Credit: Barrick US activist hedge fund Elliott Management has accumulated a large stake in Barrick Mining (TSX: ABX) (NYSE: B) amid speculation that the Canadian-based gold-copper miner may undergo major changes, the Financial Times reported on Tuesday.It follows a Reuters report last week which revealed the Barrick board is considering splitting the company into two separate entities, one focused on the “safer” North American assets and the other on mines across the “riskier” Africa and Asia regions.Accord ...

Financial Data and Key Metrics Changes - The company's core FFO was negative $10.5 million for Q3 2025, compared to negative $11.5 million in the prior year, indicating a slight improvement [17] - Overall net operating income (NOI) was $7 million, down from $9.8 million in the previous quarter [6][7] - The company reported a negative FFO of $11.1 million, or negative $14.75 per diluted share, compared to negative $28.4 million in the prior year [17] Business Line Data and Key Metrics Changes - Office segment NOI decreased to $5 million in Q3 2025 from $5.4 million in Q3 2024, primarily due to lower rental revenues and occupancy declines [14][15] - Hotel NOI was $850,000 in Q3 2025, down from $1 million in the prior year, impacted by renovation disruptions [16] - Multifamily segment NOI increased to $792,000 in Q3 2025 from $508,000 in the prior year, driven by lower real estate taxes [16] Market Data and Key Metrics Changes - Multifamily occupancy at 701 South Hudson improved to approximately 81% from 68% at the end of the second quarter [9] - San Francisco experienced a third-quarter rent growth of 5.2%, the strongest year-over-year growth rate since 2015 [11] - The office portfolio was 73.6% leased at the end of Q3 2025, with a notable increase to 86.6% when excluding one Oakland property [12] Company Strategy and Development Direction - The company is focused on strengthening liquidity and balance sheet while growing its multifamily business [4] - A definitive agreement was made to sell the lending business for approximately $44 million, considered a non-core asset [5] - The company aims to benefit from a recovering commercial real estate market, supported by lower interest rates and increased office leasing activity [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving cash flow in 2026, driven by office leasing activity, hotel renovations, and multifamily performance [8] - The company believes headwinds from COVID are largely behind, with return-to-office trends creating positive momentum [12] - Management anticipates meaningful opportunities for multifamily NOI growth through rising rents and improved occupancy [11] Other Important Information - Barry Berlin, the CFO, will step down following the sale of the lending division, with Brandon Hill set to assume the role [8] - The company is nearing completion of an $11 million renovation at the Sheraton Grand Sacramento, funded through various sources [12] Q&A Session Summary - There were no questions during the Q&A session, leading to the conclusion of the conference [21]

Financial Data and Key Metrics Changes - The company is actively engaged in recycling activities, with funding coming from asset sales and maturing loans, indicating a balanced approach to capital management [2][3] - The company has seen strong yields on loans, with a focus on maintaining earnings stability despite potential lumpiness in cash flows due to loan expirations [3] Business Line Data and Key Metrics Changes - The company is focusing on unique opportunities in various property types, particularly in retail, while also exploring short-duration opportunities outside of retail [7] - The luxury residential development in Austin is nearing completion, with lot sales expected to start soon, indicating progress in the company's development projects [12][14] Market Data and Key Metrics Changes - The company is monitoring properties leased to At Home, with plans for potential replacement tenants if needed, showcasing proactive asset management [38] - Recent loans have been issued at higher interest rates due to their short duration, reflecting the competitive landscape for such financing [39][40] Company Strategy and Development Direction - The company aims to focus on high-quality, credit-rated tenants and is strategically moving away from lower-rated tenants, as evidenced by the drop in credit-rated tenants in the portfolio [68][72] - The acquisition of properties like Lowe's is part of a targeted strategy to enhance the portfolio with high-quality assets, indicating a shift towards more premium investments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline of high-quality assets and sponsorships, indicating a positive outlook for future earnings [3][50] - The company is committed to retaining capital for reinvestment rather than significantly increasing dividends, reflecting a focus on growth and asset allocation [64][67] Other Important Information - The company has sold significant vacant properties, which will reduce operating expenses, indicating effective cost management [15][16] - The company is actively managing its loan portfolio, with plans to sell portions of loans to optimize capital structure [22][27] Q&A Session Summary Question: How is the company thinking about funding recent investment activity? - The company plans to fund activities through asset sales and maturing loans, maintaining a balanced approach to capital management [2] Question: How does the company manage potential lumpiness in loan expirations? - Management is confident in replacing loans and maintaining earnings stability, citing a strong pipeline of opportunities [3] Question: What is the current status of the luxury residential development in Austin? - The project is nearing completion, with lot sales expected to begin shortly [12] Question: How is the company addressing the drop in credit-rated tenants? - The decrease is attributed to certain tenants losing their credit ratings, but the company remains focused on maintaining a high-quality tenant base [72] Question: What is the company's strategy regarding future acquisitions? - The company will focus on high-quality, credit-rated assets and is not looking to acquire lower-quality properties [31] Question: How does the company view its loan activity in relation to its overall strategy? - Loan activity has become a more permanent fixture in the company's strategy, providing higher yields compared to traditional net lease properties [49][50]

Financial Data and Key Metrics Changes - The company is actively engaged in recycling capital through asset sales to enhance the credit quality of its portfolio [2] - The company has seen a strong pipeline of high-quality assets and sponsorships, indicating a robust investment environment [3] Business Line Data and Key Metrics Changes - The company is focusing on retail properties but is open to unique short-duration opportunities in other property types, such as industrial [5] - The company has sold two major vacant properties, which will reduce annual operating expenses by approximately $400,000 each once the remaining property is sold [9][10] Market Data and Key Metrics Changes - The company is monitoring properties leased to At Home and is prepared to replace tenants if necessary, indicating a proactive approach to managing its portfolio [22] - The interest rates on recent loans have been higher than the year-to-date average due to their short duration and flexibility, attracting a different type of investor [23][24] Company Strategy and Development Direction - The company plans to focus on high-quality credit tenants and is not looking to acquire generic properties, aiming to differentiate its portfolio [19] - The company is actively looking to reinvest proceeds from asset sales into high-quality loans and properties, indicating a strategy of maintaining a strong investment profile [7][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to replace loans and maintain earnings, citing a strong pipeline of opportunities [3] - The company is optimistic about its future, expecting to deliver strong free cash flow and high earnings, while also being active in the net lease market [28][30] Other Important Information - The company has experienced a drop in the percentage of credit-rated tenants due to some tenants losing their credit ratings, but the overall credit quality remains stable [42][43] - The company is retaining capital to support growth and may implement minimal dividend increases to comply with REIT regulations [40] Q&A Session Summary Question: How is the company thinking about funding recent investment activity? - The company plans to fund activities through asset sales and maturing loans, balancing both sides of the capital structure [2] Question: What is the strategy regarding property types outside of retail? - The company will remain focused on retail but is open to unique opportunities in other sectors if they present themselves [5] Question: How will proceeds from asset sales be utilized? - Proceeds will primarily be reinvested into loans and properties, with some potential for debt reduction [7] Question: What is the current status of the luxury residential development in Austin? - The project is nearing completion, with lot sales expected to begin shortly [8] Question: What is the company's approach to managing vacant properties? - The company is actively working to sell vacant properties and reduce associated operating expenses [9][10] Question: How does the company view its loan activity moving forward? - The company sees loan activity as a growing part of its strategy, providing flexibility and higher yields compared to traditional net lease properties [30] Question: What is the outlook for the dividend? - The company aims to retain capital for growth, which may limit the extent of future dividend increases [40]

Core Viewpoint - Leadership changes at Barrick Mining and Newmont may lead to asset sales and potential takeover discussions, particularly focusing on Barrick's Fourmile project in Nevada [1][2][4] Company Developments - Barrick's CEO Mark Bristow resigned unexpectedly after over six years, coinciding with Newmont's CEO Tom Palmer announcing his retirement [2] - Bristow's departure follows Barrick's announcement of the Fourmile project's potential to produce up to 750,000 ounces of gold annually, significantly boosting Barrick's stock by approximately 20% in the days following the announcement [3][6] - Under Bristow's leadership, Barrick's share price has lagged behind peers, with a 2.6 times increase since January 2019, compared to a fourfold increase in the TSX Global Gold Index [5][6] Market Context - Gold prices reached a historic high of $3,895.09 per ounce, marking a 45% increase since the beginning of the year, driven by strong demand from central banks [7][8] - Goldman Sachs predicts gold could reach $4,000 per ounce by mid-2026 due to ongoing central bank purchases [8][9] Strategic Implications - Analysts suggest a potential shift in Barrick's strategy post-Bristow, with a focus on the Fourmile project and a possible reduction in exposure to geopolitically sensitive regions [4][10] - Barrick's asset portfolio spans 18 countries, with North America accounting for 46% of gold production, while Africa and the Middle East dominate copper output [11] Future Prospects - The Fourmile project is expected to enhance Barrick's growth outlook, with an average output projected between 600,000 and 750,000 ounces of gold annually over 25 years [18][19] - Analysts speculate that the increased value of Nevada Gold Mines may present an opportunity for Newmont to acquire Barrick, although regulatory approvals could pose challenges [20]

Core Insights - Corpay, based in Atlanta, specializes in payments software services for managing corporate lodging expenses, primarily serving clients in North America and the UK [3] - The company reported significant revenue from its various segments, with the largest unit generating approximately $2 billion, followed by corporate payments at $1.2 billion, and lodging at $489 million [4] Financial Performance - The lodging segment has shown weakness in the second quarter and is expected to continue negatively impacting overall performance in the latter half of the year [6] - Corpay aims to achieve mid-single-digit to 10% revenue growth in the lodging segment, which has been hindered by fewer weather emergencies and airline disruptions [7] Strategic Decisions - If revenue growth does not improve, Corpay may consider divesting its lodging unit, as indicated by the new CFO Peter Walker [7] - The CEO Ron Clarke also mentioned the possibility of selling the lodging unit, which is the third-largest segment, along with other non-core vehicle businesses already on the market [7]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.05 per share compared to a loss of $0.43 per share in Q2 of the previous year [15] - Baseline EBITDA for Q2 was $117 million, a 12% increase year over year, bringing the trailing twelve-month baseline EBITDA to $425 million [15] - Adjusted EBITDA totaled $147 million, significantly up from $79 million in Q2 of the previous year [15] Business Line Data and Key Metrics Changes - Assets under management grew to a record $30 billion, increasing by 70% since the beginning of 2021 [6] - The rental housing sector, representing 65% of assets under management, comprises approximately 70,000 units [7] - The company originated $1.3 billion in new rental housing construction loans, marking the second-largest quarter in originations to date [7] Market Data and Key Metrics Changes - The U.S. apartment sector is experiencing strong rental demand due to a persistent housing shortage and declining new supply, setting the stage for rental growth [12][13] - In the Pacific Northwest, NOI growth was the strongest across the portfolio at 5.6%, driven by demand from companies like Amazon and Starbucks [22] - The Mountain West region, particularly Idaho, saw impressive NOI growth of 7.2% due to higher rents and lower real estate taxes [23] Company Strategy and Development Direction - The company is focused on increasing its exposure to rental housing, aiming for this sector to grow to over 80% of assets under management over the next two years [7] - The strategy includes expanding the multifamily and affordable housing sectors while disposing of non-core assets [20] - The company plans to continue recycling capital into higher return investment opportunities within its investment management platform [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the real estate fundamentals strengthening and the compelling risk-adjusted opportunities in the rental housing sector [12] - The company anticipates a record level of new capital deployment in the remainder of 2025, supported by strong partnerships and a robust pipeline of activity [14] - Management highlighted the importance of maintaining a diversified investment management business to enhance shareholder value [14] Other Important Information - The company generated $275 million from asset sales for the year, keeping it on track to meet its goal of $400 million by year-end [11] - The company has $113 million of consolidated unrestricted cash and $450 million of undrawn availability on its credit facility [19] - The company began utilizing its share repurchase plan, repurchasing approximately 400,000 shares at an average price of $6.21 [19] Q&A Session Summary Question: Can you discuss the UK single-family rental business and its attractiveness? - The UK single-family rental market is in its early stages, with significant growth potential and a focus on a build-to-rent strategy [34][36] - Targeted returns are mid-teens at the asset level, potentially reaching the 20s with fees included [37] Question: How does the company view competition in the debt platform? - The company will continue to focus on residential construction lending, with potential expansion into bridge lending and permanent solutions [42] - The company has expertise in other property types but will primarily focus on housing [43] Question: What are the plans for non-core asset sales for the remainder of the year? - The company is on track to exceed its goal of $400 million in asset sales, having already generated $275 million [44] Question: What are the preferences between affordable versus market-rate multifamily investments? - The company is interested in expanding exposure to both affordable and market-rate sectors, with a focus on the U.S. market [47][48] - The company aims to increase the number of units it manages to between 90,000 and 100,000 over the next few years [51] Question: How is the company addressing upcoming debt maturities? - The company plans to continue disposing of non-core assets to free up capital for debt maturities and refinancing [63] - The average rate on maturing debt is close to 6%, which is above the current borrowing cost [65]

Core Viewpoint - Cleveland-Cliffs Inc. has gained renewed confidence from Wall Street after better-than-expected Q2 2025 results, leading to an upgrade by KeyBanc Capital Markets to Overweight with a price forecast of $14 [1][5]. Financial Performance - The company reported a narrower adjusted loss of $0.50 per share for Q2 2025, beating expectations, with revenue of $4.93 billion [2]. - Steel shipments reached a record 4.3 million net tons, although the average selling price declined. Cost-cutting measures reduced steel unit costs by $15 per ton [3]. - Adjusted EBITDA turned positive at $97 million, and the company lowered its 2025 capital expenditure and SG&A guidance, expecting further cost improvements in the second half [3]. Strategic Insights - CEO Lourenco Goncalves highlighted strong domestic steel demand, a healthy order book, and supportive policy from the Trump administration. The end of a loss-making slab supply deal is expected to enhance margins and accelerate free cash flow and debt reduction [4]. - The upgrade reflects increased confidence in Cleveland-Cliffs' cost-cutting efforts and operational efficiencies, particularly in the high-margin automotive segment, alongside favorable trade protections and reshoring trends [5]. Future Outlook - The analyst revised the 2025 outlook, projecting EBITDA of $419 million, more than double the previous estimate. For Q3 2025, EBITDA expectations were raised to $197 million from $123 million, aided by an additional $20 per ton in cost savings [6]. - For 2026, EPS forecast was raised to $0.42 and EBITDA to $1.86 billion, with potential for EBITDA to exceed $2 billion if U.S. and Canadian steel prices outperform expectations [7]. Valuation and Asset Management - Valuation remains attractive, with shares trading at about 7x 2026 EV/EBITDA, within historical norms. The $14 price forecast reflects a multiple toward the higher end of that range, considering potential asset sales and stronger steel pricing [8]. - The company is exploring non-core asset divestitures, engaging J.P. Morgan to lead the sales process for idle properties, which could yield "billions of dollars" and enhance financial flexibility and shareholder returns [9].

Summary of BXP Conference Call Company Overview - The conference call was hosted by BMO Capital Markets featuring BXP (formerly known as Boston Properties) with key executives including Owen Thomas (Chairman and CEO), Doug Linde (President and Director), and Mike LaBelle (CFO) [1][2] Core Industry Insights - **Leasing Activity**: BXP reported a significant increase in leasing activity, with a 30% rise in leases executed in the first quarter compared to the same period in the previous year [3][4] - **Occupancy Rates**: Current occupancy is approximately 87%, with potential to increase as rollover exposure in 2026 and 2027 is under 5% [5][12] - **Development Pipeline**: The company is set to deliver a major project, 290 Binney Street, which is 100% leased to AstraZeneca, expected to add $45 million to $50 million in cash flow [6][46] Financial Performance - **Funds from Operations (FFO)**: Each percentage point increase in occupancy translates to approximately $0.20 per share in FFO, indicating a strong opportunity for growth [5] - **Asset Sales**: BXP is actively selling non-producing assets, with four land parcels under contract expected to generate about $75 million in proceeds [7][50] Market Dynamics - **Regional Performance**: Manhattan is identified as the strongest market, with high demand and limited availability leading to double-digit rent increases. Other strong markets include Back Bay of Boston and Northern Virginia [15][16] - **West Coast Challenges**: The West Coast, particularly San Francisco, is experiencing slower demand, primarily driven by technology firms, with a need for more substantial growth from smaller companies to impact the market positively [18][20] Acquisition Strategy - BXP is continuously looking for acquisition opportunities, particularly in a market where they believe interesting prices may be available. However, finding suitable premier workplace assets has proven challenging due to low availability [25][27] - The company is focusing on development opportunities, with a notable project in Washington, D.C., where they have secured leases before committing to build [44][48] Future Outlook - **343 Madison Development**: BXP plans to move forward with the 343 Madison project, anticipating an average rent of over $200 per square foot, with a projected completion for tenant build-out by early 2029 [36][43] - **Residential Development**: BXP is exploring mixed-use developments and residential projects, leveraging their land holdings in suburban areas to meet housing demand [56][58] Key Risks and Considerations - The company acknowledges potential market volatility and external factors such as tariffs and policy changes that could impact leasing and development activities [60] Conclusion - BXP is positioned for growth with strong leasing activity, a robust development pipeline, and strategic asset sales, while navigating challenges in certain markets and focusing on future opportunities in both commercial and residential sectors [8][60]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA from continuing operations for Q4 was $176.8 million, up approximately 20% from $147.9 million in the prior year [6] - Full year adjusted EBITDA from continuing operations was $622.9 million, exceeding previous guidance of $620 million [7] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA for Q4 was $154.9 million, compared to $123.4 million in the prior year [7] - Physical water disposal volumes increased to 2.73 million barrels per day in Q4 from 2.39 million barrels per day in the prior year [8] - Crude Oil Logistics adjusted EBITDA decreased to $13.1 million in Q4 from $15.3 million in the prior year, primarily due to lower volumes on the Grand Mesa pipeline [10][11] - Liquids Logistics adjusted EBITDA was $17.7 million in Q4, down from $22.2 million in the prior year [12] Market Data and Key Metrics Changes - Total volumes paid for disposal increased by 11% in Q4 compared to the same quarter of the previous year [8] - Operating cost per barrel for fiscal 2025 was $0.22, down from $0.24 in fiscal 2024 [9] Company Strategy and Development Direction - The company is focusing on core assets after divesting non-core businesses, which will reduce volatility and seasonality of adjusted EBITDA [5] - Plans to continue reducing leverage and improve capital structure by addressing Class D Preferred Units [6][19] - The company aims to generate approximately 85% of adjusted EBITDA from the Water Solutions segment moving forward [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite oil price uncertainty, there has been no drop-off in customer activity in the Corita Basin [10] - The company is well-positioned with 90% of volumes committed through acreage dedications and MVCs, with 80% of total volumes from investment-grade counterparties [10] - Future growth is expected in the Water Solutions segment, with guidance for fiscal 2026 adjusted EBITDA between $615 million and $625 million [12] Other Important Information - The company completed the sale of 18 natural gas liquids terminals and other non-core assets, raising $270 million [4][16] - The biodiesel business has been fully wound down, eliminating approximately $75 million of working capital [5] Q&A Session Summary Question: Can you offer more color on your expectations by business for 2026 guidance? - Management explained that the water guidance midpoint implies about $560 million, accounting for a $20 million decline in skim oil revenues due to lower crude prices [21][22] Question: What are the conversations with customers regarding growth opportunities? - Management indicated that they are recontracting and focusing on core customers, with no slowdown in volumes currently observed [27][29] Question: How much lower could you flex capital spending down? - Management stated that capital expenditures are already low and further reductions may not be significant [35][37] Question: How do you think about your low and high range on volumes for the water business? - Management noted that fluctuations in volumes are normal, with a strong base wedge of business and no significant changes expected from customers [40][46] Question: Will there be a reinstatement of common unit distributions? - Management clarified that there are no plans for near-term distributions as the focus is on reducing Class D preferred units [52][54]