Financial Performance - Net sales for Q3 2025 increased by 3.7% to $14.8 million, compared to $14.3 million in Q3 2024[3] - Net income for Q3 2025 was $976,000, representing a 13.2% increase from $862,000 in Q3 2024[12] - Gross profit increased by 7.0% to $5.9 million, with a gross profit margin of 39.7% for Q3 2025[11] - Operating income for Q3 2025 was $1.097 million, compared to $737,000 in Q3 2024, reflecting a 49% increase[19] - Net income for the nine months ended September 30, 2025, was $2.833 million, down from $3.082 million in the same period of 2024[19] - Basic earnings per share for Q3 2025 was $0.09, up from $0.08 in Q3 2024[19] - Diluted earnings per share remained stable at $0.27 for the nine months ended September 30, 2025, consistent with the same period in 2024[19] Sales and Revenue - Building Supply segment sales rose by 5.4% to $9.3 million, driven by a 12.7% increase in housewrap sales[9] - Sales of disposable protective garments increased by 10.4%, while face masks and face shields saw declines of 46.5% and 33.6%, respectively[10] - Net sales for Q3 2025 reached $14.785 million, a 3.7% increase from $14.251 million in Q3 2024[19] Cash and Capital Position - Cash position as of September 30, 2025, was $17.7 million, with working capital totaling $48.1 million and no debt[3] - The current ratio as of September 30, 2025, was 14:1, down from 16:1 as of December 31, 2024[13] - The company repurchased 129,800 shares at a cost of $0.6 million during Q3 2025, with a total of 21.8 million shares repurchased to date[14] Expenses and Taxation - Total operating expenses for Q3 2025 were $4.771 million, slightly higher than $4.747 million in Q3 2024[19] - The company reported a provision for income taxes of $317,000 for Q3 2025, compared to $237,000 in Q3 2024[19] - Interest income for the nine months ended September 30, 2025, was $484,000, down from $700,000 in the same period of 2024[19] Future Outlook - The company anticipates new product introductions in 2026 to expand its roofing and flashing categories[6] - Management expects tariffs to negatively impact gross profit in Q4 2025, but plans to offset this with price increases[11] Shareholder Information - Basic weighted average common shares outstanding decreased to 10,354,289 in Q3 2025 from 11,075,527 in Q3 2024[19]

Financial Performance - For the three months ended September 30, 2025, Vertex accounted for 35% of total income, while Roche contributed less than 10%[208]. - Total income and other revenues for the first nine months of 2025 reached $1,756.2 million, an increase of $86.3 million, or 5.2%, compared to the same period in 2024[226]. - Income from financial royalty assets increased by $45.6 million, or 8.6%, in Q3 2025 compared to Q3 2024, primarily due to the Voranigo royalty acquired in August 2024[228]. - Net income attributable to Royalty Pharma plc decreased by $255.8 million, or 47.0%, in Q3 2025 compared to Q3 2024, totaling $288.2 million[226]. - Other royalty income and revenues increased by $5.1 million, or 6.2%, in the first nine months of 2025, primarily due to sales growth of Nurtec ODT[231]. - Income from financial royalty assets for the first nine months of 2025 was $1,668.7 million, an increase of $81.1 million, or 5.1%, compared to the same period in 2024[229]. - Adjusted EBITDA for the three months ended September 30, 2025, was $779.4 million, compared to $679.4 million for the same period in 2024, representing a 14.7% increase[289]. - Portfolio Cash Flow for the nine months ended September 30, 2025, was $1.91 billion, up from $1.77 billion in the same period in 2024, indicating a 7.7% growth[289]. Expenses and Provisions - General and administrative expenses rose by $240.1 million, or 142.0%, in the first nine months of 2025 compared to the same period in 2024, primarily due to increased employee compensation expenses[226]. - Provision for changes in expected cash flows from financial royalty assets was $12.1 million in Q3 2025, a significant change from a provision of $(227.6) million in Q3 2024[226]. - Research and development funding expense increased by $50.0 million in Q3 2025 compared to Q3 2024, reflecting ongoing investments in product candidates[226]. - G&A expenses rose by $62.0 million, or 109.3%, in Q3 2025 compared to Q3 2024, mainly driven by higher share-based compensation expenses[241]. - Interest expense increased by $13.1 million, or 19.6%, in Q3 2025 compared to Q3 2024, primarily due to a $380 million term loan and the issuance of $2.0 billion in senior unsecured notes[246]. Cash Flow and Investments - The company generated $1.7 billion in net cash from operating activities for the first nine months of 2025, a decrease of $363.8 million compared to $2.0 billion in the same period of 2024[272][278]. - Cash used in investing activities decreased by $1.4 billion in the first nine months of 2025, primarily due to lower cash used for acquisitions of financial royalty assets[279]. - In the first nine months of 2025, the company invested $1.7 billion in royalties, milestones, and other contractual receipts[270]. - The company has access to up to $1.8 billion in revolving commitments under its Revolving Credit Facility[274]. - Cash used in financing activities was $886.4 million in the first nine months of 2025, compared to cash provided of $619.1 million in the same period of 2024[280]. Royalty Receipts - Royalty Receipts from the cystic fibrosis franchise increased by $45.6 million, driven by strong demand for Trikafta/Kaftrio and higher net pricing in the U.S.[264]. - Trelegy Royalty Receipts rose by $27.9 million due to volume growth across all regions, reflecting increased patient demand[264]. - Xtandi Royalty Receipts increased by $21.1 million, attributed to sales growth particularly in the U.S.[265]. - Milestones and other contractual receipts increased by $91.4 million, primarily due to a one-time distribution related to the Legacy SLP Interest[268]. - Voranigo Royalty Receipts reached $79.5 million, driven by a strong launch in the U.S.[265]. - Royalty Receipts from other products increased by $19.9 million, supported by recent acquisitions[268]. - Tysabri Royalty Receipts decreased by $16.3 million due to increased competition and pricing pressures[265]. - Tremfya Royalty Receipts increased by $21.7 million, driven by market share gains and growth in new indications[265]. Debt and Financing - The company has total outstanding borrowings of $9.2 billion as of September 30, 2025, up from $7.8 billion as of December 31, 2024[274]. - The company issued $2.0 billion in senior unsecured notes in September 2025 with a weighted average coupon rate of 5.16%[283]. - The company has a $380 million Term Loan with Bank of America, maturing on July 31, 2026, with an interest rate of either Daily SOFR plus 1.25% or Term SOFR plus 1.25%[284]. - As of September 30, 2025, the company has an uncommitted line of credit agreement with Société Générale providing a borrowing capacity of up to $350 million, with no outstanding borrowings[285]. - The Revolving Credit Facility has a borrowing capacity of $1.8 billion, with $1.69 billion maturing on December 22, 2028, and $110 million maturing on October 31, 2027[286]. Acquisitions and Strategic Initiatives - The company completed the acquisition of RP Manager on May 16, 2025, as part of its internalization strategy[196]. - In November 2025, the company acquired a royalty interest in Alnylam's Amvuttra for $310 million, which is an approved RNAi therapeutic[271]. - The company entered into a funding arrangement with BeOne for up to $950 million, including an upfront payment of $885 million for a royalty on Imdelltra[297]. - A two-part $2 billion funding arrangement with Revolution Medicines includes up to $1.25 billion for a synthetic royalty and a senior secured term loan of up to $750 million[298]. - The company has a long-term funding arrangement with Cytokinetics, with $275 million remaining available under the Cytokinetics Commercial Launch Funding as of September 30, 2025[300]. Assets and Liabilities - Current assets increased to $652,195 thousand as of September 30, 2025, compared to $53,380 thousand as of December 31, 2024[311]. - Current liabilities decreased to $441,816 thousand as of September 30, 2025, from $1,100,681 thousand as of December 31, 2024[311]. - Non-current liabilities increased to $9,067,768 thousand as of September 30, 2025, compared to $6,613,747 thousand as of December 31, 2024[311]. - Non-current intercompany notes receivable due from Non-Guarantor Subsidiaries increased to $2,860,003 thousand as of September 30, 2025, from $2,430,894 thousand as of December 31, 2024[311]. - There are no material restrictions on distributions from the operating subsidiaries, which hold the majority of cash and cash equivalents[310].

Exhibit 99.1 Mr. Sharng continued, "These actions will enable investments in new systems and technologies, including an AI-enabled marketing app and a member-interface business suite, as well as new marketing initiatives designed to drive member growth and engagement. By aligning costs with global sales performance, we are positioning the company for sustainable growth, profitability, and long-term value creation." 1 – Orders decreased 5% year over year, but increased 5% sequentially – Restructuring initiat ...

Revenue Performance - Revenue for Q3 2025 was $1,137 million, a 10% increase from $1,030 million in Q3 2024[107] - Pet Health revenue for Q3 2025 was $533 million, up 10% from $486 million in Q3 2024, accounting for 47% of total revenue[111] - Farm Animal revenue for Q3 2025 was $593 million, a 12% increase from $530 million in Q3 2024, representing 52% of total revenue[111] - For the nine months ended September 30, 2025, total revenue was $3,571 million, reflecting a 4% increase compared to the same period in 2024[115] - Revenue for Pet Health increased by $47 million, or 10%, for the three months ended September 30, 2025, driven primarily by higher volumes[116] - Farm Animal revenue increased by $63 million, or 12%, for the three months ended September 30, 2025, supported by increased volumes across cattle and poultry[118] Profitability - Gross profit for Q3 2025 reached $607 million, reflecting a 13% increase compared to $538 million in Q3 2024[107] - Gross profit for the three months ended September 30, 2025, was $607 million, a 13% increase from $538 million in the same period in 2024[121] - Gross margin percentage for the nine months ended September 30, 2025, remained flat at 56% compared to the same period in 2024[122] - The company recorded a net loss of $34 million in Q3 2025, compared to a net income of $364 million in Q3 2024[107] Expenses - Research and development expenses for Q3 2025 were $89 million, a 2% increase from $87 million in Q3 2024[107] - Research and development expenses increased by $2 million for the three months ended September 30, 2025, totaling $89 million, maintaining 8% of revenue[123] - Marketing, selling, and administrative expenses rose by $28 million for the three months ended September 30, 2025, totaling $323 million, which is 31% of revenue[124] - Interest expense decreased by $6 million for the three months ended September 30, 2025, totaling $58 million, due to lower average outstanding debt balances[131] - The company recognized an income tax benefit of $16 million for the three months ended September 30, 2025, compared to an expense of $195 million in the same period in 2024[133] Cash Flow and Financing - Cash provided by operating activities increased to $452 million for the nine months ended September 30, 2025, compared to $364 million for the same period in 2024, reflecting a year-over-year increase of 24%[142] - Cash used for investing activities was $215 million for the nine months ended September 30, 2025, a decrease of $1,463 million compared to cash provided by investing activities of $1,248 million in the same period of 2024[143] - Cash used for financing activities decreased to $257 million for the nine months ended September 30, 2025, compared to $1,460 million for the same period in 2024, indicating a reduction of approximately 82%[145] - The company refinanced its Term Loan B due 2027, paying off the $2,102 million balance in full with proceeds from new debt facilities and cash on hand[139] Asset Management - The company recorded asset impairments of $24 million during the three months ended September 30, 2025, primarily related to suspended capital projects[127] - As of September 30, 2025, the company had cash and cash equivalents of $505 million and unused borrowing capacity of approximately $750 million on its Revolving Credit Facility[138] - The company had approximately $110 million in undrawn borrowing capacity on its Securitization Facility as of September 30, 2025[138] Strategic Actions - The company completed the divestiture of its aqua business for $1,294 million in cash proceeds in July 2024, resulting in a pre-tax gain of $640 million[102] - A Purchase and Sale Agreement executed in May 2025 with Blackstone generated proceeds of $295 million for future royalties from Tarsus[100] - The company intends to indefinitely reinvest substantially all foreign earnings for continued use in foreign operations, which may change based on tax-efficient reinvestment alternatives[137] - Approximately 80% of the company's long-term indebtedness, excluding finance lease liability, bears interest at a fixed rate following the refinancing and interest rate swap settlement[152] - The company purchased approximately 56 acres of land in August 2025 to develop the One Health Innovation District research hub in Indianapolis, Indiana[143] Currency Exposure - Approximately 51% of revenue for the nine months ended September 30, 2025, was denominated in foreign currencies[108] - Revenue in Turkey represented less than 1% of the company's consolidated revenue during the nine months ended September 30, 2025[151] Revenue Shifts - The company experienced a shift in revenue due to customers accelerating purchases in anticipation of tariff increases, impacting Q2 and Q3 2025 results[98]

Brisbane, CA, November 5, 2025 – Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage biotechnology company with a pipeline of first-in-class1 targeted and immune-mediated therapeutics to fight cancer, today reported financial results for the quarter ended September 30, 2025 and provided a corporate update. "We are continuing our strategic alternatives process with the goal of maximizing value for stockholders," said Stephen Brady, president and chief executive officer of Tempest. "In addition, we lo ...

Revenue Performance - Revenue increased 11.1% to $125.4 million in the third quarter of 2025 compared to the same period in 2024[4] - Total revenue for the first nine months of 2025 increased 13.1% to $353.9 million[4] - Total revenue for Q3 2025 reached $125.415 million, a 11.4% increase from $112.852 million in Q3 2024[20] - Total product revenue increased 9.8% year-over-year, representing 76.1% of total revenue[7] - Product revenue increased to $95.459 million in Q3 2025, up from $86.950 million in Q3 2024, representing a growth of 9.3%[20] - Service revenue rose to $29.956 million in Q3 2025, compared to $25.902 million in Q3 2024, marking a 15.8% increase[20] - The company expects fourth quarter 2025 revenue of approximately $123 million to $125 million[9] Profitability Metrics - Gross margin was 41.8% in the third quarter of 2025, down from 42.5% in the third quarter of 2024[15] - EBITDA decreased 8.1% to $19.9 million, representing 15.9% of revenue in Q3 2025, compared to $21.7 million or 19.2% of revenue in Q3 2024[4] - Net income decreased 11.8% to $13.1 million, or $0.47 per share, compared to $14.9 million, or $0.54 per share in Q3 2024[4] - Operating income for Q3 2025 was $16.751 million, slightly down from $18.387 million in Q3 2024[20] - Net income for Q3 2025 was $13.135 million, a decrease from $14.892 million in Q3 2024, resulting in a net income margin of 10.5%[20] - EBITDA for Q3 2025 was $19.944 million, down from $21.698 million in Q3 2024[29] Cash Flow and Financial Position - Cash flows from operations were $33.2 million in Q3 2025, the highest quarter in the company's history[8] - The company reported a net cash provided by operating activities of $33.154 million in Q3 2025, compared to $19.559 million in Q3 2024, indicating strong operational cash flow[24] - Cash and cash equivalents increased to $64.497 million as of September 30, 2025, compared to $22.087 million at the end of 2024[22] - Total assets grew to $387.695 million as of September 30, 2025, up from $285.607 million at the end of 2024[22] Future Investments - The company plans to invest $75 million to $150 million in manufacturing and supply chain over the next two years to improve gross margin to 52%-54% by the end of 2028[3] Expenses - Sales and marketing expenses increased 29.7% year-over-year[15]

Financial Performance - Total revenue for Q3 2025 was $186.6 million, down from $200.4 million in Q3 2024, primarily due to asset sales and lower office occupancy[4] - Net loss attributable to common stockholders was $136.5 million, or $0.30 per diluted share, compared to a net loss of $97.9 million, or $0.69 per diluted share in Q3 2024[4] - Total revenues for the three months ended September 30, 2025, were $186,617, a decrease of 6.9% compared to $200,393 for the same period in 2024[25] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $136,467, compared to a net loss of $97,918 for the same period in 2024, reflecting an increase in losses of approximately 39.2%[25] - Net loss for the three months ended September 30, 2025, was $144,086, compared to a net loss of $107,013 for the same period in 2024, representing a 34.6% increase in loss year-over-year[26] Funds from Operations (FFO) - FFO, excluding specified items, was $16.7 million, or $0.04 per diluted share, compared to $14.3 million, or $0.10 per diluted share in the same quarter last year[4] - The fourth quarter FFO outlook is projected to be between $0.01 and $0.05 per diluted share[12] - Funds from Operations (FFO) attributable to common stock/unit holders for the three months ended September 30, 2025, was $14,624, up 115.5% from $6,791 in the same period of 2024[26] - FFO per common stock/unit—diluted for the three months ended September 30, 2025, was $0.03, down from $0.05 in the same period of 2024[31] Expenses and Liabilities - General and administrative expenses improved by 30% to $13.7 million compared to $19.5 million in the previous year[4] - Total operating expenses for the three months ended September 30, 2025, were $211,753, a decrease of 4.2% compared to $221,057 for the same period in 2024[25] - Total liabilities decreased to $4,310,391 from $4,954,508, indicating a reduction of about 13.0%[24] - Operating lease liabilities decreased to $350,736 from $380,004, a decline of approximately 7.7%[24] Cash and Liquidity - The company has $1.0 billion of liquidity, consisting of $190.4 million in unrestricted cash and $795.3 million in undrawn capacity under its revolving credit facility[11] - Cash and cash equivalents increased significantly to $190,436 from $63,256, marking a growth of approximately 201.5%[24] Real Estate and Leasing - The company executed 75 new and renewal leases totaling 515,450 square feet, including a significant 106,000-square-foot lease with an AI company[10] - The in-service office portfolio ended the quarter at 75.9% occupied and 76.5% leased, an increase from 75.1% occupied and 76.2% leased in Q2 2025[10] - The company has a leasing pipeline of 2.2 million square feet, with the lowest lease expiration profile in four years, positioning it well for future growth[3] - Rental revenues from office properties for the three months ended September 30, 2025, were $148,290, down 9.0% from $162,908 in the same period last year[25] Asset Management - Total assets decreased to $7,795,790, down from $8,132,239 as of December 31, 2024, representing a decline of approximately 4.1%[24] - The company acquired a 45% ownership interest in the Hill7 office property in Seattle, assuming $45.5 million of the joint venture's debt[6] Operating Metrics - Same-store cash Net Operating Income (NOI) for the three months ended September 30, 2025, was $89,300, down 10.7% from $99,952 in the same period of 2024[32] - Total cash NOI for the three months ended September 30, 2025, was $84,601, compared to $97,463 for the same period in 2024, reflecting a decrease of 13.2%[32] - The company reported a loss from unconsolidated real estate entities of $744 for the three months ended September 30, 2025, compared to a loss of $3,219 in the same period last year[25] Depreciation and Amortization - Depreciation and amortization for the three months ended September 30, 2025, totaled $94,085, compared to $86,672 for the same period in 2024, indicating an increase of 8.1%[32] Stock and Shares - The weighted average shares of common stock outstanding for the three months ended September 30, 2025, were 451,031, compared to 141,232 for the same period in 2024, indicating a significant increase in shares outstanding[25] - The weighted average common stock/units outstanding—diluted for the three months ended September 30, 2025, was 457,085, significantly higher than 145,640 for the same period in 2024[31] Performance Evaluation - Hudson Pacific Properties evaluates performance based on property Net Operating Income (NOI) from continuing operations, which is not a GAAP measure[33] - NOI is calculated as operating revenues minus property-level operating expenses, providing insights into occupancy rates, rental rates, and operating costs[33] - The company believes that cash basis NOI, which excludes straight-line rent and non-cash adjustments, is a useful measure of operating performance for investors[33]

Financial Performance - Reported net income attributable to Plains All American of $441 million for Q3 2025, a 100% increase from $220 million in Q3 2024[4] - Adjusted EBITDA attributable to Plains was $669 million for Q3 2025, up 2% from $659 million in Q3 2024[7] - Full-year 2025 Adjusted EBITDA is forecasted to be in the range of $2.84 to $2.89 billion, including approximately $40 million from the acquisition of EPIC[4] - Adjusted Free Cash Flow for Q3 2025 was $303 million, a decrease of 24% compared to $401 million in Q3 2024[7] - Operating income for the three months ended September 30, 2025, was $484 million, compared to $196 million for the same period in 2024, representing a significant increase of 146.9%[26] - Net income attributable to PAA for the three months ended September 30, 2025, was $441 million, up 100.9% from $220 million in the same period of 2024[26] - Net income for the three months ended September 30, 2025, was $529 million, compared to $312 million for the same period in 2024, representing a 69.9% increase[37] - Adjusted EBITDA from Crude Oil for Q3 2025 was $593 million, a 3% increase from $577 million in Q3 2024[9] - Adjusted EBITDA attributable to PAA for Q3 2025 was $669 million, an increase of 1.5% from $659 million in Q3 2024[56] Acquisition and Investments - Plains completed the acquisition of a 100% equity interest in EPIC, with a total purchase price of approximately $1.33 billion, including $500 million of debt[4] - The acquisition of EPIC is expected to yield solid mid-teens returns with a 2026 EBITDA multiple of approximately 10x[4] - Plains anticipates a leverage ratio of approximately 3.5x post-acquisition and upon closing the NGL divestiture expected by Q1 2026[4] - Total investment capital expenditures for the nine months ended September 30, 2025, were $401 million, significantly higher than $232 million in the same period of 2024, indicating a 73% increase[31] Cash Flow and Distributions - Distribution per common unit declared for Q3 2025 was $0.3800, a 20% increase from $0.3175 in Q3 2024[7] - Cash distributions paid to common unit holders for the three months ended September 30, 2025, totaled $267 million, compared to $223 million in 2024, an increase of 19.7%[37] - The common unit distribution coverage ratio for the three months ended September 30, 2025, was 1.61x, down from 1.92x in 2024[37] - Adjusted Free Cash Flow after Distributions for the nine months ended September 30, 2025, is calculated by reducing Adjusted Free Cash Flow by cash distributions paid to preferred and common unitholders[22] Assets and Liabilities - Total assets as of September 30, 2025, were $28,101 million, an increase from $26,562 million as of December 31, 2024[27] - Total liabilities as of September 30, 2025, were $15,112 million, compared to $13,466 million as of December 31, 2024, indicating an increase of 12.9%[27] - Long-term debt-to-total book capitalization ratio increased to 46% as of September 30, 2025, from 42% as of December 31, 2024[28] - Total debt as of September 30, 2025, was $9,452 million, up from $7,621 million as of December 31, 2024, reflecting a 24.1% increase[28] Operational Highlights - The company continues to view the Canadian NGL Business as a component of overall performance, with a potential sale not anticipated to close until the first quarter of 2026[24] - Management emphasizes the importance of non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Free Cash Flow, in assessing operational performance and liquidity[22] - Cash provided by operating activities for continuing operations was $1,836 million for the nine months ended September 30, 2025, compared to $1,597 million for the same period in 2024, reflecting a 15% increase[30] - Net cash provided by operating activities for the nine months ended September 30, 2025, totaled $2,150 million, up from $1,763 million in 2024, representing a 22% increase[30] Risks and Challenges - Economic conditions, including potential recession and high inflation, could affect demand for crude oil and midstream services provided by the company[63] - The company faces risks related to fluctuations in crude oil prices and production levels, particularly in the North American market[63] - Competition in the midstream sector may exert downward pressure on rates, volumes, and margins, impacting overall profitability[63] - Environmental liabilities and regulatory changes could adversely impact the company's operations and financial performance[63] - The company is exposed to risks from natural disasters and cyber attacks that could disrupt operations[63] Personnel and Management - The ability to attract and retain key personnel is essential for maintaining operational efficiency and strategic initiatives[65] - The company is focused on maintaining its credit ratings and managing capital expenditures to support growth and operational stability[65]

Property Ownership and Acquisitions - As of September 30, 2025, the Operating Partnership owned or had an ownership interest in 38 regional retail centers, comprising approximately 39 million square feet of gross leasable area (GLA) [145] - The Company acquired a 100% interest in Arrowhead Towne Center and South Plains Mall for $36.4 million, including the assumption of debt [150] - The acquisition of Crabtree Mall, a 1,325,000 square foot regional retail center, was completed for a total purchase price of $290.0 million, funded by cash and $100.0 million in borrowings [153] - The Company sold Lakewood Center for $332.1 million, recognizing a gain on sale of assets of $21.1 million [168] - The Company recognized a gain of $42.8 million from the sale of its 50% interest in Biltmore Fashion Park for $110.0 million [157] Financial Performance - For the three months ended September 30, 2025, the Company reported gains on the sale of land totaling $1.2 million [170] - The Company anticipates continued growth and has outlined expectations for its Path Forward Plan [146] - The Company expects to generate positive cash flow after recurring operating capital expenditures and payment of dividends in 2025 [222] - Funds From Operations (FFO) attributable to common stockholders increased by 7.8%, from $248.7 million in 2024 to $268.1 million in 2025 [246] - FFO (Funds From Operations) attributable to common stockholders and unit holders for the three months ended September 30, 2025, was $88.59 million, compared to $81.23 million for the same period in 2024, representing an increase of 9.3% [278] Debt and Financing - The Company defaulted on a $300.0 million loan on Santa Monica Place, transitioning the property to a receiver [173] - The Company replaced a $116.9 million mortgage loan on Danbury Fair Mall with a new $155.0 million loan at a fixed rate of 6.39% [172] - A $525.0 million refinance loan on Queens Center was closed, replacing an existing $600.0 million loan, with a fixed interest rate of 5.37% [177] - The Company repaid a $478.0 million loan on Washington Square using proceeds from a public stock offering, recognizing a gain of $14.4 million [178] - The Company's total outstanding loan indebtedness was $6.60 billion as of September 30, 2025, with $5.08 billion in consolidated debt [263] Redevelopment and Development Activities - The Company is redeveloping Scottsdale Fashion Square with an estimated total cost of $84.0 million to $90.0 million, with a pro rata share of $42.0 million to $45.0 million [184] - The redevelopment of Green Acres Mall is estimated to cost between $130.0 million and $150.0 million, with approximately $31.4 million incurred as of September 30, 2025 [185] - The joint venture in FlatIron Crossing has a total project cost estimated between $245.0 million and $265.0 million, with the Company's pro rata share estimated at $125.0 million to $135.0 million [187] - The Company expects to incur approximately $250.0 million to $300.0 million for development and redevelopment activities over the next twelve months [253] Leasing and Occupancy - Leasing revenue increased by $33.8 million, or 16.6%, from 2024 to 2025, driven by $30.6 million from JV Transition Centers and $11.0 million from Acquisition Property [226] - Comparable tenant sales for spaces less than 10,000 square feet increased by 0.5% for the trailing twelve months ended September 30, 2025, with sales per square foot rising to $867 from $837 in 2024 [207][216] - The leased occupancy rate was 93.4% as of September 30, 2025, a 0.3% decrease from 93.7% in 2024, but a 1.4% increase from 92.0% at June 30, 2025 [207][219] - The Company signed 888 leases for approximately 5.4 million square feet during the first three quarters of 2025, representing an 85% increase in square footage leased compared to 2024 [217] - The Company has executed renewal leases or commitments on 94% of its square footage expiring in 2025, with another 5% in the letter of intent stage [208] Cash Flow and Dividends - Cash provided by operating activities increased by $42.8 million from 2024 to 2025, attributed to changes in assets and liabilities [247] - Cash used in investing activities increased by $300.8 million, primarily due to property acquisitions and contributions to unconsolidated joint ventures [248] - Cash dividends and distributions for the nine months ended September 30, 2025, were $142.0 million, funded by operations [269] - The Company declared a cash dividend of $0.17 per share for each quarter of 2024 and the first three quarters of 2025 [188] Interest Rates and Debt Management - A 1% increase in interest rates would decrease future earnings and cash flows by approximately $4.7 million per year based on $471.1 million of floating rate debt outstanding [283] - The total floating rate debt for Consolidated Centers was $459.1 million as of September 30, 2025, with an average interest rate of 6.04% [280] - The Company has interest rate cap agreements in place to manage floating rate exposure, ensuring that the prevailing floating loan rate does not exceed specified limits [282] - The average interest rate on the fixed rate debt for Consolidated Centers increased from 4.40% at December 31, 2024, to 4.56% at September 30, 2025 [280] Joint Ventures and Equity - Equity in income (loss) of unconsolidated joint ventures increased by $213.5 million from 2024 to 2025, largely due to prior impairment losses recognized in 2024 [243] - The Company's pro rata share of the Unconsolidated Joint Venture Centers' fixed rate debt was $1.56 billion, with an average interest rate of 5.29% as of September 30, 2025 [281]

Financial Performance - Reported net income attributable to Plains All American of $441 million for Q3 2025, a 100% increase from $220 million in Q3 2024[4] - Adjusted EBITDA attributable to Plains was $669 million for Q3 2025, up 2% from $659 million in Q3 2024[7] - Revenues for the three months ended September 30, 2025, were $11,578 million, a decrease of 7.0% from $12,456 million in the same period of 2024[26] - Operating income for the three months ended September 30, 2025, was $484 million, compared to $196 million for the same period in 2024, representing a significant increase of 146.9%[26] - Net income attributable to PAA for the three months ended September 30, 2025, was $441 million, up from $220 million in the same period of 2024, reflecting an increase of 100.5%[26] - Basic and diluted net income per common unit for the three months ended September 30, 2025, was $0.55, compared to $0.22 for the same period in 2024, representing an increase of 150%[26] - Net income for the three months ended September 30, 2025, was $529 million, compared to $312 million in the same period of 2024, representing a 69.9% increase[37] - Adjusted EBITDA attributable to PAA for Q3 2025 was $669 million, compared to $659 million in Q3 2024, an increase of 1.5%[56] Cash Flow and Distributions - Adjusted Free Cash Flow for Q3 2025 was $303 million, a 24% decrease from $401 million in Q3 2024[7] - Cash distributions paid to common unit holders for the three months ended September 30, 2025, totaled $267 million, compared to $223 million in 2024, a 19.7% increase[37] - The common unit distribution coverage ratio for the three months ended September 30, 2025, was 1.61x, down from 1.92x in 2024[37] - Adjusted Free Cash Flow after Distributions for the nine months ended September 30, 2025, is calculated to assess cash available for distributions, debt repayments, and other purposes[22] - Net cash provided by operating activities for the three months ended September 30, 2025, was $817 million, compared to $692 million in 2024, marking an 18.1% increase[42] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $500 million, a turnaround from a cash outflow of $330 million in 2024[30] Acquisitions and Divestitures - Plains completed the acquisition of a 100% equity interest in EPIC, with a total purchase price of approximately $1.33 billion, including $500 million of debt[4] - The acquisition of EPIC is expected to yield solid mid-teens returns with a 2026 EBITDA multiple of approximately 10x[4] - Plains plans to divest its Canadian NGL business, with the transaction expected to close in Q1 2026[5] - The Canadian NGL Business is expected to remain a component of overall company performance until its anticipated sale in the first quarter of 2026[24] Assets and Liabilities - Total assets as of September 30, 2025, were $28,101 million, an increase from $26,562 million as of December 31, 2024, indicating growth of 5.8%[27] - Total liabilities as of September 30, 2025, were $15,112 million, compared to $13,466 million as of December 31, 2024, reflecting an increase of 12.2%[27] - Long-term debt-to-total book capitalization ratio increased to 46% as of September 30, 2025, from 42% as of December 31, 2024[28] - Current assets, including cash and cash equivalents, increased to $5,583 million as of September 30, 2025, from $4,802 million as of December 31, 2024[27] Operational Metrics - Adjusted EBITDA from Crude Oil for Q3 2025 was $593 million, a 3% increase from $577 million in Q3 2024[9] - Crude Oil Segment Adjusted EBITDA for Q3 2025 was $593 million, up from $577 million in Q3 2024, representing a growth of 2.8%[56] - NGL Segment Adjusted EBITDA for the three months ended September 30, 2025, was $70 million, slightly down from $73 million in 2024[49] - Total crude oil pipeline tariff for Q3 2025 was $9,883 million, an increase of 7.8% from $9,166 million in Q3 2024[54] Risks and Strategic Focus - Economic conditions, including potential recession and high inflation, could affect demand for crude oil and midstream services provided by the company[63] - The company faces risks related to fluctuations in crude oil prices and production levels, particularly in the North American market[63] - Competition in the midstream sector may exert downward pressure on rates, volumes, and margins for PAA[63] - The successful integration and performance of acquired assets, such as the EPIC acquisition, are critical for future growth[63] - Environmental liabilities and regulatory changes could negatively impact the company's operations and financial performance[63] - The company is exposed to risks from natural disasters and cyber attacks that could disrupt operations[63] - PAA's ability to maintain credit ratings and secure financing is essential for funding acquisitions and capital projects[63] - The company is focused on strategic opportunities, including acquisitions and joint ventures, to enhance its market position[63]