Core Insights - National Storage Affiliates Trust (NSA) reported that its self-storage portfolio has shown signs of improvement, with management indicating that the fourth quarter results and early 2026 trends suggest a positive inflection in performance [4][3][7] Financial Performance - For the fourth quarter, same-store revenue declined by 0.7%, an improvement from a 2.6% decline in the third quarter, driven by lower average occupancy and offset by growth in average revenue per occupied square foot [2][8] - Core FFO per share for the fourth quarter was reported at $0.57, with full-year Core FFO at $2.23, which was at the high end of guidance and above consensus [8] - The company expects Core FFO for 2026 to be $2.19, a decrease of approximately $0.04, influenced by higher general and administrative expenses and refinancing impacts [6][11] Occupancy and Revenue Trends - Year-over-year occupancy improved by 20 basis points at the end of January, with management expecting same-store revenue to trend positively into 2026 [1][12] - Nine out of 21 markets reported positive same-store revenue growth in the fourth quarter, indicating a broadening recovery across the portfolio [2][3] Expense Management - Fourth-quarter expenses decreased by 0.8%, with payroll costs down 4.1% for the quarter and 2.8% for the year, reflecting the company's focus on operational efficiencies [9] - Marketing expenses increased by 37% in the fourth quarter, aimed at enhancing customer acquisition in targeted markets [10] Balance Sheet and Liquidity - NSA's net debt to EBITDA ratio was reported at 6.6x, slightly above the long-term target range of 5.5x to 6.5x, with $375 million of maturities due in 2026 [5][14] - The company has approximately $550 million of available liquidity and plans for opportunistic acquisitions and dispositions in the range of $50 million to $150 million [5][16] Market Dynamics - Management noted that some markets are demonstrating pricing power and better fundamentals, while others, particularly those with heavy supply, remain challenged [21] - The company is maintaining competitive positioning on rates and promotions, with expectations for contract rate growth to remain solid in 2026 [12][19] Dividend Guidance - Guidance indicates that the company may not fully cover the dividend in 2026, but coverage is expected to improve towards the latter half of the year, potentially reaching full coverage by the fourth quarter [22]

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]