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]

Core Insights - Omega Healthcare Investors reported strong fourth-quarter results with adjusted funds from operations (AFFO) of $0.80 per share and funds available for distribution (FAD) of $0.76 per share, reflecting growth driven by new investments and reduced interest expenses [1][3][6] - The company achieved a revenue increase to $319 million in the fourth quarter, up from $279 million year-over-year, with net income rising to $172 million compared to $116 million in the prior-year quarter [2][4] Financial Performance - Fourth-quarter FAD increased by one cent from the previous quarter, supported by $485 million in new investments and approximately $1 million in lower net interest expenses [1] - Full-year AFFO and FAD growth exceeded 8% year-over-year, aided by $1.1 billion in capital deployment [3][6] - The dividend payout ratio decreased to 84% of AFFO and 88% of FAD [3][6] Portfolio and Investment Activity - Omega now owns or partners in 1,111 facilities and completed over $1.1 billion in transactions during 2025, including expansions and new stakes in various facilities [5][12] - The company is monitoring the Genesis Chapter 11 bankruptcy, with expectations for resolution in Q3 or Q4 of 2026 [5][9][10] - Recent investments include a $93 million purchase of 9.9% of Saber's operating company equity and a $109 million acquisition of skilled nursing facilities in Georgia [13][14] Balance Sheet and Leverage - Omega significantly strengthened its balance sheet by reducing funded debt by over $700 million, including a $600 million note payoff, resulting in a leverage ratio of 3.51x [6][7] - The company ended 2025 with $27 million in cash and over $1.7 billion in revolver capacity, alongside a new $2 billion at-the-market program [7][8] Guidance and Future Outlook - Full-year 2026 adjusted FFO guidance is set between $3.15 and $3.25 per share, factoring in completed investments and scheduled loan repayments [16] - Management indicated a conservative approach to RIDEA underwriting and is considering increasing the dividend, contingent on board decisions [18] Regulatory Environment - Recent legislative changes addressed a 4% Medicare cut, and minimum staffing standards were repealed, which Omega welcomed [17] - The company anticipates minimal impact from CMS's proposal for flat rates in 2027 due to low Medicare Advantage exposure [17]

FOURTH QUARTER 2025 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607 with favorable supply/demand characteristics Office Retail Multifamily Mixed-Use Market Square Feet Square Feet Units Square Feet Suites San Diego 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Portland 930,903 44,236 657 — — San Antonio — 588,148 — — — San Francisco 511,493 35,097 — — — Oahu — 430,288 — 93,925 36 ...

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of December 31, 2025, the Company held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, exclud ...

Core Viewpoint - CareTrust REIT reported strong operating results for Q3 2025, highlighting significant investments and a robust financial position, setting the stage for continued growth into 2026 [1][2][5]. Financial Performance - Net income for Q3 2025 was $74.9 million, or $0.35 per diluted share, representing a 67% increase from the prior year [2][4]. - Normalized Funds from Operations (FFO) reached $94.7 million, or $0.45 per diluted share, an 18% increase year-over-year [2][4]. - Normalized Funds Available for Distribution (FAD) was $93.1 million, or $0.44 per diluted share, up 13% from the previous year [2][4]. Investment Activity - CareTrust closed $495 million in investments during Q3 2025, bringing the year-to-date total to approximately $1.6 billion, a record for the company [1][4]. - The company has an investment pipeline of approximately $600 million, indicating strong future growth potential [1][4]. Liquidity and Capital Structure - As of September 30, 2025, CareTrust reported a net debt-to-annualized normalized run rate EBITDA of 0.42x, significantly below its target leverage range of 4.0x to 5.0x [3][4]. - The company completed a public offering of 23 million shares at $32.00 per share, raising gross proceeds of $736 million [3][4]. - CareTrust has approximately $334 million in cash on hand and no borrowings on its $1.2 billion revolving credit line [3][4]. Dividend Information - The company declared a quarterly dividend of $0.335 per share, with a payout ratio of approximately 76% based on normalized FAD [6][4]. Guidance - Updated guidance for 2025 projects net income of approximately $1.41 to $1.42 per diluted share, and normalized FFO of approximately $1.76 to $1.77 [5][4].

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 - Net income attributable to common stockholders for the quarter ended September 30, 2025, was $24.9 million, or $0.34 per share[23] - FFO for the quarter ended September 30, 2025, was $120.4 million, or $1.58 per share, net of transaction costs of $13.1 million[25] - The carrying value of the company's debt and preferred equity portfolio, excluding the company's investment in the SLG Opportunistic Debt Fund, was $289.7 million as of September 30, 2025[37] - The portfolio had a weighted average current yield of 8.8% as of September 30, 2025, or 11.2% excluding the effect of $63.0 million of investments that are on non-accrual[37] Portfolio & Leasing Activity - As of September 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet, including 27.1 million square feet in Manhattan buildings[2] - During the third quarter of 2025, the company signed 52 office leases in its Manhattan office portfolio totaling 657,942 square feet[30] - The average rent on the Manhattan office leases signed in the third quarter of 2025 was $92.81 per rentable square foot with an average lease term of 8.9 years[30] - Manhattan same-store office portfolio occupancy was 92.4% as of September 30, 2025, inclusive of 361,924 square feet of leases signed but not yet commenced[33] Investment & Financing Activity - The company entered into a contract to purchase Park Avenue Tower for $730.0 million in October 2025[34] - The company closed on the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd for $86.6 million in September 2025, maintaining a 55.0% stake[35] - The company completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue in September 2025 with a stated coupon of 5.625%[38] - An affiliate of the company extinguished the debt encumbering 1552-1560 Broadway, which had a total debt claim of $219.5 million, for $63.0 million in September 2025[40]

Financial Performance - Net loss attributable to common stockholders was $0.8 million, or $0.01 per diluted share[24], compared to a $3.1 million loss, or $0.05 per diluted share, in the prior year period[24] - Funds from operations (FFO) attributable to common stockholders and noncontrolling interest was $14.3 million, or $0.20 per share and unit[24], compared to $13.9 million, or $0.20 per share and unit, in the prior year period[24] - Adjusted funds from operations (AFFO) attributable to common stockholders and noncontrolling interest was $16.6 million, or $0.23 per share and unit[24], compared to $15.7 million, or $0.22 per share and unit, in the prior year period[24] - The company reaffirms its full year 2025 AFFO per share and unit guidance of $0.89 to $0.93[24] Portfolio and Investment Activities - Gross investment in real estate totaled $1.5 billion[9, 30] with 193 buildings across 35 states[9] - The company completed acquisitions of medical properties for an aggregate purchase price of $38.1 million with annualized base rent of $3.6 million in April 2025[24] - The company sold a medical facility in Chipley, Florida for gross proceeds of $1.4 million, resulting in a gain of $0.2 million[24] - Total annualized base rent (ABR) for the portfolio is $117.5 million[30] with a weighted average cap rate of 8.0%[9, 30] and leased occupancy of 94.5%[9, 30] Debt and Capitalization - The company's leverage was 47.2% as of June 30, 2025[24], and Net Debt / Annualized Adjusted EBITDAre was 6.8x for the second quarter of 2025[24] - As of August 4, 2025, the company's borrowing capacity under the credit facility was $177 million[24]

Financial Data and Key Metrics Changes - The second quarter adjusted funds from operations (AFFO) were $0.77 per share, and funds available for distribution (FAD) were $0.74 per share, reflecting strong revenue and EBITDA growth primarily driven by acquisitions and active portfolio management [6][10][11] - Revenue for the second quarter was $283 million, up from $253 million in the previous year, attributed to new investments, operator restructurings, and annual escalators [10][11] - Net income for the second quarter was $140 million or $0.46 per share, compared to $117 million or $0.45 per share for the previous year [10] - NAREIT FFO for the second quarter was $213 million or $0.70 per share, compared to $189 million or $0.72 per share for the previous year [11] - The company raised and narrowed its 2025 AFFO guidance to a range of $3.40 to $3.70 per share [6][14] Business Line Data and Key Metrics Changes - The senior housing portfolio has grown to 396 facilities, representing 38% of the total operating facility portfolio [8] - The trailing twelve-month operator EBITDAR coverage for the core portfolio remained flat at 1.51 times, indicating operators' ability to cover rent [22] - Genesis filed for Chapter 11 bankruptcy, but Omega expects to receive full monthly contractual rent during this period [8][24] Market Data and Key Metrics Changes - The company has over $2 billion in liquidity with low leverage, positioning it well for growth in both senior housing and skilled nursing portfolios [9] - The UK market continues to be a significant driver of new investment activity, accounting for approximately $392 million or 65% of total new investments [29][30] Company Strategy and Development Direction - The company is focused on active portfolio management, seeking to divest underperforming facilities and source operators better suited for certain facilities [77] - Omega is exploring various investment structures to create incremental value and align interests with operators [77][94] - The company is optimistic about the long-term growth potential in both skilled nursing and senior housing sectors, supported by demographic trends [33][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to weather potential challenges from Medicaid funding cuts due to strong fundamentals and lobbying efforts [33][35] - The company anticipates continued improvements in coverage metrics based on preliminary results from April and May [66] Other Important Information - The company has entered into derivative instruments to mitigate foreign currency fluctuations on income from UK investments [18] - The One Big Beautiful Bill Act (OBBBA) signed into law is seen as a positive development for the industry, particularly for skilled nursing [32] Q&A Session Summary Question: Details on the investment pipeline and yields - The investment pipeline remains strong with yields around 10% across various asset classes [38] Question: Expected rent trajectory for Maplewood - Maplewood's rent is expected to increase as occupancy grows and operational efficiencies are realized [41][43] Question: Changes in balance sheet strategy - The company opted for debt issuance instead of equity to fund upcoming bond maturities, maintaining a leverage-neutral position [46][47] Question: Confidence in Genesis assets during bankruptcy - The master lease structure prevents Genesis from selectively rejecting assets, ensuring stability in rent payments [84][85] Question: Dividend increase considerations - The board is considering a dividend increase once the payout ratio is in the 80% range [82] Question: Labor market conditions - Operators are experiencing normal inflationary wage increases, with CNAs being the most challenging positions to fill [71][72]

Financial Data and Key Metrics Changes - Adjusted funds from operations (AFFO) for Q2 2025 was $0.77 per share, an increase from $0.72 per share in Q2 2024, reflecting strong revenue and EBITDA growth [5][9] - Revenue for Q2 2025 was $283 million, up from $253 million in Q2 2024, primarily due to new investments and annual escalators [8] - Net income for Q2 2025 was $140 million or $0.46 per share, compared to $117 million or $0.45 per share in Q2 2024 [8] - NAREIT FFO for Q2 2025 was $213 million or $0.70 per share, compared to $189 million or $0.72 per share in Q2 2024 [9] Business Line Data and Key Metrics Changes - The senior housing portfolio now comprises 396 facilities, representing 38% of the total operating facility portfolio [6] - The company completed $527 million in new investments during Q2 2025, with a focus on real estate acquisitions [26] - The occupancy level for the Maplewood portfolio was 95% as of July 2025, with expectations for rent payments to increase in the coming quarters [25] Market Data and Key Metrics Changes - The trailing twelve-month operator EBITDAR coverage for the core portfolio remained flat at 1.51 times, indicating stable operator performance [20] - Genesis filed for Chapter 11 bankruptcy, with Omega committed to supporting the process while expecting full monthly contractual rent during this period [21][22] Company Strategy and Development Direction - The company raised and narrowed its 2025 AFFO guidance to a range of $3.40 to $3.70 per share, reflecting strong earnings and strategic financing decisions [5][13] - Omega is focused on active portfolio management and is exploring various investment structures to enhance shareholder value [77][98] - The company continues to see ample opportunities in the UK market, with a significant portion of new investments coming from existing operators [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to weather potential challenges from Medicaid funding changes due to strong fundamentals and demographic trends [32] - The company anticipates continued growth in EBITDAR coverage based on preliminary results from April and May 2025 [65] - Management highlighted the importance of legislative support for the long-term care industry, which is expected to positively impact operations [31] Other Important Information - The company has $2 billion in liquidity and a low leverage ratio, positioning it well for future growth [7][13] - Omega's balance sheet metrics are strong, with a fixed charge coverage ratio of 5.4 times and net funded debt to annualized adjusted normalized EBITDA at 3.67 times [13] Q&A Session Summary Question: Details on the investment pipeline and yields - The investment pipeline remains strong, with yields around 10% across various asset classes, including US senior housing and skilled nursing facilities [37][38] Question: Expected rent trajectory for Maplewood - Maplewood's recent rent payments were $6.1 million, with expectations for further increases as occupancy and rates improve [41][42] Question: Changes in balance sheet strategy - The company opted for debt issuance instead of equity to fund upcoming bond maturities, maintaining a leverage-neutral position [47][48] Question: Confidence in Genesis assets during bankruptcy - The master lease structure prevents Genesis from selectively rejecting assets, ensuring the stability of Omega's portfolio during the reorganization [86][87] Question: Dividend increase considerations - The board is considering a dividend increase once the payout ratio is in the 80% range, with visibility into potential changes in the next few quarters [82][83]