Core Insights - The company reported a strong financial performance in 2025, with total revenue reaching EUR 53.2 million, a significant increase from EUR 18.2 million in 2024, and a fourth-quarter revenue of EUR 18.9 million compared to EUR 7.6 million in the same period last year [18][24]. Real Estate Development - In Tallinn, the construction of the white building in the Uus-Kindrali project was completed, with 39 residential units closed by year-end and 78% of the sellable area sold [1][2]. - A second residential building with 90 units is under construction, targeting completion in October-November 2026 [3]. - The company is pursuing additional projects in Kristiine City, aiming to add approximately 35,000 square meters of gross building area, with a building permit obtained for the Tondi 53 project [4][5]. Financial Performance - The gross profit for 2025 was EUR 18.8 million, up from EUR 5.4 million in 2024, with a gross profit margin of 35% [21][24]. - Operating profit for the year was EUR 14.7 million, compared to EUR 0.1 million in 2024, reflecting a significant improvement in operational efficiency [21][24]. - The net profit for 2025 was EUR 12.0 million, a turnaround from a loss of EUR 3.9 million in 2024, with earnings per share increasing to EUR 0.22 from a loss of EUR 0.06 [22][24]. Market Conditions - The company noted a softening in occupancy levels in hotel operations towards the end of the year, particularly in the leisure segment, although food and beverage revenue showed a modest year-on-year increase [12]. - In Italy, operations faced challenges due to subdued market activity, but the fundamentals of the bare ownership model remain strong, indicating potential for future growth [13][14]. Strategic Outlook - The company emphasized disciplined execution and long-term planning as key drivers of value creation, with a focus on delivering high-quality projects and advancing its strategic goals [15][16]. - The management expressed confidence in the company's ability to maintain sustainable growth, supported by a solid project pipeline and favorable market conditions [17].

Financial Data and Key Metrics Changes - Adjusted company FFO for Q4 was $0.79 per diluted common share, totaling approximately $47 million, while for the full year, it was $3.15 per diluted common share, or $187 million [14] - The company provided 2026 adjusted company FFO guidance of $3.22-$3.37 per common share, indicating a 4.6% growth at the midpoint [15] - Net debt to adjusted EBITDA improved from 5.9 times to 4.9 times [5][21] Business Line Data and Key Metrics Changes - The company leased nearly 5 million sq ft in 2025, achieving attractive mark-to-market outcomes of approximately 28% on a cash basis, excluding fixed-rate renewals [5] - Portfolio occupancy increased to 97.1% at year-end 2025, up from 93.6% at year-end 2024 [16] - Same-store NOI growth for the full year was 2.9%, with a flat performance in Q4 compared to the same period in 2024 [16] Market Data and Key Metrics Changes - The target markets contributed over 66% of the overall U.S. net absorption of about 54 million sq ft [6] - Larger users favored facilities exceeding 500,000 sq ft built within the last 5 years, with significant demand in markets like Phoenix, Indianapolis, Fort Worth, and Houston [7] Company Strategy and Development Direction - The company plans to focus on disciplined investment and external growth opportunities, particularly in its land bank, while executing opportunistic share repurchases [10] - The development program has yielded a 7.1% weighted average stabilized yield on first-generation leases, with 15 facilities developed since 2019 [10] - A new 1 million sq ft spec project is set to break ground in Phoenix, with completion anticipated in the first half of 2027 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market fundamentals and the potential for significant value creation in the land bank [9][12] - The company is focused on leasing remaining vacancies and generating robust mark-to-market outcomes in 2026 [12] - Management noted that concessions are expected to recede as the market becomes more landlord favorable [37] Other Important Information - The company exited five non-target markets in 2025, prioritizing investments in 12 target markets that account for 87% of gross book value [8] - Total disposition volume for the year was $389 million, with an average cash capitalization rate of 5.7% on stabilized assets sold [8] - The company repaid approximately $220 million of debt in 2025, including $140 million of senior notes due 2028 [21] Q&A Session Summary Question: Inquiry about planned development in Phoenix - Management indicated that the supply-demand equation is favorable, and there is interest in the facility even before completion [27] Question: Clarification on same-store NOI growth - Management explained that the variance from guidance was primarily due to higher property expense leakage across several properties [32] Question: Discussion on concessions and market environment - Management noted that concessions are expected to decrease as the market improves, leading to a more favorable environment for landlords [37] Question: Future transaction activity and capital allocation - Management mentioned ongoing negotiations for $200 million of assets in non-target markets, which could provide capital for redeployment [39]

Financial Data and Key Metrics Changes - Adjusted company FFO for Q4 2025 was $0.79 per diluted common share, totaling approximately $47 million, while for the full year, it was $3.15 per diluted common share, or $187 million [15] - The company provided 2026 adjusted company FFO guidance in the range of $3.22-$3.37 per common share, indicating a growth of 4.6% at the midpoint [15] - Net debt to adjusted EBITDA improved from 5.9 times to 4.9 times by year-end 2025 [6][22] Business Line Data and Key Metrics Changes - The company leased nearly 5 million sq ft in 2025, achieving attractive mark-to-market outcomes of approximately 28% on a cash basis, excluding fixed-rate renewals [6] - Portfolio occupancy increased to 97.1% at year-end 2025, up from 93.6% at year-end 2024 [16] - Same-store NOI growth for the full year was 2.9%, with flat performance in Q4 compared to the same period in 2024 [16] Market Data and Key Metrics Changes - The company’s target markets accounted for over 66% of the overall U.S. net absorption of about 54 million sq ft [6] - Larger users favored facilities exceeding 500,000 sq ft built within the last 5 years, with demand concentrated in markets like Phoenix, Indianapolis, Fort Worth, and Houston [7] Company Strategy and Development Direction - The company plans to focus on disciplined investment and external growth opportunities, particularly in its land bank, while executing opportunistic share repurchases [11] - The development program has yielded a 7.1% weighted average stabilized yield on first-generation leases, with 15 facilities developed since 2019 [11] - A new 1 million sq ft speculative project is set to break ground in Phoenix, with completion anticipated in the first half of 2027 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market fundamentals and the potential for significant value creation in the land bank [10][24] - The company is focused on leasing remaining vacancies and generating robust mark-to-market outcomes in 2026 [13][24] - Management noted that concessions are expected to recede as the market becomes more favorable for landlords [36] Other Important Information - The company exited five non-target markets in 2025, prioritizing investments in 12 target markets that now account for 87% of gross book value [8] - Total disposition volume for 2025 was $389 million, including $116 million from non-target market sales in Q4 [8] - The company repaid approximately $220 million of debt in 2025, including $140 million of senior notes due 2028 [22] Q&A Session Summary Question: Inquiry about development plans in Phoenix - Management indicated that the supply-demand equation is favorable, and there is interest in the facility even before completion [26][27] Question: Clarification on same-store NOI growth - The variance in same-store NOI growth was primarily due to higher property expense leakage across several properties [31][32] Question: Discussion on concessions and market environment - Management noted that concessions are expected to decrease as the market improves, leading to a more landlord-favorable environment [36] Question: Future transaction activity and capital allocation - Management mentioned ongoing negotiations for $200 million of assets in non-target markets, which could lead to favorable outcomes for capital redeployment [38][39] Question: Comments on build-to-suit opportunities - Management expressed interest in build-to-suit projects, particularly in light of favorable supply dynamics and their existing land bank [55][56]

Financial Data and Key Metrics Changes - Revenue increased by 1.8% to $249 million compared to the fourth quarter of 2024, driven by both office and multifamily revenue growth [13] - Funds from Operations (FFO) decreased to $0.35 per share, and Adjusted Funds from Operations (AFFO) decreased to $53 million due to increased interest expenses and lower interest income [13] - Same-property cash Net Operating Income (NOI) decreased by 1.4% for the quarter, primarily due to higher office operating expenses, although multifamily NOI growth partially offset this decline [13] Business Line Data and Key Metrics Changes - The company signed 896 office leases totaling 3.4 million square feet for the full year of 2025, with 224 office leases covering 906,000 square feet signed in the fourth quarter [11] - Positive net absorption of 104,000 square feet was achieved in the fourth quarter, with strong demand across diversified tenant industries [11][12] - The residential portfolio experienced a same-property cash NOI increase of almost 5% compared to the prior year, maintaining full occupancy [5][12] Market Data and Key Metrics Changes - Office tenant demand was spread across various industries, including financial services, legal, health services, education, and real estate, with no single segment exceeding 20% of tenant demand [11] - The company noted that all markets, except Hawaii, showed positive absorption in the fourth quarter, indicating strong demand across its portfolio [100] Company Strategy and Development Direction - The company plans to focus on office leasing and re-tenanting Studio Plaza, with a straightforward strategic plan for 2026 [6][7] - Development projects include the conversion of 10900 Wilshire into a mixed-use residential and office building and the redevelopment of Landmark Residences [6][8] - The company aims to capitalize on attractive acquisitions in its markets, where current valuations are significantly discounted compared to long-term values [7][87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of their markets and the quality of their portfolio, despite acknowledging potential challenges in 2026 [7] - The company is monitoring leasing demand closely and remains optimistic about the pipeline, although caution is advised for the upcoming year [22][23] Other Important Information - The company executed nearly $2 billion in debt transactions at competitive rates, extending its maturity profile and strengthening its balance sheet [6] - Guidance for 2026 indicates a net income per common share diluted between -$0.20 and -$0.14, with FFO per fully diluted share expected between $1.39 and $1.45, primarily reflecting increased interest expenses [13][14] Q&A Session Summary Question: Stock buybacks versus acquisitions - Management indicated a preference for acquisitions over stock buybacks, citing concerns about increasing leverage and the need to focus on development projects and leasing [18][19] Question: Market demand and absorption trends - Management expressed hope that the positive absorption trend indicates a fundamental shift in market demand, although they acknowledged the need for consistent performance over multiple quarters [22][23] Question: Industry consolidation impact - Management is not concerned that media industry consolidation will negatively impact leasing demand, as they believe it may rejuvenate the market [28] Question: Development pipeline and yields - Management confirmed that they are planning additional residential development sites and expect yields to be at least 8% upon completion [33][56] Question: UCLA lease expirations - Management clarified that UCLA operates as separate groups, and while some leases may expire, they do not foresee significant shrinkage in demand [46] Question: Political initiatives and G&A impact - Management acknowledged that political engagement has increased costs but emphasized that their G&A remains lower than peers [50][51] Question: Demand differences across markets - Management noted that positive absorption was seen across all markets except Hawaii, with expectations for continued strong performance [100] Question: Occupancy trajectory and lease expirations - Management expects occupancy to pick up during the year, despite typical seasonality affecting the first quarter due to lease expirations [106] Question: Hollywood union negotiations impact - Management does not anticipate significant impact from Hollywood union negotiations on leasing demand within their portfolio [108]

Core Viewpoint - Merko Ehitus reported a significant decrease in revenue and net profit for 2025 compared to 2024, but proposed a dividend payment reflecting a solid financial position despite the downturn in construction activity [1][9][14]. Financial Performance - In Q4 2025, Merko Ehitus generated revenue of EUR 69 million and a net profit of EUR 3.2 million, while the full year revenue was EUR 311 million and net profit was EUR 39.9 million, marking a 42.3% decrease in annual revenue compared to 2024 [1][10][9]. - The pre-tax profit for 2025 was EUR 44.8 million, with a pre-tax profit margin of 14.4%, slightly up from 14.2% in 2024 [8]. - The net profit margin for 2025 was 12.8%, compared to 12.0% in 2024 [9]. Order Book and Contracts - As of December 31, 2025, the secured order book stood at EUR 466.9 million, an increase from EUR 340.6 million in 2024, with new contracts signed amounting to EUR 362.8 million for the year [11][4]. - In 2025, Merko signed new construction contracts worth EUR 363 million, including significant projects like the Rail Baltica Ülemiste passenger terminal and the Tallinn–Pärnu main line [4][3]. Real Estate Development - The residential real estate market showed improvement, with Merko delivering 358 apartments in 2025, up from 323 in 2024, and launching construction of 894 apartments, a threefold increase compared to the previous year [6][12]. - The revenue from the sale of developed apartments was EUR 67.8 million in 2025, compared to EUR 58.9 million in 2024 [12]. Cash Position and Equity - At the end of 2025, Merko had EUR 41.4 million in cash and cash equivalents, with total equity of EUR 260.6 million, representing 62.8% of total assets [13][17]. - The company's net debt was negative EUR 8.3 million, indicating a strong financial position [13]. Dividend Proposal - The management board proposed a dividend distribution of EUR 22.1 million, equating to EUR 1.25 per share, which reflects a 55% dividend rate for 2025 [14].

BALI, Indonesia, Jan. 27, 2026 (GLOBE NEWSWIRE) -- Gold and Gemstone Mining, Inc. (OTC: GGSM) (the “Company”) announced that it is expanding into luxury hospitality and real estate development in Bali, including plans for exclusive high-end villas and the evaluation of complementary restaurant and hotel concepts as part of its broader Indonesia-focused business activities. The Company is pursuing the development of a luxury villa project consisting of seven high-end villas designed to serve the premium segm ...

Core Points - Hepsor AS successfully completed its first bond offering under a 20-million-euro bond program, approved by the Estonian Financial Supervision Authority [1][2] - The bond issued has a nominal value of 1,000 euros, a fixed annual interest rate of 9.50%, and matures on 26 November 2028 [2] - The offering was oversubscribed by 1.4 times, with total subscriptions amounting to 8.5 million euros from 1,079 investors [3] Offering Details - Hepsor offered up to 6,000 bonds, with the option to increase by 2,000 bonds in case of oversubscription [2] - The distribution of subscriptions was 72.8% from Estonia, 24.6% from Latvia, and 2.6% from Lithuania [3] - The total volume of the offering was increased to 8 million euros due to oversubscription [3] Investor Insights - The management expressed gratitude to investors for their trust and support in Hepsor's growth objectives [4] - Strong investor confidence was noted, particularly from Latvian investors who subscribed for over 2 million euros [4] - The bond issuance reflects a positive perception of Hepsor as a developer of high-quality homes in Riga [4] Bond Trading and Tax Benefits - Bonds will be transferred to investors' accounts on 26 November 2025, with trading commencing on Nasdaq Tallinn Stock Exchange on 27 November 2025 [5] - Estonian residents can defer income tax on interest from the bonds by submitting an application to the issuer [6] Allocation Principles - Preference in bond allocation was given to existing Hepsor shareholders, employees, and institutional investors, who received 100% of their subscribed amount [7] - Other investors received 87.5% of their subscribed amount, with a minimum allocation of 10 bonds [7] Company Overview - Hepsor AS is a developer of residential and commercial real estate, operating in Estonia, Latvia, and Canada [8] - The company has developed 2,003 homes and nearly 44,787 square meters of commercial space over 14 years [8] - Hepsor is recognized for implementing innovative engineering solutions for energy-efficient buildings [8]

Financial Data and Key Metrics Changes - The third-quarter comparable FFO was $0.57 per share, up from $0.52 per share in the same quarter last year, beating analyst consensus by $0.02 [20] - Same-store GAAP NOI for the New York business overall increased by 9.1% for the quarter, while same-store cash NOI decreased by 7.4% [21] - The net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity at $2.6 billion [24] Business Line Data and Key Metrics Changes - Vornado leased 3.7 million sq ft overall in the first nine months of 2025, with 2.8 million sq ft in Manhattan office space [9] - Average starting rents for Manhattan office leasing during the first nine months were $99 per sq ft, with mark-to-markets of +11.9% GAAP and +8.3% cash [10] - In the third quarter, 21 New York office deals were executed totaling 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash [11] Market Data and Key Metrics Changes - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [8] - The vacancy rate for Midtown core better buildings is now down to 6.2% [7] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [22] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [12][14] - The acquisition of 623 Fifth Avenue is aimed at transforming it into a high-end boutique office building, with redevelopment expected to deliver space by year-end 2027 [15][16] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals to lock in spaces [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for office space in New York City, noting that tenant demand is robust and broad-based across industries [6] - The company expects 2025 comparable FFO to be slightly higher than 2024, with significant earnings growth anticipated in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [21] - Management highlighted the strong leasing fundamentals and liquidity in the capital markets for New York City assets [23][24] Other Important Information - The company is the largest owner of signage in New York City, with signage revenue for 2025 projected to be the highest year ever [17][18] - A recent court ruling vacated the arbitration panel's Penn 1 ground lease rent reset, but management remains optimistic about a reversal on appeal [19] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2 with only 20% of the building left? - Rents have increased, with average rent at $112/sq ft at Penn 2, and the company is confident in their approach with many deals in the works [26] Question: How will the leasing of 623 Fifth Avenue be approached? - The company plans to market the building similarly to 220 Central Park South, with high aspirations once designs are completed [28] Question: What is the current signed-not-open pipeline in terms of dollar value? - The company indicated a projection of over $200 million in revenue from signed leases over the next two years, with the bulk coming in 2027 [29][30] Question: What is the expected trajectory of occupancy next year? - Management anticipates occupancy could reach the low 90s over the next year, with a reasonable probability of reaching 90% in the next quarter or two [34][36] Question: What are the plans for proceeds from non-core asset sales? - Proceeds could be used for strengthening the balance sheet or for compelling external opportunities, with a focus on internal development projects [41] Question: How does the company view the signage business in the Penn District? - The company owns 100% of the signs in the Penn District, allowing for optimized income and steady growth in signage revenue [33][32]

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2025 was $2.27, an increase of 6.6% compared to the same quarter last year [6][10] - Quarter-end leasing was at 96.7%, with occupancy at 95.9%, and average quarterly occupancy was 95.7%, down 100 basis points from Q3 2023 [6][7] - Cash same-store revenue rose by 6.9% for the quarter and 6.2% year-to-date [7] Business Line Data and Key Metrics Changes - Quarterly releasing spreads were 36% GAAP and 22% cash for leases signed during the quarter, with year-to-date results at 42% and 27% GAAP and cash, respectively [6][10] - The company reported a quarterly retention rate of almost 80%, indicating a cautious nature among tenants [8] Market Data and Key Metrics Changes - The market remains somewhat bifurcated, with improved activity in smaller spaces (50,000 sq ft and below) but larger spaces experiencing delays in leasing [7][8] - The company is reforecasting 2025 starts to $200 million based on current demand levels, with a noted decline in the supply pipeline [9] Company Strategy and Development Direction - The company aims to capitalize on development opportunities earlier than private peers, leveraging its balance sheet strength and existing tenant expansion needs [9] - The focus is on geographic and tenant diversity to stabilize earnings regardless of economic conditions [7][9] - The company is excited about acquiring properties in Raleigh, North Carolina, and new development land in Orlando, as well as new buildings in Northeast Dallas [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improved market activity and the potential for future growth, despite current delays in leasing [8][9] - The company anticipates that as demand stabilizes, upward pressure on rents will occur due to limited availability of new modern facilities [9][10] - Management highlighted the importance of maintaining a strong balance sheet and being patient in evaluating capital sources [11] Other Important Information - The company’s debt-to-total market capitalization was 14.1%, with an unadjusted debt-to-EBITDA ratio of 2.9x and interest coverage at 17x [11] - Tenant collections remain healthy, with uncollectible rents estimated to be in the 35 to 40 basis point range as a percentage of revenues [13] Q&A Session Summary Question: Expansion on leasing and development pipeline - Management noted that conversations regarding leasing have improved since May, with a high retention rate benefiting the portfolio [18][19] Question: Construction costs and market rents - Construction pricing has decreased by 10% to 12%, and current construction pricing is still yielding acceptable returns [26][27] Question: Development pipeline availability and leasing activity - Management indicated that while there is activity in the development pipeline, the pace of leasing has been slower than desired [31][33] Question: Regional market strengths and weaknesses - The eastern region, particularly Florida and Raleigh, has shown strength, while California markets, especially L.A., have been slower [47][49] Question: Impact of economic conditions on leasing spreads - Management believes that a shift in demand could quickly impact rents, with a low supply environment supporting potential rent increases [55][60] Question: Bad debt levels and tenant watchlist - Bad debt remains low at around 30 to 35 basis points, with no significant changes in the tenant watchlist [68] Question: Interest rates and leverage levels - Management is monitoring interest rates and plans to utilize debt as opportunities arise, maintaining a flexible capital strategy [70][71] Question: Average rent per square foot and GAAP same-store NOI - Management indicated that rental rates remain sticky despite some moderation, with a strong operating year expected to continue [78][80]

Core Insights - Golden Triangle Ventures, Inc. has launched a construction subsidiary, GoldenEra Development, which has secured a significant residential development project in Austin, Texas valued at over $750,000, indicating strong revenue potential early in its operations [1][3] Company Overview - Golden Triangle Ventures, Inc. operates across multiple industries, including Construction, Health & Beverage, and Manufacturing & Distribution, aiming to provide operational excellence and innovative solutions for long-term growth [4] Market Context - Austin is identified as one of the fastest-growing real estate markets in the nation, with increasing demand for housing, presenting substantial opportunities for builders capable of executing large-scale projects [2] Future Outlook - The residential development contract is seen as the beginning of a robust pipeline of opportunities for GoldenEra Development, with additional projects under review that are expected to contribute to recurring revenue and long-term value for Golden Triangle Ventures [3]