FFO & Cash GenerationA 40.8% jump in FFO to $278M reflects materially stronger operating cash generation versus prior years. Durable cash generation improves ability to fund distributions, repay or refinance debt, and support accretive M&A or capex, reducing refinancing risk over a multi‑year horizon.
Same‑property NOI & OccupancyAn 18.4% same‑property NOI gain indicates sustained pricing power and operating leverage at the portfolio level. Combined with same‑property occupancy gains (materially higher in 2025), this supports predictable cash flows and durable margin expansion as newer incentives roll off.
Liquidity & Capital AccessNearly $484M of liquidity, a $2.1B unencumbered asset base and recent ATM raises provide structural financing flexibility. This durable capital access supports the three‑year M&A/disposition plan, eases near‑term maturities, and underpins execution of strategic growth without forcing distressed asset sales.