Quarterly Supplement Q4 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Detailed endnotes are included in the Appendix. 2 Rithm Property Trust Rithm Property Trust (NYSE: RPT) is a real estate investment platform focused on commercial real estate ("CRE") lending and opportunistic investing $2B+ Active Invest ...

Core Viewpoint - Kilroy Realty's ability to maintain its 27-year dividend streak is at risk due to unsustainable cash flow and high payout ratios, necessitating reliance on debt or asset sales to support dividend payments [1] Financial Performance - In 2024, Kilroy Realty generated $541.1 million in operating cash flow but incurred $501.0 million in capital expenditures, resulting in only $40.2 million in free cash flow [1] - The company paid out $256.3 million in dividends, leading to a concerning free cash flow payout ratio of 638% [1] - The earnings payout ratio stands at approximately 121%, indicating that dividends exceed both free cash flow and net income [1] Debt and Balance Sheet - As of Q3 2025, Kilroy Realty's total debt was $4,591.1 million, with a debt-to-equity ratio of 0.84x, which is manageable for a REIT [1] - Cash on hand decreased from $510.2 million at the end of 2023 to $165.7 million by the end of 2024, a decline of 67.5%, but recovered to $372.4 million in Q3 2025 [1] Leasing Activity - Kilroy Realty signed 552,000 square feet of leases in Q3 2025, including a significant 280,000-square-foot lease to UCSF Health, which enhances revenue stability [1] Dividend Sustainability - The current financial structure is strained, with free cash flow not covering the dividend, leading to reliance on external financing or asset sales [1] - Strong leasing momentum and institutional-grade tenants provide some cushion, but the dividend's sustainability from operations alone is questionable [1]

Core Insights - Prospect Credit REIT, LLC ("PCRED") achieved an annualized total return of 13.14% to investors from its first investment closing on February 6, 2025, through December 31, 2025 [1] - PCRED's return outperformed the Robert A. Stanger Composite NAV REIT Index by 2.01 times, which had a return of 6.50% in 2025 [2] - As of January 2026, PCRED's current shareholder distribution rate is 9.00% per annum, with eleven consecutive months of distributions fully covered by net investment income [3] Performance Comparison - PCRED's annualized return since inception is 13.14%, while the Stanger Composite NAV REIT Index has annualized returns of 6.50% for 1 year, 1.90% for 3 years, and 7.20% for 5 years [4] - The Stanger Composite NAV REIT Index primarily includes equity-focused NAV REITs, while PCRED focuses on higher-priority, less-volatile credit investments [4] Management and Investment Strategy - PCRED is managed by Prospect Credit REIT Advisor, LLC, which has a team of investment professionals with 38 years of experience in managing debt and equity investments [6] - Prospect and its affiliates have $7.3 billion of regulatory assets under management as of September 30, 2025, and have invested in over 32,000 multifamily units with an initial property value of $3.9 billion [6][7]

Core Insights - Getty Realty (GTY) is highlighted for its undervaluation, strong dividend yield, and solid financial position despite macroeconomic pressures [1] - The company has upgraded its guidance and maintains a very strong occupancy rate of approximately 99.8% [1] Company Analysis - Getty Realty is recognized for its strong financial metrics and operational performance, which positions it favorably in the market [1] - The company is part of a broader analysis that includes various sectors such as commodities, technology, and emerging markets, indicating a diverse investment focus [1] Investment Perspective - The analysis emphasizes the potential for value investing in companies like Getty Realty, particularly in sectors such as REITs [1]

Core Viewpoint - Rithm Property Trust Inc. reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting a comprehensive income and dividend distribution despite a negative earnings available for distribution. Financial Highlights - The company achieved a GAAP comprehensive income of $2.5 million, translating to $0.33 per diluted common share [1] - Earnings available for distribution were reported at $(0.5) million, or $(0.06) per diluted common share [1] - A common dividend of $2.7 million was paid, equating to $0.36 per common share [1]

Core Insights - STAG Industrial reported strong performance in 2025, exceeding budgeted metrics across key operational and financial indicators, and anticipates continued growth in 2026 despite a significant lease expiration schedule [4][3][6] Financial Performance - For 2025, STAG achieved same-store cash NOI growth of 4.3% and core FFO per share growth of 6.3%, with core FFO per share reaching $2.55 for the year [3][7] - The company expects 2026 same-store cash NOI growth to be between 2.75% and 3.25%, with core FFO per share guidance set at $2.60 to $2.64 [6][23] Leasing Activity - In Q4 2025, STAG commenced 31 leases totaling 3.0 million square feet, with cash leasing spreads of 16.3% and straight-line leasing spreads of 27.4% [8] - The company has addressed 69% of the operating-portfolio square footage expected to lease in 2026, projecting cash leasing spreads of 18% to 20% [10][21] Market Conditions - The industrial supply environment is improving, with deliveries down nearly 35% compared to 2024, contributing to positive rent growth across most markets [2][6] - National vacancy is expected to peak in the first half of 2026, with an inflection point anticipated in the latter half of the year [1][6] Capital Management - STAG's Q4 acquisitions totaled $285.9 million, with a subsequent acquisition of $80.6 million, maintaining a net debt/EBITDA ratio of 5.0x and liquidity of $750 million [5][15] - The company raised its dividend by 4%, marking the largest increase since 2014, and shifted from monthly to quarterly payments [23] Development Outlook - As of Q4, STAG had 3.5 million square feet of development activity, with 59% completed and 73% leased [17] - A new development project in Lenexa, Kansas, is expected to deliver in Q1 2027, projected to generate a 7.2% cash yield [18]

Core Insights - Achieving a monthly dividend income of S$1,000 requires building a portfolio that pays sustainable dividends over time [1] - A portfolio of S$300,000 with a yield of 4% will generate S$12,000 annually, while a smaller portfolio of S$240,000 needs a higher yield of 5% to achieve the same [2][3] Step 1: Time Horizon - Starting early with investments allows for the benefits of compounding, significantly increasing the portfolio value over time [4] - An initial investment of S$10,000 at a 4% yield can grow to approximately S$39,460 by age 60 if started at 25, compared to S$26,658 if started at 35 [5] Step 2: Dividend Sustainability - Focus on companies that can consistently grow dividends, which typically have strong cash flow and low payout ratios [7] - Companies like Sheng Siong, with a debt-free balance sheet and a payout ratio below 100%, exemplify reliable dividend payers [7][8] Step 3: Core Portfolio - The core of the portfolio should include established dividend-paying stocks, such as Singapore's major banks: DBS Group, Oversea-Chinese Banking Corporation, and United Overseas Bank [9] - REITs like CapitaLand Integrated Commercial Trust, with a strong occupancy rate and distribution yield, also serve as income pillars [10] Step 4: Reinvesting Dividends - Aggressively reinvesting dividends early accelerates the compounding effect, leading to exponential growth in dividend income [12] - Transitioning from reinvesting to collecting dividends should occur only upon reaching retirement [13] Step 5: Consistent Contributions - Regular contributions, such as setting aside 10% of take-home pay, are essential for building the portfolio [15] - Starting with modest contributions helps establish a habit that can grow with increasing income [15] Common Mistakes - Avoid chasing unsustainable high yields, as they may not be supported by actual cash flow [16] - Selling quality dividend companies prematurely can hinder long-term compounding and income growth [16][17] Stress Testing the Plan - Ensure the portfolio can withstand market volatility by examining the dividend history of holdings [18] - Maintaining a cash buffer of at least six months' living expenses provides flexibility during market downturns [19] Conclusion - Building a S$1,000 monthly dividend portfolio is achievable through discipline, patience, and a focus on quality companies [20]

Core Viewpoint - Vornado Realty (VNO) has experienced a 30% decline from its 52-week high, despite an increase in its occupancy rate, indicating a strengthening demand for prime office space in Manhattan [1] Group 1: Company Performance - Vornado Realty's occupancy rate is rising, suggesting a positive trend in demand for office space [1] - The company's stock price fluctuations reflect broader market dynamics, which can lead to significant wealth creation or destruction over time [1] Group 2: Investment Strategy - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - Piedmont Realty Trust reported a record leasing volume in 2025, leasing 2.5 million square feet, which is about 16% of its portfolio, exceeding guidance by approximately 1 million square feet [2] - The company ended 2025 with an occupancy rate of 89.6%, up 120 basis points from the previous year, and has a significant backlog of signed-but-uncommenced leases totaling nearly 2 million square feet, representing $68 million in future annualized cash rents [1][7] Leasing Activity - In Q4 2025, Piedmont completed approximately 679,000 square feet of leasing, with around 70% attributed to new tenants [1] - The company has leased about 75% of its portfolio over the last five years, totaling approximately 11.6 million square feet, while maintaining positive cash same-store net operating income (NOI) growth each year [2] Market Trends - The national office market showed signs of improvement in late 2025, with a notable increase in demand for high-quality assets, as indicated by a JLL survey showing that 55% of Fortune 100 companies now require a five-day in-office workweek, up from 5% two years ago [3] - Supply constraints, such as lower sublet availability and limited new deliveries, are also impacting the market [3] Financial Performance - For Q4 2025, Piedmont reported core funds from operations (Core FFO) of $0.35 per diluted share, a slight decline from $0.37 per diluted share in Q4 2024, primarily due to the sale of two projects and higher net interest expenses [16] - The company issued $400 million in bonds to repurchase $245 million of higher-coupon bonds, which is expected to save approximately $0.04 per year [17] 2026 Guidance - Piedmont's management targets a Core FFO of $1.47 to $1.53 per share for 2026, reflecting an increase of $0.08 at the midpoint compared to 2025 [18] - The company anticipates leasing activity of 1.7 to 2.0 million square feet in 2026, with a year-end portfolio lease percentage projected to be between 89.5% and 90.5% [18] Market-Level Insights - Atlanta and Orlando are highlighted as key markets, with Atlanta being the most productive, accounting for about half of the company's leasing volume in Q4 2025 [9] - The out-of-service redevelopment portfolio was reported to be 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 or early 2027 [12] Operational Developments - The company has made significant progress in retaining tenants for major expirations in 2026, including Epsilon in Dallas and the City of New York at 60 Broad [13] - Management noted that leasing momentum has continued into 2026, with over 200,000 square feet of leases already signed [15]

Core Insights - Aedifica reported strong operational performance with results exceeding budget expectations, highlighting a robust real estate portfolio valued at €6.3 billion as of December 31, 2025 [2] Financial Performance - EPRA Earnings reached €244.8 million, reflecting a 4% increase compared to December 31, 2024, equating to €5.15 per share [6] - Rental income rose to €361.0 million, marking a 7% increase from the previous year, with a 2.7% increase in rental income on a like-for-like basis [6] - The company maintained a 100% occupancy rate across its portfolio of 618 healthcare properties serving nearly 49,100 end users in 7 countries [6] Asset Management - Aedifica divested 34 properties for €128 million as part of its strategic asset rotation program [6] - New investments announced in 2025 totaled €293 million, including 22 new projects and forward purchases, along with 10 acquisitions [6] - The company delivered 11 projects totaling €96 million in 2025, with a pipeline valued at €276 million at year-end, offering an average initial yield on cost of 6.5% [6] Financial Stability - The debt-to-assets ratio improved to 40.8% as of December 31, 2025, down from 41.3% a year earlier [6] - Aedifica has €743 million of headroom on committed credit lines to support CAPEX and liquidity needs [6] - Long-term bank refinancing was contracted for €585 million, with an average cost of debt, including commitment fees, at 2.1% [6] Credit Rating - S&P reaffirmed Aedifica's BBB credit rating and placed it on CreditWatch with positive implications following the announcement of the agreement with Cofinimmo [6] Dividend Announcement - The proposed dividend of €4.00 per share (gross) is confirmed for distribution in May 2026 [4]