Core Insights - The company is experiencing a year-over-year growth of 5.4% and a two-year stacked growth of 10%, indicating strong operational performance and a compelling value proposition in the REIT sector [1] - The company has increased its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, reflecting a 10% increase from the previous range, supported by a robust pipeline of over $500 million [2][4] - The company has a strong balance sheet with a pro forma net debt to recurring EBITDA of 3.8 times, allowing for significant investment activity without the need for additional equity [2][16] Financial Performance - The company achieved a core FFO per share of $1.10 for Q4 and $4.28 for the full year 2025, representing year-over-year increases of 7.3% and 4.6% respectively [17] - The AFFO per share for Q4 was $1.11, reflecting a 6.5% year-over-year increase, while the full year AFFO per share was $4.33, at the high end of guidance [17] - The company has initiated full-year AFFO per share guidance of $4.54 to $4.58 for 2026, indicating a midpoint growth of approximately 5.4% [17][19] Investment Activity - In 2025, the company invested approximately $1.55 billion across three investment platforms, marking a 60% year-over-year growth [4][6] - During Q4, the company invested about $377 million in 94 high-quality retail net leased properties, with a significant portion leased to leading operators in various sectors [5][6] - The company has a record year in its development and DFP platforms, with 34 projects either completed or under construction, representing approximately $225 million of committed capital [7] Portfolio Management - The company disposed of 22 properties for gross proceeds of over $44 million, focusing on capital recycling of non-core assets [10] - The portfolio consists of nearly 2,700 properties across all 50 states, with an occupancy rate of 99.7% and investment-grade exposure at nearly 67% [11][10] - The company executed new leases, extensions, or options in approximately 3 million square feet of gross leasable area for the full year 2025, achieving a recapture rate of 104% [9] Strategic Initiatives - The company is actively pursuing IT improvements to drive efficiencies and reduce G&A as a percentage of revenue, anticipating approximately 30 basis points of G&A savings relative to total revenues [3][30] - The company has raised approximately $1.5 billion in capital, including a $400 million bond offering and a $350 million term loan, enhancing its liquidity position [12][15] - The company has established a commercial paper program, becoming one of only 19 US REITs with such a program, which has provided significant savings compared to traditional borrowing methods [12][16]

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Core Insights - The Motley Fool aims to enhance the financial literacy and well-being of individuals by providing investment solutions and market analysis [1] Company Overview - Founded in 1993, The Motley Fool is a financial services company focused on making the world smarter, happier, and richer [1] - The company reaches millions of people monthly through various platforms, including premium investing solutions, free guidance, and market analysis on Fool.com [1] - The Motley Fool also produces top-rated podcasts and operates a non-profit organization, The Motley Fool Foundation [1]