Shoppes of Paradise Lakes | Miami, FL Suburb February 2026 Q4 2025 Earnings Presentation Safe Harbor and Non-GAAP Disclosures PECO's Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Privat ...

Group 1 - Managing a Real Estate Investment Trust (REIT) is challenging due to a dynamic investing environment [1] - Investing in net lease assets has become increasingly difficult, with significant volatility in interest rates and cap rates [1]

Our Space is Your Place EARNINGS PRESENTATION 4th Quarter 2025 RegencyCenters.com Anastasia Plaza St. Augustine, FL Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Bas ...

Core Insights - Cousins Properties (CUZ) reported fourth-quarter 2025 funds from operations (FFO) per share of 71 cents, marking a 2.9% year-over-year increase and aligning with the Zacks Consensus Estimate [1][10] - The company experienced strong leasing activity, although weighted average occupancy decreased, and interest expenses rose significantly [1][6][10] Financial Performance - Rental property revenues increased by 15% year over year to $253.3 million, exceeding the Zacks Consensus Estimate of $248.7 million, while total revenues grew 11.6% year over year to $255 million [2][10] - For the full year 2025, FFO per share was $2.84, up from $2.69 in the previous year, consistent with the Zacks Consensus Estimate [2] - Same-property rental property revenues on a cash basis rose 1.4% year over year to $198.7 million, while operating expenses increased by 3.8% to $73.1 million, leading to a marginal improvement in same-property net operating income [5] Leasing and Occupancy - In Q4, Cousins Properties executed leases for 700,000 square feet of office space, including 493,000 square feet of new and expansion leases [4] - The weighted average occupancy for the same-property portfolio was 87.4%, down 1.4% from the prior year, with the overall portfolio leased at 90.1%, a decrease from 91% year-over-year [5][6] Acquisitions and Sales - The company announced the acquisition of 300 South Tryon for $317.5 million, a fully leased lifestyle office property in Charlotte, NC, with a weighted average lease term of six years [3] - CUZ entered into agreements to sell Harborview Plaza in Tampa, FL, for $39.5 million and a land parcel in Charlotte, NC, for $23.7 million, with expected closing in 2026 [7] Balance Sheet and Outlook - At the end of Q4 2025, CUZ had cash and cash equivalents of $5.7 million, an increase from $4.7 million as of September 30, 2025 [8] - The net debt-to-annualized EBITDAre ratio was 5.30, down from 5.38 in the previous quarter, while fixed charges coverage improved to 3.52X [8] - For 2026, CUZ expects FFO per share to be in the range of $2.87-$2.97, with the Zacks Consensus Estimate currently at $2.92 [9]

Financial Data and Key Metrics Changes - The company reported a total revenue of $16.9 million for Q4 2025, with lease income of $12.7 million and interest income from commercial loan investments of $4 million [11] - FFO and AFFO attributable to common stockholders for the quarter were $0.54 per diluted share, representing a 22.7% growth over the comparable quarter of the prior year [11] - For the full year 2025, total revenue was $60.5 million, with FFO and AFFO attributable to common stockholders at $1.88 and $1.89 per diluted share, respectively, reflecting approximately 8.6% growth over the prior year [11][12] Business Line Data and Key Metrics Changes - The company acquired 8 properties for approximately $40 million in Q4 2025, contributing to a total of 13 properties acquired for $100.6 million in 2025 [4][5] - The weighted average initial cash cap rate for Q4 acquisitions was 6.9%, while the full year cap rate was 7.4% [5] - The commercial loan portfolio saw significant growth, with $177 million in loan originations for the full year at a weighted average initial coupon of 12% [7][8] Market Data and Key Metrics Changes - At year-end, the property portfolio consisted of 127 properties totaling 4.3 million sq ft across 32 states, with a WALT of 8.4 years and 99.5% occupancy [6] - 51% of the annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [6] Company Strategy and Development Direction - The company executed a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding property investments [5] - The board decided to increase the quarterly common dividend per share by 5.3% to $0.30, indicating confidence in future earnings growth [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and successful capital raises [10] - Initial earnings guidance for 2026 is set at $2.07-$2.11 for FFO per diluted common share, with investment volume expected to be between $70 million and $100 million [19] Other Important Information - The company ended the year with net debt to pro forma adjusted EBITDA of 6.7 times, down from 7.4 times at the beginning of the year [16] - The company has a liquidity position of $65.8 million, with potential total liquidity of $97.3 million at year-end [16] Q&A Session Summary Question: Can you discuss the loan portfolio and the 20% threshold? - Management indicated that the 20% threshold for the loan portfolio is reasonable and complementary to the company's core business, with room for an additional $25-$30 million in loans [22][25] Question: What is the status of reducing exposure to certain tenants like Walgreens? - Management confirmed ongoing efforts to sell additional Walgreens properties, with a focus on finding the right buyers [26][28] Question: How do you view the dividend increase in relation to earnings growth? - The increase in the dividend was driven by earnings and taxable income growth, with a focus on maintaining a balance between payouts and retaining cash flow [40][43] Question: What are the expectations for the investment opportunities in 2026? - Management expressed excitement about opportunities in both investment-grade and non-investment-grade properties, focusing on grocery-anchored developments and strong tenant relationships [45][62]

Financial Data and Key Metrics Changes - The company reported a total revenue of $16.9 million for Q4 2025, with lease income of $12.7 million and interest income from commercial loan investments of $4 million [11] - For the full year 2025, total revenue was $60.5 million, with FFO and AFFO attributable to common stockholders at $1.88 and $1.89 per diluted share, respectively, representing approximately 8.6% growth over the prior year [11][12] - AFFO per common share grew by 22.7% in Q4 2025 and 8.6% for the full year [4][11] Business Line Data and Key Metrics Changes - The company acquired 8 properties for approximately $40 million in Q4 2025, contributing to a total of 13 properties acquired for $100.6 million in 2025 [4][5] - The weighted average initial cash cap rate for Q4 acquisitions was 6.9%, while the full year cap rate was 7.4% [5] - The commercial loan portfolio saw significant growth, with $177 million in loan originations for the full year at a weighted average initial coupon of 12% [7][8] Market Data and Key Metrics Changes - At year-end, the property portfolio consisted of 127 properties totaling 4.3 million sq ft across 32 states, with a WALT of 8.4 years and 99.5% occupancy [6] - 51% of the annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [6] Company Strategy and Development Direction - The company continues to execute a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding property investments [5] - The company plans to maintain its commercial loan portfolio at approximately 20% of total undepreciated asset value, complementing property portfolio investments [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and recent capital raises as positioning factors [10] - The board has increased the quarterly common dividend per share by 5.3% to $0.30, indicating confidence in earnings growth and cash flow [10][20] Other Important Information - The company ended the year with net debt to pro forma Adjusted EBITDA of 6.7 times, down from 7.4 times at the beginning of the year [16] - The company has a liquidity position of $65.8 million, with potential total liquidity of $97.3 million at year-end [16] Q&A Session Summary Question: Loan portfolio upper boundary - Management indicated that the 20% threshold for the loan portfolio is reasonable and complementary to the core business, with potential for an additional $25 million to $30 million in loans [22][25] Question: Reducing exposure to certain tenants - Management confirmed ongoing efforts to sell additional Walgreens properties, indicating a strategic approach to tenant diversification [26][28] Question: Dividend increase rationale - The increase in the dividend was driven by earnings growth and taxable income growth, with a focus on maintaining a balance between payouts and cash retention [40][43] Question: Investment opportunities and capital deployment - Management expressed a cautious approach to capital deployment, emphasizing the importance of curating a strong portfolio without being forced into less desirable investments [67][68]

Fourth Quarter and Full Year 2025 Results & 2026 Outlook Earnings Presentation Non-GAAP Financial Measures This presentation of Ventas, Inc. (the "Company," "we," "us," "our" and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"), such as such as Nareit FFO, Normalized FFO, Net Operating Income ("NOI"), Same- Store Cash NOI, Same-Store Cash NOI Margin, Same-Store Cash NOI Growth, Cash Operating Revenue, SHOP Op ...

Financial Data and Key Metrics Changes - The company reported a 22.7% growth in AFFO per common share for Q4 2025, reaching $0.54 per diluted share, and an 8.6% growth for the full year 2025 [3][11] - Total revenue for Q4 was $16.9 million, with lease income of $12.7 million and interest income from commercial loans of $4 million. For the full year, total revenue was $60.5 million [11][12] - The company ended the year with a net debt to pro forma adjusted EBITDA ratio of 6.7 times, improved from 7.4 times at the beginning of the year [15] Business Line Data and Key Metrics Changes - In 2025, the company acquired 13 properties for $100.6 million at a weighted average initial cap rate of 7.4%, and sold 9 non-core properties for $38.4 million at a weighted average exit cap rate of 7.7% [4][5] - The commercial loan portfolio grew significantly, with $177 million in originations for the year at a weighted average initial coupon of 12% [6][8] - The property portfolio consisted of 127 properties totaling 4.3 million sq ft with a 99.5% occupancy rate and a WALT of 8.4 years [5] Market Data and Key Metrics Changes - 51% of the company's annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [5] - The company is targeting its commercial loan portfolio to run at approximately 20% of total undepreciated asset value, which would be around $155-$160 million based on year-end asset values [8][24] Company Strategy and Development Direction - The company continues to execute a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding properties [4] - The board has decided to increase the quarterly common dividend by 5.3% to $0.30 per share, reflecting confidence in earnings growth and taxable income [10][19] - The company aims to maintain a 20% allocation in its loan portfolio, indicating a balanced approach to growth while ensuring core net lease properties remain the primary focus [31][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and successful capital raises [10] - The initial earnings guidance for 2026 is set at $2.07-$2.11 for FFO per diluted common share, with expected investment volume of $70 million-$100 million [18] - Management noted that the revenue for 2025 included fees from managing third-party properties, which will not be a significant source of revenue in 2026 [18] Other Important Information - The company raised $50 million through a public offering of Series A preferred stock with an 8% coupon, and utilized ATM programs to raise an additional $18.3 million [9][12] - The company has no debt maturities for the next three years following the closing of a new unsecured credit facility [14][15] Q&A Session Summary Question: Can you discuss the loan portfolio and the 20% threshold? - Management indicated that the 20% threshold is reasonable and allows for complementary investments without distracting from core operations. The current loan portfolio stands at approximately $130 million, with room for an additional $25-$30 million [21][24] Question: What is the status of reducing exposure to certain tenants like Walgreens? - Management confirmed that they are actively working on selling additional Walgreens properties and are focused on finding the right buyers [25][26] Question: How do you assess the cost of equity and capital deployment? - Management stated that they will be prudent in deploying equity capital, primarily for high-yield investments, and emphasized that the current stock price does not deter their investment strategy [33][34] Question: What are the expectations for the dividend increase? - The dividend increase is driven by earnings and taxable income growth, with a focus on maintaining a balance between payouts and retaining cash flow [39][42] Question: What is the outlook for the loan pipeline and funding? - Management expressed confidence in the loan pipeline, indicating that they expect to maintain the 20% allocation and continue to redeploy capital as loans are paid off [49]

Core Viewpoint - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that generates monthly dividend income and benefits from reinvestment and annual increases [1]. Group 1: Investment Strategy - The strategy involves creating a portfolio that prioritizes compounding dividend income and growth [1]. - Monthly dividend income is a key component of the portfolio, which is structured to grow through reinvestment and yearly increases [1]. Group 2: Company Positions - The author has a beneficial long position in the shares of specific companies, including SPG, O, and NNN, through various means such as stock ownership and options [1].

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers [1] - He has authored a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis (2026 Edition)" available on Amazon [1] - Anthony has a background in business and information systems, having worked at Charles Schwab in the IT department [1] - He operates his own boutique equities research firm, Albert Anthony & Company, remotely [1] - The author has participated in numerous business and innovation conferences and has hosted a program for Online Live TV Croatia [1] - He holds a B.A. in Political Science and various certifications including Microsoft Fundamentals and Risk Management specialization from CFI [1] - Anthony is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company and Industry Summary - Albert Anthony & Company is a Texas-registered business focused on equities research [1] - The firm provides general market commentary and research based on publicly available data [1] - The author does not engage with non-publicly traded companies, small cap stocks, or startup CEOs [1]