Company Overview - As of June 30, 2025, CareTrust REIT's real estate portfolio has grown to 393 net-leased healthcare properties across 32 states and the United Kingdom, consisting of 35,719 operating beds/units[15] - CareTrust REIT also had 22 other real estate related investments related to 142 healthcare properties across 17 states, consisting of 13,944 operating beds/units and one financing receivable related to 46 properties in one state consisting of 3,820 operating beds/units[15] - The company's total investments reached $4,760 million, encompassing 581 properties and 53,483 operating beds/units across 46 operators and 34 states plus the UK[19] Portfolio Performance - As of June 30, 2025, Skilled Nursing Facilities (SNF) constitute 47.3% of the total investment, amounting to $2,252.12 million and generating $234.715 million in rent, with a current yield of 10.4%[31] - UK Care Homes represent 18.9% of the total investment, valued at $901.593 million, producing $67.500 million in rent, with a current yield of 7.5%[31] - Multi-Service Campuses account for 10.4% of the total investment, totaling $494.236 million and yielding $47.776 million in rent, with a current yield of 9.7%[31] - Seniors Housing makes up 3.8% of the total investment, with a value of $178.997 million, generating $17.010 million in rent, with a current yield of 9.5%[31] - Total Net-Leased Assets represent 80.4% of the total investment, amounting to $3,826.946 million and producing $367.001 million in rent, with a current yield of 9.6%[31] Financial Highlights - For the three months ended June 30, 2025, rental income was $86.033 million, compared to $55.407 million for the same period in 2024[52] - Net income attributable to CareTrust REIT, Inc for the three months ended June 30, 2025, was $68.545 million, or $0.36 per basic share[52] - The company's debt structure as of July 31, 2025, includes $400 million in senior unsecured notes payable at 3.875% and $500 million in senior unsecured term loan at 4.630%[63]

Group 1 - The conference call is for UMH Properties' Second Quarter 2025 Earnings, with key participants including the Executive VP, CFO, and CEO [1][2] - The company has filed an unaudited second quarter supplemental information presentation along with its 10-Q with the SEC, which is available on its website [3] - Forward-looking statements made during the call are based on current expectations and involve various risks and uncertainties, with no assurance that these expectations will be achieved [4]

Innovative Industrial Properties FORWARD LOOKING STATEMENTS INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – AUGUST 2025 1 This presentation and our associated comments includes "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) that are subject to risks and uncertainties. In part ...

Financial Performance - Rental revenue for the three months ended June 30, 2025, was $48544 thousand[9] - Net income attributable to common stockholders for the three months ended June 30, 2025, was $8598 thousand[9] - EBITDAre for the three months ended June 30, 2025, was $37870 thousand[9] - FFO per common share - diluted was $054 for the three months ended June 30, 2025[9] - AFFO for the three months ended June 30, 2025, was $29997 thousand[9] Portfolio Metrics - The company had 136 properties as of June 30, 2025[9] - Rentable square feet was 5194 thousand as of June 30, 2025[9] - Weighted average leased rate was 992% as of June 30, 2025[9] - Triple net lease exposure was 999% as of June 30, 2025[9, 10] Debt and Liquidity - Principal debt outstanding was $581000 thousand as of June 30, 2025[11] - Net debt was $556168 thousand as of June 30, 2025[11] - Liquidity was $568832 thousand as of June 30, 2025[13]

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $37.3 million, down from $40.1 million in the same quarter of the prior year [14] - Core FFO for the quarter was $11.5 million or $0.20 per share, compared to $14.2 million or $0.25 per share in the same quarter of 2024 [14] - Adjusted EBITDA was $18 million versus $20.5 million in the same quarter of 2024 [15] - G&A expenses were $4.8 million, up from $4.5 million in the same quarter of 2024 [15] - CapEx and leasing costs increased to $15.6 million from $6.3 million in the same quarter of 2024, driven by accelerated leasing activity [15][16] Business Line Data and Key Metrics Changes - Leasing momentum continued with 639,000 square feet leased as of July 31, building on last year's total of 1,100,000 square feet [5] - The weighted average lease term increased to 5.5 years from 5.2 years last quarter and 4.2 years a year ago [7] - The operating property occupancy rate was 77.4%, an increase of 30 basis points sequentially, while the leased rate was 79.1%, up 170 basis points sequentially [7] Market Data and Key Metrics Changes - The company sold four vacant properties totaling 434,000 square feet for a gross sales price of $26.9 million, approximately $62 per square foot [9] - Agreements are in place to sell five traditional office properties totaling 540,000 square feet for $57 million, or $106 per square foot, expected to close in the second half of the year [9] Company Strategy and Development Direction - The company is shifting its portfolio focus from traditional suburban office properties to dedicated use assets (DUA), which include medical, lab, R&D flex, and non-CBD government properties [10][11] - Approximately 32.2% of the portfolio by annualized base rent and 25.3% by square footage were DUA properties at quarter end, with expectations for this percentage to increase over time [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about leasing activity and the potential for portfolio occupancy to rise after 2025 [8] - The company is committed to disciplined execution and portfolio stabilization, with a focus on enhancing asset value and maintaining liquidity [12][13] - The outlook for core FFO has been raised to a range of $0.67 to $0.71 per diluted share, up from $0.61 to $0.70 [18] Other Important Information - The company ended the quarter with total liquidity of $257.7 million, including $17.7 million in cash and $240 million available on the credit facility revolver [16] - The net debt to gross real estate assets was 32% at the end of the quarter [17] - A quarterly cash dividend of $0.02 per share was declared by the Board of Directors [18] Q&A Session Summary Question: Are there any questions at this time? - There were no questions during the Q&A session [20]

Financial Performance & Strategic Objectives - GNL reduced net debt by $748 million in Q2 2025, decreasing Net Debt to Adjusted EBITDA to 66x[10] - GNL increased the low end of its AFFO per Share guidance to a new range of $092 to $096[22] - GNL reaffirms its Net Debt to Adjusted EBITDA range of 65x to 71x[22] - GNL's liquidity totaled $10 billion in Q2 2025[36] Portfolio Transformation & Leasing Activity - GNL completed the final phases of the ~$18 billion Multi-Tenant Portfolio Sale, transforming into a pure-play net-lease REIT[11] - GNL achieved 60% renewal spreads and increased occupancy to 98% across the portfolio[12] - GNL's total non-core dispositions reach over $30 billion[24] - GNL repurchased 102 million shares for a total of $77 million[13] Balance Sheet & Credit Rating - S&P upgraded GNL's corporate credit rating to BB+ from BB[12] - GNL reduced net debt by $20 billion since Q2'24[13, 29] - GNL refinanced its Revolving Credit Facility, extending weighted average debt maturity to 37 years[11, 13]

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].

This Investor Presentation includes a summary of various financial and operating information contained in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025, and other filings with the Securities and Exchange Commission. You should carefully review the information contained in the Company's filings with the Securities and Exchange Commission in conjunction with the financial and operating information in this Investor Presentation. August 2025 Legal Disclaimer Investor Presentatio ...

Financial Data and Key Metrics Changes - Funds from Operations (FFO) per share for Q2 2025 was $0.33, down from $0.36 in Q2 2024, while Core FFO per share was $0.35 compared to $0.36 in the same period [13][14] - Total operating revenues increased to $39.5 million in Q2 2025 from $37.1 million in Q2 2024, while operating expenses decreased to $25.1 million from $26 million [14] - Net assets rose from $1.16 billion to $1.2 billion due to acquisitions made during the quarter [15] Business Line Data and Key Metrics Changes - The company acquired two industrial facilities totaling 519,093 square feet for approximately $79 million, increasing the industrial concentration in the portfolio to 67% of annualized straight-line rents [9][10] - Portfolio occupancy remained high at 98.7% as of June 30, 2025 [9][13] Market Data and Key Metrics Changes - The industrial real estate sector showed steady performance with net absorption of 29.6 million square feet in 2025, while the vacancy rate rose slightly to 7.1% [7][8] - New construction completions declined to the lowest level since 2019, indicating a slowdown in the development pipeline [8] Company Strategy and Development Direction - The company aims to acquire high-quality industrial assets that are mission-critical to tenants while selectively disposing of non-core assets [12] - The focus remains on maintaining a disciplined underwriting approach, emphasizing credit quality, location, and long-term value [11] Management's Comments on Operating Environment and Future Outlook - Management noted continued uncertainty in the economic environment but expressed confidence in the industrial real estate sector's resilience [6][9] - The company anticipates upward pressure on industrial rental rates due to a slowdown in new construction and increasing competition for space [9] Other Important Information - The company maintained a common stock dividend of $0.30 per share per quarter [18] - As of June 30, 2025, the company had $94.4 million in revolver borrowings outstanding and approximately $6 million in cash [17] Q&A Session Summary Question: Can you talk about the acquisition pipeline? - The company currently has six Letters of Intent (LOIs) out and is reviewing around 20 transactions, expecting to finalize a $50 million transaction soon [25][27] Question: Can you provide details on the industrial property sold? - The sold property was located in Georgia, where the tenant exercised a purchase option within the lease [29] Question: How is the incentive fee waiver determined? - The waiver is discussed quarterly with management, considering the alignment with shareholder interests and employee retention [30] Question: What are the plans regarding the revolver borrowings? - The company is considering options such as sales under the ATM program and refinancing discussions with lenders [57] Question: Are you seeing any changes in cap rates? - Management does not expect cap rates to reach the 9% range, with average cap rates projected to be around 8.5% [47][48] Question: How is the company managing tenant quality amid macro uncertainties? - The company has not seen significant impacts on tenant quality and maintains its underwriting criteria [49]

Core Insights - Federal Realty Investment Trust (FRT) reported a second-quarter 2025 funds from operations (FFO) per share of $1.91, exceeding the Zacks Consensus Estimate of $1.73 and up from $1.69 a year ago, driven by strong leasing activity and higher occupancy levels [1][10] - The company raised its 2025 FFO outlook, now expecting a range of $7.16-$7.26 per share, reflecting approximately 6% growth at the midpoint [8][10] Financial Performance - Quarterly revenues reached $311.5 million, surpassing the consensus estimate of $310.7 million and showing a 5.2% increase from the previous year [2] - Comparable property operating income (POI) grew by 4.9%, excluding lease termination fees and prior-period rents collected [2][10] Leasing Activity - In the reported quarter, Federal Realty signed 122 leases for 653,366 square feet of retail space, with an average rent of $37.98 per square foot, indicating cash-basis rollover growth of 10% and 21% on a straight-line basis [3] - The comparable portfolio occupancy rate increased by 70 basis points year over year to 93.5%, with the overall portfolio leased at 95.5%, up 40 basis points year over year [4][10] Portfolio Management - The company ended the quarter with over $1.5 billion in total liquidity, including cash and cash equivalents of $177 million, an increase from $109.2 million at the end of the previous quarter [6] - Federal Realty initiated the development of a 258-unit residential project for an estimated investment of around $145 million and completed the sale of a retail property for $69 million [7] Dividend Announcement - Federal Realty announced a quarterly cash dividend of $1.13 per share, marking a 3% increase and the 58th consecutive year of dividend increases, with payment scheduled for October 15 [11]