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MALVERN, Pa., April 30, 2026 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three months ended March 31, 2026.

“The first quarter progressed largely as expected, with stable operating trends across the portfolio,” commented Chris Marr, President and Chief Executive Officer. “Same store revenue growth inflected to positive during the quarter, reflecting focused execution and improving underlying fundamentals.”

Key Highlights for the First Quarter

Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.36.Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.63.Same-store (623 stores) net operating income (“NOI”) decreased 1.5% year over year, resulting from a 0.6% increase in revenues and a 5.8% increase in operating expenses.Same-store occupancy averaged 89.0% during the quarter, ending at 89.3%.Opened for operation one development property for a total cost of $28.0 million.Acquired initial store in a newly-formed joint venture during the quarter for a purchase price of $13.6 million.Repurchased 0.9 million common shares of beneficial interest through our share repurchase program for $33.4 million at an average purchase price of $36.64 per share.Added 33 stores to our third-party management platform, bringing our total third-party managed store count to 854. Financial Results

Net income attributable to the Company’s common shareholders was $82.9 million for the first quarter of 2026, compared with $89.2 million for the first quarter of 2025. Diluted EPS attributable to the Company’s common shareholders decreased to $0.36 for the first quarter of 2026, compared with $0.39 for the same period last year.

FFO, as adjusted was $144.2 million for the first quarter of 2026 compared with $148.1 million for the first quarter of 2025. FFO, as adjusted, per diluted share decreased 1.6% to $0.63 for the first quarter of 2026, compared with $0.64 for the same period last year.  

Investment Activity

Acquisition Activity

During the quarter ended March 31, 2026, a newly-formed unconsolidated joint venture with an affiliate of CBRE Investment Management acquired a store in Arizona for a purchase price of $13.6 million. The Company, which has a 15% interest in the venture, contributed $2.1 million to fund the acquisition. The venture will target core, core-plus, and value-add opportunities in high growth markets across the United States. CubeSmart will manage the stores on behalf of the venture.

Development Activity

The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. During the quarter ended March 31, 2026, the Company opened for operation one joint venture development property located in New York for a total cost of $28.0 million. The newly developed property and an existing wholly-owned store located immediately adjacent to the developed property are now jointly owned by the venture and have been combined in our store count, as well as for operational and reporting purposes.

As of March 31, 2026, the Company had one joint venture development property under construction. The Company anticipates investing a total of $28.0 million related to this project and had invested $8.0 million of that total as of March 31, 2026. The development property is located in New York and is expected to open during the third quarter of 2027.

Third-Party Management

As of March 31, 2026, the Company’s third-party management platform included 854 stores totaling 56.3 million rentable square feet. During the three months ended March 31, 2026, the Company added 33 stores to its third-party management platform.

Same-Store Results

The Company’s same-store portfolio as of March 31, 2026 included 623 stores containing 45.3 million rentable square feet, or approximately 93.4% of the aggregate rentable square feet of the Company’s 662 consolidated stores. These same-store properties represented approximately 94.7% of the Company’s property NOI for the three months ended March 31, 2026.

Same-store physical occupancy as of March 31, 2026 and 2025 was 89.3% and 89.6%, respectively. Same-store total revenues for the first quarter of 2026 increased 0.6% and same-store operating expenses increased 5.8% compared to the same quarter in 2025. Same-store NOI decreased 1.5% from the first quarter of 2025 to the first quarter of 2026.

Operating Results

As of March 31, 2026, the Company’s total consolidated portfolio included 662 stores containing 48.5 million rentable square feet with physical occupancy of 88.8%.

Total revenues increased $8.9 million and property operating expenses increased $7.1 million for the first quarter of 2026, as compared to the same period in 2025. Increases in revenues were primarily attributable to revenues generated from property acquisitions and recently opened development properties. Increases in property operating expenses were primarily attributable to increases in expenses from same-store properties largely related to advertising and personnel expenses.

Interest expense increased from $26.1 million during the three months ended March 31, 2025 to $29.8 million during the three months ended March 31, 2026, an increase of $3.7 million. The increase was attributable to an increase in the average outstanding debt balance and higher interest rates during the 2026 period compared to the 2025 period. The average outstanding debt balance increased from $3.20 billion during the three months ended March 31, 2025 to $3.48 billion during the three months ended March 31, 2026. The weighted average effective interest rate on our outstanding debt increased from 3.19% during the three months ended March 31, 2025 to 3.33% for the three months ended March 31, 2026.

Financing Activity

During the three months ended March 31, 2026, the Company repurchased 0.9 million common shares of beneficial interest through its share repurchase program for $33.4 million, resulting in an average purchase price of $36.64 per share. As of March 31, 2026, 11.2 million shares remained available for repurchase under this program.

Quarterly Dividend

On February 24, 2026, the Company declared a quarterly dividend of $0.53 per common share. The dividend was paid on April 15, 2026 to common shareholders of record on April 1, 2026.

2026 Financial Outlook

“We maintained our consistent approach to capital allocation during the first quarter, identifying opportunities to invest through our newly formed acquisition joint venture with CBRE and remaining active with share repurchases,” commented Tim Martin, Chief Financial Officer. “Our disciplined approach underscores our confidence in the long-term value of the platform and continued advancement of our strategy.”

The Company estimates that its fully diluted earnings per share for 2026 will be between $1.55 and $1.63, and that its fully diluted FFO per share, as adjusted, for 2026 will be between $2.52 and $2.60. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2026, the same-store pool consists of 623 properties totaling 45.3 million rentable square feet.

              Current Ranges for Current Ranges for2026 Full Year Guidance Range SummaryAnnual Assumptions
 Prior Guidance (1)Same-store revenue growth (0.25%)
 to 1.25%
 (0.25%)
 to 1.25%
Same-store expense growth 3.25%
 to 4.75%
   3.25%
 to 4.75%
Same-store NOI growth (1.75%)
 to 0.25%
  (1.75%)
 to 0.25%
              Property management fee income$39.0M to$41.0M $39.0M to$41.0MGeneral and administrative expenses$66.5M to$68.5M $66.5M to$68.5MInterest and loan amortization expense$124.5M to$128.5M $124.5M to$128.5MFull year weighted average shares and units228.8M 229.4M              Diluted earnings per share attributable to common                shareholders$1.55
 to$1.63
 $1.55
 to$1.63
Plus: real estate depreciation and amortization 0.97
   0.97
  0.97
   0.97
FFO, as adjusted, per diluted share$2.52
 to$2.60
 $2.52
 to$2.60
               (1) Prior guidance as indicated in our fourth quarter earnings release dated February 26, 2026.

2nd Quarter 2026 Guidance  RangeDiluted earnings per share attributable to common shareholders   $0.38 to$0.40Plus: real estate depreciation and amortization        0.24   0.24FFO, as adjusted, per diluted share       $0.62 to$0.64               Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, May 1, 2026 to discuss financial results for the three months ended March 31, 2026.

A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at investors.cubesmart.com. Telephone participants may join on the day of the call by dialing 1 (833) 461-5787 using conference ID number 144313429. Registered financial analysts participating on the call may avoid delays by pre-registering using the following link: https://events.q4inc.com/analyst/144313429?pwd=lYxu9njp. A replay of the webcast will be available on the Company’s website following the live event.

Supplemental operating and financial data as of March 31, 2026 is available in the investor relations section of the Company’s corporate website.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust (“REIT”). The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2026 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Non-GAAP Financial Measures

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”), as amended, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's stores. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its consolidated financial statements.

FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and other non-recurring items, which the Company believes are not indicative of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sales of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is a measure of performance that is not calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of its stores, and for all of its stores in the aggregate. NOI should not be considered as a substitute for net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

The Company believes NOI is useful to investors in evaluating operating performance because it is one of the primary measures used by management and store managers to evaluate the economic productivity of the Company’s stores, including the ability to lease stores, increase pricing and occupancy, and control property operating expenses. Additionally, NOI helps the Company’s investors meaningfully compare the results of its operating performance from period to period by removing the impact of its capital structure (primarily interest expense on outstanding indebtedness) and depreciation of the basis in its assets from operating results.

Forward-Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart (“we,” “us,” “our” or the “Company”), contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this presentation, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this presentation, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this presentation. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (“SEC”).

These risks include, but are not limited to, the following:

adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties;the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;the failure to execute our business plan;adverse consumer impacts and declines in general economic conditions from inflation, tariffs, changes in interest rates and wage stagnation, including impacts on the demand for self-storage, rental rates and fees and rent collection levels;reduced availability and increased costs of external sources of capital;financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt;counterparty non-performance related to the use of derivative financial instruments;risks related to our ability to maintain our qualification as a REIT for federal income tax purposes;the failure of acquisitions or developments of self-storage properties to close on expected terms, or at all, or to perform as expected;increases in taxes, fees and assessments from state and local jurisdictions;the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;reductions in asset valuations and related impairment charges;negative publicity relating to our business or industry, which could adversely affect our reputation;increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results;cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments;risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation;changes in real estate, zoning, use and occupancy laws or regulations;risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate;potential environmental and other material liabilities;governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships;uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses;changes in the availability of and the cost of labor;other factors affecting the real estate industry generally or the self-storage industry in particular; andother risks identified in Item 1A of our Annual Report on Form 10-K and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate. Given these uncertainties, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in this presentation may not occur and actual results, performance or achievement could differ materially from that anticipated or implied in the forward-looking statements.

Contact:                               

CubeSmart
Josh Schutzer
Senior Vice President, Finance
(610) 535-5700

CUBESMART AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

         March 31, December 31,     2026
    2025
  (unaudited)          ASSETS      Storage properties $8,142,043  $8,134,189 Less: Accumulated depreciation  (1,804,268)  (1,758,340)Storage properties, net (includes VIE amounts of $380,588 and $373,687, respectively)  6,337,775   6,375,849 Cash and cash equivalents (including VIE amounts of $5,922 and $4,397, respectively)  7,258   5,782 Restricted cash (including VIE amounts of $48 and $2,552, respectively)  2,212   4,451 Loan procurement costs, net of amortization  1,503   1,803 Investment in real estate ventures, at equity  74,884   74,034 Other assets, net  174,504   181,274 Total assets $6,598,136  $6,643,193        LIABILITIES AND EQUITY      Unsecured senior notes, net $2,926,318  $2,925,103 Revolving credit facility  415,100   378,800 Mortgage loans and notes payable, net (including VIE amounts of $7,090 and $7,092, respectively)  98,249   98,859 Lease liabilities - finance leases  65,534   65,579 Accounts payable, accrued expenses and other liabilities  224,474   229,666 Distributions payable  121,095   121,519 Deferred revenue  42,707   41,591 Total liabilities  3,893,477   3,861,117        Noncontrolling interests in the Operating Partnership  36,072   36,167        Commitments and contingencies             Equity      Common shares $.01 par value, 400,000,000 shares authorized, 226,465,557 and 227,269,217 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively  2,265   2,273 Additional paid-in capital  4,304,254   4,302,554 Accumulated other comprehensive loss  (229)  (249)Accumulated deficit  (1,657,027)  (1,585,135)Total CubeSmart shareholders’ equity  2,649,263   2,719,443 Noncontrolling interests in subsidiaries  19,324   26,466 Total equity  2,668,587   2,745,909 Total liabilities and equity $6,598,136  $6,643,193           CUBESMART AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

         Three Months Ended March 31,     2026
    2025
       REVENUES      Rental income $239,925  $232,765 Other property related income  32,072   29,766 Property management fee income  9,932   10,505 Total revenues  281,929   273,036 OPERATING EXPENSES      Property operating expenses  90,068   82,934 Depreciation and amortization  61,438   59,156 General and administrative  17,189   16,068 Total operating expenses  168,695   158,158 OTHER (EXPENSE) INCOME      Interest:      Interest expense on loans  (29,831)  (26,100)Loan procurement amortization expense  (1,065)  (1,221)Equity in earnings of real estate ventures  607   379 Other  (195)  809 Total other expense  (30,484)  (26,133)NET INCOME  82,750   88,745 Net income attributable to noncontrolling interests in the Operating Partnership  (357)  (453)Net loss attributable to noncontrolling interests in subsidiaries  494   905 NET INCOME ATTRIBUTABLE TO THE COMPANY $82,887  $89,197        Basic earnings per share attributable to common shareholders $0.36  $0.39 Diluted earnings per share attributable to common shareholders $0.36  $0.39        Weighted average basic shares outstanding  227,809   228,663 Weighted average diluted shares outstanding  228,206   229,169         Same-Store Results (623 stores)
(in thousands, except percentages and per square foot data)
(unaudited)

            Three Months Ended     March 31, Percent       2026
    2025
    Change          REVENUES         Rental income $226,190  $225,678  0.2 %  Other property related income  11,784   10,795  9.2 %  Total revenues  237,974   236,473  0.6 %            OPERATING EXPENSES         Property taxes (1)  29,481   28,656  2.9 %  Personnel expense  14,902   13,899  7.2 %  Advertising  4,540   2,941  54.4 %  Repair and maintenance  2,918   2,745  6.3 %  Utilities  6,462   6,293  2.7 %  Property insurance  2,716   3,449  (21.3)%  Other expenses  11,178   10,228  9.3 %            Total operating expenses  72,197   68,211  5.8 %            Net operating income (2) $165,777  $168,262  (1.5)%            Gross margin  69.7 %   71.2 %              Period end occupancy  89.3 %   89.6 %              Period average occupancy  89.0 %   89.4 %              Total rentable square feet  45,252                 Realized annual rent per occupied square foot (3) $22.46  $22.32  0.6 %            Reconciliation of Same-Store Net Operating Income to Net Income                   Same-store net operating income (2) $165,777  $168,262    Non same-store net operating income (2)  9,213   4,713    Indirect property overhead (4)  16,871   17,127    Depreciation and amortization  (61,438)  (59,156)   General and administrative expense  (17,189)  (16,068)   Interest expense on loans  (29,831)  (26,100)   Loan procurement amortization expense  (1,065)  (1,221)   Equity in earnings of real estate ventures  607   379    Other  (195)  809              Net income $82,750  $88,745               (1) For comparability purposes, current year amounts related to the expiration of certain real estate tax abatements have been excluded from the same-store portfolio results ($206k for the three months ended March 31, 2026, respectively).(2) Net operating income (“NOI”) is a non-GAAP (“generally accepted accounting principles”) financial measure. The above table reconciles same-store NOI to GAAP Net income.(3) Realized annual rent per occupied square foot is calculated by dividing annualized rental income by the weighted average occupied square feet for the period.(4) Includes property management fee income earned in conjunction with managed properties.  Non-GAAP Measure – Computation of Funds From Operations
(in thousands, except percentages and per share and unit data)
(unaudited)

          Three Months Ended    March 31,   2026  2025         Net income attributable to the Company's common shareholders $82,887 $89,197         Add:       Real estate depreciation and amortization:       Real property  59,508  56,689 Company's share of unconsolidated real estate ventures  1,478  1,810 Net income attributable to noncontrolling interests in the Operating Partnership  357  453         FFO attributable to the Company's common shareholders and third-party OP unitholders $144,230 $148,149         Basic earnings per share attributable to common shareholders $0.36 $0.39 Diluted earnings per share attributable to common shareholders $0.36 $0.39 FFO per diluted share and unit $0.63 $0.64 FFO, as adjusted per diluted share and unit $0.63 $0.64         Weighted average basic shares outstanding  227,809  228,663 Weighted average diluted shares outstanding  228,206  229,169 Weighted average diluted shares and units outstanding  229,191  230,340         Dividends per common share and unit $0.53 $0.52 Payout ratio of FFO, as adjusted  84.1% 81.3%

CubeSmart (CUBE) Q1 2026 Earnings Call Transcript

CubeSmart is rated 'Hold' as its current valuation closely matches intrinsic value amid macro uncertainty. CUBE offers a solid 5.3% dividend yield and maintains a normal balance sheet for a REIT but still faces headwinds from a potentially higher-for-longer interest rate environment and questionable near-term demand. Industry supply pressures are moderating, with management expecting gradual improvement in 2026, yet no near-term demand catalyst is evident.

Posted by Defense World Staff on Apr 1st, 2026

Apartment Investment and Management Company (NYSE:AIV – Get Free Report) was the target of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 2,915,443 shares, a decline of 13.4% from the February 26th total of 3,366,174 shares. Approximately 2.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,781,666 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Ratings Changes Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Apartment Investment and Management in a research report on Friday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Apartment Investment and Management presently has a consensus rating of “Hold” and an average price target of $10.00.

Read Our Latest Analysis on AIV

Institutional Inflows and Outflows A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of Apartment Investment and Management by 66.3% during the first quarter. AQR Capital Management LLC now owns 27,747 shares of the real estate investment trust’s stock worth $244,000 after buying an additional 11,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Apartment Investment and Management by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,692 shares of the real estate investment trust’s stock valued at $728,000 after acquiring an additional 3,635 shares during the period. Creative Planning raised its stake in Apartment Investment and Management by 16.4% during the 2nd quarter. Creative Planning now owns 12,162 shares of the real estate investment trust’s stock valued at $105,000 after acquiring an additional 1,712 shares during the last quarter. Legal & General Group Plc raised its stake in Apartment Investment and Management by 9.8% during the 2nd quarter. Legal & General Group Plc now owns 638,373 shares of the real estate investment trust’s stock valued at $5,522,000 after acquiring an additional 57,082 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in Apartment Investment and Management during the 2nd quarter worth approximately $204,000. 83.26% of the stock is currently owned by institutional investors and hedge funds.

Apartment Investment and Management Stock Up 2.4% Shares of NYSE AIV opened at $4.08 on Wednesday. The business has a 50-day moving average price of $5.08 and a 200 day moving average price of $5.81. The stock has a market cap of $586.27 million, a PE ratio of 1.05 and a beta of 1.35. The company has a quick ratio of 3.46, a current ratio of 3.46 and a debt-to-equity ratio of 1.87. Apartment Investment and Management has a 52-week low of $3.93 and a 52-week high of $8.89.

Apartment Investment and Management (NYSE:AIV – Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The real estate investment trust reported $2.08 EPS for the quarter, topping the consensus estimate of ($0.11) by $2.19. The company had revenue of $34.64 million for the quarter, compared to analyst estimates of $56.65 million. Apartment Investment and Management had a return on equity of 9.05% and a net margin of 316.79%. Equities research analysts forecast that Apartment Investment and Management will post -0.8 earnings per share for the current year.

Apartment Investment and Management Dividend Announcement The firm also recently declared a special dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $1.45 per share. The ex-dividend date was Friday, February 27th.

About Apartment Investment and Management (Get Free Report)

Apartment Investment and Management Company (NYSE:AIV), commonly known as Aimco, is a real estate investment trust focused on the ownership and operation of multifamily residential communities in the United States. The company acquires, develops and manages apartment properties that offer a range of living environments—from urban high-rise buildings to garden-style communities. Aimco’s core business includes leasing apartments, providing on-site services and amenities, and overseeing property maintenance to drive occupancy and resident satisfaction.

Founded in 1994 as part of GMAC Residential, Aimco became a publicly traded REIT with headquarters in Denver, Colorado.

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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Veris Residential, Inc. (NYSE: VRE) to an investor consortium led by Affinius Capital in partnership with Vista Hill Partners. Under the terms of the proposed transaction, shareholders of Veris will receive $19.00 per share in cash. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-vre/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, May 27.

Universal Technical Institute Inc. (NYSE: UTI) will replace Veris Residential Inc. (NYSE: VRE). Affinius Capital and Vista Hill Partners are acquiring Veris Residential in a deal expected to be completed soon, pending final closing conditions. Peloton Interactive Inc. (NASD: PTON) will replace Enviri Corp. (NYSE: NVRI). Enviri is spinning off certain operations and assets later this month into a new publicly traded company. Post spin-off, Veolia Environment SA will acquire the remaining parent entity. The new publicly traded company is not expected to be representative of the small-cap market space. Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name      

Action

Company Name

Ticker

GICS Sector

May 27, 2026

S&P SmallCap 600

Addition

Universal Technical Institute

UTI

Consumer Discretionary

May 27, 2026

S&P SmallCap 600

Deletion

Veris Residential

VRE

Real Estate

May 27, 2026

S&P SmallCap 600

Addition

Peloton Interactive

PTON

Consumer Discretionary

May 27, 2026

S&P SmallCap 600

Deletion

Enviri Corporation

NVRI

Industrials

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AstraZeneca and Daiichi Sankyo’s ENHERTU® (fam-trastuzumab deruxtecan-nxki) has been approved by the US Food and Drug Administration (FDA) for both the neoadjuvant and adjuvant treatment of patients with HER2-positive early breast cancer based on results from the DESTINY-Breast11 and DESTINY-Breast05 Phase III trials, respectively.

In the neoadjuvant setting, ENHERTU followed by a taxane, trastuzumab, and pertuzumab (THP) has been approved for the treatment of adult patients with HER2-positive Stage II or Stage III breast cancer. In the adjuvant setting, ENHERTU has been approved for the treatment of adult patients with HER2-positive breast cancer who have residual invasive disease following trastuzumab (with or without pertuzumab) and taxane-based treatment.

Shanu Modi, MD, Medical Oncologist, Memorial Sloan Kettering Cancer Center, said: “HER2-positive breast cancer is an aggressive disease, and our goal is to reduce the risk of recurrence for patients as early as possible to achieve the best long-term outcomes. The neoadjuvant setting offers the earliest opportunity to improve outcomes, while the adjuvant setting provides another important chance to prevent recurrence for patients with residual disease after surgery. These two new indications in HER2-positive early breast cancer will evolve how we treat patients in these settings and support trastuzumab deruxtecan as a potential new standard of care in early-stage disease.”

Dave Fredrickson, Executive Vice President, Oncology Haematology Business Unit, AstraZeneca, said: “HER2-positive early disease is considered highly curable, however up to one in four patients still experience disease recurrence, underscoring the need for new options in this setting. These approvals mark an important step forward, expanding the possibility of cure to more patients for the first time in many years and positioning ENHERTU as a foundational treatment in early breast cancer.”

Ken Keller, Global Head of Oncology Business, and President and CEO, Daiichi Sankyo, Inc. said: “ENHERTUhas redefined the treatment of HER2-expressing breast cancer with practice-changing data across six breast cancer indications in seven years. ENHERTUis now approved in the US across both early and metastatic HER2-positive breast cancer, accomplishing what we set out to achieve a little over a decade ago for patients at the start of our comprehensive clinical development program.”

Victoria Smart, Senior Vice President, Mission, Susan G. Komen, said: “Providing patients with early breast cancer more options to help prevent progression to metastatic disease can lead to improved outcomes. Progression and recurrence remain among the most significant unmet needs for those diagnosed with early breast cancer, and continued advances in treatment bring new hope to patients and families facing this disease.”

In DESTINY-Breast11, ENHERTU followed by THP as a neoadjuvant treatment demonstrated a pathologic complete response (pCR) rate of 67.3% compared with 56.3% for dose-dense doxorubicin and cyclophosphamide followed by THP [ddAC-THP], an improvement of 11.2% (95% confidence interval [CI] 3.9-18.3; p=0.003). At the time of the pCR analysis, 29 patients (4.5%) had event-free survival (EFS) events, and 12 patients (1.9%) had overall survival (OS) events. The results were published in Annals of Oncology.1

In DESTINY-Breast05, ENHERTUas an adjuvant treatment reduced the risk of invasive disease recurrence or death (invasive disease-free survival [IDFS]) by 53% compared to trastuzumab emtansine (T-DM1) in patients with HER2-positive breast cancer with residual invasive disease following neoadjuvant therapy (hazard ratio

0.47; 95% CI 0.34-0.66; p<0.0001). At three years, 92.4% of patients in the ENHERTU arm were alive and free of invasive disease, compared with 83.7% of those in the T-DM1 arm, with 51 (6%) events in the ENHERTU arm and 102 (12%) in the T-DM1 arm. The results were published in The New England Journal of Medicine.2

Data from both trials were presentedat the 2025 European Society for Medical Oncology (ESMO) Congress.

Based on the DESTINY-Breast05 results, trastuzumab deruxtecan (ENHERTU) has been included in the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) as a Category 1 recommended treatment in the adjuvant setting for patients with HER2-positive early breast cancer with residual disease and a high risk of recurrence following preoperative therapy. See NCCN Guidelines® for detailed recommendations.

No new safety concerns were identified with ENHERTU in the DESTINY-Breast11 or DESTINY-Breast05 trials.

In DESTINY-Breast11,ENHERTU followed by THP showed similar rates of drug-related overall adverse events (AEs) and interstitial lung disease (ILD)/pneumonitis as ddAC-THP, and lower rates of Grade 3 or higher AEs, serious AEs, AEs leading to treatment interruptions, left ventricular dysfunction and hematological toxicities.

In DESTINY-Breast05, ENHERTU and T-DM1 showed similar rates of overall drug-related AEs and Grade 3 or higher AEs. Adjudicated drug-related ILD/pneumonitis occurred in 9.6% of patients in the ENHERTU arm and 1.6% of patients in the T-DM1 arm. The majority of ILD/pneumonitis events were low grade in both arms. There were seven Grade 3 events and two deaths (Grade 5) in the ENHERTUarm.

The DESTINY-Breast11 and DESTINY-Breast05 US regulatory submissions were both reviewed under Project Orbis, which provides a framework for concurrent submission and review of oncology medicines among participating international partners. Separate regulatory applications for both trials are also under review in other countries. DESTINY-Breast05 previously received Priority Review and Breakthrough Therapy Designation by the FDA.

ENHERTU is already approved in more than 95 countries, including the US, as a treatment for patients with HER2-positive metastatic breast cancer.

ENHERTU is a specifically engineered HER2-directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo and being jointly developed and commercialized by AstraZeneca and Daiichi Sankyo.

Financial ConsiderationsFollowing these approvals in the US, an amount of $155 million is due from AstraZeneca to Daiichi Sankyo as milestone payments for both these indications. Sales of ENHERTU in the US are recognized by Daiichi Sankyo. For further details on the financial arrangements, please consult the collaboration agreement from March 2019.

ENHERTU U.S. Indications and Important Safety Information

IndicationsENHERTU is a HER2-directed antibody and topoisomerase inhibitor conjugate indicated for:

HER2-Positive Early Breast Cancer

As neoadjuvant treatment of adult patients with HER2-positive (IHC 3+ or ISH+) Stage II or III breast cancer, as determined by an FDA-authorized test followed by a taxane, trastuzumab, and pertuzumab (THP)

As adjuvant treatment of adult patients with HER2-positive (IHC 3+ or ISH+) breast cancer who have residual invasive disease following neoadjuvant trastuzumab (with or without pertuzumab) and taxane-based treatment

HER2-Positive Metastatic Breast Cancer

In combination with pertuzumab as first-line treatment of adult patients with unresectable or metastatic HER2-positive (IHC 3+ or ISH+) breast cancer, as determined by an FDA-authorized test

As monotherapy for the treatment of adult patients with unresectable or metastatic HER2-positive (IHC 3+ or ISH+) breast cancer who have received a prior anti-HER2-based regimen either in the metastatic setting, or, in the neoadjuvant or adjuvant setting and have developed disease recurrence during or within six months of completing therapy

HER2-Low and HER2-Ultralow Metastatic Breast Cancer

As monotherapy for the treatment of adult patients with unresectable or metastatic hormone receptor (HR)-positive, HER2-low (IHC 1+ or IHC 2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining) breast cancer, as determined by an FDA-authorized test, that has progressed on one or more endocrine therapies in the metastatic setting

As monotherapy for the treatment of adult patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer, as determined by an FDA-authorized test, who have received a prior chemotherapy in the metastatic setting or developed disease recurrence during or within 6 months of completing adjuvant chemotherapy

HER2-Mutant Unresectable or Metastatic Non-Small Cell Lung Cancer (NSCLC)

As monotherapy for the treatment of adult patients with unresectable or metastatic NSCLC whose tumors have activating HER2 (ERBB2) mutations, as detected by an FDA-authorized test, and who have received a prior systemic therapy

This indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

HER2-Positive Locally Advanced or Metastatic Gastric Cancer

As monotherapy for the treatment of adult patients with locally advanced or metastatic HER2-positive (IHC 3+ or IHC 2+/ISH positive) gastric or gastroesophageal junction (GEJ) adenocarcinoma who have received a prior trastuzumab-based regimen

HER2-Positive (IHC 3+) Unresectable or Metastatic Solid Tumors

As monotherapy for the treatment of adult patients with unresectable or metastatic HER2-positive (IHC 3+) solid tumors who have received prior systemic treatment and have no satisfactory alternative treatment options

This indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

Important Safety Information

WARNING: INTERSTITIAL LUNG DISEASE and EMBRYO-FETAL TOXICITY

Interstitial lung disease (ILD) and pneumonitis, including severe, life-threatening, and fatal cases, have been reported with ENHERTU. Monitor for and promptly investigate signs and symptoms including cough, dyspnea, fever, and other new or worsening respiratory symptoms. Permanently discontinue ENHERTU in all patients with Grade 2 or higher ILD/pneumonitis. Advise patients of the risk and to immediately report symptoms.

Exposure to ENHERTU during pregnancy can cause embryo-fetal harm. Advise patients of these risks and the need for effective contraception.

ContraindicationsNone.

Warnings and PrecautionsInterstitial Lung Disease / PneumonitisSevere, life-threatening, or fatal interstitial lung disease (ILD), including pneumonitis, can occur in patients treated with ENHERTU. A higher incidence of Grade 1 and 2 ILD/pneumonitis has been observed in patients with moderate renal impairment. Advise patients to immediately report cough, dyspnea, fever, and/or any new or worsening respiratory symptoms. Monitor patients for signs and symptoms of ILD. Promptly investigate evidence of ILD. Evaluate patients with suspected ILD by radiographic imaging. Consider consultation with a pulmonologist. For asymptomatic ILD/pneumonitis (Grade 1), interrupt ENHERTU until resolved to Grade 0, then if resolved in ≤28 days from date of onset, maintain dose. If resolved in >28 days from date of onset, reduce dose 1 level. Consider corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥0.5 mg/kg/day prednisolone or equivalent). For symptomatic ILD/pneumonitis (Grade 2 or greater), permanently discontinue ENHERTU. Promptly initiate systemic corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥1 mg/kg/day prednisolone or equivalent) and continue for at least 14 days followed by gradual taper for at least 4 weeks. In the adjuvant HER2+ breast cancer setting, if drug-induced ILD is suspected, rule out radiotherapy-related pneumonitis. If only radiotherapy-related pneumonitis is suspected, consider interruption of ENHERTU for Grade 2 and permanently discontinue ENHERTU for Grade ≥3.

HER2-Positive, HER2-Low, and HER2-Ultralow Breast Cancer, HER2-Mutant NSCLC, and Solid Tumors (Including IHC 3+) (5.4 mg/kg)ENHERTU as MonotherapyIn patients treated with ENHERTU 5.4 mg/kg, ILD occurred in 12% of patients. Median time to first onset was 5.5 months (range: 0.9 to 31.5). Fatal outcomes due to ILD and/or pneumonitis occurred in 0.9% of patients treated with ENHERTU.

ENHERTU in Combination with PertuzumabIn patients treated with ENHERTU 5.4 mg/kg in combination with pertuzumab (N=431), ILD occurred in 12% of patients. Median time to first onset was 8.0 months (range: 0.6 to 33.8). Fatal outcomes due to ILD and/or pneumonitis occurred in 0.5% of patients treated with ENHERTU in combination with pertuzumab.

ENHERTU followed by THPIn patients treated with ENHERTU 5.4 mg/kg followed by THP in DESTINY-Breast11, ILD occurred in 4.4% of patients. Median time to first onset was 2.7 months (range: 1.1 to 6.0). Fatal outcomes due to ILD and/or pneumonitis occurred in 1 patient (0.3%) treated with ENHERTU followed by THP.

HER2-Positive Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, ILD occurred in 10% of patients. Median time to first onset was 2.8 months (range: 1.2 to 21).

NeutropeniaSevere neutropenia, including febrile neutropenia, can occur in patients treated with ENHERTU. Monitor complete blood counts prior to initiation of ENHERTU and prior to each dose, and as clinically indicated. For Grade 3 neutropenia (Absolute Neutrophil Count [ANC] <1.0 to 0.5 x 109/L), interrupt ENHERTU until resolved to Grade 2 or less, then maintain dose. For Grade 4 neutropenia (ANC <0.5 x 109/L), interrupt ENHERTU until resolved to Grade 2 or less, then reduce dose by 1 level. For febrile neutropenia (ANC <1.0 x 109/L and temperature >38.3º C or a sustained temperature of ≥38º C for more than 1 hour), interrupt ENHERTU until resolved, then reduce dose by 1 level.

HER2-Positive, HER2-Low, and HER2-Ultralow Breast Cancer, HER2-Mutant NSCLC, and Solid Tumors (Including IHC 3+) (5.4 mg/kg)ENHERTU as MonotherapyIn patients treated with ENHERTU 5.4 mg/kg, a decrease in neutrophil count was reported in 65% of patients. Nineteen percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 22 days (range: 2 to 939). Febrile neutropenia was reported in 1% of patients.

ENHERTU in Combination with PertuzumabIn patients treated with ENHERTU 5.4 mg/kg in combination with pertuzumab (N=431), decreased neutrophil count occurred in 79% of patients. Median time to first onset was 22 days (range: 5 to 994). Twenty-nine percent had Grade 3 or 4 decreased neutrophil count. Febrile neutropenia was reported in 2.6% of patients.

ENHERTU followed by THPIn patients treated with ENHERTU 5.4 mg/kg followed by THP in DESTINY-Breast11, a decrease in neutrophil count was reported in 58% of patients. Seventeen percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 42 days (range: 11 to 165). Febrile neutropenia was reported in 0.9% of patients.

HER2-Positive Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, a decrease in neutrophil count was reported in 72% of patients. Fifty-one percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 16 days (range: 4 to 187). Febrile neutropenia was reported in 4.8% of patients.

Left Ventricular DysfunctionPatients treated with ENHERTU may be at increased risk of developing left ventricular dysfunction. Left ventricular dysfunction (LVD) has been observed with anti-HER2 therapies, including ENHERTU. Assess left ventricular ejection fraction (LVEF) prior to initiation of ENHERTU and at regular intervals during treatment as clinically indicated. Manage LVD through treatment interruption. When LVEF is >45% and absolute decrease from baseline is 10-20%, continue treatment with ENHERTU. When LVEF is 40-45% and absolute decrease from baseline is <10%, continue treatment with ENHERTU and repeat LVEF assessment within 3 weeks. When LVEF is 40-45% and absolute decrease from baseline is 10-20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF has not recovered to within 10% from baseline, permanently discontinue ENHERTU. If LVEF recovers to within 10% from baseline, resume treatment with ENHERTU at the same dose. When LVEF is <40% or absolute decrease from baseline is >20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF of <40% or absolute decrease from baseline of >20% is confirmed, permanently discontinue ENHERTU. Permanently discontinue ENHERTU in patients with symptomatic congestive heart failure. Treatment with ENHERTU has not been studied in patients with a history of clinically significant cardiac disease or LVEF <50% prior to initiation of treatment.

HER2-Positive, HER2-Low, and HER2-Ultralow Breast Cancer, HER2-Mutant NSCLC, and Solid Tumors (Including IHC 3+) (5.4 mg/kg)ENHERTU as MonotherapyIn patients treated with ENHERTU 5.4 mg/kg, LVD was reported in 4.6% of patients, of which 0.6% were Grade 3 or 4.

ENHERTU in Combination with PertuzumabIn patients treated with ENHERTU 5.4 mg/kg in combination with pertuzumab (N=431), LVEF decrease was reported in 11% of patients, of which 2.1% were Grade 3 or 4.

ENHERTU followed by THPIn patients treated with ENHERTU 5.4 mg/kg followed by THP in DESTINY-Breast11, LVD was reported in 1.3% of patients, of which 0.3% were Grade 3.

HER2-Positive Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, no clinical adverse events of heart failure were reported; however, on echocardiography, 8% were found to have asymptomatic Grade 2 decrease in LVEF.

Embryo-Fetal ToxicityENHERTU can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risks to a fetus. Verify the pregnancy status of females of reproductive potential prior to the initiation of ENHERTU. Advise females of reproductive potential to use effective contraception during treatment and for 7 months after the last dose of ENHERTU. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with ENHERTU and for 4 months after the last dose of ENHERTU.

Additional Dose ModificationsThrombocytopeniaFor Grade 3 thrombocytopenia (platelets <50 to 25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less, then maintain dose. For Grade 4 thrombocytopenia (platelets <25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less, then reduce dose by 1 level.

Adverse ReactionsHER2-Positive, HER2-Low, and HER2-Ultralow Breast Cancer, HER2-Mutant NSCLC, and Solid Tumors (Including IHC 3+) (5.4 mg/kg)ENHERTU as MonotherapyThe pooled safety population reflects exposure to ENHERTU 5.4 mg/kg intravenously every 3 weeks in 2233 patients in Study DS8201-A-J101 (NCT02564900), DESTINY-Breast01, DESTINY-Breast02, DESTINY-Breast03, DESTINY-Breast04, DESTINY-Breast06, DESTINY-Lung01, DESTINY-Lung02, DESTINY-CRC02, and DESTINY-PanTumor02. Among these patients, 67% were exposed for >6 months and 39% were exposed for >1 year. In this pooled safety population, the most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased white blood cell count (73%), nausea (72%), decreased hemoglobin (67%), decreased neutrophil count (65%), decreased lymphocyte count (60%), fatigue (55%), decreased platelet count (48%), increased aspartate aminotransferase (46%), increased alanine aminotransferase (43%), increased blood alkaline phosphatase (39%), vomiting (38%), alopecia (37%), constipation (32%), decreased blood potassium (32%), decreased appetite (31%), diarrhea (30%), and musculoskeletal pain (24%).

ENHERTU in Combination with PertuzumabThe pooled safety population reflects exposure to ENHERTU 5.4 mg/kg in combination with pertuzumab intravenously every 3 weeks in 431 patients in DESTINY-Breast07 (n=50), and DESTINY-Breast09 (n=381). Among these patients, 86% were exposed for >6 months and 73% were exposed for >1 year. In this pooled safety population, the most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased white blood cell count (86%), decreased hemoglobin (80%), decreased neutrophil count (79%), nausea (74%), increased alanine aminotransferase (65%), diarrhea (64%), increased aspartate aminotransferase (63%), decreased lymphocyte count (61%), decreased platelet count (55%), increased blood alkaline phosphatase (54%), decreased blood potassium (54%), fatigue (53%), alopecia (48%), vomiting (46%), upper respiratory tract infection (32%), constipation (31%), decreased appetite (31%), decreased weight (28%), musculoskeletal pain (23%), increased blood bilirubin (23%), and abdominal pain (22%).

HER2-Positive Early Breast CancerDESTINY-Breast11The safety of ENHERTU followed by THP was evaluated in 320 patients with HER2-positive (IHC 3+ or ISH+) early breast cancer who received at least 1 dose of ENHERTU 5.4 mg/kg followed by THP in DESTINY-Breast11. ENHERTU was administered by intravenous infusion once every three weeks for 4 cycles followed by THP for 4 cycles. The median duration of treatment was 5.6 months (range: 0.7 to 9.1) for patients who received ENHERTU followed by THP.

Serious adverse reactions occurred in 11% of patients receiving ENHERTU followed by THP, including COVID-19 (0.9%) and ILD/pneumonitis (0.6%). Fatal adverse reactions occurred in 0.6% of patients, including ILD/pneumonitis and death not otherwise specified (1 patient each).

In patients treated with ENHERTU followed by THP, the permanent discontinuation of ENHERTU due to adverse reactions occurred in 1.3%, of which ILD/pneumonitis accounted for 0.6%. Dose interruptions of ENHERTU due to adverse reactions occurred in 11% of patients. The most frequent adverse reactions (>2%) associated with dose interruption were decreased neutrophil count and COVID-19. Dose reductions of ENHERTU occurred in 2.5% of patients treated with ENHERTU.

The most common (≥20%) adverse reactions in patients treated with ENHERTU followed by THP, including laboratory abnormalities, were decreased hemoglobin (83%), increased alanine aminotransferase (79%), increased aspartate aminotransferase (74%), decreased white blood cell count (67%), nausea (65%), peripheral neuropathy (59%), diarrhea (59%), decreased neutrophil count (58%), alopecia (48%), fatigue (41%), decreased lymphocyte count (40%), rash (31%), musculoskeletal pain (30%), decreased blood potassium (29%), constipation (29%), vomiting (29%), stomatitis (23%), and decreased appetite (20%).

DESTINY-Breast05The safety of ENHERTU was evaluated in 806 patients with HER2-positive breast cancer with residual invasive disease following neoadjuvant HER2-targeted therapy who then received at least one dose of ENHERTU 5.4 mg/kg. ENHERTU was administered by intravenous infusion once every three weeks for 14 cycles. The median duration of treatment was 10 months (range: 0.7 to 16) for patients who received ENHERTU.

Serious adverse reactions occurred in 17% of patients receiving ENHERTU. Serious adverse reactions in ≥1% of patients who received ENHERTU were ILD/pneumonitis, radiation pneumonitis, pneumonia, and platelet count decreased. Fatal adverse reactions occurred in 0.4% of patients including ILD/pneumonitis (2 patients) and respiratory tract infection (1 patient).

Permanent discontinuation of ENHERTU due to an adverse reaction occurred in 18% of patients. The adverse reaction which resulted in permanent discontinuation of ENHERTU >2% included ILD/pneumonitis. Dose interruptions of ENHERTU due to an adverse reaction occurred in 50% of patients. Adverse reactions which required dosage interruptions in >2% included radiation pneumonitis, neutrophil count decreased, COVID-19, white blood cell count decreased, ILD/pneumonitis, platelet count decreased, upper respiratory tract infection, fatigue, cough, and pyrexia. Dose reductions of ENHERTU due to an adverse reaction occurred in 26% of patients. Adverse reactions which required dose reductions in >2% of patients included nausea, fatigue, platelet count decreased, ILD/pneumonitis, and neutrophil count decreased.

The most common (≥20%) adverse reactions, including laboratory abnormalities, in patients receiving ENHERTU were decreased white blood cell count (80%), decreased lymphocyte count (72%), decreased neutrophil count (72%), nausea (71%), decreased hemoglobin (61%), increased aspartate aminotransferase (60%), fatigue (54%), increased alanine aminotransferase (53%), decreased platelet count (46%), increased blood alkaline phosphatase (39%), constipation (32%), vomiting (31%), decreased blood potassium (27%), diarrhea (23%), musculoskeletal pain (23%), and decreased appetite (20%).

ILD was reported in 17% of patients receiving ENHERTU, which included COVID-19 pneumonia, interstitial lung disease, lung opacity, organizing pneumonia, pneumocystis jirovecii pneumonia, pneumonia, and pneumonitis which was adjudicated as ILD (irrespective of causality). Adjudicated drug-related ILD for ENHERTU was 10% for all Grades and 0.9% for Grades 3 or 4.

HER2-Positive Metastatic Breast CancerDESTINY-Breast09The safety of ENHERTU 5.4 mg/kg in combination with pertuzumab was evaluated in DESTINY-Breast09, a randomized, three-arm, multicenter study including 763 patients with HER2-positive (IHC 3+ or ISH+) unresectable or metastatic breast cancer. Three hundred eighty-one patients received ENHERTU in combination with pertuzumab and 382 patients received THP (taxane [docetaxel or paclitaxel], trastuzumab, and pertuzumab). Among patients who received ENHERTU in combination with pertuzumab, the median duration of treatment was 22 months (range: 0.3 months to 44.5 months).

Serious adverse reactions occurred in 27% of patients receiving ENHERTU in combination with pertuzumab. Serious adverse reactions in >1% of patients were diarrhea, pneumonia, febrile neutropenia, hypokalemia, vomiting, ILD, pulmonary embolism, and sepsis. Fatalities due to adverse reactions occurred in 3.4% of patients including pneumonia (n=3), ILD (n=2), sepsis (n=2), pulmonary embolism, septic shock, acute kidney injury, dyspnea, febrile neutropenia, and intestinal ischemia (1 patient each).

ENHERTU was discontinued for adverse reactions in 21% of patients. The most frequent adverse reaction (>2%) associated with permanent discontinuation was ILD/pneumonitis (6%). Dose interruptions due to adverse reactions occurred in 69% of patients. The most frequent adverse reactions (>2%) associated with dose interruption were COVID-19, neutropenia, upper respiratory tract infection, fatigue, anemia, hypokalemia, ILD/pneumonitis, thrombocytopenia, pneumonia, diarrhea, transaminase increased, leukopenia, cough, pyrexia, decreased appetite, and blood bilirubin increased. Dose reductions occurred in 46% of patients treated with ENHERTU in combination with pertuzumab. The most frequent adverse reactions (>2%) associated with dose reduction were fatigue, neutropenia, nausea, diarrhea, ILD/pneumonitis, thrombocytopenia, vomiting, transaminases increased, decreased weight, febrile neutropenia, and hypokalemia.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased white blood cell count (87%), decreased hemoglobin (80%), decreased neutrophil count (78%), nausea (75%), increased alanine aminotransferase (66%), diarrhea (64%), increased aspartate aminotransferase (62%), decreased lymphocyte count (62%), decreased platelet count (56%), increased blood alkaline phosphatase (55%), decreased blood potassium (54%), fatigue (53%), alopecia (48%), vomiting (46%), upper respiratory tract infection (33%), constipation (33%), decreased appetite (32%), decreased weight (30%), COVID-19 (28%), musculoskeletal pain (24%), increased blood bilirubin (23%), and abdominal pain (23%).

DESTINY-Breast03The safety of ENHERTU was evaluated in 257 patients with unresectable or metastatic HER2-positive breast cancer who received at least 1 dose of ENHERTU 5.4 mg/kg intravenously once every 3 weeks in DESTINY-Breast03. The median duration of treatment was 14 months (range: 0.7 to 30) for patients who received ENHERTU.

Serious adverse reactions occurred in 19% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were vomiting, ILD, pneumonia, pyrexia, and urinary tract infection. Fatalities due to adverse reactions occurred in 0.8% of patients including COVID-19 and sudden death (1 patient each).

ENHERTU was permanently discontinued in 14% of patients, of which ILD/pneumonitis accounted for 8%. Dose interruptions due to adverse reactions occurred in 44% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, leukopenia, anemia, thrombocytopenia, pneumonia, nausea, fatigue, and ILD/pneumonitis. Dose reductions occurred in 21% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were nausea, neutropenia, and fatigue.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (76%), decreased white blood cell count (74%), decreased neutrophil count (70%), increased aspartate aminotransferase (67%), decreased hemoglobin (64%), decreased lymphocyte count (55%), increased alanine aminotransferase (53%), decreased platelet count (52%), fatigue (49%), vomiting (49%), increased blood alkaline phosphatase (49%), alopecia (37%), decreased blood potassium (35%), constipation (34%), musculoskeletal pain (31%), diarrhea (29%), decreased appetite (29%), headache (22%), respiratory infection (22%), abdominal pain (21%), increased blood bilirubin (20%), and stomatitis (20%).

HER2-Low and HER2-Ultralow Metastatic Breast CancerDESTINY-Breast06The safety of ENHERTU was evaluated in 434 patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining) breast cancer who received ENHERTU 5.4 mg/kg intravenously once every 3 weeks in DESTINY-Breast06. The median duration of treatment was 11 months (range: 0.4 to 39.6) for patients who received ENHERTU.

Serious adverse reactions occurred in 20% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were ILD/pneumonitis, COVID-19, febrile neutropenia, and hypokalemia. Fatalities due to adverse reactions occurred in 2.8% of patients including ILD (0.7%); sepsis (0.5%); and COVID-19 pneumonia, bacterial meningoencephalitis, neutropenic sepsis, peritonitis, cerebrovascular accident, general physical health deterioration (0.2% each).

ENHERTU was permanently discontinued in 14% of patients. The most frequent adverse reaction (>2%) associated with permanent discontinuation was ILD/pneumonitis. Dose interruptions due to adverse reactions occurred in 48% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were COVID-19, decreased neutrophil count, anemia, pyrexia, pneumonia, decreased white blood cell count, and ILD. Dose reductions occurred in 25% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were nausea, fatigue, decreased platelet count, and decreased neutrophil count.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased white blood cell count (86%), decreased neutrophil count (75%), nausea (70%), decreased hemoglobin (69%), decreased lymphocyte count (66%), fatigue (53%), decreased platelet count (48%), alopecia (48%), increased alanine aminotransferase (44%), increased blood alkaline phosphatase (43%), increased aspartate aminotransferase (41%), decreased blood potassium (35%), diarrhea (34%), vomiting (34%), constipation (32%), decreased appetite (26%), COVID-19 (26%), and musculoskeletal pain (24%).

DESTINY-Breast04The safety of ENHERTU was evaluated in 371 patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer who received ENHERTU 5.4 mg/kg intravenously once every 3 weeks in DESTINY-Breast04. The median duration of treatment was 8 months (range: 0.2 to 33) for patients who received ENHERTU.

Serious adverse reactions occurred in 28% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were ILD/pneumonitis, pneumonia, dyspnea, musculoskeletal pain, sepsis, anemia, febrile neutropenia, hypercalcemia, nausea, pyrexia, and vomiting. Fatalities due to adverse reactions occurred in 4% of patients including ILD/pneumonitis (3 patients); sepsis (2 patients); and ischemic colitis, disseminated intravascular coagulation, dyspnea, febrile neutropenia, general physical health deterioration, pleural effusion, and respiratory failure (1 patient each).

ENHERTU was permanently discontinued in 16% of patients, of which ILD/pneumonitis accounted for 8%. Dose interruptions due to adverse reactions occurred in 39% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, fatigue, anemia, leukopenia, COVID-19, ILD/pneumonitis, increased transaminases, and hyperbilirubinemia. Dose reductions occurred in 23% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were fatigue, nausea, thrombocytopenia, and neutropenia.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (76%), decreased white blood cell count (70%), decreased hemoglobin (64%), decreased neutrophil count (64%), decreased lymphocyte count (55%), fatigue (54%), decreased platelet count (44%), alopecia (40%), vomiting (40%), increased aspartate aminotransferase (38%), increased alanine aminotransferase (36%), constipation (34%), increased blood alkaline phosphatase (34%), decreased appetite (32%), musculoskeletal pain (32%), diarrhea (27%), and decreased blood potassium (25%).

HER2-Mutant Unresectable or Metastatic NSCLC (5.4 mg/kg)DESTINY-Lung02 evaluated 2 dose levels (5.4 mg/kg [n=101] and 6.4 mg/kg [n=50]); however, only the results for the recommended dose of 5.4 mg/kg intravenously every 3 weeks are described below due to increased toxicity observed with the higher dose in patients with NSCLC, including ILD/pneumonitis.

The safety of ENHERTU was evaluated in 101 patients with HER2-mutant unresectable or metastatic NSCLC who received ENHERTU 5.4 mg/kg intravenously once every 3 weeks until disease progression or unacceptable toxicity in DESTINY‑Lung02. The median duration of treatment was 8 months (range: 0.7 to 28) for patients who received ENHERTU.

Serious adverse reactions occurred in 40% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were ILD/pneumonitis, pleural effusion, thrombocytopenia, dyspnea, nausea, pneumonia, vomiting, myocarditis, pulmonary embolism, and increased troponin I. Fatalities due to adverse reactions occurred in 3% of patients including ILD/pneumonitis, cerebrovascular accident, and pneumococcal sepsis (1 patient each).

ENHERTU was permanently discontinued in 17% of patients. Adverse reactions which resulted in permanent discontinuation of ENHERTU were ILD/pneumonitis, pneumonia, blood bilirubin increased, hypokalemia, metastases to meninges, and myocarditis. Dose interruptions of ENHERTU due to adverse reactions occurred in 50% of patients. Adverse reactions which required dose interruption (>2%) included neutropenia, COVID-19, ILD/pneumonitis, fatigue, anemia, and pneumonia. Dose reductions due to an adverse reaction occurred in 20% of patients. The most frequent adverse reactions (>2%) associated with dose reduction were neutropenia, fatigue, and decreased appetite.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased hemoglobin (68%), nausea (67%), decreased white blood cell count (66%), decreased neutrophil count (59%), decreased lymphocyte count (56%), increased aspartate aminotransferase (51%), decreased albumin (50%), decreased platelet count (49%), fatigue (48%), increased alanine aminotransferase (41%), decreased appetite (41%), constipation (38%), increased alkaline phosphatase (37%), vomiting (32%), decreased blood potassium (29%), diarrhea (24%), alopecia (22%), and musculoskeletal pain (21%).

HER2-Positive Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)The safety of ENHERTU was evaluated in 187 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma in DESTINY-Gastric01. Patients intravenously received at least 1 dose of either ENHERTU (N=125) 6.4 mg/kg every 3 weeks or either irinotecan (N=55) 150 mg/m2 biweekly or paclitaxel (N=7) 80 mg/m2 weekly for 3 weeks. The median duration of treatment was 4.6 months (range: 0.7 to 22.3) for patients who received ENHERTU.

Serious adverse reactions occurred in 44% of patients receiving ENHERTU 6.4 mg/kg. Serious adverse reactions in >2% of patients who received ENHERTU were decreased appetite, ILD, anemia, dehydration, pneumonia, cholestatic jaundice, pyrexia, and tumor hemorrhage. Fatalities due to adverse reactions occurred in 2.4% of patients: disseminated intravascular coagulation, large intestine perforation, and pneumonia occurred in 1 patient each (0.8%).

ENHERTU was permanently discontinued in 15% of patients, of which ILD accounted for 6%. Dose interruptions due to adverse reactions occurred in 62% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, anemia, decreased appetite, leukopenia, fatigue, thrombocytopenia, ILD, pneumonia, lymphopenia, upper respiratory tract infection, diarrhea, and decreased blood potassium. Dose reductions occurred in 32% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were neutropenia, decreased appetite, fatigue, nausea, and febrile neutropenia.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased hemoglobin (75%), decreased white blood cell count (74%), decreased neutrophil count (72%), decreased lymphocyte count (70%), decreased platelet count (68%), nausea (63%), decreased appetite (60%), increased aspartate aminotransferase (58%), fatigue (55%), increased blood alkaline phosphatase (54%), increased alanine aminotransferase (47%), diarrhea (32%), decreased blood potassium (30%), vomiting (26%), constipation (24%), increased blood bilirubin (24%), pyrexia (24%), and alopecia (22%).

HER2-Positive (IHC 3+) Unresectable or Metastatic Solid TumorsThe safety of ENHERTU was evaluated in 347 adult patients with unresectable or metastatic HER2-positive (IHC 3+) solid tumors who received ENHERTU 5.4 mg/kg intravenously once every 3 weeks in DESTINY-Breast01, DESTINY-PanTumor02, DESTINY-Lung01, and DESTINY-CRC02. The median duration of treatment was 8.3 months (range 0.7 to 30.2).

Serious adverse reactions occurred in 34% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were sepsis, pneumonia, vomiting, urinary tract infection, abdominal pain, nausea, pneumonitis, pleural effusion, hemorrhage, COVID-19, fatigue, acute kidney injury, anemia, cellulitis, and dyspnea. Fatalities due to adverse reactions occurred in 6.3% of patients including ILD/pneumonitis (2.3%), cardiac arrest (0.6%), COVID-19 (0.6%), and sepsis (0.6%). The following events occurred in 1 patient each (0.3%): acute kidney injury, cerebrovascular accident, general physical health deterioration, pneumonia, and hemorrhagic shock.

ENHERTU was permanently discontinued in 15% of patients, of which ILD/pneumonitis accounted for 10%. Dose interruptions due to adverse reactions occurred in 48% of patients. The most frequent adverse reactions (>2%) associated with dose interruption were decreased neutrophil count, anemia, COVID-19, fatigue, decreased white blood cell count, and ILD/pneumonitis. Dose reductions occurred in 27% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were fatigue, nausea, decreased neutrophil count, ILD/pneumonitis, and diarrhea.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were decreased white blood cell count (75%), nausea (69%), decreased hemoglobin (67%), decreased neutrophil count (66%), fatigue (59%), decreased lymphocyte count (58%), decreased platelet count (51%), increased aspartate aminotransferase (45%), increased alanine aminotransferase (44%), increased blood alkaline phosphatase (36%), vomiting (35%), decreased appetite (34%), alopecia (34%), diarrhea (31%), decreased blood potassium (29%), constipation (28%), decreased sodium (22%), stomatitis (20%), and upper respiratory tract infection (20%).

Use in Specific Populations

Pregnancy: ENHERTU can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risks to a fetus. There are clinical considerations if ENHERTU is used in pregnant women, or if a patient becomes pregnant within 7 months after the last dose of ENHERTU.

Lactation: There are no data regarding the presence of ENHERTU in human milk, the effects on the breastfed child, or the effects on milk production. Because of the potential for serious adverse reactions in a breastfed child, advise women not to breastfeed during treatment with ENHERTU and for 7 months after the last dose.

Females and Males of Reproductive Potential: Pregnancy testing: Verify pregnancy status of females of reproductive potential prior to initiation of ENHERTU. Contraception: Females: ENHERTU can cause fetal harm when administered to a pregnant woman. Advise females of reproductive potential to use effective contraception during treatment with ENHERTU and for 7 months after the last dose. Males: Advise male patients with female partners of reproductive potential to use effective contraception during treatment with ENHERTU and for 4 months after the last dose. Infertility: ENHERTU may impair male reproductive function and fertility.

Pediatric Use: Safety and effectiveness of ENHERTU have not been established in pediatric patients.

Geriatric Use: ENHERTU as Monotherapy:Of the 2233 patients treated with ENHERTU 5.4 mg/kg, 28% were ≥65 years and 6% were ≥75 years. No overall differences in efficacy within clinical studies were observed between patients ≥65 years compared to younger patients. There was a higher incidence of Grade 3-4 adverse reactions observed in patients aged ≥65 years (56%) as compared to younger patients (49%). Of the 125 patients with HER2-positive locally advanced or metastatic gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg in DESTINY-Gastric01, 56% were ≥65 years and 14% were ≥75 years. No overall differences in efficacy or safety were observed between patients ≥65 years of age compared to younger patients. ENHERTU in Combination with Pertuzumab:In patients with HER2-positive unresectable or metastatic breast cancer treated with ENHERTU 5.4 mg/kg in combination with pertuzumab (N=431), 17% were ≥65 years and 3% were ≥75 years. No overall differences in efficacy or safety were observed between patients ≥65 years compared to younger patients. ENHERTU followed by THP: Of the 320 patients with HER2-positive early breast cancer treated with ENHERTU 5.4 mg/kg followed by THP, 12% were ≥65 years and 1.6% were ≥75 years. No overall differences in efficacy were observed between patients ≥65 years compared to younger patients. There was a higher incidence of Grade 3-4 adverse reactions observed in patients ≥65 years (38%) as compared to younger patients (30%).

Renal Impairment: A higher incidence of Grade 1 and 2 ILD/pneumonitis has been observed in patients with moderate renal impairment. Monitor patients with moderate renal impairment more frequently. The recommended dosage of ENHERTU has not been established for patients with severe renal impairment (CLcr <30 mL/min).

Hepatic Impairment: In patients with moderate hepatic impairment, due to potentially increased exposure, monitor for increased adverse reactions related to the topoisomerase inhibitor, DXd. The recommended dosage of ENHERTU has not been established for patients with severe hepatic impairment (total bilirubin >3 times ULN and any AST).

To report SUSPECTED ADVERSE REACTIONS, contact Daiichi Sankyo, Inc. at 1-877-437-7763 or FDA at 1-800-FDA-1088 or fda.gov/medwatch.

Please see accompanying full Prescribing Information, including Boxed WARNINGS, and Medication Guide.

Notes

HER2-positive early breast cancerBreast cancer is the second most common cancer and one of the leading causes of cancer-related deaths worldwide.3 More than two million breast cancer cases were diagnosed in 2022, with an estimated 665,000 deaths globally.3 In the US, more than 320,000 cases of breast cancer are diagnosed annually with over 42,000 deaths.4

HER2 is a tyrosine kinase receptor growth-promoting protein expressed on the surface of many types of tumors, including breast cancer.5 HER2 protein overexpression may occur as a result of HER2 gene amplification and is often associated with aggressive disease and poor prognosis in breast cancer.5 An estimated one in five cases of breast cancer is considered HER2-positive.6 Approximately one in three patients with HER2-positive early-stage breast cancer is considered high-risk, meaning they are more likely to experience disease recurrence and have a poor prognosis, and up to one in four will experience disease recurrence.7,8

HER2‑positive early breast cancer is generally treated across two phases: the neoadjuvant (pre‑surgical) phase and the adjuvant or post-neoadjuvant (post‑surgical) phase.

In the neoadjuvant setting, the current standard of care in many regions of the world involves combination chemotherapy regimens.9 In the US, the current standard of care consists of a combination regimen of carboplatin, trastuzumab, pertuzumab and a taxane.9,10 For patients with HER2-positive early breast cancer, achieving pCR, defined as no evidence of invasive cancer cells in the removed breast tissue or lymph nodes following treatment with neoadjuvant treatment, is an early indicator of improved long-term survival.11 Approximately half of patients (39-66%) who receive neoadjuvant treatment do not reach pCR, putting them at increased risk of disease recurrence.12-16

In the adjuvant setting, despite receiving additional treatment with current standard of care for residual disease, some patients still experience invasive disease or death.17 Once patients are diagnosed with metastatic disease, the five-year survival rate drops from nearly 90% to approximately 30%.18

DESTINY-Breast11DESTINY-Breast11 is a global, multicenter, randomized, open-label, Phase III trial evaluating the efficacy and safety of neoadjuvant ENHERTU (5.4mg/kg) monotherapy or ENHERTU followed by THP compared to ddAC-THP in patients with high-risk HER2-positive early-stage breast cancer.

Patients were randomized 1:1:1 to receive either eight cycles of ENHERTU monotherapy; four cycles of ENHERTU followed by four cycles of THP; or four cycles of ddAC followed by four cycles of THP.

The ENHERTU monotherapy arm was closed early following a recommendation from the Independent Data Monitoring Committee.

The primary endpoint of DESTINY-Breast11 is rate of pCR – defined as no evidence of invasive cancer cells in the removed breast cancer tissue or lymph nodes following treatment. Secondary endpoints include EFS, invasive disease-free survival, overall survival and safety.

DESTINY-Breast11 enrolled 927 patients across multiple sites in Asia, Europe, North America and South America. For more information about the trial, visit ClinicalTrials.gov.

DESTINY-Breast05DESTINY-Breast05 is a global, multicenter, randomized, open-label, Phase III trial evaluating the efficacy and safety of ENHERTU (5.4mg/kg) versus T-DM1 in patients with HER2-positive early breast cancer with residual invasive disease in breast or axillary lymph nodes following neoadjuvant therapy and a high risk of recurrence. High risk of recurrence was defined as presentation with inoperable cancer (prior to neoadjuvant therapy) or pathologically positive axillary lymph nodes following neoadjuvant therapy.

Patients were randomized 1:1 to receive 14 cycles of ENHERTU or T-DM1.

The primary endpoint of DESTINY-Breast05 is investigator-assessed IDFS, which is defined as the time from randomization until first invasive local, axillary or distant recurrence or death from any cause. Secondary endpoints include investigator-assessed DFS, overall survival, distant recurrence-free interval, brain metastasis-free interval and safety.

DESTINY-Breast05 enrolled 1,635 patients in Asia, Europe, North America, Oceania and South America. For more information about the trial, visit ClinicalTrials.gov.

ENHERTUENHERTU is a HER2-directed ADC. Designed using Daiichi Sankyo’s proprietary DXd ADC Technology, ENHERTUis the lead ADC in the oncology portfolio of Daiichi Sankyo and the most advanced program in AstraZeneca’s ADC scientific platform. ENHERTU consists of a HER2 monoclonal antibody attached to a number of topoisomerase I inhibitor payloads (an exatecan derivative, DXd) via tetrapeptide-based cleavable linkers.

ENHERTU (5.4mg/kg) is approved in the US as an adjuvant treatment for adult patients with HER2-positive (IHC 3+ or ISH+) breast cancer who have residual invasive disease following trastuzumab (with or without pertuzumab) and taxane-based treatment based on the DESTINY-Breast05 trial.

ENHERTU (5.4mg/kg) followed by THP is approved in the US and China as a neoadjuvant treatment for adult patients with HER2-positive (IHC 3+ or ISH+) Stage II or III breast cancer based on the results from the DESTINY-Breast11 trial. Continued approval in China for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

ENHERTU (5.4mg/kg) in combination with pertuzumab is approved in the US, Switzerland, United Arab Emirates and Saudi Arabia as a 1st-line treatment for adult patients with unresectable or metastatic HER2-positive (IHC 3+ or ISH+) breast cancer based on the results from the DESTINY-Breast09 trial.

ENHERTU (5.4mg/kg) is approved in more than 95 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic HER2-positive (IHC 3+ or ISH+) breast cancer who have received a prior anti-HER2-based regimen, either in the metastatic setting or in the neoadjuvant or adjuvant setting, and have developed disease recurrence during or within six months of completing therapy based on the results from the DESTINY-Breast03 trial.

ENHERTU (5.4mg/kg) is approved in more than 95 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer who have received a prior systemic therapy in the metastatic setting or developed disease recurrence during or within six months of completing adjuvant chemotherapy based on the results from the DESTINY-Breast04 trial.

ENHERTU (5.4mg/kg) is approved in more than 70 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic hormone receptor (HR)-positive, HER2-low (IHC 1+ or IHC 2+/ ISH-) or HER2-ultralow (IHC 0 with membrane staining) breast cancer, as determined by a locally or regionally authorized test, that have progressed on one or more endocrine therapies in the metastatic setting based on the results from the DESTINY-Breast06 trial.

ENHERTU (5.4mg/kg) is approved in more than 75 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) whose tumors have activating HER2 (ERBB2) mutations, as detected by a locally or regionally approved test, and who have received a prior systemic therapy based on the results from the DESTINY-Lung02 and/or DESTINY-Lung05 trials. Continued approval in China and the US for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

ENHERTU (6.4mg/kg) is approved in more than 85 countries/regions worldwide for the treatment of adult patients with locally advanced or metastatic HER2-positive (IHC 3+ or IHC 2+/ISH+) gastric or gastroesophageal junction (GEJ) adenocarcinoma who have received a prior trastuzumab-based regimen based on the results from the DESTINY-Gastric01, DESTINY-Gastric02 and/or DESTINY-Gastric04 trials.

ENHERTU (5.4mg/kg) is approved in more than 15 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic HER2-positive (IHC 3+) solid tumors who have received prior systemic treatment and have no satisfactory alternative treatment options based on efficacy results from the DESTINY-PanTumor02, DESTINY-Lung01, DESTINY-CRC02 and/or HERALD trials. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

ENHERTU clinical development programA comprehensive global clinical development program is underway evaluating the efficacy and safety of ENHERTU as a monotherapy, in combination or sequentially with other cancer medicines across multiple HER2-targetable cancers.

Daiichi Sankyo collaborationAstraZeneca and Daiichi Sankyo entered into a global collaboration to jointly develop and commercialize ENHERTU in March 2019 and datopotamab deruxtecan-dlnk in July 2020, except in Japan where Daiichi Sankyo maintains exclusive rights for each ADC. Daiichi Sankyo is responsible for the manufacturing and supply of ENHERTUand datopotamab deruxtecan-dlnk.

AstraZeneca in breast cancerDriven by a growing understanding of breast cancer biology, AstraZeneca is challenging, and redefining, the current clinical paradigm for how breast cancer is classified and treated to deliver even more effective treatments to patients in need – with the bold ambition to one day eliminate breast cancer as a cause of death.

AstraZeneca has a comprehensive portfolio of approved and promising compounds in development that leverage different mechanisms of action to address the biologically diverse breast cancer tumor environment.

With ENHERTU, AstraZeneca and Daiichi Sankyo are aiming to improve outcomes in previously treated HER2-positive, HER2-low and HER2-ultralow metastatic breast cancer, and expanding its potential in earlier lines of treatment and in new breast cancer settings.

In HR-positive breast cancer, AstraZeneca continues to improve outcomes with foundational medicines fulvestrant and goserelin and aims to reshape the HR-positive space with first-in-class AKT inhibitor, capivasertib, the TROP-2-directed ADC, datopotamab deruxtecan-dlnk, and next-generation oral SERD and potential new medicine camizestrant.

PARP inhibitor olaparib is a targeted treatment option that has been studied in early and metastatic breast cancer patients with an inherited BRCA mutation. AstraZeneca with Merck & Co., Inc., known as MSD outside the US and Canada, continue to research olaparib in these settings. AstraZeneca is also exploring the potential of saruparib, a potent and selective inhibitor of PARP1, in combination with camizestrant in BRCA-mutated, HR-positive, HER2-negative advanced breast cancer.

To bring much-needed treatment options to patients with triple-negative breast cancer, an aggressive form of breast cancer, AstraZeneca is collaborating with Daiichi Sankyo to evaluate the potential of datopotamab deruxtecan-dlnk alone and in combination with immunotherapy durvalumab.

AstraZeneca in oncologyAstraZeneca is leading a revolution in oncology with the ambition to provide cures for cancer in every form, following the science to understand cancer and all its complexities to discover, develop and deliver life-changing medicines to patients.

The Company's focus is on some of the most challenging cancers. It is through persistent innovation that AstraZeneca has built one of the most diverse portfolios and pipelines in the industry, with the potential to catalyze changes in the practice of medicine and transform the patient experience.

AstraZeneca has the vision to redefine cancer care and, one day, eliminate cancer as a cause of death.

[url="]AstraZeneca [/url]
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca’s innovative medicines are sold in more than 125 countries and used by millions of patients worldwide. Please visit astrazeneca-us.com and follow the Company on social media @AstraZeneca. The contents of AstraZeneca’s website do not form part of this document and no one should rely on such websites or the contents thereof in reading this document.

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Schneeweiss A, et al. Pertuzumab plus trastuzumab in combination with standard neoadjuvant anthracycline-containing and anthracycline-free chemotherapy regimens in patients with HER2-positive early breast cancer: a randomized phase II cardiac safety study (TRYPHAENA). Ann Oncol. 2013;24(9):2278-2284.

Swain SM, et al. Pertuzumab, trastuzumab, and standard anthracycline- and taxane-based chemotherapy for the neoadjuvant treatment of patients with HER2-positive localized breast cancer (BERENICE): a phase II, open-label, multicenter, multinational cardiac safety study. Ann Oncol. 2018;29(3):646-653.

Huober J, et al. Atezolizumab with neoadjuvant anti-human epidermal growth factor receptor 2 therapy and chemotherapy in human epidermal growth factor receptor 2-positive early breast cancer: primary results of the randomized phase III IMpassion050 trial. J Clin Oncol. 2022;40(25):2946-2956.

Masuda N, et al. A randomized, 3-arm, neoadjuvant, phase 2 study comparing docetaxel + carboplatin + trastuzumab + pertuzumab (TCbHP), TCbHP followed by trastuzumab emtansine and pertuzumab (T-DM1+P), and T-DM1+P in HER2-positive primary breast cancer. Breast Cancer Res Treat. 2020;180(1):135-146.

Gao HF, et al. De-escalated neoadjuvant taxane plus trastuzumab and pertuzumab with or without carboplatin in HER2-positive early breast cancer (neoCARHP): a multicentre, open-label, randomised, phase 3 trial. Presented at the ASCO Annual Meeting 2025.

Geyer CE, et al. Survival with trastuzumab emtansine in residual HER2-positive breast cancer. N Engl J Med. 2025;392(3):249-257.

National Cancer Institute. SEER Cancer Stat Facts: Female Breast Cancer. Available at: https://seer.cancer.gov/statfacts/html/breast.html. Accessed May 2026

Disclosure: Dr. Modi provides consulting and advisory services to AstraZeneca (and Daiichi Sankyo).

Key Takeaways Merck said sac-TMT improved OS and PFS versus chemotherapy in a phase III study.MRK noted sac-TMT also met the key secondary endpoint of objective response rate.Merck is studying sac-TMT in 17 global phase III trials across multiple tumor types. Merck (MRK - Free Report) announced that the pivotal phase III TroFuse-005 study, which evaluated its pipeline candidate, sacituzumab tirumotecan (sac-TMT) for treating certain patients with advanced or recurrent endometrial cancer, has met its primary endpoints of overall survival (OS) and progression-free survival (PFS).

Merck is developing sac-TMT, an investigational TROP2-directed antibody-drug conjugate (ADC), in collaboration with Kelun-Biotech.

At a pre-specified interim analysis, data from the TroFuse-005 study showed that treatment with sac-TMT led to a statistically significant and clinically meaningful improvement in both OS and PFS versus chemotherapy in patients with endometrial cancer who have previously received platinum-based chemotherapy and anti-PD-1/L1 immunotherapy either together or separately.

The TroFuse-005 study also met its key secondary endpoint of objective response rate.

Per the company, sac-TMT is the first TROP2 ADC to demonstrate improvements in both OS and PFS versus chemotherapy in patients with advanced or recurrent endometrial cancer whose disease progressed following platinum-based chemotherapy and anti-PD-1/L1 immunotherapy in a global phase III study.

Merck plans to present the above data at an upcoming medical conference and discuss the same with regulatory authorities across the world.

MRK’s Price PerformanceYear to date, shares of Merck have increased 7% against the industry’s decrease of 2%.

Image Source: Zacks Investment Research

MRK’s Ongoing Development Activities With sac-TMTMerck is currently developing sac-TMT in the TroFuse clinical development program, which consists of 17 ongoing global phase III studies targeting various types of tumors.

The TroFuse program is evaluating sac-TMT across a broad range of tumor types, including endometrial, bladder, breast, cervical, gastric, non-small cell lung and ovarian cancers. The program spans early- to late-stage disease settings, investigating sac-TMT both as a monotherapy and in combination with other immunotherapies.

ADCs are being considered disruptive innovations in the pharmaceutical industry, as these will enable better treatment of cancer by harnessing the targeting power of antibodies to deliver cytotoxic molecule drugs to tumors.

Merck also has a licensing and collaboration agreement with Daiichi Sankyo to develop three investigational ADCs — patritumab deruxtecan, ifinatamab deruxtecan and raludotatug deruxtecan — across multiple solid tumor indications worldwide, excluding Japan. The partnership carries multi-billion-dollar global commercial revenue potential for both companies.

MRK’s Zacks Rank & Stocks to ConsiderMerck currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Immunocore (IMCR - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, 2026 loss per share estimates for Immunocore have narrowed from 97 cents to 16 cents, while estimates for 2027 have moved from a loss of 39 cents per share to earnings of 11 cents during the same time. IMCR stock has lost 17.6% year to date.

Immunocore’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 46.66%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $1.50 to $2.97, while estimates for 2027 have increased from $2.91 to $4.81 during the same time. LQDA shares have surged 63.6% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%.

ADC remains a hold due to its still-elevated valuation despite robust business fundamentals and portfolio quality. ADC boasts a high share of investment-grade tenants (over 65%) and strong sector diversification, with Walmart as its largest tenant at 5.7% ABR. Management highlights a fortress balance sheet, $2.3B liquidity, and no material debt maturities until 2028, supporting continued external growth.

Company to host conference call today at 4:30 p.m. EDT LAUSANNE, Switzerland, June 3, 2026 /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT) today announced topline data from its Phase 3 LOTIS-5 confirmatory trial evaluating ZYNLONTA® (loncastuximab tesirine-lpyl) in combination with rituximab in patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL).

June 04, 2026 09:30 ET  | Source: Akari Therapeutics Plc

Discussion highlights growing importance on novel ADC payloads, and Akari’s ASCO data in KRAS-driven cancers and future potential

Access the Akari CEO Corner here

TAMPA, Fla. and LONDON, June 04, 2026 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (Nasdaq: AKTX), an oncology biotechnology company developing antibody drug conjugates (ADCs) with novel RNA splicing modulator payloads, today released a new CEO Corner segment featuring President and Chief Executive Officer Abizer Gaslightwala discussing key themes emerging from the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and Akari’s positioning within the evolving ADC landscape.

In the segment, Mr. Gaslightwala reflects on the accelerating pace of innovation across oncology and the growing industry focus on difficult-to-treat, genetically defined cancers, particularly KRAS-driven tumors such as pancreatic, lung and colon cancers where significant unmet need remains today.

Mr. Gaslightwala also discusses the continued momentum surrounding ADC development and what he believes represents the industry’s transition toward “ADC 2.0,” driven by increasing demand for differentiated payload technologies capable of overcoming limitations associated with existing Top1 and MMAE payload classes.

The discussion highlights emerging clinical data presented at ASCO suggesting limited efficacy when patients receive sequential ADC therapies utilizing the same payload class following relapse, reinforcing the growing need for novel payload approaches across the ADC landscape.

As part of the CEO Corner, Mr. Gaslightwala discusses Akari’s proprietary PH1 spliceosome-modulating payload platform and why the Company believes its differentiated mechanism may potentially help address resistance challenges observed with current ADC approaches while expanding therapeutic applicability across multiple difficult-to-treat solid tumors.

The segment also highlights Akari’s first accepted ASCO abstract featuring preclinical data demonstrating combination synergy between the PH1 ADC payload and a KRAS inhibitor in KRAS-mutated pancreatic cancer models, further supporting the potential applicability of Akari’s novel payload platform within the rapidly evolving KRAS therapy landscape.

In addition, Mr. Gaslightwala outlined several anticipated milestones investors should monitor throughout the remainder of 2026, including continued advancement of Akari’s PH1 spliceosome-modulating payload platform and the Company’s planned initiation of its Phase 1 first-in-human clinical trial for its lead development candidate AKTX-101which is expected by mid-2027.

The CEO Corner segment is now available here.

About Akari Therapeutics

Akari Therapeutics is an oncology biotechnology company developing next-generation antibody drug conjugates (ADCs) with a unique payload, PH1, which targets RNA splicing. Utilizing its innovative ADC discovery platform, the Company has the ability to generate ADC candidates and optimize them based on the desired application to any antigen target of interest. Akari’s lead candidate, AKTX-101, targets the Trop2 receptor on cancer cells with a proprietary linker, enabling it to deliver its novel PH1 payload directly into the tumor with minimal off-target effects. Unlike current ADCs that use microtubule inhibitors and DNA-damaging agents as their payloads, PH1 is a novel payload that is a spliceosome modulator designed to disrupt RNA splicing within cancer cells. This splicing modulation has been shown in preclinical animal models to induce cancer cell death while activating both the innate and adaptive immune systems to drive robust and durable activity. In preclinical studies, AKTX-101 has been shown to have significant activity and prolonged survival relative to ADCs with traditional payloads. Additionally, AKTX-101 has the potential to be synergistic with checkpoint inhibitors and has demonstrated prolonged survival as both a single agent and in combination with checkpoint inhibitors. The PH1 payload has also been demonstrated to be very active against cancer cells with key oncogenic drivers such as KRAS, BRAF, ARV7, FGFR3 fusions, and others. The Company has initiated IND enabling studies for AKTX-101 with a goal of starting its First-In-Human trial by mid-2027. Akari is also developing AKTX-102, an ADC candidate targeting CEACAM5 (Carcinoembryonic Antigen-related Cell Adhesion Molecule-5), a well-validated tumor antigen broadly expressed across multiple solid tumors. AKTX-102 is designed to leverage Akari’s proprietary PH1 spliceosome-modulating payload and a novel antibody construct to enable differentiated tumor cell killing and immune activation.

For more information about the Company, please visit www.akaritx.com and connect on X and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

This press release includes express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about the Company that involve risks and uncertainties relating to future events and the future performance of the Company. Actual events or results may differ materially from these forward-looking statements. Words such as “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “future,” “opportunity” “will likely result,” “target,” variations of such words, and similar expressions or negatives of these words are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of such forward-looking statements include, but are not limited to, express or implied statements regarding the ability of the Company to advance its product candidates for the treatment of cancer and the timing of a filing of an IND and commencement of a Phase I clinical trial. These statements are based on the Company’s current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. A number of important factors, including those described in this communication, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results and may cause these forward-looking statements to be inaccurate include, without limitation: the Company’s need for additional capital; the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the business; risks related to global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations; potential delays or failures related to research and/or development of the Company’s programs or product candidates; risks related to any loss of the Company’s patents or other intellectual property rights; any interruptions of the supply chain for raw materials or manufacturing for the Company’s product candidates, including as a result of potential tariffs; the nature, timing, cost and possible success and therapeutic applications of product candidates being developed by the Company and/or its collaborators or licensees; the extent to which the results from the research and development programs conducted by the Company, and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; uncertainty of the utilization, market acceptance, and commercial success of the Company’s product candidates; risks related to competition for the Company’s product candidates; and the Company’s ability to successfully develop or commercialize its product candidates. While the foregoing list of factors presented here is considered representative, no list should be considered to be a complete statement of all potential risks and uncertainties. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release except as required by law.

Investor Relations Contact

JTC Team, LLC
Jenene Thomas
908-824-0775
[email protected]   

NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ADC Therapeutics SA (“ADC” or the “Company”) (NYSE: ADCT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether ADC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On June 3, 2026, ADC “announced topline data from its Phase 3 LOTIS-5 confirmatory trial evaluating ZYNLONTA® (loncastuximab tesirine-lpyl) in combination with rituximab in patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL).” Although ADC’s treatment extended progression-free survival by 1.4 months, 27 deaths were recorded for those given Zynlonta, compared to the nine deaths recorded for the immunotherapy arm. 

On this news, ADC’s stock price fell $2.05 per share, or 66.56%, over the following two trading sessions, to close at $1.03 per share on June 5, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT: 
Danielle Peyton 
Pomerantz LLP 
[email protected] 
646-581-9980 ext. 7980

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of ADC Therapeutics SA ("ADC" or the "Company") (NYSE: ADCT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether ADC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On June 3, 2026, ADC "announced topline data from its Phase 3 LOTIS-5 confirmatory trial evaluating ZYNLONTA® (loncastuximab tesirine-lpyl) in combination with rituximab in patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL)."  Although ADC's treatment extended progression-free survival by 1.4 months, 27 deaths were recorded for those given Zynlonta, compared to the nine deaths recorded for the immunotherapy arm. 

On this news, ADC's stock price fell $2.05 per share, or 66.56%, over the following two trading sessions, to close at $1.03 per share on June 5, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980 

SOURCE Pomerantz LLP

NNN REIT (NNN) offers reliable income with a 5.27% yield and strong dividend safety, making it ideal for income-focused investors. NNN's 2025 guidance projects AFFO growth of 3.2%, with total returns expected in the 9%–10% range, supported by resilient fundamentals. NNN trades at a forward P/AFFO multiple of 12.90x, below the 15.28x peer average, implying meaningful upside if tenant issues resolve.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)---- $VENU #NNN--Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced that its Luxe FireSuite™ and Aikman Club ownership programs have surpassed $255.9 million in sales since launching the opportunities, a milestone that reflects sustained and growing investor demand for one of the most distinctive passive real estate offerings in the booming live entertainmen.

, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter ended March 31, 2026. Highlights include:

First Quarter 2026 Highlights:

Reported net earnings of $0.50 per diluted share and AFFO of $0.87 per diluted share Increased ABR by 6.9% over prior-year results to $934.6 million Increased portfolio occupancy to 98.6%, an increase of 30 and 90 basis points over the prior quarter and prior year periods, respectively, with a portfolio weighted average remaining lease term of 10.1 years Closed on $145.4 million of investments at an initial cash cap rate of 7.5%, with a weighted average lease term of 19 years Sold 25 properties for $35.8 million, including $17.8 million of income producing properties at a weighted average cap rate of 7.2% Sold 1,667,232 common shares pursuant to forward sale agreements under the Company's at-the-market equity program ("ATM") at a weighted average price per share of $44.93 Fully drew down the $300 million senior unsecured delayed draw term loan facility due in February 2029 (the "Term Loan") with the entire outstanding balance fully hedged at an all-in fixed rate of 4.10% Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.5 years, no encumbered assets, only 1.6% of floating rate exposure and $1.2 billion of total available liquidity Paid a $0.60 quarterly dividend, representing a 5.7% annualized dividend yield and a 69% AFFO payout ratio as of March 31, 2026 Additional Highlights:

Increased AFFO per share guidance to a new range of $3.53 to $3.59 Increased Core FFO per share guidance to a new range of $3.48 to $3.54 Steve Horn, Chief Executive Officer, commented: "We are pleased with our solid start to the year. Our strong first quarter performance enabled us to increase AFFO guidance for 2026. Portfolio occupancy climbed to 98.6%, surpassing our long-term average, and our balance sheet remains well positioned to fund future acquisitions. NNN's primarily self-funded model in the triple-net market, combined with our robust tenant relationship program, positions us to deliver consistent and sustainable per-share growth year after year."

FINANCIAL RESULTS

Quarter Ended March 31,

(dollars in thousands, except per diluted share data)

2026

2025

Revenues

$

240,424

$

230,854

Net earnings

$

93,951

$

96,458

Net earnings per share

$

0.50

$

0.51

FFO

$

163,150

$

158,734

FFO per share

$

0.86

$

0.85

Core FFO

$

163,584

$

160,907

Core FFO per share

$

0.86

$

0.86

AFFO

$

165,679

$

163,015

AFFO per share

$

0.87

$

0.87

PORTFOLIO SNAPSHOT

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

Number of properties

3,711

3,692

3,641

Total gross leasable area (square feet)

39,597,000

39,578,000

37,311,000

Occupancy rate

98.6

%

98.3

%

97.7

%

Weighted average remaining lease term (years)

10.1

10.2

9.9

ABR

$

934,612

$

928,081

$

874,301

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended
March 31, 2026

Total dollars invested(1)

$

145,394

Number of properties

41

Gross leasable area (square feet)(2)

304,000

Weighted average cap rate(3)

7.5

%

Weighted average lease term (years)

19.0

(1)

Includes dollars invested in projects under construction or tenant improvements.

(2)

Includes additional square footage from completed construction on existing properties.

(3)

Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

Quarter Ended March 31, 2026

(dollars in thousands)

Occupied

Vacant

Total

Number of properties

9

16

25

Gross leasable area (square feet)

90,000

156,000

246,000

Net sale proceeds

$

17,800

$

18,027

$

35,827

Weighted average cap rate(1)

7.2

%

—

7.2

%

(1)

Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

CAPITAL MARKETS ACTIVITY

During the quarter ended March 31, 2026, NNN drew down the entire $300 million on the Term Loan. The Company previously entered into forward starting swaps with a total notional value of $300 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.25% and fully hedge the outstanding balance on the Term Loan at an all-in fixed rate of 4.10%.

During the quarter ended March 31, 2026, NNN sold 1,667,232 common shares pursuant to forward sale agreements under the Company's ATM at a weighted average price per share of $44.93.

As of March 31, 2026, NNN had 1,667,232 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $74.0 million. Net proceeds include the impact of forward price adjustments through March 31, 2026.

BALANCE SHEET AND LIQUIDITY

As of March 31, 2026, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.5 years. The Company ended the quarter with $1.2 billion of total available liquidity, including $1.1 billion of unused line of credit capacity, $74.0 million of outstanding forward equity, and $5.4 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.1x, respectively, as of March 31, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.6x as of March 31, 2026.

DIVIDEND

As previously announced on April 15, 2026, the Company's Board of Directors declared a quarterly dividend of $0.60 per share payable on May 15, 2026, to shareholders of record as of April 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 5.7% as of March 31, 2026.

2026 GUIDANCE

(dollars in millions, except per diluted share data)

Initial 2026
Guidance

Updated 2026
Guidance

Net earnings per share excluding any gains on disposition of real estate,
      impairment losses and retirement and severance costs

$2.02 - $2.08

$2.02 - $2.08

Real estate depreciation and amortization per share

$1.45

$1.46

Core FFO per share

$3.47 - $3.53

$3.48 - $3.54

AFFO per share

$3.52 - $3.58

$3.53 - $3.59

General and administrative expenses

$53 - $55

$53 - $55

Real estate expenses, net of tenant reimbursements

$14 - $15

$14 - $15

Acquisition volume

$550 - $650

$550 - $650

Disposition volume

$110 - $150

$110 - $150

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").

CONFERENCE CALL INFORMATION

The Company will host a conference call on April 30, 2026 at 10:30 a.m. ET to discuss first quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the United States ("U.S.") or 973-528-0011 for international callers and entering the participant code 188942 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through Thursday, May 14, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53800.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties in all 50 states, the District of Columbia and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.1 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the global economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company's Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December 31, 2025 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

DEFINITIONS

Annualized Base Rent ("ABR") is a non-U.S. generally accepted accounting principles ("GAAP") metric which represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") as defined by the National Association of Real Estate Investment Trusts ("Nareit") is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.

Funds From Operations ("FFO") is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the Nareit and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.

Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.

Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, term loan payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt is defined by the Company as Gross Debt less Total Cash.

Pro Forma Net Debt is defined by the Company as Net Debt less anticipated net proceeds from unsettled forward equity.

Management considers the non-GAAP measures of Gross Debt, Net Debt and Pro Forma Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

March 31,
2026

December 31,
2025

Assets:

Real estate portfolio, net of accumulated depreciation and amortization

$

9,280,628

$

9,239,542

Cash and cash equivalents

4,570

5,046

Restricted cash and cash held in escrow

827

776

Receivables, net of allowance of $659 and $609, respectively

3,805

3,470

Accrued rental income, net of allowance of $3,475 and $3,393, respectively

36,021

34,914

Debt costs, net of accumulated amortization of $30,850 and $29,930, respectively

7,814

8,645

Other assets

88,626

86,962

Total assets

$

9,422,291

$

9,379,355

Liabilities:

Line of credit payable

$

80,000

$

348,100

Term loan payable

300,000

—

Notes payable, net of unamortized discount and unamortized debt costs

4,474,123

4,472,324

Accrued interest payable

72,320

40,557

Other liabilities

100,579

110,072

Total liabilities

5,027,022

4,971,053

Total equity

4,395,269

4,408,302

Total liabilities and equity

$

9,422,291

$

9,379,355

Common shares outstanding

190,249,614

189,937,404

NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended March 31,

2026

2025

Revenues:

Rental income

$

240,014

$

230,574

Interest and other income from real estate transactions

410

280

240,424

230,854

Operating expenses:

General and administrative

14,106

13,008

Real estate

9,799

9,375

Depreciation and amortization

70,797

64,617

Leasing transaction costs

144

130

Impairment losses – real estate, net of recoveries

10,680

1,512

Retirement and severance costs

434

2,173

105,960

90,815

Gain on disposition of real estate

12,185

3,813

Earnings from operations

146,649

143,852

Other expenses (revenues):

Interest and other income

(28)

(329)

Interest expense

52,726

47,723

52,698

47,394

Net earnings

$

93,951

$

96,458

Weighted average shares outstanding:

Basic

189,031,812

186,855,097

Diluted

189,458,620

187,080,084

Net earnings per share:

Basic

$

0.50

$

0.52

Diluted

$

0.50

$

0.51

NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)

Quarter Ended March 31,

2026

2025

Rental income from operating leases(1) (2)

$

233,571

$

224,056

Earned income from direct financing leases(1)

$

82

$

114

Percentage rent(1)

$

316

$

886

Real estate expenses reimbursed from tenants(1)

$

6,045

$

5,518

Real estate expenses

(9,799)

(9,375)

Real estate expenses, net of tenant reimbursements

$

(3,754)

$

(3,857)

Amortization of debt costs

$

1,752

$

1,466

Non-real estate depreciation expense

$

95

$

43

(1)

For the quarters ended March 31, 2026 and 2025, the aggregate of such amounts is $240,014 and $230,574, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $739 and $8,203 for the quarters ended March 31, 2026 and 2025, respectively.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended March 31,

2026

2025

Net earnings

$

93,951

$

96,458

Real estate depreciation and amortization

70,704

64,577

Gain on disposition of real estate

(12,185)

(3,813)

Impairment losses – depreciable real estate, net of recoveries

10,680

1,512

FFO

163,150

158,734

Retirement and severance costs

434

2,173

Core FFO

163,584

160,907

Straight-line accrued rent, net of reserves

(1,291)

(509)

Net capital lease rent adjustment

46

60

Below-market rent amortization

(126)

(93)

Stock based compensation expense

4,046

3,571

Capitalized interest expense

(580)

(921)

AFFO

$

165,679

$

163,015

FFO per share:

Basic

$

0.86

$

0.85

Diluted

$

0.86

$

0.85

Core FFO per share:

Basic

$

0.87

$

0.86

Diluted

$

0.86

$

0.86

AFFO per share:

Basic

$

0.88

$

0.87

Diluted

$

0.87

$

0.87

Dividend per share

$

0.600

$

0.580

AFFO payout ratio(1)

69

%

66

%

(1)

Calculated as total dividends paid as a percentage of AFFO for each respective period.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(dollars in thousands)

(unaudited)

Quarter Ended March 31,

2026

2025

Net earnings

$

93,951

$

96,458

Interest expense

52,726

47,723

Depreciation and amortization

70,797

64,617

Gain on disposition of real estate

(12,185)

(3,813)

Impairment losses – real estate, net of recoveries

10,680

1,512

EBITDAre

$

215,969

$

206,497

Interest expense

$

52,726

$

47,723

Add back: capitalized interest

580

921

Fixed charges

$

53,306

$

48,644

March 31,
2026

December 31,
2025

Total assets

$

9,422,291

$

9,379,355

Accumulated depreciation & amortization

2,307,623

2,259,469

Amortization of direct financing leases

2,592

2,546

Gross Assets

$

11,732,506

$

11,641,370

Debt outstanding:

Line of credit

$

80,000

$

348,100

Term Loan

300,000

—

Notes payable, net of unamortized discount and unamortized debt costs

4,474,123

4,472,324

Total Debt

4,854,123

4,820,424

Unamortized note discount

46,039

47,005

Unamortized debt costs

29,838

30,670

Gross Debt

4,930,000

4,898,099

Total Cash

(5,397)

(5,822)

Net Debt

4,924,603

4,892,277

Net proceeds from unsettled forward equity

(73,966)

—

Pro Forma Net Debt

$

4,850,637

$

4,892,277

NNN REIT, Inc.

Debt Summary

As of March 31, 2026

(dollars in thousands)

(unaudited) 

Unsecured Debt

Principal

Principal,
Net of
Unamortized
Discount

Stated
Rate

Effective
Rate

Maturity Date

Line of credit payable

$

80,000

$

80,000

SOFR +
77.5bps

4.405

%

April 2028

Term loan payable

300,000

300,000

SOFR +
85 bps

4.097

%

(1)

February 2029

Notes payable:

2026

350,000

349,678

3.600

%

3.733

%

December 2026

2027

400,000

399,712

3.500

%

3.548

%

October 2027

2028

400,000

399,158

4.300

%

4.388

%

October 2028

2030

400,000

399,446

2.500

%

2.536

%

April 2030

2031

500,000

496,393

4.600

%

4.766

%

February 2031

2033

500,000

490,755

5.600

%

5.905

%

October 2033

2034

500,000

494,725

5.500

%

5.662

%

June 2034

2048

300,000

296,328

4.800

%

4.890

%

October 2048

2050

300,000

294,739

3.100

%

3.205

%

April 2050

2051

450,000

442,456

3.500

%

3.602

%

April 2051

2052

450,000

440,571

3.000

%

3.118

%

April 2052

Total

4,550,000

4,503,961

Total unsecured debt(2)

$

4,930,000

$

4,883,961

Debt costs

$

(44,420)

Accumulated amortization

14,582

Debt costs, net of accumulated amortization

(29,838)

Notes payable, net of unamortized discount and
    unamortized debt costs

$

4,474,123

(1)

SOFR swapped to a weighted average fixed rate of 3.25%.

(2)

Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.5 years.

NNN REIT, Inc.

Debt Summary – Continued

As of March 31, 2026

(unaudited)

Credit Metrics

March 31,
2026

December 31,
2025

Gross Debt / Gross Assets

42.0 %

42.1 %

Net Debt / EBITDAre (last quarter annualized)

5.7x

5.6x

Pro Forma Net Debt / EBITDAre (last quarter annualized)

5.6x

5.6x

EBITDAre / fixed charges

4.1x

4.1x

Credit Facility, Term Loan and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility, Term Loan and notes, as defined and calculated per the terms of the agreements and indentures governing such debt, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of March 31, 2026, the Company believes it is in compliance with the covenants.

Key Covenants

Required

March 31,
2026

Unsecured Bank Credit Facility and Term Loan:

Maximum leverage ratio

< 0.60x

0.38x

Minimum fixed charge coverage ratio

> 1.50x

4.09x

Maximum secured indebtedness ratio

< 0.40x

—

Unencumbered asset value ratio

> 1.67x

2.66x

Unencumbered interest ratio

> 1.75x

4.04x

Unsecured Notes:

Limitation on incurrence of total debt

≤ 60%

41 %

Limitation on incurrence of secured debt

≤ 40%

—

Debt service coverage ratio

≥ 1.5x

4.0x

Maintenance of total unencumbered assets

≥ 150%

241 %

NNN REIT, Inc.

Property Portfolio

As of March 31, 2026

Top 20 Lines of Trade

Lines of Trade

# of
Tenants

# of
Properties

% of
ABR

1.

Automotive service

47

748

18.7 %

2.

Convenience stores

31

688

16.3 %

3.

Restaurants – limited service

63

622

8.0 %

4.

Entertainment

7

96

7.1 %

5.

Dealerships

18

110

6.4 %

6.

Restaurants – full service

71

334

6.4 %

7.

Health and fitness

9

37

3.9 %

8.

Theaters

5

32

3.6 %

9.

Automotive parts

7

144

3.3 %

10.

Equipment rental

4

105

3.0 %

11.

Wholesale clubs

1

13

2.2 %

12.

Drug stores

3

59

1.9 %

13.

Home improvement

10

49

1.9 %

14.

Medical service providers

29

85

1.8 %

15.

Early childhood education

8

80

1.8 %

16.

Pet supplies and services

12

59

1.7 %

17.

Discount retail

7

66

1.3 %

18.

Furniture

14

43

1.2 %

19.

Travel plazas

4

24

1.2 %

20.

Automobile auctions, wholesale

2

18

1.1 %

Other

84

299

7.2 %

Total

3,711

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of March 31, 2026

Top 20 States

State

# of
Tenants

# of
Properties

% of
ABR

1.

Texas

97

592

18.2 %

2.

Florida

95

271

8.8 %

3.

Illinois

52

181

5.2 %

4.

Georgia

65

172

4.4 %

5.

Ohio

74

211

4.2 %

6.

Michigan

33

146

4.0 %

7.

Tennessee

47

156

3.6 %

8.

Indiana

44

164

3.5 %

9.

North Carolina

46

157

3.5 %

10.

Arizona

36

86

3.5 %

11.

Virginia

44

119

3.3 %

12.

Alabama

39

154

2.9 %

13.

California

26

71

2.8 %

14.

New Jersey

20

33

2.3 %

15.

Pennsylvania

39

84

2.2 %

16.

Missouri

33

102

2.2 %

17.

Maryland

20

52

2.0 %

18.

Colorado

28

47

2.0 %

19.

South Carolina

29

80

2.0 %

20.

Louisiana

30

65

1.8 %

Other

167

768

17.6 %

Total

3,711

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of March 31, 2026

Top 20 Tenants

Tenant

Primary Line of Trade

# of
Properties

% of
ABR

1.

7-Eleven

Convenience stores

145

4.3 %

2.

Mister Car Wash

Automotive service

120

3.8 %

3.

Dave & Buster's

Entertainment

34

3.6 %

4.

Camping World

Dealerships

46

3.5 %

5.

Kent Distributors

Convenience stores

64

2.6 %

6.

Flynn Restaurant Group

Restaurants - limited service

204

2.5 %

7.

GPM Investments

Convenience stores

143

2.5 %

8.

AMC Theatres

Theaters

19

2.3 %

9.

BJ's Wholesale Club

Wholesale clubs

13

2.2 %

10.

LA Fitness

Health and fitness

24

2.1 %

11.

Mavis Tire Express Services

Automotive service

140

2.1 %

12.

Couche-Tard

Convenience stores

92

2.0 %

13.

Sunoco

Convenience stores

53

1.7 %

14.

Chuck E. Cheese

Entertainment

51

1.7 %

15.

Walgreens

Drug stores

48

1.6 %

16.

Casey's General Stores

Convenience stores

62

1.6 %

17.

United Rentals

Equipment rental

49

1.6 %

18.

Tidal Wave Auto Spa

Automotive service

35

1.5 %

19.

Super Star Car Wash

Automotive service

33

1.3 %

20.

BMW Kar Wash LLC

Automotive service

41

1.3 %

Other

2,295

54.2 %

Total

3,711

100.0 %

Lease Expirations(1)

# of
Properties

Gross Leasable
Area(2)

% of
ABR

# of
Properties

Gross Leasable
Area(2)

% of
ABR

2026

76

524,000

1.0 %

2032

192

1,898,000

4.9 %

2027

202

2,633,000

6.1 %

2033

133

1,395,000

4.2 %

2028

221

1,970,000

4.9 %

2034

194

2,838,000

5.8 %

2029

139

2,049,000

4.2 %

2035

136

1,805,000

4.2 %

2030

184

2,417,000

4.7 %

Thereafter

1,895

18,128,000

51.5 %

2031

284

3,394,000

8.5 %

(1)

As of March 31, 2026, the weighted average remaining lease term is 10.1 years.

(2)

Square feet.

SOURCE NNN REIT, Inc.

NNN REIT, Inc. (NNN) Q1 2026 Earnings Call Transcript

NNN REIT remains a Buy, offering an attractive valuation with a solid margin of safety and a sustainable, growing dividend yield. NNN delivered a strong Q1, with AFFO of $0.87 per share, 98.6% occupancy, and several acquisitions at a 7.5% cap rate. Management's proactive portfolio optimization and zero exposure to recent major tenant bankruptcies—unlike peers—underscore NNN's resilience versus peers.

SAN FRANCISCO, May 12, 2026 (GLOBE NEWSWIRE) --

Advisor Access spoke at length with Steve Horn, president and CEO.

Advisor Access: Would you give us a brief overview of NNN REIT and describe what sets it apart in the REIT sector?

Steve Horn: We own a robust portfolio of 3,711 properties across all 50 states with more than 39 million square feet of gross leasable area and a 20-year average occupancy rate of 98.3%...

AA: NNN has just released its first quarter 2026 earnings. What are some of the highlights?

SH: NNN continued its momentum from 2025 and delivered solid operating and financial performance to kick off 2026. We acquired $145 million of real estate in the first quarter, following a record year in 2025. Our acquisition activity drove an almost 7% year-over-year increase in our annualized base rent, while our leasing and asset management teams remained active, increasing overall occupancy to 98.6%…

AA: Over the past 25 years, NNN has delivered a 12.0% average annual total shareholder return and 2025 marked the 36th consecutive year of annual dividend increases, the third longest such track record of all public REITs. How have you been able to accomplish these?

SH: As you can imagine, there is a lot that goes into this long of a track record, but at the heart of it all is the disciplined execution of our time-tested investment philosophy…

AA: In 2025, you made investments of $931 million. What is your strategy for selling and buying assets?

SH: We typically think about portfolio diversification in terms of tenant, line of trade, and geography. We lease to over 400 tenants, which helps further diversify our cash flows…

AA: Is there anything else you would like our readers to know?

SH: NNN has been investing in net lease real estate since 1984 and utilizes a proven investment framework that has delivered disciplined growth over multiple decades…

AA: Thank you for your insights, Steve.

Click here to read the complete answers to these questions and more about NNN REIT

Click Here to View the NNN Investor Presentation

Click Here to View the NNN REIT Fact Sheet

DISCLOSURES

ABOUT ADVISOR ACCESS

Advisor-Access LLC was designed to bring compelling investment ideas to investors in the form of in-depth interviews with company management and the latest fact sheets and corporate presentations, in a concise format. Read the Advisor-Access Full Disclosure Online.

Amid volatile equity markets, NNN REIT provides a fortress of sustainable and growing income. The net lease REIT appears set up to maintain consistent core FFO per share growth. NNN REIT's debt maturities remain well staggered, and it has plenty of dry powder.

When is a chemical company exciting? When its stock goes up 16% in a week. That's what happened to lithium and fertilizer producer Sociedad Quimica (SQM) shares last week, making it Monday's IBD 50 Growth Stock To Watch.

Shares gave back a morning gain and reversed lower in heavier-than-average volume Monday, after Friday's 6.9% jump. The chemical stock was within pennies of a buy point Monday morning before weakening. But investors should note that buying any stock in the current market environment carries additional risk.

↑ X NOW PLAYING Reading Between The Lines: How To Watch For Market Turns Through News Coverage

The IBD 50 company operates five business lines: specialty plant nutrition, iodine and derivatives, lithium and derivatives, potassium and solar salts.

The Chilean chemical company's products are used by health, food, technology and clean energies industries. Lithium is a component in hybrid and electric vehicles batteries.

"Our fourth-quarter 2025 results reflected record-high sales volumes across both of our lithium businesses," Chief Executive Ricardo Ramos said in the company's fourth-quarter earnings report. It also saw increased demand in its energy storage systems, or ESS, business.

"We continue to observe solid demand fundamentals and we estimate that the lithium market could grow by approximately 25% this year, led by electric vehicles (EVs) and ESS," Ramos added.

Its Nova Andino Litio lithium partnership is running at full capacity. Further, Sociedad is increasing its exposure to lithium carbonate refining in China.

Sociedad is also in the early stages of exploration for copper, gold, silver, and other base metal through third-party exploration partnerships, option agreements and joint ventures.

It ranks No. 1 out of 12 stocks in the Chemicals-Agriculture group. The group swiftly moved up to the 9th spot from the 48th four weeks ago, out of the 197 industry groups that Investor's Business Daily tracks.

Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks

Lithium Stock Flirts With Buy Point Shares of fertilizer stocks soared in March after the Strait of Hormuz was closed amid it the U.S.-Iran war. A large portion of the oil-and-gas derivative components used in the fertilizer products ship through the waterway.

The chemical stock broke out of a flat base with a 47.51 buy point in late October. Shares gained 81% through Jan. 31, as it reached a level not seen since March 2023.

After retreating from a high, shares formed a consolidation pattern with an 86.13 buy point, according to MarketSurge pattern recognition.

It robust climb pushed its relative strength line to a 52-week high, as shown by the blue dot on its chart.

Shares reclaimed their 10-week moving average in last week's 16.2% rally.

Analysts See Rising Profits For Chemical Company Sociedad reported fourth-quarter profit of 64 cents per share, or 53% growth on Feb. 27. Its quarterly revenue increased to $1.32 billion. Its sales growth improved to 23% from 9% in the prior quarter, after six straight quarters of declining revenue.

Of its fourth-quarter revenue, lithium climbed 38.4%, its iodine sales grew 20.6% but its potassium plunged 41.1%.

Wall Street sees its full-year 2026 profit soaring 184% to $5.85 per share and its revenue popping 58% to around $7.2 billion.

Finally, the chemical stock has a best-possible 99 IBD Composite Rating.

Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.

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Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Posted by Defense World Staff on Apr 12th, 2026

Altfest L J & Co. Inc. raised its stake in Sociedad Quimica y Minera S.A. (NYSE:SQM – Free Report) by 86.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,430 shares of the basic materials company’s stock after purchasing an additional 11,341 shares during the quarter. Altfest L J & Co. Inc.’s holdings in Sociedad Quimica y Minera were worth $1,681,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SQM. RWC Asset Management LLP lifted its position in Sociedad Quimica y Minera by 369.9% in the third quarter. RWC Asset Management LLP now owns 1,113,807 shares of the basic materials company’s stock valued at $47,871,000 after purchasing an additional 876,754 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of Sociedad Quimica y Minera by 81.9% during the third quarter. Earnest Partners LLC now owns 1,911,668 shares of the basic materials company’s stock valued at $82,163,000 after acquiring an additional 860,984 shares in the last quarter. RWC Asset Advisors US LLC raised its holdings in shares of Sociedad Quimica y Minera by 112.4% during the third quarter. RWC Asset Advisors US LLC now owns 1,232,662 shares of the basic materials company’s stock valued at $52,980,000 after acquiring an additional 652,257 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Sociedad Quimica y Minera by 62.4% during the third quarter. Van ECK Associates Corp now owns 1,676,392 shares of the basic materials company’s stock valued at $72,051,000 after acquiring an additional 644,129 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Sociedad Quimica y Minera by 277.9% during the third quarter. Barclays PLC now owns 817,223 shares of the basic materials company’s stock valued at $35,124,000 after acquiring an additional 600,975 shares in the last quarter. Institutional investors own 12.41% of the company’s stock.

Analysts Set New Price Targets SQM has been the subject of a number of recent analyst reports. UBS Group set a $79.00 target price on Sociedad Quimica y Minera in a report on Wednesday, December 17th. Clarkson Capital restated a “neutral” rating and set a $90.00 target price on shares of Sociedad Quimica y Minera in a report on Thursday, January 22nd. Scotiabank upped their target price on Sociedad Quimica y Minera from $90.00 to $100.00 and gave the company a “sector outperform” rating in a report on Wednesday, March 4th. Zacks Research downgraded Sociedad Quimica y Minera from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Finally, HSBC upgraded Sociedad Quimica y Minera to a “strong-buy” rating in a report on Monday, January 19th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.42.

View Our Latest Research Report on Sociedad Quimica y Minera

Sociedad Quimica y Minera Price Performance Shares of SQM stock opened at $82.11 on Friday. The stock has a market cap of $23.46 billion, a price-to-earnings ratio of 40.06 and a beta of 0.95. The business’s fifty day moving average is $75.79 and its 200 day moving average is $65.69. Sociedad Quimica y Minera S.A. has a twelve month low of $29.36 and a twelve month high of $86.13. The company has a quick ratio of 2.25, a current ratio of 3.27 and a debt-to-equity ratio of 0.52.

Sociedad Quimica y Minera (NYSE:SQM – Get Free Report) last issued its quarterly earnings results on Saturday, February 14th. The basic materials company reported $0.64 earnings per share for the quarter. The company had revenue of $1.32 billion for the quarter. Sociedad Quimica y Minera had a return on equity of 9.69% and a net margin of 12.85%. Research analysts expect that Sociedad Quimica y Minera S.A. will post -1.31 EPS for the current fiscal year.

Sociedad Quimica y Minera Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Friday, May 8th will be paid a $1.0295 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Friday, May 8th. Sociedad Quimica y Minera’s dividend payout ratio is currently 5.85%.

About Sociedad Quimica y Minera (Free Report)

Sociedad Química y Minera de Chile SA (NYSE: SQM) is a leading global producer of specialty chemicals and minerals headquartered in Santiago, Chile. The company focuses on the extraction and processing of key inputs for the agricultural, industrial and high‐tech sectors. Its core business activities include the mining of lithium, potassium and iodine, as well as the manufacture of value‐added products derived from these raw materials.

SQM’s product portfolio spans lithium carbonate and lithium hydroxide used in electric vehicle batteries and energy storage systems; potassium chloride and potassium nitrate fertilizers designed for precision agriculture; and iodine and its derivatives for pharmaceutical, food and electronics applications.

Read More Five stocks we like better than Sociedad Quimica y Minera

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Key Takeaways ALB and SQM are gaining from higher lithium prices driven by EV and energy storage demand.Albemarle is boosting capacity, cutting costs and expanding conversion projects to lift volumes.SQM delivered record lithium volumes and strengthened its Atacama future via a Codelco partnership. Albemarle Corporation (ALB - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) are prominent players in the lithium space. An uptick in lithium prices amid rising demand and supply tightness has contributed to an upswing in their share prices. Both are well-placed to benefit from higher lithium prices driven by strong demand from electric vehicles (EVs) and energy storage systems, along with supply disruptions partly due to supply reductions in China. Lithium prices have rebounded from the trough levels seen last year, supported by tightening supply and strong demand in China and globally.

Let’s dive deep and closely compare the fundamentals of these two major lithium stocks to determine the better investment option now amid improving lithium market conditions.

The Case for ALBAlbemarle is well-placed to gain from long-term growth in the battery-grade lithium market. The market for lithium batteries and energy storage remains strong, especially for EVs, offering significant opportunities for the company to develop innovative products and expand capacity. Lithium demand is expected to grow on the back of significant global EV penetration. ALB expects lithium demand to witness a compound annual growth rate (CAGR) of 10-20% from 2025 to 2030. Stationary storage is expected to be a significant driver for lithium demand along with EVs. Lithium demand increased more than 30% year over year. Albemarle expects demand to grow roughly 15-40% this year.

The company is strategically executing its projects aimed at boosting its global lithium conversion capacity. It remains focused on investing in high-return projects to drive productivity. Healthy customer demand, capacity expansion and plant productivity improvements are supporting its volumes. ALB saw higher sales volumes in its Energy Storage unit in the fourth quarter of 2025 on strong production from its integrated conversion facilities. The Salar yield improvement project in Chile has achieved a 50% operating rate, and the ramp-up continues to deliver encouraging outcomes. The ramp-up at the Meishan lithium conversion facility in China is also progressing ahead of schedule.

Albemarle is taking aggressive cost-saving and productivity actions in the wake of tumbling lithium prices. The company delivered roughly $450 million in cost and productivity improvements for full-year 2025, having surpassed its initial target of $300-$400 million. It expects additional cost and productivity improvements of $100-$150 million in 2026. ALB is taking actions to maintain its competitive position, including the initiation of a comprehensive review of cost and operating structure, optimization of the conversion network and reduction of capital expenditure. Its capital expenditures of $590 million for 2025 decreased 65% year over year.

Albemarle remains committed to driving shareholder value by leveraging healthy cash flows and strong liquidity. At the end of 2025, ALB had liquidity of around $3.2 billion, including cash and cash equivalents of around $1.6 billion. Its operating cash flow was around $1.3 billion in 2025, up roughly 86% from the prior-year period. ALB expects generated free cash flow of $692 million for full-year 2025, driven by strong cash conversion, lower capital spending and productivity measures.

The company remains focused on maintaining its dividend payout. It has raised its quarterly dividend for the 30th straight year. ALB offers a dividend yield of 0.8% at the current stock price.

The Case for SQMChile-based Sociedad Quimica produces plant nutrients, iodine, lithium and industrial chemicals. SQM is gaining from the favorable trends in the lithium market underpinned by strong EV sales. Higher demand is expected to continue to support the company’s lithium sales volumes.

SQM logged record lithium sales volumes in the fourth quarter of 2025 on strong market demand, driven by EVs and battery energy storage systems. The Nova Andino Litio business logged historic high volumes of more than 66,000 metric tons in the quarter, roughly 52% higher compared to the prior-year quarter, driven by capacity expansion actions. SQM’s average realized sales price increased roughly 14% sequentially in the fourth quarter and it expects prices to increase significantly in the first quarter. SQM is operating at full capacity in the production of spodumene concentrate in Australia and achieved its first shipment of lithium hydroxide produced in the country at the Kwinana refinery.

 Sociedad Quimica expects total capital expenditure of $2.7 billion for the 2025–2027 period, which includes the expansion of lithium carbonate and lithium hydroxide capacity in Chile, the expansion of the Mt. Holland project and investments to develop the Andover project, both in Australia.

Earlier this year, SQM and Codelco completed their strategic partnership to jointly develop the Atacama salt flat. The partnership was completed through the merger by absorption of Codelco’s subsidiary, Minera Tarar SpA, into SQM’s subsidiary, SQM Salar SpA, which took full effect last month after a favorable Supreme Court resolution.

This major milestone paves the way for the production of refined lithium in the Salar de Atacama until 2060 and contributes to making Chile a leader in the production of lithium. Improvements in process efficiency, the adoption of new technologies and the optimization of operations are expected to lead to incremental lithium production through 2060.

Sociedad Quimica has a robust balance sheet and generates strong cash flows, which allow it to make investments in driving production capacity. It exited 2025 with strong liquidity, including cash and cash equivalents of around $1.75 billion. It offers a dividend yield of 0.1% at the current stock price.

ALB & SQM: Price Performance, Valuation & Other ComparisonsThe ALB stock has surged 232% over the past year, while SQM has rallied 138.4%.

Image Source: Zacks Investment Research

ALB is currently trading at a forward price-to-sales ratio of 3.86. SQM is currently trading at a forward price-to-sales ratio of 3.18, below ALB.

Image Source: Zacks Investment Research

ALB’s long-term debt-to-capitalization is around 24.2%, lower than SQM’s 34.4%.

Image Source: Zacks Investment Research

How the Zacks Consensus Estimate Compares for ALB & SQMThe Zacks Consensus Estimate for ALB’s 2026 sales implies year-over-year growth of 12.9%. The same for EPS suggests a 1,148.1% year-over-year rise. The EPS estimates for 2026 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for SQM’s 2026 sales and EPS implies a year-over-year rise of 60.9% and 227.2%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

ALB or SQM: Which Stock Holds the Edge?ALB and SQM stand to benefit from higher lithium prices driven by EV and energy storage demand. Albemarle is benefiting from higher lithium volumes on project ramp-ups and actions to boost global lithium conversion capacity and productivity. SQM is delivering record lithium volumes, expanding operations and is expected to benefit from the strategic partnership with Codelco. ALB's higher earnings growth projections suggest that it may offer better investment prospects in the current market environment. ALB’s lower leverage also suggests lower financial risks. Investors seeking exposure to the lithium space might consider Albemarle as the more favorable option at this time.

ALB currently carries a Zacks Rank #2 (Buy), while SQM has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Copper sits at ~$12-13k per metric ton as of March, hovering near the top of its 12-month range after a January peak of $12,986.61. If you want a liquid US-listed vehicle whose fortunes rise and fall with the red metal, plus a side helping of lithium, Chilean banks, and the Santiago political cycle, the iShares MSCI Chile ETF (NYSEARCA:ECH) is one of the cleanest expressions you can buy in a brokerage account.

Chile produces roughly a quarter of the world’s copper. It also sits on the western edge of the lithium triangle, hosts a developed banking sector, and runs an open economy that shielded it from US trade war risks through the recent reshuffling of global supply chains. ECH packages all of that into a single ticker that trades like any US equity.

What ECH Is Actually Built To Do ECH tracks the MSCI Chile IMI 25/50 Index, a broad-based basket of Chilean equities. The fund launched in November 2007 and charges 0.59% annually, which is on the higher side for a country fund but reasonable for the access it provides. Geographic allocation is 100% Chile, with sector concentration in materials, financials, and consumer goods and services.

The return engine here is straightforward. Chilean materials names, anchored by lithium giant SQM (NYSE:SQM | SQM Price Prediction) and copper-adjacent miners, drive the cyclical upside when commodity prices rise. Banks like Banco de Chile add domestic credit growth and rate-cycle leverage. Utilities and consumer staples smooth the ride. When copper rallies, the Chilean peso typically strengthens alongside it, which translates into a currency tailwind on top of the equity move for dollar-based investors. A historical Market Realist analysis described the strong correlation between the peso and copper prices, and that correlation cuts both ways.

The lithium piece got materially clearer this year. A January Supreme Court decision dismissed the Tianqi Lithium appeal, allowing the SQM-Codelco joint venture to proceed with extraction rights through 2060. For an ETF whose largest weighting is SQM, that is roughly thirty-five years of regulatory clarity dropped into the prospectus.

Does The Bet Actually Pay Off The recent track record is loud. ECH returned 70% in 2025 on the back of the copper rally and the market’s enthusiasm for Jose Antonio Kast’s strong election showing, which traders read as market-friendly. Over the trailing year, ECH is up 31%, with shares around $40 after a 3% drop on the most recent trading day.

Zoom out and the picture gets more honest. The five-year return is 48%, and the ten-year is 47%. Said plainly, almost the entire decade of price appreciation came in the last 18 months. An investor who bought ECH in 2016 and held through 2024 spent eight years going essentially nowhere while the S&P 500 compounded. That is the deal with single-country commodity proxies. You wait, sometimes for years, and then the cycle pays you in a single burst.

The Tradeoffs You Are Accepting Concentration risk in commodities and a single political system. Materials and financials dominate the index. A copper bear market or a leftward political swing in Santiago can erase a year of gains quickly. Currency layered on equities. The peso amplifies copper moves in both directions. ECH dropped almost 6% in the past week alone, a reminder of how fast sentiment can shift. Cost and yield drag. The 0.59% fee plus thin dividend income makes ECH a worse vehicle for buy-and-hold investors than for tactical allocators. ECH works as a 2-5% satellite position for investors who want concentrated copper, lithium, and Chilean equity exposure in one ticker and can stomach long flat stretches between commodity cycles. Investors looking for steady returns or pure copper-miner leverage often pair ECH with, or substitute, a broader emerging-markets fund or a dedicated miners ETF like the Global X Copper Miners ETF (NYSEARCA:COPX).