Revenue: As of FY2025, the actual value is USD 273.66 M.EPS: As of FY2025, the actual value is USD 1.02.EBIT: As of FY2025, the actual value is USD 106.01 M.<h4>Outlook</h4>iREIT MarketVector Quality REIT Idx ETF plans to continue focusing on maximizing the financial performance of its existing communities through operational enhancements, value-add investments, technology solutions, and expense controls. The company intends to actively manage its current portfolio, explore new markets, and strategically pursue acquisitions and dispositions as opportunities and market conditions permit. The goal is to maintain a strong balance sheet for internal and external growth flexibility.<h4>Segment Revenue</h4><ul><li>Same-store revenue increased by $5,374 thousand (2.4%) to $231,136 thousand in 2025 from $225,762 thousand in 2024.</li><li>Non-same-store revenue increased significantly to $17,041 thousand in 2025 from $5,597 thousand in 2024.</li><li>Other properties revenue grew by $1,006 thousand (40.8%) to $3,470 thousand in 2025 from $2,464 thousand in 2024.</li><li>Dispositions revenue decreased to $22,015 thousand in 2025 from $27,160 thousand in 2024.</li><li>Total Revenue for iREIT MarketVector Quality REIT Idx ETF increased by $12,679 thousand (4.9%) to $273,662 thousand in 2025 from $260,983 thousand in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Net Income (Loss): iREIT MarketVector Quality REIT Idx ETF reported a net income of $22,964 thousand in 2025, a significant increase from a net loss of -$14,192 thousand in 2024.</li><li>Operating Income: Operating income increased to $64,537 thousand in 2025 from $20,475 thousand in 2024, a 215.2% increase.</li><li>Net Operating Income (NOI): Total NOI increased by $9,650 thousand (6.1%) to $167,389 thousand in 2025 from $157,739 thousand in 2024.<ul><li>Same-store NOI increased by $4,833 thousand (3.5%) to $143,697 thousand in 2025 from $138,864 thousand in 2024.</li><li>Non-same-store NOI increased to $9,752 thousand in 2025 from $3,022 thousand in 2024.</li><li>Other properties NOI increased by $842 thousand (55.1%) to $2,369 thousand in 2025 from $1,527 thousand in 2024.</li><li>Dispositions NOI decreased to $11,571 thousand in 2025 from $14,326 thousand in 2024.</li></ul></li><li>Property Operating Expenses, including Real Estate Taxes: Total expenses increased by $3,029 thousand (2.9%) to $106,273 thousand in 2025 from $103,244 thousand in 2024.<ul><li>Same-store property operating expenses increased by $541 thousand (0.6%) to $87,439 thousand in 2025 from $86,898 thousand in 2024.</li><li>Non-same-store property operating expenses increased to $7,289 thousand in 2025 from $2,575 thousand in 2024.</li><li>Other properties operating expenses increased by $164 thousand (17.5%) to $1,101 thousand in 2025 from $937 thousand in 2024.</li><li>Dispositions operating expenses decreased to $10,444 thousand in 2025 from $12,834 thousand in 2024.</li></ul></li><li>Property Management Expenses: Increased by $510 thousand (5.6%) to $9,638 thousand in 2025 from $9,128 thousand in 2024.</li><li>Casualty Loss: Decreased by -$2,491 thousand (-75.3%) to $816 thousand in 2025 from $3,307 thousand in 2024.</li><li>Depreciation and Amortization: Increased by $6,781 thousand (6.4%) to $113,231 thousand in 2025 from $106,450 thousand in 2024.</li><li>Impairment of Real Estate Investments: $37,719 thousand was recorded in 2025, compared to none in 2024.</li><li>General and Administrative Expenses: Increased by $3,116 thousand (17.5%) to $20,918 thousand in 2025 from $17,802 thousand in 2024.</li><li>Gain (Loss) on Sale of Real Estate and Other Investments: A gain of $79,470 thousand was recorded in 2025, compared to a loss of -$577 thousand in 2024.</li><li>Interest Expense: Increased by $7,604 thousand (20.4%) to $44,884 thousand in 2025 from $37,280 thousand in 2024.</li><li>Loss on Extinguishment of Debt: $98 thousand was recorded in 2025, compared to none in 2024.</li><li>Interest and Other Income: Increased by $796 thousand (30.5%) to $3,409 thousand in 2025 from $2,613 thousand in 2024.</li><li>Core Funds from Operations (CFFO) per diluted share: Increased by 1.0% to $4.93 in 2025 from $4.88 in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: $98,453 thousand in 2025, compared to $98,248 thousand in 2024.</li><li>Funding Capital Improvements: $34,161 thousand was used for capital improvements for apartment communities in 2025.</li><li>Cash Paid for Interest: $40,689 thousand in 2025, compared to $33,537 thousand in 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Weighted Average Occupancy: Overall weighted average occupancy was 95.2% in 2025, slightly down from 95.3% in 2024.<ul><li>Same-store weighted average occupancy increased from 95.4% in 2024 to 95.7% in 2025.</li><li>Non-same-store weighted average occupancy was 88.2% in 2025, down from 92.4% in 2024.</li></ul></li><li>Real Estate Investments: Total real estate investments (property owned less accumulated depreciation) were $1,863,896 thousand in 2025, compared to $1,854,761 thousand in 2024.</li><li>Number of Apartment Homes: iREIT MarketVector Quality REIT Idx ETF owned 12,262 apartment homes in 2025, down from 13,012 in 2024.<ul><li>Same-store homes: 11,084 in both 2025 and 2024.</li><li>Non-same-store homes: 1,178 in 2025, up from 417 in 2024.</li><li>Dispositions homes: None in 2025, compared to 1,511 in 2024.</li></ul></li><li>Acquisitions: Acquired Railway Flats in Loveland, Colorado (420 homes for $132.2 million) and Sugarmont in Salt Lake City, Utah (341 homes for $149.0 million) in 2025.</li><li>Dispositions: Disposed of twelve non-core apartment communities and one corporate office building for an aggregate sales price of $215.5 million in 2025.</li><li>Liquidity: Total liquidity was $267,900 thousand in 2025, including $255,100 thousand available on lines of credit and $12,800 thousand in cash and cash equivalents, an increase from $224,600 thousand in 2024.</li><li>Debt: Total outstanding borrowings were approximately $1.1 billion as of December 31, 2025.<ul><li>Unsecured Credit Facility borrowing capacity expanded to $400,000 thousand in May 2025, with $154,000 thousand drawn and $246,000 thousand available at year-end 2025.</li><li>Operating line of credit with US Bank, N.A. had $925 thousand outstanding in 2025 (at 5.91% interest) compared to $3,400 thousand in 2024 (at 6.56% interest).</li><li>Unsecured senior notes totaled $300,000 thousand as of December 31, 2025.</li><li>Fannie Mae Credit Facility (FMCF) had a balance of $198,900 thousand in both 2025 and 2024.</li><li>Mortgage loan indebtedness (excluding FMCF) was $400,100 thousand in 2025, down from $420,400 thousand in 2024.</li><li>The ratio of total indebtedness to total gross real estate investments was 41.8% as of December 31, 2025.</li></ul></li><li>Share Repurchase Program: A new $100,000 thousand share repurchase program was authorized effective July 31, 2025, with $96,500 thousand remaining authorized as of December 31, 2025.<ul><li>62,973 common shares were repurchased for $3,500 thousand in 2025.</li></ul></li><li>Series D Preferred Units: 59,400 units outstanding in 2025, down from 165,600 in 2024, with 106,200 units redeemed for $10,600 thousand in 2025.</li><li>Series E Preferred Units: 1,600 thousand units outstanding in both 2025 and 2024.</li></ul>

iREIT MarketVector Quality REIT Idx ETF | 10-K: FY2025 Revenue: USD 273.66 M