Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including contributions from Andaz Miami Beach [5][19] - Rooms RevPAR grew by 9.6% in the quarter, with a 540 basis point benefit from Andaz Miami Beach [19] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, and Adjusted FFO was $0.20 per diluted share [19][24] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Montage Healdsburg achieved 15% total RevPAR growth in the quarter, and Marriott Long Beach Downtown generated 12% growth [7][8] - Urban hotels showed less robust top-line growth, but margins improved due to cost control measures [8][10] Market Data and Key Metrics Changes - The Portland market showed nearly 13% growth, while Boston and New Orleans faced softer markets [7] - Group revenue production in Orlando increased over 10% last year, indicating a strong start for 2026 [9] - The Washington D.C. market faced challenges due to government spending cuts and a government shutdown, impacting performance [10][12] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [27] - The company plans to continue executing its capital recycling strategy while remaining disciplined in capital allocation [18][47] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing strong early performance from Andaz Miami Beach and positive signs in Northern California [11][12] - The company anticipates RevPAR growth of 4% to 7% for rooms and 3.5% to 6.5% for total RevPAR in 2026 [22][23] - Management highlighted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [12][13] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - The board has reauthorized a $500 million share repurchase program [25] - The company has a strong balance sheet with over $200 million in cash and total liquidity exceeding $700 million [20][21] Q&A Session Questions and Answers Question: Can you walk through the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is seeing growth, and the transient demand is up about 53%, which will help cover shortfalls [32][33] Question: Can you discuss the expense growth implied in guidance? - Management indicated that total expense growth is around 3%, with labor costs decreasing slightly and energy prices increasing [36][39] Question: Are you expecting to be a net seller of assets? - Management confirmed that they are looking to realize private market values for hotels and resorts, continuing their strategy of recycling assets [44][47] Question: Why is total RevPAR guidance lower than RevPAR outlook? - Management explained that larger assets in D.C. and San Diego are impacting group business and ancillary spend, affecting total RevPAR [51][52] Question: What is the impact of the sale process on operations? - Management stated that the management contracts for hotels remain in place, so day-to-day operations are not impacted [72][73]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including the contribution from Andaz Miami Beach [5][21] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [21] - The company maintained a strong balance sheet with net leverage of 3.5 times trailing earnings, or 4.7 times including preferred equity [22] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced softer markets [8][9] - Convention hotels experienced RevPAR growth of 2.8%, with San Francisco being a standout performer [9] Market Data and Key Metrics Changes - The company noted a recovery in the Northern California market and positive signs in Wailea, with expectations for industry-wide lift from upcoming events [12][13] - The D.C. market faced challenges due to government spending cuts and a shutdown, impacting performance [11][76] - Transient demand in San Diego showed improvement, with early signs of recovery noted in January and February [13][55] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - Plans for 2026 include continued investment in properties and potential asset sales to realize value [29][45] - The company aims to manage costs effectively while pursuing growth opportunities in a cautious market environment [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [23] - The company anticipates a strong first quarter due to contributions from Andaz and improved performance in Maui [24] - Management highlighted the importance of controlling costs and managing margins amid inflationary pressures [11][40] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - A common dividend of $0.09 per share was authorized for the first quarter, alongside routine distributions for preferred securities [27] - The board reauthorized a share repurchase program of up to $500 million [27] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth excluding Andaz? - Management noted that Maui is seeing growth, and transient demand is improving, which should help cover shortfalls in group business [32][35] Question: What are the key drivers of expense growth in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [38][40] Question: Is the company expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [45][46] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The company cited challenges in larger assets and group business impacting ancillary spend [50][51] Question: What external events could impact guidance? - Management highlighted potential headwinds from government-related events and positive signs from upcoming celebrations [76][78] Question: Can you elaborate on CapEx guidance? - The largest projects will be front-loaded, with significant spending on meeting space renovations and other maintenance projects [80][81]

Brookfield Business Partners Investor Presentation February 2026 Brookfield Business Partners Flagship listed vehicle of Brookfield's private equity group, focused on continuing a long- term track record of compounding strong returns for investors BBU/BBUC NYSE & TSX Listed ~$7B Market Capitalization1,2 Investing alongside Brookfield's private equity strategies, executing a consistent playbook developed and refined over the past 25+ years Focused on owning and operating high-quality, vital industrial and se ...

Camden Lake Buena Vista – Orlando, FL Investor Presentation February 2026 2 The Right Product in the Right Markets Balance Sheet Strength and Liquidity Consistent Earnings and Dividend Growth Proven Record of Capital Recycling and Value Creation Innovation, Technology, and Talent = Operational Excellence Camden Tuscany – San Diego, CA Table of Contents | 2026 Highlights/Recent Updates | 4-5 | | --- | --- | | Company Overview | 6-13 | | 2026 Guidance | 14-19 | | Multifamily Fundamentals | 20-26 | | Capital R ...

Captured significant organic growth through 3.7 million square feet of leasing activity with renewal spreads averaging approximately 12% above expiring rents.Maintained high portfolio stability with 97% occupancy and 66% of the tenant base holding investment-grade or implied investment-grade ratings.Realized operational efficiencies and reduced G&A and capital expenditures by simplifying the corporate structure and eliminating multi-tenant complexity.Improved portfolio quality by increasing investment-grade ...

Building America's Leading Utility Growth Business 2025 – 2030 February 26, 2026 About This Presentation This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our ...

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR improved sequentially by over 200 basis points compared to Q3 2025, resulting in a same-store RevPAR decline of 1.6% [4] - For the full year 2025, same-store RevPAR declined 1.8%, primarily due to lower average daily rates [6][20] - Adjusted EBITDA for Q4 2025 was $39.7 million, and adjusted FFO was $22.3 million, or $0.18 per share [20] - Full year 2025 adjusted EBITDA was $174.8 million, and adjusted FFO was $0.85 per share [20] Business Line Data and Key Metrics Changes - The company closed on the sale of two non-core hotels in Q4 2025, generating gross proceeds of $39 million [8] - Non-rooms revenue increased by 9% in Q4 2025, driven by food and beverage revenue and other ancillary revenue streams [19][20] - Contract labor costs declined nearly 9%, approaching pre-pandemic levels, contributing to improved employee retention and productivity [21] Market Data and Key Metrics Changes - Government and international inbound demand declined approximately 20% in Q4 2025, impacting overall performance [5] - RevPAR for San Francisco properties increased over 40% year-over-year in Q4 2025, driven by citywide conventions and improving business travel [16] - Orlando properties saw a 9% increase in RevPAR in Q4 2025, supported by strong demand and higher-rated retail channels [17] Company Strategy and Development Direction - The company is focused on optimizing hotel profitability, prudent capital allocation, and strengthening the balance sheet to drive long-term shareholder value [14] - The company expects to benefit from several special events in 2026, including the FIFA World Cup, which will provide a unique demand tailwind [10][11] - A disciplined capital recycling strategy has been implemented, with 13 non-core hotels sold since 2023, generating approximately $200 million in gross proceeds [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving demand trends and easing year-over-year comparisons starting in Q2 2026 [11][13] - The company anticipates RevPAR growth of 0%-3% for the full year 2026, primarily driven by gains in average daily rates [25] - Management highlighted that the first quarter of 2026 is expected to be the most challenging, with RevPAR trends in line with Q4 2025 results [12] Other Important Information - The company declared a quarterly common dividend of $0.08 per share, representing a yield of approximately 7.7% [24] - The 2026 pro rata capital expenditure guidance is set at $55 million-$65 million, consistent with 2025 spending levels [22] Q&A Session Summary Question: Can you discuss the visibility and length of the booking window that underlies your confidence in the trends ahead? - Management noted positive indications from pacing, with March pacing slightly positive and April showing mid-single-digit increases, driven by solid performance in urban markets [30] Question: Is rate growth consistent with the pace figures in the months ahead, and which segments will drive improvement? - Management indicated that the majority of the lift is expected from business transient and group segments, with a two-thirds contribution from rate growth [32] Question: How much lift do you expect from the World Cup, and how does it impact your RevPAR growth outlook? - Management expects the World Cup to add approximately 50 to 75 basis points to the full year expectations, with significant exposure in key markets [35]

Chiron Real Estate (NYSE:GMRE) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsBob Kiernan - CFOJamie Barber - General CounselMark Decker - CEOConference Call ParticipantsAustin Wurschmidt - Managing Director and Senior Equity AnalystGaurav Mehta - Managing Director and Senior Equity AnalystJuan Sanabria - Managing Director and Senior Equity AnalystWes Golladay - Senior Equity AnalystOperatorGreetings, Welcome to the Chiron Real Estate's Q4 2025 Earnings Call. At this time, all parti ...

Chiron Real Estate (NYSE:GMRE) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsBob Kiernan - CFOMark Decker - CEOConference Call ParticipantsAustin Wurschmidt - Managing Director and Senior Equity AnalystGaurav Mehta - Managing Director and Senior Equity AnalystJuan Sanabria - Managing Director and Senior Equity AnalystWes Golladay - Senior Equity AnalystOperatorGreetings, welcome to the Chiron Real Estate's fourth quarter 2025 earnings call. At this time, all participants are on a l ...

Chiron Real Estate (NYSE:GMRE) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker7Greetings, welcome to the Chiron Real Estate's fourth quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Jamie Barber. Thank you. You may begin.Speaker4Good morning, everyone, we ...