Earnings Surprises

Our strong second quarter is the culmination of numerous internal initiatives to expand our client outreach and more favorable catalysts for CRE sales and financing.

We are pleased to report strong second quarter results, with FAD per share up 6.3% over the same quarter last year. This reflects our continued accretive investment activity, augmented by active portfolio management. As a result, we were again able to increase our AFFO guidance, moving the midpoint up by two cents to $3.24.

We delivered another quarter of strong operational execution thanks to our caring associates and loyal residents. New lease rent growth accelerated every month through June this year, and demand for high-quality rental homes remains healthy across our markets, particularly as leasing a home now costs an average of over $1,000 less per month than owning, according to data from John Burns. We continue to sell homes at prices well above what is implied by our current stock price, and since December

We had a busy and productive second quarter. We leased more than 920,000 square feet of office space during the second quarter, increasing our portfolio to 92.8% leased - the highest level since the first quarter of 2020.

Our second quarter demonstrated the earnings power of the DiamondRock portfolio. We delivered 7% RevPAR growth and held overall hotel expense growth to just 1.8%, driving exceptional margin expansion and earnings growth.

Our second quarter results demonstrate the strength of PECO's high-quality portfolio and our ability to convert strong operating fundamentals into long-term earnings growth.

We delivered a solid second quarter, positioning us to increase our full year 2026 guide for AFFO.

AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint.

We are pleased with our performance in the second quarter as both revenue and profitability meaningfully exceeded expectations. Our well-located portfolio benefited from robust leisure demand as a result of increased summer travel and special events which added to sustained strength in group and corporate demand. Given our outperformance in the second quarter and stronger near-term trends, we are increasing our outlook for the year.

Our quarterly results significantly exceeded our outlook for the second time this year. Both business and leisure demand continued to grow, our premium portfolio, which attracts a higher-income guest base, supported improved pricing power, and our strategic operating efficiency initiatives converted stronger revenues into higher profitability.

Curbline's second quarter results highlight the strength of the platform that we have constructed with record investment volume of $375 million, over $500 million of capital raised, and an uptick in leasing volume with the vast majority of the Company's SNO pipeline expected to commence rent payment by March 2027. Curbline is again raising its full year investment target and OFFO guidance range given the significant outperformance to date with all cash and capital commitments needed to fund the

Sabra delivered another solid quarter. Our same-store managed portfolio cash NOI growth continued to be healthy. Both our consolidated and unconsolidated managed portfolio came in with strong margin growth as well as increased occupancy.

Market conditions are improving and momentum is building across the portfolio as we move through 2026. Lead volume is up meaningfully, new lease rate growth is nearing breakeven, and same-store results are ahead of plan. This operating momentum will translate into durable earnings growth and value creation for shareholders.

We grew our investment portfolio, protected book value and made further progress on our strategic initiatives during the second quarter. Originations at Lima One grew by 44% to $316 million. We securitized or re-securitized over $800 million of loans. We resolved nearly $200 million of previously delinquent loans, driving our portfolio-wide default rate down to 7.0% from 7.8% at March 31. Although Distributable earnings were weighed down by realized losses incurred on several legacy multifamily

The second quarter of 2026 was emblematic of VICI’s enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (St. Croix, US Virgin Islands) with Club Med, we welcomed our 14th, 15th and 16th tenants, respectively. Each one of these new tenants is an experienced operator

PMT generated net income attributable to common shareholders of $20 million in the second quarter, or $0.23 per diluted share, representing an annualized return on common equity of 6%.

I am pleased to report another solid quarter of gross investment activity at attractive yields as the net lease marketplace remains highly favorable for our opportunity set.

The Forestar team delivered solid third quarter results, including a 4% increase in revenues to $407.0 million and a 12% increase in pre-tax income to $48.7 million.

We delivered excellent financial and operational results this quarter. Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share.

We are very pleased with our record performance during the first half of the year, as we posted the most active investment quarter and first half in Company history. With our portfolio continuing to perform exceptionally well, a fortress balance sheet backed by $1.9 billion of liquidity, and robust activity across all three of our external growth platforms, we are increasing full-year 2026 investment guidance to a range of $1.6 billion to $1.8 billion and raising 2026 AFFO per share guidance to

We are pleased to report another quarter of consistent financial and operating results highlighted by 5% year-over-year growth in AFFO per share, more than $170 million of year-to-date investments in high-quality convenience and automotive retail assets, and an increase to our 2026 earnings guidance.

Our team continued to execute at a high level during the second quarter, delivering strong leasing spreads, record small shop occupancy, and a record signed but not yet commenced rent pipeline.