Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, as these companies typically have high free cash flows and offer substantial dividends [1] Group 1: Park Hotels & Resorts Inc (NYSE:PK) - The stock has a dividend yield of 9.17% [7] - UBS analyst Robin Farley maintained a Neutral rating and raised the price target from $10 to $11 on October 6, 2025, with an accuracy rate of 80% [7] - Cantor Fitzgerald analyst Richard Anderson initiated coverage with a Neutral rating and a price target of $12 on October 1, 2025, with an accuracy rate of 63% [7] - The company is set to release its third-quarter financial results after market close on October 30 [7] Group 2: Americold Realty Trust Inc (NYSE:COLD) - The stock has a dividend yield of 6.85% [7] - RBC Capital analyst Michael Carroll maintained an Outperform rating but cut the price target from $19 to $17 on September 30, 2025, with an accuracy rate of 61% [7] - Truist Securities analyst Ki Bin Kim maintained a Buy rating and lowered the price target from $20 to $17 on September 25, 2025, with an accuracy rate of 66% [7] - The company will announce its third-quarter financial results before the market opens on November 6 [7] Group 3: Outfront Media Inc (NYSE:OUT) - The stock has a dividend yield of 6.63% [7] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $17 to $19 on August 4, 2025, with an accuracy rate of 75% [7] - Citigroup analyst Jason Bazinet maintained a Buy rating and increased the price target from $17 to $19 on May 29, 2025, with an accuracy rate of 77% [7] - The company reported disappointing quarterly results on August 5 [7]

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, favoring companies with high free cash flows that offer substantial dividends [1] Group 1: Park Hotels & Resorts Inc (NYSE:PK) - The stock has a dividend yield of 9.17% [7] - UBS analyst Robin Farley maintained a Neutral rating and raised the price target from $10 to $11 on October 6, 2025, with an accuracy rate of 80% [7] - Cantor Fitzgerald analyst Richard Anderson initiated coverage with a Neutral rating and a price target of $12 on October 1, 2025, with an accuracy rate of 63% [7] - The company is set to release its third-quarter financial results after market close on October 30 [7] Group 2: Americold Realty Trust Inc (NYSE:COLD) - The stock has a dividend yield of 6.85% [7] - RBC Capital analyst Michael Carroll maintained an Outperform rating but cut the price target from $19 to $17 on September 30, 2025, with an accuracy rate of 61% [7] - Truist Securities analyst Ki Bin Kim maintained a Buy rating and lowered the price target from $20 to $17 on September 25, 2025, with an accuracy rate of 66% [7] - The company will announce its third-quarter financial results before market open on November 6 [7] Group 3: Outfront Media Inc (NYSE:OUT) - The stock has a dividend yield of 6.63% [7] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $17 to $19 on August 4, 2025, with an accuracy rate of 75% [7] - Citigroup analyst Jason Bazinet maintained a Buy rating and increased the price target from $17 to $19 on May 29, 2025, with an accuracy rate of 77% [7] - The company reported disappointing quarterly results on August 5 [7]

Core Insights - Park Hotels & Resorts Inc. (NYSE:PK) is recognized as one of the 12 Best REIT Dividend Stocks to buy currently [1] - The company primarily invests in hotel assets, featuring well-known brands such as Hilton, Marriott, and Hyatt, and focuses on enhancing property value through redevelopment and strategic acquisitions [2] Company Strategy - Park Hotels & Resorts is reallocating capital from non-core assets to high-return projects, including significant renovations at flagship hotels, while maintaining a conservative balance sheet to manage costs effectively [3] - The company emphasizes cost management and aims to strengthen its portfolio through targeted investments in core assets [3] Dividend Performance - As of October 1, Park Hotels & Resorts has a dividend yield of 9.07%, with a quarterly dividend of $0.25, making it appealing for income and value investors [4]

Group 1 - During turbulent market conditions, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividend payouts [1] - The article highlights three high-yielding stocks in the real estate sector: Park Hotels & Resorts Inc., Easterly Government Properties, Inc., and Americold Realty Trust, Inc. [2][3][4][5] Group 2 - Park Hotels & Resorts has a dividend yield of 8.60%. JP Morgan analyst Daniel Politzer initiated coverage with an Underweight rating and a price target of $10, while Truist Securities analyst Patrick Scholes downgraded from Buy to Hold with a new price target of $11 [7] - Easterly Government Properties has a dividend yield of 7.73%. RBC Capital analyst Michael Carroll maintained an Underperform rating with a price target of $22, while Truist Securities analyst Michael Lewis maintained a Hold rating with a price target of $13 [7] - Americold Realty Trust has a dividend yield of 7.18%. Truist Securities analyst Ki Bin Kim maintained a Buy rating with a price target of $20, while RBC Capital analyst Michael Carroll maintained an Outperform rating with a price target of $19 [7]

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: High-Yielding Stocks in Real Estate Sector - Park Hotels & Resorts Inc. has a dividend yield of 8.60%, with JP Morgan initiating coverage with an Underweight rating and a price target of $10, while Truist Securities downgraded from Buy to Hold with a new target of $11 [7] - Easterly Government Properties, Inc. has a dividend yield of 7.73%, with RBC Capital maintaining an Underperform rating and reducing the price target from $27.5 to $22, while Truist Securities lowered the target from $14 to $13 [7] - Americold Realty Trust, Inc. has a dividend yield of 7.18%, with Truist Securities maintaining a Buy rating but cutting the price target from $24 to $20, and RBC Capital lowering the target from $25 to $19 [7]

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: Company Ratings and Analyst Insights - Easterly Government Properties, Inc. (DEA) has a dividend yield of 7.89%. RBC Capital analyst Michael Carroll maintained an Underperform rating and reduced the price target from $27.5 to $22 [7] - RLJ Lodging Trust (RLJ) has a dividend yield of 8.54%. Truist Securities analyst Patrick Scholes downgraded the stock from Buy to Hold and lowered the price target from $16 to $11 [7] - Park Hotels & Resorts Inc. (PK) reported positive quarterly results on July 31, indicating strong performance [7]

Core Insights - The article emphasizes the importance of fundamental analysis, market trends, and strategic insights in identifying high-potential investment opportunities in the stock market [1]. Group 1 - The analysis aims to deliver actionable investment ideas to navigate the complex financial landscape [1].

Core Insights - Park Hotels & Resorts reported Q2 2025 earnings with adjusted funds from operations (FFO) per share at $0.64, significantly exceeding analyst estimates of $0.19, while revenue reached $672 million, reflecting a 2.0% year-over-year decline [1][2] - The company operates 39 hotel properties with approximately 25,000 rooms, focusing on upper-upscale and luxury segments, and aims to enhance cash flow through renovations and asset sales [3][4] - The current strategy emphasizes capital recycling, cost control, and maintaining a conservative balance sheet to support dividends and growth opportunities [4][10] Financial Performance - Adjusted FFO per share was $0.64, outperforming consensus by $0.45 but down 1.5% from the previous year [2][5] - Revenue for Q2 2025 was $672 million, slightly above estimates but down 2.0% from Q2 2024 [2][5] - Comparable RevPAR decreased by 1.6% year-over-year to $195.68, with urban hotels showing a 3% increase in RevPAR [6][10] Operational Highlights - The company completed the sale of Hyatt Centric Fisherman's Wharf for $80 million and announced the closure of Embassy Suites Kansas City Plaza [7][9] - Major renovations are ongoing, including a $103 million project at Royal Palm South Beach Miami, expected to yield a 15% to 20% return on investment post-reopening in May 2026 [8][9] - Capital expenditures for Q2 totaled nearly $45 million, with plans for up to $330 million for the full year [9] Balance Sheet and Liquidity - As of June 30, liquidity was approximately $1.3 billion, supported by a $950 million undrawn revolving credit facility [11] - Net debt stood at $3.7 billion with an average maturity of 2.7 years, highlighting a focus on managing high leverage [11] - A significant upcoming item is the $1.3 billion mortgage maturing on the Hilton Hawaiian Village in November 2026 [11] Future Outlook - Management revised full-year guidance for comparable RevPAR to $184–$187, reflecting a potential decline compared to 2024 [12] - Adjusted EBITDA is forecasted at $595–$645 million, with adjusted FFO per share projected at $1.82–$2.08 [12] - Ongoing caution is advised regarding macroeconomic factors and the impact of renovations on demand [13]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements as of June 30, 2025, show total assets decreased to $8.87 billion, with a net loss of $59 million for the six months, driven by a $70 million impairment and higher depreciation [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $8.87 billion as of June 30, 2025, primarily due to reduced property and equipment, impacting total equity Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$8,870** | **$9,161** | | Property and equipment, net | $7,176 | $7,398 | | Cash and cash equivalents | $319 | $402 | | **Total Liabilities** | **$5,482** | **$5,567** | | Debt | $3,840 | $3,841 | | Debt associated with hotels in receivership | $725 | $725 | | **Total Equity** | **$3,388** | **$3,594** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $62 million for H1 2025, a shift from prior-year income, primarily due to a $70 million impairment and increased depreciation Statement of Operations Summary (in millions, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $1,302 | $1,325 | | Operating Income | $72 | $213 | | Net (Loss) Income Attributable to Stockholders | $(62) | $92 | | (Loss) Earnings Per Share – Diluted | $(0.31) | $0.44 | - A significant driver of the net loss was a **$70 million impairment and casualty loss** recorded in the first six months of 2025, compared to only $13 million in the prior year period[13](index=13&type=chunk) - Depreciation and amortization expense increased to **$191 million** for the first six months of 2025 from $129 million in the same period of 2024[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $194 million in H1 2025, while investing activities used less cash due to asset dispositions Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $194 | $209 | | Net cash used in investing activities | $(45) | $(121) | | Net cash used in financing activities | $(242) | $(354) | | **Net decrease in cash** | **$(93)** | **$(266)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the $80 million sale of Hyatt Centric, ongoing receivership for two San Francisco hotels with a $725 million defaulted loan, a $70 million impairment, and $161 million in capital commitments - In May 2025, the company sold the Hyatt Centric Fisherman's Wharf for gross proceeds of **$80 million**, recognizing a net gain of approximately **$1 million**[29](index=29&type=chunk) - The company ceased payments on a **$725 million** non-recourse CMBS loan for two San Francisco hotels in June 2023, with hotels now in receivership and a sale agreement executed in July 2025[37](index=37&type=chunk) - A **$70 million impairment loss** was recognized in H1 2025 related to the Hyatt Centric Fisherman's Wharf prior to its sale[42](index=42&type=chunk) - As of June 30, 2025, the company had outstanding commitments of approximately **$161 million** for capital expenditures, including major renovations at Royal Palm South Beach Miami and Hilton Hawaiian Village[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses mixed operational performance, cautious optimism for 2025, the default on the $725 million SF Mortgage Loan, and strong liquidity with a new $300 million stock repurchase program - The company's portfolio consists of **39 premium-branded hotels** with approximately **25,000 rooms**, primarily in luxury and upper upscale segments in prime U.S. markets[66](index=66&type=chunk) - Management expresses cautious optimism for 2025, expecting improvements in demand and benefits from transformative renovations, despite macroeconomic uncertainties like inflation and high interest rates[71](index=71&type=chunk) - As of June 30, 2025, the company had **$319 million in cash** and cash equivalents and **$950 million** available under its revolving credit facility, providing sufficient liquidity[113](index=113&type=chunk)[114](index=114&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q2 2025 total revenues decreased by $14 million, with varied market performance, including growth in Orlando and declines in Hawaii and Miami due to renovations and closures Rooms Revenue Breakdown (in millions) | Revenue Type | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Group rooms revenue | $121 | $128 | $(7) | | Transient rooms revenue | $250 | $255 | $(5) | | **Total Rooms Revenue** | **$401** | **$416** | **$(15)** | - Strong performance was noted in Orlando, New Orleans, New York, and Key West, driven by renovations and demand increases[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - Performance was negatively impacted by decreases in Hawaii due to renovation disruption and in Miami due to the full-scale renovation and operational suspension of the Royal Palm South Beach Miami[101](index=101&type=chunk) - Depreciation expense increased significantly due to **$56 million** in accelerated depreciation for the renovation at the Royal Palm South Beach Miami[105](index=105&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA decreased to $327 million and Adjusted FFO to $221 million for H1 2025, reflecting a challenging operating environment Reconciliation of Net (Loss) Income to Hotel Adjusted EBITDA (in millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) income | $(59) | $96 | | EBITDA | $270 | $345 | | Adjusted EBITDA | $327 | $355 | | **Hotel Adjusted EBITDA** | **$342** | **$368** | Reconciliation to Nareit FFO and Adjusted FFO (in millions, except per share) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) income attributable to stockholders | $(62) | $92 | | Nareit FFO attributable to stockholders | $167 | $206 | | **Adjusted FFO attributable to stockholders** | **$221** | **$248** | | Nareit FFO per share – Diluted | $0.83 | $0.98 | | **Adjusted FFO per share – Diluted** | **$1.10** | **$1.18** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $319 million cash and $950 million revolver availability, utilizing cash for dividends and share repurchases under a new $300 million program - Total liquidity includes **$319 million in cash** and **$950 million** available under the revolving credit facility[114](index=114&type=chunk) - In February 2025, a new **$300 million stock repurchase program** was authorized, with **3.5 million shares** repurchased for **$45 million** during the first six months of 2025[118](index=118&type=chunk)[119](index=119&type=chunk) - Cash from operations decreased by **$15 million** year-over-year to **$194 million** for the six months ended June 30, 2025, mainly due to lower occupancy at certain hotels[121](index=121&type=chunk) - The company declared a quarterly dividend of **$0.25 per share** for Q2 and Q3 2025[115](index=115&type=chunk)[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure stems from interest rate changes, which may be mitigated through hedging arrangements - The primary market risk exposure is from changes in interest rates[129](index=129&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2025, disclosure controls and procedures were effective[130](index=130&type=chunk) - No material changes to internal control over financial reporting occurred in the second quarter of 2025[131](index=131&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation, but management expects no material adverse effect on financial position or liquidity - The company is involved in ordinary course litigation but does not expect it to have a material adverse effect[133](index=133&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have been reported since the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors were reported since the last Annual Report[134](index=134&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 3.7 million shares under a new $300 million program authorized in February 2025, with $275 million remaining available Purchases of Equity Securities (Jan-Mar 2025) | Period | Total Shares Purchased | Avg. Price Paid | Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | | Jan 2025 | 1,430,264 | $14.00 | $14 | | Feb 2025 | 178,986 | $12.73 | $300 | | Mar 2025 | 2,085,011 | $11.97 | $275 | - A new **$300 million stock repurchase program** was authorized on February 14, 2025, expiring in February 2027[142](index=142&type=chunk) [Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company defaulted on its SF Mortgage Loan in June 2023, with $132 million in arrearage, leading to receivership and an expected sale of the securing hotels by October 2025 - The company ceased payments on the SF Mortgage Loan in June 2023, leading to a notice of default[138](index=138&type=chunk) - As of August 1, 2025, total arrearage on the loan was **$132 million**[138](index=138&type=chunk) - The hotels are in receivership and a purchase and sale agreement has been executed with an expected closing by October 29, 2025[138](index=138&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including agreements, corporate governance documents, and officer certifications

Financial Data and Key Metrics Changes - Q2 RevPAR was reported at $196, representing a 160 basis point decline year over year. Excluding the Hilton Hawaiian Village and Royal Palm South Beach, RevPAR growth would have exceeded 2% [21][22] - Total hotel revenues for the quarter were $645 million, with hotel adjusted EBITDA at $191 million, resulting in an adjusted EBITDA margin of 29.6% [21] - Adjusted EBITDA for the quarter was $183 million, and adjusted FFO per share was $0.64, both exceeding expectations [21][22] Business Line Data and Key Metrics Changes - The Bonnet Creek complex in Orlando delivered record-setting revenue for Q2, with RevPAR increasing nearly 12% year over year [12] - The Waldorf Astoria Orlando reported a 24% increase in RevPAR year over year, driven by strong demand in both group and transient segments [12] - Key West's Casa Marina Resort saw a nearly 4% year over year increase in RevPAR, with food and beverage revenue reaching a new Q2 record [15] Market Data and Key Metrics Changes - In Puerto Rico, RevPAR increased nearly 18% year over year, with Caribe Hilton outperforming its competitive set [15] - Urban markets such as New York, San Francisco, Denver, and Boston experienced solid RevPAR growth, with New York's Hilton Midtown Hotel achieving nearly a 10% increase [16] - Hawaii faced challenges with a combined RevPAR decline of approximately 12% due to weaker inbound travel, but sequential improvement is expected [17] Company Strategy and Development Direction - The company aims to dispose of 18 non-core hotels to enhance overall portfolio quality and long-term growth [9] - A comprehensive renovation project at the Royal Palm South Beach is expected to generate returns of 15% to 20% on a $103 million investment [10] - The company is focused on reshaping its portfolio through reinvestments in core assets and executing non-core asset dispositions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting a significant improvement in Q4 driven by group revenue pace increasing by 18% [20] - The outlook for the back half of the year remains mixed due to ongoing uncertainties around tariffs, inflation, and geopolitical issues [19] - Management anticipates RevPAR growth to reaccelerate to 3% to 5% in Q4, supported by easier year-over-year comparisons [20] Other Important Information - The company has invested over $1.4 billion in its core 20 consolidated hotels since 2018, upgrading nearly 8,000 guest rooms [12] - The company is actively working to address its 2026 debt maturities, including a $1.275 billion CMBS loan on the Hilton Hawaiian Village [22] - A cash dividend of $0.25 per share was declared for Q3, translating to an annualized yield of approximately 9% [22] Q&A Session Summary Question: Guidance on revenue and expense dynamics - Management explained that the decline in revenues was offset by expense controls, with a $10 million benefit to GOP from cost-saving measures [28][30] Question: Group booking strength into 2026 - Management indicated that group booking strength is expected to remain relatively flat in 2026, with key markets like Bonnet Creek and San Diego showing strong growth [37][38] Question: Refinancing options for upcoming debt maturities - Management discussed ongoing efforts to secure capital commitments to address upcoming debt maturities, with a focus on minimizing costs [43][44] Question: Feedback on marketed assets and transaction timelines - Management acknowledged a challenging transaction environment but expressed confidence in meeting their asset sale targets of $300 million to $400 million [50][51] Question: Hawaii market dynamics and recovery - Management provided insights on the Hawaii market, noting a gradual recovery post-strike and expectations for strong performance in Q4 [59][88]