Equity Real Estate Investment Trusts (REITs)

Healthpeak Properties raised its full-year 2026 guidance for the second time this year, now expecting diluted earnings per share of $0.48 to $0.52, up from $0.46 to $0.50, and diluted FFO as Adjusted of $1.73 to $1.77, two cents higher at the midpoint than its prior outlook. The healthcare real estate owner signed 1.6 million square feet of new and renewal leases in the quarter, lifting outpatient medical occupancy 20 basis points to 90.7% and lab occupancy 80 basis points to 78.5%. Growth was led by Janus Living, the senior housing operator Healthpeak controls with a 73.6% stake, where revenue jumped 45% year over year to $216 million and Adjusted EBITDA rose 34% to $79 million, with same-store margins expanding 250 basis points. Healthpeak funded buybacks and debt paydown largely by selling stakes in existing buildings, including July's recapitalization that sold a 49% stake in an 86-property outpatient medical portfolio to Brookfield for roughly $1.025 billion at a 5.9% cap rate, part of $1.4 billion of proceeds generated in the quarter and through August 3. Lab same-store net operating income fell 3.2%, the only one of Healthpeak's three core businesses to shrink, holding total company-wide same-store NOI growth to 1.8%.

Vivmark Residential's ERP operating limited partnership has increased the maximum size of its U.S. dollar-denominated commercial paper program to $2.5B from $1.5B, the company said Thursday. The notes are sold under customary terms in the U.S. commercial paper note market and rank pari passu with all the operating partnership's other unsecured senior indebtedness. The notes will not be registered under the Securities Act of 1933 or state securities laws.

The St. Joe Company announced plans to expand its joint venture with Minto Communities USA and add approximately 3,500 homes to the Latitude Margaritaville Watersound residential community in Panama City Beach, Florida. Sales at the community rose 27% year to date in 2026 compared with the same period in 2025, reaching 2,635 of the initial 3,700 planned homes. The second phase will bring the community to approximately 7,200 planned homes and includes updated financial terms reflecting the increase in value of the region and the community. St. Joe and Minto formed the joint venture in June 2019 and opened the sales center in May 2021, selling the community's 1,000th home 19 months later and its 2,000th at the end of 2024, with buyers now representing all 50 states. The community sits in the Bay-Walton Sector Plan, a master plan entitled for more than 170,000 residential units, and St. Joe is also developing the adjacent Watersound West Bay Center, planned for a minimum of approximately 500,000 square feet of commercial space, along with plans for a public marina on the Intracoastal Waterway.

Baron Capital's Baron Real Estate Income Fund acquired a new position in Alexandria Real Estate Equities, Inc. in the second quarter of 2026, according to the fund's Q2 2026 investor letter. The life science REIT accounted for 4.0% of the Fund's assets as of quarter end, with the fund citing signs that life science real estate fundamentals are beginning to stabilize after several years of weak demand, excess supply deliveries, and a rising cost of capital. The Fund gained 12.18% on Institutional Shares in the quarter, modestly outperforming the MSCI US REIT Index, which rose 11.84%, and Morningstar ranks it the #2 real estate fund since its December 2017 inception. Alexandria closed at $53.52 per share on September 16, 2026, with a one-month return of 5.70% and a 52-week loss of 36.01%, a market capitalization of $9.33 billion, and a 52-week trading range between $39.41 and $88.24. Baron said it expects Alexandria's growth to inflect positively over the next couple of years while the company sells select properties and accretively recycles capital into share repurchases.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

COPT Defense Properties told investors on September 9 that it has already leased 408,000 square feet of vacant space this year, surpassing the 400,000 square feet it originally set out to fill with an entire quarter still remaining. The company executed 177,000 square feet of vacancy leasing in the third quarter alone, bringing the year-to-date total to 102% of its initial 400,000 square foot goal and 86% of its revised, higher target of 475,000 square feet. In August, COPT Defense signed a 75,000 square foot investment lease at 8500 Advanced Gateway in Huntsville, Alabama, part of its Redstone Gateway campus, bringing that 155,000 square foot building to 89% leased with just 17,000 square feet left to fill. Year to date, investment leasing across the portfolio has reached 490,000 square feet, and the 2.4 million square foot Redstone Gateway operating portfolio is already fully leased, prompting the company to break ground this quarter on two new projects there, RG 6300 and RG 2200, totaling 234,000 square feet and $88 million in capital. The update came just ahead of appearances at the Evercore Real Estate Conference on September 10-11 and the BofA Global Real Estate Conference on September 15, and follows the July 27 second-quarter report in which funds from operations per share rose 4.4% year over year to $0.71, two cents above guidance, with management raising its full-year FFO per share midpoint to $2.78.

Wereldhave N.V., through its 70%-owned Wereldhave Belgium, has agreed to sell the retail park De Mael in Bruges, Belgium, to a consortium of private investors. Gross proceeds from the transaction amount to € 49.2 million, excluding transfer tax, reflecting a premium to the asset's latest book value. The divestment of this non-core asset is in line with Wereldhave's strategy to reduce leverage while focusing its portfolio on Full Service Centers, and the proceeds will reduce the net loan-to-value ratio by approximately 110bps compared with 30 June 2026. CEO Matthijs Storm said the company has sold De Mael at a 5.6% net initial yield, while its recent acquisitions in Belgium and Luxembourg were made at net initial yields of 8%+, calling the capital rotation accretive. Transfer of the asset is scheduled for Q2 2027, and Wereldhave was advised on the transaction by Avenue Real Estate. De Mael comprises approximately 20,000 m² GLA and was acquired by Wereldhave in 2018.

One Liberty Properties has declared a quarterly dividend on its common stock of $0.45 per share, marking the company's 135th consecutive quarterly dividend. The dividend is payable on October 6, 2026 to stockholders of record at the close of business on September 24, 2026. The industrial focused real estate investment trust, organized in Maryland in 1982, said it has increased or maintained its dividend for over 33 consecutive years. One Liberty owns and operates a geographically diversified portfolio consisting primarily of industrial properties across the United States.

Welltower posted its 15th consecutive quarter of net operating income growth above 20% while Ventas doubled its investment target to $4.5 billion, as two million people turn 80 in 2026 against record-low new senior housing starts. Ventas raised full-year 2026 guidance to Normalized FFO per share of $3.85 to $3.90, an 8% to 10% increase, and lifted its investment target to $4.5B from $3B, focused on senior housing, after SHOP same-store cash NOI grew 16.3% year over year. Welltower, the largest of the three at a roughly $169.7 billion market cap, grew SHO same-store NOI 20.5% with occupancy at 89.4%, raised 2026 guidance to $6.36 to $6.44 per diluted share, and declared a quarterly dividend of 85 cents, a 15% increase and its 221st consecutive quarterly dividend. Omega Healthcare, a triple-net skilled nursing landlord with an emerging RIDEA segment, raised full-year 2026 AFFO guidance to $3.22 to $3.26 per diluted share and lifted its quarterly dividend by a penny to 68 cents, though tenant Genesis Healthcare has been in Chapter 11 since July 2025 with $148.5 million in loans outstanding. Ventas and Welltower capture net operating income directly through RIDEA-structured senior housing operating portfolios, while Omega takes tenant credit and reimbursement risk instead of operating risk.

Innovative Industrial Properties declared a quarterly dividend of $1.90 per share, in line with its previous payout. The dividend carries a forward yield of 13.53%. The company also declared a quarterly dividend of $0.5625 per share on its 9.00% Series A preferred stock. Both dividends are payable Oct. 15 to shareholders of record as of Sept. 30, with an ex-dividend date of Sept. 30.

Alexander's Inc. reported second-quarter net income of $155.4 million, more than 25 times its year-earlier profit, but the gain was driven almost entirely by the $148.0 million sale of the Rego Park I property. That single-asset gain, equal to $28.81 per diluted share, accounts for the overwhelming majority of both the quarterly net income and the $160.0 million in six-month net income. Funds from operations, the metric REIT investors track, rose to $15.5 million, or $3.02 per diluted share, from $14.8 million, or $2.88 per share, a year earlier, while revenue climbed to $54.7 million from $51.6 million. The six-month picture was weaker: FFO fell to $28.9 million, or $5.63 per diluted share, from $35.6 million, or $6.93 per share, even as revenue edged up to $108.1 million from $106.5 million. Hedge funds holding the stock rose to 14 from 12 quarter over quarter, while short interest stood at 13.73% of the float.

Ventas, Inc. has declared a quarterly dividend of $0.52 per common share. The Chicago-based real estate investment trust said its Board of Directors approved the payout, which will be paid in cash on October 15, 2026, to stockholders of record as of the close of business on September 30, 2026. Ventas is an S&P 500 company with approximately 1,450 properties in North America and the United Kingdom, including more than 900 senior housing communities, along with outpatient medical buildings, research centers and healthcare facilities.

Iron Mountain expects its combined growth portfolio to expand by more than 20% over the long term, CFO Barry Hytinen said at Goldman Sachs' 2026 Communacopia + Technology Conference, citing data centers, asset lifecycle management and digital solutions that can be cross-sold to its 245,000 business customers. The data center business is expected to generate a little more than $1 billion in revenue this year, and Iron Mountain has already signed contracts for facilities that would add roughly 40% to that business once built and energized. The company leased 110 megawatts year to date through July, exceeding its initial 100-megawatt target by a meaningful amount, and has 325 megawatts scheduled to energize over the next 18 to 24 months, all of which remained unleased at the time of the discussion, primarily in Tier 1 markets including Virginia, Europe and India. The ALM business is projected to reach approximately $1 billion in revenue this year, up from about $30 million in 2021, against a total addressable market Hytinen estimated at $35 billion, while digital solutions now generate more than $600 million in annual revenue, up from less than $200 million five or six years ago, and grew 20% in the most recent quarter. Data centers generate EBITDA margins in the low-50% range, and Hytinen said cash available for discretionary uses should increase by hundreds of millions of dollars annually over the next several years, supporting continued dividend growth under a payout target in the low-60% range of adjusted funds from operations.

Prologis has acquired 69 acres in Minooka, Illinois, for a logistics development totaling just over 1M SF, according to Bisnow. The project, called Minooka Exchange, is expected to break ground in the coming weeks and will feature a single-story, cross-dock building with a 40-foot clear height, 290 car parking spaces and a 185-foot truck court. The site sits next to Canadian National Railway's Chicago Logistics Hub, which is under construction, and Prologis investment officer Josh Bauer said the project will provide modern logistics capacity in a market the company describes as supply constrained. The Minooka project follows Prologis's purchase of 26.2 acres in Glendale Heights in central DuPage County, where it plans two Class A logistics facilities totaling 454K SF, and adds to a Chicago-area portfolio of 341 properties totaling more than 79M SF. The development comes as NAI Hiffman reported 16.9M SF of active big-box construction in the Chicago area in Q2, an 80% year-over-year increase.

Chiron Real Estate Inc. reported second quarter 2026 net income attributable to common stockholders of $63.3 million, or $4.78 per diluted share, reversing a $0.8 million loss a year earlier, even as funds from operations slipped to $0.88 per share from $0.98 and core FFO fell to $1.04 from $1.14. The healthcare landlord closed its first-ever senior housing operating acquisitions in June, paying $249 million for The Landing and The Riviera, two newly built luxury communities in Alexandria, Virginia's Potomac Yard submarket, with management expecting a double-digit unlevered return. The Landing was 93% occupied at quarter-end and 96% by July 31, while The Riviera, which opened in March, was just 23% occupied at quarter-end and 26% by July 31, and management does not expect either community to hit a stabilized yield on cost above 7% until the second half of 2028. Leverage fell to 39.9% of total gross assets from 44.7% three months earlier after Chiron sold seven inpatient rehabilitation facilities for $217 million at a 7.3% exit cap rate, and the company has no debt maturities in 2026 or 2027, with 78% of its $633.1 million in debt fixed-rate. White Rock Medical Center, a tenant at Chiron's Dallas, Texas facility, filed a modified reorganization plan on July 17 and intends to affirm its lease, though Chiron says no assurance holds, and the company raised $100 million through 6.00% Series C convertible preferred stock while $350 million of matured interest rate swaps that had capped borrowing costs at 1.36% rolled into new swaps fixing that rate at 3.29%.

Equinix has expanded its partnership with Nvidia and launched the Equinix Inference Exchange, giving enterprise customers a flexible way to run AI models using Nvidia's Enterprise Reference Architectures and Together AI's open-source inference platform through Equinix's global data centers and connectivity. The colocation data center company, which dates back to the 1998 dot-com era, operates more than 280 data centers across 77 metros with over 10,500 interconnected customers, and its facilities are optimized for Nvidia's B300 Blackwell Ultra GPUs, with some liquid-cooled sites supporting newer Vera Rubin chips. Equinix shares are up over 33% this year, lifting its market capitalization to $100 billion as the most valuable data center REIT, ahead of Digital Realty's $68 billion. In the second quarter, revenue grew 16% to $2.625 billion, AFFO per share rose 19% to $11.78, adjusted EBITDA margin reached a record 53%, and management delivered its largest guidance increase in company history. The company nearly doubled its capital expenditure guidance to $5 billion to $7 billion annually from $3 billion to $4 billion, and it expects the new Nvidia and Together AI offering to launch commercially in the first quarter of 2027.

Innovative Industrial Properties closed the most recent trading day at $56.25, up 1.17% and outpacing the S&P 500's 0.86% gain, while the Dow added 0.98% and the Nasdaq rose 0.96%. Ahead of its upcoming earnings disclosure, the company's earnings per share are projected at $1.84, a 7.6% increase from the same quarter last year, on quarterly revenue of $66.07 million, up 2.15% year over year. For the full year, the Zacks Consensus Estimates project earnings of $7.42 per share and revenue of $264.72 million, changes of +2.49% and -0.47% respectively from the preceding year. Over the past month the Zacks Consensus EPS estimate has moved 1.47% lower, and the stock carries a Zacks Rank of #3 (Hold) with a Forward P/E ratio of 7.5, a discount to its industry's average Forward P/E of 12.57. The REIT and Equity Trust - Other industry, part of the Finance sector, currently carries a Zacks Industry Rank of 85, placing it within the top 35% of over 250 industries.

Hudson Pacific Properties announced Friday that it and its joint venture partner have extended the $1.1 billion CMBS loan secured by the Hollywood Media Portfolio. The extension pushes the loan's maturity to November 9, 2027, with the stated interest rate unchanged and no principal paydown required at closing. As part of the deal, the joint venture will reallocate partnership funds to a $20 million leasing reserve at closing, with excess cash flow from the portfolio swept into the reserve to fund ongoing capital needs over the loan term. Hudson Pacific also entered into a derivative to swap SOFR at 3.50% through maturity, and reported interest expense will include fees and costs tied to the extension and derivative. CFO Harout Diramerian said the extension underscores the company's ability to deliver a positive outcome for shareholders and gives it additional time and flexibility to advance its leasing strategy across the portfolio while managing its broader debt maturity schedule.

Regency Centers Corporation and EVgo Inc. are expanding their partnership to add more than 400 EVgo charging stalls at Regency locations across the United States, a build-out expected to expand Regency's EV charging infrastructure footprint by more than 20%. The relationship dates to 2020, when EVgo installed its first charger at a Regency center, and EVgo now operates more than 150 stalls across Regency locations. The new stalls are expected to be located at metropolitan-area retail centers in Colorado, Florida, Illinois, New Jersey, New York, Pennsylvania, Texas, Virginia and other states, with each new EVgo site potentially featuring up to 24 high-power chargers capable of delivering a full charge within 15 minutes depending on the vehicle. Regency's 2025 corporate-responsibility highlights show EV charging stations already installed at 33% of properties, while second-quarter 2026 Same Property net operating income rose 3.8%, leased occupancy reached 96.9% and the company maintained about $1.5 billion of revolver capacity.

Hexagon Energy and Weyerhaeuser Co. said on September 10 they have closed an agreement to develop geothermal projects on Weyerhaeuser timberlands in Washington and Oregon, a deal that could provide an estimated 3 GW of geothermal power generation capacity in the Pacific Northwest. Under the agreement, Hexagon Energy has leased geothermal rights on about 145,000 acres across the two states, part of Weyerhaeuser's holdings as one of the largest private owners of timberland in North America. Kendall Fountain, vice president of Energy and Natural Resources for Weyerhaeuser, said the company's ownership presents a unique platform to evaluate geothermal potential in the region while supporting growth of its Climate Solutions business. Matthew Hantzmon, CEO of Hexagon Energy, said the partnership aims to bring abundant, clean, baseload energy to the Pacific Northwest. The companies noted the collaboration comes amid rising demand for geothermal energy, driven in part by electricity needs from artificial intelligence and data centers. Hexagon Energy, headquartered in Charlottesville, Virginia, has developed and financed more than 3 GW of power generation capacity for U.S. electric utilities, representing more than $4.5 billion in investment, and its current pipeline includes more than 10 GW of power under active development.

Comcast Business announced a collaboration with Equinix that will let enterprises order Comcast Business last-mile connectivity through standards-based APIs directly within Equinix Fabric, Equinix's software-defined interconnection service. The program, run through the Comcast Business Innovation Lab launched in April 2026, builds on the Lab's earlier work with Colt Technology Services this quarter to advance cross-carrier API interoperability. In the initial phase, Equinix Fabric customers will be able to digitally order Comcast Business last-mile Ethernet connectivity to eligible locations, with Comcast Business provisioning the connection and the goal of cutting delivery time from weeks to days; the companies will validate the approach with enterprise customers in live environments during this phase. Comcast Business delivers the integration through its digital orchestration platform using industry-standard APIs aligned with the Mplify, formerly MEF, Lifecycle Service Orchestration framework, so partners integrate once rather than against a proprietary specification. Over time, the program is designed to extend to optical wavelengths, cloud connectivity, and cybersecurity. Comcast Business already connects customers to more than 700 data centers nationwide, while Equinix Fabric is available in more than 240 data centers across 66 markets.

W. P. Carey announced Thursday that it will revise its full-year 2026 financial guidance when it reports third-quarter results, citing an improved outlook for tenant credit losses and strong investment volume. The net lease REIT said it has received August rent from Hellweg and expects to collect additional rent from the client during the second half of the year, and it expects to recognize the benefit of bank guarantees covering up to three months of lease-related damages tied to Hellweg. W. P. Carey also said it sees investment volume totaling over $1.9B for 2026, with roughly $1.4B completed year to date. CEO Jason Fox said the progress on Hellweg and better visibility into expected rent from the tenant have improved the company's outlook for rent loss this year, adding that AFFO is on track to end the year above the midpoint of the current guidance range. Shares were 0.31% higher at $70.17 in pre-market trading.

Public Storage has priced a public offering of C$400 million aggregate principal amount of fixed-rate senior notes due 2033, marking its inaugural offering in the Canadian market. The notes, issued by its finance subsidiary PS Canada Finance ULC and guaranteed by the Company and Public Storage Operating Company, carry an annual interest rate of 4.540% and mature on September 16, 2033. The offering, expected to close on September 16, 2026, follows the recent acquisition of Public Storage Canada, and net proceeds will replenish cash used for that acquisition and fund general corporate purposes. Scotiabank and TD Securities are joint book-running managers for the offering, which is made under an effective shelf registration statement filed with the SEC.

In midday trading, several stocks made notable moves. Centerspace jumped over 8% after announcing an all-stock merger with Independence Realty Trust, creating a residential REIT with an enterprise value of $8.1 billion, with Centerspace shareholders receiving about 3.8 shares of IRT common stock per share. Academy Sports and Outdoors gained 8% after lifting its adjusted earnings outlook for fiscal 2027 to $6.50-$6.90 per share, above the prior range and the FactSet consensus of $6.43. Meta Platforms rose 6% following the unveiling of a personal AI agent app. Mission Produce popped 4% after beating FactSet expectations for both earnings and revenue in its fiscal third quarter. Apple slipped 1% ahead of an expected iPhone announcement. Casey's General Stores dropped over 15% despite beating earnings and revenue estimates, due to a 0.3% decline in fuel sales and slightly lower-than-expected growth in prepared food and beverage sales. Signet Jewelers surged 19% after reporting adjusted earnings of $2.19 per share, beating the FactSet estimate of $1.74, and raising full-year guidance. ServiceTitan fell over 30% after its third-quarter revenue guidance missed estimates, despite beating second-quarter revenue at $292.8 million versus $285.9 million expected. Braze dropped 19% on a revenue miss, though it beat on earnings per share. Chime Financial rose 4% after better-than-expected second-quarter earnings and third-quarter revenue guidance of $680-$690 million, surpassing the $640.6 million estimate.

Simon Property Group's shares have fallen 3.5% since its last earnings report, underperforming the S&P 500, but the company posted strong second-quarter results and raised its full-year outlook. For the quarter ended June 2026, Simon reported Real Estate FFO of $3.29 per share, beating the Zacks Consensus Estimate of $3.18 and up 7.9% year over year, while total revenues of $1.79 billion surpassed expectations and rose 19.5%. The company raised its 2026 Real Estate FFO per share guidance to $13.20-$13.30 from $13.10-$13.25, citing broad-based leasing demand, higher traffic, and retailer sales growth. Domestic property NOI increased 8.5% to $1.51 billion, and portfolio NOI rose 8.3% to $1.60 billion, with U.S. Malls and Premium Outlets occupancy steady at 96%. Simon also maintained ample liquidity of approximately $9.3 billion, including $1.7 billion in cash and $7.6 billion in credit facility capacity, and completed several financing transactions during the quarter.

Independence Realty Trust is acquiring Centerspace in an all-stock deal that will create a multifamily REIT with an $8.1 billion enterprise value. The transaction, announced Wednesday, will add 47 communities with 10,456 units across six states, expanding IRT's portfolio by nearly 30% to about 44,000 units. Centerspace shareholders will receive 3,800 IRT shares for each Centerspace share, leaving them with roughly 22% of the combined company. The merger will shift IRT's geographic mix, reducing Sun Belt exposure from 79% to 58%, with 27% in the Midwest and the rest in the Mountain West. The combined portfolio is about 95% leased with an average monthly rent of $1,628, and the deal is expected to close in the fourth quarter pending shareholder approval.

Independence Realty Trust and Centerspace have agreed to merge in an all-stock transaction that will create a multifamily real estate investment trust with an enterprise value of about $8.1 billion and more than 44,000 apartment units. Under the terms, Centerspace shareholders will receive 3.8 shares of Independence Realty Trust common stock for each Centerspace share they own, resulting in the issuance of approximately 67.6 million Independence Realty Trust shares and common partnership units. The combined company is expected to have an equity market capitalization of about $5 billion, with 58% of pro forma net operating income coming from Sunbelt markets, 27% from the Midwest, and 15% from the Mountain West. The deal is expected to be about 5% accretive to Independence Realty Trust's 2027 core funds from operations per share, supported by approximately $24 million in annualized synergies. The merger is expected to close in the fourth quarter of 2026, and the combined company will keep the Independence Realty Trust name and continue trading under the IRT ticker on the New York Stock Exchange.

Summit Hotel Properties reported second-quarter 2026 results that flipped last year's loss into a $3.9 million profit, or $0.04 per diluted share, versus a $1.6 million loss a year earlier. Operating income jumped 27.3% to $28.9 million, powered by average daily rates that climbed 7.1% to $178.42. Pro forma RevPAR rose 5.0% to $136.06, with occupancy slipping to 76.3%, yet pro forma hotel EBITDA grew 7.8% to $72.5 million and adjusted FFO rose 6.7% to $34.9 million. The company also closed a $650 million senior credit facility extending maturities to 2031, sold two Dallas-area hotels for $19 million, and raised its full-year 2026 guidance for Adjusted EBITDAre to $175 million to $182 million and Adjusted FFO per share to $0.79 to $0.85. Despite the quarterly profit, year-to-date net loss stands at $6.6 million, and variable-rate debt of $525.0 million remains a concern.

Ryman Hospitality Properties has completed its approximately $1.38 billion acquisition of Grande Lakes Orlando, a group and leisure resort complex spanning more than 400 acres and including the 1,010-room JW Marriott Orlando, the 582-room Ritz-Carlton Orlando, and about 320,000 square feet of meeting space. The purchase was funded with net proceeds from an offering of 5.865 million common shares, a $700 million private placement of 6.250% senior notes due 2035, and cash on hand. Ryman expects the property to contribute $30 million to $35 million of company-defined Adjusted EBITDAre in the final four months of 2026, but the property generated $110.0 million of trailing 12-month Adjusted EBITDAre through June 2026, implying a 12.5 times purchase multiple. The new senior notes carry about $43.8 million in annual coupon interest, and the equity offering adds 5.865 million shares, while consolidated net income guidance fell by roughly $3.3 million due to financing costs and depreciation. The acquisition adds 1,592 rooms, about 13% of the pre-acquisition portfolio, and follows approximately $150 million in recent capital investment at the property.