AFFO Increase
Adjusted Funds from Operations (AFFO) increased more than 2% compared to the third quarter of 2024, with an AFFO payout ratio of 82%, within the target range of 80% to 90%.
Strong Tenant Performance
Tenants representing approximately 50% of annual base rent reported solid results. Curaleaf expanded adjusted gross margins and generated over $100 million in cash flow year-to-date. Cresco delivered positive cash flow, reduced debt, and completed a refinancing. Trulieve delivered nearly 60% gross margins and over $60 million of free cash flow during the quarter. Green Thumb reported $23 million of net income and $74 million of operating cash flow.
Solid Financial Position
Generated total revenue of $12.6 million, a 0.3% increase year-over-year. Declared a cash dividend of $0.43 per share. The balance sheet remains strong with $432 million in gross real estate assets and a conservative debt profile of 1.6% debt to total gross assets.