Oct 26, 2026 earnings call — Quarterly results and 2027 guidance
Introduced 2027 core FFO per share guidance of $3.09 to $3.17 per share.
Revenue $0.1B (est $0.1B) · EPS $0.11 (est $0.07)
Key quotes
"For 2027, we are introducing initial full year core FFO per share guidance of $3.09 to $3.17 per share."
"Ending the period 98% leased with a weighted average lease term of 9.2 years."
"Lastly, our acquisitions team remains active, as we evaluate opportunities across our approximately $1.5 billion pipeline."
Analyst Q&A 3
Loma Linda refinance and reinvesting repayments
Q (John Kim · BMO): He asked how quickly Bedford loan repayments can be reinvested into mezzanine debt and how Loma Linda debt will be refinanced. He also asked about expectations for renewal lease spreads and the 2026 renewals.
A: For Loma Linda, management intends to use an investment-grade inaugural issuance if they obtain the rating; otherwise they will put the loan on the revolver and term it out with 4(a)(2) money, and guidance assumes it goes on the revolver today. They said they see opportunities to deploy mezzanine capital into VA outpatient clinic projects across the country. They still expect mid- to high-teens net effective rent growth on 2027–2028 renewals and will share the 2026 renewal class at the year-end call.
"At this moment, we intend should we be successful in the investment grade, ratings process to use an investment grade inaugural issuance to address that maturity." — Allison E. Marino
terms of new interest-rate swaps
Q (Truist): He asked for the terms of the new interest-rate swaps entered last week.
A: They placed four new swaps. The swaps are at 4.2 on a SOFR base and are intended to cover them through next year.
"They are at 4.2 on a SOFR base, and they are intended to get us through of next year." — Allison E. Marino
market impact on deals and FAA lease
Q (Seth Bergey · Citi): He asked whether the uncertain macro and interest-rate environment is changing how they deploy capital and if it is creating more opportunities. He also asked whether FAA Chicago could extend past April and whether the extension terms changed.
A: Management said sellers are reassessing price expectations as rates settle, which is creating more accretive transaction opportunities, and they remain focused on cash and accretion. They noted cash available for distribution grew to $32.8 million with a payout ratio around 67%, and the acquisitions pipeline has been about $1.5 billion. On FAA Chicago, they said an extension beyond April is possible but they do not expect it, guidance only assumes the firm term through April, and the short extension keeps the current economics.
"As you look at 2024, 2025, 2026, we have been steadily growing, you know, that cash available for distribution and then today, as Allison mentioned, that is at $32.8 million." — Darrell William Crate (CEO)