Core Viewpoint - Real estate stocks, particularly Realty Income (O) and Simon Property Group (SPG), have shown strong performance amidst a stable interest rate environment, with both stocks gaining approximately 1.8% last week and significant year-to-date increases [1]. Group 1: Market Performance - The S&P 500 gained only 0.15% for the week ending February 20, while the Nasdaq 100 was essentially flat, slipping 0.06% [1]. - Real estate investment trusts (REITs) have outperformed the broader market, benefiting from strong recent earnings and a stable interest rate environment, with the 10-year Treasury yield settling at 4.08% [1]. - The yield curve remains positively sloped, with the 10Y-2Y spread at 0.60% [1]. Group 2: Company Highlights - Simon Property Group (SPG) was the top performer, increasing nearly 1.9% to surpass $200 per share, driven by record full-year Real Estate Funds From Operations (FFO) of $4.8 billion in 2025 and a dividend increase of 4.8% year-over-year [1]. - Realty Income (O) rose about 1.8% last week, continuing a recovery with a year-to-date increase of roughly 19%, supported by a stable 10-year Treasury yield [1]. - Welltower (WELL) experienced a slight decline of less than 0.4% after a strong earnings report, with a year-to-date increase of over 13% and a quarterly dividend raised by 10.4% [1]. Group 3: Earnings and Guidance - Simon Property Group guided for 2026 Real Estate FFO of $13.00 to $13.25 per diluted share, with domestic property NOI rising 4.8% [1]. - Realty Income's Q3 2025 revenue was $1.47 billion, exceeding estimates, with a guidance for full-year 2025 AFFO of $4.25 to $4.27 per share [1]. - Welltower reported normalized FFO of $1.45 per share for Q4 2025, a 28.3% year-over-year increase, and guided for 2026 normalized FFO of $6.09 to $6.25 per share [1].