Core Insights - Canadian Net Real Estate Investment Trust reported strong second quarter results with an 8% year-to-date increase in Funds from Operations (FFO) per unit, reflecting successful property acquisitions and a disciplined growth strategy [2][4][8] - The REIT maintained a 100% occupancy rate in its focused portfolio of single-tenant, triple-net, and necessity-based properties, indicating resilience and demand in the market [3][4] - A conservative payout ratio of 52% supports the recently announced distribution increase and allows for further growth and stability [3][9] Financial Performance for Q2 2025 - FFO for Q2 2025 was $3.4 million, or $0.166 per unit, an increase of 8% from $3.2 million, or $0.154 per unit in Q2 2024 [4][17] - Rental income reached $6.9 million, up 4.4% from Q2 2024, while Net Operating Income (NOI) was $5.0 million, reflecting a 4.9% increase [4][17] - The REIT reported a net loss attributable to unitholders of $1.35 million, significantly improved from a net loss of $8.92 million in Q2 2024 [5][17] Financial Performance for the 6-Month Period Ended June 30, 2025 - For the six-month period, FFO was $6.8 million, or $0.330 per unit, an 8% increase compared to $6.3 million, or $0.306 per unit in the same period of 2024 [6][7] - Total rental income for the six months was $13.7 million, a 4.6% increase from the previous year, with NOI at $10.0 million, up 4.1% [7][12] - The REIT generated a net income attributable to unitholders of $8.8 million, a significant turnaround from a net loss of $7.7 million in the same period last year [7][12] Distribution Information - Canadian Net announced monthly cash distributions of $0.02917 per unit, totaling $0.35 per unit on an annualized basis, for October, November, and December 2025 [9][10] - The distributions are set for unitholders of record on October 15th, November 14th, and December 15th, 2025 [9][10] Non-IFRS Financial Measures - The increase in FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities [8][12] - NOI growth was primarily driven by increased rental income from property acquisitions, while net income variance was mainly due to changes in the fair value of investment properties [8][12]

Core Insights - Canadian Net Real Estate Investment Trust reported an 8% year-to-date increase in Funds from Operations (FFO) per unit for Q2 2025, reflecting successful property acquisitions and a disciplined growth strategy [2][4][8] - The REIT maintained a 100% occupancy rate in its portfolio of single-tenant, triple-net, and necessity-based properties, with a conservative payout ratio of 52% supporting distribution increases and future growth [3][4][9] Financial Results for Q2 2025 - FFO for Q2 2025 was $3.4 million, or $0.166 per unit, an increase of 8% from $3.2 million, or $0.154 per unit in Q2 2024 [4][6] - Rental income reached $6.9 million, up 4.4% from Q2 2024, while Net Operating Income (NOI) was $5.0 million, reflecting a 4.9% increase [4][7] - The REIT reported a net loss attributable to unitholders of $1.35 million in Q2 2025, significantly improved from a net loss of $8.92 million in Q2 2024 [5][17] Financial Results for the 6-Month Period Ended June 30, 2025 - For the six-month period, FFO totaled $6.8 million, or $0.330 per unit, an 8% increase compared to $6.3 million, or $0.306 per unit in the same period of 2024 [6][7] - Rental income for the six-month period was $13.7 million, a 4.6% increase from the previous year, with NOI at $10.0 million, up 4.1% [7][8] - The REIT generated a net income attributable to unitholders of $8.8 million for the six-month period, a turnaround from a net loss of $7.7 million in the same period last year [7][17] Distribution Announcements - Canadian Net announced monthly cash distributions of $0.02917 per unit for October, November, and December 2025, equating to an annualized distribution of $0.35 per unit [9][10] Selected Financial Information - Key financial metrics for the period ended June 30, 2025, include: - Property rental income: $13.73 million, up 5% from 2024 - Net income: $8.83 million, a significant increase from a loss of $7.66 million - NOI: $10.01 million, a 4% increase - Total assets: $316.84 million, an 8% increase from the previous year [12][18] Non-IFRS Financial Measures - The increase in FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities [8][19] - Adjusted Funds from Operations (AFFO) for Q2 2025 was $3.23 million, a 13% increase from the previous year, with AFFO per unit at $0.157 [18][19] Future Outlook - The company remains confident in its ability to deliver sustainable performance and continue building on its solid foundation, supported by its disciplined growth strategy and strong portfolio [2][3]

Core Insights - Nexus Industrial REIT reported strong operating results in its first quarter as a pure-play industrial REIT, with normalized FFO per unit increasing by 5.6% year-over-year and industrial Same Property NOI growing by 2.8% [1][6][22] Financial Performance - For Q2 2025, property revenues were CAD 42.0 million, down from CAD 43.9 million in Q2 2024, while NOI increased to CAD 32.2 million from CAD 31.6 million [9][39] - The net loss for Q2 2025 was CAD 7.6 million, significantly lower than the net income of CAD 43.5 million in Q2 2024, primarily due to fair value losses on Class B LP units and investment properties [15][16] - Year-to-date, net income for the first half of 2025 was CAD 25.5 million, down from CAD 87.2 million in the same period last year [16] Operational Highlights - The company completed the sale of 33 legacy properties and advanced construction on two significant development projects, which are expected to add CAD 6.6 million in annual stabilized NOI [2][6][23] - Leasing activity included 1,192,792 square feet completed at an average spread of 82% over expiring and in-place rents [6] Portfolio and Capital Structure - The REIT's total portfolio consists of 88 properties with a gross leasable area of approximately 11.7 million square feet, and the industrial occupancy rate was reported at 94% [13][28] - Unitholders' equity increased to CAD 1.1 billion, with NAV per unit slightly decreasing to CAD 13.17 [7][13] Future Outlook - The REIT anticipates mid-single digit Same Property NOI growth for the full year, driven by lease-up of vacant space and releasing at market rents [21][22] - The completion of the two development projects is expected to enhance the REIT's financial performance significantly [23][31]

Core Insights - American Healthcare REIT, Inc. reported strong second quarter results for 2025, leading to an increase in full-year guidance for Same-Store NOI growth and NFFO [1][3][12] Financial Performance - The Company achieved Same-Store NOI growth of 13.9% for Q2 2025 compared to Q2 2024, with significant contributions from the ISHC and SHOP segments, which grew by 18.3% and 23.0% respectively [4][5][6] - Reported GAAP net income attributable to controlling interest was $9.9 million, translating to $0.06 per diluted share for Q2 2025 [6][30] - Normalized Funds from Operations (NFFO) for Q2 2025 was reported at $0.42 per diluted share [6][32] Operational Highlights - The Company has seen a broad-based increase in demand across its operating portfolio, with occupancy rates improving significantly, particularly in independent and assisted living units [5][11] - The total portfolio Same-Store NOI growth guidance for the year ending December 31, 2025, has been increased to a range of 11.0% to 14.0% [6][12] Capital Markets Activity - During Q2 2025, the Company issued 5,451,577 shares of common stock through its ATM program, raising approximately $188.6 million [10][11] - The Company has closed on approximately $255 million of new investments year-to-date 2025 [6][10] Balance Sheet and Liquidity - As of June 30, 2025, the Company reported total consolidated indebtedness of $1.55 billion and total liquidity of approximately $733.5 million [9][28] - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.7x from 4.5x as of March 31, 2025 [6][9] Future Outlook - The Company anticipates continued strong performance in the second half of 2025, driven by ongoing occupancy improvements and effective asset management strategies [5][11] - Full-year guidance for NFFO has been increased to a range of $1.64 to $1.68 per diluted share, reflecting improved expectations for NOI growth [6][12]

Financial Data and Key Metrics Changes - Net income for Q2 2025 decreased 72% to $600,000 or $0.03 per share compared to $2,000,000 or $0.11 per share in the same period last year, primarily due to due diligence related legal expenses and lower interest income [3] - The company's pro rata share of NOI in Q2 increased 5% year over year to $9,700,000, driven by higher contributions from multifamily and mining royalty segments [3][19] Business Line Data and Key Metrics Changes - The multifamily segment contributed an additional $57,000 of NOI year over year, while the mining segment contributed an additional $637,000 of NOI [3] - The industrial and commercial segment NOI decreased by $177,000 year over year due to tenant eviction and lease expirations [4] - Mining and royalty business segment revenues and NOI for the quarter totaled $3,600,000 and $3,700,000 respectively, an increase of 1221% over the same period last year [6] - The multifamily segment reported total revenues and NOI of $14,600,000 and $8,200,000 respectively, with a 94% occupancy rate for apartments and 83% for retail space [7] Market Data and Key Metrics Changes - The average rental rate of expiring industrial leases was $6.55 triple net, with expectations for new rental rates to start in the sevens or greater [15] - New deliveries in the DC market are expected to pressure vacancies, concessions, and revenue growth in the foreseeable future [9] Company Strategy and Development Direction - The company plans to continue focusing on leasing existing industrial space and managing the delivery of new industrial products for 2026 [15][20] - The company is pursuing a business opportunity that involves legal expenses, but this does not indicate a shift in strategy [24] - The company aims to double the size of its industrial portfolio by 2030 [20] Management's Comments on Operating Environment and Future Outlook - Management cautioned that NOI growth would be flat or slightly negative during the time it takes to lease up the first building in the industrial development growth strategy [18] - The company anticipates challenges in matching 2024's NOI numbers due to a nonrepeatable event in the mining royalties segment [19] - Management remains optimistic about rental rates and expects market vacancies to top out in 2025, which should bode well for demand and rent growth [15] Other Important Information - The company is in the predevelopment stage for a 170-acre industrial land project in Cecil County, Maryland, with permits expected in early 2026 [11] - The multifamily development project in Greenville, South Carolina, is expected to be ready for lease up in Q4 2027 [14] Q&A Session Summary Question: Inquiry about legal expenses related to a potential new investment - Management confirmed that the legal expenses are related to pursuing a business opportunity but clarified that it does not indicate a shift in strategy [24][25]

Financial Performance Highlights - Net income decreased by 32% to $23 million in Q2'25 compared to $33 million in Q2'24, and decreased by 72% to $06 million YTD compared to $20 million YTD, largely due to professional fees related to a transaction and lower net interest income [6] - Pro rata NOI increased by 7% to $191 million in Q2'25 compared to $178 million in Q2'24, and increased by 5% to $97 million YTD compared to $92 million YTD [6] - Pro rata revenue increased to $13997 million in Q2'25 from $13309 million in Q2'24, and increased to $27426 million YTD in 2025 from $26127 million YTD in 2024 [8] Segment Performance - Multifamily segment pro rata NOI increased by 1% to $4737 million in Q2'25 compared to Q2 2024, and increased by 2% to $9367 million YTD compared to YTD 2024, primarily due to improved occupancy at The Verge and Dock 79 [6, 11, 12] - Industrial and Commercial segment NOI decreased by 15% to $1010 million in Q2'25 compared to Q2 2024, and decreased to $2149 million YTD compared to YTD 2024, primarily due to an eviction and lease expirations [6, 15, 16] - Mining Royalty Lands segment NOI increased by 21% to $3665 million in Q2'25 compared to Q2 2024, and increased by 20% to $6949 million YTD compared to YTD 2024, primarily due to a reduction in royalty payments in the prior year [6, 21] Development and Strategic Initiatives - Amended the Company's Credit Agreement with Wells Fargo, establishing a five-year, $50 million revolver at SOFR + 225% [6] - Entered a JV with Strategic Real Estate Partners to develop 377892 square feet of industrial space in Lake County, FL [6] - Development activity continues with construction started on Lakeland, FL (200000 sq ft warehouse), Davie, FL (182000 sq ft warehouse redevelopment), and "Woven" – Greenville, SC (214 multifamily units and 14000 retail sq ft multifamily development) in Q2 '25 [10, 27]

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 - Firm Capital Property Trust reported financial results for Q2 and the first half of 2025, highlighting a sale of investment properties for gross proceeds of $15 million and an increase in same-property NOI [1][5] - The Trust's NAV per unit increased by 1.7% year-over-year, indicating growth in asset value [5] Property Portfolio Highlights - The portfolio includes 62 commercial properties with a total gross leasable area of 2,427,383 square feet, five multi-residential complexes with 599 units, and four manufactured home communities with 537 units [2] - 50% of NOI is derived from grocery-anchored retail, followed by industrial properties at 25% [2] - Geographically, 37% of NOI comes from Ontario and 36% from Quebec [2] Tenant Diversification - The tenant profile is well diversified, with no single tenant accounting for more than 13.1% of total net rent, and the top 10 tenants representing 32.2% of total net rent [3] Q2/2025 Financial Highlights - Rental revenue for Q2 2025 was $15.3 million, a 2% increase from Q2 2024 [4] - NOI on an IFRS basis was approximately $9.6 million, showing a slight decrease of 1% year-over-year [4] - Net income for Q2 2025 was $4.4 million, down 50% from the previous year [4] - AFFO was approximately $4.5 million, with an AFFO payout ratio improving to 106% [5] Occupancy Rates - Commercial occupancy stood at 93.8%, multi-residential at 94.4%, and manufactured home communities at 100% [5] Financial Metrics - Total assets decreased by 1% to $637.2 million, while total mortgages decreased by 4% to $302.3 million [4] - The Trust completed the sale of retail properties for gross proceeds of $29.3 million, recognizing a gain of approximately $1.8 million [5] Distribution Information - The Trust declared monthly distributions of $0.04333 per unit for the upcoming months, payable in November 2025, December 2025, and January 2026 [5] Investment Strategy - Firm Capital Property Trust aims to create long-term value through capital preservation and disciplined investing, focusing on a diversified property portfolio [9]

Financial Results - Elme Communities reported a net loss per diluted share of $(0.04) for the quarter ended June 30, 2025, consistent with the same period in 2024 [1] - Core Funds From Operations (FFO) per diluted share increased to $0.24 from $0.23 year-over-year [1] Operational Highlights - Same-store multifamily Net Operating Income (NOI) increased by 4.5% compared to the prior year quarter, driven by higher rental revenue and fee income [8][9] - Average occupancy for the same-store multifamily portfolio was 94.7%, up 0.2% from the prior year [8][9] - Retention rate for leases was 62%, aligning with expectations [8] Strategic Review Update - Elme announced a Purchase and Sale Agreement with Cortland Partners for the sale of 19 multifamily communities for approximately $1.6 billion [4] - The Board of Trustees approved a voluntary plan of sale and liquidation for the remaining assets of Elme Communities [4] Balance Sheet - As of June 30, 2025, Elme had available liquidity of $330 million, consisting of cash and availability under its revolving credit facility [8] - The annualized Net Debt to Adjusted EBITDA ratio was 5.6x, indicating a strong balance sheet with only $125 million of debt maturing before 2028 [8] Dividends - Elme Communities paid a quarterly dividend of $0.18 per share on July 3, 2025, and declared another dividend of $0.18 per share to be paid on October 3, 2025 [10]

Core Insights - Vornado Realty Trust's second-quarter 2025 adjusted funds from operations (FFO) were 56 cents per share, exceeding the Zacks Consensus Estimate of 53 cents, but reflecting a 1.8% decline year over year [1][11] - Total revenues for the quarter were $441.4 million, falling short of the Zacks Consensus Estimate of $455.4 million, and representing a nearly 2% decrease year over year [2] Financial Performance - Total same-store net operating income (NOI) for the quarter was $260.8 million, up from $247.4 million in the prior-year quarter, with increases in the New York, THE MART, and 555 California Street portfolios of 1.8%, 57.7%, and 3.1% respectively [3][11] - The New York office portfolio saw leasing of 1,479,000 square feet at an initial rent of $101.44 per square foot, with a weighted average lease term of 6.8 years [4] - In the New York retail portfolio, 57,000 square feet were leased at an initial rent of $96.77 per square foot, with a weighted average lease term of 8.1 years [5] - At THE MART, 127,000 square feet were leased at an initial rent of $50.87 per square foot, with a weighted average lease term of 5.6 years [6] Portfolio Activity - A joint venture with a 55% interest sold 512 West 22nd Street, a 173,000 square foot office building, for $205 million [8] - Another joint venture with a 50% interest completed the sale of the 49 West 57th Street commercial condominium during the same period [8] Occupancy Rates - The total New York portfolio occupancy was 85.2%, down 310 basis points year over year, while THE MART's occupancy was 78.2%, up 130 basis points year over year, and 555 California Street's occupancy was 92.3%, down 220 basis points year over year [7] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $1.2 billion, an increase from $568.9 million as of March 31, 2025 [9]