Key Takeaways SL Green lowered its 2026 FFO per-share outlook and plans to move from monthly dividend payments to quarterly.Higher operating expenses, rising taxes and key 2026 tenant vacates are likely to dampen NOI and FFO growth.Floating rate debt, lower development activity and more diluted shares further weigh on SL Green's 2026 view.SL Green (SLG) recently reduced its 2026 funds from operations (FFO) per share guidance to $4.4-$4.7. The Zacks Consensus Estimate stands at $5.16 per share. Per the lates ...

Core Insights - Canadian Net Real Estate Investment Trust reported a 9% year-to-date increase in Normalized FFO per unit for Q3 2025, indicating strong operational performance and a 100% occupancy rate in its necessity-based real estate portfolio [2][3][4] Financial Results for Q3 2025 - Funds from operations (FFO) reached $3.4 million, or $0.164 per unit, a 20% increase from $2.8 million, or $0.137 per unit in Q3 2024 [3][4] - Normalized FFO for the quarter was also $3.4 million, reflecting a 12% increase compared to $3.0 million in Q3 2024 [3][4] - Rental income was reported at $6.9 million, an 11.5% increase from Q3 2024, while net operating income (NOI) was $5.0 million, up 10.9% from the previous year [4][6] Financial Results for the 9-Month Period Ended September 30, 2025 - For the nine-month period, FFO totaled $10.2 million, or $0.494 per unit, a 12% increase from $9.1 million, or $0.443 per unit in the same period of 2024 [5][6] - Rental income for the nine-month period was $20.7 million, a 6.8% increase from the previous year, with NOI at $15.1 million, up 6.3% [6][7] Net Income and Distributions - The net income attributable to unitholders for Q3 2025 was $2.9 million, a decrease from $13.0 million in Q3 2024, primarily due to changes in the fair value of investment properties [4][8] - For the nine-month period, net income attributable to unitholders was $11.7 million, significantly higher than $5.3 million in the same period last year [7][8] - Canadian Net announced monthly cash distributions of $0.02917 per unit for Q1 2026, totaling $0.35 per unit on an annualized basis [9] Operational Highlights - The increase in Normalized FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities, despite some offset from interest on mortgages [8] - The REIT maintained a strong position in the market, focusing on necessity-based real estate, which has supported its occupancy rates and operational performance [2][4]

Core Insights - Real estate stocks are underperforming despite two interest rate cuts by the Fed, indicating a potential opportunity with actively managed ETFs like the ALPS Active REIT ETF [1][2] Performance Metrics - The ALPS ETF shows strong fundamentals, particularly sturdy balance sheets, which may position REITs for growth opportunities in 2026 [2][3] - REITs reported a significant increase in funds from operations (FFO), reaching $21.0 billion, a 17.3% year-over-year increase, with nearly two-thirds of REITs showing FFO growth [5] - Net operating income (NOI) for REITs rose by 5.2% year-over-year, with 62% of REITs reporting increases, suggesting a more optimistic outlook for the sector [6] Occupancy Rates - Average occupancy rates for REIT-owned properties stood at 93.0%, with retail leading at 96.9%, followed by apartments at 95.7%, and industrial at 94.5%. The office sector lagged behind at 85.3% [7]

Core Insights - Clipper Realty Inc. reported third quarter 2025 results, highlighting strong occupancy and rental demand in residential properties, with new leases exceeding previous rents by nearly 14% and renewals by over 6% [3][5][6] Financial Performance - Total revenues for Q3 2025 were $37.7 million, slightly up from $37.6 million in Q3 2024, with residential revenue increasing by $1.9 million (6.9%) [5][6] - Net operating income (NOI) for Q3 2025 was $20.8 million, down from $21.8 million in the same period last year [6][8] - The company reported a net loss of $4.6 million ($0.14 per share) for Q3 2025, compared to a net loss of $1.1 million ($0.05 per share) in Q3 2024 [7][8] - Adjusted funds from operations (AFFO) were $5.6 million ($0.13 per share) for Q3 2025, down from $7.8 million ($0.18 per share) in Q3 2024 [8][28] Operational Highlights - The Prospect House property in Brooklyn commenced operations in August 2025, contributing to initial lease-up but generating limited revenue due to full expenses [4][6] - The company faced a decrease in commercial revenue by $1.8 million due to the termination of a lease with a New York City tenant at the 250 Livingston Street property [5][6] - Clipper Realty declared a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [10] Balance Sheet Overview - As of September 30, 2025, notes payable were $1,281.2 million, reflecting an increase from $1,275.4 million at the end of 2024, primarily due to additional borrowings related to the Prospect House [9]

Core Insights - Ravelin Properties REIT reported its highest quarterly gross rental revenue and net operating income since Q3 2024, indicating a return to stability in same-property net operating income for the first time since Q2 2024 [3][4] - The REIT signed 235,163 square feet of new leases and renewals in Q3 2025 at a weighted average net rental rate of $18.29 per square foot, which is 20.5% above prior rental rates for previously vacant spaces [4] - The current leasing pipeline exceeds 895,000 square feet, with over 100,000 square feet of rent reviews underway in Ireland, presenting opportunities to increase in-place rents [4] Financial Performance - For the three months ended September 30, 2025, rental revenue was $47.5 million, a decrease of 5.2% from $50.2 million in the same period of 2024 [6] - Net operating income (NOI) for Q3 2025 was $21.3 million, down 12.2% from $24.3 million in Q3 2024 [6] - The REIT reported a net loss of $17.4 million for Q3 2025, a significant improvement compared to a net loss of $182.1 million in Q3 2024 [6] Occupancy and Property Management - As of September 30, 2025, portfolio occupancy was 74.5%, down from 75.8% as of June 30, 2025, primarily due to a known vacancy at 280 Broadway in Winnipeg [4] - Management is considering redeveloping high-vacancy properties, including a potential conversion of 280 Broadway into a self-storage facility [4] Liquidity and Debt Metrics - The REIT's liquidity as of September 30, 2025, included unrestricted cash of $12.2 million, a decrease from $13.6 million at the end of 2024 [4] - The net debt to adjusted EBITDA ratio was reported at 14.5x, up from 12.9x at the end of 2024, indicating increased leverage [6][21] - Adjusted EBITDA for the trailing twelve months was $76.4 million, down from $89.4 million in the previous year [19][21] Future Outlook - The REIT is in discussions with senior lenders to extend forbearance agreements that expired on September 30, 2025, with no agreement reached as of the report date [5] - The acquisition of a 25% co-ownership interest in two GTA properties is expected to further reduce the net debt to adjusted EBITDA ratio in upcoming quarters [4]

Core Insights - Nexus Industrial REIT reported strong operational performance in Q3 2025, completing two new industrial developments expected to generate $6.6 million in annual stabilized NOI, reflecting a 9.4% return on development costs [2][3] - The REIT's industrial occupancy rate improved to 96% following successful leasing activities, including filling a 223,000 sq ft building in London and achieving a 13% average lift on 150,000 sq ft of lease renewals [3][6] - The transition to a pure-play industrial REIT is complete, with the sale of 15 retail properties and other assets generating total proceeds of $71.3 million [6][21] Financial Performance - For Q3 2025, property revenues were $43.3 million, down from $45.5 million in Q3 2024, while NOI was $32.2 million, a slight decrease from $32.6 million year-over-year [9][38] - Net income for Q3 2025 was $3.4 million, a significant improvement from a loss of $46.0 million in the same quarter last year, primarily due to fair value adjustments [14][15] - Year-to-date, net income reached $29.0 million, down from $41.2 million in the previous year, mainly due to a decrease in fair value adjustments of investment properties [15][17] Leasing and Occupancy - The REIT completed 1,101,534 sq ft of leasing year-to-date at an average spread of 66% over expiring rents, contributing to an industrial occupancy rate of 96% [6][12] - Same Property NOI for Q3 2025 increased by 2.7% year-over-year, with Industrial Same Property NOI growing by 2.9% [9][38] Development Projects - The completed projects include a 325,000 sq ft expansion in St. Thomas, ON, and a 115,000 sq ft small-bay complex in Calgary, AB, both expected to add $6.6 million in annual stabilized NOI [22][23] - The REIT achieved a going-in yield of 9.0% on the St. Thomas project and approximately 11% on the Calgary project [23] Capital and Equity - Unitholders' equity decreased by $1.0 million to $1.1 billion, with NAV per unit at $12.98, down 1.6% from the end of 2024 [7][12] - The REIT's total assets were reported at $2.6 billion, with net debt at $1.3 billion, reflecting a Total Indebtedness Ratio of 48.9% [12][41] Outlook - The REIT anticipates Same Property NOI growth of approximately 3% for the full year 2025, a revision from previous mid-single digit expectations due to changes in lease-up timing [21][20] - The focus remains on delivering total unitholder return through profitable long-term growth as a Canada-focused pure-play industrial REIT [20][21]

Core Insights - Howard Hughes Holdings Inc. reported record results across all business segments for Q3 2025, leading to an upward revision of full-year guidance and reinforcing a strong long-term cash flow outlook from condominium pre-sales [3][7][17] Financial Highlights - The company achieved a net income from continuing operations of $119.4 million, or $2.02 per diluted share, compared to $96.5 million, or $1.95 per diluted share, in the prior-year period, reflecting a year-over-year increase [7][27] - Adjusted Operating Cash Flow reached $199 million, or $3.37 per diluted share, with full-year 2025 guidance raised to $440 million at the midpoint, an increase of $30 million from previous estimates [6][17] - Master Planned Community (MPC) Earnings Before Taxes (EBT) reached a record $205 million, a 42% increase from $144.8 million in the prior-year period, driven by the sale of 349 residential acres at an average price of $786,000 per acre [5][18] Sales and Revenue - The company contracted $1.4 billion in future condominium sales revenue, primarily from the pre-sale of 208 units at Melia and 'Ilima in Ward Village [6][7] - Total revenues for the quarter were $390.2 million, up from $327.1 million in the prior-year period, with significant contributions from land sales and rental revenues [26] Operating Performance - Total Operating Assets Net Operating Income (NOI) increased by 5% year-over-year to $68 million, with strong performance in office and multifamily segments [6][9] - New homes sold across communities totaled 429 units, reflecting a 13% year-over-year decline, yet demand for land remains resilient [12][18] Strategic Developments - The company is reinvesting increased free cash flow into new developments, including the Melia and 'Ilima condominium towers, which are expected to enhance community value and generate future cash flows [3][6] - Subsequent to the quarter, the company completed construction of 1 Riva Row, a luxury multifamily development expected to generate $9.9 million of incremental NOI upon stabilization [10][12] Guidance and Outlook - Full-year 2025 guidance for Adjusted Operating Cash Flow is projected to range between $415 million and $465 million, with a midpoint of approximately $440 million [17] - MPC EBT guidance has been raised by $20 million to a midpoint of approximately $450 million, reflecting a year-over-year increase of 27% to 31% [17]

Core Insights - Global Self Storage reported record-high revenues and sector-leading occupancy growth for Q3 2025, driven by operational excellence and strategic marketing efforts [1][8][14]. Q3 2025 Highlights - Total revenues increased by 0.8% to a record $3.2 million, with same-store revenues also rising by 0.8% to the same amount [4][18]. - Net income decreased to $496,000 or $0.04 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [4][21]. - Same-store occupancy increased by 170 basis points to 93.2% from 91.5% year-over-year [4][20]. - Same-store average tenant duration reached a record-high of approximately 3.5 years, compared to 3.4 years in the previous year [4][20]. - Funds from operations (FFO) decreased by 8.0% to $1.0 million or $0.09 per diluted share [4][22]. - Adjusted FFO (AFFO) decreased by 6.0% to $1.1 million or $0.10 per diluted share [4][22]. First Nine Months 2025 Highlights - Total revenues for the first nine months increased by 2.2% to $9.5 million, compared to $9.3 million in the same period last year [23][26]. - Net income for the first nine months was $1.7 million or $0.15 per diluted share, down from $2.0 million or $0.18 per diluted share [25][29]. - Same-store revenues increased by 2.1% to $9.5 million [26]. - Same-store net operating income (NOI) increased by 2.2% to $5.9 million [27]. Dividend Information - The company declared a quarterly dividend of $0.0725 per share, consistent with the previous quarter and the same period last year, representing an annualized rate of $0.29 per share [5]. Company Strategy and Outlook - The objective of Global Self Storage is to enhance shareholder value through strategic acquisitions and expansion projects [6][12]. - Management expressed confidence in the company's operational performance and capital resources, which are expected to support the execution of its strategic business plan [7][12]. - The company is focusing on high-quality tenants and disciplined acquisition strategies to drive future growth [13].

Core Insights - National Health Investors, Inc. (NHI) reported strong financial results for Q3 2025, with a notable year-over-year growth in Same Store Senior Housing Operating Portfolio (SHOP) Net Operating Income (NOI) of approximately 63% [2][3] - The company has made significant acquisitions, including a $74.3 million investment that is expected to more than double its SHOP NOI, and has surpassed last year's investment activity with $303.2 million announced to date [3][4] - NHI has updated its full-year guidance for 2025, reflecting a positive outlook for continued growth and a strong balance sheet that provides ample access to capital [4][6] Financial Performance - For the three months ended September 30, 2025, net income attributable to common stockholders was $0.69 per diluted share, an increase from $0.65 per share in the same period last year [5][38] - NAREIT Funds From Operations (FFO) per diluted share for Q3 2025 was $1.09, compared to $1.03 in the prior year, while Normalized FFO per diluted share increased to $1.32 from $1.03 [5][38] - Normalized Funds Available for Distribution (FAD) for Q3 2025 was $62.2 million, up from $49.4 million in the same period last year [7] Acquisitions and Growth Strategy - NHI's recent acquisition activities include a $74.3 million investment in four properties in Oklahoma and Oregon, and a $52.5 million investment in a 251-unit continuing care retirement community in South Carolina [6][9] - The company has a robust pipeline of investment opportunities, with approximately $195.3 million under signed Letters of Intent (LOI) and an additional $154.0 million currently being evaluated [17][22] Balance Sheet and Liquidity - As of September 30, 2025, NHI had $1.1 billion in net debt and maintained a net debt to adjusted EBITDA ratio of 3.6x, below its target range of 4.0x - 5.0x [11][14] - The company issued $350 million in senior notes during Q3 2025, which were used to repay existing indebtedness, and extended the maturity of its bank term loan by six months [13][14] Guidance and Future Outlook - NHI has increased its guidance for the full year 2025, with expectations for Same Store SHOP NOI growth in the range of 7% - 9% year-over-year and continued collection of deferred rents [6][22] - The company anticipates significant organic upside from its Same Store SHOP portfolio, with NOI growth expected to return to double-digit levels in 2026 [3][4]

Core Insights - Global Net Lease, Inc. (GNL) has achieved significant financial milestones, including an upgrade of its corporate credit rating to investment-grade BBB- from BB+ by Fitch Ratings, reflecting successful deleveraging and operational efficiencies [4][5]. - The company reduced its net debt by $2 billion since Q3 2024 and increased liquidity to $1.1 billion, enhancing its financial stability [4][10]. - GNL raised its full-year Adjusted Funds from Operations (AFFO) per share guidance to a new range of $0.95 to $0.97, up from the previous range of $0.92 to $0.96 [1][6]. Financial Performance - Revenue for Q3 2025 was $121.0 million, down from $138.7 million in Q3 2024, primarily due to asset dispositions [4][7]. - The net loss attributable to common stockholders was $71.1 million in Q3 2025, an improvement from a net loss of $76.6 million in Q3 2024 [4][7]. - Core Funds from Operations (Core FFO) decreased to $39.5 million from $53.9 million year-over-year, while Adjusted Funds from Operations (AFFO) fell to $53.2 million, or $0.24 per share, compared to $73.9 million, or $0.32 per share, in the prior year [4][7]. Capital Structure and Liquidity - GNL executed a $1.8 billion refinancing of its revolving credit facility, resulting in a 35 basis point reduction in the interest rate spread and extending the weighted average debt maturity [3][4]. - The weighted average interest rate decreased to 4.2% from 4.8% in Q3 2024, contributing to improved financial conditions [4][11]. - The company has a total liquidity of $1.1 billion and a revolving credit facility capacity of $1.2 billion, significantly up from $252.7 million and $366.0 million, respectively, in Q3 2024 [10][17]. Portfolio and Operations - As of September 30, 2025, GNL's portfolio consisted of 852 net lease properties across approximately 43 million rentable square feet, with a 97% lease rate and a weighted average lease term of 6.2 years [8][10]. - The company achieved a 26% renewal leasing spread, with significant renewals from GE Aviation and GXO Logistics, and a weighted average renewal term of 7.3 years [4][8]. - 60% of the annualized straight-line rent is derived from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [4][8][13].