Key Takeaways Macerich posted Q4 FFO of $0.48 per share, topping estimates and up from $0.47 a year ago.MAC signed 1.4M sq. ft. of leases; re-leasing spreads rose 6.7% for a 17th straight positive quarter.Macerich revenues fell 4.4%, while occupancy dipped to 94% despite higher tenant sales per sq. ft.The Macerich Company (MAC) reported fourth-quarter 2025 funds from operations (FFO), excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on non-real esta ...

The Straits Times Index (SGX: ^STI) crossed the 5,000 mark last week.For income investors, there’s a catch. As blue-chip share prices surge, dividend yields compress. This leaves dividend investors hunting further afield for 5%-plus yields. Yet chasing yield alone is a trap. An enticing payout means little if the cash flow behind it is shaky.Here are three stocks beyond the STI that still offer attractive yields – and, crucially, each has a distinct driver supporting its dividend sustainability.Digital Core ...

Core Insights - Kimco Realty Corp. reported fourth-quarter 2025 funds from operations (FFO) per share of 44 cents, meeting the Zacks Consensus Estimate, and reflecting a 4.8% year-over-year growth [1][8] - The company's shares rose 2.6% in early trading, indicating positive investor sentiment [1] - Kimco's 2026 FFO per share guidance is set between $1.80 and $1.84, with expectations of up to $500 million in net acquisitions [8][11] Financial Performance - Revenues for the fourth quarter reached $542.5 million, exceeding the consensus estimate of $538.3 million, and showing a 3.3% year-over-year increase [2] - For the full year 2025, FFO per share was $1.76, in line with consensus, and increased by 6.7% year over year [2] - Total revenues for 2025 amounted to $2.14 billion, reflecting a 5.1% year-over-year growth [2] Occupancy and Leasing Activity - Pro-rata leased occupancy at the end of Q4 was 96.4%, up 70 basis points sequentially and 10 basis points year over year [3] - Pro-rata anchor occupancy reached 97.9%, marking a record increase of 90 basis points from the previous quarter [3] - The company executed 435 leases totaling 2.7 million square feet, with blended pro-rata cash rent spreads on comparable spaces at 13.8% [4] Same-Property Performance - Same-property net operating income (NOI) increased by 3% year over year, supported by a 2.1% rise in minimum rents [4][8] - Pro-rata small shop occupancy improved to 92.7%, reflecting a 20 basis point increase sequentially and a 100 basis point improvement year over year [3] Portfolio Activity - Kimco acquired common member interests in The Shoppers at 82 Street for a total pro-rata purchase price of $74 million [5] - The company sold a ground-leased parcel for $18.5 million and two shopping centers for $7.9 million and $8 million, respectively [6] Balance Sheet and Liquidity - At the end of Q4 2025, Kimco had over $2.2 billion in immediate liquidity, including full availability on a $2.0 billion unsecured revolving credit facility [7] - The net-debt-to-EBITDA ratio was 5.7X, slightly up from 5.6X in the prior quarter [7] Dividend Declaration - Concurrent with the earnings release, Kimco's board declared a quarterly cash dividend of 26 cents per share, payable on March 19, 2026 [10] Industry Context - Other retail REITs, such as Regency Centers Corporation and Simon Property Group, reported positive results, indicating a healthy leasing environment and growth in same-property NOI [13][14]

Financial Data and Key Metrics Changes - InvenTrust reported Same Property NOI growth of 5.3% for 2025, marking the second consecutive year above 5% and the fifth consecutive year of growth exceeding 4% [4][10] - Core FFO finished at $1.89 per share, representing a 6.2% year-over-year growth [4][11] - Total liquidity at year-end was $480 million, with a net debt to adjusted EBITDA ratio of 4.5 times, which is a sector-low [11][12] Business Line Data and Key Metrics Changes - Same Property NOI for the fourth quarter was $44.3 million, up 3% year-over-year [10] - Nareit FFO for the full year totaled $147.8 million, or $1.89 per diluted share, reflecting a 6.2% increase over 2024 [10][11] - The company completed two acquisitions in the fourth quarter totaling $109 million, funded through available liquidity and property-level debt [12] Market Data and Key Metrics Changes - Top-performing retail markets in 2025 included Charlotte, Tampa, Orlando, and Dallas, with Charlotte showing robust population growth and job creation [8] - Retail sales increased, and announced store openings exceeded closures, indicating sustained confidence in physical retail [15] Company Strategy and Development Direction - The company aims to expand its portfolio in Sun Belt markets, focusing on grocery-anchored assets and maintaining a disciplined acquisition approach [6][8] - Redevelopment initiatives are expected to contribute approximately 50-100 basis points of incremental NOI growth annually over the next couple of years [7] - The company plans to grow its business thoughtfully while enhancing operational footprint and value creation through leasing and asset management [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail landscape's resilience, despite increased store closures, due to low new retail construction and improved retailer decision-making [7][8] - For 2026, the company expects core FFO per share growth in the mid-single-digit range and net investment activity of approximately $300 million [8][12] Other Important Information - The board approved a 5% increase in the annual cash dividend for 2026, raising the rate to $1 per share [12] - The company is focused on maintaining a strong balance sheet while being opportunistic in funding acquisitions [25][26] Q&A Session Summary Question: Funding sources for $300 million net acquisition activity - Management indicated they have ample room on the balance sheet and plan to use their line of credit and possibly issue private placement debt [21][24] Question: Impact of Amazon Go and Fresh store closures on Whole Foods - Management stated that Whole Foods locations in their portfolio are performing well and are not at risk from Amazon's store closures [28][29] Question: Expectations for CapEx requirements in 2026 - Management expects renewals to be a larger part of the business, leading to lower CapEx requirements [31][32] Question: Acquisition pipeline and pricing - Nearly half of the $300 million acquisition guidance is either under contract or awarded, with a competitive market for assets [35][36] Question: Disposition strategy for 2026 - Management indicated that dispositions will be a source of capital once acquisition opportunities are identified, with one asset in California expected to close in 2026 [38][39] Question: Revenue impact from signed-not-open pipeline - Management expects most of the signed-not-open revenue to come online this year, with minimal impact from weather events [41] Question: Competitive market dynamics - Management noted that competition remains strong, but they have had success in finding opportunities that fit their criteria [54][55]

Core Insights - Regency Centers Corporation (REG) reported fourth-quarter 2025 NAREIT funds from operations (FFO) per share of $1.17, reflecting a 7.3% increase year-over-year and meeting the Zacks Consensus Estimate [1][8] - The company experienced strong leasing activity, with a year-over-year improvement in same-property net operating income (NOI) and base rents [1][4] - Regency Centers issued its 2026 NAREIT FFO per share guidance in the range of $4.83-$4.87, slightly above the current Zacks Consensus Estimate of $4.82 [10] Financial Performance - Total revenues for the fourth quarter reached $404.2 million, an 8.5% increase from the previous year, surpassing the Zacks Consensus Estimate of $395 million [2] - For the full year 2025, NAREIT FFO per share was $4.64, up from $4.30 year-over-year, although it fell short of the Zacks Consensus Estimate of $4.82 [2] - Total revenues for the full year amounted to $1.55 billion, reflecting a 6.9% increase from the prior year [2] Leasing Activity - In Q4 2025, Regency Centers executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of 12% [3][8] - The same-property portfolio was 96.5% leased as of December 31, 2025, a slight decrease of 10 basis points year-over-year [3][8] - The same-property anchor percent leased was 97.9%, down 70 basis points year-over-year, while the same-property shop percent leased increased by 70 basis points to 94.2% [3][4] Operational Metrics - Same-property NOI, excluding lease termination fees, increased by 4.7% year-over-year to $274.2 million, with base rent growth contributing 4.1% to this increase [4][8] - As of December 31, 2025, Regency Centers had $597 million in estimated net project costs for in-process development and redevelopment projects, having incurred 43% of this cost [5] Portfolio Activity - In Q4 2025, the company completed a property distribution involving 11 shopping centers within the Regency-GRI joint venture [6] - The company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million and acquired Crystal Brook Corner, a redevelopment project in New York, for $30 million [6] Balance Sheet - As of December 31, 2025, Regency Centers had nearly $1.4 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to trailing 12 months operating EBITDAre ratio of 5.1X [9]

Core Viewpoint - Realty Income Inc. has shown a positive stock performance with a 7.34% increase over the past month and a 12.70% increase over the past year, leading to optimism among long-term shareholders [1] Group 1: Stock Performance - The current trading price of Realty Income Inc. is $60.30, reflecting a 0.87% increase in the current session [1] - Over the past month, the stock has increased by 7.34% [1] - In the past year, the stock has appreciated by 12.70% [1] Group 2: Price-to-Earnings Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate the company's market performance against historical earnings and industry standards [4] - Realty Income Inc. has a P/E ratio of 56.45, which is significantly higher than the aggregate P/E ratio of 34.91 in the Retail REITs industry [5] - A higher P/E ratio may suggest that shareholders expect Realty Income Inc. to outperform its industry, but it could also indicate that the stock is overvalued [5] Group 3: Limitations of P/E Ratio - While the P/E ratio is useful for market performance analysis, it has limitations and should not be used in isolation [8] - A lower P/E may indicate undervaluation or a lack of expected future growth from shareholders [8] - Other factors, such as industry trends and business cycles, should also be considered alongside the P/E ratio for informed investment decisions [8]

Core Insights - Agree Realty Corporation (ADC) reported strong investment activity in 2025, deploying approximately $1.55 billion into retail net lease properties across 41 states, including 338 properties net leased to top-tier tenants [1][9] - The company has reinforced its investment-grade tenant base, with about 66.8% of annualized base rent coming from high-credit tenants as of December 31, 2025, enhancing income stability and long-term cash flow [2][9] - ADC's balance sheet strength is notable, with over $2 billion in liquidity, positioning the REIT to capitalize on acquisition and development opportunities in 2026 [4][5] Investment Activity - In 2025, the company acquired 305 retail net lease properties valued at around $1.44 billion at a 7.2% cap rate, with remaining long-lease terms averaging 11.5 years [3] - Approximately 64.9% of annualized base rents acquired came from investment-grade tenants, contributing to resilient earnings in a competitive retail environment [3] Future Outlook - Agree Realty forecasts 2026 investment activity between $1.25 billion and $1.5 billion, supported by its three growth platforms: acquisitions, development, and the Developer Funding Platform (DFP) [5][6] - The company's disciplined approach reflects a focus on high-quality retail tenants and strategic capital allocation, with a strong pipeline and conservative balance sheet providing a solid foundation for continued earnings growth [5][6] Market Performance - Shares of Agree Realty have increased by 1.9% over the past three months, contrasting with the industry's decline of 0.9% [7] - The Zacks Consensus Estimate for its 2025 and 2026 funds from operations (FFO) per share has slightly increased to $4.31 and $4.54, respectively [7]

Core Insights - Regency Centers Corp. (REG) benefits from a high-quality portfolio of shopping centers located in affluent suburbs and urban-adjacent areas, focusing on grocery-anchored properties that ensure consistent foot traffic and income stability [1][5]. Leasing and Occupancy - Favorable retail real estate conditions are driving strong tenant demand, with Regency executing approximately 1.8 million square feet of new and renewal leases in Q3, achieving a blended cash rent spread of 12.8% [2][9]. - The company's strategic focus on grocery-anchored centers contributes to steady foot traffic and resilience in uncertain markets, with leading grocers forming a significant part of its tenant base [5][9]. Growth Strategy - Regency is pursuing growth through strategic acquisitions and a promising development pipeline, including a recent acquisition of five shopping centers for $357 million [3][7]. - The ongoing redevelopment and development projects have estimated net costs of $668 million, positioning the company for future growth [7][10]. Financial Performance - Regency's balance sheet is strong, featuring $1.5 billion in revolving credit capacity and a fixed charge coverage ratio of 4.2, with nearly 87% of wholly owned assets unencumbered [10]. - The company raised its quarterly dividend to 75.5 cents in October 2025, reflecting a 7.1% increase and a sustainable payout ratio of 62% [11]. Challenges - The rise of e-commerce, particularly in the grocery sector, poses competitive challenges for Regency, potentially impacting market share for brick-and-mortar stores and limiting rent increases [3][12]. - Regency carries a substantial debt burden of approximately $4.92 billion, with interest expenses rising 9% year over year to $51.3 million in Q3 2025 [13].

Core Insights - TCW Global Real Estate Fund reported a return of +2.37% for Q3 2025, underperforming the S&P Global REIT Index which returned +4.50% [1] - The fund's performance was positively impacted by an overweight allocation in Diversified Real Estate Activities, while an overweight in Telecom Tower REITs negatively affected performance [1] Company Analysis: Kimco Realty Corporation - Kimco Realty Corporation (NYSE:KIM) is a leading operator of grocery-anchored shopping centers and mixed-use properties, with a one-month return of -0.63% and a 52-week loss of 12.35% [2] - As of December 26, 2025, Kimco's stock closed at $20.36 per share, with a market capitalization of $13.788 billion [2] - The fund reallocated investments from Simon Property Group to Kimco to reduce exposure to weakening discretionary consumer spending, highlighting Kimco's defensive retail portfolio [3] Hedge Fund Interest - Kimco Realty Corporation was held by 27 hedge fund portfolios at the end of Q3 2025, a decrease from 31 in the previous quarter [4] - While acknowledging Kimco's potential, the analysis suggests that certain AI stocks may offer greater upside potential and less downside risk [4]

Core Insights - Regency Centers Corporation (NASDAQ:REG) is recognized as one of the Best Stocks for a Dividend Achievers List [1] - JPMorgan analyst Michael Mueller downgraded Regency Centers from Overweight to Neutral, adjusting the price target from $81 to $76, while maintaining a positive long-term growth outlook for the company [2] - Regency Centers reported strong third-quarter performance with increased same-property NOI and active capital allocation exceeding $750 million [2] Company Positioning - Regency Centers is the only national developer operating grocery-anchored shopping centers at scale, benefiting from tight new supply in the market [3] - The company raised its full-year earnings growth outlook and announced a dividend increase of over 7% [3] Development and Growth - Development activity increased with over $170 million in new projects started during the quarter, bringing year-to-date project starts to over $220 million [4] - For 2025, Regency expects approximately $300 million in total project starts and has engaged in recent acquisitions and joint venture partner buyouts to simplify its portfolio [4] Business Model - Regency Centers is a retail REIT that owns, operates, and develops suburban shopping centers across the US, primarily anchored by grocery stores, with additional restaurants and service businesses [5]