Third Quarter 2025 FINANCIAL RESULTS November 5, 2025 Safe Harbor Statement Forward-Looking Statements. Certain statements contained in this Presentation, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company an ...

Company Overview - IIPR's total committed/invested capital is $2.5 billion[10] - The company owns 112 properties[10] - The weighted average lease length is 12.9 years[10] - Q3 2025 total revenue reached $64.7 million[10] - Over $1 billion in dividends have been paid since the company's inception in 2016[10] Portfolio Composition - Cannabis properties account for 95.3% of the portfolio[32] - Total annual income from cannabis properties is $315 million[32] - The top 10 states account for 89.6% of the annualized base rent (ABR), totaling $265.398 million[35] Financial Performance - The company has a debt to total gross assets ratio of 13%[57] - The debt service coverage ratio is 11.7x[58] - AFFO per share reached $6.84 annualized in Q3 2025, compared to $5.01 in 2020[64]

ACRESREIT.COM 2 • Changes in the industry, interest rates, the debt securities markets, real estate markets or the general economy; • Increased rates of default and/or decreased recovery rates on its investments; • The performance and financial condition of its borrowers; • The cost and availability of its financings, which depend in part on its asset quality, the nature of its relationships with its lenders and other capital providers, its business prospects and outlook and general market conditions; • The ...

Core Viewpoint - ARMOUR Residential REIT, Inc. has announced a cash dividend of $0.24 for November 2025, with a record date of November 17, 2025, and a payment date of November 28, 2025 [2]. Dividend Information - The cash dividend for November 2025 is set at $0.24 per share [2]. - The holder of record date is November 17, 2025, and the payment date is November 28, 2025 [2]. Tax Matters - ARMOUR is taxed as a real estate investment trust (REIT) and must distribute substantially all of its ordinary REIT taxable income to maintain this status [3]. - Dividends exceeding current tax earnings and profits for the year are generally not taxable to common stockholders [3]. - The board of directors determines actual dividends based on various factors, including operational results, cash flows, financial condition, capital requirements, market conditions, and expected opportunities [3]. Company Overview - ARMOUR primarily invests in fixed-rate residential, adjustable-rate, and hybrid adjustable-rate residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored enterprises or the Government National Mortgage Association [4]. - The company is externally managed and advised by ARMOUR Capital Management LP, which is registered with the SEC [4].

Company Overview - UDR, Inc. is a leading multifamily real estate investment trust (REIT) managing, acquiring, and developing apartment communities in major U.S. cities, owning over 60,000 apartment homes [1] - Founded in 1972, UDR has a strong reputation for consistent performance and innovation in urban housing, headquartered in Highlands Ranch, Colorado, with a market capitalization of $12.39 billion [2] Stock Performance - UDR's stock has faced pressure from the broader REIT market and high interest rates, dropping to a 52-week low of $36.61 in April, but has since increased by 2.5% from this low; however, it has declined by 9.4% over the past three months [3] - Over the past 52 weeks, UDR's stock has declined by 19.1% and 13.6% year-to-date (YTD), while the Real Estate Select Sector SPDR Fund has dropped 6.4% over the same period but gained 3.3% YTD [4] Financial Results - On July 30, UDR reported its second-quarter results for fiscal 2025, with total revenues increasing by 2.4% year-over-year (YOY) to $425.40 million, exceeding Wall Street analysts' expectations of $422.20 million [5] - The funds from operations as adjusted (FFOA) grew by 3.2% from the prior year's period to $0.64 per share, also higher than the expected $0.62 per share; despite these results, UDR's stock dropped 2% intraday on July 30 and 1.3% on July 31 [6]

Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, specializing in manufactured home communities [5] - The company owns and operates 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [5] - These communities are located across several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5] Upcoming Financial Results - UMH Properties will host its Third Quarter 2025 Financial Results Webcast and Conference Call on November 4, 2025, at 10:00 a.m. Eastern Time [1] - The financial results will be released on November 3, 2025, after the close of trading on the New York Stock Exchange [2] - Interested parties can participate in the webcast via the company's website or through a conference call [3] Conference Call Details - A replay of the conference call will be available on November 4, 2025, at 12:00 p.m. Eastern Time [4] - The replay can be accessed by dialing specific toll-free numbers for domestic and international callers [4] - A transcript of the call and the webcast replay will also be available on the company's website [4]

Core Viewpoint - Veris Residential, Inc. has declared a cash dividend of $0.08 per share for the third quarter of 2025, reflecting the company's ongoing commitment to returning value to shareholders [1]. Group 1: Company Overview - Veris Residential, Inc. is a real estate investment trust (REIT) focused on owning, operating, acquiring, and developing Class A multifamily properties primarily in the Northeast [3]. - The company utilizes a technology-enabled, vertically integrated operating platform to enhance the living experience for residents and positively impact the communities it serves [3]. - Veris Residential is guided by an experienced management team and Board of Directors, emphasizing strong corporate governance and an inclusive, meritocratic culture [3]. Group 2: Dividend Announcement - The cash dividend of $0.08 is for the period ending September 30, 2025, and will be paid on October 10, 2025, to shareholders of record as of September 30, 2025 [1].

Core Viewpoint - Realty Income Corp. shares are rallying despite a decline in net earnings per share (EPS), indicating that EPS may not be the most critical metric for investors in the real estate sector [1][4]. Financial Performance - Realty Income's net EPS decreased from 30 cents in the same quarter last year to 22 cents this quarter, yet the stock price increased, suggesting that the market does not view this decline as a negative indicator for future performance [4]. - Operating income declined due to higher expenses, primarily from increased interest charges, while rental income grew by 5.2% year-over-year, exceeding inflation [6]. - Dividends per share rose to 80.5 cents this quarter, a 3.8% increase from last year's 77.6 cents, reflecting the company's commitment to returning value to shareholders [8][9]. Dividend and Income Potential - Realty Income is required by law to distribute a fixed percentage of its rental income as dividends, providing a steady income stream for investors [3]. - The annual dividend is $3.23, with a dividend yield of 5.71% [5][6]. Management Strategy - Realty Income management is actively investing up to $1.2 billion at an average cap rate of 7.2%, aimed at enhancing future earning power [10]. - The increase in property depreciation may offer potential tax benefits by the end of 2025, indicating expansion in property holdings [7]. Market Valuation - The stock is currently trading at a price-to-earnings (P/E) ratio of 51.8, significantly higher than the REIT industry's average of 31.1, suggesting that the market is willing to pay a premium for Realty Income shares [13]. - Analysts have set a 12-month price target of $61.36 for Realty Income, indicating an 8.47% upside from the current price of $56.57 [11].

Company Overview - Chicago Atlantic is a commercial mortgage REIT and lender focused on state-licensed cannabis operators[11] - The company has closed over 100 cannabis loans across its platform[9] - Since its inception in 2019, the origination team has closed over $28 billion in credit facilities, with $22 billion to cannabis operators[11] - The company is evaluating a near-term pipeline of approximately $650 million in potential loans[9] Portfolio Highlights - The outstanding loan principal is $4219 million with a gross portfolio yield of 168%[9] - The real estate collateral coverage in the current portfolio is 12x[9] - The top 10 loans account for 616% of the total principal outstanding[28] - Floating-rate loans constitute 407% of the portfolio, while fixed-rate loans make up 593%[29] Financial Performance - For the three months ended June 30, 2025, net income was $887 million, or $042 per basic share[75] - Distributable Earnings for the quarter were $1085 million, or $052 per basic share[76] - The company's total assets as of June 30, 2025, were $4552 million[71] Market Opportunity - The U S cannabis industry is estimated to reach $35 billion in retail revenue in 2025 and is projected to grow to $69 billion by 2031[55] - Chicago Atlantic estimates the current value of the U S cannabis debt market to be $12 billion, with the company holding approximately 18% market share[57] - Assuming the company maintains its 18% debt market share, the private credit opportunity could grow to over $4 billion by 2031[58]

Core Viewpoint - ARMOUR Residential REIT, Inc. has announced a public offering of 18,500,000 shares of common stock, aiming for gross proceeds of approximately $302.475 million, with a potential increase to $347.846 million if the underwriters exercise their option for additional shares [1][2]. Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase up to 2,775,000 additional shares [1]. - Goldman Sachs & Co. LLC is the sole bookrunner, while BUCKLER Securities LLC is the co-manager for the offering [2]. - The settlement of the offering is expected to occur on or about August 7, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to acquire additional mortgage-backed securities and other mortgage-related assets, aligning with the company's investment objectives and strategies [2]. Group 3: Company Overview - ARMOUR primarily invests in fixed-rate residential, adjustable-rate, and hybrid adjustable-rate mortgage-backed securities that are issued or guaranteed by U.S. Government-sponsored enterprises or the Government National Mortgage Association [6]. - The company is externally managed and advised by ARMOUR Capital Management LP, which is registered with the SEC [6].