REIT also announces monthly distributions for Q1 2026MONTRÉAL, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended September 30th, 2025 (“Q3 2025”) and distributions for January, February and March 2026 (“Q1 2026”). “We’re pleased with our continued momentum through the third quarter, marked by a 9% year-to-date increase in Normalized FFO per unit,” said Kevin Henley, President and CEO. “C ...

Core Insights - American Healthcare REIT, Inc. announced strong third quarter results for 2025 and increased its full-year guidance, reflecting solid organic growth and favorable market conditions in the long-term care sector [1][3][4]. Financial Performance - The company reported a GAAP net income of $55.9 million, or $0.33 per diluted share, for Q3 2025, compared to a loss in the same period of 2024 [6][32]. - Normalized Funds from Operations (NFFO) for Q3 2025 were $0.44 per diluted share, indicating a robust performance [6]. - Total portfolio Same-Store Net Operating Income (NOI) grew by 16.4% in Q3 2025 compared to Q3 2024, with senior housing operating properties (SHOP) and integrated senior health campuses (ISHC) achieving growth rates of 25.3% and 21.7%, respectively [6][7]. Capital Allocation and Transactions - The company closed approximately $210.8 million in acquisitions during Q3 2025, bringing the total for the year to over $575 million [6][9]. - A significant acquisition included the purchase of a 51% interest in a joint venture with five pre-stabilized campuses for approximately $118.4 million [9]. - The company has over $450 million in awarded deals within its investment pipeline, expected to close by the end of 2025 or early 2026 [8]. Guidance and Outlook - The company increased its total portfolio Same-Store NOI growth guidance for 2025 from a range of 11.0%-14.0% to 13.0%-15.0% [6][15]. - NFFO guidance was raised by $0.045 at the midpoint, now ranging from $1.69 to $1.72 per diluted share, reflecting improved expectations for NOI growth [6][15]. - The company anticipates continued demand tailwinds in the long-term care sector, supported by record move-in activity [7][14]. Development and Expansion - Ten new development and expansion projects were initiated during Q3 2025, with a total expected cost of approximately $176.9 million [11]. - As of September 30, 2025, the company had spent $51.8 million on these projects [11]. Balance Sheet and Liquidity - The company's total consolidated indebtedness was $1.54 billion, with total liquidity of approximately $997.3 million [12]. - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.5x as of September 30, 2025, down from 3.7x [6][12].

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]

Company Overview - Armada Hoffler (AHH) is a vertically integrated REIT focused on developing, building, acquiring, and managing retail, office, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States[3] - The company's credit rating is BBB, as rated by Morningstar DBRS[5] Financial Highlights (Q3 2025) - Third Quarter Funds From Operations (FFO) per diluted share was $0.20[6] - Third Quarter Normalized FFO per diluted share was $0.29[6] - Weighted average stabilized portfolio occupancy was 95.7% as of September 30, 2025[6] - The company saw a 1% total same-store GAAP Net Operating Income (NOI) increase quarter over quarter[6] - Retail lease renewal spread increased by 5.7% (GAAP) in the third quarter[6] - Office lease renewal spread increased significantly by 21.6% (GAAP) in the third quarter[6] - Office same-store GAAP NOI increased by 4.5% quarter over quarter[6] 2025 Outlook - The company projects a property portfolio NOI between $174.1 million and $175.5 million[8] - Construction segment profit is expected to be between $5.5 million and $6.5 million[8] - Adjusted interest expense is projected to be between $63.7 million and $61.7 million[8] - Normalized FFO per diluted share is guided to be between $1.03 and $1.07[8] Capitalization and Leverage - Total capitalization as of September 30, 2025, was approximately $2.37 billion, with total debt of approximately $1.49 billion[11] - Stabilized portfolio debt to stabilized portfolio adjusted EBITDAre was 5.5x[11, 27] - Net Debt to Total Adjusted EBITDAre was 7.9x[27] - Net Debt plus Preferred Equity to Total Adjusted EBITDAre was 8.9x[27] - The company's debt composition is 100% fixed-rate with a weighted average interest rate of 4.3% and a maturity of 2.8 years[28] Portfolio Composition - 59% of the company's Annualized Base Rent (ABR) is derived from mixed-use communities[6] - The company's portfolio is comprised of 70% unencumbered properties, representing 61% of annualized base rent[43] - Total unencumbered asset value is $1.63 billion[43]

Core Insights - Armada Hoffler Properties, Inc. reported a GAAP net loss of $3.6 million, or $0.04 per diluted share, for Q3 2025, an improvement from a net loss of $10.4 million, or $0.11 per diluted share, in Q3 2024 [1][4][6] - The company achieved a Normalized FFO of $29.6 million, or $0.29 per diluted share, down from $31.4 million, or $0.35 per diluted share, in the same quarter last year [1][7] - Positive commercial releasing spreads were noted at 6.0% (GAAP) and 6.6% (Cash) [1] - The company maintained its full-year Normalized FFO guidance for 2025 at a range of $1.03 to $1.07 per diluted share [1][11] Financial Performance - Funds from operations (FFO) attributable to common stockholders increased to $20.2 million, or $0.20 per diluted share, compared to $12.7 million, or $0.14 per diluted share, in Q3 2024 [4][7] - Same Store Net Operating Income (NOI) increased by 1.0% on a GAAP basis compared to Q3 2024 [5] - The weighted average stabilized portfolio occupancy was reported at 95.7%, with retail occupancy at 96.0%, office at 96.5%, and multifamily at 94.2% [4][8] Leasing Activity - The company executed 25 commercial lease renewals and 7 new commercial leases during Q3 2025, totaling approximately 270,000 net rentable square feet [1][4] - Positive spreads on renewals were observed across all commercial segments: Retail at 5.7% (GAAP) and 6.5% (Cash), Office at 21.6% (GAAP) and 8.9% (Cash), and Multifamily at 2.3% (GAAP and Cash) [4] Balance Sheet and Financing - As of September 30, 2025, total debt outstanding was $1.5 billion, with $200 million under its revolving credit facility [9] - The company entered into a note purchase agreement on July 22, 2025, for $115 million of senior unsecured notes with varying maturities and interest rates [10] - The company’s debt was reported to be 100% fixed or economically hedged after considering interest rate swaps [9] Management and Strategy - The CEO emphasized the company's focus on operational excellence and data-driven insights to enhance performance and strengthen the balance sheet for sustainable growth [3] - The company’s Board of Directors appointed Shawn J. Tibbetts as Chairman, effective January 1, 2026, completing a succession plan initiated in 2024 [5]

Core Insights - Healthcare Realty Trust Incorporated reported a GAAP net loss of $57.738 million, or $0.17 per share, for Q3 2025, an improvement from a net loss of $93.023 million, or $0.26 per share, in Q3 2024 [3][5] - The company achieved a NAREIT FFO of $118.922 million, or $0.34 per share, compared to $77.288 million, or $0.21 per share, in the same quarter last year [3][5] - Normalized FFO for the quarter was $145.340 million, or $0.41 per share, slightly up from $142.049 million, or $0.39 per share, in Q3 2024 [3][5] Leasing Activity - The company executed 333 new and renewal leases totaling 1.6 million square feet during the third quarter [4][5] - Same store cash NOI growth was reported at 5.4%, driven by a 90 basis points increase in occupancy and a tenant retention rate of 88.6% [5][6] - The weighted average lease term was 5.8 years with an average annual escalator of 3.1% [6] Capital Allocation - The company completed asset sales totaling $404 million through 15 transactions during the third quarter [5][11] - Year-to-date sales reached $486 million at a blended cap rate of 6.5%, with an additional $700 million of sales under contract or letter of intent [5][11] - The company increased its 2025 guidance for Normalized FFO per share to a range of $1.59 - $1.61 and same store cash NOI growth to 4.00% - 4.75% [5][10] Balance Sheet - The run-rate Net Debt to Adjusted EBITDA ratio decreased to 5.8x, with expectations to range between 5.4x and 5.7x by year-end [5][7] - The company had approximately $1.3 billion of liquidity as of October [7] Dividend - The Board approved a common stock dividend of $0.24 per share, to be paid on November 21, 2025, to stockholders of record on November 11, 2025 [9] Development and Redevelopment - Significant progress was made on development and redevelopment projects across major markets during the third quarter [7][11] - Notable projects include a $48 million development in Fort Worth, TX, currently 72% leased, and a $19.2 million redevelopment in Charlotte, NC [11] Earnings Call - The company has scheduled a conference call for October 31, 2025, to discuss earnings results and industry trends [13]

QUARTERLY SUPPLEMENTAL 3Q 2025 AT THE VERY HEART OF HEALTHCARE.® 3 COMPANY OVERVIEW Company Information 3 FINANCIAL INFORMATION Reconciliation of Funds from Operations 6 Debt Summary 7 Debt Maturities and Debt Metrics 8 PORTFOLIO INFORMATION Lease and Loan Maturity Schedule 9 Total Assets and Revenues by Asset Type, Operator, State and Country 10 Rent Coverage 13 Summary of Active Developments and Capital Addition Projects 15 FINANCIAL STATEMENTS Consolidated Statements of Income 16 Consolidated Balance She ...

Core Insights - Ventas reported strong financial performance in Q3 2025, driven by its senior housing operating portfolio (SHOP), which saw double-digit organic growth year-over-year [2][3] - The company completed $2.2 billion in senior housing acquisitions in attractive markets, enhancing earnings and future growth [3][11] - Ventas is increasing its full-year guidance due to strong SHOP performance and closed investments, with SHOP now representing about half of its business [3][14] Financial Performance - For Q3 2025, net income attributable to common stockholders was $0.14 per share, a 180% increase from $0.05 in Q3 2024 [8][31] - Normalized Funds From Operations (FFO) per share increased by 10% to $0.88 compared to the prior year [7][32] - Total Company Net Operating Income (NOI) grew by 20% year-over-year, with Same-Store Cash NOI growth of 8% [7][9] SHOP Performance - SHOP Same-Store Cash NOI increased by 16% year-over-year, with U.S. growth leading at 19% [9] - Same-Store average occupancy grew by 160 basis points sequentially and 270 basis points year-over-year [10] - The SHOP portfolio's cash operating revenue grew by 8%, with a Same-Store Cash NOI margin expansion of 200 basis points [9][10] Investment Activity - Ventas closed $1.1 billion in senior housing investments during Q3 2025, totaling $2.2 billion year-to-date [11] - The company is raising its senior housing investment volume expectations for 2025 to $2.5 billion, up from $2.0 billion [11] Financial Strength - As of Q3 2025, Ventas had a Net Debt-to-Further Adjusted EBITDA ratio of 5.3x, improving by 1.0x compared to Q3 2024 [12] - The company reported $4.1 billion in liquidity, supporting growth and financial flexibility [13] Full Year Guidance - Ventas increased its full-year 2025 guidance for Attributable Net Income and FFO per share, reflecting strong SHOP performance and investment activity [14][38] - The updated guidance includes a range for Attributable Net Income per share of $0.49 - $0.52 and for Normalized FFO per share of $3.45 - $3.48 [14][38]

Financial Data and Key Metrics Changes - The company reported a net income per share of $0.79, down 2.5% from the prior year [23] - NAREIT FFO per share increased by 0.8% to $1.19, while normalized FFO per share rose 3.4% to $1.22 compared to the prior year [23] - FAD for the quarter increased by 8.1% to $56 million [24] - The company raised its normalized FFO guidance per share by $0.09 to $4.80, representing year-over-year growth of 8.1% [7][31] Business Line Data and Key Metrics Changes - SHOP NOI increased by over 29% year-over-year to $3.8 million [8][17] - The annualized SHOP NOI increased by approximately $8.8 million or 57% following the transition of seven properties from leases to SHOP [7] - SHOP revenues for the six months ended June 30 increased by 5.7% to $28.2 million [25] Market Data and Key Metrics Changes - The company has approximately $130 million in unsigned LOIs expected to close in the next few months, including a SHOP deal valued at approximately $74 million [10] - The incremental pipeline is nearly $350 million, focused entirely on senior housing, with a significant number of SHOP deals [10] Company Strategy and Development Direction - The company aims to expand its SHOP portfolio, believing it offers the highest growth potential with the best risk-adjusted returns [8] - The focus is on driving higher occupancy and improving RevPOR growth, which increased by 3.7% compared to 2024 [9][18] - The company is committed to improving governance and board refreshment, responding to shareholder feedback [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capitalizing on multiple growth opportunities, with a strong balance sheet supporting funding [12] - The company expects double-digit NOI growth for the SHOP segment in 2026 and has adjusted its full-year NOI growth rate to a range of 13% to 16% [18][31] - Management noted some recent softness in occupancy but remains optimistic about reversing this trend [18][52] Other Important Information - The company completed the acquisition of a senior housing portfolio for $63.5 million and closed on a $28 million senior housing construction loan [27] - The company has a liquidity of approximately $760 million, including cash and revolver capacity [29] Q&A Session Summary Question: What is driving the delay in closing some investments? - Management characterized it as a timing issue, with a robust pipeline still in place [36][37] Question: Are there larger portfolio transactions being evaluated? - Management confirmed that larger deals are still being evaluated, but they are focusing on tangible opportunities under $100 million [39][40] Question: How is the relationship with Discovery being managed? - Management stated that Discovery remains a partner, with ongoing NOI growth expected from the portfolio [47] Question: What caused the recent softness in occupancy? - Management attributed it to changes in local leadership and higher than normal move-outs, expecting a return to normal trends [52][53] Question: What is the status of discussions with NHC? - Discussions are ongoing, with improved coverage reported for NHC [66][67]

Financial Data and Key Metrics Changes - Armada Hoffler reported normalized FFO of $0.25 per diluted share, consistent with expectations and guidance [22][23] - Same store NOI increased by 1.4% on a GAAP basis and 0.3% on a cash basis [23] - AFFO came in at $18.4 million or $0.18 per diluted share, reflecting alignment between operating cash flows and restructured dividend [23][27] Business Line Data and Key Metrics Changes - Office occupancy remained high at 96.3% with positive re-leasing spreads of 11.7% [5] - Retail occupancy was reported at 94.2% with renewal spreads of 10.8% [5] - Multifamily occupancy experienced a modest dip to 94%, attributed to seasonal turnover and macroeconomic pressures [17] Market Data and Key Metrics Changes - The retail portfolio successfully backfilled former big box vacancies with higher credit retailers, achieving a weighted average rent increase of 33% [9] - The office portfolio remains essentially full at 96% occupancy, with minimal vacancy and strong demand for remaining space [12][13] - Recent trends indicate a shift in demand from traditional office spaces to amenity-rich environments, with 54% of Fortune 100 companies returning to fully in-office work [14] Company Strategy and Development Direction - The company is focused on transitioning away from reliance on fee income towards higher quality recurring property-level earnings [6][8] - Armada Hoffler aims to enhance its balance sheet and financial flexibility through strategic debt management, including a recent $115 million private placement [8][24] - The company is committed to maintaining a high-performing portfolio and optimizing property-level performance through operational excellence [5][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to deliver consistent NOI growth and reaffirmed full-year guidance [6][28] - The company is well-positioned to benefit from continued execution across its portfolio, particularly in retail leasing and office occupancy [21] - Management acknowledged potential headwinds in the market but emphasized the strength of the balance sheet to mitigate risks [33] Other Important Information - The company is actively evaluating opportunities within its real estate financing platform, including potential acquisitions of high-quality multifamily assets [19][20] - The AFFO payout ratio stands at 77.8%, indicating a disciplined approach to capital allocation [27] Q&A Session Summary Question: Can you provide details on potential scenarios that would lead to achieving the lower or upper end of the guidance range? - Management believes the guidance range is appropriate, with upside potential from the leasing of the Allied asset and slight increases in construction guidance [32][33] Question: What is the expected downtime for the vacated WeWork office floor? - Management indicated that it is early in the process, with some interest in the space, but it is too early to determine the exact timeline for leasing [37][38] Question: What are the cap rate expectations for multifamily asset acquisitions and dispositions? - Management expects cap rates around 6% for multifamily acquisitions and mid-sixes for the disposition of a fully leased asset [40][42] Question: How are you thinking about upcoming maturities of loans? - Management has extended the TD term loan for another twelve months and is exploring options for the Everly loan, with flexibility in the current market [45][46] Question: What is the strategy for potential strategic dispositions over the next six to twelve months? - Management is reviewing assets for potential sales, focusing on opportunities where market dislocation can be leveraged for growth [51][52]