Strong Investment Strategy Execution
The company sourced $370 million in investments during Q3 2025 with a high initial cash yield of 8% and a GAAP yield of 10%, representing significant spreads over the cost of capital.
Portfolio Performance and Growth
Same-store rent growth was 1.6%, rent coverage increased to 3.6x, and the percentage of ABR under 1x rent coverage declined by 120 basis points.
Increased Financial Guidance
AFFO per share guidance for 2025 was increased to $1.87 to $1.89, with initial 2026 guidance set at $1.98 to $2.04, reflecting a growth rate of 6% to 8%.
Healthy Balance Sheet and Liquidity
Pro forma leverage was 3.8x with $1.4 billion in liquidity, supported by a $400 million unsecured bond issuance.
Record Level of Investments
AFFO per share increased by 12% from Q3 2024, with a total AFFO of $96.2 million, up 24% from the same period in 2024.