Financial Data and Key Metrics Changes - The company reported a 24% increase in gold production compared to the same period last year, leading to a 256% improvement in cash flow from operations [7][27] - Adjusted free cash flow reached $952 million, a significant turnaround from an outflow of $58 million in the prior period [28] - The all-in cost decreased by $100 from $2,060 per ounce to $1,957 per ounce, despite an increase in operating costs [12][27] Business Line Data and Key Metrics Changes - Salares Norte showed a 46% improvement quarter on quarter, with commercial production expected in Q3 and steady state planned for Q4 [7][19] - South Deep experienced a 31% improvement in attributable production half on half, driven by improved underground mining and stope turnover [13] - St. Ives saw a 33% improvement in attributable production due to enhanced open pit volumes and grades [14] Market Data and Key Metrics Changes - The company benefited from a 40% increase in realized gold prices, which significantly contributed to the improved financial performance [7][27] - The company generated $2.1 billion from operations before taxes, with $463 million paid in taxes to various governments [28] Company Strategy and Development Direction - The company's strategy focuses on delivering safe, reliable, and cost-effective operations while enhancing the quality of its portfolio through exploration and M&A activities [2][3] - The company aims to grow cash flow per share, allowing for a balance between returning funds to shareholders and investing in business growth [3][5] - The acquisition of Gold Road is expected to enhance the company's growth prospects and consolidate ownership of Gruyere [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production and cost guidance for 2025, despite slightly elevated unit costs in H1 [4][8] - The company is focused on improving safety performance and cultural changes within the organization [6][45] - Management anticipates continued strong performance in the second half of the year, driven by ongoing operational improvements and strategic investments [46] Other Important Information - The company declared an interim dividend of $0.70 per share, a 133% increase from the equivalent period last year [5][27] - Significant progress has been made in ESG commitments, including a 14% reduction in carbon emissions since 2016 and improvements in gender diversity [9][10] Q&A Session Summary Question: How does the company approach building and sustaining leadership strength? - The company has invested heavily in leadership development and has made organizational changes to enhance culture and capability [49][50] Question: What are the expectations for grade and recoveries at Salares Norte in the second half? - Management indicated that improvements in recovery rates are expected due to the commissioning of a larger capacity furnace, with a target to align with long-term grade profiles [56][58][59] Question: What is the status of the Gold Road acquisition and the Northern Star share position? - The value of the offer for Gold Road will float with Northern Star's share price, and the company plans to offload the position to avoid unnecessary risk [61][64] Question: What is the company's position on capital expenditure and the CapEx cycle? - The company is prioritizing capital allocation to ensure the most value-accretive options are pursued while balancing investments, debt reduction, and shareholder returns [67][68] Question: What updates can be provided on the Windfall project and permitting? - The company is on track with the EIA process and expects to go to public consultation in October, aiming for approval in 2026 [98]

Financial Data and Key Metrics Changes - The company reported a 24% improvement in gold production compared to the same period last year, leading to a 256% improvement in cash flow from operations [7][27] - Adjusted free cash flow reached $952 million, a significant increase from an outflow of $58 million in the prior period [28] - The interim dividend was announced at $0.70 per share, representing a 133% increase from the equivalent period last year [5][27] Business Line Data and Key Metrics Changes - Salares Norte showed a 46% improvement quarter on quarter, with commercial production expected in Q3 and steady state planned for Q4 [7][19] - South Deep experienced a 31% improvement in attributable production half on half, driven by improved underground mining and stope turnover [14] - St. Ives saw a 33% improvement in attributable production due to enhanced open pit volumes and grades [15] Market Data and Key Metrics Changes - The company benefited from a 40% increase in realized gold prices, which significantly contributed to the overall financial performance [7][27] - The all-in cost decreased from $2,060 per ounce to $1,957 per ounce, attributed to strong production and operational efficiencies [12] Company Strategy and Development Direction - The company's strategy focuses on safe, reliable, and cost-effective operations while enhancing the quality of its portfolio through exploration and M&A activities [2][3] - The acquisition of Gold Road is expected to conclude in October, consolidating ownership of Gruyere and enhancing growth prospects [5][39] - The company is committed to improving its ESG commitments, including gender diversity and decarbonization efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production and cost guidance for 2025, with ongoing improvements in safety performance [4][43] - The company is focused on delivering predictable results and improving safety culture while ramping up production at Salares Norte [43][44] - Future capital allocation will prioritize investments that enhance long-term value while maintaining returns to shareholders [67] Other Important Information - The company has made significant progress in its ESG initiatives, including a 14% reduction in carbon emissions since 2016 [9] - The company is actively exploring brownfield and greenfield opportunities to extend the life of its assets and enhance portfolio quality [35][41] Q&A Session Summary Question: How does the company approach building and sustaining leadership strength? - The company has invested heavily in leadership development and has made organizational changes to enhance its culture and capability [47][48] Question: What is the outlook for Salares Norte's grade and recoveries in the second half? - The company has implemented a larger capacity furnace to improve recoveries and aims to align processing with long-term grade profiles [55][56] Question: What is the status of the Gold Road acquisition and Northern Star share position? - The value of the offer for Gold Road will float with Northern Star's share price, and the company plans to manage this position carefully [60][62] Question: What is the expected CapEx for Salares Norte and other projects? - Salares Norte's CapEx is expected to decrease significantly in the second half, with adjustments made to group capital guidance to reflect this [85][86] Question: What is the status of the Windfall project and permitting process? - The company is on track with the EIA process and expects to go to public consultation in October, aiming for approval in 2026 [96]

Core Viewpoint - Hillenbrand, Inc. reported a significant decline in net revenue for the fiscal third quarter of 2025, primarily due to the divestiture of the MIME business and lower capital equipment volume, while achieving improvements in net income and adjusted EPS compared to the previous year [1][4][5]. Financial Performance - Net revenue for the third quarter was $598.9 million, a decrease of 24% from $786.6 million in the prior year, mainly due to the MIME divestiture and lower capital equipment volume [4][6]. - GAAP net income attributable to Hillenbrand was $1.9 million, or $0.03 per share, compared to a loss of $(248.9) million, or $(3.53) per share, in the prior year, reflecting a significant recovery [5][6]. - Adjusted EBITDA was $84.3 million, down 36% from $131.0 million year-over-year, primarily due to lower volume and unfavorable product mix [4][6]. - Adjusted diluted EPS decreased by 40% to $0.51 from $0.85 in the previous year [4][6]. Strategic Initiatives - The company focused on refining its portfolio and reducing debt, successfully using proceeds from the MIME divestiture to pay down over $300 million in debt during the fiscal year [2][3]. - Hillenbrand achieved $30 million in run-rate cost synergies from recent acquisitions, indicating progress in integrating its Food, Health, and Nutrition (FHN) business [2][8]. Market Conditions - The company faced challenges as customers continued to delay purchasing decisions due to a dynamic tariff landscape, impacting revenue generation [3][8]. - Despite these challenges, Hillenbrand remains confident in its durable business segments and differentiated technologies to deliver solutions globally [3][8]. Outlook - Hillenbrand updated its fiscal 2025 outlook, maintaining the midpoint of its full-year adjusted EPS range based on year-to-date performance and expectations for the fourth quarter [18][20]. - The company anticipates total net revenue for fiscal 2025 to be between $2.595 billion and $2.630 billion, reflecting a year-over-year decline of 18% to 17% [20][21].

Financial Data and Key Metrics Changes - Total investment income for Q2 2025 was $35.1 million, a decrease from $35.4 million in Q2 2024 [19] - Net investment income was $13.9 million, down from $15.6 million in the same period last year [19] - The debt portfolio generated a dollar-weighted average annualized yield of 15.4%, holding flat quarter over quarter and increasing from 15.1% year-over-year [19] - Total operating expenses increased to $21.2 million from $19.8 million in Q2 2024 [20] - Net realized loss on investments was $1.5 million compared to a net realized gain of $6.1 million in Q2 2024 [20] - Net assets decreased to $498.9 million from $503.3 million at the end of Q2 2024 [21] - NAV per share increased by 1.3% to $13.66 from $13.48 at the end of Q2 2024 [21] Business Line Data and Key Metrics Changes - The company executed three investments in new and existing portfolio companies totaling $37.8 million in funded loans during Q2 2025 [8][11] - Significant investments included a $40 million commitment in Auto Books and a $20 million commitment in Swing Education [9][10] - The weighted average portfolio risk rating remained stable at 2.33, indicating consistent credit quality [13] Market Data and Key Metrics Changes - The venture debt market is experiencing a fundamental shift, with companies focusing on demonstrating growth to attract investment [15] - AI deals represented 64% of 2025 deal value and count, indicating a concentration of fundraising momentum in this sector [17] - The company noted a cautious outlook for M&A activity in its target sectors for the remainder of the year [15] Company Strategy and Development Direction - The company aims to optimize its portfolio through diversification of investment size and expanding financing solutions [7] - It is leveraging its integration within the BC Partners platform to enhance origination channels and financing options [6] - The focus remains on high-quality late and growth-stage companies within technology, healthcare, and select consumer sectors [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate economic uncertainties and maintain shareholder value [6] - The outlook for 2026 appears brighter than for 2025, with expectations of increased pipeline activity [67] - Management emphasized the importance of portfolio optimization and diversification in the current market environment [68] Other Important Information - The company has a stock repurchase program approved for $25 million, with 815,408 shares repurchased during Q2 2025 [24] - Total available liquidity was reported at $297 million, including unrestricted cash and cash equivalents [22] - The company has $164.9 million in unfunded commitments, with $135.5 million allocated for debt financing [23] Q&A Session Summary Question: Non-accruals and their impact on total investment income - Management explained that PIK (payment-in-kind) is used for both offensive and defensive reasons, helping to manage cash flow issues and win transactions [29][30] Question: Share repurchase program strategy - The company uses a structured plan based on stock price relative to NAV, being more aggressive when the discount to NAV is higher [31] Question: Refinancing costs and their impact - Approximately $0.04 per share was attributed to increased interest expense, with a portion being one-time costs related to refinancing [35] Question: Unfunded commitments and drawdown expectations - Historically, about 50% of unused commitments expire without use, but performance at or above plan can reduce the likelihood of drawdowns [36] Question: Update on CADMA JV - The CADMA JV is ramping up, with expectations for additional transactions by year-end [56] Question: Market reaction to new products - All new products rolled out have been well received, with structured second lien and revolver products being highlighted [58] Question: M&A activity in the venture market - Management noted that companies are focusing on organic growth rather than M&A, which is seen as a positive trend [62]

Financial Data and Key Metrics Changes - For Q2 2025, the company recorded revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million, with AFFO at $53.1 million or $0.24 per share [16][19] - The gross outstanding debt balance was $3.1 billion at the end of Q2 2025, a reduction of $2 billion from the end of 2024 [17] - The net debt to adjusted EBITDA ratio improved to 6.6 times, down from 8.1 times at the end of 2024 [17] Business Line Data and Key Metrics Changes - The company completed the $1.8 billion sale of its multi-tenant retail portfolio, increasing occupancy to 98% from 97% as of year-end 2024 [5][6] - The percentage of leases with rent escalators increased to 88% from 81% [6] - The office portfolio maintained 100% rent collection and had the highest percentage of investment-grade tenancy at 77% [9] Market Data and Key Metrics Changes - Geographically, 70% of straight-line rent is earned in North America and 30% in Europe, providing diversification across economic cycles [13][14] - The company has reduced its exposure to the gas and convenience store sector, with assets sold amounting to approximately $108 million, decreasing portfolio exposure to 2.1% from 5.3% [10][11] Company Strategy and Development Direction - The company aims to drive sustainable long-term growth by optimizing its portfolio, reducing leverage, and lowering its cost of capital [5] - The strategic focus includes reducing exposure to non-core assets, particularly in the office sector, while maintaining a disciplined approach to tenant retention [9][10] - The company plans to use proceeds from asset sales to fund stock buybacks and further deleverage [43][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in performance and raised the lower end of AFFO per share guidance to a range of $0.92 to $0.96 for the remainder of 2025 [19] - The company is focused on completing ongoing initiatives, including dispositions and lease renewals, to maintain earnings within the stated guidance range [27] - Management acknowledged the disappointing share price performance despite improvements in the balance sheet and extended debt maturities [13] Other Important Information - The company repurchased 10.2 million shares at a weighted average price of $7.52, totaling $77 million, capitalizing on an AFFO yield of approximately 12% [12] - The company has no remaining debt maturities in 2025 and $95 million of debt tied to retail assets expiring in 2026 [12] Q&A Session Summary Question: What is the target percentage for office assets and the timeline for reduction? - Management indicated a strategic approach to office portfolio reduction, emphasizing the strong performance and high-quality tenants, without providing specific targets or timelines [25][26] Question: When does management expect earnings to begin growing again? - Management raised the lower end of the earnings guidance to $0.92 to $0.96 per share and indicated that they would provide guidance for 2026 later in the year [27] Question: Can management comment on the recent share sale by the CEO? - The CEO explained that the sale was due to personal obligations and should not be interpreted negatively regarding the company's future [28][29] Question: How does management view the auto manufacturing sector within the portfolio? - Management expressed confidence in the critical assets within the auto manufacturing sector, particularly those tied to US manufacturers, and does not foresee significant issues [33][34] Question: What is the pace of future dispositions? - Management indicated a pipeline of approximately $300 million in future dispositions and emphasized the strategic nature of these sales [42]

Financial Data and Key Metrics Changes - Brookdale reported a same community weighted average occupancy of 80.7%, an increase of 190 basis points year-over-year [5] - Adjusted EBITDA grew by 19.7% quarter-over-quarter and 23.4% for the first half of the year [6] - Adjusted free cash flow for the quarter was $20 million, compared to a negative $6 million in the same quarter last year [7][34] - Consolidated RevPAR increased by 5.1% year-over-year, driven by a 200 basis point increase in weighted average occupancy [27] Business Line Data and Key Metrics Changes - The same community RevPAR increased by 4.8% year-over-year, supported by a 190 basis point occupancy growth [31] - The occupancy band of communities with less than 70% occupancy decreased from 143 to 129, indicating operational improvements [10] - Communities with over 95% occupancy increased from 73 to 88, a 21% improvement [10] Market Data and Key Metrics Changes - The company experienced a sequential occupancy growth of 80 basis points, the strongest second quarter growth since 2022 [25] - Move-ins were 7% above the prior year and 9% above historic averages, indicating a positive trend in demand [28] Company Strategy and Development Direction - Brookdale's five-part strategy focuses on improving operating performance, optimizing the real estate portfolio, capital reinvestment, reducing leverage, and elevating quality for residents and associates [8][14][17][20] - The company plans to exit 55 leased assets by year-end to streamline its portfolio [14] - Capital reinvestment of $49 million was made in Q2, with over 500 capital-related projects underway [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued occupancy growth and improved financial performance, expecting the positive impact of occupancy results to be realized in the third quarter [29][41] - The company anticipates a negative adjusted EBITDA impact of approximately $2 million due to the timing of community transitions [38] Other Important Information - Brookdale's total liquidity increased to $350 million, a $44 million sequential increase [34] - The company is focused on enhancing the quality of care through the rollout of the Brookdale Health Plus program, which is expected to be in nearly 200 communities by year-end [86][88] Q&A Session Summary Question: What initiatives have been implemented to drive occupancy? - Management emphasized the focus on SWAT teams to drive profitable occupancy and accountability through daily operational meetings [45][46] Question: How should the balance between rate and occupancy be approached? - Management highlighted the importance of increasing occupancy in the less than 70% band to cover fixed costs, while maximizing pricing in higher occupancy bands [51][52] Question: What is the outlook for controllable move-outs? - Management noted improvements in the attrition rate and emphasized the importance of resident retention programs [63] Question: Can you elaborate on the softness in move-ins early in the quarter? - Management attributed the softness to macroeconomic uncertainty but noted a recovery in move-ins during May and June [71][72] Question: What are the drivers behind the improved cash flow? - Management indicated that improved operations were the primary driver of adjusted free cash flow, despite some working capital variability [75]

2Q25 RESULTS DISCLAIMER Any statements that may be made during this conference call regarding Copel's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the Company's management, as well as information currently available. Forward-looking statements are not guarantees of performance: they involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur. General economic condit ...

Financial Data and Key Metrics Changes - Consolidated average production for Q2 2025 reached 27,380 barrels of oil equivalent per day, with a year-to-date average of 28,223 barrels per day, reflecting a 6% decline compared to the previous quarter due to divestments and local blockades [6][10] - Adjusted EBITDA was $71.5 million with a 60% margin, driven by cost discipline and a $4.9 million gain from the commodity hedging program [9][10] - The company reported a net loss of $10.3 million for the quarter, but excluding a nonrecurring impairment charge, the net profit amounted to $20.7 million, significantly higher than previous quarters [12] Business Line Data and Key Metrics Changes - Janus 34 delivered 17,605 barrels of oil equivalent per day, exceeding expectations due to effective management and operational efficiencies [7] - Average well costs were reduced by more than 30%, and pad-to-pad mobilization time dropped from seven days to just eighteen hours [7][9] - CPO-five's performance remained stable despite some production impact from downtime, and the field is currently operating normally [8] Market Data and Key Metrics Changes - The company expects a full-year organic production range of 26,000 to 28,000 barrels of oil equivalent per day, excluding volumes from inorganic acquisitions [10] - Adjusted EBITDA for the full year is projected to be between $260 million and $290 million at Brent prices of $65 to $70 per barrel [11] Company Strategy and Development Direction - The company is focused on enhancing field productivity, stabilizing production, and improving returns over time, with a rigorous portfolio reassessment ongoing [5] - There is a commitment to responsibly increase investment and accelerate development in Colombia's oil and gas sector [5] - The company plans to divest its interest in the Perico and Espejo blocks in Ecuador to prioritize high-return assets [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged strong operational and financial results despite market volatility and lower Brent prices [6] - The CEO emphasized the importance of protecting the existing business while creating additional value and returning to a pathway of growth [17] - The company is actively assessing opportunities in Argentina, particularly in the Vaca Muerta region, and is open to both operating and non-operating partnerships [22][41] Other Important Information - The Board approved a dividend payment of $7.5 million for 2025, reflecting the company's performance during the period [12] - The company completed an open market repurchase of $54.5 million of its 2030 notes, enhancing long-term financial flexibility [10] Q&A Session Summary Question: Can you provide examples of areas for improvement in the company? - The CEO noted that the company is focused on protecting the existing business and creating additional value, with ongoing efforts to enhance operational efficiencies and address natural production declines [19] Question: What is the status of inorganic growth opportunities, particularly in Argentina? - The CEO confirmed that the company is actively looking at opportunities in Argentina, particularly in the Vaca Muerta region, and is open to both operating and non-operating roles [22][41] Question: How are you approaching reserves replacement and capital allocation? - The CEO highlighted a focus on both organic and inorganic efforts for reserves replacement, with an increased capital expenditure guidance reflecting good opportunities [28][29] Question: What are the company's cash allocation priorities moving forward? - The company aims to balance capital allocation between organic CapEx, M&A opportunities, and dividends, with a disciplined approach to managing cash [104]

Financial Data and Key Metrics Changes - Core FFO per share was reported at $0.84, and AFFO per share at $0.85, each up 1.2% year over year [15] - Annualized base rent reached $894 million, an increase of almost 7% year over year [15] - The company announced a 3.4% increase in its common stock dividend, marking the thirty-sixth consecutive year of annual dividend increases [4][20] Business Line Data and Key Metrics Changes - The company renewed 17 out of 20 leases, achieving rental rates 108% above prior rents [8] - Seven properties were leased to new tenants at rates 105% above prior rents, indicating strong demand for assets [8] - Acquisitions during the quarter totaled over $230 million across 45 new properties, with an initial cap rate of 7.4% and an average lease term of over 17 years [9] Market Data and Key Metrics Changes - The company has a portfolio of approximately 3,663 freestanding single-tenant properties across all 50 states [7] - The average debt maturity is reported at 11 years, positioning the company strongly in the capital markets [3][12] Company Strategy and Development Direction - The company is committed to a disciplined underwriting approach while emphasizing acquisition volume through sale-leaseback transactions [10] - The company plans to increase its acquisition volume guidance to a range of $650 million to $700 million for the year [21] - The focus remains on optimizing the portfolio by disposing of underperforming assets while maintaining strong tenant relationships [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the portfolio, with no significant tenant concerns [8] - The company is taking a conservative approach to future acquisitions due to heightened competition and market conditions [27] - Management remains optimistic about the long-term prospects for properties associated with At Home, which filed for bankruptcy [9][51] Other Important Information - The company successfully completed a $500 million five-year unsecured bond offering with a 4.6% coupon [6][19] - The balance sheet is described as one of the strongest in the sector, with nearly $1.5 billion in available liquidity [12][19] Q&A Session Summary Question: What is driving the implied deceleration in investment guidance? - Management indicated that the deceleration is likely due to a conservative outlook, despite robust market opportunities and heightened competition [27] Question: Can you discuss the new relationships in acquisitions? - Management noted that new relationships are developed through long-term calling efforts, but specific details on new relationships were not disclosed [28] Question: Update on available assets for sale or retenanting? - Management reported strong demand for certain assets, with 28 out of 64 assets currently being worked on for re-leasing [35] Question: What is the timeline for releasing vacant properties? - Management stated that while initial marketing activity occurs within 30-40 days, the full release process may take 9-12 months depending on redevelopment needs [45] Question: How is the company managing bad debt? - Management maintains a conservative approach, embedding 60 basis points of bad debt in guidance, primarily due to uncertainties surrounding At Home [50][52] Question: What is the strategy regarding lease termination fees? - Management indicated that lease termination fees have been higher than historical averages due to proactive portfolio management [106] Question: How does the company plan to use shorter-term debt? - Management explained that shorter-term debt is being utilized to balance asset and liability durations, providing flexibility for future financing needs [70][104]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $382.7 million, a 3% increase year over year [7] - Adjusted EBITDAre was $73.6 million, up 7% year over year [7] - Normalized FFO increased 172% year over year to $18.6 million, or $0.08 per share [7] Business Line Data and Key Metrics Changes - Same property SHOP NOI increased by 18.5% year over year to $37.4 million [8] - Average monthly rate in the SHOP sector increased by 5.4% year over year, with occupancy rising by 160 basis points to 80.6% [8] - SHOP revenue increased by 6.2% year over year [8] - Medical office and life science portfolio had same property occupancy at 89.9%, down 10 basis points from Q1 [10] Market Data and Key Metrics Changes - The active leasing pipeline in the medical office and life science portfolio includes 691,000 square feet, with 246,000 square feet being new absorption [10] - Weighted average rents for new and renewal leasing activity were 11.5% higher than prior rents [10] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet through asset sales and refinancing at attractive rates [7] - DHC sold two unencumbered properties for a total of $16.4 million and three additional properties in July for $8.8 million [11] - The company aims to enhance its portfolio with a higher concentration of SHOP assets and stable cash flows from medical office and life science properties [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of the SHOP segment and the overall positive outlook for the business [10] - The company expects to meet its 2026 debt maturity and anticipates a reduction in leverage towards a target of 6.5 to 7.5 times [20] Other Important Information - The company reduced its 2025 CapEx guidance to $140 million to $160 million, a $10 million reduction from prior guidance [17] - As of July, the company had approximately $292 million in liquidity, including $142 million in unrestricted cash [18] Q&A Session Summary Question: Any notable one-time issues in Q2 2025? - Management indicated that the majority of the NOI benefit came in Q1, with a minor benefit in Q2 from PLGL insurance, approximately $1 million [24][38] Question: CapEx guidance change details? - The change was due to dispositions and a comparison of actual year-to-date spend against the budget [27] Question: Disposition pipeline and future sales? - Management confirmed a mix of assets under PSA and LOI, with additional properties expected to close by year-end or into 2026 [28][30] Question: Performance of Five Star assets compared to others? - Five Star properties have shown improvements due to operational enhancements and capital investments, leading to better performance [31][34] Question: Occupancy targets and growth expectations? - Management expects gradual occupancy growth towards the year-end target of over 82%, influenced by seasonal trends and ongoing dispositions [35]