MALVERN, Pa., Feb. 26, 2026 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and twelve months ended December 31, 2025. “Recent results reinforce our view that we have reached an inflection point as strengthening operating fundamentals are starting to flow through to our key financial metrics,” commented President and Chief Executive Officer Christopher P. Marr. “We are increasingly optimistic that 2026 will build on this momentum, driving improving topline grow ...

Core Insights - Regency Centers Corporation (REG) reported fourth-quarter 2025 NAREIT funds from operations (FFO) per share of $1.17, reflecting a 7.3% increase year-over-year and meeting the Zacks Consensus Estimate [1][8] - The company experienced strong leasing activity, with a year-over-year improvement in same-property net operating income (NOI) and base rents [1][4] - Regency Centers issued its 2026 NAREIT FFO per share guidance in the range of $4.83-$4.87, slightly above the current Zacks Consensus Estimate of $4.82 [10] Financial Performance - Total revenues for the fourth quarter reached $404.2 million, an 8.5% increase from the previous year, surpassing the Zacks Consensus Estimate of $395 million [2] - For the full year 2025, NAREIT FFO per share was $4.64, up from $4.30 year-over-year, although it fell short of the Zacks Consensus Estimate of $4.82 [2] - Total revenues for the full year amounted to $1.55 billion, reflecting a 6.9% increase from the prior year [2] Leasing Activity - In Q4 2025, Regency Centers executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of 12% [3][8] - The same-property portfolio was 96.5% leased as of December 31, 2025, a slight decrease of 10 basis points year-over-year [3][8] - The same-property anchor percent leased was 97.9%, down 70 basis points year-over-year, while the same-property shop percent leased increased by 70 basis points to 94.2% [3][4] Operational Metrics - Same-property NOI, excluding lease termination fees, increased by 4.7% year-over-year to $274.2 million, with base rent growth contributing 4.1% to this increase [4][8] - As of December 31, 2025, Regency Centers had $597 million in estimated net project costs for in-process development and redevelopment projects, having incurred 43% of this cost [5] Portfolio Activity - In Q4 2025, the company completed a property distribution involving 11 shopping centers within the Regency-GRI joint venture [6] - The company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million and acquired Crystal Brook Corner, a redevelopment project in New York, for $30 million [6] Balance Sheet - As of December 31, 2025, Regency Centers had nearly $1.4 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to trailing 12 months operating EBITDAre ratio of 5.1X [9]

Core Viewpoint - CubeSmart reported third-quarter results that met expectations, with strong performance in coastal and urban markets, while sunbelt properties faced challenges in balancing rate and occupancy [2] Financial Results - Net income attributable to common shareholders for Q3 2025 was $82.9 million, down from $100.8 million in Q3 2024, with diluted EPS decreasing to $0.36 from $0.44 [4] - Adjusted FFO for Q3 2025 was $149.0 million, compared to $153.0 million in Q3 2024, with adjusted FFO per diluted share decreasing by 3.0% to $0.65 [5] - Same-store NOI decreased by 1.5% year-over-year, driven by a 1.0% decrease in revenues and a 0.3% increase in operating expenses [10][13] Investment Activity - No acquisitions were made in Q3 2025, but the company acquired an 80% interest in HVP IV for $452.8 million earlier in the year [6] - Contracts were signed to acquire three properties in Arizona, Florida, and New Jersey for a total of $65.3 million, expected to close in Q4 2025 [7] - One development property in New York was opened at a cost of $18.1 million, with another joint venture property under construction, anticipating a total investment of $19.0 million [8] Third-Party Management - The third-party management platform expanded to 863 stores, totaling 56.6 million rentable square feet, with 46 stores added in Q3 2025 [11] Operating Results - The total consolidated portfolio included 660 stores with 48.2 million rentable square feet and a physical occupancy rate of 88.6% as of September 30, 2025 [14] - Total revenues increased by $14.2 million, while property operating expenses rose by $9.0 million compared to Q3 2024, primarily due to acquisitions and new developments [15] Financing Activity - The company issued $450 million in unsecured senior notes due 2035, with proceeds used to repay debt and for general corporate purposes [17] Quarterly Dividend - A quarterly dividend of $0.52 per common share was declared on July 29, 2025, and paid on October 15, 2025 [19] 2025 Financial Outlook - The company estimates fully diluted EPS for 2025 to be between $1.46 and $1.50, and adjusted FFO per share to be between $2.56 and $2.60 [21]

Core Insights - Healthpeak Properties, Inc. reported third-quarter 2025 adjusted funds from operations (FFO) per share of 46 cents, surpassing the Zacks Consensus Estimate of 45 cents and matching the prior year's figure [1][8] - The company generated revenues of $705.9 million, exceeding the Zacks Consensus Estimate of $696 million, with a slight year-over-year increase [2][8] - Total merger-combined same-store cash (adjusted) net operating income (NOI) grew by 0.9% year-over-year, with outpatient medical and CCRC segments showing growth of 2.0% and 9.4%, respectively, while the lab segment declined by 3.2% [3][8] Financial Performance - Healthpeak executed new and renewal leases totaling 339,000 square feet in the lab portfolio, achieving positive cash-releasing spreads of 4.6% on renewals, while the outpatient medical portfolio saw 1.2 million square feet with 5.4% cash-releasing spreads [4] - Interest expenses increased by 3.6% year-over-year to $76.8 million [4][8] - The company exited the quarter with cash and cash equivalents of $91 million, up from $89.4 million as of June 30, 2025, and had a net debt to adjusted EBITDAre ratio of 5.3X [5] 2025 Outlook - Healthpeak reaffirmed its guidance for 2025, expecting adjusted FFO per share to be between $1.81 and $1.87, with the Zacks Consensus Estimate at $1.83 [6] - The company anticipates total merger-combined same-store cash (adjusted) NOI growth in the range of 3-4% [6]

Core Viewpoint - CubeSmart reported stable operating fundamentals with modest improvements in seasonal performance compared to the previous year, driven by reduced new supply and better pricing strategies for new customers [2][3]. Financial Results - Net income attributable to common shareholders for Q2 2025 was $83.0 million, down from $94.0 million in Q2 2024, with diluted EPS decreasing to $0.36 from $0.41 [3][8]. - Adjusted FFO for Q2 2025 was $148.9 million, slightly up from $146.0 million in Q2 2024, with FFO per diluted share increasing by 1.6% to $0.65 [4][40]. Investment Activity - No acquisitions were made in Q2 2025, but the company acquired an 80% interest in HVP IV for $452.8 million, which included repayment of $44.4 million of existing debt [5][6]. - The company has two joint venture development properties under construction, with a total anticipated investment of $36.9 million, of which $27.0 million has been invested as of June 30, 2025 [6]. Same-Store Results - The same-store portfolio included 606 stores with a net operating income (NOI) decrease of 1.1% year-over-year, attributed to a 0.5% decline in revenues and a 1.2% rise in operating expenses [8][9]. - Same-store occupancy averaged 90.6% during the quarter, ending at 91.1%, compared to 91.8% in the previous year [9][41]. Operating Results - Total consolidated portfolio as of June 30, 2025, included 659 stores with 48.1 million rentable square feet and a physical occupancy of 90.8% [10][11]. - Total revenues increased by $16.1 million, while property operating expenses rose by $5.9 million compared to Q2 2024, primarily due to acquisitions and new developments [11][12]. Financing Activity - Interest expense increased to $29.1 million in Q2 2025 from $22.8 million in Q2 2024, driven by a higher average outstanding debt balance and increased interest rates [12][13]. Quarterly Dividend - A quarterly dividend of $0.52 per common share was declared on May 20, 2025, and paid on July 15, 2025 [14]. 2025 Financial Outlook - The company estimates fully diluted EPS for 2025 to be between $1.44 and $1.50, and adjusted FFO per share to be between $2.54 and $2.60 [15][16].

Core Insights - Alexandria Real Estate Equities, Inc. reported total revenues of $762 million for 2Q25, a slight decrease from $766.7 million in 2Q24, and $1.52 billion for 1H25, down from $1.54 billion in 1H24 [1][2] - The company experienced a net loss attributable to common stockholders of $109.6 million in 2Q25, compared to a profit of $42.9 million in 2Q24, resulting in a diluted loss per share of $0.64 [1][2] - Funds from operations (FFO) attributable to common stockholders were $396.4 million in 2Q25, slightly down from $405.5 million in 2Q24, with adjusted FFO per share at $2.33 [1][2] Operating Results - Occupancy rate of operating properties in North America stood at 90.8% as of June 30, 2025, reflecting temporary vacancies of 668,795 RSF [1][8] - The company reported a strong operating margin of 71% and an adjusted EBITDA margin of 71% [1] - Tenant collections remained robust, with 99.4% of July 2025 rents collected as of July 21, 2025 [1] Leasing Activity - Total leasing activity for 2Q25 reached 769,815 RSF, with a rental rate increase of 5.5% [2][3] - Lease renewals and re-leasing of space accounted for 483,409 RSF, with a cash basis rental rate increase of 6.1% [2][3] - The company executed the largest life science lease in its history in July 2025, totaling 466,598 RSF for a 16-year expansion [3][18] Financial Position - Alexandria maintains a strong balance sheet with significant liquidity of $4.6 billion and a net debt to adjusted EBITDA ratio of 5.9x [3][11] - Only 9% of total debt matures through 2027, with a weighted-average remaining term of debt at 12.0 years [3][11] - The company declared a common stock dividend of $1.32 per share for 2Q25, representing an 18-cent increase or 3.5% from the previous year [4] Capital Recycling Strategy - Alexandria plans to fund a significant portion of its capital requirements for 2025 through dispositions of non-core assets, with expected total dispositions and sales of partial interests in the range of $1.45 billion to $2.45 billion [2][5] - The company anticipates $139 million of incremental annual net operating income from its development and redevelopment pipeline by 4Q26 [5][6] Corporate Responsibility and Awards - Alexandria was recognized with the 2025 BOMA International TOBY Award in the Life Science category for its facility at 8 Davis Drive [18] - The company released its 2024 Corporate Responsibility Report, highlighting a reduction in operational greenhouse gas emissions intensity by 18% from 2022 to 2024 [18]

Financial Data and Key Metrics Changes - The normalized FFO per share for Q1 2025 was $0.35, up from $0.34 in Q1 2024, representing a year-over-year increase of 2.9% [13] - The normalized AFFO per share for Q1 2025 was $0.37, compared to $0.35 in Q1 2024, indicating a year-over-year increase of 5.7% [13] - Cash rental income from the triple net portfolio totaled $90 million for the quarter, up from $89 million in Q1 2024 [13] - Cash NOI from the managed senior housing portfolio increased to $24.1 million in Q1 2025 from $19.1 million in Q1 2024, a year-over-year increase of 26.3% [14] Business Line Data and Key Metrics Changes - Skilled nursing and triple net senior housing EBITDARM rent coverage reached 2.19 and 1.41, respectively, with behavioral health coverage at 3.77, marking the highest levels since year-end 2023 [5] - Skilled occupancy increased by 80 basis points sequentially, while the skilled mix improved by 10 basis points [6] - Triple net senior housing occupancy rose by 50 basis points sequentially [7] - The same store managed senior housing portfolio's revenue grew by 6.3% year-over-year, with occupancy increasing from 82.6% in Q1 2024 to 85.4% in Q1 2025 [10] Market Data and Key Metrics Changes - The domestic portfolio occupancy was 83%, gaining 340 basis points year-over-year, while the Canadian portfolio occupancy was 90.9%, adding 140 basis points [10] - RevPAR in the same store portfolio increased by 2.8% year-over-year, with Canadian RevPAR growing by 4.9% [10] - Cash NOI growth in US communities was 14.4% year-over-year, while Canadian communities saw a 24.7% increase [11] Company Strategy and Development Direction - The company is focusing on a busy deal pipeline primarily in senior housing, with over $200 million in awarded deals expected to close this quarter, surpassing the total for all of 2024 [7][8] - The strategy includes entering new relationships with proven operators and maintaining a selective approach to acquisitions [33][56] - The company aims to balance its portfolio between senior housing and skilled nursing, emphasizing the importance of operational recovery and predictable earnings [80][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and potential Medicaid rate increases in the summer, which could enhance coverage [90] - The company remains cautious about the skilled nursing facility (SNF) market due to ongoing uncertainties regarding Medicaid reimbursement [70] - Management believes that the current operating environment will support improved coverage for the foreseeable future, despite potential challenges [90] Other Important Information - The company declared a quarterly dividend of $0.30 per share, representing a payout of 81% of the first quarter normalized AFFO per share [18] - The net debt to adjusted EBITDA ratio improved to 5.19 times as of March 31, 2025, down from 5.27 times at the end of 2024 [16] Q&A Session Summary Question: Update on skilled nursing facility sale - Management confirmed that the expected $50 million skilled nursing facility sale is still on track, although regulatory hurdles have delayed the process [20] Question: Trajectory of RevPOR and expense growth - Management indicated that as occupancy increases, pricing power is expected to improve, leading to potential revenue growth [22][23] Question: Guidance and deal flow - Management reiterated that current acquisitions are not included in guidance until closed, maintaining a conservative approach to projections [28][29] Question: Competition in the transaction market - Management noted a robust pipeline of deals, primarily in senior housing, with private equity firms as frequent sellers [34][37] Question: Genesis exposure and NOI - Management reported that the impact of Genesis on NOI is negligible, with no missed payments and improved operations since subleasing to a trusted operator [50] Question: SNF acquisition attractiveness - Management highlighted challenges in acquiring SNFs, particularly those with financial difficulties, making them less attractive for investment [68] Question: SHOP portfolio occupancy trends - Management expects occupancy to pick up in the second quarter, particularly in Canadian assets, as seasonal factors improve [72] Question: Interest in large portfolios - Management emphasized a commitment to maintaining a simple and predictable strategy, focusing on smaller, manageable deals rather than large portfolios [80][81]

Core Insights - CubeSmart reported a positive start to 2025 with improving occupancy and rate trends driven by solid demand [1] - The company emphasizes its high-quality portfolio in top-tier markets as a strategic advantage during uncertain economic conditions [1] Financial Results - Net income attributable to common shareholders for Q1 2025 was $89.2 million, down from $94.5 million in Q1 2024 [3] - Diluted EPS for Q1 2025 decreased to $0.39 from $0.42 in the same period last year [3] - Adjusted FFO was $148.1 million for Q1 2025, compared to $146.4 million for Q1 2024, with FFO per diluted share remaining at $0.64 for both periods [4] Investment Activity - The company acquired the remaining 80% interest in HVP IV for $452.8 million, which included $44.4 million to repay existing indebtedness [5] - HVP IV owns 28 stores across various states including Arizona, Florida, and Texas [5] Development Activity - CubeSmart has agreements for constructing self-storage properties in high-barrier locations, with two joint venture development properties under construction [6] - The total anticipated investment for these projects is $36.9 million, with $18.5 million already invested as of March 31, 2025 [6] Third-Party Management - As of March 31, 2025, the third-party management platform included 869 stores totaling 56.4 million rentable square feet, with 33 stores added during the quarter [7] Same-Store Results - The same-store portfolio included 606 stores with 43.8 million rentable square feet, representing approximately 95.5% of the company's property NOI for Q1 2025 [8] - Same-store NOI decreased by 0.8% year-over-year, attributed to a 0.4% decrease in revenues and a 0.6% increase in operating expenses [9][10] Operating Results - The total consolidated portfolio included 659 stores with a physical occupancy of 89.2% as of March 31, 2025 [11] - Total revenues increased by $11.6 million, while property operating expenses rose by $5.9 million compared to Q1 2024 [12] Interest Expense - Interest expense increased from $22.9 million in Q1 2024 to $26.1 million in Q1 2025, due to a higher average outstanding debt balance and increased interest rates [13] Quarterly Dividend - A quarterly dividend of $0.52 per common share was declared on February 25, 2025, and paid on April 15, 2025 [15] 2025 Financial Outlook - The company estimates fully diluted EPS for 2025 to be between $1.41 and $1.49, and fully diluted FFO per share, as adjusted, to be between $2.51 and $2.59 [16] - Guidance for same-store revenue growth is projected between -2.00% and 0.00% for the full year [17]

Financial Data and Key Metrics Changes - Cash basis NOI grew by nearly 2% year over year, while normalized FFO increased 43% year over year and 52% sequentially [7][15] - NOI for the quarter was reported at $87,500,000, with cash basis NOI at $83,800,000 and adjusted EBITDAre at $85,300,000, all showing increases year over year and sequentially [16] - Interest expense decreased to $69,800,000, reflecting a reduction in interest rate cap costs [16] Business Line Data and Key Metrics Changes - The company executed over 2,300,000 square feet of total leasing activity with an occupancy rate of 94.6%, reflecting a sequential increase of 20 basis points [7] - The Mainland properties accounted for nearly 80% of renewal activity, with significant leases signed with major tenants [11] - In Hawaii, 492,000 square feet of renewals were signed at rental rates 18.2% higher than prior rents [9] Market Data and Key Metrics Changes - The company is monitoring the evolving landscape surrounding global tariffs, which may impact tenant demand and the overall leasing environment [10] - The leasing pipeline includes 32 deals for more than 7,400,000 square feet, with anticipated roll-ups in rent of 20% on the Mainland and 30% in Hawaii [13] Company Strategy and Development Direction - The company aims to maximize mark-to-market growth opportunities, maintain strong tenant retention, and lease vacancies, particularly in undeveloped land parcels [10] - There is a focus on evaluating opportunities to improve the balance sheet and reduce leverage, potentially through refinancing existing debt and strategic property dispositions [10][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to withstand short-term volatility due to its high-quality assets and diversified tenant roster [10] - The company anticipates that tariffs may positively impact tenant demand, leading to higher tenant retention in the short term [38] Other Important Information - The company reported a strong start to the year with solid financial performance and steady demand for industrial real estate [17] - The company has no debt maturities until 2027, with all debt currently carried at fixed rates [17] Q&A Session Summary Question: Details on bad debt recovery impact - The financial impact from bad debt recovery in the first quarter was around $750,000, which is reflected in revenues [20][21] Question: Insights on leasing timelines - Leasing timelines have elongated, with tenants looking to start renewal processes earlier due to more stakeholders involved in lease decisions [22][23] Question: Status of notable vacancies in Hawaii and Indianapolis - Activity has been seen for the Hawaii property, with proposals out, while the Indianapolis property is actively being marketed with proposals but no finalized leases yet [24][26] Question: Motivation for leverage reduction and property sales - The company is evaluating unsolicited offers for properties, particularly from owner-users, which may lead to higher valuations [28][30] Question: Impact of tariffs on tenant decisions - Tariffs are anticipated to be beneficial for tenant demand, with some tenants opting to stay in place rather than relocate due to concerns about construction costs [37][38] Question: Exposure of Hawaii portfolio to inbound travel - The portfolio's exposure to inbound travel is minimal, as tenants generally serve the local economy rather than relying on tourism [39]