Core Insights - Healthcare Realty Trust Incorporated reported a transformational year in 2025, with significant same-store growth and successful asset dispositions totaling $1.2 billion at attractive pricing levels, driven by long-term trends in outpatient medical services demand [2] Financial Performance - For Q4 2025, GAAP net income was $0.04 per share, compared to a loss of $0.31 per share in Q4 2024. The company reported a net loss of $0.71 per share for the full year 2025, down from a loss of $1.81 per share in 2024 [5][6] - NAREIT FFO for Q4 2025 was $0.36 per share, while Normalized FFO was $0.40 per share. For the full year, NAREIT FFO was $1.38 per share, and Normalized FFO was $1.61 per share [6][24] - Same-store cash NOI growth was +5.5% in Q4 2025, driven by an occupancy rate of 82.7% and cash leasing spreads of +3.7% [6] Leasing Activity - In Q4 2025, the company executed 292 new and renewal leases totaling 1.5 million square feet, with a weighted average lease term of 6.2 years and average annual escalators of 3.0% [7] - Full year lease executions reached approximately 5.8 million square feet, including 1.6 million square feet of new leases [6] Capital Allocation - The company completed asset sales of $682 million in Q4 2025 and $1.2 billion for the full year, through 34 transactions at a blended cap rate of 6.7% [6][10] - Significant market exits included a 25-property portfolio sale for $348.9 million, reducing exposure to non-priority markets [10] Balance Sheet and Governance - Net Debt to Adjusted EBITDA improved to 5.4x at year-end 2025, down from 6.1x the previous year. The company repaid approximately $650 million of term loans and $250 million of senior notes [6][8] - The company appointed new leadership, including Peter Scott as President & CEO and Daniel Gabbay as CFO, enhancing its governance and strategic direction [6] Dividend and Guidance - The Board approved a common stock dividend of $0.24 per share, payable on March 11, 2026 [11] - For 2026, the company provided guidance with expected earnings per share ranging from -$0.05 to $0.05, NAREIT FFO per share between $1.44 and $1.50, and same-store cash NOI growth projected at 3.5% to 4.5% [12]

SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act o ...

Company Profile & Portfolio - LPA's total portfolio Gross Leasable Area (GLA) reached 76 million sq ft as of September 30, 2025, including 60 million sq ft of operating GLA and 15 million sq ft of potential new GLA to be built-out [25, 26] - The operating portfolio's period-end occupancy rate was 979% [25] - US dollar-denominated leases accounted for 805% of the active leases as of September 30, 2025 [25] - The weighted average remaining lease life was 47 years [25] Financial Performance - For the three months ended September 30, 2025, rental revenues were $122 million [28] - Net Operating Income (NOI) for the same period was $104 million, with a NOI margin of 853% [28] - Cash Net Operating Income (Cash NOI) was $105 million [28] - Adjusted EBITDA for the three months ended September 30, 2025, was $73 million, representing a 567% margin [28] Capital Deployment & Land Portfolio - The fair market value (FMV) of the land portfolio as of September 30, 2025, was $398 million [69] - The total buildable area in the land portfolio was 1531326 sq ft [69]

Core Insights - Healthcare Realty Trust Incorporated reported a GAAP net loss of $57.738 million, or $0.17 per share, for Q3 2025, an improvement from a net loss of $93.023 million, or $0.26 per share, in Q3 2024 [3][5] - The company achieved a NAREIT FFO of $118.922 million, or $0.34 per share, compared to $77.288 million, or $0.21 per share, in the same quarter last year [3][5] - Normalized FFO for the quarter was $145.340 million, or $0.41 per share, slightly up from $142.049 million, or $0.39 per share, in Q3 2024 [3][5] Leasing Activity - The company executed 333 new and renewal leases totaling 1.6 million square feet during the third quarter [4][5] - Same store cash NOI growth was reported at 5.4%, driven by a 90 basis points increase in occupancy and a tenant retention rate of 88.6% [5][6] - The weighted average lease term was 5.8 years with an average annual escalator of 3.1% [6] Capital Allocation - The company completed asset sales totaling $404 million through 15 transactions during the third quarter [5][11] - Year-to-date sales reached $486 million at a blended cap rate of 6.5%, with an additional $700 million of sales under contract or letter of intent [5][11] - The company increased its 2025 guidance for Normalized FFO per share to a range of $1.59 - $1.61 and same store cash NOI growth to 4.00% - 4.75% [5][10] Balance Sheet - The run-rate Net Debt to Adjusted EBITDA ratio decreased to 5.8x, with expectations to range between 5.4x and 5.7x by year-end [5][7] - The company had approximately $1.3 billion of liquidity as of October [7] Dividend - The Board approved a common stock dividend of $0.24 per share, to be paid on November 21, 2025, to stockholders of record on November 11, 2025 [9] Development and Redevelopment - Significant progress was made on development and redevelopment projects across major markets during the third quarter [7][11] - Notable projects include a $48 million development in Fort Worth, TX, currently 72% leased, and a $19.2 million redevelopment in Charlotte, NC [11] Earnings Call - The company has scheduled a conference call for October 31, 2025, to discuss earnings results and industry trends [13]

Financial Performance - The company reported a net income attributable to common stockholders of $24.9 million, or $0.34 per share, for Q3 2025, compared to a net loss of $13.3 million, or $0.21 per share, for the same period in 2024 [3][4] - For the nine months ended September 30, 2025, the company reported a net loss of $7.3 million, or $0.12 per share, compared to a net loss of $2.3 million, or $0.06 per share, for the same period in 2024 [4] - Funds from operations (FFO) for Q3 2025 were $120.4 million, or $1.58 per share, net of transaction costs of $13.1 million, primarily related to the pursuit of a gaming license [5][7] Leasing Activity - The company signed 52 Manhattan office leases totaling 657,942 square feet in Q3 2025, with an average rent of $92.81 per rentable square foot [11] - For the first nine months of 2025, 143 Manhattan office leases totaling 1,801,768 square feet were signed, with an average rent of $88.91 per rentable square foot [12] - Manhattan same-store office occupancy increased to 92.4% as of September 30, 2025, with expectations to reach 93.2% by December 31, 2025 [13] Investment Activity - The company entered into a contract to purchase Park Avenue Tower for $730 million, expected to close in Q1 2026 [14] - A 5.0% interest in One Vanderbilt Avenue was sold for a gross asset valuation of $4.7 billion, generating proceeds of $86.6 million [15] - The company also contracted to purchase 346 Madison Avenue for $160 million, expected to close in Q4 2025 [16] Debt and Financing - The carrying value of the company's debt and preferred equity portfolio was $289.7 million as of September 30, 2025, with a weighted average current yield of 8.8% [17] - A $1.4 billion fixed-rate refinancing of 11 Madison Avenue was completed, with an effective rate of 5.592% [18] - The mortgage on 100 Church Street was modified and extended, with a principal paydown of $5 million and a maturity date extended to June 2028 [19] Special Servicing and Asset Management - The company's special servicing business increased by $1.6 billion in active assignments, totaling $7.7 billion, with an additional $9.9 billion designated for assets not currently in active special servicing [21]

Core Insights - Rexford Industrial Realty, Inc. reported strong financial results for Q3 2025, highlighting its ability to create shareholder value through effective leasing and strategic capital allocation [3][4][11]. Financial Results - The company achieved a net income attributable to common stockholders of $87.1 million, or $0.37 per diluted share, compared to $65.1 million, or $0.30 per diluted share, in the same quarter last year [4][11]. - For the nine months ended September 30, 2025, net income attributable to common stockholders was $268.9 million, or $1.16 per diluted share, up from $203.5 million, or $0.94 per diluted share, in the prior year [4][11]. - Core FFO for Q3 2025 was $141.7 million, a 9.0% increase from $130.0 million in the prior year quarter, with Core FFO per diluted share rising to $0.60, a 1.7% increase [5][11]. - Total Portfolio NOI increased by 2.9% year-over-year to $188.9 million, while Cash NOI rose by 6.0% [6][11]. Operational Highlights - The company executed 3.3 million square feet of leasing in Q3 2025, including 845,000 square feet from repositioned or redeveloped properties [3][11]. - Positive net absorption reached 1.9 million square feet, indicating strong demand in the infill market [3][11]. - The Same Property Portfolio NOI increased by 1.9% year-over-year, with Cash NOI up by 5.5% [7][11]. Leasing Activity - A total of 123 leases were executed in Q3 2025, covering 3.3 million square feet, with net effective cash rental rates increasing by 26.1% on a net effective basis and 10.3% on a cash basis [8][11]. - The company stabilized seven repositioning and redevelopment projects totaling 586,435 square feet, achieving a weighted average unlevered stabilized yield of 4.4% [13][14]. Disposition and Capital Allocation - Rexford Industrial disposed of three properties for a total sales price of $53.6 million, generating a weighted average unlevered IRR of 14.3% [15][11]. - The company repurchased 3,883,845 shares of common stock at an average price of $38.62 per share, totaling $150 million, and authorized a new $500 million stock repurchase program [18][11]. Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $1.6 billion, including $249 million in unrestricted cash [17][11]. - The company ended the quarter with a low-leverage balance sheet, with a Net Debt to Enterprise Value ratio of 23.2% and Net Debt to Adjusted EBITDAre of 4.1x [11][19]. Guidance - The company updated its full-year 2025 guidance, projecting net income attributable to common stockholders per diluted share in the range of $1.44 to $1.46 and Core FFO per diluted share between $2.39 and $2.41 [22][11].

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Core Insights - Healthcare Realty Trust reported a GAAP net loss of $157.9 million, or $0.45 per share, for Q2 2025, compared to a loss of $143.8 million, or $0.39 per share, in Q2 2024 [3][5] - The company achieved NAREIT FFO of $120.4 million, or $0.34 per share, and Normalized FFO of $143.7 million, or $0.41 per share, showing slight improvements year-over-year [3][5] - The company executed 341 new and renewal leases totaling 1.5 million square feet during the quarter, with a 5.1% growth in cash NOI and a 90% occupancy rate [4][5] Financial Performance - The company’s total revenues for Q2 2025 were $297.5 million, slightly down from $298.9 million in Q1 2025 [29] - Property operating expenses were $109.9 million, while general and administrative expenses increased to $23.5 million [29] - The company reported a total asset value of $10.2 billion as of Q2 2025, down from $10.5 billion in Q1 2025 [26] Leasing Activity - The weighted average lease term for new leases was 5.3 years, with an average annual escalator of 3.2% [6] - Health system leasing constituted approximately 33% of the signed lease volume in the quarter [6] - Significant new leases included a 24,000 square foot lease with CLS Health in Houston and a 23,000 square foot lease with UC Irvine Health in California [6] Disposition and Debt Management - The company completed asset sales totaling $182.4 million through nine transactions in Q2 2025, contributing to a year-to-date total of $210.5 million at a blended cap rate of 6.2% [7][8] - The run-rate Net Debt to Adjusted EBITDA ratio improved to 6.0x, with expectations to decrease to between 5.4x and 5.7x by year-end [7][8] - A $1.5 billion revolving credit facility was extended to mature in July 2030, with additional extension options on outstanding term loans [8] Strategic Initiatives - The company announced a series of leadership changes, including the appointment of Peter Scott as President and CEO, and initiated a platform restructuring to enhance operational performance [10][12] - A Strategic Plan was published to outline actions aimed at maximizing shareholder value and improving operational performance [9] - The Board approved a common stock dividend of $0.24 per share, representing a 23% reduction from the previous level [13][14] Guidance - The company increased its Normalized FFO per share guidance to a range of $1.57 to $1.61 and adjusted Same Store Cash NOI growth guidance to 3.25% - 4.00% [15] - The updated guidance reflects the company's outlook on rental rates, occupancy levels, and operating expenses [15]

Portfolio Overview - The company's Manhattan-focused real estate portfolio features an underlying tenant base in core commercial businesses, with 77% Investment Grade rated among the top 10 tenants[4] - Portfolio Occupancy is at 82% with a weighted-average Remaining Lease Term of 5.4 years[4] - Over 51% of leases expire after 2030, based on Annualized Straight-Line Rent as of March 31, 2025[4] Property Details - Real Estate Investments are valued at $470.9 million at cost, comprising 6 properties with a total of 1.0 million square feet[12] - The portfolio generates $45.5 million in Annualized Straight-line Rent[12] - 123 William Street accounts for $269.4 million in real estate assets, 84% occupancy, 3.4 years remaining lease term, 46% of Annualized Straight-Line Rent, and 55% of Portfolio Square Feet[23] Tenant Profile - Top 10 tenants are 77% Investment Grade rated, with a Remaining Lease Term of 7.8 years[4] - The top 10 tenants contribute to 50.5% of Portfolio SLR and 42.4% of Portfolio SF[27] - Financial Services represent 26% of tenant industry diversity, followed by Government/Public Administration at 17%[15] Financial Highlights - Total Debt amounts to $350.0 million, with a weighted-average interest rate of 4.4%[36] - Net Leverage stands at 57.9%[36] - Revenue from Tenants is $12.3 million, while the Net Loss is ($8.6) million for Q1'25[36]

Financial Data and Key Metrics Changes - For Q1 2025, normalized FFO per share was $0.35 and normalized AFFO per share was $0.37, compared to $0.34 and $0.35 in Q1 2024, representing a year-over-year increase of 79% for both metrics [14][15] - Cash rental income from the triple net portfolio totaled $90 million, up from $89 million in Q1 2024, despite the disposal of $115 million of real estate from the portfolio last year [15] - Cash NOI from the managed senior housing portfolio totaled $24.1 million, compared to $19.1 million in Q1 2024, driven by strong occupancy and margin gains [15][12] Business Line Data and Key Metrics Changes - Skilled nursing and triple net senior housing EBITDARM rent coverage reached new highs at 2.19 and 1.41, respectively, with behavioral health coverage at 3.77 [5] - Skilled occupancy increased by 80 basis points sequentially, while triple net senior housing occupancy rose by 50 basis points [6] - Revenue for the same store managed senior housing portfolio grew 6.3% year-over-year, with occupancy at 85.4% compared to 82.6% in Q1 2024 [11] Market Data and Key Metrics Changes - The domestic portfolio occupancy was 83%, gaining 340 basis points year-over-year, while the Canadian portfolio occupancy was 90.9%, adding 140 basis points [11] - RevPAR in the same store portfolio increased by 2.8% year-over-year, with Canadian RevPAR growing by 4.9% [11] - The company noted a robust deal pipeline, with over $200 million in awarded deals, which is more than the total for all of 2024 [7][8] Company Strategy and Development Direction - The company is focusing on internal and external growth opportunities in senior housing, with little new supply expected in the coming years [10] - Management emphasized a commitment to maintaining a balanced portfolio between senior housing and skilled nursing, avoiding large portfolio acquisitions to keep operations predictable [78] - The company is actively using its ATM program to raise equity for funding growth, with a focus on accretive capital [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and potential Medicaid rate increases in the summer, which could enhance coverage [86] - The company is cautious about the skilled nursing facility (SNF) market due to challenges in structuring leases around underperforming assets [66][68] - Management believes that the current operating environment will allow for improved coverage and revenue growth, despite potential headwinds from provider taxes [85] Other Important Information - The Board of Directors declared a quarterly dividend of $0.30 per share, representing a payout of 81% of the first quarter normalized AFFO per share [19] - The company has ample liquidity of over $1 billion, consisting of unrestricted cash and available borrowings [18] Q&A Session Summary Question: Update on skilled nursing facility sale - Management confirmed that the expected $50 million skilled nursing facility sale is still on track, though regulatory hurdles have delayed the process [21] Question: Trajectory of RevPOR and expense growth - Management expects occupancy to rise, which will allow for increased pricing power, while expenses are anticipated to remain stable [22][23] Question: Guidance on acquisitions and SHOP performance - Management reiterated that acquisitions are not included in current guidance until closed, and reaffirmed expectations for low to mid-teens cash NOI growth [27][28] Question: Insights on transaction market and deal flow - Management noted a robust pipeline of deals, primarily in senior housing, with private equity firms as frequent sellers [31][33] Question: Details on $200 million of awarded deals - All awarded deals are domestic, primarily in the Eastern U.S., with growth potential embedded in the assets [40][41] Question: Changes in underwriting criteria - Management stated that underwriting criteria remain unchanged, focusing on cost of capital and accretive deals [60] Question: Concerns regarding SNF acquisitions - Management highlighted challenges in acquiring SNFs due to financial instability and the difficulty in structuring leases [66][68] Question: Expectations for SHOP occupancy cadence - Management anticipates an increase in occupancy as seasonal factors improve, particularly in Canadian assets [70] Question: Interest in large portfolio acquisitions - Management confirmed a commitment to smaller, more manageable deals to maintain operational simplicity and predictability [78] Question: Medicare reimbursement impacts - Management expressed confidence that Medicare will not be significantly impacted by current government budget discussions [97]