Core Insights - LTC Properties is undergoing a strategic shift towards a seniors housing operating portfolio (SHOP), aiming to increase growth and reduce exposure to skilled nursing and loans [4][7][19] - By the end of 2026, SHOP is expected to represent 45% of the investment portfolio and 40% of net operating income (NOI) [1][7][19] - The company has a robust acquisition pipeline, with over $500 million in SHOP opportunities under review [2][7] Acquisition Strategy - Management has completed $108 million in SHOP acquisitions and expects an additional $160 million to close in the second quarter of 2026 [2][3] - The midpoint guidance for 2026 acquisitions is set at $600 million, which is nearly 70% higher than 2025 SHOP acquisitions [3][7] - The company is focused on transitioning from lower-growth triple-net REIT to a faster-growing SHOP-focused REIT, with the transformation expected to be largely complete by the end of 2026 [4][19] Financial Performance - The company reported a Core FFO per share increase of $0.05 to $0.70, representing an 8% growth year-over-year, driven by SHOP acquisitions [16] - For 2026, guidance includes Core FFO/share of $2.75–$2.79 and SHOP NOI of $65–$77 million [5][17] - The company expects to maintain leverage around 4.5x debt/EBITDAre, within its target range of 4x–5x [5][15] Portfolio Repositioning - LTC Properties is deliberately reducing its exposure to skilled nursing and loans, with plans to lower loans to under 10% and skilled nursing to under 30% of the portfolio by the end of 2026 [6][12] - The company plans to sell five skilled nursing properties and complete approximately $90 million in loan payoffs in the next 60 days [6][13] - The expected prepayment of a $180 million loan is part of the strategy to reduce operator concentration and reposition the portfolio [13][14] Operational Trends - The original 13 properties converted to SHOP generated a 22% NOI growth compared to 2024 pro forma NOI, producing $16.2 million in combined rent and NOI in 2025 [8] - For 2026, the company anticipates a 14% NOI growth for the SHOP portfolio, with occupancy projected to increase by about 150 basis points [9][10] - The company has established eight SHOP operator relationships, with plans to add two more in the second quarter [19]

Global Net Lease Fourth Quarter 2025 Investor Presentation Pictured: Home Depot in Lake Park, Georgia Forward Looking Statements This presentation contains statements that are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing, ability to consummate and consideration related to our anticipated acquisitions and dispositions, the intent, belief or current expectations of us, our operat ...

This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. PepsiCo plans to shutter a Frito-Lay distribution plant in California, the latest closure for the snacking giant as it aims to bring production in line with lagging demand. The facility in Rancho Cucamonga is scheduled to cease operations on June 6, PepsiCo said in a WARN notice filed with the state of California. The move will result in 248 layoffs.  PepsiCo ended manufa ...

Core Viewpoint - Unite Group is experiencing challenges in occupancy and rental growth, leading to a cautious outlook for the upcoming academic year, while also focusing on cost efficiencies and portfolio repositioning towards higher-tariff universities. Financial Performance - Net tangible assets per share decreased by 2% to 955p, with a 0.5% like-for-like revaluation deficit in the rental portfolio [1] - EBIT margin fell to 65.9% due to lower occupancy and inflationary cost increases, while adjusted earnings rose by 9% and adjusted EPS increased by 2% to 47.5p [2] - Like-for-like income growth was reported at 4.9% for 2025, driven by strong rate growth despite lower occupancy [3] Market Dynamics - Direct-let bookings are slightly ahead year-on-year, with a 25% increase in bookings for recently opened and refurbished properties [4] - For the next academic year, Unite is currently 68% sold, about three percentage points behind last year, primarily due to cautious university nominations [5] - The company noted a decline in international postgraduate demand and a trend of students opting to live at home [6] Strategic Initiatives - Unite is repositioning its portfolio towards higher-tariff universities, with a current alignment of 67% and a medium-term target of 80% [17] - The company announced the sale of St Pancras Way for £186 million, which will help recycle capital for partnerships and developments [18] - Unite is targeting £300 million to £400 million in disposals for 2026, with expected yields of around 5.5% to 6% [19] Cost Management - Overhead rationalization completed in December resulted in a 20% reduction in central staff costs, with £30 million in annual cost efficiencies identified [11] - A technology platform upgrade is expected to generate nearly £7 million in annual operating cost savings [12] Integration and Synergies - Integration of Empiric is underway, with an increased annual synergy target of £17 million, although near-term earnings are expected to be impacted [13][14] Brand Strategy - Unite will maintain "Hello Students" as a separate brand to cater to returners seeking independent living, leveraging its international sales network [15] Outlook - Adjusted EPS guidance for 2026 is set at 41.5p to 43p, with expectations for modest earnings upside from a £100 million share buyback [16] - The company anticipates lower occupancy and rent guidance for 2026, with a focus on achieving cost efficiencies [8][9]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO attributable to common shareholders was $29.5 million or $0.29 per diluted share, exceeding expectations [25] - FFO attributable to common shareholders was $23.1 million or $0.23 per diluted share, while AFFO was $17.8 million or $0.17 per diluted share [26] - Same-store NOI for the portfolio increased 6.3% on a GAAP basis and 7.1% on a cash basis [26] - For the full year 2025, normalized FFO attributable to common shareholders was $110.1 million or $1.08 per diluted share, above guidance [26] - Same-store NOI for the full year increased 2.8% on a GAAP basis and 2% on a cash basis [27] Business Line Data and Key Metrics Changes - Retail same-store NOI for Q4 was up 5.6% on a GAAP basis and 3.4% on a cash basis, driven by new leasing and positive renewal spreads [15] - Office same-store NOI for Q4 was up over 10% GAAP and nearly 17% cash, supported by leasing gains [20] - Year-over-year, office same-store NOI increased 6% GAAP and 7% cash [20] Market Data and Key Metrics Changes - Retail same-store results year-over-year were up 1% GAAP and down 1% cash, impacted by anchor space vacancies due to bankruptcies [16] - Occupancy at The Interlock increased nearly 600 basis points in 2025, ending the year at over 94% leased [20] Company Strategy and Development Direction - The company announced a rebranding to AH Realty Trust, effective March 2, marking a strategic transformation [5] - Plans include exiting the multifamily portfolio and fee income businesses to simplify operations and improve income predictability [6][9] - The focus will be on retail and office assets in growing markets, with a goal to maximize shareholder value [6][9] - The company aims to reduce leverage by approximately two full turns post-transformation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full dividend coverage from cash flows generated by operating properties while reducing debt [11] - The company anticipates 2026 to be a transition year, with guidance reflecting discontinued operations [10] - Management emphasized a disciplined approach to capital allocation and a focus on sustainable cash flow growth [12] Other Important Information - The company is under an LOI for 11 of its 14 multifamily assets, indicating strong interest from credible parties [7] - The exit of the construction business is nearly complete, and discussions are ongoing for the real estate financing investments [8] Q&A Session Summary Question: Long-term growth trajectory and financing plans - Management indicated a balanced approach to leverage and capital allocation, with a focus on maintaining appropriate leverage while considering equity and debt options for future acquisitions [38][39] Question: Retail to office NOI split in five years - The company plans to operate where it can add the most value, focusing on both retail and office, with a disciplined approach to acquisitions [42][43] Question: Mixed-use communities and office investments - Management confirmed a capability in mixed-use investments but emphasized a current focus on retail, with potential for office asset sales if pricing is favorable [48][51] Question: Multifamily dispositions and pricing - The company is under LOI for 11 assets, targeting mid-5 cap range pricing, and is making significant progress in the sales process [52] Question: Dividend payout ratio trends - Management aims to maintain a conservative approach to dividends, focusing on cash flow positivity and simplification of the company before considering dividend increases [54][56] Question: Development as part of long-term strategy - While open to development opportunities, the current focus is on acquisitions due to higher capital costs, with a willingness to engage in surgical development when appropriate [60]

Core Insights - CAPREIT is focusing on a portfolio mix aimed at reducing capital needs and enhancing resilience, with 79% of assets classified as value-add and 68% as core long-term holdings [1] - The company has engaged in significant buybacks, spending CAD 294 million in 2025 at an average price of CAD 41, while the NAV per unit was reported at CAD 56 [2] - CAPREIT successfully met its 2025 disposition target by selling over CAD 400 million in non-core Canadian assets and CAD 784 million in European interests, using proceeds to acquire CAD 659 million in strategically aligned properties [3][7] Portfolio Repositioning - The company completed a major portfolio repositioning in 2025, selling non-core assets and acquiring targeted properties to lower average age and operating costs [7] - CAPREIT's allocation to newly constructed properties is intentionally set at 19% to improve the portfolio's cost profile [7] Financial Performance - In Q4 2025, same-property revenue increased by 2.8% to CAD 224.4 million, with an NOI margin of 64.4% [5][12] - Diluted FFO per unit rose by 1.6% to CAD 0.632 in Q4, with a full-year FFO of CAD 2.541, reflecting lower interest costs and the impact of buybacks [13] - The same-property NOI margin for 2025 was 64.7%, up 50 basis points from 2024, supported by effective cost management [14] Market Conditions - The Canadian rental market is experiencing pressure from new supply and a pause in population growth, leading CAPREIT to implement targeted incentives and focus on resident retention [4][8] - Despite these challenges, occupancy remained high at 97.3% with average rent growth of 3.8% for 2025 [6][8] Turnover and Leasing Dynamics - Turnover among residents with leases under two years accounted for 48% of total turnover, with negative mark-to-market impacts, while those with longer tenures showed positive rent growth [19] - The blended rent uplift on turnover was +4.2% for 2025, indicating some resilience in pricing despite market pressures [9] Cost Management and Outlook - CAPREIT is focused on maintaining cost discipline through technology and procurement, with expected operating expense growth in 2026 aligning with inflation [17] - The company aims for 2% to 3% revenue growth, contingent on spring leasing season data, particularly in Ontario [16] Acquisition Strategy - CAPREIT remains open to acquisition opportunities, particularly joint ventures, in a market characterized by lower transaction volumes and stable cap rates [18]

Financial Data and Key Metrics Changes - GAAP net income for Q4 2025 was $7 million or $0.08 per share, while for the full year it was $144 million or $1.72 per share [10] - GAAP book value at the end of Q4 was $19.70 per share, with an economic return on GAAP book value of -0.9% for the quarter and +7.4% for the full year [11] - Earnings available for distribution (EAD) for Q4 was $45 million or $0.53 per share, and for the full year, it was $141 million or $1.68 per share [11] Business Line Data and Key Metrics Changes - The investment portfolio segment reported economic net interest income of $65 million in Q4, with a yield on average interest-earning assets of 5.9% and a net interest spread of 1.4% [12] - Home Express funded $1 billion in production in Q4 with a gain-on-sale premium of 358 basis points, and its EBITDA was $11 million for the quarter [13] Market Data and Key Metrics Changes - The company ended the year with $528 million in total cash and unencumbered assets, down from $752 million at the end of Q3 [14] - Agency swap OAS tightened by approximately 22 basis points in Q4, while generic non-QM AAAs firmed by 5 basis points [20] Company Strategy and Development Direction - The company aims to build a hybrid REIT focused on diversification, liquidity, and fee-based income, with a clear plan to grow Agency RMBS and acquire MSRs [5][9] - The acquisition of Home Express is expected to enhance capabilities and reach, contributing to a diversified residential platform [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, focusing on unlocking capital and redeploying into earnings-accretive investments [24] - The company anticipates strong demand for non-QM loans and related securitized products, projecting significant growth in the non-QM market [25][48] Other Important Information - Compensation, general, and administrative expenses increased by $22 million year-over-year due to staffing costs related to acquisitions [16] - The company generated over $600 million of capital through portfolio and capital markets activity, supporting its portfolio realignment [18][19] Q&A Session Summary Question: Update on HomeXpress volume and gain on sale - Management noted typical seasonal reduction in volume post-holidays but remains optimistic about Q1 2026 performance compared to last year [33] Question: Relative value between adding more agencies versus securitizations - Management emphasized the importance of portfolio construction and maintaining a balance between agency and credit components [35] Question: Context for dividend increase - The company aims to balance dividend payouts with sufficient EAD coverage to support growth in operating aspects of the business [40] Question: Non-QM volume outlook for 2026 - Management anticipates significant growth in the non-QM market, projecting origination volumes to increase by 20%-25% [46][48] Question: Change in book value and securitized debt - Management explained that while loan values increased, the faster increase in securitized debt value led to a reduction in reported book value [49][50]

Financial Data and Key Metrics Changes - GAAP net income for Q4 2025 was $7 million or $0.08 per share, while for the full year it was $144 million or $1.72 per share [11] - GAAP book value at the end of Q4 was $19.70 per share, with an economic return on GAAP book value of -0.9% for the quarter and +7.4% for the full year [12] - Earnings available for distribution (EAD) for Q4 was $45 million or $0.53 per share, and for the full year, it was $141 million or $1.68 per share [12] Business Line Data and Key Metrics Changes - The investment portfolio segment reported an economic net interest income of $65 million for Q4, with a yield on average interest-earning assets of 5.9% and a net interest spread of 1.4% [13] - Home Express funded $1 billion in production during Q4 with a gain-on-sale premium of 358 basis points, and its EBITDA was $11 million for the quarter [13][27] - The company ended the year with a total leverage of 5.1-to-1, compared to the REIT average of 2.4-to-1 [13] Market Data and Key Metrics Changes - Agency swap OAS tightened by approximately 22 basis points in Q4, while generic non-QM AAAs firmed by 5 basis points [19] - Treasury yields had a tightening bias, with the two-year, ten-year Treasury spread ending the year at 69 basis points, approximately 37 wider than at the beginning of the year [20] - Mortgage rates decreased by approximately 70 basis points for the year, ending at 6.15% [20] Company Strategy and Development Direction - The company aims to build a diversified residential platform capable of generating long-term value, focusing on portfolio diversification, liquidity expansion, and fee-based income growth [10] - The acquisition of Home Express is a key part of the strategy to enhance capabilities and reach within the residential mortgage market [6][10] - The company is committed to maintaining a long-term orientation while adapting to market conditions and evolving its operational capabilities [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the first quarter of 2026, expecting strong revenue and gain on sale premiums despite typical seasonal reductions in volume [33] - The company anticipates continued growth in the non-QM and business purpose loan markets, projecting a market growth of 20%-25% in 2026 [46] - Management emphasized the importance of capital allocation and the balance between dividend payouts and reinvestment for growth [39] Other Important Information - The company raised approximately $120 million in unsecured debt, with the majority of funding for transformation coming from its own portfolio [6] - Compensation, general, and administrative expenses increased by $22 million year-over-year, primarily due to staffing costs related to acquisitions [16] - The company is focused on managing capital at risk and evaluating cash flow generating capital rather than short-term valuation movements [50] Q&A Session Summary Question: Update on Home Express volume and gain on sale - Management noted a typical seasonal reduction in volume but expressed optimism for Q1 2026, expecting good revenue compared to the previous year [33] Question: Relative value between adding more agencies versus securitizations - Management highlighted the importance of portfolio construction and maintaining a balance between agency and credit components, with a focus on MSR allocation [34][35] Question: Context of dividend increase - Management explained that the dividend increase was sized to ensure sufficient EAD coverage while allowing for growth in operating aspects of the business [39] Question: Originating second liens and non-QM volume outlook - Management confirmed they are not currently originating second mortgages but anticipate significant growth in the non-QM market in 2026 [46] Question: Change in book value and securitized debt - Management clarified that the reduction in book value was due to the faster increase in the value of securitized debt compared to loan values, emphasizing the focus on managing capital at risk [49][50]

Core Viewpoint - Mapletree family of REITs is actively reshaping portfolios through divestments and capital redeployment, aiming for stronger growth despite short-term distribution impacts [1][13] Mapletree Logistics Trust (MLT) - MLT is pursuing a portfolio rejuvenation strategy with a divestment target of approximately S$1.0 billion, mainly from older properties in China and Hong Kong [2] - For FY2026, MLT aims to divest between S$100 million and S$150 million, having completed S$58 million in divestments year-to-date as of September 2025 [3] - DPU for 2QFY2026 decreased by 10.5% YoY to S$0.01815, largely due to the absence of divestment gains, with operational DPU down 4.8% YoY [4] Mapletree Pan Asia Commercial Trust (MPACT) - MPACT owns 15 commercial properties across five Asian markets, with total assets under management of S$15.9 billion [5] - For 1HFY2026, MPACT reported gross revenue of S$437.1 million, down 5.4% YoY, and net property income fell 5% to S$329.9 million [5] - DPU declined 1.2% YoY to S$0.0402, influenced by divestments and overseas market challenges, while VivoCity showed positive performance with increased shopper traffic and tenant sales [6][7] Mapletree Industrial Trust (MIT) - MIT manages 136 industrial properties with assets under management of S$8.5 billion, where data centres represent 58.3% of the portfolio [9] - For 1HFY2026, MIT's gross revenue was S$346.1 million, down 3% YoY, and DPU fell 5.1% to S$0.065 [9][10] - The North American portfolio occupancy is a concern at 87.8%, while Singapore properties achieved a weighted average rental reversion of 6.2% [11][12] Overall Investment Outlook - All three Mapletree REITs have experienced DPU declines, but management is focused on long-term sustainability through strategic portfolio repositioning [13] - The upcoming earnings reports in January 2026 are expected to provide insights into the effectiveness of these strategies and potential for future income growth [14]

Core Insights - The company reported significant profitability improvements, with adjusted gross margin increasing by 290 basis points to 32.5%, driven by pricing, raw material cost actions, acquisitions, divestitures, and targeted cost reductions [1] - Adjusted EBITDA for fiscal 2025 was $170 million, reflecting a 15% year-on-year increase, while adjusted EPS rose 39% to $1.28 due to higher operating income and a reduced share count from share repurchases [1][6] - Despite a challenging economic backdrop, the company achieved double-digit profit growth in fiscal 2025, attributing margin expansion to pricing discipline and restructuring efforts [4] Financial Performance - For Q4, net revenue decreased by 3.1% year-over-year, primarily due to a weak economic environment and strategic portfolio actions, although it would have increased by about 1% when adjusting for the flooring divestiture [2] - Organic revenue fell by 1.3%, with a 2.5% volume decline partially offset by 1.2% pricing growth [2] - Cash flow from operations in Q4 was $107 million, up 25% year-on-year, driven by higher net income [6] Segment Performance - Engineering Adhesives (EA) showed organic revenue growth of 2.2%, with strength in automotive, electronics, and aerospace, while Hygiene, Health and Consumables (HHC) saw a 1.8% decline in organic revenue due to lower volume [7] - Building Adhesives Solutions (BAS) experienced a 4.8% decrease in organic sales, attributed to lower volume and tough comparisons from the previous year [7] 2026 Outlook - Management expects organic sales to be roughly flat for fiscal 2026, with adjusted EBITDA guidance of $630 million to $660 million and adjusted EPS of $4.35 to $4.70 [5][9] - The company anticipates a foreign currency translation benefit of approximately 1% to revenue if rates hold [9] - For Q1, revenue is expected to decline in low single digits, with adjusted EBITDA projected between $110 million and $120 million [11] Strategic Initiatives - The company is focusing on ongoing portfolio repositioning and a "Quantum Leap" initiative for manufacturing and warehouse consolidation [13] - In 2023 and 2024, the company acquired eight companies with a combined EBITDA of $41 million, which contributed $73 million of EBITDA in 2025 [14] - The company plans to reduce its solar business, with revenue expected to decline from $80 million in 2025 to around $50 million by the end of 2026 [16] Special Items - A reserve for a product liability legal claim related to the divested flooring business was recorded in Q4, amounting to approximately $35 million pre-tax [17]