Core Insights - Rexford Industrial Realty, Inc. (REXR) reported solid Q4 2025 results, beating consensus estimates for AFFO per share, but the guidance disappointed the market [1][11] - The guidance for full-year core FFO per share was below consensus estimates, and same-store NOI growth was slightly negative, leading to a decline in share price [2][13] Financial Performance - REXR's projected occupancy for 2025 is between 94.8% and 95.3%, which is lower than the 96.4% average achieved in 2025 [2] - Same-store NOI growth was negative, with cash NOI growth at 2.8% and overall same-store NOI up by 0.4% [22] - REXR's shares are currently trading just under $37.40, with a forward AFFO multiple around 19.4x, which is lower than peers like Terreno (TRNO) and Prologis (PLD) [9] Capital Allocation - REXR repurchased $100 million worth of shares in Q4 2025, retiring over 1% of outstanding shares, and plans to dispose of properties worth $400 to $500 million [3][20] - The capital allocation strategy of buybacks is viewed positively, especially as REXR trades at a discount [20] Leasing Activity - REXR signed over 3 million square feet of leases in Q4 2025, with net effective rent change at 22.0% and cash rent change at 9.0% [14][15] - The retention rate for leases was 61%, with a total leasing activity of 3,039,567 square feet [16] Valuation Comparison - REXR is considered to be within a favorable valuation range compared to peers, despite having more debt in its capital structure [5][9] - The difference in valuation between REXR and its peers is material, indicating that prices still matter in the investment decision [7]

Chatham Lodging Trust (NYSE:CLDT) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Company ParticipantsAri Klein - Director of Equity ResearchChris Daly - PresidentDennis M. Craven - EVP and COOJeffrey H. Fisher - Chairman, President, and CEOJeremy Wegner - SVP and CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystTyler Batory - Executive Director and Senior AnalystOperatorGood morning, ladies and gentlemen, welcome to the Chatham Lodging Trust Fourth Quart ...

Corporate Information & Analyst Coverage | Key Management | | | --- | --- | | Andrew Spodek | Chief Executive Officer | | Jeremy Garber | President, Treasurer & Secretary | | Steve Bakke | Chief Financial Officer | | Board of Directors | Board Responsibilities | | Patrick Donahoe | Chair of the Board, Member - Audit Committee | | Andrew Spodek | Chief Executive Officer, Director | | Barry Lefkowitz | Chair of Audit Committee, Member - Corporate Governance & Compensation Committee | | Anton Feingold | Chair ...

investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.FFO and Adjusted FFOThe Company calculates FFO in accordance with standards est ...

Scentre Group (SCG.AX) reported fiscal 2025 Funds From Operations or FFO of A$1.19 billion, up 4.9% from prior year. Funds From Operations per security, in cents, was 22.82 compared to 21.82. Distributions for the period was A$923 million or 17.72 cents per security, up 3.4%. Statutory profit for the period was A$1.78 billion. For the 12 months to 31 December 2025, net operating income was A$2.10 billion, an increase of 3.7% from last year. Like-for-like growth in net operating income was 4.8%. During 2025 ...

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the fourth quarter and full year ended December 31, 2025. Executive Chairman Remarks "During 2025, we made significant progress executing on our strategy to diversify the Company's portfolio, strengthen our balance sheet, and actively resolve tenant-related matters," said Alan Gold, Executive Chairman of IIP. "Our strategic investment in IQHQ and establishment of a new $100 mi ...

Fourth Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA Highlights Q4 2025 Highlights | Core FFO Per Share | | --- | | Implied property value per square foot | | Square feet of comparable leasing 167,000 activity | | 31% Comparable leasing spread | | ABR from Georgia, Florida, North Carolina & Texas | | Leased Occupancy – 490 bps spread to 91.0% occupancy | | SNO Pipeline – 5.8% of in-place ABR | | Cash ABR PSF | | Quarterly same-property NOI growth 4.3% for shopping centers | | $0 ...

Core Insights - Strawberry Fields REIT, Inc. reported its best operating results since inception, with significant growth in funds from operations (FFO) and rental revenues in 2025 compared to 2024 [5][6]. Financial Performance - FFO for 2025 was $79.6 million, up from $60.2 million in 2024, representing a growth of 32% [6][25]. - FFO per share increased to $1.43 from $1.15, marking a 24% rise [6][25]. - Adjusted FFO (AFFO) was $72.5 million, compared to $55.8 million in 2024, reflecting a 30% increase [6][25]. - AFFO per share rose to $1.30 from $1.07, a 21% increase [6][25]. - Net income increased to $33.3 million from $26.5 million, driven by higher rental revenues [11][21]. Revenue Growth - Rental revenues increased by $37.9 million, or 32.4%, compared to 2024, primarily due to new leases and acquisitions [6][11]. - The new Kentucky Master Lease contributed $13.1 million to the revenue growth, alongside contributions from acquisitions in Missouri, Kansas, and other states [6][11]. Acquisitions and Leases - The company entered into a new master lease for 10 properties in Kentucky with an annual base rent of $23.3 million, subject to CPI adjustments [4]. - Acquisitions included six facilities in Kansas for $24 million, nine skilled nursing facilities in Missouri for $59 million, and additional properties in Oklahoma and Missouri, totaling over $90 million in investments [4][6]. Expenses - Depreciation expense rose by $6.7 million, or 23.2%, due to new real estate investments [7]. - General and administrative expenses increased by $1.8 million, or 25.6%, primarily from higher payroll costs [8]. - Interest expense increased by $16 million, or 49.1%, mainly due to new bond issuance and additional notes payable [10]. Future Outlook - The company plans to pursue accretive deals while maintaining a disciplined acquisition strategy to sustain growth [5]. - The CEO expressed optimism about the investor perception of the senior housing sector and hopes for the stock price to reflect the company's strengths [5].

Core Viewpoint - Mid-America Apartment Communities, Inc. (MAA) is a real estate investment trust (REIT) with a market cap of $15.8 billion, focusing on multifamily apartment communities in high-growth metropolitan areas [1] Financial Performance - MAA's shares have declined 14.2% over the past 52 weeks, underperforming the S&P 500 Index, which gained 12.3% during the same period [2] - Year-to-date, MAA's stock is down 2.7%, while the S&P 500 has seen a marginal uptick [2] - MAA has also lagged behind the iShares Residential and Multisector Real Estate ETF, which rose 5.4% over the past 52 weeks and 7.6% year-to-date [3] Earnings Report - For Q4, MAA reported core FFO of $2.23 per share, slightly beating estimates, while revenue was $555.6 million, narrowly missing expectations [5] - Resident turnover remained low at 40.2%, with only 11.1% of move-outs linked to single-family home purchases, indicating stable resident retention [5] - Following the earnings announcement, MAA's shares rose by 2.2% [5] Future Projections - Analysts expect MAA's FFO to decline by 1.1% year-over-year to $8.64 for the current fiscal year ending in December [6] - MAA's FFO surprise history is mixed, exceeding consensus estimates in three of the last four quarters [6] Analyst Ratings - Among 27 analysts covering MAA, the consensus rating is a "Moderate Buy," consisting of nine "Strong Buy," one "Moderate Buy," 14 "Hold," and three "Strong Sell" ratings [6] - Citigroup recently lowered its price target for MAA from $155 to $148 while maintaining a "Neutral" rating [7] - The mean price target of $146.42 suggests an 8.4% premium from current price levels, while the highest target of $167 indicates a potential upside of 23.6% [7]

GUIDANCE PRESENTATION 2026 2026 OUTLOOK: CONTINUED OPERATIONS | $ IN MILLIONS | | | | --- | --- | --- | | | LOW | HIGH | | RETAIL NOI | $68.5M | $70.0M | | OFFICE NOI | $58.5M | $60.0M | | EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) | $3.4M | $3.9M | | ACQUISITION NOI | $1.0M | $1.7M | | TOTAL COMMERCIAL NOI | $131.4M | $135.6M | | G&A EXPENSES | -$19.7M | -$18.7M | | INTEREST EXPENSE | -$57.2M | -$54.2M | | OTHER NOI(2) | $8.9M | $9.9M | | PREFERRED STOCK DIVIDENDS | -$11.5M | -$11.5M | | PRO FORMA ...