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CareTrust REIT, Inc.

CTRE

Financial Services

2mo

Record Investment Pace and Growth Strategy

CareTrust REIT closed approximately $1.1 billion of investments in Q2 2025, highlighting a rapid growth trajectory.
Over the past 18 months, the company deployed roughly $2.7 billion, surpassing total investments of the previous 8 years combined.
The company acquired Care REIT and entered the U.K. care home market, diversifying its asset and operator base, with a pipeline of approximately $600 million.

Agree Realty Corporation

ADC

Financial Services

2mo

Aggressive Investment and Growth Pipeline in 2025

Invested over $725 million in H1 2025, more than doubling the previous year's first half.
Raised full-year investment guidance to $1.4-$1.6 billion, a 58% increase over last year.
Anticipates accelerating investment in Q3 and Q4, with a pipeline supporting over $100 million in development projects before year-end.
Focus on expanding the company's market position through diversified, non-speculative ground-up development projects with fixed returns.

Apollo Commercial Real Estate Finance, Inc.

ARI

Financial Services

2mo

Significant Capital Reinvestment and Portfolio Growth Strategy

Committed $1.4 billion in new loans in Q2, totaling $2 billion year-to-date, indicating aggressive reinvestment of capital received from repayments.
Portfolio value increased by 12% from the previous quarter to approximately $8.6 billion.
Focus on redeploying capital into new loans to avoid cash drag and diversify the portfolio across US and Europe.
Potential for portfolio size to grow beyond $10 billion through continued focus asset management and leverage.

Veris Residential, Inc.

VRE

Financial Services

2d

Financial Performance Summary

Blended net rental growth of 3.9% for Q3, outperforming the national market.
Controllable expenses grew 5.7% in Q3 but only 1.9% year-to-date due to technology investments and operational efficiencies.
Core FFO per share increased to $0.20 for the quarter, up $0.03 from Q2.
Liquidity stands at $274 million as of September 30.
Net debt-to-EBITDA ratio reduced by 14.5% since the start of the year to 10x, with weighted average coupon down 32 basis points to 4.8%.
Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 last year.
Same-store NOI growth was 1.6% year-to-date but declined 2.7% for the quarter due to lapping favorable 2024 expenses and increased Jersey City tax rates.
Same-store revenue increased by 2.2% for both the quarter and year-to-date.

Veris Residential, Inc.

VRE

Financial Services

2d

Exceeded Non-Strategic Asset Sales Target

$542 million closed or under contract

Exceeded the upper end of initial $300 million to $500 million target, now raised to $650 million.

The RMR Group Inc.

RMR

Financial Services

2mo

Strategic Deleveraging and Share Price Gains in Managed REITs

RMR has focused on deleveraging through asset sales and refinancings.
Share prices of DHC and ILPT increased substantially year-to-date.
Share price improvements led to potential incentive fees exceeding $17 million for RMR.
Active asset management and sector fundamentals contributed to strong performance.

Global Medical REIT Inc.

GMRE

Financial Services

2mo

Successful Retention and Re-tenanting of Beaumont Facility

Beaumont, Texas facility fully operational with CHRISTUS Health as of May 2025.
Transition from previous tenant Steward Health Care.
Significance of this success in navigating obstacles and tenant retention.

Community Healthcare Trust Incorporated

CHCT

Financial Services

2mo

Financial Performance Summary

AFFO was $13.6 million or $0.50 per diluted share, also reduced by $0.06 of one-time items.
FFO on a diluted share basis was $0.23, reduced by $0.28 of one-time items related to the geriatric tenant and severance charges.
General and administrative expenses were $10.6 million, but excluding $5.9 million in severance and transition-related charges, G&A was $4.7 million, a $400,000 reduction quarter-over-quarter.
Interest expense increased by $240,000 to $6.6 million due to increased borrowings and an extra day of interest.
Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million, primarily due to lower seasonal expenses such as snow removal and utilities.
The geriatric behavioral hospital tenant remains unable to pay full rent and interest; notes and interest related to this tenant are fully reserved, and rent is recognized on a cash basis.
Total revenue for Q2 2025 was $29.1 million, but excluding a $1.7 million reversal of interest receivable from the geriatric behavioral hospital tenant, core revenue was approximately $30.7 million, representing 2.2% growth quarter-over-quarter compared to Q1 2025.