Core Insights - VICI Properties Inc. reported revenue of $1.01 billion for the quarter ended December 2025, reflecting a year-over-year increase of 3.8% [1] - The earnings per share (EPS) for the quarter was $0.60, slightly up from $0.58 in the same quarter last year, with no surprise against the consensus EPS estimate [1] - The reported revenue was a slight miss compared to the Zacks Consensus Estimate of $1.02 billion, resulting in a surprise of -0.28% [1] Revenue Breakdown - Other income for VICI Properties was reported at $18.88 million, which is below the four-analyst average estimate of $19.51 million, representing a year-over-year decline of 3% [4] - Golf revenues amounted to $10.79 million, also falling short of the $11.27 million average estimate from four analysts, indicating a year-over-year decrease of 3.3% [4] Stock Performance - Over the past month, shares of VICI Properties have returned +6.3%, outperforming the Zacks S&P 500 composite, which saw a change of -0.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Since the IPO in October 2024, we have added 61 properties and increased the initial asset base by nearly 30%. Starting this quarter and going forward, to help you better understand our real estate strategy, we will highlight one quarterly acquisition on the cover of our investor presentation and briefly discuss it during our calls. This quarter, we are highlighting a Seven Brew in Jacksonville, Florida. Seven Brew is a rapidly growing drive-through coffee chain founded in 2017, known for its high-energy, d ...

Core Insights - Realty Income Corporation (O) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $1.08, meeting the Zacks Consensus Estimate and showing an increase from $1.05 in the prior-year quarter [1][7] - The company achieved total revenues of $1.49 billion, exceeding the Zacks Consensus Estimate of $1.46 billion, with an 11% year-over-year growth [2][7] - Realty Income's portfolio occupancy rate was 98.9% as of December 31, 2025, reflecting a 20 basis points increase both sequentially and year-over-year [3][7] Financial Performance - The same-store rental revenues for the fourth quarter reached $1.15 billion from 14,345 properties, marking a 1.1% increase from the prior-year period [3] - The company reported a full-year AFFO per share of $4.28, surpassing the Zacks Consensus Estimate of $4.27 and up from $4.19 a year ago [2] - Interest expenses rose by 7.5% year-over-year to $288.2 million in the reported quarter [3] Acquisitions and Sales - In the fourth quarter, Realty Income acquired 114 properties for a total of $1.42 billion and invested $165.1 million in 49 properties under development [4] - The company sold 157 properties during the quarter, generating net sales proceeds of $319.8 million and a gain of $67.4 million on the sale of real estate [4] Balance Sheet and Liquidity - Realty Income ended the fourth quarter with $4.12 billion in liquidity, which included cash and cash equivalents of $419.4 million and $3.51 billion available under its revolving credit facility [5] - The net debt to annualized pro-forma adjusted EBITDAre ratio was reported at 5.4X [5] 2026 Guidance - Management expects 2026 AFFO per share to be in the range of $4.38-$4.42, while the Zacks Consensus Estimate is at $4.43 [6] - The company anticipates same-store rent growth of 1-1.3% and an occupancy rate of around 98.5% for the full year [6] - Realty Income projects a full-year investment volume of approximately $8 billion [6]

China Economics Vi e w p o i n t | 22 Feb 2026 19:17:18 ET │ 8 pages +852-2501-2754 xiangrong.yu@citi.com Yuanliu Hu AC +852-2501-2746 yuanliu.hu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Solid CNY Spend Sets the Stage; NPC Policy Catalysts Next CITI'S TAKE The Chinese New Year (CNY) holiday delivered a broadly firm demand signal, with upbeat retail sales, resilient mobility & travel and improved home sales. The slump in the box office is n ...

The Straits Times Index (SGX: ^STI) recently breached new highs, past the 5,000 level, before reversing down.With the index near fresh highs, investors are confronted with the old, so familiar feeling of the fear of missing out (FOMO); is it too late to buy stocks now?History shows that when indexes make new highs, further gains usually follow suit. However, fresh highs also mean elevated valuations; your individual stock selection now matters more than ever.  In this article, we take a look at three compan ...

Core Insights - Gladstone Commercial Corp. (NASDAQ: GOOD) maintained a disciplined portfolio management approach in Q4 2025, ending the quarter with 151 properties across 27 states, totaling 17.7 million square feet of rentable space [1] - The company executed a capital recycling strategy in FY25, selling two non-core properties for a total of $8.0 million and completing the sale of one non-core industrial property for $18.5 million [1] - In FY25, GOOD expanded its portfolio by acquiring 19 fully-occupied properties, totaling approximately 1.57 million square feet for $206.7 million, at a cap rate of 8.88% [1] - The company generated quarterly revenue of $43.5 million, with funds from operations (FFO) of $0.37 per share and adjusted funds from operations (AFFO) of $0.25 per share, indicating continued operational stability [6] - GOOD has upsized its credit facility and established a new term loan, enhancing flexibility and liquidity [6]

REIT Performance REITs kicked off 2025 with a solid +1.09% average total return in January. The REIT sector’s January performance was largely in line with the broader market. REITs outperformed the NASDAQ (+1.0%), but fell short of the S&P 500 (+1.4%) and Dow Jones Industrial Average (+1.8%). The market cap-weighted Vanguard Real Estate Index Fund ETF (VNQ) outpaced the average REIT in January (+2.61% vs. +1.09%). The spread between the 2026 FFO multiples of large-cap REITs (16.4x) and small-cap REITs (12.8 ...

Core Insights - The InterGroup Corporation reported significant improvements in its hotel operations and stable performance in its real estate portfolio for the quarter ended December 31, 2025 [1] - The company completed the sale of a non-core 12-unit multifamily property in Los Angeles County, enhancing liquidity and providing additional working capital [1] Quarterly Highlights - Total revenues increased to $17.3 million from $14.4 million, a rise of $2.9 million (+20%) [10] - Hotel revenues rose to $12.6 million from $9.9 million, an increase of $2.7 million (+27%) [10] - Real estate revenues increased to $4.6 million from $4.5 million, a growth of $0.2 million (+4%) [10] - Income from operations increased to $2.0 million from $0.9 million [10] - Net income was $1.0 million compared to a net loss of $3.7 million [10] Segment Performance - Hotel Operations income increased to $2,234,000 in 2025 from $910,000 in 2024 [3] - Real Estate Operations income was $2,221,000 in 2025 compared to $2,268,000 in 2024 [3] - Investment Transactions reported a loss of $340,000 in 2025, improved from a loss of $901,000 in 2024 [3] Hotel Operating Metrics - Average Daily Rate (ADR) for the Hilton San Francisco Financial District was $234 in 2025, up from $190 in 2024 [4] - Occupancy rate improved to 92% in 2025 from 88% in 2024 [4] - Revenue per Available Room (RevPAR) increased to $215 in 2025 from $168 in 2024 [4] Disposition of Non-Core Property - The sale of the non-core multifamily property was completed for approximately $4.85 million, with net cash proceeds of about $2.58 million after closing costs [5] - The company recognized a GAAP gain on the sale of approximately $3.51 million in the quarter [5] Liquidity and Capital Resources - As of December 31, 2025, the company had cash and cash equivalents of $6.6 million and restricted cash of $8.4 million, totaling $15.0 million [7] - Marketable securities measured at fair value were $0.9 million [7] Management Commentary - The company noted continued progress in hotel and real estate operations, with revenue growth driven by higher room demand and the return of renovated guest rooms to inventory [11] - The management expressed cautious optimism regarding the stabilization and recovery of operating conditions in San Francisco [12]

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 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]