlights - As of December 31, 2025, total assets were approximately $990.8 million, with total liabilities of $561.4 million [2] - The Company’s stockholders' equity decreased to $429.4 million from $476.0 million year-over-year [2] Operational Metrics - FFO for Q4 2025 was reported at $13.3 million, compared to $12.7 million in Q4 2024, with FFO per common share diluted at $0.49 [2][3] - AFFO for Q4 2025 was $14.9 million, with AFFO per common share diluted at $0.55, consistent with the previous year [2][3]

Core Viewpoint - AGNC (NASDAQ: AGNC) offers a high forward yield of 12.8%, but its earnings are declining, raising concerns about the sustainability of its dividend [1][2] Group 1: AGNC Overview - AGNC is a mortgage real estate investment trust (mREIT) that generates income by buying mortgages and mortgage-backed securities (MBS) [2] - The projected EPS for AGNC is $1.51, which covers its forward dividend rate of $1.44, indicating a potential for dividend sustainability [1] - AGNC's current trading discount is attributed to declining earnings, which may lead to challenges in maintaining its dividend if the payout ratio exceeds 100% [2][3] Group 2: Interest Rate Impact - AGNC's profitability relies on the Fed's short-term rates being lower than long-term rates; however, recent interest rate cuts have not effectively reduced MBS yields and borrowing costs [2] - The company has been forced to take out loans at higher rates to purchase lower-yielding MBS, creating an ongoing imbalance if the real estate market remains weak [2] Group 3: Comparison with Vici Properties - Vici Properties (NYSE: VICI) is presented as a more stable investment option compared to AGNC, as it operates as an equity REIT that owns physical properties and has a consistent occupancy rate [3][4] - Vici has maintained a 100% occupancy rate since its IPO in 2018 by locking tenants into long-term leases, which are indexed to the Consumer Price Index (CPI) [5] - Vici's business model allows it to raise rents in line with inflation, and it has successfully increased its dividend every year since its IPO, currently offering a forward yield of 6% [6]

Core Insights - Crown Castle Inc. (CCI) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $1.12, exceeding the Zacks Consensus Estimate of $1.07 per share, but reflecting a year-over-year decline of nearly 6.7% [1] - The company's net revenues for the quarter were $1.07 billion, surpassing the Zacks Consensus Estimate of $1.05 billion, yet down 4.2% year over year [1] - For the full year 2025, CCI's AFFO per share was $4.36, a 4.2% decrease year over year, but above the Zacks Consensus Estimate of $4.30 [2] Revenue Breakdown - In Q4 2025, total site rental revenues decreased by 4.8% year over year to $1.02 billion, with an organic contribution to site rental billings of $47 million reflecting 17.5% year-over-year organic growth, excluding a $51 million negative impact from Sprint cancellations [3] - Services and other revenues increased by 8.2% year over year to $53 million [3] Financial Metrics - Quarterly adjusted EBITDA fell by 7.6% year over year to $718 million [3] - Net interest expenses and amortization of deferred financing costs rose by 2.5% year over year to $246 million [4] Financial Position - As of December 31, 2025, CCI had cash and cash equivalents of $99 million, up from $57 million as of September 30, 2025 [5] - Total debt and other long-term obligations stood at $21.55 billion, nearly unchanged sequentially [5] 2026 Guidance - CCI provided guidance for 2026 AFFO per share in the range of $4.38-$4.49, while the Zacks Consensus Estimate is currently at $4.77 [6] - The company projected site rental revenues between $3.828 billion and $3.873 billion, with adjusted EBITDA estimated in the range of $2.665 billion to $2.715 billion [6] - CCI currently holds a Zacks Rank 4 (Sell) [6]

Core Viewpoint - American Tower (AMT) has experienced a significant stock decline of 44% from its all-time highs, raising questions about its recovery potential by 2026, which CEO Steve Vondran argues is overstated due to the company's strong business model and high operating leverage [1][2] Group 1: Business Model and Financial Health - The company boasts an investment-grade balance sheet, providing a cost-of-capital advantage over competitors [2] - Vondran emphasized the goal of driving industry-leading adjusted funds from operations (AFFO) per share growth, a key cash flow metric for real estate investment trusts [2] Group 2: Market Demand and Growth Potential - American Tower's primary business involves owning towers and leasing space to wireless carriers, benefiting from a 35% annual growth in mobile data in the U.S. over the past three years [3] - Industry experts predict that carriers will need to double their network capacity in the next five years to meet demand, creating opportunities for new tenant additions and equipment upgrades [4] - The company is witnessing early signs of network densification, with application volumes increasing by 20% year-over-year in Q3 and colocation requests surging by 40% [5] Group 3: Revenue and Dividend Outlook - Services revenue has reached near-record levels this year, indicating potential future tower deployments [6] - AMT operates in a mature, recession-resistant sector, generating stable cash flows, and currently offers an annual dividend of $6.80 per share, translating to a forward yield of over 4% [7]

Core Viewpoint - The article discusses the potential for real estate investment trusts (REITs) to attract investors as interest rates decline, comparing two specific REITs: Realty Income and Vici Properties, to determine which is a better investment for the future [1][2]. Group 1: Overview of Realty Income - Realty Income owns over 15,500 commercial properties primarily leased to recession-resistant retailers, maintaining an occupancy rate of 98.7% in 2024 [4]. - The company has a history of paying monthly dividends and has raised its payout 132 times since its IPO [4]. - Realty's adjusted funds from operations (AFFO) per share grew at a compound annual growth rate (CAGR) of 5% from 2019 to 2024, with expectations of a slight increase in AFFO for 2025 [11][12]. Group 2: Overview of Vici Properties - Vici Properties owns 93 casinos and entertainment properties, focusing on long-term leases with major tenants like Caesar's Entertainment and MGM Resorts, achieving a perfect occupancy rate of 100% since its IPO [6][7]. - The company has raised its dividend annually for seven consecutive years and expects its AFFO per share to rise by 4% to 5% in the near future [7][13]. - Vici's AFFO per share grew at a CAGR of 9% from 2019 to 2024, indicating strong performance despite macroeconomic challenges [13]. Group 3: Comparative Analysis - Both Realty and Vici are triple net lease REITs, requiring them to distribute at least 90% of their taxable income as dividends [3]. - Vici is considered a better investment due to its stronger AFFO growth, perfect occupancy rates, lower valuation, and higher dividends compared to Realty [15]. - As interest rates decline, both companies are expected to benefit from cheaper expansion opportunities and milder macroeconomic headwinds for their tenants [14].

Core Viewpoint - Strawberry Fields REIT, Inc. reported strong operating results for Q3 2025, highlighting significant growth in rental revenues and funds from operations, driven by strategic acquisitions and lease renewals [1][3][5]. Financial Highlights - Total rental revenues increased by $10.3 million or 35% compared to Q3 2024, primarily due to the acquisition of 27 additional properties and a new master lease in Kentucky [5][10]. - Funds from Operations (FFO) for Q3 2025 was $20.7 million, up from $15.2 million in Q3 2024, while Adjusted Funds from Operations (AFFO) rose to $18.1 million from $14.3 million [5][23]. - Net income increased to $8.9 million in Q3 2025 from $6.9 million in Q3 2024, attributed to higher rental income and property acquisitions [9][13]. Acquisitions and Growth Strategy - The company completed several key acquisitions, including nine skilled nursing facilities in Missouri for $59 million, which are expected to generate an additional $5.5 million in annual rents [7]. - Additional acquisitions included a skilled nursing facility in Oklahoma for $4.25 million and a healthcare facility in Missouri for $5.3 million, both contributing to increased rental income [7]. Expense Overview - Depreciation and amortization expenses increased by $3.5 million or 42% due to new property acquisitions, partially offset by reduced depreciation from fully depreciated assets [6][11]. - Interest expense rose by $4.4 million or 51%, primarily due to new commercial bank loans and bond issuances [8][12]. Year-to-Date Performance - For the nine months ended September 30, 2025, total rental revenues increased by $28.3 million or 33% compared to the same period in 2024 [10]. - Year-to-date FFO was $58.9 million, up from $44.6 million in the previous year, with AFFO increasing to $53.4 million from $41.6 million [23].

Core Insights - Northview Residential REIT reported strong financial results for Q3 2025, driven by interest savings and solid same-door residential NOI growth across all regions [3][4][6] Financial Performance - Total revenue for Q3 2025 was $69.839 million, a slight increase from $69.059 million in Q3 2024 [5] - NOI for Q3 2025 reached $43.598 million, up from $42.192 million in the same period last year, resulting in an NOI margin of 62.4% compared to 61.1% in Q3 2024 [5][8] - FFO per basic unit increased by 8.3% to $0.52 from $0.48 year-over-year, with a year-to-date growth of 14.7% excluding insurance proceeds [6][8] Asset Management - Northview completed $164 million in non-core asset sales ahead of schedule, contributing to a leverage reduction of over 200 basis points and reducing floating rate exposure to 13.0% [4][14] - The commercial portfolio showed positive momentum with over 60,000 sq. ft. of signed leases, expecting occupancy to improve by nearly 500 basis points by mid-2026 [4] Operational Metrics - Same-door NOI in the multi-residential portfolio grew by 6.5% year-over-year, driven by a 4.3% increase in same-door revenue and an average monthly rent (AMR) increase of 4.8% [9] - Multi-residential occupancy was reported at 95.9%, slightly up from 95.8% in the previous year [5] Interest Expense and Debt Management - Interest expense decreased by $3.5 million due to significant reductions in credit facility interest expense, resulting in a weighted average credit facility interest rate of 5.80% [10] - Northview made net repayments of $18.9 million from mortgage refinancing and non-core asset sales, lowering the outstanding balance to $225.9 million [11]

Core Insights - Crombie Real Estate Investment Trust reported strong third-quarter results for 2025, highlighting record occupancy rates and continued growth in funds from operations (FFO) [2][3] Financial Highlights - Property revenue for the third quarter of 2025 was CAD 120.084 million, a 4.9% increase from CAD 114.460 million in 2024 [6] - FFO per Unit increased to CAD 0.33, up 6.5% from CAD 0.31 in the same quarter of 2024 [6][13] - Adjusted funds from operations (AFFO) per Unit rose to CAD 0.30, reflecting an 11.1% increase from CAD 0.27 in 2024 [6][14] - Same-asset property cash net operating income (NOI) grew by 4.6% to CAD 83.329 million compared to CAD 79.670 million in 2024 [6][13] Operational Highlights - Committed occupancy reached 97.5%, a 140 basis point increase from the third quarter of 2024, while economic occupancy was 97.2%, up 130 basis points [7][9] - Renewals for 92,000 square feet were completed at rents 10.6% above expiring rates, with a 13.5% increase in weighted average rent during the renewal term [7][12] - The company invested CAD 14.932 million in modernization during the quarter [7][26] Portfolio Metrics - As of September 30, 2025, Crombie owned 297 investment properties with a gross leasable area of approximately 18.198 million square feet [9][49] - The total number of properties, including joint ventures and residential properties, was 306, with a gross leasable area of 18.815 million square feet [9][49] Debt and Financial Condition - Available liquidity stood at CAD 676.106 million, with a debt to gross fair value ratio of 41.9% [8][22] - The interest coverage ratio improved to 3.46x, while debt to trailing 12 months adjusted EBITDA was 7.70x [8][22] Subsequent Events - On October 30, 2025, Crombie acquired a 100% interest in a grocery-anchored retail property in Etobicoke, Ontario, totaling 51,000 square feet for CAD 28.472 million [30]

Core Insights - Community Healthcare Trust Incorporated reported a net income of approximately $1.6 million, or $0.03 per diluted common share, for the three months ended September 30, 2025 [1] - The company’s Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) for the same period were $0.50 and $0.56 per diluted common share, respectively [1] Financial Performance - Rental income for the third quarter of 2025 was $30.814 million, compared to $29.335 million for the same period in 2024, reflecting an increase [10] - Total revenues for the three months ended September 30, 2025, were $31.086 million, up from $29.639 million in 2024 [10] - The company reported total expenses of $21.490 million for the third quarter of 2025, slightly down from $21.848 million in 2024 [10] - Net income for the three months ended September 30, 2025, was $1.640 million, compared to $1.749 million in 2024 [10] Property Investments - As of September 30, 2025, the company had investments of approximately $1.2 billion in 200 real estate properties located in 36 states, totaling approximately 4.6 million square feet [3] - The company acquired an inpatient rehabilitation facility in Florida for approximately $26.5 million, which is 100% leased to a tenant with a lease expiration in 2040 and an expected return of approximately 9.4% [6] - The company has six properties under definitive purchase agreements, with an expected aggregate purchase price of approximately $146.0 million and expected returns of approximately 9.1% to 9.75% [6] Dividends and Shareholder Returns - The Board of Directors declared a quarterly common stock dividend of $0.4750 per share, payable on November 21, 2025, to stockholders of record on November 7, 2025 [6] Balance Sheet Highlights - As of September 30, 2025, total assets were approximately $987.261 million, with total liabilities of $560.438 million [8] - Stockholders' equity decreased to $426.823 million from $475.965 million as of December 31, 2024 [8]