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Independence Realty Trust, Inc.

IRT

2025 Q2

Financial Services

2mo

Shift in Supply Dynamics and Market Delivery Trends for 2025-2026

Supply growth in the company's markets is tapering off, with a reduction in deliveries to less than 2% in 2026, a 43% decrease from 2024 actual deliveries.
Delivery volumes are being pulled forward from 2026 into 2025, especially in markets like Dallas, Denver, and others, leading to a more compressed timeline for new supply.
This shift is expected to support a stronger leasing environment in 2026, with demand remaining robust despite macroeconomic uncertainties.

Essential Properties Realty Trust, Inc.

EPRT

2025 Q2

Financial Services

3mo

Focus on Middle Market Sale-Leasebacks Amid Volatile Macroeconomic Environment

The company continued to source attractive investment opportunities in a volatile macroeconomic backdrop, emphasizing middle market sale leasebacks with growing operators.
88% of investments ($334 million) were supported by existing relationships, highlighting the importance of recurring tenant relationships.
Management highlighted the resilience of portfolio performance, with healthy tenant credit trends and rent performance, ahead of budgeted credit losses.

First Industrial Realty Trust, Inc.

2025 Q2

Financial Services

3mo

Strategic Impact of Tariff Uncertainty on Development and Leasing Activity

Management highlighted ongoing uncertainty around tariffs, which is dampening decision-making and investment in new growth initiatives.
Despite strong leasing activity and development progress, the company remains cautious due to tariff-related risks affecting timing and demand.

InvenTrust Properties Corp.

IVT

2025 Q2

Financial Services

2mo

Strategic Portfolio Rotation from California to Sunbelt Markets

Completed sale of a 5-property California portfolio for approximately $306 million, with a remaining property in San Pedro, California expected to be sold by year-end.
The sale was a tactical reallocation of capital, not a monetization event, aimed at focusing on high-growth Sunbelt markets.
Successfully closed on 6 properties totaling approximately $230 million, with additional 2 properties under contract for nearly $126 million.
Focus on markets with strong population and job growth, business-friendly environments, and high quality of life, including Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah.
The California portfolio's expected internal growth was less favorable compared to Southeast markets, influencing strategic reallocation.

LTC Properties, Inc.

LTC

2025 Q2

Financial Services

2mo

Strategic Shift to RIDEA Platform for Portfolio Diversification

LTC is transforming from a small cap triple net REIT to a larger, more diversified senior housing-focused REIT through the initiation of a RIDEA platform.
This strategic pivot aims to expand the SHOP portfolio significantly, with investments expected to reach approximately $475 million, representing nearly 20% of the total portfolio.
Management emphasizes the importance of external growth and external pipeline development to accelerate this transformation.

Innovative Industrial Properties, Inc.

IIPR

2025 Q2

Financial Services

2mo

Q2 2025 Revenue Decline

$62.9 million

Total revenues of $62.9 million, a 12% decrease from the first quarter of this year, primarily driven by tenant defaults.

Innovative Industrial Properties, Inc.

IIPR

2025 Q2

Financial Services

2mo

Strategic Investment in Life Science REIT IQHQ

The investment is positioned to be accretive to AFFO and provides a right of first offer on future IQHQ asset sales, creating potential pipeline opportunities.
The timing aligns with a period of high fundraising in the life science sector, which is on track to be the highest since 2021, indicating strong investor confidence.
Funding will be sourced from cash on hand, credit draws, and future financing, with the investment sitting senior in IQHQ's capital stack, ahead of $4 billion in equity raised.

Piedmont Office Realty Trust, Inc.

PDM

2025 Q2

Financial Services

2mo

Record Leasing Activity and Market Rebound in 2025

Q2 leasing totaled 712,000 sq ft, the most since 2018, with over 1 million sq ft year-to-date.
Approximately 2/3 of leasing activity involved new tenants, including full-floor deals.
Leasing momentum has driven lease percentage up 140 basis points YoY to 88.7%, approaching the 89-90% target for year-end.
Out-of-service portfolio (Minneapolis, Orlando) is performing well, with leasing approaching 60%, expected to stabilize by end of 2026.
Rental rates for trophy offices and new construction hit record highs, with asking rents at $92/sq ft, up 27% YoY, driven by limited new supply and high construction costs.

Extra Space Storage Inc.

EXR

2025 Q2

Financial Services

2mo

Gradual Improvement in Customer Rate Growth and Market Fundamentals

Management highlighted positive inflection in new customer rate growth for the first time since March 2022.
Occupancy remained high at 94.6%, with a 50 basis point increase year-over-year in July.
Progress in revenue growth is gradual, with expectations of acceleration in the second half, especially in Q4.
Demand indicators such as rental volume and customer behavior remain positive, despite softer-than-expected revenue growth.

Realty Income Corporation

2025 Q2

Financial Services

2mo

Record $43 Billion Sourcing Volume

$43 billion

This quarter, we sourced $43 billion in volumes, resulting in a selectivity ratio of less than 3%. The $43 billion sourced matches our source volume from all of 2024 and is the highest quarterly volume in the history of Realty Income.

Office Properties Income Trust

OPI

2025 Q2

Financial Services

2mo

Leasing activity and renewal outlook amid office sector challenges

Executed 15 leases totaling 416,000 sq ft in Q2 with 6.4% higher rental rates than prior rates.
Renewals accounted for two-thirds of leasing activity, securing over $7 million in annualized revenue.
1.3 million sq ft of leases expiring through 2026, with 742,000 sq ft ($11.2 million) expected not to renew.
Leasing pipeline of 2 million sq ft, over 60% related to renewal discussions.
Positive net absorption likely from multi-tenant properties with existing infrastructure.

Earnings Feed

Shift in Supply Dynamics and Market Delivery Trends for 2025-2026

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