Real Estate Earnings Report — 2026-09-24 to 2026-11-08

25 most recent Real Estate earnings

1. Nov 6, 2026, 4:25 PM ET·STHO·Real Estate

   Star Holdings — Third Quarter 2026 Earnings Summary

   STAR HOLDINGS

   Reported a net loss of $45.1 million ($3.74 per share), driven primarily by a $53.1 million non-cash mark-to-market adjustment on SAFE shares that reduced EPS by $4.40. Generated cash proceeds from asset monetization, including a $50.2 million sale of municipal debt securities ($4.5 million gain) and a $20.0 million sale of a Coney Island land parcel ($4.7 million profit). Voluntarily reduced the margin loan facility balance from $94.5 million to $46.5 million to lower leverage. Strategic focus remains on active asset management and the sale of commercial real estate and loans to maximize cash flows, with the portfolio centered on Asbury Park Waterfront and Magnolia Green projects.

2. Nov 6, 2026, 7:35 AM ET·SHO·Real Estate

   Sunstone Hotel Investors, Inc. — Third Quarter 2026 Earnings Summary

   SUNSTONE HOTEL INVESTORS INC

   Net income attributable to common stockholders surged to $38.7 million ($0.21 per diluted share) in Q3 2026, reversing a $2.9 million loss in the prior year period, while Adjusted FFO per share rose 17.6% to $0.20. Full-year 2026 guidance was raised across all key metrics, including Net Income ($92–$97 million), Adjusted FFO per share ($1.00–$1.03), and RevPAR growth (9.5%–10.5%), reflecting robust demand and market recovery. The company executed aggressive capital return strategies, repurchasing $117.8 million of stock in Q3 and $196.9 million year-to-date at significant discounts to NAV, with $310.6 million remaining under the authorization. The portfolio delivered 11.4% RevPAR growth and 10.5% Total RevPAR growth, supported by a strong balance sheet with $817.9 million in total liquidity and no debt maturities scheduled until January 2028.

3. Nov 6, 2026, 6:30 AM ET·JBGS·Real Estate

   JBG SMITH — Third Quarter 2026 Earnings Summary

   JBG SMITH PROPERTIES

   Reported a net loss of $82.0 million ($1.41 per diluted share) for Q3 2026, widening from a $28.6 million loss in the prior year period, while Funds from Operations (FFO) and Core FFO rose to $10.4 million ($0.18/share) and $12.7 million ($0.22/share) respectively. Annualized Net Operating Income increased 2.9% quarter-over-quarter to $256.4 million, and Net Debt to Annualized Adjusted EBITDA improved to 11.6x from 12.6x in the prior quarter. Management anticipates the strongest leasing year since 2019 entering Q4, with 99% of office leasing activity driven by defense and technology tenants, though private capital market recovery for office assets may require a longer horizon. Executed capital recycling by selling interests in 800 North Glebe and Dulles View to attract private capital, while repurchasing 1.0 million shares for $11.5 million and declaring a $0.175 quarterly dividend. Successfully recast $690.0 million in revolving credit and $243.9 million in term loans with maturities extended to August 2031, maintaining $78.5 million in cash and $454.2 million in undrawn credit facility capacity.

4. Nov 5, 2026, 9:28 PM ET·MMI·Real Estate

   Marcus & Millichap — Third Quarter 2026 Earnings Summary

   MARCUS & MILLICHAP INC

   Total revenue rose 7.5% year-over-year to $208.4 million in Q3 2026, while net income improved to $1.0 million ($0.03 per share) from $0.2 million in the prior year period; for the nine months, revenue increased 14.0% to $582.8 million and net income turned positive at $1.8 million compared to a $15.2 million loss previously. Management anticipates near-term headwinds through 2026 due to interest rate volatility and wider bid/ask spreads, though 2027 activity is expected to increase driven by maturing loans and price adjustments, with long-term growth targeted via platform improvements and strategic acquisitions. The company returned capital to shareholders by declaring a $0.25 semi-annual dividend and repurchasing $23.9 million of shares during the first nine months of 2026, leaving $90.1 million available under the existing buyback program. Revenue growth was broad-based, with Private Client Market brokerage revenue up 3.6% in Q3 and Middle Market/Larger Transaction revenue surging 18.1%, while total operating expenses rose to $209.3 million and cost of services increased to 64.0% of revenue.

5. Nov 5, 2026, 5:17 PM ET·CHCI·Real Estate

   Comstock Holding Companies, Inc. — Third Quarter 2026 Earnings Summary

   COMSTOCK HOLDING COMPANIES INC

   Q3 2026 revenue rose 34% YoY to $17.9 million and YTD revenue increased 49% to $57.9 million; net income grew 9% YoY to $0.6 million for the quarter and surged 219% YoY to $11.4 million YTD, while Adjusted EBITDA jumped 112% YoY to $2.3 million for the quarter and 121% YoY to $11.8 million YTD. Management confirmed the company is on track to deliver record 2026 results, marking the eighth consecutive quarter of double-digit revenue growth, supported by a debt-free balance sheet with $22.7 million in cash and total assets reaching $94.6 million. Strategic expansion includes the commencement of development for the first large-scale data center campus with 7,000 acres of surface rights secured, alongside the acquisition of The Ascher in Charlotte and development approval for a Rockville, MD multifamily project. Operational milestones include 12 new ParkX contracts in Q3, commercial and residential portfolios stabilizing at 92% and 91% leased respectively, and scheduled openings for the Ebbitt House expansion in November 2026 and the JW Marriott Reston Station conference center in Q4 2026.

6. Nov 5, 2026, 4:50 PM ET·BRT·Real Estate

   BRT Apartments Corp. — Third Quarter 2026 Earnings Summary

   BRT APARTMENTS CORP

   Reported net loss of $3.9 million ($0.23/share) for Q3 2026, widening from $2.7 million ($0.14/share) in Q3 2025; FFO and AFFO per share declined to $0.26 and $0.31 respectively, down from $0.28 and $0.36 in the prior year period. Consolidated revenues rose 1.2% to $24.7 million, while combined portfolio NOI decreased 1.3% to $15.1 million; debt-to-enterprise value increased to 76% from 70% in 2025. Completed acquisition of Riverbend Apartments (192 units) via a 70% interest JV for $32.7 million and extended stock repurchase program through December 31, 2028, having repurchased 276,014 shares in Q3 at $14.34 average price. Announced anticipated closing of Ranch Lake Apartments acquisition (336 units) in Q1 2027 for approximately $80 million and identified 160 units available for renovation under the Value-Add Program over the next 24 months. Declared a $0.25 per share dividend for Q3 2026; portfolio occupancy remained stable at 94.4% with weighted average monthly rent increasing to $1,429.

7. Nov 5, 2026, 4:40 PM ET·CBL·Real Estate

   CBL Properties — Third Quarter 2026 Earnings Summary

   CBL & ASSOCIATES PROPERTIES INC

   Financial Results: Adjusted FFO per share rose 23% year-over-year to $1.90 for the quarter and 12% to $5.52 for the nine months, while same-center NOI increased 3.8% and 2.6% respectively; however, net income per share declined to $0.37 from $2.38 in the prior-year quarter. Guidance & Outlook: The company raised full-year 2026 adjusted FFO guidance to $7.34–$7.44 per share and same-center NOI growth guidance to 0.75%–2.25%, citing strong leasing spreads and occupancy gains despite removing Volusia Mall from the same-center pool. Capital Allocation & Strategy: The Board authorized a $25.0 million stock repurchase program and a $0.625 quarterly dividend ($2.50 annualized); the company also closed nearly $1.0 billion in financings year-to-date and holds a firm contract to sell Eastland Mall for $11.3 million. Balance Sheet & Liquidity: Total unrestricted cash and marketable securities stood at $366.7 million with no major debt maturities until 2028, though six non-recourse loans totaling $266.7 million and three specific malls are currently in receivership or under discussion for sale/foreclosure.

8. Nov 5, 2026, 4:19 PM ET·BFS·Real Estate

   Saul Centers, Inc. — Third Quarter 2026 Earnings Summary

   SAUL CENTERS INC

   Total revenue increased 8.9% year-over-year to $78.4 million for the quarter and 8.8% to $233.5 million for the nine months, driven by higher commercial and residential base rents across same-property portfolios. Net income available to common stockholders declined 13.2% to $0.27 per share for the quarter and 16.1% to $0.78 per share for the nine months, primarily due to a $3.7 million quarter and $12.5 million nine-month adverse impact from initial Hampden House operations. Funds from operations (FFO) per share remained flat at $0.72 for the quarter and decreased slightly to $2.12 for the nine months; exclusive of Hampden House, FFO increased $2.7 million for the quarter and $8.3 million for the nine months. Same property net operating income grew 5.0% to $52.3 million in the quarter and 7.0% to $156.4 million for the nine months, with Mixed-Use NOI rising 6.1% and 15.2% respectively, driven by the Twinbrook Quarter Phase I lease-up. Balance sheet leverage shifted with mortgage notes payable increasing to $1,099.9 million and construction loans rising to $271.9 million, while the revolving credit facility decreased to $112.6 million; Hampden House occupancy reached 73.0% for residential units and 100% for retail as of November 2, 2026.

9. Nov 5, 2026, 4:17 PM ET·AHR·Real Estate

   American Healthcare REIT — Third Quarter 2026 Earnings Summary

   AMERICAN HEALTHCARE REIT INC

   GAAP net income declined to $31.2 million ($0.14/share) from $55.9 million ($0.33/share) in the prior year, while Normalized FFO rose to $0.58/share from $0.44/share, driven by a 13.8% increase in total portfolio Same-Store NOI and revenue growth to $742.1 million. Management raised full-year 2026 guidance across all key metrics, including NFFO per share ($2.23–$2.26), Net Income per share ($0.59–$0.62), and Same-Store NOI growth (12.0%–14.0%), citing strong execution in the SHOP (+28.2%) and ISHC (+15.7%) segments. The company executed significant capital raising, issuing 36.8 million shares for $1.88 billion in gross proceeds during the quarter and maintaining $2.35 billion in total liquidity, while Net Debt-to-Adjusted EBITDA improved to 1.9x. Strategic activity included $1.69 billion in new SHOP acquisitions and $2.07 billion in total new investments year-to-date, supported by a $1.0+ billion investment pipeline expected to close by Q1 2027.

10. Nov 5, 2026, 4:16 PM ET·OPEN·Real Estate

    Opendoor — Third Quarter 2026 Earnings Summary

    OPENDOOR TECHNOLOGIES INC

    Revenue rose 12% year-over-year to $1,022 million, but GAAP gross margin contracted to 3.7% ($38 million) from 7.2% in Q3 2025, while net loss widened to $218 million from $90 million. Inventory value surged to $2,568 million and total liabilities increased to $3,148 million, driven by significant growth in asset-backed debt and convertible senior notes, though homes purchased jumped 316% year-over-year to 4,865. Management reaffirmed a goal of positive Adjusted Net Income by year-end 2026 but noted current progress is behind schedule due to a slower market; Q4 2026 Adjusted EBITDA is guided to a loss of $70–$85 million. Capital allocation included $650 million in net proceeds from convertible senior notes and $1,766 million from asset-backed debt over the nine months, alongside $161 million in common stock repurchases. Operational efficiency improved with marketing and operations expenses per acquired home down 57% and 36% respectively over the trailing 12 months, while signed acquisition market share grew to 0.56% from 0.13%.

11. Nov 5, 2026, 4:15 PM ET·APLE·Real Estate

    Apple Hospitality REIT — Third Quarter 2026 Earnings Summary

    APPLE HOSPITALITY REIT INC

    Net income rose 18.9% year-over-year to $60.473 million for the quarter, with MFFO per share increasing 16.3% to $0.50; comparable hotels Adjusted Hotel EBITDA grew 14.7% to $145.857 million, driven by a 210 basis point expansion in margins to 37.1%. Management raised full-year 2026 guidance across key metrics, increasing the net income midpoint by $19 million to $184.5 million, Adjusted EBITDAre midpoint by $23 million to $487.5 million, and RevPAR guidance by 235 basis points to a 5.1%–6.1% range. Strategic capital allocation includes signing forward-purchase contracts for an Anchorage property ($65.5 million) and a dual-branded Las Vegas asset ($143.7 million), while four hotels (387 rooms) are classified as held for sale with expected closure in Q4 2026. Balance sheet strength was reinforced through credit facility amendments increasing capacity to ~$1.3 billion and a subsequent $49.6 million mortgage repayment, leaving no significant debt maturities until 2029 and $700 million available under the revolving facility. Preliminary October 2026 data indicates comparable hotels RevPAR growth of approximately 10%, supporting management's outlook for sustained demand momentum and muted new supply in 2027.

12. Nov 5, 2026, 4:09 PM ET·CTRE·Real Estate

    CareTrust REIT — Third Quarter 2026 Earnings Summary

    CARETRUST REIT INC

    Reported Q3 2026 net income of $83.7 million ($0.35/share) consistent with prior year; Normalized FFO and FAD both rose 20% year-over-year to $0.54 and $0.53 per share, respectively, while total revenues increased to $176.4 million from $132.4 million. Raised 2026 guidance midpoints to $1.50–$1.51 for net income, $2.08–$2.09 for Normalized FFO, and $2.04–$2.05 for Normalized FAD, assuming 2.5% rent escalators and full repayment of $147 million in loans. Closed $739.5 million in Q3 investments at an 8.3% yield and acquired 45 U.K. care homes from LNT Care Developments for £1.1 billion, with 23 homes purchased in October and the remainder rolling through 2027. Strengthened balance sheet with a new $700 million term loan and expanded $2.0 billion revolver, maintaining net debt at 1.4x EBITDA (well below the 4.0x–5.0x target) and securing $1.6 billion in available credit capacity.

13. Nov 5, 2026, 4:09 PM ET·OUT·Real Estate

    OUTFRONT Media — Third Quarter 2026 Earnings Summary

    OUTFRONT MEDIA INC

    Consolidated revenues reached $511.1 million, a 9.3% year-over-year increase, while net income rose 26.3% to $64.8 million and diluted EPS increased to $0.36 from $0.29. Adjusted OIBDA grew 5.9% to $145.3 million for the quarter, driven by strong performance in the Transit segment (up 84.1% to $28.9 million) and the Billboard segment (up 5.9% to $373.7 million). Management expects 2026 to be a double-digit revenue growth year fueled by the re-emergence of In-Real-Life (IRL) marketing and the 2026 FIFA World Cup, though the company does not expect to recoup current or future MTA equipment deployment costs. The Board declared a quarterly cash dividend of $0.33 per share, and liquidity remains robust with $74.1 million in unrestricted cash and $544.9 million available under credit facilities.

14. Nov 5, 2026, 4:08 PM ET·SIMPRO·Real Estate

    Simon Property Group — Third Quarter 2026 Earnings Summary

    SIMON PROPERTY GROUP INC

    Net income attributable to common stockholders declined 17.7% year-over-year to $499.0 million ($1.54/share) for the quarter, while Real Estate FFO rose 4.7% to $1.277 billion ($3.37/share) and consolidated revenue increased 13.3% to $1.815 billion. Full-year 2026 Real Estate FFO per share guidance was raised to $13.30–$13.40, whereas net income per share guidance was lowered to $6.32–$6.42. Operational momentum accelerated with domestic property NOI up 6.6% and reported retailer sales per square foot surging 14.8% to $852 over the trailing 12 months. Capital allocation included a 4.5% increase in the quarterly common stock dividend to $2.30, $236.5 million in common stock repurchases, and the completion of $800 million in senior notes and $970 million in secured loans.

15. Nov 5, 2026, 4:07 PM ET·HHH·Real Estate

    Howard Hughes Holdings Inc. — Third Quarter 2026 Earnings Summary

    HOWARD HUGHES HOLDINGS INC

    Revenue surged to $636.3 million from $390.2 million year-over-year, driven by $315.8 million in net earned insurance premiums from the newly integrated Vantage segment, though the company reported a $1.1 million net loss compared to $119.5 million in net income the prior year. The company announced a strategic pivot to an asset-light real estate model, monetizing select assets through sales and joint ventures, while total operating assets NOI rose 8% to $73.0 million. Balance sheet expansion was significant, with total assets growing to $16.3 billion and cash equivalents increasing to $2.9 billion as of September 30, 2026, alongside the consolidation of the Floreo joint venture which contributed a $19.4 million loss. Management highlighted the completion of the Vantage transition and investment portfolio shift to equities and treasuries, while noting risks regarding the successful execution of the asset-light strategy and the ability to monetize real estate at anticipated values.

16. Nov 5, 2026, 4:07 PM ET·COMP·Real Estate

    Compass, Inc. — Third Quarter 2026 Earnings Summary

    COMPASS INC

    Q3 2026 revenue reached $3.90 billion (up 111% YoY), GAAP net income turned positive at $62 million (vs. $4 million loss in Q3 2025), and Adjusted EBITDA rose to $306 million, exceeding guidance; Free Cash Flow was $240 million. Full-year 2026 Non-GAAP OPEX guidance was lowered to $2.71–$2.73 billion, while Q4 2026 revenue and Adjusted EBITDA guidance were set at $3.15–$3.35 billion and $100–$130 million, respectively. Management plans to redeem $500 million of 9.75% Notes in Q2 2027 and will retain earnings rather than pay dividends; the "Home" platform rollout to the franchise network begins Q1 2027. The company completed the Anywhere acquisition, with pro forma metrics showing Organic Brokerage GTV growth of 7.5% and Organic Franchise GTV growth of 2.3%, outperforming the U.S. residential market in both GTV and transactions.

17. Nov 5, 2026, 3:59 PM ET·AGNT·Real Estate

    AGNT, Inc. — Q3 2026 Earnings Summary

    AGNT INC

    Revenue rose 6% year-over-year to $1.4 billion, while net loss widened to $(4.3) million compared to $3.5 million net income in the prior-year period; operating expenses increased 7% to $87.9 million and Adjusted EBITDA declined 3% to $17.1 million. The company reported a debt-free balance sheet with $111.4 million in cash and distributed $8.4 million in cash dividends during the quarter, alongside a declared $0.05 per share dividend for Q4 2026. Full-Year 2026 revenue guidance is set between $4.85 billion and $5.05 billion, with Q4 2026 Adjusted EBITDA projected to range from $(7) million to $0 million. International revenue grew 27% year-over-year as the fastest-growing segment, while platform agent count increased 5% to 87,457 and real estate sales volume rose 10% to $59.3 billion.

18. Nov 5, 2026, 9:11 AM ET·CLDT·Real Estate

    Chatham Lodging Trust — Third Quarter 2026 Earnings Summary

    CHATHAM LODGING TRUST

    Net income applicable to common shareholders more than doubled to $5 million from $2 million in Q3 2025, while Adjusted EBITDA rose 21% to $32 million and RevPAR surged over 8% to $161. Full-year 2026 guidance remains intact, projecting RevPAR growth of 4.0%–4.5%, Adjusted EBITDA of $104.2 million–$105.3 million, and Adjusted FFO of $1.38–$1.40 per diluted share. The recently acquired six-hotel portfolio delivered 10% RevPAR growth and 41% Adjusted Hotel EBITDA margins, while the company reduced credit facility borrowings by $25 million since March. Dividends were increased to $0.10 per common share, and the company continues its share repurchase program with 2.5 million shares bought to date for $18 million. Construction has commenced on the $45 million Home2 Portland, Maine development expected to open in Q2 2028, with $17 million in renovations scheduled for Q4 2026.

19. Nov 5, 2026, 7:35 AM ET·AFCG·Real Estate

    Advanced Flower Capital Inc. — Third Quarter 2026 Earnings Summary

    ADVANCED FLOWER CAPITAL INC

    GAAP net investment income remained flat at $3.5 million per quarter, while net increase in net assets from operations rose to $6.4 million ($0.28 per share) from $5.4 million in the prior quarter, driven by a net unrealized gain increase to $2.9 million. Net asset value per share increased to $8.55 from $8.25, supported by a reduction in the debt-to-equity ratio to 1.03x and total debt outstanding declining to $197.0 million from $207.0 million. The company repurchased 285,656 shares for approximately $1.0 million during the quarter, contributing $0.06 per share in NAV accretion, with the program authorized to continue until May 4, 2027, or $5.0 million repurchased. The investment portfolio remains fully concentrated in senior secured first lien debt across 18 investments, with gross fundings of $4.6 million offset by $8.1 million in repayments and amortization.

20. Nov 5, 2026, 6:52 AM ET·LAMR·Real Estate

    Lamar Advertising Company — Third Quarter 2026 Earnings Summary

    LAMAR ADVERTISING CO

    Third quarter 2026 net revenues rose 6.6% year-over-year to $624.5 million, while net income increased 14.5% to $165.0 million and diluted AFFO per share grew 9.5% to $2.41. Management raised full-year 2026 guidance, setting diluted AFFO per share at $8.87–$8.97 and diluted earnings per share at $6.01–$6.04, citing accelerated sales growth from national customers, digital platforms, and political spend. Free cash flow for the quarter reached $220.1 million, up $30.9 million from the prior year, with capital expenditures of $45.0 million heavily weighted toward digital billboard deployment ($22.9 million). Total debt increased to $3.50 billion as of September 30, 2026, while liquidity stood at $721.1 million; the company also extended its Accounts Receivable Securitization Program maturity to October 1, 2029.

21. Nov 5, 2026, 6:47 AM ET·IRM·Real Estate

    Iron Mountain — Third Quarter 2026 Earnings Summary

    IRON MOUNTAIN INC

    Q3 2026 total revenue reached $2.0 billion (up 13.5% YoY), while net income surged 49% to $129 million and Adjusted EBITDA rose 13.3% to $748 million. Full-year 2026 guidance was raised across all key metrics: revenue to $7.95–$8.02 billion, Adjusted EBITDA to $2.95–$2.98 billion, and AFFO per share to $5.94–$6.00. Growth businesses expanded over 30% YoY, with data center leasing activity reaching 137 megawatts year-to-date and accelerating cross-selling in Asset Lifecycle Management. The Board declared a Q4 2026 dividend of $0.993 per share, a 15% increase from the prior quarter, payable on January 6, 2027.

22. Nov 5, 2026, 6:35 AM ET·COLD·Real Estate

    Americold Realty Trust, Inc. — Third Quarter 2026 Earnings Summary

    AMERICOLD REALTY TRUST

    Total revenues rose 4.2% to $691.6 million, while Adjusted FFO per share remained consistent at $0.35; Net income of $2.38 per share included a $714.1 million one-time gain from the EQT JV asset contribution. Full-year guidance was raised across all key metrics, including Adjusted FFO per share ($1.31–$1.33), Core EBITDA ($585M–$610M), and Total NOI ($800M–$830M), reflecting improved same-store revenue and NOI trends. The August 31, 2026, closing of the EQT JV reduced net debt by $1.15 billion to approximately $3.3 billion, lowering the net debt to pro forma Core EBITDA ratio to 6.2x and retaining a 30% equity interest. Global Warehouse segment same-store revenues and NOI increased 5.7% and 6.0% respectively, with services margins expanding to 15.9%, while the company maintains $950.4 million in total liquidity.

23. Nov 4, 2026, 5:21 PM ET·RLJ·Real Estate

    RLJ Lodging Trust — Third Quarter 2026 Earnings Summary

    RLJ LODGING TRUST

    Financial Performance: Total revenue rose 7.4% YoY to $354.5 million, while net income swung to a $4.6 million profit from a $3.8 million loss in the prior year; comparable hotel EBITDA grew 17.5% YoY to $93.9 million with margins expanding 190 basis points to 26.5%, and Adjusted FFO per share increased 25.9% YoY to $0.34. Guidance and Outlook: The Company raised its full-year 2026 outlook based on Q3 outperformance and strong October results, now guiding comparable RevPAR growth to +5.75% to +6.25%, Adjusted EBITDA to $352–$358 million, and Adjusted FFO per share to $1.47–$1.51. Strategic Transactions and Capital Return: In October 2026, the Company sold seven Chicago Midway assets for $110.0 million (13.8x EBITDA) while providing $20.0 million in seller financing, and declared quarterly cash dividends of $0.15 per common share and $0.4875 per Series A Preferred share. Operational Drivers and Liquidity: Comparable RevPAR surged 9.7% driven by 6.4% ADR growth and a 230 basis point occupancy increase in urban markets, supported by a portfolio of 91 comparable hotels and over $1.0 billion in total liquidity.

24. Nov 4, 2026, 5:14 PM ET·NHP·Real Estate

    National Healthcare Properties — Q3 2026 Earnings Summary

    NATIONAL HEALTHCARE PROPERTIES INC

    Reported Q3 2026 net income of $0.24 per share; however, Nareit FFO and Normalized FFO declined 43.5% and 29.6% year-over-year to $0.13 and $0.19 per share, respectively, despite revenue rising to $103.1 million and Same Store Cash NOI growing 8.4%. Raised full-year 2026 guidance for SHOP Same Store Cash NOI (midpoint 16.5%–18.5%), acquisitions ($425M–$645M), and dispositions ($1.1B), while confirming plans to fully exit the OMF segment in Q4 2026. Net leverage improved significantly to 5.5x from 8.8x following the sale of 30 OMFs for $198 million, redemption of preferred stock, and refinancing of credit facilities to $1.2 billion. Acquired 22 SHOP communities for $300 million during the quarter and maintains a $388 million acquisition pipeline, advancing the strategic transition to a SHOP-only portfolio.

25. Nov 4, 2026, 5:03 PM ET·FRPH·Real Estate

    FRP Holdings, Inc. — Fiscal 2026 Third Quarter Earnings Summary

    FRP HOLDINGS INC

    Q3 2026 net loss was $165,000 ($0.01/share) versus net income of $662,000 ($0.03/share) in Q3 2025; year-to-date net loss was $1.111 million ($0.06/share) compared to $2.95 million income in 2025, while total revenues rose 1.7% to $11.0 million. Pro rata NOI declined 5% year-over-year to $9.034 million in Q3 and $27.266 million year-to-date, driven by a 10% increase in mining royalty revenue partially offset by a 3% drop in lease revenue and higher G&A expenses. Strategic expansion via the Altman acquisition (closed Oct 2025) added capabilities and projects, with three merchant build projects totaling 510,307 sq ft in early lease-up stages and new warehouses expected to be substantially complete by Q4 2026. Balance sheet adjustments include notes payable increasing to $231.666 million and cash balances declining to $73.180 million as of September 30, 2026, while management targets $12 million in annual recurring pro rata NOI from four stabilized assets. Operational headwinds persist in Washington, DC multifamily assets and the Maryland industrial portfolio due to higher concessions and operating expenses, though industrial leasing activity reached 126,682 square feet in Q3, the highest since Q2 2021.