Financial Data and Key Metrics Changes - The company reported normalized funds from operation (FFO) of $0.46 per diluted share for Q4 2025 and $1.72 per diluted share for the full year, representing a 22% year-over-year growth in FFO per share compared to 2024 [22][23] - Total portfolio same-store NOI growth was 11.8% in Q4 and 14.2% for the full year 2025, marking the second consecutive year of double-digit growth [10][22] - The debt to EBITDA improved by nearly a full turn in 2025, indicating a stronger financial position [22][25] Business Line Data and Key Metrics Changes - The operating portfolio, including Trilogy and SHOP segments, contributed 76.9% of consolidated cash NOI, with Trilogy's same-store NOI increasing by 14% in Q4 and 18.4% for the full year [11][12] - SHOP segment same-store NOI increased by 24.6% in Q4 and 25.2% for the full year compared to the previous year [13] - Occupancy rates for Trilogy reached 90.6% in Q4, up 275 basis points year-over-year, while SHOP also surpassed 90% occupancy [12][13] Market Data and Key Metrics Changes - The company closed over $950 million in new investments in 2025, primarily in the SHOP segment, which is now the second-largest in terms of cash NOI [16][17] - The investment pipeline remains robust with over $230 million in awarded deals, indicating strong market activity [19][60] Company Strategy and Development Direction - The company maintains a disciplined investment strategy focused on high-quality care and superior health outcomes, with no changes in capital allocation or risk management frameworks [8][21] - The emphasis on high-quality care is expected to drive demand as the aging population grows, positioning the company well for future growth [12][18] - The company is actively pursuing development projects primarily focused on Trilogy expansions, aiming for attractive yields with limited market risk [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of double-digit same-store NOI growth in 2026, supported by strong occupancy levels and pricing discipline [12][13] - The leadership transition is described as seamless, with no changes in strategy, ensuring continuity in operations and execution [6][8] - The company anticipates that the demand for high-quality care will continue to grow, providing a favorable environment for its operations [12][18] Other Important Information - The company has been actively involved in off-market acquisitions, leveraging strong relationships with operators to secure favorable deals [82] - The revenue management system is being piloted with various operators, aiming to enhance pricing strategies and improve overall performance [50][51] Q&A Session Summary Question: Can you dive deeper into the acquisition environment? - The company continues to focus on higher acuity SHOP assets, which provide long-term stability [29][30] Question: Can you provide guidance on SHOP's performance? - The company expects a significant increase in pricing power as occupancy rates rise, with a conviction in future growth [35][36] Question: What are the expectations for Trilogy's occupancy and quality mix? - Trilogy's model allows for various drivers of NOI growth, with a focus on shifting to higher payor sources [39][40] Question: How is the revenue management system being rolled out? - The revenue management system is being tested with select operators, aiming to enhance their performance [50][51] Question: What is the status of the investment pipeline? - The pipeline is dynamic, with a high level of deal activity and a focus on off-market opportunities [60][61]

Financial Data and Key Metrics Changes - The company reported normalized funds from operation (NFFO) of $0.46 per diluted share for Q4 2025 and $1.72 per diluted share for the full year, representing a 22% year-over-year growth in NFFO per share [22][23] - Total portfolio same-store NOI growth was 11.8% in Q4 and 14.2% for the full year 2025, marking the second consecutive year of double-digit growth [10][22] - The debt to EBITDA improved by nearly a full turn in 2025, with a net debt to EBITDA ratio of 3.4x [22][25] Business Line Data and Key Metrics Changes - The operating portfolio, including Trilogy and SHOP segments, contributed 76.9% of consolidated cash NOI, with Trilogy's same-store NOI increasing by 14% in Q4 and 18.4% for the full year [11][12] - SHOP segment same-store NOI increased by 24.6% in Q4 and 25.2% for the full year 2025, with occupancy surpassing 90% [13][14] - Trilogy's occupancy reached 90.6% in Q4, up 275 basis points year-over-year, supported by improved quality mix and Medicare penetration [12][13] Market Data and Key Metrics Changes - The company closed over $950 million in new investments in 2025, primarily in the SHOP segment, which is now the second-largest in terms of cash NOI [16][17] - The investment pipeline remains robust, with over $230 million in awarded deals and continued deal activity expected in 2026 [19][60] Company Strategy and Development Direction - The company maintains a disciplined healthcare investment strategy focused on high-quality care and superior health outcomes, with no changes in capital allocation or risk management frameworks [8][21] - The company is prioritizing expansions in Trilogy and campus growth initiatives, aiming for attractive incremental yields with limited market risk [21] - The focus remains on relationship-driven sourcing and disciplined underwriting to ensure long-term cash flow durability and growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another year of double-digit same-store NOI growth in 2026, supported by strong occupancy levels and pricing tailwinds [12][13] - The company anticipates continued demand for high-quality operators in the aging population sector, with expectations of sustained growth in the coming years [12][18] - Management highlighted the importance of maintaining operational momentum and capital availability to capitalize on growth opportunities [25][26] Other Important Information - The company has successfully accelerated several previously announced pipeline deals, closing approximately $665 million in new acquisitions in Q4 2025 [19] - The management team emphasized the importance of high-quality care and outcomes, which have contributed to strong financial performance [15][18] Q&A Session Summary Question: Can you dive deeper into the acquisition environment? - Management noted a focus on higher acuity SHOP assets, indicating confidence in long-term stability in that asset class [29] Question: Can you provide insights on SHOP guidance and occupancy? - Management acknowledged a significant occupancy increase in SHOP but indicated that future growth may not match previous years' rates [35] Question: What is the outlook for Trilogy's occupancy and quality mix? - Management highlighted the unique model of Trilogy and the importance of shifting to higher payor sources to drive NOI growth [39] Question: How does the revenue management system rollout progress? - Management confirmed that the revenue management system is being piloted with select operators, aiming to enhance overall portfolio performance [50] Question: What is the status of the investment pipeline and expected yields? - Management indicated that current acquisitions are stabilizing in the high 5% to low 6% range, with a focus on higher quality properties [67]

Key Takeaways CCL generated over $3B in 2025 net income, up 60% Y/Y, with record revenues and yields.Carnival logged record 2026-2027 bookings as deposits rose 7% to an all-time high.CCL projects about 2.5% yield growth in 2026, or roughly 3% adjusted, despite capacity growth.Carnival Corporation & plc (CCL) delivered record financial performance in fiscal 2025, closing the year with historical highs in revenues, yields, operating income and EBITDA. Full-year net income exceeded $3 billion, representing a 6 ...

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][5] - For the full year 2025, same-store RevPAR declined 1.8%, primarily due to lower average daily rates [7][21] - Adjusted EBITDA for Q4 was $39.7 million, and adjusted FFO was $22.3 million, or $0.18 per share [21][22] - Full year 2025 adjusted EBITDA was $174.8 million, and adjusted FFO was $0.85 per share [21][22] Business Line Data and Key Metrics Changes - Government and international inbound demand declined approximately 20%, impacting overall performance, while other segments showed stability [5][6] - Non-rooms revenue increased by 9% in Q4 and 5% for the full year 2025, driven by food and beverage sales and other ancillary revenue streams [19][21] - The company sold two non-core hotels in Q4, generating $39 million in gross proceeds, and has sold 13 non-core hotels since 2023, totaling approximately $200 million [8][9] Market Data and Key Metrics Changes - San Francisco saw over 40% year-over-year RevPAR growth in Q4, driven by citywide conventions and improving business travel [16] - Orlando properties experienced a 9% increase in RevPAR in Q4, while South Florida properties grew by 4% [17][18] - Nashville's performance was bolstered by strong sports-related and group demand [19] 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][24] - The company anticipates modest top-line growth in 2026, supported by improving fundamentals and disciplined expense management [10][11] - The company is positioned to benefit from the FIFA World Cup and favorable convention calendars in key markets [10][11] 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 [9][12] - The company expects RevPAR for 2026 to range from flat to up 3%, primarily driven by gains in average daily rates [11][26] - Management noted that the first quarter of 2026 is expected to be challenging due to difficult comparisons from the previous year [12][27] Other Important Information - The company has made significant progress in extending maturities and reducing borrowing costs, with no debt maturities until 2028 [24][25] - The board declared a quarterly common dividend of $0.08 per share, representing a yield of approximately 7.7% [25] Q&A Session Summary Question: Can you discuss the visibility and length of the booking window? - Management noted positive indications from pacing, with March pacing slightly positive and April showing mid-single-digit increases, driven by solid midweek performance and urban market demand [30][31] Question: What segments are expected to drive RevPAR growth? - Management indicated that the majority of growth is expected from business transient and group segments, with a mix of two-thirds from rate growth [32] Question: How much lift is expected from the World Cup? - Management expects the World Cup to add approximately 50 to 75 basis points to the full year expectations, with significant exposure in key markets [36] Question: What specific market drivers are boosting the forecast? - Management highlighted Fort Lauderdale's strong performance post-renovation, Asheville's recovery, and the expected benefits from World Cup markets [42][43] Question: Any changes in discounting or advanced purchase rates? - Management indicated stability in demand segments and less need for remixing business, with a focus on maintaining higher-rated demand [48]

Summit Hotel Properties (NYSE:INN) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsJonathan Stanner - President and CEOKevin Milota - Senior VP of Corporate FinanceTrey Conkling - EVP and CFOConference Call ParticipantsAustin Wurschmidt - Senior Research AnalystChris Woronka - Director and Senior Equity AnalystMichael Bellisario - Senior Research Analyst and MdOperatorGood day, and thank you for standing by. Welcome to the Summit Hotel Properties, Inc. Fourth Quarter 2025 conference ...

Pebblebrook Hotel Trust (NYSE:PEB) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsAri Klein - Director of Equity ResearchDori Kesten - DirectorJon Bortz - CEO and Chairman of the BoardRaymond Martz - Co-President, CFO, Treasurer and SecretaryRich Hightower - Managing Director and U.S. REIT Equity ResearchSmedes Rose - DirectorThomas Fisher - Co-President and Chief Investment OfficerConference Call ParticipantsChris Darling - Senior Analyst and Head of U.S. Lodging and Gaming Researc ...

Pebblebrook Hotel Trust (NYSE:PEB) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker6Greetings, and welcome to Pebblebrook Hotel Trust fourth quarter earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your ...

Core Insights - The company achieved a record adjusted EBITDAR margin of 31% and the second-highest operating margin in its history, driven by significant demand recovery in the second half of 2025 [1] - A strategic shift towards premium segments resulted in premium revenue reaching 42% of total revenue, a 17-point increase over pre-pandemic levels, indicating successful product differentiation [1] Financial Performance - The company successfully navigated regulatory constraints on U.S. operations through network discipline and revenue management, maintaining industry-leading reliability as the world's most on-time airline [1] - Performance attribution shifted from a softer first half to strong year-end momentum, supported by improving traffic trends across both domestic and international markets [1] Operational Developments - The fleet was expanded by 17 aircraft to a total of 165, focusing on the 737 MAX to improve fuel efficiency and provide operational leverage for future capacity increases [1] - The company divested the TechOps maintenance joint venture to capitalize on market opportunities while maintaining long-term maintenance agreements to ensure safety and reliability [1]

Financial Data and Key Metrics Changes - The company expects EBITDA margin expansion of 40-50 basis points for the year, accounting for planned investments in California [12][13] - The leverage ratio is projected to be in the range of 3.0-3.2 times, with a goal to deleverage by 0.3-0.4 times per year [51] Business Line Data and Key Metrics Changes - The company anticipates continued distribution gains and plans to invest in marketing and innovation to support growth [10][15] - The California expansion is expected to contribute to top-line sales and incremental households, with a current market share of 1.9% [66] Market Data and Key Metrics Changes - The company views the category as flat for the upcoming year, reflecting a cautious optimism based on recent trends [44][80] - The company has seen positive category improvement in the fourth quarter, with expectations for continued growth despite a dynamic environment [43][80] Company Strategy and Development Direction - The company is focused on geographic expansion, distribution gains, and maintaining a rational promotional environment [10][11] - The management emphasizes the importance of innovation and marketing support to drive consumer engagement and growth [94][96] Management's Comments on Operating Environment and Future Outlook - The management expresses confidence in the commercial plan for 2026, highlighting the importance of flexibility to adapt to market changes [10][11] - The company acknowledges the challenges faced by consumers but believes its diverse product offerings will help maintain engagement [94][95] Other Important Information - The company has invested in revenue management capabilities to better understand pricing dynamics across its portfolio [22] - The management is optimistic about the supply of alternative oils and ingredients for new product offerings, ensuring no anticipated supply issues [70] Q&A Session Summary Question: Expectations regarding competitive pricing and investment needs - The management feels confident in their commercial plan and anticipates a flat category, allowing for flexibility in investment [10][11] Question: Clarification on EBITDA margin guidance - The management expects 40-50 basis points of margin expansion, factoring in planned investments [12][13] Question: Insights on distribution and shelf space - The management expects positive distribution gains in both expansion and core markets, driven by innovation and marketing support [42][81] Question: Consumer environment and portfolio strategy - The management acknowledges a dynamic consumer environment but believes their growth drivers will help overcome challenges [94][95] Question: Impact of new product offerings on margins - The management anticipates that new product launches will be margin accretive, leveraging premium ingredients [70]

Financial Data and Key Metrics Changes - For the full year 2025, organic net sales grew by 2.4%, while branded salty organic net sales increased by 4.7%, contrasting with a 0.5% decline in the category's retail sales dollars [3][4] - Adjusted EBITDA margin expanded by 260 basis points to 18.2%, with productivity savings contributing 620 basis points to this expansion [21][22] - Adjusted earnings per share rose by 18.2%, reflecting strong margin performance and productivity initiatives [21][30] Business Line Data and Key Metrics Changes - In the fourth quarter, branded salty snacks organic net sales grew by 2.5%, driven by a volume mix growth of 2.1% [20][9] - Non-branded and non-salty snacks experienced a decline of 14.8%, attributed to headwinds faced in the branded salty segment [20] - The Power Four Brands achieved a 5.3% increase in retail sales dollars, driven by a 3.8% price per pound growth [12] Market Data and Key Metrics Changes - Retail sales in core geographies increased by 0.5%, with Power Four Brands leading at 1.8% compared to the total salty category's 1.1% growth [13] - Expansion geographies saw a retail sales growth of 7.3%, significantly outpacing the salty snacks category growth of 1.1% [14] - The average market share in expansion geographies is 3.2%, compared to 6.7% in core markets, indicating substantial growth potential [15] Company Strategy and Development Direction - The company plans to continue increasing marketing spending to support brand growth, with a 35% increase in 2025 on top of a nearly 70% increase in 2024 [5][18] - Expansion into the California market is seen as a key growth differentiator, with shipments expected to begin shortly [6] - The company aims to deliver consistent and predictable Adjusted EBITDA growth while focusing on free cash flow generation for deleveraging and capital allocation flexibility [25][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the fourth quarter but emphasized substantial progress on long-term strategies during 2025 [3] - The company remains cautiously optimistic about the category environment, expecting organic net sales growth of 2%-3% for 2026 [26] - Management highlighted the importance of productivity initiatives and revenue management strategies to achieve growth targets [10][28] Other Important Information - The company plans to introduce new reconciliation tables of GAAP to non-GAAP in the first quarter of 2026 to enhance transparency regarding supply chain and corporate transformation costs [33] - Adjusted free cash flow is expected to be between $60 million and $80 million in 2026, representing about 70% conversion of expected adjusted net income [34] Q&A Session Summary Question: What are the expectations for organic net sales growth in 2026? - The company expects organic net sales growth of 2%-3%, assuming a flat category at the midpoint [26] Question: How will the company manage its capital expenditures moving forward? - Capital expenditures are expected to decline from $102.8 million in 2025 to a range of $60-$65 million in 2026, reflecting a more normal cadence [32] Question: What is the outlook for adjusted EPS in 2026? - Adjusted EPS is expected to decline between 3% and 6% due to higher depreciation, interest expense, and a modestly higher tax rate [30]