, /PRNewswire/ -- At the Extra Space Storage Inc. (NYSE: EXR) ("Extra Space") 2026 Annual Meeting of Shareholders, on May 14, 2026, Crystal Call Maggelet and RJ Pittman were elected to the board of directors. The addition of these new board members reflects Extra Space's ongoing commitment to regular board refreshment and the integration of high-caliber leadership with expertise in real estate, retail operations strategy, and technological innovation.
New Board Members:
Crystal Call Maggelet brings extensive experience in managing large-scale, multi-unit retail properties and executing complex operational strategies. She serves as the CEO and Chairperson of FJ Management Inc., a diversified family business including Maverik, an 850+ c-store chain and two fuel transportation divisions, Big West Oil, and TAB Bank. Additionally, Maggelet founded the Crystal Inn hotel chain in 1993 and serves as its Managing Director. Her robust background in corporate governance includes previous board roles at Savage Services, Intermountain Health and Pilot Flying J. She holds a bachelor's degree in Business Administration from Pepperdine University and earned a Master of Business Administration from Harvard Business School.
RJ Pittman joins the team as a premier technology pioneer with a proven track record of leading digital transformation and advancing artificial intelligence, machine learning, and data science. Pittman served as the CEO and Chairman of the Board of Matterport, a spatial data company and technology platform in real estate, from 2018 to 2025. Prior to Matterport, he served as eBay's first Chief Product Officer and held senior roles at Apple and Google where he led international e-commerce platforms and web search properties. He holds a Bachelor of Science in Computer Engineering from the University of Michigan and a Master of Science in Engineering-Economic Systems from Stanford.
Ms. Maggelet will serve as a member of the Nominating, Governance, & Corporate Responsibility Committee and Mr. Pittman will serve as a member of the Audit Committee. Full bios for both directors are available at ir.extraspace.com.
"We are thrilled to welcome Crystal and RJ to our Board of Directors," said Ken Woolley, Chairman of the Extra Space Board. "Crystal's execution in multi-unit retail operations and real estate, combined with RJ's leadership in AI strategy and technology driven customer experiences in and outside of the real estate sector, provide immense value to our shareholders. We look forward to their insights sharpening our competitive edge as we continue to lead the industry in technology and long-term growth. We also want to acknowledge and thank Spencer Kirk and Diane Olmstead for their dedicated service on our board."
With these new board members, Extra Space continues to maintain a highly independent board, with diverse skill sets and significant industry experience. Nine out of ten directors on the board are independent. Five of the ten directors will have joined the board in the last five years, demonstrating a healthy balance of tenure and fresh oversight. Mr. Kirk will remain as a special advisor to the board.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of March 31, 2026, the Company owned and/or operated 4,344 self storage stores in 42 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 335.6 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage, and business storage. It is the largest operator of self storage properties in the United States.
Extra Space Storage remains a 'Hold' with a $107/share price target, reflecting muted growth prospects and valuation concerns. Expense growth outpacing revenue—6% versus 1.7% YoY—undermines AFFO expansion and challenges bullish expectations for EXR. Occupancy declines, regulatory scrutiny, and limited pricing power signal organic growth headwinds for the company through 2026-2028E.
Let me take you back to April 2001 for a second. Because that year brought a key turning point for income investors.
I’m talking about the launch of the SPDR Dow Jones REIT ETF (RWR). The fund rolled down the skids with a simple mission: Give investors an easy way to buy a diversified basket of real estate investment trusts (a.k.a. REITs) in one low-cost index fund.
It was exciting because, back then, REITs had outperformed stocks when their high payouts were reinvested. And their dividend yields were much higher than those of the typical S&P 500 name, too.
Backed by reliable rents, as well as the constant need for space to store and sell things (for businesses), as well as places to live, work and have fun (for individuals), the sense was that demand for real estate would never end.
As Mark Twain once said, “Buy land—they aren’t making any more of it!”
How have things played out since the fund’s launch? Pretty much as they had been before, with REITs continuing to outperform (even through the 2008 mess).
That is, until around 2020, when the pandemic threw them for a loop.
REITs have been lagging ever since, but the fact of the matter is, this underperformance has dragged on for far too long. With the economy and corporate profits growing strongly, I see real-estate demand outpacing the fear around the sector (including around interest rates, which we’ll talk about more in a moment) in the coming months and years.
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Let’s get into why I feel that’s the case now. I’ll also show you a 7.9%-paying REIT-focused closed-end fund (CEF) that’s been unfairly caught in the downdraft (as well as another 12.9% payer to avoid).
RWR Total Returns
Ycharts
As you can see above RWR (in orange) did well against the S&P 500 for a long time. From 2001 to 2020, the ETF’s annualized total return beat that of stocks: 8.5% versus 7.7% for the S&P 500 benchmark State Street SPDR S&P 500 ETF (SPY).
Also keep in mind that this period includes the subprime-mortgage crisis. RWR fell (and briefly underperformed SPY) in that time, but recovered fast and was back in the black before the S&P 500 was.
REITs 2009
Ycharts
In fact, on May 26, 2009 (shown at the right side of this chart), while the US was still in the throes of the Great Recession, RWR, in orange, was posting a positive return while SPY (in purple) was negative.
One thing made this possible: dividends.
At this time, RWR’s yield was a little higher than SPY’s: 2.3% versus 1.9%. It climbed from there as RWR’s price fell, since yields and prices move in opposite directions. That cash distribution was a real benefit to investors in those stressful times.
But as we saw a couple charts ago, in 2020, REITs started underperforming, a streak that continues today. Why?
Stocks are part of the reason: Since the pandemic, they’ve been roaring, up 14% per year on average over the last five years, much higher than their historical 10% annualized gain. This is great for stock investors, of course, but it does raise the odds of a correction, so we still want to be sure we’re well-diversified.
REITs post-COVID
Ycharts
Stocks’ strong performance is only one side of this story, though. On the other, REITs have seen a 5.7% annualized gain over the last five years, far lower than when they were beating stocks. That’s unusual, and it’s particularly strange that it’s lasted so long.
As a result, REITs—and in particular REIT-focused CEFs—are now providing a nice opportunity to diversify some of the profits many investors have made in stocks.
An Oversold High-Yield REIT Fund With a Solid Monthly PayoutOne strong REIT fund to consider is the Cohen & Steers REIT and Preferred Income Fund (RNP), a CEF that yields 7.9% today and, yes, pays monthly, too.
Over the last five years, RNP has returned around 30%—so right around the index fund’s performance. But the key difference has been that the bulk of that return has come in cash. That’s thanks to the fund’s steady monthly payout, which has not only held steady but grown in the last five years, with a special dividend thrown in:
RNP Dividend History
Dividend Channel
RNP, as the name suggests, holds REITs and preferred shares, the latter of which trade like stocks, but in a narrow range, with fixed dividends. As such, they’re best thought of as a kind of stock-bond hybrid. Those make up around half of the portfolio and bring additional stability (as well as income).
On the REIT side, which is nearly all of the other half of RNP’s holdings (there’s about 1% in cash), we’ve got a diversified set of names. They include healthcare REITs, such as Welltower (WELL); data-center and telecom firms like Digital Realty Trust (DLR) and American Tower (AMT); as well as self-storage, in the form of Extra Space Storage (EXR); housing, shopping-center REITs and more.
Both REITs and preferreds are sensitive to higher rates, which is part of the reason why the fund sports a 5.7% discount to net asset value (NAV, or the value of its underlying holdings) as I write this.
That’s far more than enough to price in today’s “sticky” rates, which are largely the result of the Iran situation. Until that’s resolved, this fund is overly marked down, especially when you consider that it’s traded at premiums many times in the past, including in 2019, 2023 and as recently as last year.
This High-Yield REIT Is Always on SaleWith all that said, not all REIT CEFs are attractive right now. Take the Principal Real Estate Income Fund (PGZ), which has a 12.2% discount and a 12.9% yield. Unfortunately, that discount never closes.
PGZ Discount
Ycharts
There are plenty of reasons for this, but past performance is likely the biggest thing keeping investors away: Over the last five years, PGZ has only returned around 11%, or about a third of what RNP and RWR have delivered.
A few bad years can be a sign to buy into a fund, but when that performance trails this badly and management hasn’t changed its strategy much in response, the fund is best avoided. That’s true no matter what the discount, or dividend yield, might say.
Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great retirement income ideas, click here for our latest report “Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.”
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Vornado (VNO) and Extra Space Storage (EXR). But which of these two stocks offers value investors a better bang for their buck right now?
The aging of America continues to be an investable theme. And recent survey data from AARP gives investors a hint on where to direct their capital.
According to AARP, about 59 million Americans provided care for an adult family member, neighbor, or friend in 2024. That totaled 49.5 billion hours of care at a cost of around $1.01 trillion in annual economic value—a figure that exceeds the total for federal, state, and local Medicaid spending.
This is a complex reality for caregivers in the “sandwich generation” who are in their 40s to early 60s. In many cases, they are balancing raising a family of their own, caring for elderly loved ones, and managing careers.
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But in many cases, informal caregiving remains the more affordable alternative to institutional or assisted living arrangements. These options often require Medicaid approval for those who qualify based on income and asset limits, or they result in significant out-of-pocket expenses for those who don't.
The U.S. Census Bureau estimates the 65-and-older population will nearly double by 2060. This is why investors should consider healthcare stocks with business models that provide relief for caregivers.
Omega Healthcare Investors Delivers Income as Senior Housing Demand ReboundsOmega Healthcare Investors Today
OHI
Omega Healthcare Investors
$45.77 +0.49 (+1.08%)
As of 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$35.70▼
$49.33Dividend Yield5.86%
P/E Ratio22.11
Price Target$49.00
Omega Healthcare Investors NYSE: OHI is a real estate investment trust (REIT) that owns and manages healthcare-related facilities, including skilled nursing facilities and assisted living communities. It acquires and leases these properties under triple net agreements, in turn providing investors with stable, inflation-protected cash flow.
According to the National Investment Center for Seniors Housing & Care, senior housing, assisted living, and independent living occupancy rates are nearly back to pre-pandemic levels, suggesting that demand for those services is strengthening.
After a run-up of almost 25% in the last 12 months, OHI stock looks to have much of that growth already priced in. However, a moderate pullback in the past month helps strengthen the buy case. Analysts have been raising their price targets, but the consensus price target of $48 is only slightly higher than the OHI price as of this writing.
Many investors turn to REITs because of their reliable dividend payments. In the case of Omega Healthcare, the dividend yield is 5.8% and looks sustainable based on future earnings and cash flow estimates.
Addus HomeCare Is Positioned for Growth as In-Home Care Gains TractionAddus HomeCare Today
$93.28 +0.24 (+0.26%)
As of 04:00 PM Eastern
52-Week Range$87.95▼
$124.43P/E Ratio17.24
Price Target$131.00
Addus HomeCare NASDAQ: ADUS leans directly into the current need for home health care. Addus is a leading provider of home- and community-based care services that operates through a network of company-owned and franchise locations in the United States.
Shares of ADUS are down about 7% over the past year, but that might be a function of the company’s ongoing battle with states to secure Medicaid dollars. Addus has argued that personal care can be materially less expensive than nursing home placement, thereby conserving Medicaid dollars.
To that end, the company recently noted that Medicaid redeterminations are easing, which can provide a tailwind.
Addus posted year-over-year revenue and earnings growth in the last several quarters. That’s expected to continue, with analysts forecasting over 16% earnings growth in the next 12 months.
Despite a solid earnings report in November, ADUS stock sold off sharply and is trading near its 52-week low. That’s where investors may have an opportunity. Analysts are bullish with a consensus price target that is more than 40% higher than recent prices. The stock currently receives a Moderate Buy rating.
Savaria Capitalizes on Aging-in-Place Trend With Accessibility SolutionsSavaria Today
$20.83 -0.11 (-0.53%)
As of 03:00 PM Eastern
52-Week Range$14.23▼
$22.78Dividend Yield0.60%
P/E Ratio94.68
Savaria OTCMKTS: SISXF straddles the line between industrial stocks and medical stocks. The company sells home-accessibility products (e.g., stairlifts, elevators, and platform lifts) that support the aging-in-place industry.
Savaria’s products are on the front line of the home healthcare movement. Many family members or caregivers will initially look to make modifications to a loved one’s home before taking steps to find alternate living or care arrangements.
This trend is reflected in the company's revenue and earnings estimates, which partially explain why SISXF is up more than 90% over the past 12 months. The Canada-based company doesn’t receive heavy analyst coverage, but MarketBeat's data shows a Buy rating.
Adding to the appeal of SISXF is its monthly dividend, which paid out 4.67 cents per share in March 2026. That makes this stock a savvy choice for investors looking for a reliable compounder with the potential for future growth.
Should You Invest $1,000 in Savaria Right Now?Before you consider Savaria, you'll want to hear this.
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Earned income has a ceiling. But passive income from dividends operates differently: Once established, cash flows in regardless of effort, and the only limit on it is how much you invest in the stocks of companies providing that yield. That independence is why income-focused investors treat dividend portfolios as core financial assets.
And as far as passive income sources go, high-yield dividend stocks offer the instant liquidity that income properties and private credit cannot. You can add to a position Tuesday morning or exit by Thursday afternoon. For investors navigating persistent uncertainty, that combination of yield and flexibility is hard to replicate.
We screened our 24/7 Wall St. dividend equity research database for stocks paying massive dividends. Combined, these three companies can generate approximately $4,335 annually in passive income if you invest $28,333 in each stock.
Omega Healthcare Investors Stock #1: Omega Healthcare Investors (NYSE:OHI | OHI Price Prediction) Yield: 6% Shares for $28,333: ~623 shares Annual Passive Income: ~$1,700 Omega Healthcare Investors is a healthcare REIT focused on skilled nursing and assisted living facilities. It owns real estate, leases it to operators under long-term triple-net agreements, and collects rent. The yield is high because REIT structure requires distributing at least 90% of taxable income to shareholders, producing elevated payout rates relative to conventional equities.
Omega’s fundamentals are strengthening. FAD per share grew 8% to $2.96 in 2025, and management issued 2026 adjusted FFO guidance of $3.15 to $3.25 per diluted share. The balance sheet is in its best shape in years: Leverage was reduced to the lowest level in company history after repaying $1.27 billion in debt during Q4 2025. Operator coverage sits at 2x EBITDARM on a trailing 12-month basis, and portfolio occupancy reached 83% for the twelve months ended September 30, 2025. The quarterly dividend of 67 cents per share has been maintained consistently since at least 2020, and institutional investors hold approximately 82% of shares outstanding.
Peoples Bancorp Stock #2: Peoples Bancorp (NASDAQ:PEBO) Yield: 5% Shares for $28,333: ~833 shares Annual Passive Income: ~$1,416.65 Peoples Bancorp is a regional bank headquartered in Marietta, Ohio, operating 144 locations and 126 full-service branches across Ohio, West Virginia, Kentucky, Virginia, DC, and Maryland. It generates income through commercial and retail lending, trust and investment services, insurance, and lease financing. The yield is elevated because the stock trades at modest valuation despite consistent profitability.
Peoples Bancorp raised its quarterly dividend from 40 cents to 41 cents per share starting in May 2025, a level sustained through February. The payout ratio of 46% in Q4 2025 leaves room for dividend sustainability. Management guided for net interest margin of 4% to 4% for full year 2026 alongside loan growth of 3% to 5%. CEO Tyler Wilcox stated: “I am optimistic about our projected results for 2026, and we will continue to look for opportunities to become more efficient and position ourselves to drive increasing shareholder value.”
Provident Financial Services Stock #3: Provident Financial Services (NYSE:PFS) Yield: 4% Shares for $28,333: ~1,279 shares Annual Passive Income: ~$1,133.32 Provident Financial Services is the banking holding company for Provident Bank, serving individuals, families, and businesses across the New York and New Jersey metro area. Its business spans commercial banking, wealth management through Beacon Trust Company, and insurance through Provident Protection Plus. The bank completed its acquisition of Lakeland Bancorp in May 2024, driving record net interest income in each of the last three quarters.
Provident posted Q4 2025 EPS of 64 cents, beating the consensus estimate of 56 cents by 14%, with net interest income of $197.41 million setting a new record. Non-performing loans fell 22% sequentially to 0.40% of total loans, and net charge-offs came in at an annualized 9 basis points. The quarterly dividend of $0.24 per share has been maintained consistently since 2021, and institutional investors hold approximately 74% of shares outstanding. The loan pipeline has held above $2.5 billion for four consecutive quarters, supporting forward earnings visibility that underpins the dividend.
Dividend portfolios offer frictionless rebalancing that real estate cannot. Reinvesting distributions into whichever position offers the best forward yield compounds the income base without transaction costs, renovation headaches, or tenant negotiations. Over time, that reinvestment flywheel builds a cash flow stream that grows faster than underlying positions alone would suggest.
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Hudson Pacific Properties (HPP) and Omega Healthcare Investors (OHI). But which of these two stocks offers value investors a better bang for their buck right now?
CPC Advisors LLC acquired a new stake in shares of Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 68,790 shares of the real estate investment trust’s stock, valued at approximately $3,050,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Omega Healthcare Investors by 12.6% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 439,597 shares of the real estate investment trust’s stock valued at $19,492,000 after acquiring an additional 49,115 shares in the last quarter. Optas LLC bought a new stake in Omega Healthcare Investors during the fourth quarter worth $398,000. SageGuard Financial Group LLC bought a new stake in Omega Healthcare Investors during the fourth quarter worth $1,684,000. Evergreen Capital Management LLC grew its holdings in Omega Healthcare Investors by 201.2% during the fourth quarter. Evergreen Capital Management LLC now owns 25,778 shares of the real estate investment trust’s stock worth $1,143,000 after buying an additional 17,219 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its holdings in Omega Healthcare Investors by 3.3% during the fourth quarter. Checchi Capital Advisers LLC now owns 8,184 shares of the real estate investment trust’s stock worth $363,000 after buying an additional 262 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.
Wall Street Analyst Weigh In OHI has been the subject of several recent research reports. UBS Group reiterated a “buy” rating and set a $52.00 price target on shares of Omega Healthcare Investors in a report on Friday, February 6th. Scotiabank upped their price target on Omega Healthcare Investors from $45.00 to $48.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. Truist Financial upped their price target on Omega Healthcare Investors from $46.00 to $48.00 and gave the stock a “hold” rating in a report on Thursday, March 5th. Bank of America reiterated an “underperform” rating and set a $46.00 price target (down from $52.00) on shares of Omega Healthcare Investors in a report on Tuesday, April 14th. Finally, Royal Bank Of Canada upped their price target on Omega Healthcare Investors from $44.00 to $47.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $47.83.
Get Our Latest Stock Report on Omega Healthcare Investors
Omega Healthcare Investors Stock Down 1.2% Shares of NYSE:OHI opened at $45.95 on Wednesday. The company has a market capitalization of $13.58 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 2.07 and a beta of 0.59. The company has a debt-to-equity ratio of 0.78, a current ratio of 5.04 and a quick ratio of 5.04. The business has a fifty day moving average price of $46.46 and a two-hundred day moving average price of $44.56. Omega Healthcare Investors, Inc. has a 1 year low of $35.08 and a 1 year high of $49.14.
Omega Healthcare Investors Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Monday, February 9th. Omega Healthcare Investors’s dividend payout ratio is 138.86%.
Omega Healthcare Investors Profile (Free Report)
Omega Healthcare Investors, Inc is a real estate investment trust (REIT) that specializes in the ownership and management of healthcare-related facilities. The company’s core business involves acquiring and leasing long-term care properties, including skilled nursing facilities and assisted living communities, under net lease agreements. Its portfolio is designed to provide stable, inflation-protected cash flows from operators responsible for day-to-day property management.
Founded in 1992 and headquartered in Hunt Valley, Maryland, Omega Healthcare Investors has grown its holdings to encompass hundreds of facilities across the United States, with a smaller presence in select international markets.
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HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE:OHI) today announced that the Company’s Board of Directors declared a cash dividend of $0.67 per share on its common stock. The dividend is payable Friday, May 15, 2026, to common stockholders of record as of the close of business on Monday, May 4, 2026.
Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK and Canada. More information on Omega is available at www.omegahealthcare.com.
Cwm LLC lifted its stake in shares of Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report) by 32.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,716 shares of the real estate investment trust’s stock after purchasing an additional 17,966 shares during the quarter. Cwm LLC’s holdings in Omega Healthcare Investors were worth $3,269,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the stock. GeoWealth Management LLC raised its position in shares of Omega Healthcare Investors by 1.3% during the 3rd quarter. GeoWealth Management LLC now owns 18,850 shares of the real estate investment trust’s stock worth $796,000 after buying an additional 239 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Omega Healthcare Investors by 40.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 924 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 268 shares during the period. DAVENPORT & Co LLC boosted its holdings in shares of Omega Healthcare Investors by 2.1% in the fourth quarter. DAVENPORT & Co LLC now owns 13,035 shares of the real estate investment trust’s stock valued at $578,000 after acquiring an additional 272 shares in the last quarter. Guggenheim Capital LLC increased its stake in shares of Omega Healthcare Investors by 1.0% during the second quarter. Guggenheim Capital LLC now owns 29,398 shares of the real estate investment trust’s stock valued at $1,077,000 after acquiring an additional 280 shares during the period. Finally, CI Investments Inc. increased its stake in shares of Omega Healthcare Investors by 19.8% during the third quarter. CI Investments Inc. now owns 1,715 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 283 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.
Omega Healthcare Investors Price Performance OHI opened at $46.36 on Friday. The firm has a market capitalization of $13.81 billion, a P/E ratio of 24.02, a PEG ratio of 2.00 and a beta of 0.59. The stock has a fifty day moving average of $46.41 and a 200-day moving average of $44.58. The company has a quick ratio of 5.04, a current ratio of 5.04 and a debt-to-equity ratio of 0.78. Omega Healthcare Investors, Inc. has a 12-month low of $35.08 and a 12-month high of $49.14.
Omega Healthcare Investors Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Monday, May 4th will be paid a $0.67 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.8%. Omega Healthcare Investors’s dividend payout ratio is 138.86%.
Analyst Ratings Changes Several analysts have recently weighed in on the company. Royal Bank Of Canada upped their price objective on Omega Healthcare Investors from $44.00 to $47.00 and gave the company a “sector perform” rating in a report on Tuesday, February 10th. Wells Fargo & Company lifted their target price on Omega Healthcare Investors from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, March 26th. UBS Group reiterated a “buy” rating and issued a $52.00 price target on shares of Omega Healthcare Investors in a research report on Friday, February 6th. Scotiabank upped their price target on shares of Omega Healthcare Investors from $45.00 to $48.00 and gave the company a “sector perform” rating in a report on Monday, March 2nd. Finally, Bank of America restated an “underperform” rating and set a $46.00 price objective (down from $52.00) on shares of Omega Healthcare Investors in a research report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.83.
Read Our Latest Stock Analysis on OHI
Omega Healthcare Investors Profile (Free Report)
Omega Healthcare Investors, Inc is a real estate investment trust (REIT) that specializes in the ownership and management of healthcare-related facilities. The company’s core business involves acquiring and leasing long-term care properties, including skilled nursing facilities and assisted living communities, under net lease agreements. Its portfolio is designed to provide stable, inflation-protected cash flows from operators responsible for day-to-day property management.
Founded in 1992 and headquartered in Hunt Valley, Maryland, Omega Healthcare Investors has grown its holdings to encompass hundreds of facilities across the United States, with a smaller presence in select international markets.
Recommended Stories Five stocks we like better than Omega Healthcare Investors Want to see what other hedge funds are holding OHI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report).
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Evergreen Capital Management LLC boosted its holdings in Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report) by 201.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,778 shares of the real estate investment trust’s stock after acquiring an additional 17,219 shares during the quarter. Evergreen Capital Management LLC’s holdings in Omega Healthcare Investors were worth $1,143,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in OHI. Royal Bank of Canada increased its position in Omega Healthcare Investors by 29.4% in the 1st quarter. Royal Bank of Canada now owns 144,339 shares of the real estate investment trust’s stock valued at $5,496,000 after acquiring an additional 32,798 shares during the period. Focus Partners Wealth increased its position in Omega Healthcare Investors by 3.1% in the 1st quarter. Focus Partners Wealth now owns 19,862 shares of the real estate investment trust’s stock valued at $756,000 after acquiring an additional 597 shares during the period. Sivia Capital Partners LLC acquired a new stake in Omega Healthcare Investors in the 2nd quarter valued at approximately $257,000. Guggenheim Capital LLC increased its position in Omega Healthcare Investors by 1.0% in the 2nd quarter. Guggenheim Capital LLC now owns 29,398 shares of the real estate investment trust’s stock valued at $1,077,000 after acquiring an additional 280 shares during the period. Finally, First Trust Advisors LP increased its position in Omega Healthcare Investors by 32.8% in the 2nd quarter. First Trust Advisors LP now owns 193,099 shares of the real estate investment trust’s stock valued at $7,077,000 after acquiring an additional 47,649 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth Several research firms recently commented on OHI. Royal Bank Of Canada raised their target price on Omega Healthcare Investors from $44.00 to $47.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 10th. Wells Fargo & Company raised their target price on Omega Healthcare Investors from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday, March 26th. Bank of America restated an “underperform” rating and issued a $46.00 target price (down from $52.00) on shares of Omega Healthcare Investors in a research report on Tuesday, April 14th. Weiss Ratings upgraded Omega Healthcare Investors from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday. Finally, The Goldman Sachs Group started coverage on Omega Healthcare Investors in a research note on Friday, January 9th. They set a “buy” rating and a $54.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.83.
Get Our Latest Stock Analysis on Omega Healthcare Investors
Omega Healthcare Investors Price Performance NYSE:OHI opened at $46.36 on Friday. The business’s 50-day moving average price is $46.41 and its 200 day moving average price is $44.58. The firm has a market cap of $13.81 billion, a P/E ratio of 24.02, a PEG ratio of 2.00 and a beta of 0.59. Omega Healthcare Investors, Inc. has a 52-week low of $35.08 and a 52-week high of $49.14. The company has a quick ratio of 5.04, a current ratio of 5.04 and a debt-to-equity ratio of 0.78.
Omega Healthcare Investors Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Monday, May 4th will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend is Monday, May 4th. Omega Healthcare Investors’s payout ratio is presently 138.86%.
Omega Healthcare Investors Company Profile (Free Report)
Omega Healthcare Investors, Inc is a real estate investment trust (REIT) that specializes in the ownership and management of healthcare-related facilities. The company’s core business involves acquiring and leasing long-term care properties, including skilled nursing facilities and assisted living communities, under net lease agreements. Its portfolio is designed to provide stable, inflation-protected cash flows from operators responsible for day-to-day property management.
Founded in 1992 and headquartered in Hunt Valley, Maryland, Omega Healthcare Investors has grown its holdings to encompass hundreds of facilities across the United States, with a smaller presence in select international markets.
Recommended Stories Five stocks we like better than Omega Healthcare Investors Want to see what other hedge funds are holding OHI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report).
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Advisors Capital Management LLC boosted its holdings in Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 936,433 shares of the real estate investment trust’s stock after purchasing an additional 18,342 shares during the period. Advisors Capital Management LLC owned about 0.32% of Omega Healthcare Investors worth $41,521,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in Omega Healthcare Investors by 40.9% during the second quarter. Smartleaf Asset Management LLC now owns 924 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 268 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Omega Healthcare Investors during the fourth quarter valued at about $47,000. True Wealth Design LLC lifted its holdings in Omega Healthcare Investors by 273.5% during the third quarter. True Wealth Design LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 815 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Omega Healthcare Investors by 823.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,228 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 1,095 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its holdings in Omega Healthcare Investors by 1,159.0% during the third quarter. SJS Investment Consulting Inc. now owns 1,259 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 1,159 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.
Analysts Set New Price Targets A number of analysts recently issued reports on the company. Bank of America reiterated an “underperform” rating and set a $46.00 price objective (down from $52.00) on shares of Omega Healthcare Investors in a research note on Tuesday, April 14th. Weiss Ratings upgraded Omega Healthcare Investors from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday. UBS Group reiterated a “buy” rating and set a $52.00 price objective on shares of Omega Healthcare Investors in a research note on Friday, February 6th. Cantor Fitzgerald boosted their price objective on Omega Healthcare Investors from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. Finally, Scotiabank boosted their price objective on Omega Healthcare Investors from $45.00 to $48.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.83.
Check Out Our Latest Stock Report on Omega Healthcare Investors
Omega Healthcare Investors Price Performance Shares of NYSE OHI opened at $46.40 on Friday. The firm has a market capitalization of $13.82 billion, a P/E ratio of 24.04, a P/E/G ratio of 2.06 and a beta of 0.59. The company has a quick ratio of 5.04, a current ratio of 5.04 and a debt-to-equity ratio of 0.78. The stock’s 50-day simple moving average is $46.39 and its two-hundred day simple moving average is $44.64. Omega Healthcare Investors, Inc. has a twelve month low of $35.08 and a twelve month high of $49.14.
Omega Healthcare Investors Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Monday, May 4th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date is Monday, May 4th. Omega Healthcare Investors’s dividend payout ratio is currently 138.86%.
Omega Healthcare Investors Company Profile (Free Report)
Omega Healthcare Investors, Inc is a real estate investment trust (REIT) that specializes in the ownership and management of healthcare-related facilities. The company’s core business involves acquiring and leasing long-term care properties, including skilled nursing facilities and assisted living communities, under net lease agreements. Its portfolio is designed to provide stable, inflation-protected cash flows from operators responsible for day-to-day property management.
Founded in 1992 and headquartered in Hunt Valley, Maryland, Omega Healthcare Investors has grown its holdings to encompass hundreds of facilities across the United States, with a smaller presence in select international markets.
See Also Five stocks we like better than Omega Healthcare Investors Want to see what other hedge funds are holding OHI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report).
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Completed $251 Million in New Investments in Q1 2026
Raises Full Year Adjusted FFO Guidance Mid-Point
HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE: OHI) (the “Company” or “Omega”) announced today its results for the quarter ended March 31, 2026.
FIRST QUARTER 2026 AND RECENT HIGHLIGHTS
Net income for the quarter of $159 million, or $0.47 per diluted share, compared to $112 million, or $0.33 per diluted share, for Q1 2025. Adjusted Funds From Operations (“Adjusted FFO” or “AFFO”) for the quarter of $260 million, or $0.82 per diluted share, on 315 million weighted-average common shares outstanding, compared to $221 million, or $0.75 per diluted share, on 295 million weighted-average common shares outstanding, for Q1 2025. Funds Available for Distribution (“FAD”) for the quarter of $247 million, or $0.78 per diluted share, compared to FAD of $211 million, or $0.71 per diluted share, for Q1 2025. Completed $251 million of investments in Q1 consisting of $126 million in real estate acquisitions, $27 million in real estate loan fundings and $97 million of investments in unconsolidated entities, including the acquisition of a 9.9% equity interest in the Saber OpCo JV for $93 million. Issued 2 million common shares in Q1 for gross proceeds of $107 million. Completed $75 million in new investments in April 2026. 18 CommuniCare facilities expected to be sold in Q2 for $480 million. Nareit Funds From Operations (“Nareit FFO”), AFFO and FAD are supplemental non-GAAP financial measures the Company believes are useful in evaluating the performance of real estate investment trusts (“REITs”). Reconciliations and further information regarding these non-GAAP measures are provided at the end of this press release.
CEO COMMENTS
Taylor Pickett, Omega’s Chief Executive Officer, stated, “We are pleased to report strong first quarter results, with FAD per share up 9.5% over the same quarter last year. This reflects our continued accretive investment activity, augmented by active portfolio management. As a result of our strong start to 2026, we were able to increase the low end of our AFFO guidance, moving the midpoint up by two cents to $3.22.”
Mr. Pickett continued, “Our first quarter investments included both skilled nursing triple-net and senior housing RIDEA real estate investments, as well as, our equity investment in Saber, and our first investment in Canada. Additionally, we announced the expected sale of 18 skilled nursing facilities for proceeds of $480 million, which, when redeployed, we believe will add a further three cents to FAD. Each of these investment decisions reflect our relentless focus on driving shareholder value through innovative and thoughtful investments, while aligning our interests with our operating partners.”
Mr. Pickett concluded, “Overall, the backdrop continues to be favorable. Operating metrics remain strong, with coverage continuing to modestly improve in the quarter. Despite elevated interest in senior care real estate, the pipeline is very active, the team is highly engaged, and we have a cost of capital that should allow us to continue to accretively invest.”
FIRST QUARTER 2026 PORTFOLIO AND RECENT ACTIVITY
Operator Updates:
Genesis – As previously disclosed, Genesis Healthcare, Inc. (“Genesis”) filed for Chapter 11 bankruptcy protection on July 9, 2025. Since filing for bankruptcy, Genesis has made all required contractual rent and interest payments through April 2026. In March 2026, Omega agreed to provide $26.7 million in a new super-priority secured $80.0 million debtor-in-possession (“DIP”) financing. As of March 31, 2026, Omega funded $25.0 million under the new DIP financing. A portion of the proceeds was used to fully repay the $9.2 million of outstanding obligations due to Omega under the original DIP loan. In the first quarter of 2026, the Company recognized rental income of $13.3 million for contractual rent payments received from Genesis, and interest income of $7.0 million, consisting of $0.4 million of cash interest and $6.6 million of paid-in-kind interest.
Maplewood – In the first quarter of 2026, Maplewood Senior Living (along with affiliates “Maplewood”) paid $19.4 million in rent (compared to $18.9 million in the fourth quarter of 2025).
New Investments:
The following table presents investment activity:
Three Months Ended
Investment Activity ($000’s)
March 31, 2026
$ Amount
%
Real property
$
126,434
50.4
%
Real estate loan fundings
27,343
10.9
%
Investments in unconsolidated entities
96,996
38.7
%
Total real property and loan investments
$
250,773
100.0
%
$126 Million in Real Estate Acquisitions – In the first quarter of 2026, the Company acquired 15 facilities for aggregate consideration of $126.4 million, comprised of:
$120 Million in U.S. Real Estate Acquisitions – In two first quarter transactions, the Company acquired one senior housing facility in Alabama and 13 skilled nursing facilities (“SNFs”) in Georgia for aggregate consideration of $119.8 million. The Company will operate the Alabama facility, through a new third-party property manager, utilizing the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structure. The 13 Georgia SNFs were leased to an existing operator with an initial cash yield of 10.6% and annual escalators of 2.5%. $7 Million U.K. Real Estate Acquisition – The Company acquired one care home in the U.K. for $6.6 million and leased it to an existing operator. The investment has an initial annual cash yield of 10.0% with annual escalators of 2.5%. $27 Million in Real Estate Loans – In the first quarter of 2026, the Company funded $27.3 million in real estate loans, comprised of:
$21 Million U.K. Mortgage Loan – The Company funded a new $21.3 million mortgage loan to an existing operator secured by a U.K care home. The loan has an interest rate of 13% and a maturity date in March 2027. $4 Million of Additional Fundings on Existing U.S Real Estate Loans – The Company funded $3.8 million of additional draws on existing U.S. real estate loans during the first quarter of 2026 at a weighted average interest rate of 10.7%. $2 Million of Fundings on Canada Development Loan – In the first quarter of 2026, the Company funded $2.2 million ($CAD $3.0 million) under a previously disclosed Canadian dollar denominated real estate loan, with maximum capacity of $62.8 million ($CAD $87.6 million), that was executed in December 2025. The proceeds of the loan will be utilized for the development of five long-term care facilities in Canada. The loan has an interest rate of 10.0% with a maturity date in December 2035. At Omega’s option, the loan is convertible into a 34.9% equity stake in the borrower. $97 Million of Investments in Unconsolidated Entities – In the first quarter of 2026, the Company funded $97.0 million of investments in several unconsolidated entities. The primary investment was a 9.9% equity interest in Saber Healthcare Holdings, LLC (“Saber”) that the Company acquired in January 2026 for $92.6 million in cash consideration. Omega will receive minimum quarterly cash distributions equivalent to an annualized yield of 8% on its 9.9% investment. In the first quarter of 2026, the Company recognized income of $1.1 million, which is net of $1.8 million of depreciation and amortization expense, related to the Company’s investment in Saber. Saber leases 53 operating facilities from the Company under a master lease with monthly contractual rent of $5.4 million as of March 31, 2026, and also operates 65 facilities owned by the Saber PropCo joint venture, in which the Company holds a 49% equity interest.
$75 Million in Q2 2026 Real Estate Investment Activity – In the second quarter of 2026, the Company completed $75.0 million of new investments, comprised of:
$42 Million Real Estate Acquisition – In April 2026, the Company acquired three facilities in Rhode Island for a contractual purchase price of $42.0 million. The Company will operate the facilities, through a new third-party property manager, utilizing a RIDEA structure. $33 Million Real Estate Acquisition – In April 2026, the Company acquired two facilities in Indiana for a contractual purchase price of $33.0 million and leased them to one existing operator. The investment has an initial annual cash yield of 10.0% with annual escalators of 2.0%. The operator’s lease, with $41.3 million in annual contractual rent before the acquisition, was extended from August 2027 to August 2036, concurrent with adding the acquired facilities to the master lease. Asset Sales:
$34 Million in Asset Sales – In the first quarter of 2026, the Company sold four facilities for $34.5 million in cash, recognizing a gain of $3.0 million.
Assets Held for Sale – As of March 31, 2026, the Company had 19 facilities classified as assets held for sale, totaling $233.1 million in net book value. These include 18 facilities leased to CommuniCare Health Services, Inc. (“CommuniCare”) that are part of a strategic disposition. These facilities, located throughout Maryland and West Virginia, were moved from assets held for use. In April 2026, 12 Maryland facilities were sold with the remaining six West Virginia expected to sell in the second quarter of 2026 for an expected aggregate total contractual purchase price of $479.9 million. There can be no assurance that the West Virginia facilities will be sold as expected. Contractual first quarter rent related to these 18 facilities was $9.2 million and, as of December 31, 2025, trailing 12-month EBITDAR coverage was 0.87x.
TRIPLE-NET AND MORTGAGE LOAN OPERATOR COVERAGE DATA
The following tables present operator revenue mix, census and coverage data based on information provided by the Company’s operators for the indicated periods. The Company has not independently verified this information and is providing this data for informational purposes only.
Operator Revenue Mix (1)
Medicare /
Private /
Medicaid
Insurance
Other
Three-months ended December 31, 2025
49.6
%
25.9
%
24.5
%
Three-months ended September 30, 2025
49.4
%
26.1
%
24.5
%
Three-months ended June 30, 2025
50.2
%
26.8
%
23.0
%
Three-months ended March 31, 2025
50.5
%
27.8
%
21.7
%
Three-months ended December 31, 2024
50.4
%
27.6
%
22.0
%
Coverage Data
Before
After
Occupancy (2)
Management
Management
Operator Census and Coverage (1)
Fees (3)
Fees (4)
Twelve-months ended December 31, 2025
82.6
%
1.94x
1.58x
Twelve-months ended September 30, 2025
82.6
%
1.93x
1.57x
Twelve-months ended June 30, 2025
82.6
%
1.91x
1.55x
Twelve-months ended March 31, 2025
82.2
%
1.88x
1.51x
Twelve-months ended December 31, 2024
81.8
%
1.88x
1.51x
FINANCING ACTIVITIES
ATM Program and Dividend Reinvestment and Common Stock Purchase Plan – The following is a summary of the common shares issued in the first quarter of 2026:
Dividend
Reinvestment and
At-the-Market
Common Stock
Program
Purchase Plan
Q1 2026
Number of shares (000’s)
2,219
9
Average price per share
$
48.08
$
47.12
Gross proceeds ($000’s)
$
106,684
$
438
BALANCE SHEET AND LIQUIDITY
As of March 31, 2026, the Company had $4.5 billion in outstanding indebtedness with a weighted average annual interest rate of 4.2%. The Company’s indebtedness consisted of an aggregate principal amount of $3.8 billion of senior unsecured notes, $425.0 million on its revolving credit facility, and $300.0 million on the 2028 Term Loan. As of March 31, 2026, total cash and cash equivalents were $26.1 million, and the Company had $1.6 billion in undrawn capacity under its unsecured revolving credit facility.
DIVIDENDS
On April 23, 2026, the Board of Directors declared a quarterly cash dividend of $0.67 per share, to be paid May 15, 2026, to common stockholders of record as of the close of business on May 4, 2026.
2026 GUIDANCE MID-POINT INCREASED
The Company’s expected 2026 Adjusted FFO range is between $3.19 to $3.25 per diluted share compared to the previous range of $3.15 and $3.25 per diluted share.
The guidance assumes:
all new investments disclosed above in the press release; no additional operators are placed on a cash-basis for revenue recognition; Genesis continues to pay its full contractual rental obligations of $13.3 million per quarter; Maplewood pays rent at $19.5 million per quarter; quarterly G&A expense of approximately $14 million to $15 million; no material changes in market interest rates or changes in foreign currency exchange rates, including those due to derivative instruments entered into to minimize the fluctuation in the GBP spot rates; $65 million of the $159 million in mortgages and other real estate-backed investments that are set to mature in 2026 will be converted from loans to fee simple real estate and the remaining balance will be repaid in 2026; $224 million in non-real estate backed loans at March 31, 2026 are expected to be repaid throughout 2026 (including $160 million in loans to Genesis to be repaid in Q4 2026); 18 CommuniCare facilities in assets held for sale on March 31st expected to be sold for $480 million; and no other asset sales beyond those described above. The Company’s guidance is based on several assumptions including those noted above, which are subject to change and many of which are outside the Company’s control. However, it excludes any additional:
acquisitions or acquisitions costs; capital markets activity; interest refinancing expenses; provisions for credit losses, if any; and certain revenue and expense items. If actual results vary from these assumptions, the Company's expectations may change. Without limiting the generality of the foregoing, the timing of collection of rental obligations from operators on a cash basis and the timing and completion of acquisitions, divestitures, restructurings and capital and financing transactions may cause actual results to vary materially from the Company’s current expectations. There can be no assurance that the Company will achieve its projected results. The Company may, from time to time, update its publicly announced AFFO guidance, but it is not obligated to do so.
The Company does not provide a reconciliation for its AFFO guidance to GAAP net income because it is unable to determine meaningful or accurate estimates of reconciling items without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact future net income. This includes, but is not limited to, changes in the provision for credit losses, real estate impairments, acquisition, merger and transition related costs, straight-line write-offs, gain/loss on assets sold, etc. In particular, the Company is unable to predict with reasonable certainty the amount of change in the provision for credit losses in future periods, which is often a significant reconciling adjustment.
ADDITIONAL INFORMATION
Additional information regarding the Company can be found in its First Quarter 2026 Financial Supplemental posted under “Financial Info” in the Investors section of Omega’s website. The information contained on, or that may be accessed through, Omega’s website, including the information contained in the aforementioned supplemental, is not incorporated by any reference into, and is not part of, this document.
CONFERENCE CALL
The Company will be conducting a conference call on Wednesday, April 29, 2026, at 10 a.m. Eastern Time to review the Company’s 2026 first quarter results and current developments. Investors and other interested parties may access the conference call in the following ways:
At the Company’s website: https://www.omegahealthcare.com/ Via webcast: https://events.q4inc.com/attendee/811963547 . Joining via webcast is recommended for those who will not be asking questions. By telephone: The participant toll-free dial-in number is (800) 715-9871. The international dial-in is +1 (646) 307-1963. The conference ID number is 1388157. Webcast replays of the call will be available on Omega’s website for approximately two weeks following the call. Additionally, a copy of the earnings release will be available in the “Financial Information” section on the “Investors” page of Omega’s website.
Omega is a real estate investment trust (“REIT”) that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the U.S., as well as in the U.K.
Forward-Looking Statements and Cautionary Language
This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations.
Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of our assets, including those relating to reimbursement by third-party payors, regulatory matters, occupancy levels and quality of care, including the management of infectious diseases; (ii) our operators’ ability to manage industry challenges, including staffing shortages, which may impact certain regions more acutely, increased costs, and the sufficiency of governmental reimbursement rates to offset such costs and the conditions related thereto; (iii) additional regulatory and other changes in the healthcare sector, including changes to Medicaid and Medicare reimbursements, the potential impact of recent changes to state Medicaid funding levels as well as legislative and regulatory initiatives related to establishing minimum staffing requirements for skilled nursing facilities (“SNFs”) that may further exacerbate labor and occupancy challenges for Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor’s obligations, and other costs and uncertainties associated with operator bankruptcies; (v) changes in tax laws and regulations affecting REITs, including as the result of any federal or state policy changes driven by the current focus on capital providers to the healthcare industry; (vi) Omega’s ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow Omega to realize the carrying value of these assets or to redeploy the proceeds therefrom on favorable terms, including due to the potential impact of changes in the SNF and assisted living facility (“ALF”) markets or local real estate conditions; (vii) the availability and cost of capital to Omega; (viii) changes in Omega’s credit ratings and the ratings of its debt securities; (ix) competition in the financing of healthcare facilities; (x) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (xi) changes in the financial position of Omega’s operators; (xii) the effect of economic, regulatory and market conditions generally, and particularly in the healthcare industry in the U.S. and in other jurisdictions where we conduct business, including the U.K.; (xiii) changes in interest rates and foreign currency exchange rates and the impact of inflation and changes in global tariffs and international trade disputes; (xiv) the timing, amount and yield of any additional investments; (xv) Omega’s ability to maintain its status as a REIT; (xvi) operational risks associated with our investments in healthcare operating companies, including senior housing properties managed through structures authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); (xvii) the use of, or inability to use, artificial intelligence by us, our operators, managers, vendors and investors; (xviii) the effect of other factors affecting our business or the businesses of Omega’s operators that are beyond Omega’s or operators’ control, including natural disasters, public health crises or pandemics, cyber threats and governmental action, particularly in the healthcare industry, and (xix) other factors identified in Omega’s filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements.
We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
March 31,
December 31,
2026
2025
(Unaudited)
ASSETS
Real estate assets
Buildings and improvements
$
7,696,967
$
7,901,652
Land
1,160,474
1,179,463
Furniture and equipment
531,005
539,775
Construction in progress
11,991
12,492
Total real estate assets
9,400,437
9,633,382
Less accumulated depreciation
(2,930,373)
(2,930,611)
Real estate assets – net
6,470,064
6,702,771
Real estate loans receivable – net
1,389,666
1,380,949
Investments in unconsolidated entities
507,720
414,127
Assets held for sale
233,128
4,000
Total real estate investments
8,600,578
8,501,847
Non-real estate loans receivable – net
354,953
330,322
Total investments
8,955,531
8,832,169
Cash and cash equivalents
26,149
27,024
Restricted cash
27,172
27,539
Contractual and other receivables – net
292,141
280,774
Goodwill
644,352
644,626
Other assets
289,206
236,927
Total assets
$
10,234,551
$
10,049,059
LIABILITIES AND EQUITY
Revolving credit facility
$
425,000
$
242,000
Senior notes and other unsecured borrowings – net
4,016,289
4,014,011
Accrued expenses and other liabilities
338,243
352,549
Total liabilities
4,779,532
4,608,560
Preferred stock $1.00 par value authorized – 20,000 shares, issued and outstanding – none
—
—
Common stock $0.10 par value authorized – 700,000 shares, issued and outstanding – 297,797 shares as of March 31, 2026 and 295,539 shares as of December 31, 2025
29,779
29,553
Additional paid-in capital
8,775,469
8,693,033
Cumulative net earnings
4,828,141
4,677,092
Cumulative dividends paid
(8,495,911)
(8,297,416)
Accumulated other comprehensive income
54,004
79,037
Total stockholders’ equity
5,191,482
5,181,299
Noncontrolling interest
263,537
259,200
Total equity
5,455,019
5,440,499
Total liabilities and equity
$
10,234,551
$
10,049,059
OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
Revenues
Rental income
$
266,864
$
228,375
Real estate tax and ground lease income
3,753
3,803
Real estate loans interest income
32,566
33,162
Non-real estate loans interest income
12,589
9,954
Resident fees and services
6,657
—
Miscellaneous income
526
1,491
Total revenues
322,955
276,785
Expenses
Depreciation and amortization
84,140
79,875
Interest expense
49,755
52,280
Senior housing operating expenses
5,427
—
General and administrative
14,995
13,321
Real estate tax and ground lease expense
4,016
3,826
Stock-based compensation expense
10,592
9,210
Severance expense
—
9,011
Acquisition, merger and transition related costs
1,114
1,464
Impairment on real estate properties
392
1,235
(Recovery) provision for credit losses
(3,294
)
5,092
Total expenses
167,137
175,314
Other income
Other income – net
1,076
3,047
Gain on assets sold – net
3,024
10,075
Total other income
4,100
13,122
Income before income tax expense and income from unconsolidated entities
159,918
114,593
Income tax expense
(5,106
)
(3,611
)
Income from unconsolidated entities
3,764
1,078
Net income
158,576
112,060
Net income attributable to noncontrolling interest
(7,527
)
(3,028
)
Net income available to common stockholders
$
151,049
$
109,032
Earnings per common share available to common stockholders:
Basic:
Net income available to common stockholders
$
0.47
$
0.34
Diluted:
Net income available to common stockholders
$
0.47
$
0.33
Dividends declared per common share
$
0.67
$
0.67
OMEGA HEALTHCARE INVESTORS, INC.
Nareit FFO, Adjusted FFO and FAD Reconciliation
Unaudited
(in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
Net income (1)
$
158,576
$
112,060
Deduct gain from real estate dispositions
(3,024
)
(10,075
)
Sub-total
155,552
101,985
Elimination of non-cash items included in net income:
Depreciation and amortization
84,140
79,875
Depreciation – unconsolidated entities
9,412
683
Impairment on real estate properties
392
1,235
Nareit funds from operations (“Nareit FFO”)
$
249,496
$
183,778
Weighted-average common shares outstanding, basic
297,047
283,015
Restricted stock and PRSUs
3,014
3,703
Omega OP Units
15,067
8,210
Weighted-average common shares outstanding, diluted
315,128
294,928
Nareit funds from operations available per share
$
0.79
$
0.62
Adjustments to calculate adjusted funds from operations
Nareit FFO
$
249,496
$
183,778
Add back (deduct):
Stock-based compensation expense
10,592
9,210
Straight-line rent and other write-offs (2)
2,377
10,000
Acquisition, merger and transition related costs
1,114
1,464
Severance expense (3)
—
9,011
Non-cash (recovery) provision for credit losses
(1,051
)
7,579
Other normalizing items – net (4)
(2,855
)
355
Adjusted funds from operations (“AFFO”) (1)(5)
$
259,673
$
221,397
Adjustments to calculate funds available for distribution
Non-cash expense (6)
$
1,298
$
3,187
Capitalized interest
(136
)
(751
)
Non-cash revenue
(14,083
)
(13,022
)
Funds available for distribution (“FAD”) (1)(5)
$
246,752
$
210,811
__________________
(1)
The three months ended March 31, 2025 include the application of $4.3 million of security deposits (letters of credit and cash deposits) in revenue.
(2)
The three months ended March 31, 2025 includes a $10.0 million lease inducement recorded as a reduction to rental income related to a one-time payment made to an operator upon entering a new 10-year master lease.
(3)
The three months ended March 31, 2025 includes $6.6 million of non-cash stock-based compensation expense associated with the previously disclosed leadership transition that occurred in January 2025.
(4)
Primarily consists of cash interest received on seller financing loans related to asset sales not recognized, gains and losses associated with certain financial instruments and foreign currency and other normalizing revenue and expense adjustments for discrete items.
(5)
Adjusted funds from operations per share and funds available for distribution per share can be calculated using weighted-average common shares outstanding, diluted, as shown above.
(6)
Primarily consists of non-cash items within interest expense, such as the amortization of deferred financing fees and discounts, as well as the amortization of deferred gains from forward swaps designated as cash flow hedges and other non-cash items. For the three months ended March 31, 2025, Non-cash expense is not adjusted to include $2.4 million of amortization related to the above market loan assumed as part of the Cindat JV acquisition in July 2024. The above market loan was fully repaid in November 2025.
Nareit Funds From Operations (“Nareit FFO”), Adjusted FFO and Funds Available for Distribution (“FAD”) are non-GAAP financial measures. As used in this press release, GAAP refers to generally accepted accounting principles in the United States of America. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The Company calculates and reports Nareit FFO in accordance with the definition and interpretive guidelines issued by the National Association of Real Estate Investment Trusts (“Nareit”), and consequently, Nareit FFO is defined as net income (computed in accordance with GAAP), adjusted for the effects of asset dispositions and certain non-cash items, primarily depreciation and amortization and impairments on real estate assets, and after adjustments for unconsolidated partnerships and joint ventures and changes in the fair value of warrants. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. Revenue recognized based on the application of security deposits and letters of credit or based on the ability to offset against other financial instruments is included within Nareit FFO. The Company believes that Nareit FFO, Adjusted FFO and FAD are important supplemental measures of its operating performance. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time, while real estate values instead have historically risen or fallen with market conditions. The term funds from operations was designed by the real estate industry to address this issue. Funds from operations described herein is not necessarily comparable to funds from operations of other real estate investment trusts, or REITs, that do not use the same definition or implementation guidelines or interpret the standards differently from the Company.
Adjusted FFO is calculated as Nareit FFO excluding the impact of non-cash stock-based compensation and certain revenue and expense items (e.g., acquisition, merger and transition related costs, straight-line rent and other write-offs, recoveries and provisions for credit losses (excluding certain cash recoveries on impaired loans), severance expense and other normalizing items). FAD is calculated as Adjusted FFO less non-cash expense, such as the amortization of deferred financing costs, and non-cash revenue, such as straight-line rent. FAD includes the non-cash amortization of premiums associated with the fair value of debt assumed in acquisitions. The Company believes these measures provide an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO and FAD may not be comparable to the Nareit definition of funds from operations or to similar measures reported by other REITs, but the Company believes that they are appropriate measures for this Company.
The Company uses these non-GAAP measures among the criteria to measure the operating performance of its business. The Company also uses FAD among the performance metrics for performance-based compensation of officers. The Company further believes that by excluding the effect of depreciation, amortization, impairments on real estate assets and gains or losses from sales of real estate, all of which are based on historical costs, and which may be of limited relevance in evaluating current performance, funds from operations can facilitate comparisons of operating performance between periods. The Company offers these measures to assist the users of its financial statements in analyzing its operating performance. These non-GAAP measures are not measures of financial performance under GAAP and should not be considered as measures of liquidity or cash flow, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP. Investors and potential investors in the Company’s securities should not rely on these non-GAAP measures as substitutes for any GAAP measure, including net income.
Omega Healthcare Investors (OHI - Free Report) came out with quarterly funds from operations (FFO) of $0.82 per share, beating the Zacks Consensus Estimate of $0.8 per share. This compares to FFO of $0.75 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.50%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $0.79 per share when it actually produced FFO of $0.8, delivering a surprise of +1.27%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Omega Healthcare Investors, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $322.96 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.20%. This compares to year-ago revenues of $276.79 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Omega Healthcare Investors shares have added about 5.3% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Omega Healthcare Investors?While Omega Healthcare Investors has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Omega Healthcare Investors was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.80 on $318.17 million in revenues for the coming quarter and $3.19 on $1.29 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Medical Properties (MPT - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This health care real estate investment trust is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +7.1%. The consensus EPS estimate for the quarter has been revised 13.3% higher over the last 30 days to the current level.
Medical Properties' revenues are expected to be $252.59 million, up 12.9% from the year-ago quarter.
Omega Healthcare Investors is rated Buy, with strong long-term potential and a valuation reflecting elevated risk. OHI delivered a solid Q1, raised 2026 AFFO guidance to $3.19–$3.25 per share, and advanced its SHOP/RIDEA operational pivot. Risks include macro headwinds from the Iran conflict, higher rates, tenant pressures, and increased operational exposure from the SHOP model.
The Stability CaseQ1 2026 results showed clear improvement across the income statement. Revenue rose to $322.9M from $276.8M a year earlier, driven mainly by rental income growth and new senior housing operating revenue from RIDEA structures. Net income available to common stockholders reached $151.0M, or $0.47 per diluted share — up from $109.0M and $0.33 the prior year.
Cash generation strengthened in parallel. AFFO came in at $0.82 per share, FAD at $0.78. Operating cash flow of $215.5M comfortably covered $198.5M in common dividends. Management narrowed full-year AFFO guidance to $3.19–$3.25, and the payout ratio dropped to 82% of AFFO and 86% of FAD — meaningful headroom relative to prior years.
Liquidity remains intact. The company ended the quarter with $4.5 billion of debt, $26.1 million of cash, and $1.6 billion of undrawn revolver capacity, supplemented by ATM equity access through 2.2M shares issued for net proceeds of roughly $105.5M in the quarter.
Where Caution Is WarrantedThe same disclosures show stress at the operator level — the layer that sits underneath OHI’s financial statements but ultimately determines what flows through them.
Maplewood’s $329.5M revolver is on non-accrual, and Genesis is in Chapter 11, supported by a $25.0M Super-Priority DIP Loan plus two term loans totaling $134.5M. CommuniCare is the subject of a planned $479.9 million skilled nursing portfolio disposition involving 18 assets, with twelve already sold after quarter-end and six expected to close in Q2.
These aren’t isolated names. They reflect the structural reality that Omega’s coverage today depends on operating performance of skilled nursing operators whose own coverage is tied to a federal-state reimbursement environment they don’t control. When that environment tightens, the pressure shows up on the operator’s income statement first — and on OHI’s only when leases or loans are restructured.
What Would Shift The NarrativeWhat I’d WatchThis is not a prediction — structural assessment.
This essay applies the DFB Signal Frameworks — Three Clocks™, BBB- Cliff™, and Buffer Half-Life™. More structural income notes are published at Dividend Forensics Bureau.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
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Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Alpine Income (PINE) and Omega Healthcare Investors (OHI). But which of these two stocks presents investors with the better value opportunity right now?
Taylor Pickett, CEO, to retire October 1st; stepping down from Board of Directors
Matthew Gourmand, President, promoted to CEO; to join Board
Bob Stephenson, CFO, to retire August 1st
Neal Ballew, CAO, promoted to CFO
HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE: OHI) (the “Company” or “Omega”) today announced that Matthew Gourmand, President of Omega, will become the Company’s Chief Executive Officer in conjunction with the planned retirement of Taylor Pickett effective October 1, 2026. Mr. Pickett will step down from the Board of Directors upon his retirement, and the Board of Directors intends to appoint Mr. Gourmand to the Board, effective on that date.
Omega also announced the planned retirement of Bob Stephenson as the Company’s Chief Financial Officer effective August 1, 2026, with Neal Ballew, currently Omega’s Chief Accounting Officer of six years, succeeding Mr. Stephenson in that role.
Craig Callen, Chair of the Board of Directors, stated, “I am excited to announce the next generation leadership of Omega, with Matthew and Neal stepping up into the CEO and CFO roles as the culmination of a carefully managed, multi-year succession plan. The Board has been developing this plan over an extended period and believes it will lead to Omega’s continued success.”
Mr. Callen continued regarding Mr. Gourmand, “We have had the opportunity to see Matthew evolve in various roles and, with his deep investing experience and a leadership style rooted in collaboration and innovation, he is well-prepared to lead the Company in its next phase of growth.”
Mr. Pickett stated, “Having worked with Matthew for the past eight years, I believe he is the right person to take the Company forward. With a highly experienced and driven team to support him, I am confident that Omega is well-positioned to continue to increase shareholder value.”
Mr. Pickett’s retirement marks the end of a remarkable 25 years as Omega’s CEO, during which Omega has achieved a total shareholder return of over 10,000%, the highest return of all publicly traded REITs over that period. Its portfolio of predominantly senior care assets grew from 258 to 1,124 as of the past quarter, and its market capitalization increased from approximately $60 million to over $15 billion today.
Mr. Callen commented, “Throughout Taylor’s 25 years as CEO of Omega, his strategic vision and strong leadership have created an industry-leading company well-positioned to capture current and future demographic trends. Taylor created a strong culture based on achievement, prudent capital allocation and development of future executives. That team now stands ready to build upon this success.”
Mr. Stephenson also has had a remarkable career at Omega, overseeing significant growth in the capital base and the establishment of investment grade credit ratings, reflecting strong balance sheet management.
Mr. Pickett stated, “During Bob’s 25-year tenure as CFO, his financial management has been exceptional. He inherited a deeply challenged balance sheet, which he has methodically and judiciously strengthened over the years. He leaves Omega as an investment-grade credit, with a well-laddered maturity schedule, and leverage near all-time lows, with Neal very well-trained and ready to step up. I would like to thank Bob for being such a great partner to me in the leadership of Omega.”
Mr. Callen continued, “We thank both Taylor and Bob for their unwavering service to shareholders and wish each of them a long and well-deserved retirement.”
Mr. Pickett said, “It has been an honor and a privilege to lead Omega since 2001. I am proud of our team’s many accomplishments, and I am grateful to my colleagues, our Board of Directors, our operating partners, and all those who have contributed to Omega’s success during my tenure.”
Mr. Stephenson commented, “It has been the highlight of my professional life to be part of the Omega leadership team and oversee the financial evolution and growth of the Company from its early day struggles to its present position as a large scale, financially sound industry leader.”
Mr. Stephenson continued, “I have worked very closely with Neal since he joined Omega. He is highly skilled, bright, and talented, and will provide great continuity. As we start a multi-decade tailwind from the aging of the baby boomers, and with Matthew and Neal ready to step into their new roles, I feel as confident about the future of Omega as I feel proud of the past.”
Reflecting on his impending new role, Mr. Gourmand noted, “I am excited to serve as Omega’s next CEO and lead this exceptional team in its next chapter. I am grateful for the trust that the Board has placed in me, and I will work tirelessly to repay that trust. I want to thank Taylor and Bob for growing and shaping Omega into what it is today, as well as all their mentorship and counsel to prepare me for this next step. They will be deeply missed, but the culture of excellence and an unwavering focus on creating shareholder value will continue.”
Both Mr. Pickett and Mr. Stephenson have agreed to remain in consulting roles after their retirements, being available to the Company as requested from time to time during their consulting periods.
Omega is a real estate investment trust (“REIT”) that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the U.S., as well as in the U.K.
Forward-Looking Statements and Cautionary Language
This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations.
Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of our assets, including those relating to reimbursement by third-party payors, regulatory matters, occupancy levels and quality of care, including the management of infectious diseases; (ii) our operators’ ability to manage industry challenges, including staffing shortages, which may impact certain regions more acutely, increased costs, and the sufficiency of governmental reimbursement rates to offset such costs and the conditions related thereto; (iii) additional regulatory and other changes in the healthcare sector, including changes to Medicaid and Medicare reimbursements, the potential impact of recent changes to state Medicaid funding levels as well as legislative and regulatory initiatives related to establishing minimum staffing requirements for skilled nursing facilities (“SNFs”) that may further exacerbate labor and occupancy challenges for Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor’s obligations, and other costs and uncertainties associated with operator bankruptcies; (v) changes in tax laws and regulations affecting REITs, including as the result of any federal or state policy changes driven by the current focus on capital providers to the healthcare industry; (vi) Omega’s ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow Omega to realize the carrying value of these assets or to redeploy the proceeds therefrom on favorable terms, including due to the potential impact of changes in the SNF and assisted living facility (“ALF”) markets or local real estate conditions; (vii) the availability and cost of capital to Omega; (viii) changes in Omega’s credit ratings and the ratings of its debt securities; (ix) competition in the financing of healthcare facilities; (x) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (xi) changes in the financial position of Omega’s operators; (xii) the effect of economic, regulatory and market conditions generally, and particularly in the healthcare industry in the U.S. and in other jurisdictions where we conduct business, including the U.K.; (xiii) changes in interest rates and foreign currency exchange rates and the impact of inflation and changes in global tariffs and international trade disputes; (xiv) the timing, amount and yield of any additional investments; (xv) Omega’s ability to maintain its status as a REIT; (xvi) operational risks associated with our investments in healthcare operating companies, including senior housing properties managed through structures authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); (xvii) the use of, or inability to use, artificial intelligence by us, our operators, managers, vendors and investors; (xviii) the effect of other factors affecting our business or the businesses of Omega’s operators that are beyond Omega’s or operators’ control, including natural disasters, public health crises or pandemics, cyber threats and governmental action, particularly in the healthcare industry, and (xix) other factors identified in Omega’s filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements.
We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Alpine Income (PINE - Free Report) and Omega Healthcare Investors (OHI - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Alpine Income has a Zacks Rank of #2 (Buy), while Omega Healthcare Investors has a Zacks Rank of #4 (Sell) right now. Investors should feel comfortable knowing that PINE likely has seen a stronger improvement to its earnings outlook than OHI has recently. But this is only part of the picture for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
PINE currently has a forward P/E ratio of 9.07, while OHI has a forward P/E of 15.02. We also note that PINE has a PEG ratio of 1.30. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. OHI currently has a PEG ratio of 2.05.
Another notable valuation metric for PINE is its P/B ratio of 0.96. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, OHI has a P/B of 2.62.
These are just a few of the metrics contributing to PINE's Value grade of B and OHI's Value grade of D.
PINE sticks out from OHI in both our Zacks Rank and Style Scores models, so value investors will likely feel that PINE is the better option right now.
Omega Healthcare Investors offers a compelling high-yield opportunity after a recent price pullback, now yielding over 6%. OHI's fundamentals are robust, with FAD per share up 9.5% YoY, improved dividend coverage at 86%, and tenant rent coverage at a decade high. Strategic expansion into RIDEA structures and value-added acquisitions positions OHI for potentially strong total returns.
Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Alpine Income (PINE) or Omega Healthcare Investors (OHI). But which of these two stocks offers value investors a better bang for their buck right now?
Dropbox, Decagon, and Swinerton Builders among new leases underscoring strong demand in the city’s leading innovation corridor
SAN FRANCISCO--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced more than 200,000 square feet of new leases at 680 Folsom and 50 Hawthorne in San Francisco's South Financial District. These transactions bring 50 Hawthorne to full occupancy and 680 Folsom to more than 90% leased, illustrating accelerating momentum in one of the city’s most dynamic submarkets.
Dropbox, a cloud-based content collaboration platform, has leased the entire 64,000 square foot building at 50 Hawthorne. At 680 Folsom, following an extensive refresh, Decagon, a leading enterprise AI firm, has leased approximately 70,000 square feet across the sixth and seventh floors, and national construction firm Swinerton Builders and a software company each leased 35,000 square feet.
“The activity we’re seeing across our San Francisco premier workplace portfolio reflects the continued flight to quality in the market,” said Christine Yuen, Senior Vice President, Leasing, BXP. “Today’s companies prioritize highly amenitized, transit-oriented workplaces that foster collaboration and authentically celebrate their culture. Our ongoing investment strategy is directly aligned with this demand, reinforcing the strength of our repositioning efforts and enhancing the competitiveness of our assets in dynamic submarkets like the South Financial District.”
“We’re building for the long term and need a workplace that matches both our pace of growth and culture of innovation,” said Chloe Mark, SVP Operations and People at Decagon. “Doubling down on San Francisco was a deliberate decision for us, and finding the right partner was crucial. BXP has been instrumental in this next chapter, helping us secure and create a space at 680 Folsom that supports not only how we work today but where we're going as we build the next world-class enterprise technology company.”
Spanning 469,000 square feet, 680 Folsom delivers a curated, hospitality-driven workplace experience. A newly enhanced lounge offers flexible workspace and event capabilities, featuring a commissary kitchen, coffee bar, elevated concierge services, and state-of-the-art AV. Designed for year-round use, the reimagined rooftop provides sweeping San Francisco views alongside built-in speakers, heaters, fireplaces, and refined patio furnishings, with flexible configurations to accommodate gatherings of up to 400 guests. Project partners included Revel Architecture & Design, NBBJ Architects, GCI and MCS Construction.
“For more than 120 years, Swinerton has proudly maintained a presence in San Francisco,” said Paul Hinz, Vice President, Division Manager at Swinerton Builders. “Securing the right space for our team was a meaningful process, and we’re especially pleased to be moving into a property owned by our long-standing, trusted partner, BXP. A key priority was bringing all of our San Francisco operations together on a single floor, and 680 Folsom delivers exactly that.”
“We’re continuing to see strong momentum in the South Financial District submarket, especially among innovative companies like Dropbox and Decagon,” said Angus Scott, Executive Vice President at CBRE. “These types of companies are attracted to high-quality, creative spaces, with large floorplates, incredible natural light and high ceilings, which 680 Folsom and 50 Hawthorne both offer.”
According to CBRE 2026 Q1 data:
San Francisco recorded the highest growth rate in tech industry leasing between 2024 and 2025, with total square footage leased increasing by 44%. The 15 largest AI companies by venture capital funding expanded their workforce from approximately 7,500 employees in 2020 to 48,000 by year end 2025. The City of San Francisco has received the majority of AI VC funding since 2024 and has become more dominant in 2025 and 2026, accounting for 62% and 81% of U.S. AI funding. Leasing activity among tech and AI firms is expected to remain strong over the next 12 to 18 months, driven by sustained levels of tenant demand. Angus Scott and Madison Dutra Sarro of CBRE represented BXP in all transactions. Blake Walker and Ryan Lowe of CBRE represented Decagon, and Jonathan Allen and Griggs Ziesing of JLL represented Swinerton Builders. Luke Ogelsby and Sarah Kelley of CBRE represented Dropbox.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 52.9 million square feet and 180 properties, including eight properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
Key Takeaways BXP signed 200K sq ft of SF leases, filling 50 Hawthorne and lifting 680 Folsom above 90% leased.Dropbox, Decagon and Swinerton deals highlight strong demand from tech and AI tenants.San Francisco tech leasing rose 44%, with AI funding dominance driving hiring and future office demand BXP, Inc. (BXP - Free Report) recently announced more than 200,000 square feet of new leases in San Francisco’s South Financial District, highlighting solid momentum amid rising demand for premier offices. These leases at 50 Hawthorne and 680 Folsom bring the former to 100% occupancy and the latter to more than 90% leased.
50 Hawthorne, spanning 64,000 square feet, was fully leased to Dropbox, a cloud-based content collaboration platform. On the other hand, at 680 Folsom, Decagon, a leading enterprise AI firm, leased around 70,000 square feet across the sixth and seventh floors, and Swinerton Builders, a national construction firm and a software company, leased 35,000 square feet each.
Stretching over 469,000 square feet, 680 Folsom is equipped with amenities like a newly enhanced lounge offering flexible workspace and event organizing setup. It features a commissary kitchen, coffee bar, elevated concierge services and state-of-the-art AV, with a rooftop offering flexible build-up to accommodate 400 guests.
As per the CBRE first-quarter 2026 data, San Francisco witnessed higher tech industry leasing between 2024 and 2025, with total square footage leased up by 44%. The city has received the majority of AI VC funding since 2024, and clear dominance in 2025 and 2026, representing 62% and 81% of U.S. AI funding, respectively.
The largest 15 AI companies by venture capital funding have been on a hiring spree, expanding their workforce from 7,500 employees in 2020 to 48,000 by 2025 year-end. With growing demand, leasing activity is expected to remain resilient over the next 12 to 18 months.
Wrapping Up on BXPBXP boasts a portfolio of Class A office assets in a few select markets in the United States. The healthy tenant demand for premier office assets and the company's ability to offer such spaces are likely to drive leasing activity.
In January 2026, the company announced that Starr had signed a long-term lease at 343 Madison Avenue, which is currently under development near Grand Central. In the fourth quarter of 2025, the company executed 87 leases totaling around 1.8 million square feet with a weighted average lease term of 11.3 years. This emphasizes the sustained demand and long-term commitment by corporates for quality office spaces with premier amenities as their key business strategy.
Over the past month, shares of this Zacks Rank #3 (Hold) company have gained 4.6% compared with the industry's growth of 1.3%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Crown Castle Inc. (CCI - Free Report) and Prologis (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CCI’s 2026 FFO per share is pegged at $4.43, which indicates year-over-year growth of 1.6%.
The consensus estimate for PLD’s full-year FFO per share is pinned at $6.14, which calls for an increase of 5.7% from the year-ago period.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced the release of BXP’s 2025 Sustainability & Impact Report.
2025 highlights include:
Improving energy efficiency by achieving an energy intensity reduction of 38% below a 2008 base year Achieving carbon-neutral operations for greenhouse gas emissions scopes 1 and 2 Initiating 2.1 million square feet of retro-commissioning, bringing our three-year retro-commissioning program total to 15.3 million square feet Completing a major heat recovery retrofit at 601 Lexington Avenue in New York, NY, as the first company in the cohort to fulfill obligations under NYSERDA’s Empire Building Challenge Progressing contracted clean energy supply with the construction phase commencement of a 20 MW solar project, from which we will procure clean power under a power purchase agreement “Excellence and leadership in sustainability is important to our clients, communities, and capital providers,” said Owen Thomas, Chairman & CEO, BXP. “Delivering measurable impact for our stakeholders is central to our strategy and a key driver of our ongoing success.”
“In 2025, we remained focused on managing energy-related operating expenses, advancing carbon-neutral operations, and further differentiating BXP’s premier workplaces. I’m proud of the progress our teams delivered and grateful for the talented professionals whose expertise made it possible. These achievements reflect a disciplined, performance-driven approach to operations and capital allocation, positioning BXP to navigate evolving regulatory requirements and client expectations,” said Ben Myers, SVP, Sustainability, BXP.
BXP’s 2025 Sustainability & Impact Report provides details on BXP’s approach, goals, key performance indicators, leadership, and reporting methodologies related to sustainability, social impact, and governance. The complete report is available under the Commitment section of our website at www.bxp.com.
BXP’s commitment to sustainability and impact has been recognized by numerous industry groups and rankings, including being listed as a responsible and sustainable company by multiple national publications. BXP was again named a Best in Building Health winner by the Center for Active Design. BXP was also recognized as an inaugural Platinum-level Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy and was named a Sustainalytics Low Carbon Leader and S&P Global Sustainability Yearbook Member.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 52.6 million square feet and 179 properties, including eight properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
Key Takeaways BXP is expected to report Q1 revenue and FFO declines when it announces results on April 28.BXP may see leasing gains from strong office demand and flight-to-quality trends in premium spaces.BXP faces margin pressure from higher operating, redevelopment costs and competitive leasing conditions. BXP, Inc. (BXP - Free Report) is slated to report first-quarter 2026 results on April 28, after market close. The company’s quarterly results are likely to display a year-over-year decline in revenues and funds from operations (FFO) per share.
In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.76, which missed the Zacks Consensus Estimate of $1.80. The quarterly results reflected higher expenses impacting the performance, though revenues improved year over year.
Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate twice and missed in the remaining period, the average beat being 0.18%. This is depicted in the graph below:
US Office Market in Q1Per a Cushman & Wakefield report, U.S. office demand remained resilient in the first quarter of 2026 amid macro uncertainty. The healthy demand for office spaces led to improved leasing and occupancy fundamentals. With new construction taking a back seat, vacancy is nearing an inflection point. To fill in gaps owing to the declining supply, the sublease market is witnessing renewed interest. To adapt to the changing customer needs and tastes, obsolete offices are increasingly being renovated, converted or demolished.
With high demand, net absorption turned positive in approximately half of the U.S. markets. Though negative in the first quarter, the four-quarter rolling net absorption exceeded 5.2 million square feet (msf), the highest since the pandemic. The national sublease inventory declined for the eighth consecutive quarter, down 3.4% quarter on quarter and 13.6% year on year.
High-quality office space demand has been an outperformer across the markets, with Class A net absorption at 1.4 msf in the first quarter of 2026 and the four-quarter rolling nearly at 18.7 msf. Out of 91 markets tracked by Cushman, 47 were on a positive trajectory. While the ongoing AI frenzy led this push in office demand, the same remained strong across sectors, including finance, hospitality, manufacturing, professional services and distribution/logistics.
On the supply front, the construction pipeline has reduced 86% from 2020, down 4.2% quarter on quarter to 18.6 msf. New deliveries stood at a meager 3 msf, being the third lowest quarterly total in the past 14 years. As the new supply is on a downtick, a shrinking inventory is giving impetus to this high demand, with vacancy remaining flat at 20.2%, up just 5 basis points (bps) quarterly. Class A office has passed peak vacancy as available space shrank 4 bps quarter on quarter while falling 30 bps year over year.
Factors at Play and Q1 Projections for BXPAmid improving U.S. office fundamentals, BXP is well-positioned to benefit from the ongoing flight-to-quality trend, with tenants increasingly favoring premium, well-located office spaces. This, along with return-to-office mandates, is likely to have driven healthy leasing activity across its portfolio in the first quarter.
However, some pressure points persist. Competitive leasing conditions and higher operating and redevelopment costs tied to asset repositioning efforts could have tempered margin growth.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $801.4 million, implying a 1.2% decrease from the prior-year quarter’s reported number.
BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for first-quarter FFO per share has moved southward to $1.58 over the past month. It suggests a 3.7% decline from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
BXP has an Earnings ESP of +0.17% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Ventas (VTR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report a surprise this quarter.
Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties, slated to release quarterly numbers on April 29, has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
VICI Properties (NYSE:VICI – Get Free Report) and BXP (NYSE:BXP – Get Free Report) are both finance companies, but which is the better investment? We will contrast the two businesses based on the strength of their dividends, profitability, risk, earnings, analyst recommendations, institutional ownership and valuation.
Profitability This table compares VICI Properties and BXP’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets VICI Properties 69.28% 10.02% 6.01% BXP 7.95% 3.59% 1.07% Dividends VICI Properties pays an annual dividend of $1.80 per share and has a dividend yield of 6.3%. BXP pays an annual dividend of $2.80 per share and has a dividend yield of 4.8%. VICI Properties pays out 69.0% of its earnings in the form of a dividend. BXP pays out 160.9% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. VICI Properties has raised its dividend for 4 consecutive years. VICI Properties is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.
Institutional & Insider Ownership 97.7% of VICI Properties shares are held by institutional investors. Comparatively, 98.7% of BXP shares are held by institutional investors. 0.3% of VICI Properties shares are held by company insiders. Comparatively, 1.5% of BXP shares are held by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Volatility and Risk VICI Properties has a beta of 0.7, suggesting that its share price is 30% less volatile than the S&P 500. Comparatively, BXP has a beta of 1.03, suggesting that its share price is 3% more volatile than the S&P 500.
Valuation & Earnings This table compares VICI Properties and BXP”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio VICI Properties $4.01 billion 7.59 $2.78 billion $2.61 10.90 BXP $3.48 billion 2.63 $276.80 million $1.74 33.20 VICI Properties has higher revenue and earnings than BXP. VICI Properties is trading at a lower price-to-earnings ratio than BXP, indicating that it is currently the more affordable of the two stocks.
Analyst Ratings This is a breakdown of current ratings and recommmendations for VICI Properties and BXP, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score VICI Properties 0 6 7 0 2.54 BXP 0 11 10 0 2.48 VICI Properties presently has a consensus target price of $33.42, indicating a potential upside of 17.48%. BXP has a consensus target price of $73.60, indicating a potential upside of 27.40%. Given BXP’s higher possible upside, analysts plainly believe BXP is more favorable than VICI Properties.
Summary VICI Properties beats BXP on 11 of the 17 factors compared between the two stocks.
About VICI Properties (Get Free Report)
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, and Kalahari Resorts. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.
About BXP (Get Free Report)
Boston Properties, Inc. (NYSE: BXP) (BXP or the Company) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP's portfolio totals 53.3 million square feet and 188 properties, including 10 properties under construction/redevelopment. BXP's properties include 167 office properties, 14 retail properties (including two retail properties under construction/redevelopment), six residential properties (including one residential property under construction) and one hotel. BXP is well-known for its inhouse building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a twelfth consecutive GRESB Green Star recognition and the highest GRESB 5-star Rating. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.
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Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026
BOSTON--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025. Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025. EPS exceeded the midpoint of BXP’s guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter. Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025. FFO for the first quarter exceeded the midpoint of BXP’s guidance by $0.02 primarily due to portfolio outperformance. Guidance
BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.
The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.
The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.
See “EPS and FFO per Share Guidance” below.
Leasing & Occupancy
Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes: approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%. For the first quarter, BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets. BXP’s total portfolio occupancy for the first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025. Transactions
Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities. During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP’s share. EPS and FFO per Share Guidance:
BXP’s guidance for the second quarter and full year 2026 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Second Quarter 2026
Full Year 2026
Low
High
Low
High
Projected EPS (diluted)
$
0.44
$
0.46
$
2.15
$
2.29
Add:
Projected Company share of real estate depreciation and amortization
1.29
1.29
5.10
5.10
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments
(0.04
)
(0.04
)
(0.35
)
(0.35
)
Projected FFO per share (diluted)
$
1.69
$
1.71
$
6.90
$
7.04
The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended March 31, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.
BXP will host a conference call on Wednesday, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI2c9150dbdfd1462e81d510e93738b5eb to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.
Additionally, a copy of BXP’s first quarter 2026 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the U.S. Government, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.
Financial tables follow.
BXP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2026
December 31,
2025
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost
$
26,256,207
$
26,248,130
Construction in progress
1,626,073
1,475,257
Land held for future development
493,212
518,492
Right of use assets - finance leases
372,476
372,470
Right of use assets - operating leases
321,030
325,841
Less: accumulated depreciation
(8,170,334
)
(8,040,311
)
Total real estate
20,898,664
20,899,879
Cash and cash equivalents
512,783
1,478,206
Cash held in escrows
68,471
79,060
Investments in securities
42,072
44,614
Tenant and other receivables, net
90,137
92,625
Note receivable, net
10,071
9,373
Related party note receivables, net
31,447
28,346
Sales-type lease receivable, net
15,921
15,672
Accrued rental income, net
1,558,226
1,538,515
Deferred charges, net
830,917
847,690
Prepaid expenses and other assets
188,819
108,105
Investments in unconsolidated joint ventures
854,722
999,309
Assets held for sale
—
24,770
Total assets
$
25,102,250
$
26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
4,280,639
$
4,280,067
Unsecured senior notes, net
8,808,674
9,806,100
Unsecured exchangeable senior notes, net
977,387
976,263
Unsecured line of credit
—
—
Unsecured term loans, net
797,309
797,053
Unsecured commercial paper
750,000
750,000
Lease liabilities - finance leases
357,039
360,039
Lease liabilities - operating leases
387,481
389,213
Accounts payable and accrued expenses
418,443
480,017
Dividends and distributions payable
124,018
123,753
Accrued interest payable
124,068
125,345
Other liabilities
352,813
386,074
Total liabilities
17,377,871
18,473,924
Commitments and contingencies
—
—
Redeemable deferred stock units
6,058
7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
—
—
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding
—
—
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively
1,587
1,585
Additional paid-in capital
6,843,822
6,836,243
Dividends in excess of earnings
(1,684,492
)
(1,674,995
)
Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025
(2,722
)
(2,722
)
Accumulated other comprehensive loss
(6,082
)
(12,921
)
Total stockholders’ equity attributable to BXP, Inc.
5,152,113
5,147,190
Noncontrolling interests:
Common units of the Operating Partnership
583,922
566,563
Property partnerships
1,982,286
1,970,949
Total equity
7,718,321
7,684,702
Total liabilities and equity
$
25,102,250
$
26,166,164
BXP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
2026
2025
(in thousands, except for per share amounts)
Revenue
Lease
$
818,156
$
811,102
Parking and other
30,814
30,242
Hotel
9,101
9,597
Development and management services
9,207
9,775
Direct reimbursements of payroll and related costs from management services contracts
4,870
4,499
Total revenue
872,148
865,215
Expenses
Operating
Rental
344,082
331,578
Hotel
7,982
7,565
General and administrative
59,341
52,284
Payroll and related costs from management services contracts
4,870
4,499
Transaction costs
129
768
Depreciation and amortization
227,967
220,107
Total expenses
644,371
616,801
Other income (expense)
Income (loss) from unconsolidated joint ventures
35,413
(2,139
)
Gains on sales of real estate
13,402
—
Loss on sales-type lease
—
(2,490
)
Interest and other income (loss)
8,885
7,750
Losses from investments in securities
(566
)
(365
)
Unrealized gain (loss) on non-real estate investments
188
(483
)
Loss from early extinguishment of debt
—
(338
)
Interest expense
(152,093
)
(163,444
)
Net income
133,006
86,905
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships
(19,869
)
(18,749
)
Noncontrolling interest—common units of the Operating Partnership
(11,561
)
(6,979
)
Net income attributable to BXP, Inc.
$
101,576
$
61,177
Basic earnings per common share attributable to BXP, Inc.
Net income
$
0.64
$
0.39
Weighted average number of common shares outstanding
158,555
158,202
Diluted earnings per common share attributable to BXP, Inc.
Net income
$
0.64
$
0.39
Weighted average number of common and common equivalent shares outstanding
159,056
158,632
BXP, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended March 31,
2026
2025
(in thousands, except for per share amounts)
Net income attributable to BXP, Inc.
$
101,576
$
61,177
Add:
Noncontrolling interest - common units of the Operating Partnership
11,561
6,979
Noncontrolling interests in property partnerships
19,869
18,749
Net income
133,006
86,905
Add:
Depreciation and amortization expense
227,967
220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(20,871
)
(20,464
)
Company’s share of depreciation and amortization from unconsolidated joint ventures
13,506
17,327
Corporate-related depreciation and amortization
(567
)
(716
)
Non-real estate related amortization
2,131
2,130
Loss on sales-type lease
—
2,490
Less:
Gains on sales of real estate
13,402
—
Gains on sales included within income (loss) from unconsolidated joint ventures
41,233
—
Unrealized gain (loss) on non-real estate investments
188
(483
)
Noncontrolling interests in property partnerships
19,869
18,749
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)
280,480
289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
28,244
28,922
Funds from operations attributable to BXP, Inc.
$
252,236
$
260,591
BXP, Inc.’s percentage share of funds from operations - basic
89.93
%
90.01
%
Weighted average shares outstanding - basic
158,555
158,202
FFO per share basic
$
1.59
$
1.65
Weighted average shares outstanding - diluted
159,056
158,632
FFO per share diluted
$
1.59
$
1.64
(1)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.
Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.
In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
Boston Properties (BXP - Free Report) came out with quarterly funds from operations (FFO) of $1.59 per share, beating the Zacks Consensus Estimate of $1.58 per share. This compares to FFO of $1.64 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.81%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.8 per share when it actually produced FFO of $1.76, delivering a surprise of -2.22%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Boston Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $818.16 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.10%. This compares to year-ago revenues of $811.1 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Boston Properties shares have lost about 14% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Boston Properties?While Boston Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Boston Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.71 on $810.23 million in revenues for the coming quarter and $6.98 on $3.34 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Douglas Emmett (DEI - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This real estate investment trust is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Douglas Emmett's revenues are expected to be $253.35 million, up 0.7% from the year-ago quarter.
Boston Properties (BXP - Free Report) reported $818.16 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 0.9%. EPS of $1.59 for the same period compares to $0.39 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $801.36 million, representing a surprise of +2.1%. The company delivered an EPS surprise of +0.81%, with the consensus EPS estimate being $1.58.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Boston Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Occupancy % of In-Service Properties: 87.4% compared to the 86.8% average estimate based on two analysts.Revenue- Parking and other (including insurance proceeds): $30.81 million compared to the $32.5 million average estimate based on three analysts. The reported number represents a change of +2.2% year over year.Revenue- Development and management services: $9.21 million compared to the $8.83 million average estimate based on three analysts. The reported number represents a change of -5.8% year over year.Revenue- Hotel: $9.1 million versus the two-analyst average estimate of $9.8 million. The reported number represents a year-over-year change of -5.2%.Revenue- Lease: $818.16 million compared to the $806.74 million average estimate based on two analysts. The reported number represents a change of +0.9% year over year.Net Earnings Per Share (Diluted): $0.64 versus the four-analyst average estimate of $0.33.View all Key Company Metrics for Boston Properties here>>>
Shares of Boston Properties have returned +12% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
BXP remains a 'hold' as balance sheet leverage and the 343 Madison project continue to weigh on valuation. Q1 FFO was $1.59, beating estimates, but margins compressed due to rising operating expenses and ongoing DC market weakness. Occupancy is improving, with a 3% uplift expected in 2024 from leased-to-occupied pipeline, but major lease maturities loom post-2027.
Key Takeaways BXP posted Q1 FFO of $1.59, topping estimates but slipping 3.1% year over year.Boston Properties saw leasing exceed 1.1M sq ft, with occupancy rising to 87.4%.BXP raised its 2026 FFO outlook after asset sales and improved portfolio performance. BXP, Inc. (BXP - Free Report) reported first-quarter 2026 funds from operations (FFO) of $1.59 per share, edging past the Zacks Consensus Estimate of $1.58. Still, FFO per share slipped 3.1% from $1.64 a year ago.
BXP’s quarterly results reflected healthy leasing activity and higher occupancy. Operating execution stood out as the office REIT completed more than 1.1 million square feet of leasing during the quarter. BXP also raised its guidance for 2026 FFO per share.
Lease revenues were $818.16 million, up marginally year over year and ahead of the consensus mark by 2.1%. Total revenues increased marginally from the prior-year quarter to $872.1 million.
BXP’s First Quarter in DetailBoston Properties’ rental revenues (excluding termination income) for the office portfolio came in at $827 million, which rose 1.7% year over year. For the hotel & residential segment, the metric aggregated $12.7 million, indicating a 3.1% decrease year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $839.7 million, up 1.6% year over year.
BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $445.5 million, down 0.4% year over year.
Its share of EBITDAre (cash basis) for the quarter was $439.2 million,a 3.6% decrease from $455.6 million in the prior-year quarter.
BXP Shows Improving Occupancy, Leased PipelineBXP’s total in-service portfolio occupancy increased 70 basis points from the fourth quarter of 2025 to 87.4%. The leased rate improved 150 basis points sequentially to 90.9%, leaving a 350-basis-point gap between leased and occupied space, or roughly 1.6 million square feet of leases yet to commence.
The company’s CBD portfolio was 89.9% occupied and 93.4% leased, with about 90% of BXP’s share of annualized rental obligations tied to these core urban assets. During the quarter, leasing momentum included bringing 360 Park Avenue South in New York City to 90% leased and 680 Folsom Street in San Francisco to 92% leased.
BXP Executes Dispositions to Recycle CapitalDuring the first quarter, BXP completed sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, and its interests in Gateway Commons in South San Francisco and 7750 Wisconsin Avenue in Bethesda, MD. On BXP’s share basis, these transactions generated aggregate gross proceeds of about $495.7 million and net proceeds of roughly $339.0 million.
Those sales produced $54.7 million of gains on sales of real estate and investments in joint ventures, strengthening balance sheet flexibility. Consistent with the strategic asset sales plan discussed on its September 2025 Investor Day, the company said that it has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including about $180.0 million since its prior earnings call.
BXP’s Quarter-End Financial PositionBXP ended the quarter with $512.8 million of cash and cash equivalents, down from $1.48 billion at the end of 2025, reflecting the timing of capital allocation and transaction activity.
The company reported an annualized BXP’s share net debt-to-EBITDAre ratio of 8.50, up from 7.86 as of Dec. 31, 2025.
Boston Properties Lifts 2026 Guidance After Q1 ExecutionBXP issued second-quarter 2026 FFO guidance of $1.69-$1.71 per diluted share. For full-year 2026, management lifted FFO guidance to $6.90-$7.04 per diluted share, up by $0.01 at the midpoint due to better-than-projected portfolio performance.
BXP’s Zacks RankBXP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs like Federal Realty Investment Trust (FRT - Free Report) and OUTFRONT Media (OUT - Free Report) , slated to report on May 1 and May 7, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).
The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which indicates significant growth year over year. OUT currently has a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that Owen Thomas – Chairman & CEO; Douglas Linde – President; and Michael LaBelle – Chief Financial Officer, will participate in and present at Nareit’s 2026 REITweek Investor Conference, which will take place June 2-4, 2026 at the New York Hilton Midtown in New York City, New York.
BXP’s presentation is expected to begin at approximately 10:15 AM ET on Tuesday, June 2, 2026, and it will be moderated by Anthony Paolone, Executive Director, J.P. Morgan. During the conference, BXP executives may discuss the current operating environment, trends and strategies; development, redevelopment and other investment activities; and other business and financial matters affecting BXP. A live webcast of this presentation can be accessed by clicking this link or by visiting the Investors section of BXP’s website. Shortly after the presentation, a replay of the webcast will be available in the same location.
About BXP
BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.
Key Takeaways BXP executed 68 leases for 1.1M square feet in Q1 2026, lifting occupancy to 87.4%.BXP generated about $339M of net disposition proceeds, supporting liquidity and capital recycling.BXP's 3.4M-square-foot development pipeline is 61% pre-leased and targets NOI growth. Shares of BXP Inc. (BXP - Free Report) have gained 20.7% over the past three months, outperforming the industry's growth of 4.1%.
BXP’s gateway portfolio of premier workplaces continues to draw tenants that value location, design and amenities, and recent leasing keeps the occupancy outlook constructive as signed deals roll into revenues.
A diverse client base and long lease terms help steady cash flows. Disposition activity is advancing the capital plan and supports liquidity for redevelopment and selective development.
Image Source: Zacks Investment Research
Factors Behind BXP Stock Price Surge: Will the Trend Last?BXP’s focus on premier workplaces in gateway markets can attract tenants that prioritize location, design and amenities. In first-quarter 2026, the company executed 68 leases totaling more than 1.1 million square feet with an 8.7-year weighted-average lease term. Total portfolio occupancy rose 70 basis points (bps) sequentially to 87.4%, while the leased percentage increased 150 bps to 90.9%.
BXP’s tenant roster includes several industry bellwethers, such as Salesforce, Google, Akamai Technologies, Microsoft and Wellington Management. As of March 31, 2026, the top 20 clients represented 29.09% of BXP’s share of annualized rental obligations, with a weighted-average remaining lease term of 8.9 years. This mix of long-duration leases and diversified industry exposure can help stabilize cash flows as tenants resize or relocate.
BXP continues to execute its capital recycling strategy by upgrading portfolio quality in core markets and exiting non-strategic assets. During first-quarter 2026, the company completed sales of residential, land and non-strategic office interests that generated about $339 million of net proceeds and $54.7 million of gains, based on BXP’s share. With several additional assets under contract and more being marketed, ongoing dispositions can help fund strategic priorities while easing leverage over time.
BXP’s development and redevelopment activity remains a key source of long-term external growth. As of first-quarter 2026, the company’s development pipeline includes six office, life science and residential projects underway, totaling 3.4 million square feet and about $3.6 billion in BXP investment, with 61% pre-leased as of April 24, 2026. Per the first-quarter 2026 Investor Presentation, BXP projects the properties under development and redevelopment to add around $300 million to the company’s share of NOI-cash upon stabilization.
BXP maintains investment-grade access and liquidity that support its multi-year business plan. As of March 31, 2026, liquidity was $2.1 billion, consisting of about $0.6 billion of cash and $1.5 billion of revolving credit facility availability. BXP’s share of net debt to EBITDAre (annualized) was 8.50X, and fixed charge coverage was 2.40X as of March 31, 2026. Unsecured senior debt is rated BBB (negative) by S&P and Baa2 (stable) by Moody’s, which supports ongoing access to the debt market.
Key Risks for BXPBXP faces office competition, with concessions and downtime risk if tenants delay. A large multi-year development program needs leasing and capital, and the lower dividend limits yield appeal.
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report) and Chatham Lodging Trust REIT (CLDT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pinned at $2.93, up 3.2% year over year.
The consensus estimate for CLDT’s 2026 FFO per share is pegged at $1.28, up 25.5% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transaction may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of AvalonBay Communities, Inc. (NYSE: AVB) to Equity Residential for 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock.
Halper Sadeh encourages AvalonBay shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].
The investigation concerns whether AvalonBay and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for AvalonBay shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for AvalonBay shareholders to evaluate the transaction.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating AvalonBay Communities, Inc. (NYSE: AVB) related to its sale to Equity Residential. Under the terms of the proposed transaction, AvalonBay shareholders are expected to receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock. Is it a fair deal?
Click here for more info https://monteverdelaw.com/case/avalonbay-communities-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Ademi LLP is investigating AvalonBay (NYSE: AVB) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with NextEra Energy.
Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.
AvalonBay stockholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own only approximately 51.2% and Equity Residential shareholders will own approximately 48.8% of the combined company on a fully diluted basis.
AvalonBay insiders will receive substantial benefits as part of change of control arrangements
The transaction agreement unreasonably limits competing transactions for AvalonBay by imposing a significant penalty if AvalonBay accepts a competing bid. We are investigating the conduct of the AvalonBay board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
747-kW DC system generated approximately 821 MWh in its first year and is expected to avoid roughly 300 metric tons of CO2 emissions annually
BOONTON, N.J.--(BUSINESS WIRE)--PowerLutions Solar today announced the completion of a multi-interconnection rooftop solar project at AvalonBay's community in Boonton, New Jersey. Developed and delivered in partnership with REV Energy Ventures and AvalonBay Communities, the project brings approximately 747 kW DC of on-site clean energy to the property.
PowerLutions Solar completed a 747-kW DC rooftop solar project at AvalonBay’s Boonton community, spanning 13 interconnections across multiple roofs and generating approximately 821 MWh in its first year.
Share Designed to offset a substantial share of common-area electricity use, the system produced approximately 821,000 kWh in its first year - roughly the annual electricity use of about 79 homes - and is expected to avoid roughly 300 metric tons of CO2 emissions annually over its operating life.
The Boonton installation includes 13 interconnections across multiple roofs and uses Talesun modules with Enphase microinverters to support module-level performance, safety and reliability. The system is paired with enterprise-grade monitoring and alerting, interconnected with JCP&L under New Jersey's net-metering framework, and positioned to participate in applicable state solar incentive programs.
"With AvalonBay and RevEnergy, we delivered a complex 13-interconnection, 747-kW multi-rooftop system," said Cy Yablonsky, vice president of PowerLutions Solar. "Through detailed load mapping and staged commissioning, we completed a resident-first solar upgrade and helped avoid a costly transformer upgrade."
"AvalonBay's sustainability platform combines smart development, efficient operations, and innovative strategies to reduce environmental impact across our growing portfolio. Our emissions targets, clean energy investments, and partnerships with companies like PowerLutions Solar reflect our commitment to delivering resilient, high-performing communities,” said Gautami Palanki, Vice President of Sustainability at AvalonBay Communities, Inc.
“This project reflects how strategic clean energy partnerships can help real estate owners advance their sustainability goals while delivering meaningful long-term energy savings,” said Jeff Bedard, Managing Partner, REV Energy Ventures. “The strong collaboration between our team, AvalonBay Communities and PowerLutions Solar positions the project to create lasting value for both the property and the surrounding community.”
About PowerLutions Solar
PowerLutions Solar, founded in 2008, is a full-service EPC delivering rooftop, canopy and distributed solar, battery storage and energy solutions for residential, commercial, multifamily and institutional clients. From engineering and procurement through construction and commissioning, PowerLutions builds reliable systems that reduce operating costs and carbon emissions. Learn more at powerlutions.com.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas across the United States.
About REV Energy Ventures
REV Energy Ventures is a renewable energy advisory and project implementation firm that helps major real estate owners evaluate, finance and execute solar and battery strategies. Founded in 2011, the company advises on and manages projects for large real estate portfolios across the United States.
On June 04, 2026, AvalonBay Communities Inc AVB shares rose 3.3%, bringing the current price to $189.19. The stock has shown a 52-week range between $160.10 and $209.86, indicating notable volatility in its trading patterns during the past year.
GF Value™ verdict: Current price is $189.19, which is 8.8% below the GF Value™ estimate of $207.35.GF Score™ of 84/100 indicates a strong overall performance relative to its peers.No insider transactions have been reported in the last 3 months, suggesting a lack of insider activity. Is AVB Overvalued or Undervalued? AvalonBay Communities Inc AVB currently trades at $189.19, which is 8.8% undervalued when compared to its GF Value™ estimate of $207.35. This indicates a margin of safety for potential investors, allowing for some downside protection in the case of market fluctuations. The GF Valuation label suggests that the stock is fairly valued, but given the positive difference between the current price and the GF Value™, it signifies an opportunity for value-seeking investors. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
This undervaluation could suggest that the market has not fully recognized the company's potential or future growth prospects. However, investors should remain cautious and consider the broader market environment, as well as AvalonBay's financial fundamentals, to gauge the sustainability of this valuation.
How Does AVB's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 23.5x 26.7x Forward P/E 35.7x N/A The current P/E (TTM) of 23.5x is 12% below its 5-year median P/E of 26.7x, indicating that AVB is trading at a lower valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict, reinforcing the idea that AVB is undervalued, providing a compelling case for potential upside as the market adjusts to its intrinsic value.
What Does AVB's GF Score™ Tell Us? Metric Rating GF Score™ 84/100 Financial Strength 4/10 Profitability 8/10 Growth 8/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 84/100 reflects a solid overall performance, particularly in the areas of Profitability (8/10), Growth (8/10), and Valuation (10/10), indicating strong potential for long-term returns. However, the Financial Strength score of 4/10 suggests that there are some concerns regarding the company's balance sheet and financial metrics that investors should consider. The Momentum rank of 5/10 indicates average performance in recent price trends, falling in between strong and weak performance.
What Are Insiders Doing with AVB Stock? There have been no insider transactions in the last 3 months for AvalonBay Communities Inc AVB . This lack of activity may suggest that insiders are either confident in the current valuation or do not perceive a strong need to adjust their holdings at this time. Typically, insider buying can signal confidence in the company's future, while selling may raise concerns. The absence of recent transactions indicates a neutral stance from insiders.
What This Means for Investors Based on the GF Value™ assessment, AvalonBay Communities Inc AVB is currently undervalued, presenting a potential opportunity for investors looking for value in the REIT sector. However, it is essential to consider the broader market context and the company's financial metrics before making investment decisions.
For the complete analysis, visit the AvalonBay Communities Inc AVB stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AVB's GF Score™?
AVB's GF Score™ is 84/100, indicating a strong overall performance relative to its peers and a good potential for long-term returns.
Is AVB overvalued or undervalued?
AVB is currently undervalued, with a GF Value™ estimate of $207.35 compared to its current price of $189.19.
What is AVB's P/E ratio?
AVB's P/E (TTM) is 23.5x, which is 12% below its 5-year median P/E of 26.7x, suggesting it is trading at a lower valuation historically.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) announced today that its Board of Directors declared a cash dividend on the Company’s Common Stock (par value $0.01 per share) for the second quarter of 2026. The Common Stock dividend is $1.78 per share and is payable July 15, 2026, to all Common Stockholders of Record as of June 30, 2026.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in Boston, Massachusetts, the New York/New Jersey Metro area, the Mid-Atlantic, Seattle, Washington, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of March 31, 2026, the Company owned or held a direct or indirect ownership interest in 319 apartment communities containing 98,271 apartment homes in 11 states and the District of Columbia, of which 25 communities were under development and one community was under redevelopment. More information may be found on the Company’s website at https://www.avalonbay.com.
MILWAUKEE, June 12, 2026 (GLOBE NEWSWIRE) -- Ademi LLP is investigating AvalonBay (NYSE: AVB) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with NextEra Energy.
Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.
AvalonBay stockholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own only approximately 51.2% and Equity Residential shareholders will own approximately 48.8% of the combined company on a fully diluted basis.
AvalonBay insiders will receive substantial benefits as part of change of control arrangements
The transaction agreement unreasonably limits competing transactions for AvalonBay by imposing a significant penalty if AvalonBay accepts a competing bid. We are investigating the conduct of the AvalonBay board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Live Nation Entertainment (LYV +0.10%) sits at the center of the U.S. concert industry, running Ticketmaster and putting nearly 160 million fans through its network last year. There aren't many ways for investors to own this theme directly. Live Nation is the obvious one.
It runs the concert experience from the ticket to the stage, and it's been buying and building its own venues in order to capture more of every dollar fans spend. The company now controls 460 venues globally, having tripled its real estate footprint since 2020. When people pay for live music, most of it flows through this company.
Image source: Getty Images.
The Department of Justice wrote the bull case. Its antitrust complaint alleges Ticketmaster controls roughly 80% of primary ticketing at major venues. That's the kind of market share most companies would never put in writing, but the government did it for them.
That makes Live Nation the headline story in live music. But for investors looking for a way to invest that's not so crowded, some of country music's rich history is hidden inside a hotel REIT.
Nashville's other play on live music Ryman Hospitality Properties (RHP +1.00%) is the one most people haven't heard of, tucked inside a hotel REIT with a 5% yield. It owns a controlling stake in the Grand Ole Opry and Ryman Auditorium in Nashville, along with large-scale resort properties in major metro areas such as Orlando, Denver, Dallas, and the Washington, D.C. area.
Five of the 10 largest nongaming convention hotels in the country are Ryman properties, managed by Marriott under the Gaylord brand. The entertainment segment is smaller, but it's the faster-growing piece, anchored by stages that American music fans already know by name.
Country music isn't taking a larger share of the touring industry, and it doesn't have to. The top 10 country tours alone grossed over $1.2 billion last year. Luke Combs and George Strait each earned north of $75 million, and Strait did it in six shows.
Ryman fills the rooms, Ticketmaster fills the seats The convention business funds the dividend. Corporate and association groups book years in advance, and that visibility is what makes the cash flow steady. The COVID-19 pandemic was the one thing that could break it, and it did. Ryman suspended its dividend in 2020. It took three years to pass the pre-pandemic high on both adjusted funds from operations (AFFO) per share and the dividend. Today those sit at $8.46 and $4.65, up 23% and 29% from 2019, respectively.
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Concerts fill the seats, but owning the building is where the margins are. When Live Nation owns an arena, it controls the sponsorship, from naming rights to the brand deals inside. That revenue carries higher margins than ticket sales and has been growing as the company adds venues. With over 70% of this year's sponsorship deals already booked, management has guided for double-digit adjusted operating income growth again in 2026.
Both companies are investing real capital into physical assets that are difficult to replicate. Live Nation keeps expanding because the fans keep showing up. Ryman continues to build the convention centers that fund the payout while owning the stages that have drawn crowds for over a century. The demand for live entertainment isn't slowing down, and both are positioned to profit from it.
Ryman Hospitality Properties is rated a 'Buy' due to record 2025 results, robust forward bookings, and an attractive valuation. RHP delivered $2.6B in revenue and $8.46/share AFFO in 2025, beating guidance despite macro headwinds. The current 5.27% dividend yield is well-covered, with a low 55% payout ratio and potential for future increases.
Bayforest Capital Ltd cut its holdings in shares of Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report) by 59.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,537 shares of the real estate investment trust’s stock after selling 5,120 shares during the quarter. Bayforest Capital Ltd’s holdings in Ryman Hospitality Properties were worth $335,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Dallas Securities Inc. increased its holdings in Ryman Hospitality Properties by 103.9% during the 3rd quarter. First Dallas Securities Inc. now owns 26,050 shares of the real estate investment trust’s stock worth $2,334,000 after purchasing an additional 13,275 shares during the last quarter. Centersquare Investment Management LLC increased its holdings in shares of Ryman Hospitality Properties by 37.3% in the 3rd quarter. Centersquare Investment Management LLC now owns 52,590 shares of the real estate investment trust’s stock valued at $4,712,000 after acquiring an additional 14,296 shares during the last quarter. Hamlin Capital Management LLC increased its holdings in shares of Ryman Hospitality Properties by 10.5% in the 3rd quarter. Hamlin Capital Management LLC now owns 987,976 shares of the real estate investment trust’s stock valued at $88,513,000 after acquiring an additional 93,490 shares during the last quarter. Strs Ohio increased its holdings in shares of Ryman Hospitality Properties by 23.3% in the 3rd quarter. Strs Ohio now owns 114,324 shares of the real estate investment trust’s stock valued at $10,242,000 after acquiring an additional 21,600 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Ryman Hospitality Properties by 21.4% in the 3rd quarter. Bessemer Group Inc. now owns 318,888 shares of the real estate investment trust’s stock valued at $28,570,000 after acquiring an additional 56,189 shares during the last quarter. 94.48% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes RHP has been the subject of a number of research analyst reports. Truist Financial boosted their price target on Ryman Hospitality Properties from $121.00 to $129.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Barclays boosted their price target on Ryman Hospitality Properties from $109.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $131.00 price target on shares of Ryman Hospitality Properties in a report on Tuesday, January 13th. Evercore reiterated an “outperform” rating and issued a $115.00 price target on shares of Ryman Hospitality Properties in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ryman Hospitality Properties in a report on Wednesday, January 28th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $114.10.
Get Our Latest Stock Report on Ryman Hospitality Properties
Ryman Hospitality Properties Price Performance Shares of RHP opened at $103.52 on Friday. The company has a market cap of $6.53 billion, a P/E ratio of 27.53, a PEG ratio of 1.92 and a beta of 1.19. The stock has a fifty day moving average price of $97.07 and a 200 day moving average price of $94.54. The company has a debt-to-equity ratio of 5.04, a current ratio of 1.46 and a quick ratio of 1.46. Ryman Hospitality Properties, Inc. has a 12 month low of $83.37 and a 12 month high of $105.75.
Ryman Hospitality Properties Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Tuesday, March 31st. Ryman Hospitality Properties’s dividend payout ratio is presently 127.66%.
Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.
Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.
Recommended Stories Five stocks we like better than Ryman Hospitality Properties Want to see what other hedge funds are holding RHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report).
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Ryman Hospitality Properties, Inc. (NYSE:RHP – Get Free Report) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $114.10.
RHP has been the topic of several research reports. Truist Financial boosted their price objective on shares of Ryman Hospitality Properties from $121.00 to $129.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $131.00 price objective on shares of Ryman Hospitality Properties in a report on Tuesday, January 13th. Wells Fargo & Company dropped their price objective on shares of Ryman Hospitality Properties from $109.00 to $105.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Barclays boosted their price objective on shares of Ryman Hospitality Properties from $109.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Finally, Evercore restated an “outperform” rating and set a $115.00 price objective on shares of Ryman Hospitality Properties in a report on Friday, February 6th.
Get Our Latest Report on RHP
Ryman Hospitality Properties Stock Performance NYSE:RHP opened at $104.17 on Tuesday. The firm’s 50-day moving average is $97.20 and its 200-day moving average is $94.67. Ryman Hospitality Properties has a 52-week low of $83.37 and a 52-week high of $105.75. The company has a debt-to-equity ratio of 5.04, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market cap of $6.57 billion, a price-to-earnings ratio of 27.71, a PEG ratio of 1.98 and a beta of 1.19.
Ryman Hospitality Properties Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a dividend of $1.20 per share. The ex-dividend date was Tuesday, March 31st. This represents a $4.80 annualized dividend and a dividend yield of 4.6%. Ryman Hospitality Properties’s payout ratio is presently 127.66%.
Institutional Trading of Ryman Hospitality Properties Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Dallas Securities Inc. increased its stake in Ryman Hospitality Properties by 103.9% in the third quarter. First Dallas Securities Inc. now owns 26,050 shares of the real estate investment trust’s stock valued at $2,334,000 after acquiring an additional 13,275 shares during the period. Centersquare Investment Management LLC increased its stake in Ryman Hospitality Properties by 37.3% in the third quarter. Centersquare Investment Management LLC now owns 52,590 shares of the real estate investment trust’s stock valued at $4,712,000 after acquiring an additional 14,296 shares during the period. Hamlin Capital Management LLC increased its stake in Ryman Hospitality Properties by 10.5% in the third quarter. Hamlin Capital Management LLC now owns 987,976 shares of the real estate investment trust’s stock valued at $88,513,000 after acquiring an additional 93,490 shares during the period. Bayforest Capital Ltd bought a new stake in Ryman Hospitality Properties in the third quarter valued at about $776,000. Finally, Strs Ohio increased its stake in Ryman Hospitality Properties by 23.3% in the third quarter. Strs Ohio now owns 114,324 shares of the real estate investment trust’s stock valued at $10,242,000 after acquiring an additional 21,600 shares during the period. Institutional investors own 94.48% of the company’s stock.
Ryman Hospitality Properties Company Profile (Get Free Report)
Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.
Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.
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NASHVILLE, Tenn., April 30, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights and Recent Developments:
The Company reported record first quarter consolidated revenue of $664.6 million, driven by record first quarter same-store Hospitality(1) segment revenue of $511.5 million. The Company generated record first quarter consolidated net income of $69.4 million and record first quarter consolidated Adjusted EBITDAre of $219.3 million.During the quarter, the Company booked over 460,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $303, an increase of 6.7% compared to the prior year quarter estimated ADR for future bookings and a new record. The Company completed a private placement of $700 million senior unsecured notes due 2034, and used the net proceeds, together with cash on hand, to redeem in full the outstanding $700 million senior unsecured notes due 2027.Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the planned development of a seventh Ole Red location in downtown Indianapolis, which is expected to open in late 2027. The Company is raising its full year outlook due to strong first quarter performance for the Hospitality portfolio. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are very pleased to deliver a strong start to 2026, with first quarter results exceeding our expectations. In our same-store Hospitality portfolio, favorable group mix drove upside in group ADR and outside-the-room spending, which together with strong Spring Break leisure performance more than offset the impact of Winter Storm Fern. Meeting planner sentiment remained resilient throughout the quarter, resulting in the highest first quarter same-store group room night bookings production since 2018. While the operating environment remains dynamic, current and forward-looking group business indicators remain strong, and our first quarter results underscore the strength of our business model, the quality of our assets, and the effectiveness of our capital allocation strategy. As a result, we are raising our guidance ranges to reflect the first quarter outperformance.”
________________________________
(1) Same-store Hospitality segment excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
First Quarter 2026 Results (as compared to First Quarter 2025):
Three Months Ended March 31,($ in thousands, except per share amounts) % 2026 2025 ChangeTotal revenue $664,572 $587,280 13.2 % Operating income $137,796 $116,121 18.7 %Operating income margin 20.7% 19.8% 0.9 pts Net income $69,402 $63,014 10.1 %Net income margin 10.4% 10.7% (0.3)pts Net income available to common stockholders $70,475 $62,961 11.9 %Net income available to common stockholders margin 10.6% 10.7% (0.1)ptsNet income available to common stockholders per diluted share(1) $1.03 $1.00 3.0 % Adjusted EBITDAre $219,293 $185,502 18.2 %Adjusted EBITDAre margin 33.0% 31.6% 1.4 ptsAdjusted EBITDAre, excluding noncontrolling interest $215,136 $179,876 19.6 %Adjusted EBITDAre, excluding noncontrolling interest margin 32.4% 30.6% 1.8 pts Funds From Operations (FFO) available to common stockholders and unit holders $143,472 $123,975 15.7 %FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14 $1.98 8.1 % Adjusted FFO available to common stockholders and unit holders $156,078 $130,896 19.2 %Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32 $2.10 10.5 % ________________________________
(1) Diluted weighted average common shares for the three months ended March 31, 2026 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.
Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for first quarter 2026 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Hospitality Segment Highlights
The same-store Hospitality portfolio generated RevPAR of approximately $188, an increase of 2.1% from the prior year quarter, and Total RevPAR of approximately $498, an increase of 2.8% from the prior year quarter. The same-store Hospitality portfolio generated record first quarter operating income of $120.8 million, and record first quarter Adjusted EBITDAre of $180.3 million.First quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 6.6% year over year, driven by a more favorable group mix. First quarter same-store attrition and cancellation fee revenue was approximately $7.5 million, an increase of $0.8 million compared to the prior year quarter.At the end of January, Winter Storm Fern impacted group attendance at Gaylord National and, to a lesser extent, Gaylord Texan and Gaylord Opryland. Excluding January, group attrition improved compared to the prior year quarter, and cancellations ITYFTY were essentially flat.Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge. Gaylord Opryland
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $128,379 $110,178 16.5 % Operating income $39,822 $30,098 32.3 %Operating income margin 31.0% 27.3% 3.7 ptsAdjusted EBITDAre $48,516 $38,148 27.2 %Adjusted EBITDAre margin 37.8% 34.6% 3.2 pts Performance metrics: Occupancy 69.7% 64.9% 4.8 ptsADR $277.60 $262.57 5.7 %RevPAR $193.58 $170.49 13.5 %Total RevPAR $493.92 $423.89 16.5 %
Gaylord Palms
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $97,646 $88,393 10.5 % Operating income $29,743 $23,782 25.1 %Operating income margin 30.5% 26.9% 3.6 ptsAdjusted EBITDAre $39,474 $32,947 19.8 %Adjusted EBITDAre margin 40.4% 37.3% 3.1 pts Performance metrics: Occupancy 77.3% 75.9% 1.4 ptsADR $301.35 $276.14 9.1 %RevPAR $232.97 $209.69 11.1 %Total RevPAR $631.52 $571.68 10.5 %
Gaylord Texan
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $83,371 $86,377 (3.5)% Operating income $23,805 $27,695 (14.0)%Operating income margin 28.6% 32.1% (3.5)ptsAdjusted EBITDAre $31,130 $33,624 (7.4)%Adjusted EBITDAre margin 37.3% 38.9% (1.6)pts Performance metrics: Occupancy 65.4% 73.0% (7.6)ptsADR $263.31 $257.26 2.4 %RevPAR $172.23 $187.80 (8.3)%Total RevPAR $510.66 $529.08 (3.5)%
Gaylord National
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $74,227 $80,829 (8.2)% Operating income $6,225 $9,474 (34.3)%Operating income margin 8.4% 11.7% (3.3)ptsAdjusted EBITDAre $15,742 $19,031 (17.3)%Adjusted EBITDAre margin 21.2% 23.5% (2.3)pts Performance metrics: Occupancy 63.0% 72.4% (9.4)ptsADR $266.55 $249.02 7.0 %RevPAR $168.04 $180.33 (6.8)%Total RevPAR $413.20 $449.95 (8.2)%
Gaylord Rockies
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $72,249 $70,948 1.8 % Operating income $14,445 $14,823 (2.6)%Operating income margin 20.0% 20.9% (0.9)ptsAdjusted EBITDAre $29,633 $29,675 (0.1)%Adjusted EBITDAre margin 41.0% 41.8% (0.8)pts Performance metrics: Occupancy 75.4% 72.2% 3.2 ptsADR $258.62 $257.09 0.6 %RevPAR $195.08 $185.68 5.1 %Total RevPAR $534.82 $525.19 1.8 %
JW Marriott Hill Country
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2026 2025 ChangeRevenue $50,295 $55,276 (9.0)% Operating income $7,208 $10,849 (33.6)%Operating income margin 14.3% 19.6% (5.3)ptsAdjusted EBITDAre $15,370 $18,680 (17.7)%Adjusted EBITDAre margin 30.6% 33.8% (3.2)pts Performance metrics: Occupancy 58.6% 67.9% (9.3)ptsADR $337.63 $321.54 5.0 %RevPAR $198.01 $218.38 (9.3)%Total RevPAR $557.72 $612.95 (9.0)%
JW Marriott Desert Ridge(2)
Three Months Ended March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR) 2026Revenue $73,868 Operating income $24,255 Operating income margin 32.8 %Adjusted EBITDAre $32,314 Adjusted EBITDAre margin 43.7 % Performance metrics: Occupancy 73.0 %ADR $489.75 RevPAR $357.42 Total RevPAR $863.95 Entertainment Segment
Three Months Ended March 31,($ in thousands) % 2026 2025 ChangeRevenue $79,183 $89,550 (11.6)% Operating income $4,253 $10,316 (58.8)%Operating income margin 5.4% 11.5% (6.1)ptsAdjusted EBITDAre $15,681 $20,939 (25.1)%Adjusted EBITDAre margin 19.8% 23.4% (3.6)pts
Fioravanti continued, “Our Entertainment business delivered results in line with our expectations despite a challenging comparison to record first quarter performance in the prior year period and the unfavorable impact of Winter Storm Fern at our Nashville venues. Our Ole Red brand exceeded our expectations, particularly in Las Vegas and Nashville, and we are excited to bring a seventh Ole Red to downtown Indianapolis, through a development agreement with the Pacers organization. Our growing platform of iconic brands is uniquely positioned to continue to serve the country music and live entertainment consumer and deliver attractive results.”
________________________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.
Corporate and Other Segment
Three Months Ended March 31,($ in thousands) % 2026 2025 ChangeOperating loss $(11,544) $(11,004) (4.9)%Adjusted EBITDAre $(8,958) $(8,411) (6.5)%
Capital Expenditures
In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures, including $114 million spent in the first quarter of 2026. Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.
Capital expenditures activity in 2026 includes:
Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;The development of Category 10 Las Vegas, which is expected to be completed in late 2026; andThe development of Category 10 in Orlando, which is expected to begin in summer 2026 and is expected to be completed in late 2027. Subsequent to quarter-end, the Company announced the planned development of Ole Red Indianapolis by development partner Pacer Sports & Entertainment, the organization behind the NBA Pacers and the WNBA Fever. The development is expected to be completed in late 2027, and OEG expects to invest approximately $15 million in 2027.
2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of April 30, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.
Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect stronger first quarter results in our Hospitality portfolio, including the JW Marriott Desert Ridge. Our outlook for the balance of the year continues to reflect measured confidence in our business. Demand from both group and leisure guests has remained resilient amid elevated geopolitical uncertainty, and our business model has proven to be durable across a range of operating environments.”
Guidance Range Prior Guidance Range (in millions, except per share figures) For Full Year 2026(1) Full Year 2026(1) Change to
Low High Midpoint Low High Midpoint MidpointSame-store Hospitality RevPAR growth(2) 2.25 % 3.75 % 3.00 % 1.50 % 3.50 % 2.50 % 0.50%Same-store Hospitality Total RevPAR growth(2) 2.25 % 3.75 % 3.00 % 1.50 % 3.50 % 2.50 % 0.50% Operating income: Hospitality (same-store)(2) $475.5 $485.5 $480.5 $466.5 $483.5 $475.0 $5.5 JW Marriott Desert Ridge 33.5 35.0 34.3 30.5 33.0 31.8 2.5 Entertainment 74.8 79.5 77.1 74.8 79.5 77.1 - Corporate and Other (50.5) (49.0) (49.8) (50.5) (49.0) (49.8) - Consolidated operating income $533.3 $551.0 $542.1 $521.3 $547.0 $534.1 $8.0 Adjusted EBITDAre: Hospitality (same-store)(2) $715.0 $735.0 $725.0 $700.0 $730.0 $715.0 $10.0 JW Marriott Desert Ridge 68.0 72.0 70.0 65.0 70.0 67.5 2.5 Entertainment 120.0 130.0 125.0 120.0 130.0 125.0 - Corporate and Other (39.0) (35.0) (37.0) (39.0) (35.0) (37.0) - Consolidated Adjusted EBITDAre $864.0 $902.0 $883.0 $846.0 $895.0 $870.5 $12.5 Net income $271.0 $279.0 $275.0 $260.0 $273.0 $266.5 $8.5 Net income available to common stockholders $261.0 $267.0 $264.0 $250.0 $261.0 $255.5 $8.5 FFO available to common stockholders and unit holders $552.0 $572.5 $562.3 $535.0 $563.5 $549.3 $13.0 Adjusted FFO available to common stockholders and unit holders $577.3 $607.0 $592.1 $559.3 $597.0 $578.1 $14.0 Net income available to common stockholders per diluted share(3) $3.96 $4.02 $3.99 $3.80 $3.93 $3.87 $0.12 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(3) $8.77 $9.14 $8.96 $8.50 $9.00 $8.75 $0.21 Weighted average shares outstanding - diluted(3) 68.4 68.4 68.4 68.4 68.4 68.4 - Weighted average shares and OP units outstanding - diluted(3) 68.8 68.8 68.8 68.8 68.8 68.8 - ________________________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”
Dividend Update
On April 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of March 31, 2026.
The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update
As of March 31, 2026, the Company had unrestricted cash of $424.0 million and total debt outstanding of $3,968.4 million, net of unamortized deferred financing costs. As of March 31, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.
In March 2026, the Company refinanced its $700 million senior unsecured notes due 2027 with the net proceeds of a new issuance of $700 million senior unsecured notes due 2034, together with cash on hand.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 1, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.
Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
preopening costs;non-cash lease expense;equity-based compensation expense;impairment charges that do not meet the NAREIT definition above;credit losses on held-to-maturity securities;transaction costs of acquisitions;interest income on bonds;loss on extinguishment of debt;pension settlement charges;pro rata Adjusted EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
right-of-use asset amortization;impairment charges that do not meet the NAREIT definition above;write-offs of deferred financing costs;amortization of debt discounts or premiums and amortization of deferred financing costs;loss on extinguishment of debt;non-cash lease expense;credit loss on held-to-maturity securities;pension settlement charges;additional pro rata adjustments from unconsolidated joint ventures;(gains) losses on other assets;transaction costs of acquisitions;deferred income tax expense (benefit); andany other adjustments we have identified herein. FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.
Investor Relations Contacts:
Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588 [email protected] Hutcheson, Chief Financial Officer
(615) 316-6320 [email protected]
Sarah Martin, Vice President, Investor Relations
(615) 316-6011 [email protected]
Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725 [email protected] Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data) Three Months Ended March 31, 2026 2025 Revenues: Rooms $223,758 $189,232 Food and beverage 289,347 253,263 Other hotel revenue 72,284 55,235 Entertainment 79,183 89,550 Total revenues 664,572 587,280 Operating expenses: Rooms 50,594 46,289 Food and beverage 158,163 138,139 Other hotel expenses 144,622 123,924 Management fees, net 20,915 18,463 Total hotel operating expenses 374,294 326,815 Entertainment 65,109 69,770 Corporate 11,285 10,770 Preopening costs 387 87 Depreciation and amortization 75,701 63,717 Total operating expenses 526,776 471,159 Operating income 137,796 116,121 Interest expense, net of amounts capitalized (64,119) (54,283)Interest income 5,186 5,459 Loss on extinguishment of debt (2,200) – Loss from unconsolidated joint ventures – (16)Other gains and (losses), net (362) (108)Income before income taxes 76,301 67,173 Provision for income taxes (6,899) (4,159)Net income 69,402 63,014 Net (income) loss attributable to noncontrolling interest in OEG 588 (711)Net loss attributable to other noncontrolling interests 485 658 Net income available to common stockholders $70,475 $62,961 Basic income per share available to common stockholders(1) $1.12 $1.05 Diluted income per share available to common stockholders(1) $1.03 $1.00 Weighted average common shares for the period: Basic(1) 63,023 59,919 Diluted(1) 67,663 63,813 ________________________________
(1) Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)
March 31,
December 31,
2026
2025
ASSETS: Property and equipment, net of accumulated depreciation $5,018,898 $4,970,429 Cash and cash equivalents - unrestricted 424,021 471,421 Cash and cash equivalents - restricted 27,264 28,759 Notes receivable, net 52,556 53,503 Trade receivables, net 139,335 105,903 Deferred income tax assets, net 61,957 67,669 Prepaid expenses and other assets 187,602 196,798 Intangible assets and goodwill, net 282,148 286,701 Total assets $6,193,781 $6,181,183 LIABILITIES AND EQUITY: Debt and finance lease obligations $3,968,404 $3,976,913 Accounts payable and accrued liabilities 544,482 517,708 Distributions payable 77,906 78,819 Deferred management rights proceeds 162,507 162,901 Operating lease liabilities 162,463 158,815 Other liabilities 73,808 74,251 Noncontrolling interest in OEG 433,394 422,691 Total equity 770,817 789,085 Total liabilities and equity $6,193,781 $6,181,183 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands) Three Months Ended March 31, 2026 2025 $ Margin $ MarginConsolidated: Revenue $664,572 $587,280 Net income $69,402 10.4 % $63,014 10.7 %Interest expense, net 58,933 48,824 Provision for income taxes 6,899 4,159 Depreciation and amortization 75,701 63,717 Pro rata EBITDArefrom unconsolidated joint ventures 1 1 EBITDAre 210,936 31.7 % 179,715 30.6 %Preopening costs 387 87 Non-cash lease expense 943 889 Equity-based compensation expense 3,802 3,622 Interest income on Gaylord National bonds 1,025 1,114 Loss on extinguishment of debt 2,200 – Transaction costs of acquisitions – 75 Adjusted EBITDAre 219,293 33.0 % 185,502 31.6 %Adjusted EBITDAreof noncontrolling interest (4,157) (5,626) Adjusted EBITDAre, excluding noncontrolling interest $215,136 32.4 % $179,876 30.6 % Hospitality segment: Revenue $585,389 $497,730 Operating income $145,087 24.8 % $116,809 23.5 %Depreciation and amortization 66,008 54,106 Non-cash lease expense 450 945 Interest income on Gaylord National bonds 1,025 1,114 Adjusted EBITDAre $212,570 36.3 % $172,974 34.8 % Same-store Hospitality segment:(1) Revenue $511,521 $497,730 Operating income $120,832 23.6 % $116,809 23.5 %Depreciation and amortization 57,492 54,106 Non-cash lease expense 907 945 Interest income on Gaylord National bonds 1,025 1,114 Adjusted EBITDAre $180,256 35.2 % $172,974 34.8 % Entertainment segment: Revenue $79,183 $89,550 Operating income $4,253 5.4 % $10,316 11.5 %Depreciation and amortization 9,434 9,377 Preopening costs 387 87 Non-cash lease (revenue) expense 493 (56) Equity-based compensation 1,114 1,020 Other gains and (losses), net – 136 Transaction costs of acquisitions – 75 Pro rata adjusted EBITDArefrom unconsolidated joint ventures – (16) Adjusted EBITDAre $15,681 19.8 % $20,939 23.4 % Corporate and Other segment: Operating loss $(11,544) $(11,004) Depreciation and amortization 259 234 Other gains and (losses), net (361) (243) Equity-based compensation 2,688 2,602 Adjusted EBITDAre $(8,958) $(8,411) ________________________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data) Three Months Ended March 31, 2026 2025 Net income available to common stockholders $70,475 $62,961 Noncontrolling interest in OP Units 441 415 Net income available to common stockholders and unit holders 70,916 63,376 Depreciation and amortization 75,580 63,676 Adjustments for noncontrolling interest (3,024) (3,077)FFO available to common stockholders and unit holders 143,472 123,975 Right-of-use asset amortization 121 41 Non-cash lease expense 943 889 Amortization of deferred financing costs 3,247 2,707 Amortization of debt discounts and premiums 383 558 Loss on extinguishment of debt 2,200 – Adjustments for noncontrolling interest (42) (282)Transaction costs of acquisitions – 75 Deferred tax provision 5,754 2,933 Adjusted FFO available to common stockholders and unit holders $156,078 $130,896 Basic net income per share(1) $1.12 $1.05 Diluted net income per share(1) $1.03 $1.00 FFO available to common stockholders and unit holders per basic share/unit(1) $2.26 $2.06 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $2.46 $2.17 FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14 $1.98 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32 $2.10 Weighted average common shares and OP units for the period: Basic(1) 63,418 60,314 Diluted(1) 68,058 64,208 ________________________________
(1) Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended
March 31,
2026
2025
$ Margin
$ Margin
Hospitality segment: Revenue $585,389 $497,730 Operating income $145,087 24.8 % $116,809 23.5 %Depreciation and amortization 66,008 54,106 Non-cash lease expense 450 945 Interest income on Gaylord National bonds 1,025 1,114 Adjusted EBITDAre $212,570 36.3 % $172,974 34.8 % Performance metrics: Occupancy 68.1 % 69.7 % ADR $295.21 $264.40 RevPAR $201.08 $184.21 OtherPAR $324.99 $300.31 Total RevPAR $526.07 $484.52 Same-store Hospitality segment:(1) Revenue $511,521 $497,730 Operating income $120,832 23.6 % $116,809 23.5 %Depreciation and amortization 57,492 54,106 Non-cash lease expense 907 945 Interest income on Gaylord National bonds 1,025 1,114 Adjusted EBITDAre $180,256 35.2 % $172,974 34.8 % Performance metrics: Occupancy 67.7 % 69.7 % ADR $277.76 $264.40 RevPAR $188.07 $184.21 OtherPAR $309.88 $300.31 Total RevPAR $497.95 $484.52 Gaylord Opryland: Revenue $128,379 $110,178 Operating income $39,822 31.0 % $30,098 27.3 %Depreciation and amortization 8,703 8,060 Non-cash lease revenue (9) (10) Adjusted EBITDAre $48,516 37.8 % $38,148 34.6 % Performance metrics: Occupancy 69.7 % 64.9 % ADR $277.60 $262.57 RevPAR $193.58 $170.49 OtherPAR $300.34 $253.40 Total RevPAR $493.92 $423.89 Gaylord Palms: Revenue $97,646 $88,393 Operating income $29,743 30.5 % $23,782 26.9 %Depreciation and amortization 8,815 8,210 Non-cash lease expense 916 955 Adjusted EBITDAre $39,474 40.4 % $32,947 37.3 % Performance metrics: Occupancy 77.3 % 75.9 % ADR $301.35 $276.14 RevPAR $232.97 $209.69 OtherPAR $398.55 $361.99 Total RevPAR $631.52 $571.68 ________________________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended
March 31,
2026 2025 $ Margin $ MarginGaylord Texan: Revenue $83,371 $86,377 Operating income $23,805 28.6 % $27,695 32.1 %Depreciation and amortization 7,325 5,929 Adjusted EBITDAre $31,130 37.3 % $33,624 38.9 % Performance metrics: Occupancy 65.4 % 73.0 % ADR $263.31 $257.26 RevPAR $172.23 $187.80 OtherPAR $338.43 $341.28 Total RevPAR $510.66 $529.08 Gaylord National: Revenue $74,227 $80,829 Operating income $6,225 8.4 % $9,474 11.7 %Depreciation and amortization 8,492 8,443 Interest income on Gaylord National bonds 1,025 1,114 Adjusted EBITDAre $15,742 21.2 % $19,031 23.5 % Performance metrics: Occupancy 63.0 % 72.4 % ADR $266.55 $249.02 RevPAR $168.04 $180.33 OtherPAR $245.16 $269.62 Total RevPAR $413.20 $449.95 Gaylord Rockies: Revenue $72,249 $70,948 Operating income $14,445 20.0 % $14,823 20.9 %Depreciation and amortization 15,188 14,852 Adjusted EBITDAre $29,633 41.0 % $29,675 41.8 % Performance metrics: Occupancy 75.4 % 72.2 % ADR $258.62 $257.09 RevPAR $195.08 $185.68 OtherPAR $339.74 $339.51 Total RevPAR $534.82 $525.19 JW Marriott Hill Country: Revenue $50,295 $55,276 Operating income $7,208 14.3 % $10,849 19.6 %Depreciation and amortization 8,162 7,831 Adjusted EBITDAre $15,370 30.6 % $18,680 33.8 % Performance metrics: Occupancy 58.6 % 67.9 % ADR $337.63 $321.54 RevPAR $198.01 $218.38 OtherPAR $359.71 $394.57 Total RevPAR $557.72 $612.95 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands) Three Months Ended March 31, 2026 2025 $ Margin $ MarginJW Marriott Desert Ridge: Revenue $73,868 $– Operating income $24,255 32.8 % $– N/A %Depreciation and amortization 8,516 – Non-cash lease revenue (457) – Adjusted EBITDAre $32,314 43.7 % $– N/A % Performance metrics: Occupancy 73.0 % N/A % ADR $489.75 $N/A RevPAR $357.42 $N/A OtherPAR $506.53 $N/A Total RevPAR $863.95 $N/A The AC Hotel at National Harbor: Revenue $2,336 $2,698 Operating income (loss) $(217) (9.3)% $114 4.2 %Depreciation and amortization 221 222 Adjusted EBITDAre $4 0.2 % $336 12.5 % Performance metrics: Occupancy 45.7 % 54.8 % ADR $247.89 $255.03 RevPAR $113.22 $139.70 OtherPAR $22.03 $16.44 Total RevPAR $135.24 $156.14 The Inn at Opryland:(1) Revenue $3,018 $3,031 Operating loss $(199) (6.6)% $(26) (0.9)%Depreciation and amortization 586 559 Adjusted EBITDAre $387 12.8 % $533 17.6 % Performance metrics: Occupancy 44.2 % 43.8 % ADR $198.35 $188.12 RevPAR $87.67 $82.46 OtherPAR $23.02 $28.66 Total RevPAR $110.69 $111.12 ________________________________
(1) Includes other hospitality revenue and expense.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(In thousands, except per share data) Three Months Ended
March 31,
2026
2025Earnings per share: Numerator: Net income available to common stockholders $70,475 $62,961 Net income (loss) attributable to noncontrolling interest in OEG (588) 711 Net income available to common stockholders - if-converted method $69,887 $63,672 Denominator: Weighted average shares outstanding - basic 63,023 59,919 Effect of dilutive equity-based compensation 206 240 Effect of dilutive put rights(1) 4,434 3,654 Weighted average shares outstanding - diluted 67,663 63,813 Basic income per share available to common stockholders $1.12 $1.05 Diluted income per share available to common stockholders(1) $1.03 $1.00 FFO per share/unit: Numerator: FFO available to common stockholders and unit holders $143,472 $123,975 Net income (loss) attributable to noncontrolling interest in OEG (588) 711 FFO adjustments for noncontrolling interest in OEG 2,651 2,633 FFO available to common stockholders and unit holders - if-converted method $145,535 $127,319 Denominator: Weighted average shares and OP units outstanding - basic 63,418 60,314 Effect of dilutive equity-based compensation 206 240 Effect of dilutive put rights(1) 4,434 3,654 Weighted average shares and OP units outstanding - diluted 68,058 64,208 FFO available to common stockholders and unit holders per basic share/unit $2.26 $2.06 FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14 $1.98 Adjusted FFO per share/unit: Numerator: Adjusted FFO available to common stockholders and unit holders $156,078 $130,896 Net income (loss) attributable to noncontrolling interest in OEG (588) 711 FFO adjustments for noncontrolling interest in OEG 2,651 2,633 Adjusted FFO adjustments for noncontrolling interest in OEG 42 282 Adjusted FFO available to common stockholders and unit holders - if-converted method $158,183 $134,522 Denominator: Weighted average shares and OP units outstanding - basic 63,418 60,314 Effect of dilutive equity-based compensation 206 240 Effect of dilutive put rights(1) 4,434 3,654 Weighted average shares and OP units outstanding - diluted 68,058 64,208 Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.46 $2.17 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32 $2.10 ________________________________
(1) Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $271,000 $279,000 $275,000 Provision for income taxes 11,500 13,000 12,250 Interest expense, net 246,750 255,500 251,125 Depreciation and amortization 302,500 315,000 308,750 EBITDAre $831,750 $862,500 $847,125 Non-cash lease expense 3,250 5,000 4,125 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $864,000 $902,000 $883,000 Hospitality segment: Operating income $509,000 $520,500 $514,750 Depreciation and amortization 264,000 273,000 268,500 Non-cash lease expense 3,500 5,000 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $783,000 $807,000 $795,000 Hospitality segment (same-store)(2) Operating income $475,500 $485,500 $480,500 Depreciation and amortization 230,000 237,000 233,500 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $715,000 $735,000 $725,000 JW Marriott Desert Ridge Operating income $33,500 $35,000 $34,250 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense 500 1,000 750 Adjusted EBITDAre $68,000 $72,000 $70,000 Entertainment segment: Operating income $74,750 $79,500 $77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $120,000 $130,000 $125,000 Corporate and Other segment: Operating loss $(50,500) $(49,000) $(49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $(39,000) $(35,000) $(37,000) ________________________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $261,000 $267,000 $264,000 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $262,000 $269,000 $265,500 Depreciation and amortization 302,500 315,000 308,750 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $552,000 $572,500 $562,250 Right-of-use asset amortization – 500 250 Non-cash lease expense 3,250 5,000 4,125 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 7,000 9,000 8,000 Adjusted FFO available to common stockholders and unit holders $577,250 $607,000 $592,125 Net income available to common stockholders per diluted share(2) $3.96 $4.02 $3.99 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(2) $8.77 $9.14 $8.96 Estimated weighted average shares outstanding - diluted (in millions)(2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions)(2) 68.8 68.8 68.8 ________________________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data) Guidance Range
For Full Year 2026
Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $261,000 $267,000) $264,000 Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000 Net income available to common stockholders - if-converted method $271,000 $275,000 $273,000 Denominator: Estimated weighted average shares outstanding - diluted (in millions)(1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $3.96 $4.02 $3.99 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $577,250 $607,000 $592,125 Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000 FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500 Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500 Adjusted FFO available to common stockholders and unit holders - if-converted method $603,250 $629,000 $616,125 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions)(1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $8.77 $9.14 $8.96 ________________________________
(1) Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $260,000 $273,000 $266,500 Provision for income taxes 10,500 13,000 11,750 Interest expense, net 246,750 257,500 252,125 Depreciation and amortization 296,500 312,000 304,250 EBITDAre $813,750 $855,500 $834,625 Non-cash lease expense 3,250 5,000 4,125 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $846,000 $895,000 $870,500 Hospitality segment: Operating income $497,000 $516,500 $506,750 Depreciation and amortization 258,000 270,000 264,000 Non-cash lease expense 3,500 5,000 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $765,000 $800,000 $782,500 Hospitality segment (same-store)(2) Operating income $466,500 $483,500 $475,000 Depreciation and amortization 224,000 234,000 229,000 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $700,000 $730,000 $715,000 JW Marriott Desert Ridge Operating income $30,500 $33,000 $31,750 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense 500 1,000 750 Adjusted EBITDAre $65,000 $70,000 $67,500 Entertainment segment: Operating income $74,750 $79,500 $77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $120,000 $130,000 $125,000 Corporate and Other segment: Operating loss $(50,500) $(49,000) $(49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $(39,000) $(35,000) $(37,000) ________________________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $250,000 $261,000 $255,500 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $251,000 $263,000 $257,000 Depreciation and amortization 296,500 312,000 304,250 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $535,000 $563,500 $549,250 Right-of-use asset amortization – 500 250 Non-cash lease expense 3,250 5,000 4,125 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 6,000 8,000 7,000 Adjusted FFO available to common stockholders and unit holders $559,250 $597,000 $578,125 Net income available to common stockholders per diluted share(2) $3.80 $3.93 $3.87 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(2) $8.50 $9.00 $8.75 Estimated weighted average shares outstanding - diluted (in millions)(2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions)(2) 68.8 68.8 68.8 ________________________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data) Prior Guidance Range
For Full Year 2026
Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $250,000 $261,000 $255,500 Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000 Net income available to common stockholders - if-converted method $260,000 $269,000 $264,500 Denominator: Estimated weighted average shares outstanding - diluted (in millions)(1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $3.80 $3.93 $3.87 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $559,250 $597,000 $578,125 Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000 FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500 Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500 Adjusted FFO available to common stockholders and unit holders - if-converted method $585,250 $619,000 $602,125 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions)(1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $8.50 $9.00 $8.75 ________________________________
(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties (RHP - Free Report) came out with quarterly funds from operations (FFO) of $2.32 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to FFO of $2.08 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +14.29%. A quarter ago, it was expected that this hotel and resort real estate investment trust would post FFO of $2.22 per share when it actually produced FFO of $2.38, delivering a surprise of +7.21%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Ryman Hospitality Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $664.57 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.03%. This compares to year-ago revenues of $587.28 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Ryman Hospitality Properties shares have added about 9.5% since the beginning of the year versus the S&P 500's gain of 4.2%.
What's Next for Ryman Hospitality Properties?While Ryman Hospitality Properties has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ryman Hospitality Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.55 on $728.43 million in revenues for the coming quarter and $8.86 on $2.78 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, LTC Properties (LTC - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This real estate investment trust is expected to post quarterly earnings of $0.72 per share in its upcoming report, which represents a year-over-year change of +10.8%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
LTC Properties' revenues are expected to be $32.68 million, up 3.9% from the year-ago quarter.
Ryman Hospitality Properties (RHP - Free Report) reported $664.57 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 13.2%. EPS of $2.32 for the same period compares to $1.00 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $651.34 million, representing a surprise of +2.03%. The company delivered an EPS surprise of +14.29%, with the consensus EPS estimate being $2.03.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Ryman Hospitality Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total RevPAR - Hospitality: $526.07 versus the two-analyst average estimate of $498.45.Revenues- Entertainment: $79.18 million versus $88.1 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -11.6% change.Revenues- Hospitality: $585.39 million versus the three-analyst average estimate of $564.96 million. The reported number represents a year-over-year change of +17.6%.Net Earnings Per Share (Diluted): $1.03 compared to the $0.90 average estimate based on two analysts.View all Key Company Metrics for Ryman Hospitality Properties here>>>
Shares of Ryman Hospitality Properties have returned +12.1% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
