Core Insights - Piedmont Realty Trust reported a record leasing volume in 2025, leasing 2.5 million square feet, which is about 16% of its portfolio, exceeding guidance by approximately 1 million square feet [2] - The company ended 2025 with an occupancy rate of 89.6%, up 120 basis points from the previous year, and has a significant backlog of signed-but-uncommenced leases totaling nearly 2 million square feet, representing $68 million in future annualized cash rents [1][7] Leasing Activity - In Q4 2025, Piedmont completed approximately 679,000 square feet of leasing, with around 70% attributed to new tenants [1] - The company has leased about 75% of its portfolio over the last five years, totaling approximately 11.6 million square feet, while maintaining positive cash same-store net operating income (NOI) growth each year [2] Market Trends - The national office market showed signs of improvement in late 2025, with a notable increase in demand for high-quality assets, as indicated by a JLL survey showing that 55% of Fortune 100 companies now require a five-day in-office workweek, up from 5% two years ago [3] - Supply constraints, such as lower sublet availability and limited new deliveries, are also impacting the market [3] Financial Performance - For Q4 2025, Piedmont reported core funds from operations (Core FFO) of $0.35 per diluted share, a slight decline from $0.37 per diluted share in Q4 2024, primarily due to the sale of two projects and higher net interest expenses [16] - The company issued $400 million in bonds to repurchase $245 million of higher-coupon bonds, which is expected to save approximately $0.04 per year [17] 2026 Guidance - Piedmont's management targets a Core FFO of $1.47 to $1.53 per share for 2026, reflecting an increase of $0.08 at the midpoint compared to 2025 [18] - The company anticipates leasing activity of 1.7 to 2.0 million square feet in 2026, with a year-end portfolio lease percentage projected to be between 89.5% and 90.5% [18] Market-Level Insights - Atlanta and Orlando are highlighted as key markets, with Atlanta being the most productive, accounting for about half of the company's leasing volume in Q4 2025 [9] - The out-of-service redevelopment portfolio was reported to be 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 or early 2027 [12] Operational Developments - The company has made significant progress in retaining tenants for major expirations in 2026, including Epsilon in Dallas and the City of New York at 60 Broad [13] - Management noted that leasing momentum has continued into 2026, with over 200,000 square feet of leases already signed [15]

Core Insights - Essential Properties Realty Trust, Inc. reported a fourth quarter net income per share of $0.34, representing a 13% increase compared to the same period in 2024 [1] - The company closed investments totaling $295.8 million at a weighted average cash cap rate of 7.7% [1] - The 2026 AFFO guidance has been increased to a range of $1.99 to $2.04 per share [2] Financial Highlights - **Fourth Quarter 2025 Results**: - Net income per share increased by 13% to $0.34 [1] - Funds from Operations (FFO) per share increased by 15% to $0.54 [1] - Adjusted Funds from Operations (AFFO) per share increased by 9% to $0.49 [1] - **Full Year 2025 Results**: - Net income per share increased by 11% to $1.28 [1] - FFO per share increased by 8% to $2.05 [1] - AFFO per share increased by 9% to $1.89 [1] Investment Activity - **Investments**: - Total investment volume for the fourth quarter was $295.8 million across 58 properties [1] - For the full year, total investments reached $1.3 billion across 270 properties [1] - **Dispositions**: - The company disposed of 19 properties in the fourth quarter, generating net proceeds of $48.1 million [1] - For the full year, 60 properties were disposed of, yielding net proceeds of $130.1 million [1] Portfolio Overview - As of December 31, 2025, the company’s portfolio consisted of 2,300 properties with a weighted average lease term of 14.4 years [2] - The weighted average rent coverage ratio was reported at 3.6x [2] - The portfolio was 99.7% leased, with 91.5% of cash ABR coming from service-oriented or experience-based businesses [2] Debt and Equity - The company raised $170.3 million through its ATM program at an average price of $30.93 per share [1] - Pro forma net debt to annualized adjusted EBITDA ratio stood at 3.8x as of the quarter end [1] - Total available liquidity was reported at $1.4 billion, including cash and cash equivalents of $70.4 million [1] Guidance and Future Outlook - The company anticipates an investment volume of $1.0 billion to $1.4 billion for 2026 [2] - Cash general and administrative expenses are expected to be between $31 million and $35 million [2]

Core Insights - Whitestone REIT has announced a quarterly cash dividend of $0.1425 per share for Q1 2026, marking a 5.6% increase from the previous dividend amount [1][3] - The Board of Trustees has authorized a share repurchase program with a total purchase price of up to $50 million, allowing for stock repurchases in various forms [2] Dividend Details - The first quarter dividend distribution for 2026 is scheduled as follows: Record Date on March 16, 2026, and Payment Date on March 30, 2026, with a distribution of $0.1425 per share/unit [3] Company Overview - Whitestone REIT operates as a community-centered real estate investment trust, focusing on acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [4] - The company emphasizes convenience-focused centers with a mix of service-oriented tenants, including food, self-care, services, education, and entertainment [5] Strategic Focus - The company aims for a long-term Core FFO per share growth target of 5-7%, aligning steady growth with dividend growth [3] - CEO Dave Holeman highlighted the company's efforts in enhancing earnings growth, improving leverage metrics, and increasing portfolio value through effective asset recycling [3]

Core Insights - Global Net Lease, Inc. (GNL) has achieved significant financial milestones, including an upgrade of its corporate credit rating to investment-grade BBB- from BB+ by Fitch Ratings, reflecting successful deleveraging and operational efficiencies [4][5]. - The company reduced its net debt by $2 billion since Q3 2024 and increased liquidity to $1.1 billion, enhancing its financial stability [4][10]. - GNL raised its full-year Adjusted Funds from Operations (AFFO) per share guidance to a new range of $0.95 to $0.97, up from the previous range of $0.92 to $0.96 [1][6]. Financial Performance - Revenue for Q3 2025 was $121.0 million, down from $138.7 million in Q3 2024, primarily due to asset dispositions [4][7]. - The net loss attributable to common stockholders was $71.1 million in Q3 2025, an improvement from a net loss of $76.6 million in Q3 2024 [4][7]. - Core Funds from Operations (Core FFO) decreased to $39.5 million from $53.9 million year-over-year, while Adjusted Funds from Operations (AFFO) fell to $53.2 million, or $0.24 per share, compared to $73.9 million, or $0.32 per share, in the prior year [4][7]. Capital Structure and Liquidity - GNL executed a $1.8 billion refinancing of its revolving credit facility, resulting in a 35 basis point reduction in the interest rate spread and extending the weighted average debt maturity [3][4]. - The weighted average interest rate decreased to 4.2% from 4.8% in Q3 2024, contributing to improved financial conditions [4][11]. - The company has a total liquidity of $1.1 billion and a revolving credit facility capacity of $1.2 billion, significantly up from $252.7 million and $366.0 million, respectively, in Q3 2024 [10][17]. Portfolio and Operations - As of September 30, 2025, GNL's portfolio consisted of 852 net lease properties across approximately 43 million rentable square feet, with a 97% lease rate and a weighted average lease term of 6.2 years [8][10]. - The company achieved a 26% renewal leasing spread, with significant renewals from GE Aviation and GXO Logistics, and a weighted average renewal term of 7.3 years [4][8]. - 60% of the annualized straight-line rent is derived from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [4][8][13].

Core View - Phillips Edison & Company, Inc. (PECO) reported strong financial results for Q3 2025, with net income attributable to stockholders of $24.7 million, or $0.20 per diluted share, reflecting significant growth compared to the same period in 2024 [1][4] - The company increased its full-year 2025 earnings guidance, indicating confidence in continued growth driven by strong retailer demand for grocery-anchored shopping centers [3][20] Financial Results - For Q3 2025, net income attributable to stockholders was $24.7 million, up from $11.6 million in Q3 2024, representing a 112% increase [4] - Year-to-date net income for the nine months ended September 30, 2025, was $63.8 million, compared to $44.5 million for the same period in 2024, marking a 43% increase [4] - Nareit FFO for Q3 2025 increased by 9.4% to $89.3 million, or $0.64 per diluted share, compared to $81.6 million, or $0.60 per diluted share, in Q3 2024 [5][6] - Core FFO for Q3 2025 rose 7.3% to $90.6 million, or $0.65 per diluted share, compared to $84.4 million, or $0.62 per diluted share, in Q3 2024 [7] Operational Highlights - Same-center net operating income (NOI) for Q3 2025 increased by 3.3% to $115.5 million, compared to $111.8 million in Q3 2024 [8] - The company reported a strong leased portfolio occupancy of 97.6% and same-center leased portfolio occupancy of 97.9% as of September 30, 2025 [10] - The company executed 270 leases totaling approximately 1.7 million square feet in Q3 2025, compared to 268 leases totaling approximately 1.6 million square feet in Q3 2024 [12] Portfolio Overview - As of September 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties totaling approximately 34.0 million square feet, an increase from 290 properties totaling approximately 32.9 million square feet as of September 30, 2024 [9] - The company reported strong retention rates, with total portfolio retention at 93.9% for the quarter [5] Transaction Activity - PECO completed $376 million in acquisitions to date in 2025, with a full-year gross acquisitions guidance range of $350 million to $450 million [3][5] - Subsequent to the quarter end, the company acquired $74.2 million in assets, including two shopping centers and land for future development [5][16] Balance Sheet Highlights - As of September 30, 2025, PECO had approximately $977 million in total liquidity, including $5.8 million in cash and $970.8 million in borrowing capacity [18] - The company's trailing twelve-month net debt to annualized adjusted EBITDAre was 5.3x, compared to 5.0x at the end of 2024 [19]

Core Insights - Veris Residential, Inc. reported a significant improvement in financial performance for Q3 2025, with net income per diluted share of $0.80 compared to a loss of $(0.10) in Q3 2024 [2][28] - The company achieved a Core FFO per diluted share of $0.20, up from $0.17 in the same quarter last year, and raised its guidance for Core FFO per share to a range of $0.67 to $0.68 for 2025 [2][10] - The company has successfully executed $542 million in non-core asset sales year-to-date, exceeding its initial target and raising the disposition target to $650 million [4][10] Financial Performance - For the three months ended September 30, 2025, total property revenue increased by 2.2% year-over-year to $68.87 million, while controllable expenses rose by 5.7% [7][30] - Same Store NOI decreased by 2.7% for the quarter but increased by 1.6% year-to-date [7][10] - The company reported a Same Store blended rental growth rate of 3.9% for the quarter and 3.5% year-to-date [10] Operational Highlights - The company achieved a Same Store occupancy rate of 94.7%, up from 93.3% in the previous quarter [6][10] - Veris Residential sold four multifamily properties and one land parcel during Q3, generating $406 million in gross proceeds [8][10] - The company utilized asset sale proceeds to reduce debt by $394 million during the quarter, lowering its Net Debt-to-EBITDA (Normalized) to 10.0x [10][12] Strategic Initiatives - The company is on track to achieve a Net Debt-to-EBITDA (Normalized) of approximately 9.0x upon the anticipated sale of Harborside 8/9 [10] - Veris Residential was recognized as a 2025 Regional Listed Sector Leader and Top Performer by GRESB for its sustainability efforts [10][19] - The company amended its $500 million credit facility to introduce a leverage-based pricing grid, which is expected to enhance financial flexibility [15][16] Dividend Information - The company declared a dividend of $0.08 per share, payable on October 10, 2025 [17][30] - The dividend represents an increase from $0.07 per share in the same period last year [30] Guidance - The company maintained its operational guidance for 2025, projecting Same Store revenue growth between 2.2% and 2.7% [17] - The updated guidance for Core FFO per share reflects a positive adjustment due to one-time tax appeal refunds recognized in Q3 [10][17]

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].

Core Viewpoint - Plymouth Industrial REIT, Inc. reported a net loss of $6.2 million for Q2 2025, a significant decline from a net income of $1.2 million in Q2 2024, primarily due to the deconsolidation of its Chicago Portfolio and increased expenses related to preferred units [4][9][10]. Financial Results - The company’s total revenues for Q2 2025 were $47.2 million, down from $48.7 million in Q2 2024 [5]. - The net loss attributable to common stockholders was $0.14 per share for Q2 2025, compared to a profit of $0.03 per share in the same period last year [4][10]. - Core Funds from Operations (Core FFO) for Q2 2025 were $20.9 million, or $0.46 per share, down from $21.8 million, or $0.48 per share, in Q2 2024 [9][10]. - Adjusted Funds from Operations (AFFO) for Q2 2025 were $19.9 million, or $0.44 per share, compared to $22.3 million, or $0.49 per share, in Q2 2024 [10]. Leasing and Occupancy - The company executed over 5.9 million square feet of leasing year-to-date, with a 10% increase in rental rates on a cash basis for leases commencing in Q2 2025 [3][6]. - Same store net operating income (SS NOI) increased by 6.7% on a GAAP basis and 4.1% on a cash basis compared to Q2 2024 [6][7]. - The same store portfolio, comprising 168 buildings, had an occupancy rate of 95.0% as of June 30, 2025 [7][19]. Acquisition and Capital Management - The company acquired an industrial portfolio of 21 buildings totaling 1,951,053 square feet for $193 million, with an expected initial net operating income (NOI) yield of 6.7% [6][19]. - A single-tenant building in Atlanta was acquired for $11.7 million, with an expected initial NOI yield of 7.0% [19]. - Plymouth has repurchased 1,031,223 shares of common stock at an average price of approximately $16.23 under its share repurchase program [6][13]. Guidance and Future Outlook - The company affirmed its full-year 2025 guidance for Core FFO per weighted average common share and updated its range for net income per weighted average common shares [21][22]. - The guidance includes a projected Core FFO range of $1.85 to $1.89 per share and same store portfolio NOI growth of 6.0% to 6.5% [22][23].

Core Insights - The company has successfully completed the final phases of its multi-tenant portfolio sale, transitioning into a pure-play net lease REIT [1][3] - A significant reduction in net debt by $748 million has improved the net debt to adjusted EBITDA ratio to 6.6x [1][3] - The company has refinanced its revolving credit facility for $1.8 billion, lowering the cost of capital by 35 basis points and extending the weighted average debt maturity to 3.7 years [1][3] - The low end of the 2025 AFFO guidance has been raised to a range of $0.92 to $0.96 per share [1][4] Financial Performance - Revenue for Q2 2025 was $124.9 million, down from $145.5 million in Q2 2024, primarily due to asset dispositions [3][5] - The net loss attributable to common stockholders was $35.1 million, an improvement from a net loss of $46.6 million in Q2 2024 [3][5] - Core Funds from Operations (Core FFO) decreased to $7.1 million from $50.9 million in Q2 2024, largely due to asset sales [3][5] - Adjusted Funds from Operations (AFFO) was $53.1 million, or $0.24 per share, compared to $76.7 million, or $0.33 per share in Q2 2024 [3][5] Debt and Liquidity - The company has reduced net debt by $2.0 billion since Q2 2024, including the recent $748 million reduction [3][7] - Liquidity increased to $1.0 billion as of June 30, 2025, compared to $220 million in Q2 2024 [3][7] - The refinancing of the revolving credit facility has resulted in a weighted average interest rate of 4.3% and an interest coverage ratio of 2.7 times [8][7] Portfolio and Operations - As of June 30, 2025, the company operates a portfolio of 911 net lease properties across ten countries, totaling 44 million rentable square feet [6][9] - The portfolio is 98% leased with a remaining weighted-average lease term of 6.2 years [9] - 60% of the annualized straight-line rent comes from investment-grade or implied investment-grade tenants [9][3] Strategic Initiatives - The company has executed a share repurchase program, repurchasing 10.2 million shares at a weighted average price of $7.52, totaling $76.9 million [3][16] - The successful sale of the multi-tenant retail portfolio has led to $6.5 million in annual G&A savings and a $30 million reduction in recurring capex [3][4] - The company has received a credit rating upgrade from S&P Global to BB+ and an investment-grade rating of BBB- for its unsecured notes [3][4]

Core Insights - City Office REIT, Inc. reported its financial results for the second quarter ended June 30, 2025, highlighting significant developments including a pending merger and property sales [1][4][18]. Financial Performance - Rental and other revenues for the quarter were $42.3 million, with a GAAP net loss attributable to common stockholders of approximately $107.2 million, or ($2.66) per fully diluted share [9][39]. - Core Funds from Operations (Core FFO) were approximately $11.8 million, or $0.28 per fully diluted share, while Adjusted Funds from Operations (AFFO) were approximately $3.0 million, or $0.07 per fully diluted share [9][40]. - Same Store Cash NOI increased by 1.8% for the three months ended June 30, 2025, compared to the same period in the prior year [5][41]. Portfolio Operations - The total portfolio as of June 30, 2025, contained 5.4 million net rentable square feet, with an occupancy rate of 82.5%, or 86.8% including signed leases not yet occupied [5][9]. - The company executed approximately 355,000 square feet of new and renewal leases during the quarter, with new leases having a weighted average lease term of 8.4 years at an effective annual rent of $31.45 per square foot [6][7]. Merger and Sale Transactions - The company entered into a definitive merger agreement with MCME Carell Holdings, LP, under which MCME Carell will acquire all issued and outstanding shares of City Office for $7.00 per share, representing a 26% premium to the closing share price prior to the announcement [4][18]. - The company also entered into a purchase and sale agreement to sell its properties in Phoenix, Arizona, for an aggregate sale price of $296.0 million, which is part of the conditions for the merger [3][12]. Capital Structure - As of June 30, 2025, the company had total principal outstanding debt of approximately $649.2 million, with 81.9% of the debt being fixed rate or effectively fixed due to interest rate swaps [10][11]. - The company declared a second quarter dividend of $0.10 per share of common stock, which was paid on July 24, 2025, but has resolved to suspend future common stock dividend payments through the expected close of the merger [9][16][14]. Outlook - In light of the pending merger, the company will no longer provide guidance nor affirm past guidance [18].