| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 5, 2026 | 8/12 | 5 medium, 3 low flags | 1 | 0 | Call sheet → |
| Q1'26 | May 6, 2026 | 9/12 | 1 high, 4 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 25, 2026 | 10/12 | 3 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q3'25 | November 3, 2025 | 10/12 | 2 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Full-year credit loss outlook of approximately 40 basis points Held flat this quarter at ~40bps; no change to assess yet since fiscal year is ongoing. |
| Q2'26 | Pending | Full-year lease termination income guidance of $45-50 million Held flat this quarter despite the Q2 contribution falling to ~$1 million; roughly $41.2M recognized through H1 against the $45-50M range, achievable but unexplained bridge for H2. |
| Q2'26 | Pending | Full-year investment volume guidance of $9.5 billion Revised upward to $10.0 billion this quarter; true delivery can't be assessed until year-end given H1 pro rata pace actually decelerated. |
| Q2'26 | Pending | Full-year AFFO/share guidance of $4.41-$4.44 Fiscal year not complete; guidance was revised upward to $4.44-$4.45 this quarter, a revision rather than a final delivered/missed result. |
| Q2'26 | Delivered | Full U.S. Core Plus Fund cornerstone equity ($1.7B) will be fully deployed 'the next time we are having this earnings call' Confirmed: 'as of early July, we had drawn down all of the capital that is now fee generating' |
| Q1'26 | Pending | Maintain disciplined underwriting and spread investing Cap rates compressed 20bps to 6.7% - need to monitor if spreads are maintained |
| Q1'26 | Exceeded | Investment volume guidance $8B for 2026 Raised to $9.5B based on stronger pipeline visibility |
| Q1'26 | Exceeded | Lease termination income $40-45M for 2026 Raised guidance to $45-50M after $40M Q1 performance |
| Q1'26 | Exceeded | Credit loss guidance 40-50bps for 2026 with improved visibility Lowered to ~40bps (bottom of range) based on better portfolio performance |
| Q1'26 | Delivered | Build-to-suit GIC partnership to close first transaction in early 2026 $58.5M Dallas transaction closed as first deal in the programmatic JV |
| Q1'26 | Delivered | Raise $1.7B for cornerstone U.S. Core+ Fund by end of Q1 2026 Completed $1.7B cornerstone raise, now deploying capital as promised |
| Q4'25 | Delivered | Continued momentum in European investments Europe remained significant portion though mixed with U.S. in Q4 |
| Q4'25 | Exceeded | Private fund to provide additional capital for growth Raised $1.5B vs initial expectations, now generating management fees |
| Q4'25 | Delivered | Similar quantum of dispositions as 2024 Achieved $744M in dispositions, consistent with strategy |
| Q4'25 | Delivered | 75 basis points of potential credit loss for 2025 Tracked to the 75bps throughout year, reflected in final results |
| Q4'25 | Exceeded | Investment volume guidance of approximately $5.5 billion for 2025 Delivered $6.3B actual vs $5.5B guidance, +14% beat |
| Q4'25 | Exceeded | AFFO per share guidance of $4.25 to $4.27 for 2025 Delivered $4.28, hitting the high end and exceeding midpoint |
| Q3'25 | Delivered | Q2: Similar composition of Europe vs US in near term, especially Q3 72% Europe allocation as predicted |
| Q3'25 | Pending | Q2: Look forward to sharing more soon on private fund Still in marketing stage with disclosure restrictions |
| Q3'25 | Delivered | Q2: Disposition pipeline expected to accelerate in second half $215M in Q3 vs $117M in Q2, up 84% |
| Q3'25 | Delivered | Q2: 75bps credit loss contemplated for full year Reiterated 75bps guidance, tracking on target |
| Q3'25 | Delivered | Q2: AFFO guidance of $4.24-$4.28 per share Narrowed to $4.25-$4.27, raised low end by $0.01 |
| Q3'25 | Exceeded | Q2: Investment volume guidance of approximately $5 billion for 2025 Raised to $5.5B in Q3 - $500M increase |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.