Global Self Storage Reports Full Year 2025 Results ELEMENT--Back to the NewsroomGlobal Self Storage Reports Full Year 2025 ResultsRecord Total Revenues, Same-Store Revenues and Net Operating Income with Sector-Leading Occupancy Driven by Continued Operational ExcellenceMILLBROOK, NY / ACCESS Newswire/ March 25, 2026 / Global Self Storage, Inc.(NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, and redevelops self-storage properties,reported results for the fourth quarter an ...

On cash generation, Gonzalez said consolidated cash flow from operations turned positive “for the first time” in the company’s history, but he emphasized this was “mostly driven” by $5.9 million received from rent tied to a lease extension that closed in December. He described the extended lease as the company’s longest tenant lease to date, at 12 years. Management also said Adjusted EBITDA reached breakeven on a run-rate basis in December.Revenue grew 87% year-over-year to a record $27.5 million in 2025, w ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [6][9] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [6][9] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [8][35] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4 [11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with an 18% sequential increase in Q4 [9] - The company expects moderate revenue increases in Q1 2025, followed by a significant step-up in Q2 and Q3 2027 due to the opening of phase II in Miami [9] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with a 22% average markup on lease renewals, indicating strong demand for airport space [19] - The average rent for pre-leasing campuses is higher than that for stabilized and initial lease-up campuses, reflecting improved targeting of better airports [61] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [7] - The focus for 2026 will be on maximizing net operating income (NOI) capture and expanding in the best geographies [46] - The company is refining its guidance metrics to focus on total available NOI rather than just the number of airports [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity, with a focus on operational efficiency and cost reduction [39][44] Other Important Information - The company finalized a five-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring the sale of hangars as a means to generate capital, particularly for tenants who prefer ownership over leasing [73] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Management confirmed that new ground leases are expected, with guidance to be provided in the next earnings call [53] Question: Will the company be breakeven going forward from here? - Management indicated that cash flows follow revenues, and with upcoming campus openings, they expect to move north from breakeven in Q2 2026 [54][55] Question: How can we think about construction spend ramping as we move throughout 2026 and beyond? - Management noted that construction expenditures are ramping up, with strong liquidity and a new subsidiary for in-house construction management [56] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Management expects stabilization for the three assets in the coming two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Management reiterated that guidance will focus on NOI generation rather than the number of ground leases [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized and initial lease-up campuses? - Management explained that improved targeting of better airports has led to higher rents for pre-leased campuses [61] Question: Can you explain the unit economic slide more? - Management clarified that the illustration of $36 NOI per square foot is based on current leasing trends, with expectations for higher rents in new campuses [65][66] Question: Can you provide details on your interest in selling hangars? - Management stated that they are open to selling hangars if it makes financial sense, particularly for long-term prepaid leases [73][74]

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [7][10] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [7][10] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [9][35] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4, driven by increased occupancy and rental rates [12][11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with Q4 showing an 18% sequential increase [10] - The company expects moderate revenue increases in Q1 2025, with a significant step-up anticipated in Q2 and Q3 2027 due to the opening of phase two in Miami [10] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with a noted average markup of 22% on lease renewals, indicating strong demand for airport space [20] - The company is targeting better airports for future developments, which is expected to lead to higher rents and NOI revenues per square foot [66] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [8] - A focus on maximizing NOI capture and refining guidance metrics is emphasized, moving away from simply counting the number of airports [38][46] - The company is investing in vertical integration and cost efficiencies to improve unit economics and expand its addressable market [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity starting in 2027, with a focus on operational efficiency and service quality [39][44] Other Important Information - The company finalized a 5-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring the potential sale of hangars as a means to generate capital, particularly for tenants preferring ownership over leasing [73][76] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Management confirmed that new ground leases are expected, with guidance to be provided in the next earnings call [53] Question: Will the company be breakeven going forward from here? - Management indicated that cash flows will follow revenues, with expectations for breakeven in Q2 2026 as new campuses open [54] Question: How can we think about construction spend ramping as we move throughout 2026 and beyond? - Management noted that construction expenditures are ramping up, with strong liquidity and a new subsidiary for in-house construction management [56] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Management expects stabilization for the three assets in the coming two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Management reiterated that guidance will focus on NOI generation rather than the number of ground leases [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized campuses? - Management explained that targeting better airports has led to higher rents in pre-leasing compared to initial lease-up campuses [61] Question: Can you explain the unit economic slide more? - Management clarified that the illustration of $36 NOI per square foot is based on expected higher rents in better airports compared to previous projects [65] Question: How much of a new campus do you ideally want pre-leased before construction begins? - Management indicated that ideally, about 50% pre-leasing is targeted before opening, balancing early visibility with potential for higher rents [67]

These six Multifamily projects contributed an additional $4.6 million pro rata NOI compared to last year. Versus last year, the Mining segment contributed $2.7 million of additional NOI in the Industrial and Commercial segment, another $649,000. Over the last 3 years, we have grown pro rata NOI at a compound annual growth rate of 29.5% on a trailing 12-month basis. Earlier today, we posted to our website a brief slideshow of financial highlights for the fourth quarter, which includes for illustrative purpos ...

Core Insights - Flagship Communities Real Estate Investment Trust reported strong financial performance for Q4 and full year 2025, with significant increases in rental revenue, net income, and funds from operations [5][9][11]. Financial Performance - Q4 2025 rental revenue was $27.5 million, a 15.6% increase from $23.8 million in Q4 2024 [5][9]. - Full year 2025 rental revenue reached $103.4 million, up 17.3% from $88.1 million in 2024 [5][9]. - Net income for Q4 2025 was $45.5 million, compared to $25.2 million in Q4 2024, marking an 81.1% increase [5][11]. - Full year net income was $115.7 million, an 11.7% increase from $103.5 million in 2024 [5][11]. - Net Operating Income (NOI) for Q4 2025 was $18.4 million, a 15.3% increase from $15.9 million in Q4 2024 [5][12]. - Full year NOI was $68.4 million, up 17.1% from $58.4 million in 2024 [5][12]. Funds from Operations - Q4 2025 FFO was $9.2 million, a decrease of 4.8% from $9.6 million in Q4 2024 [5][17]. - Full year FFO increased to $36.4 million, an 18.2% rise from $30.8 million in 2024 [5][17]. - FFO per unit (diluted) for Q4 2025 was $0.365, down 4.9% from $0.384 in Q4 2024 [5][17]. - Full year FFO per unit was $1.446, a 12.1% increase from $1.290 in 2024 [5][17]. Adjusted Funds from Operations - Q4 2025 AFFO was $8.3 million, a decrease of 11.7% from $9.4 million in Q4 2024 [5][19]. - Full year AFFO reached $33.1 million, a 19.1% increase from $27.8 million in 2024 [5][19]. - AFFO per unit (diluted) for Q4 2025 was $0.330, down 12.0% from $0.375 in Q4 2024 [5][19]. - Full year AFFO per unit was $1.317, a 12.9% increase from $1.167 in 2024 [5][19]. Occupancy and Rent Collections - Total portfolio occupancy as of December 31, 2025, was 82.9%, down from 83.5% in 2024 [8][25]. - Same Community occupancy was 83.9%, a slight decrease from 84.1% in 2024 [8][14]. - Rent collections for Q4 2025 were 99.0%, an increase from 98.9% in Q4 2024 [5][21]. - Full year rent collections were 99.2%, up from 99.0% in 2024 [5][21]. Strategic Acquisitions - Flagship announced two strategic acquisitions totaling $79 million, expanding its presence in Indiana and Ohio [5][24]. - The acquisitions included an MHC in Seymour, Indiana, for approximately $45 million and a portfolio in Greater Cincinnati for $34 million [5][24]. Market Outlook - The company maintains a positive outlook for the manufactured housing community (MHC) industry, citing a persistent shortage of new supply and affordability advantages over traditional housing [6][26]. - Factors supporting this outlook include rising home ownership costs, limited new supply, and regulatory barriers to entry for new market entrants [6][26].

Core Insights - Parkit Enterprise Inc. reported a full year 2025 performance with an 8% growth in same property Net Operating Income (NOI) and a 29% increase in Funds from Operations (FFO) [1][2] - The company executed a disciplined capital allocation strategy, including the sale of seven assets in Winnipeg, generating a $25 million gain, which strengthened its balance sheet and reduced debt [1][2] - Parkit established a 10% ownership position in PRO Real Estate Investment Trust (PROREIT), yielding approximately 6.9% [2] - The company signed nearly 90,600 square feet of new leases and renewed over 172,200 square feet at market rents, indicating strong demand for its industrial portfolio [1][2] Financial Performance - For the twelve months ended December 31, 2025, investment properties revenue increased by 9% to $28,266,344 compared to $26,042,617 in 2024 [3] - Net rental income rose by 14% to $20,277,319 for the same period, up from $17,789,525 in 2024 [3] - The company reported a net income of $25,519,121 for the twelve months ended December 31, 2025, compared to a net loss of $2,806,467 in 2024 [9] Acquisitions and Dispositions - In 2025, Parkit acquired two industrial properties for $21 million, totaling approximately 162,370 square feet [2] - The sale of seven assets in Winnipeg for $101.9 million resulted in a gain of $25.2 million, with proceeds used to pay down debt and invest in PROREIT [2] Operational Highlights - The company maintained a strong liquidity position with cash and cash equivalents exceeding $5.4 million at the end of the period [8] - Parkit executed lease renewals and new leases at market rates, contributing to the increase in net rental income [3][8] - The company’s cash flow from operations was $14,007,421 for the twelve months ended December 31, 2025, compared to $15,737,461 in 2024 [8] Future Outlook - Parkit is well-positioned to pursue disciplined acquisitions and further grow revenue, NRI, and FFO in 2026, supported by 92% of its debt being fixed [1][2] - The company aims to maximize cash flows from its industrial portfolio while streamlining operations of its parking properties [1][2]

Fourth Quarter 2025 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO ...

Three Months Ended December 31, 2025 Table of Contents | | Page | | --- | --- | | Executive Summary | 3 | | Corporate Information | 6 | | Consolidated Balance Sheets | 8 | | Consolidated Statements of Operations | 9 | | Funds from Operations & Adjusted Funds from Operations | 10 | | Consolidated Same-Store Property Performance | 11 | | NOI Detail | 12 | | Debt Summary & Debt Metrics | 13 | | Debt Maturities, Composition & Hedging Instruments | 14 | | Debt Covenant Compliance | 15 | | Existing Portfolio Summ ...

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]