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Real Estate Earnings Report — 2026-07-16 to 2026-08-30

Report generated: 2026-08-30 17:06:08 EDT

Overview

Companies reported: 156 (2026-07-16 - 2026-08-30). The Real Estate sector delivered a broadly positive earnings picture driven by a recovery in transaction volumes, strategic asset monetization, and selective M&A activity. Services firms and resilient property sectors, including hospitality and industrial, led performance with double-digit revenue and earnings growth, while healthcare REITs maintained defensive strength. Conversely, mortgage REITs and general office properties faced headwinds from elevated credit loss provisions and occupancy challenges, creating a divergent landscape across sub-sectors.

Leaderboard

Top 5 by Revenue Growth (YoY)

# Company Ticker Revenue Growth YoY Revenue
1 Howard Hughes Holdings Inc. HHH 330.2% $1,122.3 million
2 Uniti Group Inc. UNIT 202.4% $909.7 million
3 Comstock Holding Companies Inc. CHCI 74.0% $22.6 million
4 Iron Mountain Inc. IRM 18.5% $2.029 billion
5 Marcus & Millichap Inc. MMI 17.8% $202.9 million

Revenue growth for Howard Hughes Holdings Inc. (HHH) includes the contribution of Vantage Insurance following its $2.1 billion acquisition in June 2026.

Top 5 by Net Income Growth (YoY)

# Company Ticker Net Income Growth YoY Net Income
1 Costar Group Inc CSGP 817% $55 million
2 Comstock Holding Companies Inc CHCI 512% $8.8 million
3 Outfront Media Inc OUT 297% $77.5 million
4 DigitalBridge Group Inc DBRG 1,151% $212.7 million
5 Starwood Property Trust Inc STWD n/a $0.01 per share

DigitalBridge Group Inc (DBRG) growth rate derived from GAAP net income of $212.7 million in Q2 2026 versus $17.0 million in Q2 2025. Starwood Property Trust Inc (STWD) reported GAAP net income of $0.01 per share for the quarter; prior year period value not disclosed in summary.

Themes

  • A significant portion of the sector is prioritizing balance sheet fortification and deleveraging, with companies like Ashford Hospitality Trust (AHT), Medical Properties Trust (MPT), and Kimco Realty Corp (KIM) executing asset sales and debt refinancings to reduce leverage ratios and extend maturities.
  • M&A activity and strategic consolidation are accelerating, evidenced by the pending merger of TPG Mortgage Investment Trust (MITT) and Cherry Hill Mortgage Investment Corp (CHMI), the acquisition of LXP Industrial Trust (LXP) by Brookfield and CPPIB, and DigitalBridge (DBRG) being acquired by SoftBank.
  • Operational performance in the hotel and retail sectors remains resilient, with Ryman Hospitality Properties (RHP), Host Hotels & Resorts (HST), and Kimco Realty (KIM) raising full-year guidance driven by strong RevPAR growth, robust leasing spreads, and improved consumer demand.
  • Commercial real estate services firms are benefiting from a rebound in transaction volumes, with Jones Lang LaSalle (JLL), CBRE Group (CBRE), and Marcus & Millichap (MMI) reporting double-digit revenue growth and record earnings driven by increased leasing and investment sales activity.
  • Healthcare REITs continue to demonstrate defensive strength and growth, with Ventas (VTR), Welltower (WELL), and National Health Investors (NHI) raising investment guidance and reporting significant NOI growth, supported by favorable demographics and stable occupancy.
  • Industrial and self-storage REITs are navigating mixed same-store trends, with Public Storage (PSA) and Extra Space Storage (EXR) raising guidance despite some same-store NOI declines, while Lineage (LINE) and Americold Realty Trust (COLD) face specific operational headwinds including facility impairments and weather-related disruptions.
  • Mortgage REITs are actively managing credit risk and portfolio composition, with firms like Ready Capital (RC), Granite Point Mortgage Trust (GPMT), and Arbor Realty Trust (ABR) recording credit loss provisions and realizing losses while rotating capital toward higher-yielding or more stable assets.
  • Office sector results remain divergent, with government-focused REITs like Easterly Government Properties (DEA) and COPT Defense Properties (CDP) outperforming due to stable leases, while general office REITs such as JBG SMITH (JBGS) and Alexandria Real Estate (ARE) face NOI declines and occupancy challenges.
  • Several companies are utilizing share repurchase programs and capital recycling to enhance shareholder value, with Cushman & Wakefield (CWK), Iron Mountain (IRM), and Invitation Homes (INVH) executing significant buybacks and debt paydowns to optimize their capital structures.
  • Strategic pivots toward alternative asset classes and growth sectors are evident, including Lamar Advertising (LAMR) and American Tower (AMT) expanding into digital infrastructure, and Howard Hughes Holdings (HHH) establishing a second operating platform through insurance acquisitions.

Market Outlook & Trends

  • Revenue growth is being driven by transaction volume recovery and strategic asset monetization, with REITs like CBL (CBL) and Kimco (KIM) raising full-year guidance based on robust leasing activity and same-center NOI expansion, while services firms such as CBRE (CBRE) and Jones Lang LaSalle (JLL) cite double-digit revenue growth in leasing advisory and capital markets.
  • Demand dynamics vary by sector, with hotel operators including Ryman Hospitality (RHP), Host Hotels (HST), and RLJ Lodging (RLJ) reporting strong RevPAR growth and raising guidance due to broad-based demand acceleration in business and leisure travel, whereas office REITs like Alexandria (ARE) and Douglas Emmett (DEI) face headwinds with same-property NOI declines and reduced occupancy guidance.
  • Capital recycling and asset sales are a primary liquidity driver, with companies such as Ashford Hospitality (AHT), National Health Investors (NHI), and Ventas (VTR) executing significant dispositions to reduce debt and fund accretive acquisitions, while REITs like LXP (LXP) and DigitalBridge (DBRG) are pursuing strategic mergers or acquisitions to enhance scale.
  • Pricing power remains evident in retail and industrial sectors, where CBL (CBL) and Regency Centers (REG) reported strong cash rent spreads and occupancy improvements, and industrial REITs like Public Storage (PSA) and Extra Space Storage (EXR) leveraged non-same-store growth and expense control to raise FFO guidance.
  • Credit conditions and funding costs are influencing balance sheet strategies, with mortgage REITs like Ellington Credit (EARN) and Ready Capital (RC) rotating portfolios toward higher-yielding assets and managing liquidity to meet debt maturities, while others like Granite Point (GPMT) and Claros Mortgage (CMTG) face elevated credit loss provisions and deleveraging requirements.
  • Operational efficiency and cost management are central to near-term outlooks, as companies including reAlpha Tech (AIRE) and La Rosa Holdings (LRHC) reduced operating expenses through workforce restructuring and divestitures to narrow losses, while digital infrastructure firms like Blackstone Digital Infrastructure (BXDC) and Iron Mountain (IRM) highlight strong growth in data center and digital segments.
  • Strategic M&A activity is accelerating, with definitive agreements announced for the acquisition of RE/MAX (RMAX) by The Real Brokerage, the merger of Cherry Hill Mortgage (CHMI) into TPG Mortgage (MITT), and the pending acquisition of DigitalBridge (DBRG) by SoftBank, signaling consolidation in fragmented service and mortgage sectors.
  • Dividend sustainability and capital returns are being recalibrated, with some firms like Franklin Street (FSP) suspending dividends to preserve cash, while others such as Kimco (KIM), Regency (REG), and American Tower (AMT) increased payouts or initiated buyback programs to support shareholder value amidst mixed earnings performance.
  • Risks identified by management include persistent interest rate volatility, government spending uncertainty for office REITs like Easterly (DEA), litigation exposure for JBG SMITH (JBGS) and CBL (CBL), and development timeline risks for RenX (RENX) and Smith Douglas Homes (SDHC), alongside specific regional headwinds affecting hospitality and office portfolios.

Key Numbers

  • Cushman & Wakefield (CWK) reported total revenue growth of 11% year-over-year to $2.8 billion, driven by an 8% rise in services and a 27% surge in leasing, while Adjusted EBITDA and adjusted net income rose 14% and 20% respectively.
  • Iron Mountain (IRM) saw Q2 2026 revenue rise 18.5% year-over-year to $2.029 billion, with net income turning positive at $106.1 million versus a $43.3 million loss in the prior year period, and Adjusted EBITDA increasing 15.7% to $727.0 million.
  • La Rosa Holdings Corp (LRHC) posted a 18.1% year-over-year revenue decline to $28.6 million in the first half of 2026, though gross profit rose 9.9% to $3.7 million and gross margin expanded 329 basis points to 13.0%.
  • Comstock Holding Companies (CHCI) recorded a 74% year-over-year revenue surge to $22.6 million in Q2 2026, with net income jumping 512% to $8.8 million, largely driven by a $4.3 million gain on equity investments.
  • Ryman Hospitality Properties (RHP) achieved record consolidated revenue of $749.0 million, up 13.6% year-over-year, while net income rose 34.5% to $102.1 million and Adjusted EBITDAre increased 21.9% to $258.3 million.
  • Outfront Media (OUT) reported consolidated revenues of $522.5 million, a 13.5% year-over-year increase, with net income surging 297% to $77.5 million and diluted EPS rising to $0.44 from $0.10.
  • Starwood Property Trust (STWD) reached a record $31.8 billion in total assets, with commercial lending assets at $17.3 billion, while Distributable Earnings came in at $0.40 per diluted share for the quarter.
  • American Tower Corp (AMT) posted total revenue growth of 4.7% year-over-year to $2.749 billion, with net income attributable to common stockholders surging 136.5% to $868 million, primarily due to foreign currency gains.
  • CoStar Group (CSGP) reported revenue of $925 million, up 18% year-over-year, with Adjusted EBITDA hitting $184 million, a 116% year-over-year increase, and Net Income surging 817% to $55 million.
  • CBRE Group (CBRE) grew revenue 15.5% year-over-year to $11.2 billion, while core adjusted net income and core EPS rose 27.1% and 30.0% respectively to $459 million and $1.56.

Outliers

  • Comstock Holding Companies (CHCI) reported the strongest results with a 512% surge in net income to $8.8 million driven by a $4.3 million gain on equity investments and robust portfolio growth.
  • Ryman Hospitality Properties (RHP) delivered record consolidated revenue of $749.0 million and raised full-year guidance citing strong hospitality performance and entertainment segment growth.
  • Outfront Media (OUT) posted a 297% year-over-year surge in net income to $77.5 million, driven by the 2026 FIFA World Cup and significant revenue growth in transit and billboard segments.
  • Franklin Street Properties (FSP) reported the weakest results with a widened GAAP net loss of $16.6 million, a 1.1% revenue decline, and a suspension of quarterly dividends to preserve cash.
  • Claros Mortgage Trust (CMTG) recorded a significant GAAP net loss of $255.4 million driven by a $208.8 million CECL reserve provision and distressed asset reclassifications.
  • Ready Capital (RC) posted a widened GAAP net loss of $99.7 million due to a $21.6 million provision for loan losses and $41.2 million in realized losses on investment sales.
  • Granite Point Mortgage Trust (GPMT) reported a widened GAAP net loss of $62.0 million driven by a $47.0 million provision for credit losses and a decline in net interest income.

25 most recent Real Estate earnings

  1. LRHCReal Estate

    La Rosa Holdings Corp. — First Half 2026 Earnings Summary

    LA ROSA HOLDINGS CORP

    Total revenue declined 18.1% to $28.6 million year-over-year, driven by the divestiture of a non-core 51% interest in LR Kissimmee, while gross profit rose 9.9% to $3.7 million and gross margin expanded 329 basis points to 13.0%. Operating loss narrowed 41.6% to $4.2 million and net loss improved 9.4% to $15.6 million, supported by a 25.0% reduction in total operating expenses and significant decreases in sales and marketing and stock-based compensation costs. Management is actively evaluating strategic opportunities including transformational transactions, tuck-in acquisitions, and further divestitures of underperforming assets to strengthen the operating platform. Balance sheet activity includes the addition of $10.3 million in restricted digital assets and a significant increase in total liabilities to $28.8 million, primarily due to growth in notes payable. Commercial real estate brokerage revenue surged 95.4% and title settlement revenue grew 10.9% in the first half, while the company continues to expand its footprint into Europe with an initial launch in Spain.

  2. GIPRReal Estate

    Generation Income Properties — Q2 2026 Earnings Summary

    GENERATION INCOME PROPERTIES INC

    Net loss attributable to common shareholders narrowed 76% year-over-year to $1.08 million in Q2 2026 (vs. $4.42 million in Q2 2025), while revenue declined to $2.11 million due to intentional property sales; stockholders' equity exceeded $5 million following $5.3 million in preferred unit conversions and a $4.6 million public offering. Management aims to retire the remaining $7.96 million Loci preferred equity obligation by August 30, 2026, through asset sales and refinancing, while prioritizing the resolution of Nasdaq bid-price compliance issues and evaluating UPREIT capital alternatives. The company regained compliance with Nasdaq's stockholders' equity requirement effective August 10, 2026, but faces potential delisting risk regarding bid-price standards as it is ineligible for a second 180-day compliance period. A going-concern disclosure remains in place due to recurring losses and near-term liquidity needs, specifically debt maturities expected in the fall, though all remaining properties are 100% leased and recent dispositions generated significant gains.

  3. AIREReal Estate

    reAlpha Tech Corp. — Second Quarter 2026 Earnings Summary

    REALPHA TECH CORP

    Total revenue decreased 11% year-over-year to $1.1 million, while net loss narrowed to $3.0 million from $4.8 million and adjusted EBITDA improved to $(2.3) million from $(3.5) million; total transaction volume rose 70% to $150.4 million over the trailing twelve months. Operating expenses declined 23% year-over-year following a Q2 2026 restructuring plan that reduced the global workforce by approximately 25%, with management expecting $2 million in annualized savings from return-driven initiatives. Cash and cash equivalents increased 280% to $2.2 million, and the company regained compliance with Nasdaq's minimum bid price requirement in May 2026. Management anticipates closing the InstaMortgage acquisition by August 2026 to expand mortgage capabilities to 38 states and D.C., aiming to convert rising transaction volumes into stronger financial performance.

  4. MLPReal Estate

    Maui Land & Pineapple Company — First Half 2026 Earnings Summary

    MAUI LAND & PINEAPPLE CO INC

    Net loss narrowed to $3.7 million from $9.6 million year-over-year, driven by a $3.2 million revenue decline in land development due to the Honokeana Homes pause, though recurring commercial real estate and land leasing revenue remained stable at $6.6 million. Management expects meaningful land sales in the coming years, with $20.0 million in contracted sales and two $10.0 million Kapalua parcels currently in escrow, while prioritizing capital recycling from non-core assets. Strategic investments include an $0.8 million addition to the agave venture (totaling $2.5 million) and the appointment of a new Chief Investment Officer, alongside a shift to restricted stock grants to reduce compensation expenses. Liquidity and leverage positions shifted with cash reserves declining to $3.3 million from $5.3 million and long-term debt rising to $8.6 million from $4.0 million, while progress continues on a potential water asset sale to the County of Maui.

  5. CMCTReal Estate

    Creative Media & Community Trust Corporation — Second Quarter 2026 Earnings Summary

    CREATIVE MEDIA & COMMUNITY TRUST CORP

    Net loss narrowed to $(11.0) million ($4.03 per diluted share) from $(14.3) million in Q2 2025, driven by a reduction in loss from unconsolidated entities to $(3.2) million from $(0.4) million; FFO improved to $(1.28) per share from $(981.63) per share. Segment NOI excluding unconsolidated entities rose 22.2% to $12.5 million, supported by a 22.2% increase in multifamily NOI to $638,000 and hotel NOI growth to $4.6 million, while same-store office NOI declined to $4.0 million. Management is evaluating the sale of real estate assets and is in discussions with a lender to refinance the Sheraton Hotel with an upsized loan and reduced interest rate; the Company elected not to invest capital to refinance the maturing Oakland Office Building mortgage. Strategic progress includes the full retirement of the recourse credit facility, the sale of the lending business, and the redemption of approximately $397.7 million of Preferred Stock for Common Stock since September 2024. Total assets decreased to $782.9 million and debt net decreased to $498.8 million as of June 30, 2026, while the Company continues to focus on premier multifamily assets with 95.3% occupancy and 12% upside potential on in-place Bay Area rents.

  6. LFTReal Estate

    Lument Finance Trust — Second Quarter 2026 Earnings Summary

    LUMENT FINANCE TRUST INC

    Reported GAAP net loss of $9.2 million ($0.18 per share) and distributable loss of $5.3 million ($0.10 per share) for the second quarter, driven by $8.6 million in credit loss provisions and realized losses on loans and real estate. Board unanimously approved a 1-for-10 reverse stock split to regain NYSE compliance, reducing outstanding shares from ~52.5 million to ~5.3 million, effective September 9, 2026. Fractional shares will be converted to cash in lieu, with split-adjusted trading commencing September 10, 2026, under ticker "LFT" and new CUSIP 55025L306. No specific guidance changes, capital return announcements, or M&A activity were disclosed; the company remains a REIT focused on transitional floating-rate commercial real estate debt.

  7. CHCIReal Estate

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

    COMSTOCK HOLDING COMPANIES INC

    Q2 2026 revenue surged 74% year-over-year to $22.6 million, while net income jumped 512% to $8.8 million, driven largely by a $4.3 million gain on equity investments in Jericho Energy Ventures. The company executed significant strategic expansions, including the acquisition of the Woodland Pointe office complex, a new management contract for Dulles Town Center, and a joint venture for an Oklahoma data center with secured power supply LOIs. Portfolio growth remains robust with the managed portfolio assets increasing to 108, a 92% commercial lease rate, and the completion of the final phase of The Row at Reston Station, which included a record $10.9 million residential sale. Management maintains a confident outlook for long-term value delivery, citing momentum in the asset-light, debt-free model, with key projects including the JW Marriott Reston Station expansion and Ebbitt House restaurant scheduled for late 2026.

  8. RENXReal Estate

    RenX Enterprises Corp. — Second Quarter 2026 Earnings Summary

    RENX ENTERPRISES CORP

    Consolidated revenue reached a record $4.26 million in Q2 2026, up 7.5% quarter-over-quarter, while the net loss narrowed to $8.0 million from $9.3 million in Q1 2026, though Q2 results included $3.8 million in non-cash items including a $2.215 million one-time loss on debt exchange. The Logistics segment achieved its second consecutive quarter of positive operating income ($258 thousand) and net income, with Adjusted EBITDA growing 45% sequentially to $523 thousand, while the Compost Sales segment revenue rose 10.6% to $1.05 million with gross margins exceeding 60%. Management expects the Microtec UTM 1200 Turbo Mill to arrive in the U.S. in Q3 2026 with commissioning targeted for the second half of the year, positioning the mill as the primary driver for higher-margin engineered substrate production through 2027 and beyond. Strategic capital improvements include the monetization of legacy real estate assets, a completed debt recapitalization eliminating derivative liabilities, and the launch of a new land clearing division in July 2026 to provide low-cost feedstock and service fees. Cash reserves increased significantly to $2.16 million at June 30, 2026, from $54 thousand at year-end 2025, and stockholders' equity rose to $7.0 million, though risks remain regarding mill deployment timelines, liquidity, and Nasdaq listing status.

  9. AFCGReal Estate

    Advanced Flower Capital Inc. — Second Quarter 2026 Earnings Summary

    ADVANCED FLOWER CAPITAL INC

    GAAP net investment income declined to $3.5 million ($0.15/share) from $4.8 million ($0.21/share) in the prior quarter, while net asset value per share rose to $8.25 from $7.90. The investment portfolio fair value increased to $289.8 million from $279.2 million, driven by $17.2 million in gross fundings across 17 portfolio companies. The Board authorized a share repurchase program up to $5.0 million through May 4, 2027; 839,406 shares were previously repurchased at a weighted average price of $3.29. Total debt outstanding rose to $207.0 million, resulting in a debt-to-equity ratio of 1.10x, with total available liquidity exceeding $70 million.

  10. FRMIReal Estate

    Fermi Inc. — Second Quarter 2026 Earnings Summary

    FERMI INC

    Reported a net loss of $25.8 million ($0.04/share) for Q2 2026, widening from $6.3 million ($0.02/share) in the prior year period, driven by a $21.2 million increase in general and administrative expenses. Cash reserves declined to $91.7 million as of June 30, 2026, from $408.5 million at year-end 2025, while outstanding debt rose to $520.1 million; the company remains pre-revenue. Secured a 15-year, $6.5 billion turnkey lease with anchor customer TensorWave for 222 MW and established a strategic alliance with Hillcore for 2.6 GW of incremental generation. Projected to deliver 200 MW of initial commercial power within six months, with a target of 1.5 GW over the next 18–24 months, subject to binding agreements and regulatory approvals. Issued $431 million of 5.00% Convertible Senior Notes due 2031 subsequent to the quarter end, with a capped call structure protecting against dilution up to a $14.64 effective strike price.

  11. EARNReal Estate

    Ellington Credit Company — First Fiscal Quarter Ended June 30, 2026 Earnings Summary

    ELLINGTON CREDIT CO

    GAAP net income recovered to $12.3 million ($0.33/share) from a $32.3 million loss in the prior quarter, driven by an $11.29 million reversal of unrealized losses; Net Investment Income (NII) rose 19.6% to $6.1 million ($0.16/share), while Adjusted NII declined to $5.7 million ($0.15/share). Management expects NII growth as excess liquidity is deployed, leverage is selectively increased, and the portfolio rotates toward higher-yielding investments, citing improved market dynamics and credit fundamentals. The company raised $2.6 million via a common share offering at a 5% premium to NAV and reported a quarterly economic return of 8% (non-annualized) following active portfolio repositioning. Total assets reached $382.5 million with a NAV per share of $4.18; the CLO portfolio yield stands at 11.9% (GAAP) and 16.6% (projected), with management rotating mezzanine debt into higher-coupon positions and extending CLO equity tenors.

  12. AHTReal Estate

    Ashford Hospitality Trust — Second Quarter 2026 Earnings Summary

    ASHFORD HOSPITALITY TRUST INC

    Net income attributable to common stockholders turned positive at $120.7 million ($1.62 per diluted share) versus a $39.9 million loss in the prior-year quarter, while Adjusted EBITDAre reached $69.4 million and Comparable Hotel EBITDA rose 9.6% year-over-year to $79.9 million. The company executed nine hotel sales during the quarter for $385.3 million in gross proceeds and two subsequent sales for $79.1 million, reducing total debt by $599.5 million (23.3%) to $2.0 billion and generating a $150.0 million gain on disposition. Management expects strategic asset sales to continue to bridge the gap between market value and underlying asset value, though capital returns to preferred holders remain suspended pending debt retirement and are constrained by rising interest rates. Operational efficiency improved with Comparable RevPAR up 6.6% and a 158 basis point expansion in Comparable Hotel EBITDA margin to 32.5%, while the company refinanced the Highland mortgage loan with a $525.0 million facility to address 2026 maturities.

  13. GBRReal Estate

    New Concept Energy — Second Quarter 2026 Earnings Summary

    NEW CONCEPT ENERGY INC

    Q2 2026 net loss from continuing operations widened to $66,000 from $18,000 in the prior year period, driven by a $44,000 increase in corporate general and administrative expenses. Total revenue grew modestly to $41,000 in Q2 2026 from $40,000 in Q2 2025, with six-month revenue reaching $80,000 compared to $78,000 previously. Balance sheet liquidity tightened as cash and cash equivalents declined to $304,000 from $383,000 at year-end, while total current liabilities rose to $116,000 from $69,000. The company reported no forward guidance, dividend announcements, buybacks, M&A activity, or management commentary regarding future outlook.

  14. NYCReal Estate

    American Strategic Investment Co. — Second Quarter 2026 Earnings Summary

    AMERICAN STRATEGIC INVESTMENT CO

    Revenue decreased to $7.3 million from $12.2 million in Q2 2025 due to the prior-year disposition of 1140 Avenue of the Americas; net loss narrowed significantly to $8.3 million ($3.04/share) from $41.7 million ($16.39/share) in the prior year period. Adjusted EBITDA improved to $2.4 million from $0.4 million in Q2 2025, while EBITDA turned positive at $0.6 million compared to a $30.3 million loss in the prior year. Management is prioritizing remaining asset dispositions and capital allocation to create shareholder value, with the 1140 Avenue of the Americas property currently in a consensual foreclosure process. The company regained compliance with NYSE minimum market capitalization and stockholders' equity requirements as of July 22, 2026, following a notification of compliance status. Strategic capital preservation included external advisors receiving shares in lieu of over $4 million in advisory fees in April and June 2026; net debt stands at $248.6 million with a 59.6% net debt to gross asset value ratio.

  15. REFIReal Estate

    Chicago Atlantic Real Estate Finance — Second Quarter 2026 Earnings Summary

    CHICAGO ATLANTIC REAL ESTATE FINANCE INC

    Net income declined to $7.47 million ($0.34/share) from $8.88 million ($0.41/share) in Q2 2025, driven by lower net interest income of $12.83 million versus $14.42 million, though distributable earnings remained at $0.44 per share. The pending merger with Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) is expected to close in Q4 2026, with former REFI stockholders projected to own approximately 50.5% of the surviving entity based on March 31, 2026 NAVs. Gross originations reached $59.2 million for the quarter, while the portfolio shrank to 26 companies from 30 in Q2 2025, and the debt-to-equity ratio increased to 46.6% from 38.8%. Management confirmed a full-year 2026 dividend payout ratio of 90% to 100% of distributable earnings, with potential special dividends in Q4 2026 if taxable income requires additional distribution. Strategic capital activity included a July 9, 2026 agreement to issue shares for $62.5 million in second lien promissory notes from Koach Capital, and the company maintains $15.7 million available on its secured revolving credit facility.

  16. ARIReal Estate

    Apollo Commercial Real Estate Finance, Inc. — Second Quarter 2026 Earnings Summary

    APOLLO COMMERCIAL REAL ESTATE FINANCE INC

    Net income available to common stockholders was $0.11 per diluted share for the quarter ended June 30, 2026, while Distributable Earnings per diluted share was ($2.62), excluding a prior adjustment of $0.15 per share. The company recorded net realized losses on investments and debt extinguishment during the six months ended June 30, 2026, driven by the sale of its commercial real estate loan portfolio to Athene Holding Ltd. and the discounted repayment of a commercial mortgage loan. As a REIT, the company intends to pay dividends equal to its net taxable income to satisfy the annual requirement of distributing at least 90% of REIT taxable income. The company remains externally managed by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which reported approximately $1.05 trillion in assets under management as of June 30, 2026.

  17. BRTReal Estate

    BRT Apartments Corp. — Second Quarter 2026 Earnings Summary

    BRT APARTMENTS CORP

    Net loss widened to $3.2 million ($0.19/share) from $2.6 million ($0.14/share) in Q2 2025, while FFO and AFFO remained flat at $0.29 and $0.36 per share respectively; portfolio NOI rose 0.7% to $15.2 million and revenues increased 1.1% to $24.47 million. The company announced two strategic acquisitions: a $80 million purchase of Ranch Lake Apartments in Florida for Q1 2027 and a $33 million joint venture acquisition in Houston, TX, expected in August 2026 with 70% ownership. Capital return activity included the repurchase of 202,828 shares in Q2 2026 at $14.28 average price, with the Board replenishing the program to $10.0 million and extending it through December 2028. Management maintained the quarterly dividend at $0.25 per share, refinanced a $27.8 million mortgage to $47.9 million at 5.38%, and reported portfolio occupancy of 94.4% with weighted average rent of $1,423. Total debt stands at $649.8 million with a 71% debt-to-enterprise value ratio, while the portfolio faces concentration risks in the Southeastern U.S. and Texas.

  18. NHIReal Estate

    National Health Investors, Inc. — Second Quarter 2026 Earnings Summary

    NATIONAL HEALTH INVESTORS INC

    Net income per diluted share rose 45.6% to $1.15 for the quarter and 28.7% to $1.97 for the six months, driven by $22.0 million and $24.6 million in real estate disposition gains respectively, while NAREIT FFO per share remained flat at $1.19 for the quarter but grew 3.4% to $2.42 for the six months. The Company reaffirmed 2026 full-year guidance for Net Income ($703.0–$705.2 million) and NAREIT FFO ($232.3–$234.9 million), incorporating assumptions for $180 million in new investments and $665 million in disposition proceeds, alongside a 1% to 3% projected growth in same-store SHOP NOI. Strategic activity included the July 1, 2026, sale of the NHC leased portfolio for $560.0 million (expected $541.6 million gain), acquisitions of seven properties in Colorado and two in Georgia totaling $124.4 million, and a dividend increase to $0.94 per share. Balance sheet leverage was reduced to a net debt-to-adjusted EBITDA ratio of 4.1x following the repayment of a $125.0 million term loan and the NHC sale, with management citing strengthened liquidity and a pipeline of $127.3 million in signed LOIs.

  19. MPTReal Estate

    Medical Properties Trust, Inc. — Second Quarter 2026 Earnings Summary

    MEDICAL PROPERTIES TRUST INC

    Reported a narrowed net loss of $3 million ($0.01/share) for Q2 2026 versus $98 million ($0.16/share) in the prior year period, while Normalized Funds From Operations (NFFO) rose to $92 million ($0.15/share) from $81 million ($0.14/share). Announced a $2.4 billion private offering of secured notes to repay existing debt, capturing an approximate $123 million discount, alongside expected cash proceeds of $172 million from asset sales and $135 million from the Infracore SA IPO. Executed strategic lease consolidation with Scion, Lifepoint, and Lifepoint Behavioral to enhance diversification, including an exchange of three Scion properties for one Lifepoint property generating a $7 million gain. Total assets decreased to $14.75 billion as of June 30, 2026, from $15.00 billion at year-end 2025, while debt remained flat at $9.70 billion; management reaffirmed commitment to balance sheet fortification and opportunistic growth.

  20. MITTReal Estate

    TPG Mortgage Investment Trust, Inc. — Second Quarter 2026 Earnings Summary

    TPG MORTGAGE INVESTMENT TRUST INC

    Reported second quarter 2026 Net Income of $9.092 million ($0.29 per diluted share) and Earnings Available for Distribution (EAD) of $7.736 million ($0.24 per diluted share), with Book Value per share reaching $10.00. Announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation (CHMI) via merger, expected to enhance scale, expand the equity capital base, and drive cost synergies. Declared a fully covered common dividend of $0.24 per share and maintained preferred stock dividends, while holding $111.6 million in total liquidity against a $7.7 billion investment portfolio. Management highlighted a disciplined leverage profile and consistent capital rotation into high-returning residential credit strategies despite a challenging interest rate environment.

  21. CHMIReal Estate

    Cherry Hill Mortgage Investment Corporation — Second Quarter 2026 Earnings Summary

    CHERRY HILL MORTGAGE INVESTMENT CORP

    GAAP net income turned positive at $1.3 million ($0.04/share) versus a $1.9 million loss in Q1 2026; Earnings Available for Distribution (EAD) rose to $5.5 million ($0.15/share) from $5.3 million, while net interest income increased to $4.7 million. The Board unanimously approved a definitive merger agreement to be acquired by TPG Mortgage Investment Trust, Inc. (MITT) for an implied value of $117.5 million, offering 0.3063 MITT shares plus $0.93 cash per share, representing a 29% premium to the August 7 closing price. The merger is expected to close in Q4 2026 subject to approvals; consequently, the company will not host its scheduled earnings webcast or conference call. A regular common dividend of $0.10 per share was declared for Q2 2026, resulting in an annualized yield of 16.6% based on the August 7 closing price, with preferred dividends also paid. Portfolio leverage stood at 5.02x with $52.1 million in unrestricted cash; the MSR portfolio carried $15.2 billion in unpaid principal balance, while the RMBS portfolio held a $1.1 billion book value.

  22. JBGSReal Estate

    JBG SMITH — Second Quarter 2026 Earnings Summary

    JBG SMITH PROPERTIES

    Reported a net loss of $59.2 million ($1.03/share) for Q2 2026, widening from $19.2 million ($0.29/share) in the prior year, while Funds From Operations (FFO) rose to $12.5 million ($0.21/share) from $10.0 million ($0.15/share). Core FFO declined to $10.4 million ($0.18/share) from $12.7 million ($0.19/share) year-over-year; Annualized NOI increased 1.3% quarter-over-quarter to $249.2 million, though Same Store NOI fell 4.0% year-over-year to $54.8 million. Net Debt to Annualized Adjusted EBITDA stands at 12.4x with $74.8 million in cash and $526.2 million of undrawn credit facility capacity; the company plans to fund growth via asset sales and joint ventures while prioritizing capital allocation discipline. Management anticipates leverage moderation as new multifamily assets stabilize and office leasing demand in National Landing strengthens, supported by a pipeline of over 300,000 square feet and strong defense/tech sector activity. A court entered judgment against the company for approximately $356.1 million regarding the Wardman Tower litigation; the company intends to appeal vigorously and does not currently recognize a loss as probable, though the outcome remains uncertain.

  23. STHOReal Estate

    Star Holdings — Q2 2026 Earnings Summary

    STAR HOLDINGS

    Reported Q2 2026 net income of $41.4 million and EPS of $3.43, driven by a $29.3 million non-cash mark-to-market gain on SAFE shares and $14.4 million in deferred non-cash income from asset surrender. Portfolio strategy centers on active management and monetization of interests in the Asbury Park Waterfront and Magnolia Green projects, alongside commercial real estate assets and SAFE Inc. shares. No revenue, cash flow, debt, or year-over-year growth figures were disclosed in the press release; no specific guidance changes, M&A activity, or capital-return announcements were reported.

  24. SELFReal Estate

    Global Self Storage — Second Quarter 2026 Earnings Summary

    GLOBAL SELF STORAGE INC

    Q2 2026 net income rose 24.9% to $830,000 ($0.07/share) on 0.6% revenue growth to $3.2 million, while FFO and AFFO declined to $0.09/share from $0.10/share due to an 8.1% increase in same-store operating costs. Management expects employment costs to normalize and plans to fund acquisitions, joint ventures, and expansion projects in select markets with limited supply growth using $24.9 million in total capital resources. Operational highlights include maintaining 94.7% same-store occupancy, achieving a record 3.6-year average tenant duration, and launching a new AI-based virtual agent call center to support revenue management. The company maintained its quarterly dividend at $0.0725 per share (annualized $0.29) and reported a 3.8 percentage point occupancy increase to 94.3% at its Lima, Ohio property following a conversion of student housing space.

  25. CBLReal Estate

    CBL Properties — Second Quarter 2026 Earnings Summary

    CBL & ASSOCIATES PROPERTIES INC

    Net income attributable to common shareholders surged to $45.4 million ($1.47 per share) for Q2 2026 from $2.6 million ($0.08 per share) in the prior year period, while FFO per diluted share rose to $1.93 from $1.48; total revenues reached $146.5 million for the quarter, up from $140.9 million year-over-year. Full-year 2026 guidance was raised, with adjusted FFO per share increased to a range of $7.15–$7.25 and same-center NOI guidance lifted to $389.2–$395.0 million, reflecting a 1.5% increase in same-center NOI for the quarter. The portfolio occupancy rate improved to 90.4% as of June 30, 2026, driven by robust leasing activity of nearly 1.3 million square feet in Q2, though four loans totaling approximately $189.6 million remain in resolution processes involving sale, foreclosure, or conveyance. Strategic capital activities included the $634 million legacy term loan refinancing in March, the sale of Hammock Landing for $26.0 million in net proceeds, and a Q3 2026 dividend declaration of $0.625 per share ($2.50 annualized).