Net lease REITs, Q1 2025

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Disclosed
Not disclosed

LXP combined every 5 shares into 1 on November 10, 2025. Per-share values before that date are as LXP reported them at the time. Multiply by 5 to compare them with later quarters.


Portfolio
Properties	2,422	764	331	2,138	1,221	323	67	1,045	141	1,119	107	118	3,641	695	15,627	105	134	1,738	147	597	93	1,698
ABR	$649m	$401m		$484m	$244m	$62.1m		$524m		$199m	$306m	$282m	$874m	$169m	$5.05bn	$77.4m	$47.1m			$645m		$1.4bn
Occupancy	99.2%	99.1%	99%	99.7%	99.4%	96.3%		95%	98.4%	99.7%	96.7%	93.3%	97.7%	99.9%	98.5%	98.5%	98.6%	99.8%		95.9%	100%	98.3%
WALT (years)	8	10		14	7.3	7.4		6.3		10	13.5	5.3	9.9	9.7	9.1	4.9	9	4	91		40.4	12.3
Same-store growth				1.5%					6.6%			5.2%			1.3%	2.6%				3.9%		4.5%
Top 10 tenants	36.3%	21.9%	64.2%	17.3%		22.6%		26%		64.8%	74.7%	31.6%	31.1%		24.2%		62%			10.1%		19.2%
Investment grade	68.3%	20.1%			54.7%	33.2%		33.3%				46.5%		54.7%	34.3%		50%					16.4%
Expiring in 12 months	0.9%	1%	0%	0.4%	0.5%	1.6%		5.6%	2.5%	0.5%	0%	3.4%	2.5%	0.1%	2.5%	2.3%	1%			9.4%		1.3%
Earnings and dividend
AFFO/share	$1.06	$0.36	$1.21	$0.45	$0.44	$0.30	$0.96	$0.29		$0.59	$1.94		$0.87	$0.32	$1.06	$0.48	$0.44	$0.32			$0.58	$1.17
FFO/share	$0.96	$0.37	$1.20	$0.48	$0.41	$0.23	$0.83	$0.14	$0.34	$0.56	$1.83	$0.16	$0.85	$0.29	$1.05	$0.44	$0.44	$0.28		$0.615	$0.51	$0.99
Core FFO/share	$1.04	$0.38	$1.19	$0.48				$0.15	$0.34		$1.84	$0.16	$0.86	$0.30	$1.05					$0.61
AFFO growth (YoY)	3%	0%	8%	7%	2.3%		4.3%	-12.1%		3.5%	-12.2%		3.6%	3.2%	2.9%	0%	4.8%	28%			4.3%	2.6%
Dividend/share	$0.759	$0.29	$0.865	$0.295	$0.355	$0.215	$0.76	$0.275	$0.30	$0.47	$1.90	$0.135	$0.58	$0.21	$0.796	$0.45	$0.285	$0.243	$0.177	$0.37	$0.433	$0.89
Payout ratio (AFFO)	72%	80.6%	71%	65.6%	81.4%	71.7%	79.2%	94.8%		79.7%	98%		66%	66%	75.1%	93.8%	64.8%	75.8%			74.6%	76.1%
Debt
Net debt/EBITDA	4.9x	5.1x	5.3x	4.3x	5.6x	5.7x		6.7x		5.2x		5.9x	5.5x	6.0x	5.4x		7.9x			5.2x	5.3x	5.8x
Debt interest rate	4.01%	3.81%	4.37%	4.1%	3.98%	5.62%	5.06%	4.4%	5.28%	4.5%	5.5%	3.96%	4.1%	4.57%	3.9%	4.8%	4.51%	4.41%	4.18%	4.13%	4.41%	3.1%
Fixed-rate share of debt	89.2%	98.5%	96.2%	100%	95%	64.1%	86.6%	92%		99.2%	100%	97%	97.4%	88%	93.9%	98.9%	70%	92%		83.2%	98.6%	94%
Debt maturity (years)		4.4	3.19	3.9	3.9		6.3	3.2	3.3	5.4	1.2	5.3	11.6	4.1	5.5	6.3		2.9	19	4.4	6.1	4.9
Rent escalators
Escalators: any		97.5%		98.6%		97.9%		86%		99%		98.3%			82%						100%	99.6%
Escalators: fixed		85.4%		96.9%		95.8%		61.8%		91.6%		98.3%										46.5%
Escalators: CPI		12.1%		1.7%		2.1%		18.7%		7.5%									83%			49.8%
Escalators: other		0%		0%				5.2%		0%												3.3%
Escalators: none		2.5%		1.4%		2.1%		14.3%		0.9%					18%						0%	0.4%
Escalators: avg rate		2%		1.7%	1.4%			1.5%		1.8%		2.8%
Acquisitions
Acquisition volume	$359m	$59m	$14.3m	$265m	$56.5m	$49.2m	$0	$0	$73.7m	$10m	$7.75m	$0		$77.5m	$1.03bn	$88.3m	$39.7m	$15.8m	$0	$43.3m	$0	$268m
Capital deployed	$377m	$88.3m	$37.7m	$308m	$56.5m	$49.2m		$0	$73.7m	$11.1m			$232m	$90.7m	$1.37bn	$88.3m	$79.2m	$15.8m	$20m		$385m	$275m
Properties acquired	46	6	1	47	23	17	0	0	6	5	1	0	82	18	50	4	3	36	0	3	0	65
Acquisition cap rate (cash)		7.2%		7.8%	6.7%	7.93%			8.39%	7.8%			7.4%	7.7%	7%		8.6%	7.6%		6.8%
Acquisition cap rate (GAAP)	7.3%	8.3%		9.4%					8.3%											7%
Acquisition WALT (years)	13.4	13.6		17.5	17.4	12			10.8				18.4	9	5.6		14.3			3.2		16
Acquisition investment grade	68.7%					29%								38.6%	23%
Dispositions
Disposition proceeds	$2.5m	$7.81m	$70.8m	$24.3m	$0	$2.05m		$1.09bn	$0	$500k	$0	$35m	$15.8m	$40.3m	$92.6m	$3.65m	$11.7m	$800k		$67m	$0	$130m
Properties sold	1	3	14	11	0	1		75	0	2	0	1	10	16	55	2	3	1		1	0	9
Disposition cap rate		9.2%	7.4%	6.9%		6.9%		8.4%				3.8%	4.9%	7.3%	7.6%		9.1%			4.9%

Company

ADC BNL EPR EPRT FCPT FVR GLPI GNL GOOD GTY IIPR LXP NNN NTST O OLP PINE PSTL SAFE STAG VICI WPC

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Disclosed
Not disclosed

Portfolio
	PINEAlpine Income Property Trust, Inc.
Properties	134
ABR	$47.1m
Occupancy	98.6%
WALT (years)	9
Same-store growth
Top 10 tenants	62%
Investment grade	50%
Expiring in 12 months	1%
Earnings and dividend
AFFO/share	$0.44
FFO/share	$0.44
Core FFO/share
AFFO growth (YoY)	4.8%
Dividend/share	$0.285
Payout ratio (AFFO)	64.8%
Debt
Net debt/EBITDA	7.9x
Debt interest rate	4.51%
Fixed-rate share of debt	70%
Debt maturity (years)
Rent escalators
Escalators: any
Escalators: fixed
Escalators: CPI
Escalators: other
Escalators: none
Escalators: avg rate
Acquisitions
Acquisition volume	$39.7m
Capital deployed	$79.2m
Properties acquired	3
Acquisition cap rate (cash)	8.6%
Acquisition cap rate (GAAP)
Acquisition WALT (years)	14.3
Acquisition investment grade
Dispositions
Disposition proceeds	$11.7m
Properties sold	3
Disposition cap rate	9.1%

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