Core Viewpoint - NewMarket reported a decline in net income and earnings per share for both the fourth quarter and full year of 2025, primarily due to a higher effective tax rate impacting profitability [5][8]. Financial Performance - Fourth-quarter 2025 net income was $81 million, or $8.65 per share, down from $111 million, or $11.56 per share, in the same period of 2024 [3][8]. - For the full year 2025, net income totaled $419 million, or $44.44 per share, compared to $462 million, or $48.22 per share, in 2024 [3][8]. - Pre-tax income for Q4 2025 was $113 million, down from $134 million in Q4 2024, while full-year pre-tax income was $561 million, a 4% decline from $584 million in 2024 [4][8]. Segment Performance - The Petroleum Additives segment saw Q4 sales decrease to $585 million from $626 million, with operating profit falling to $107 million from $136 million, attributed to a 6% decline in shipments, lower selling prices, and higher unit costs [7][9]. - Full-year sales for Petroleum Additives were $2.5 billion, down from $2.6 billion in 2024, with operating profit declining to $520 million from $592 million [8][9]. - Specialty Materials segment experienced growth, with Q4 sales rising to $49 million from $27 million in 2024, driven by increased volume at AMPAC and the acquisition of Calca [11][12]. Cash Flow and Capital Allocation - NewMarket generated solid cash flows in 2025, enabling $183 million in shareholder returns through share repurchases and dividends [14][15]. - The company reduced total debt by $88 million compared to 2024, with net debt to EBITDA at 1.1 times as of December 31, 2025 [14]. Strategic Outlook - Looking ahead, NewMarket anticipates continued strength in both Petroleum Additives and Specialty Materials, focusing on long-term value creation for shareholders and customers [16].

Financial Data and Key Metrics Changes - The company achieved a net sales increase of 11% year-over-year, with a price mix increase of 70 basis points, while volume declined by 2.2% [16][17] - Gross margin as a percentage of sales decreased by 30 basis points to 48.5%, influenced by increased outside purchases related to the Simple Mills business model [17] - GAAP diluted EPS for the quarter was a loss of $0.32, a decrease of $0.52 from the prior year, primarily due to a $136 million non-cash impairment of intangible assets [18][19] Business Line Data and Key Metrics Changes - The fresh packaged bread category saw Flowers maintain unit share, with Dave's Killer Bread gaining 20 basis points, while traditional loaf unit sales declined by 4% in Q4 [3][4] - The cake business experienced a 5% growth in unit sales, driven by Wonder's brand recognition, despite a 3% decline in category unit sales [11] - Specialty Premium Loaf gained 60 basis points of unit share, largely driven by DKB, which added 50 basis points [10] Market Data and Key Metrics Changes - The overall bread category experienced a 2% decline, while the food category saw a modest increase in unit sales [4] - The competitive environment remained rational but challenging, with a 1.1% increase in average price per unit in the bread category [26] - Consumer behavior is shifting towards value-seeking, with increased sales in club stores and a decline in center store volumes [28][29] Company Strategy and Development Direction - The company is conducting a comprehensive review of operations to reignite top-line growth and expand margins, focusing on brand portfolio optimization and supply chain enhancements [4][5] - Investments in marketing and innovation are expected to create near-term margin pressure but are deemed essential for long-term growth [5][22] - The integration of Simple Mills is progressing well, with expectations for significant growth driven by innovation and expanded distribution [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating continued category headwinds, particularly in traditional loaf, and inflationary pressures [21][22] - The company plans to balance investments in leading brands with the need to manage costs and maintain profitability [22][30] - Management emphasized the importance of adapting to consumer trends by prioritizing better-for-you products and innovative offerings [29][30] Other Important Information - The company generated cash flow from operating activities of $446 million in 2025, an increase of $34 million over the prior year [20] - Capital expenditures decreased to $127 million, while dividends paid increased to $209 million [20] - The company is committed to maintaining a strong balance sheet, with a net debt to trailing twelve-month Adjusted EBITDA ratio of approximately 3.3 times [20] Q&A Session Summary Question: What are the expectations for growth in 2026? - The company expects fiscal 2026 net sales to be between $5.163 billion and $5.267 billion, with adjusted EBITDA of $465 million to $495 million, and adjusted diluted EPS of $0.80 to $0.90 [24][25] Question: How is the integration of Simple Mills progressing? - The integration is progressing well, with expectations for double-digit sales growth driven by expanded distribution and innovation [24]

Gates Industrial Corporation plc Q4 2025 Earnings Call Summary - Moby Strategic Performance and Market Dynamics Achieved record adjusted EBITDA and EPS in 2025 despite a troughing demand environment and contraction in several key end markets. Realized significant outperformance in secular growth verticals, with personal mobility growing over 25% and data center business expanding 4x year-over-year. Successfully reduced net leverage to 1.85x, marking the first time the company has finished a year bel ...

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, while for the fourth quarter, they were $11.6 million or $0.28 per share [11] - The company achieved EBITDAR of $27 million for the quarter and $95 million for the year [13] - Cash breakeven was reported at $11,700 per day, or $10,800 per day excluding CapEx [10][23] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, with 50% booked [10] - Chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026, with 30% booked [10] - The company maintained a strong spot market exposure of 82% while layering in high-quality time charters [11][29] Market Data and Key Metrics Changes - The company noted a significant increase in voyage lengths due to geopolitical disruptions, particularly with the ban on Russian diesel and changes in trade routes [15][16] - The aging MR fleet is approaching scrapping, which is expected to benefit younger vessels like Ardmore's [18][19] - The global tanker fleet is experiencing tightening supply due to sanctions, with about 30% operating outside mainstream trades [14][16] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, leveraging a fully integrated trading platform [21] - The company emphasizes innovation and performance, with ongoing investments in efficiency upgrades and AI-driven voyage optimization tools [21][24] - Ardmore aims to maintain best-in-class corporate governance and a disciplined capital allocation policy [25][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable underlying market conditions and a robust earnings environment, with TCE performance reflecting continued strength [9] - The geopolitical landscape is reshaping trade flows, reinforcing the importance of flexibility in commercial approaches [55] - The company is committed to maintaining financial flexibility to navigate uncertainty and capitalize on opportunities [55] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [11][26] - The company has a strong focus on corporate governance, being recognized as the top-ranked tanker company in governance scorecards [38] Q&A Session Questions and Answers Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet [60] Question: Thoughts on the newbuilding market for MRs - Management has not participated in the newbuilding market since 2013, finding better value in the second-hand market [63] Question: Clarification on AI returns - AI investments are focused on adoption rather than development, ensuring guaranteed returns with minimal CapEx [67]

Financial Data and Key Metrics Changes - The company reported Q4 AFFO per share of $0.45, with full-year AFFO at $1.78 per share, reflecting a 2.9% growth over 2024 [22] - Q4 cash rental income was $67.5 million, representing an 11.1% growth compared to the same quarter last year [23] - Annualized cash-based rent at quarter end was $264.2 million, with a weighted average five-year annual cash rent escalator of 1.5% [23] Business Line Data and Key Metrics Changes - In Q4, the company acquired 30 properties for $95 million at a blended cap rate of 7%, marking a 20 basis point expansion over the previous quarter [12] - For the full year 2025, the company acquired 105 properties for $318 million at a blended cap rate of 6.8% [12][13] - The company maintained a strong portfolio occupancy rate of 99.6%, with 95% of leases expiring in 2025 remaining occupied [24] Market Data and Key Metrics Changes - The company has diversified its tenant base, with 37% of rents coming from sectors outside casual dining, including automotive service (13%), quick service restaurants (11%), and medical retail (10%) [9] - The company sidestepped major tenant credit issues, reporting 0 bad debt expense in 2020 and 2025 [5] Company Strategy and Development Direction - The company focuses on acquiring high-quality real estate occupied by creditworthy tenants, emphasizing a conservative capital allocation strategy [3][4] - The company is expanding into new sectors such as grocery and equipment rental, while maintaining a cautious approach to ensure alignment with existing underwriting criteria [15][16] - The company aims to leverage its strong balance sheet and low leverage to capitalize on acquisition opportunities in 2026 [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality of their real estate and the ability to re-tenant properties, particularly in light of recent tenant brand changes [8] - The company anticipates a strong year in 2026, supported by favorable debt capital markets and a robust pipeline of acquisition opportunities [11][76] Other Important Information - The company has no debt maturities until December 2026, providing a stable financial outlook [21] - The company reported a cash G&A expense of $18 million for the year, at the bottom of its guidance range [23] Q&A Session Summary Question: Can you discuss the market for United Rentals and industrial outdoor storage? - Management noted that the sector is attractive due to the value in land residuals and the presence of creditworthy tenants, with a large addressable market [28] Question: What is the status of the Bahama Breeze properties? - Management confirmed that several properties will be converted to other Darden brands, with high interest from potential new tenants for the remaining locations [32][38] Question: How does the company view its leverage strategy? - Management indicated that they are disciplined in capital allocation and have ample liquidity for acquisitions without approaching their leverage ceiling [50] Question: What is the company's exposure to Red Lobster? - Management stated that Red Lobster is performing better under new ownership, with stores predominantly under a master lease affirmed at the same rent [45] Question: What is the company's approach to diversification? - Management emphasized a balanced approach, avoiding sectors that have not proven resilient through cycles, while focusing on high-quality, creditworthy tenants [46]

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by a 7.5% growth in net revenue per hectoliter and improved financial discipline [18][19] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [20] - Cash flow from operating activities totaled BRL 24.5 billion, which was BRL 1.6 billion lower than the previous year due to softer volumes impacting working capital [21] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [12][13] - Premium and super premium volumes increased by high teens, while non-alcoholic beverages grew around 30%, reflecting strong portfolio brand equity [14] - The BEES Marketplace saw full-year GMV grow by 70%, driven by third-party expansion, while Zé Delivery closed 2025 with BRL 4.7 billion in GMV, up 13% year-on-year [10] Market Data and Key Metrics Changes - The consumption recovery in Argentina is taking longer than expected, but performance improved sequentially throughout the year [16] - In the Dominican Republic, the consumption environment improved sequentially, with beer gaining share of alcoholic beverages [16] - In Canada, the company outperformed both beer and beyond beer industries, supported by strong brand performance [16] Company Strategy and Development Direction - The company is focused on long-term value creation through disciplined execution of its capital allocation framework, emphasizing organic growth and selective M&A opportunities [18][22] - The strategy is built on three pillars: strengthening the core business, leveraging data and technology, and enhancing operational efficiency [9][11] - The company aims to maintain accessibility in pricing while protecting profitability, balancing the need for core brand relevance with premiumization [70] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was a challenging year due to adverse weather conditions impacting beer consumption, but they are optimistic about 2026, citing events like the FIFA World Cup and a holiday-rich calendar as growth drivers [24][25] - The management emphasized that beer remains a culturally relevant category in Latin America, with strong fundamentals and room for growth [8][25] - The company is prepared for potential challenges in 2026, including cost pressures from commodities, but remains focused on margin expansion [22][72] Other Important Information - The company announced approximately BRL 20 billion in shareholder returns in 2025, the highest in its history, through dividends, interest on capital, and a share buyback program [12] - The effective tax rate for the year was 17.7%, reflecting one-off effects, with a normalized rate of approximately 20% [20] Q&A Session Summary Question: Insights on Brazil's beer volume growth in December - Management explained that the growth was driven by improved weather conditions and market share gains, with October being the main drag on performance [30][31] Question: Thoughts on sustaining profitability and cost management for 2026 - Management highlighted the need for continued focus on cost initiatives and resource allocation to maintain margin expansion, with guidance for cash COGS per hectoliter expected to increase between 4.5% and 7.5% [39][40] Question: Capital allocation and dividend policy for 2026 - Management indicated that discussions on dividends will continue quarterly, focusing on cash generation and maintaining a balance between growth investments and shareholder returns [47] Question: Strategic vision regarding core brands and portfolio performance - Management reaffirmed the importance of core brands in the portfolio, emphasizing ongoing efforts to keep them relevant while also expanding premium offerings [54][55] Question: Impact of GLP-1 drugs on the portfolio - Management noted no significant impact from GLP-1 drugs but acknowledged the need to monitor emerging trends and consumer preferences [63] Question: Pricing strategy and mix considerations for 2026 - Management discussed the dual focus on maintaining accessibility for core brands while also protecting profitability through strategic pricing and revenue management [70][71]

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by net revenue per hectoliter growth of 7.5% and operational efficiencies [18][19] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [20] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [12][13] - Premium and super premium volumes increased in the high teens, while non-alcoholic beverages grew around 30% [14] - BEES Marketplace's GMV grew 70%, and Zé Delivery delivered BRL 4.7 billion in GMV, up 13% year-on-year [10] Market Data and Key Metrics Changes - The beer category in Brazil faced headwinds primarily due to cyclical factors and weather conditions, impacting out-of-home consumption [7][8] - The Dominican Republic and Canada saw sequential improvements in consumption, with beer gaining share of alcoholic beverages [16] Company Strategy and Development Direction - The company is focused on three strategic pillars: category leadership, leveraging data and technology, and enhancing operational efficiency [9][11] - The strategy aims to bridge the gap between beer's potential and actual consumption, fostering category growth [8] - The company plans to continue investing in organic growth, maintain a disciplined approach to M&A, and return excess cash to shareholders [22] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the beer category's fundamentals and its potential for growth, particularly in Latin America [7][25] - The upcoming FIFA World Cup and a holiday-rich calendar in Brazil are expected to create favorable conditions for socialization and beer consumption in 2026 [24][25] Other Important Information - The company announced approximately BRL 20 billion in shareholder returns in 2025, the highest in its history [12] - The effective tax rate for the year was 17.7%, influenced by one-off effects [20] Q&A Session Questions and Answers Question: Insights on Brazil's beer volume growth in December - The management attributed the growth to improved weather conditions and market share gains, with October being the main drag on performance [30][32] Question: Thoughts on sustaining profitability and cost management for 2026 - The company plans to continue focusing on cost efficiencies and maintaining disciplined resource allocation to support margin expansion [34][39] Question: Capital allocation and dividend policy for 2026 - The management indicated ongoing discussions about dividend distributions, emphasizing a consistent return to shareholders while considering organic growth investments [46][49] Question: Strategic vision regarding core brands and premiumization - The management believes in the importance of core brands for accessibility and plans to keep them relevant while also expanding premium offerings [54][56] Question: Impact of GLP-1 drugs on the portfolio - The management has not observed a significant impact from GLP-1 drugs but is monitoring the situation and adapting the portfolio to meet consumer needs [63][66] Question: Pricing strategy and mix considerations for 2026 - The company aims to balance accessibility with profitability in its pricing strategy, leveraging a complete portfolio to manage revenue effectively [71][74]

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by net revenue per hectoliter growth of 7.5% and operational efficiencies [16][10][17] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [18] - Cash flow from operating activities totaled BRL 24.5 billion, reflecting a BRL 1.6 billion decrease from the previous year due to softer volumes impacting working capital [19] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [11][12] - Premium and super premium volumes increased in the high teens, while non-alcoholic beverages grew around 30%, indicating strong performance in expanding segments [12][13] - BEES Marketplace's GMV grew by 70%, and Zé Delivery achieved BRL 4.7 billion in GMV, up 13% year-on-year, consolidating its position as a major convenience platform [9][10] Market Data and Key Metrics Changes - The macro environment in Argentina improved with lower inflation and less FX volatility, although consumption recovery took longer than expected [14][15] - In Canada, the company outperformed both beer and beyond beer industries, supported by strong brand performance [15] - The Dominican Republic also saw sequential improvement in the consumption environment, with beer gaining share of alcoholic beverages [15] Company Strategy and Development Direction - The company is focused on three strategic pillars: fostering category growth, leveraging data and technology for business enhancement, and maintaining operational efficiency [8][10][24] - The company aims to expand its consolidated EBITDA margin despite anticipated cost pressures, particularly from commodity prices [20][10] - The strategy includes a commitment to return excess cash to shareholders, with BRL 20 billion announced in shareholder returns for 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a challenging year that tested the company's strategy, but they emerged stronger and better prepared for future opportunities, including the FIFA World Cup [4][24] - The company believes that the headwinds faced were primarily cyclical and occasion-driven, not indicative of a fundamental change in beer consumption [6][7] - Management expressed confidence in the beer category's growth potential, supported by favorable demographics in Latin America [7][24] Other Important Information - The company announced a new BRL 2.5 billion share buyback program as part of its commitment to return cash to shareholders [11] - The effective tax rate for the year was 17.7%, influenced by one-off effects, with a normalized rate of approximately 20% [18] Q&A Session Summary Question: Insights on Brazil's beer volume growth in December - Management explained that the growth was driven by improved weather conditions and market share gains, particularly in the latter part of the year [26][29] Question: Thoughts on capital allocation and dividend policy for 2026 - The company emphasized ongoing discussions regarding cash position and shareholder returns, maintaining a focus on organic growth and selective M&A [45][47] Question: Strategic vision regarding core brands and premiumization - Management reiterated the importance of core brands while acknowledging the strong performance of premium segments, indicating a balanced approach to portfolio management [51][54] Question: Impact of GLP-1 drugs on the portfolio - Management stated that there has been no significant impact from GLP-1 drugs on their business, but they are monitoring the situation closely [61][64] Question: Pricing strategy and mix considerations for 2026 - The company highlighted the dual focus on maintaining accessibility for consumers while also protecting profitability through strategic pricing [68][70]

Financial Data and Key Metrics Changes - West Fraser reported an adjusted EBITDA of -$79 million in Q4 2025, an improvement from -$144 million in the previous quarter, which included a $67 million out-of-period duty expense [4] - For the full year 2025, adjusted EBITDA was $56 million, down from $673 million in 2024 [4] - Cash flow from operations was negative $172 million in Q4, with net debt at $131 million, compared to a net cash position of $212 million reported last quarter [10] Business Line Data and Key Metrics Changes - The lumber segment posted an adjusted EBITDA of -$57 million in Q4, compared to -$123 million in Q3, excluding the $67 million export duty expense [7] - The North America EWP segment reported an adjusted EBITDA of -$24 million in Q4, compared to -$15 million in Q3, with a $239 million non-cash restructuring and impairment charge [8] - The pulp and paper segment reported an adjusted EBITDA of -$1 million in Q4, an improvement from -$6 million in Q3 [8] - The Europe segment's adjusted EBITDA was $4 million in Q4, up from $1 million in Q3, indicating a moderately improved business environment [8] Market Data and Key Metrics Changes - The overall Q4 results showed sequential EBITDA improvement supported by reduced log costs and lower manufacturing costs, although offset by lower lumber and OSB prices [9] - Southern yellow pine shipments were 6% lower quarter-over-quarter, while unit manufacturing costs were also lower [10] Company Strategy and Development Direction - The company is focused on high-grading its mill portfolio, including closures of higher-cost assets and ramping up the Allendale OSB mill in South Carolina and the new Henderson lumber mill in Texas [5][15] - West Fraser has removed over 1.1 billion board feet of capacity since 2022, representing a 16% decrease in lumber operating capacity [15] - The company has invested nearly $1 billion in capital into its lumber business over the last four years to modernize assets and improve operational efficiency [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the difficult end markets in 2025 but emphasized a long-term focus on operational excellence and cost management [14][15] - The company remains optimistic about future prospects despite limited macro visibility and is actively managing its portfolio to be low-cost and diverse [17] Other Important Information - West Fraser had over $1.2 billion of available liquidity at year-end, providing financial flexibility to support capital allocation strategies [5][13] - The company is prepared to evaluate the impact of U.S. tariffs on operations and adjust forecasts as necessary [11] Q&A Session Summary Question: Can you provide insights on margins between SPF and SYP in Q4? - Management noted that the pricing spread between SPF and SYP has started to close, reflecting adjustments in customer demand patterns [20][21] Question: How sustainable are the lower costs reported in Q4? - Management indicated that the trends in cost structure are a result of ongoing efforts to lower costs through capacity adjustments and modernization [23] Question: What are the M&A opportunities given the current lumber market? - Management emphasized the importance of asset quality and indicated a willingness to consider quality opportunities that strengthen the company during the bottom of the cycle [26][27] Question: How is the ramp-up of the Henderson Mill being managed in a muted demand environment? - Management stated that the Henderson Mill is in early stages of startup and is expected to replace existing volume in the market [30] Question: What is the outlook for housing measures and their impact on lumber demand? - Management expressed optimism about discussions on housing affordability but noted uncertainty regarding the timing and impact of potential measures [49][51]

Financial Data and Key Metrics Changes - Core FFO per share for Q4 2025 was $0.32, and for the full year, it was $1.17, aligning with guidance [9] - Same-store NOI grew by 1.8% in Q4 and 2.4% for the full year, driven by a 2% increase in same-store revenue [9][10] - Operating expenses increased by 2.4% in Q4 and were modestly higher for the full year due to various factors, including higher repairs and maintenance [11] Business Line Data and Key Metrics Changes - The company renovated 2,003 units in 2025, achieving an average unlevered return on investment of 15.3% [6] - In 2026, the company plans to renovate between 2,000 and 2,500 units, adding six new communities to the Value-Add Program [7] Market Data and Key Metrics Changes - Job growth in the company's markets is forecasted to average 60 basis points, double the national average of 30 basis points [8] - The company generates nearly 70% of its NOI from communities in seven of the ten highest in-migration states, supporting apartment demand [8] Company Strategy and Development Direction - The company aims to capitalize on growth opportunities by focusing on operational efficiencies and cost savings through technology adoption [5] - Capital allocation will prioritize investments in the value-add program, with expectations of improved market fundamentals in 2026 [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, citing improving market fundamentals and strong demand driven by job and population growth [23] - The company anticipates same-store NOI growth of 80 basis points in 2026, with a focus on maintaining operational stability [17][19] Other Important Information - The company sold a 356-unit community for $50 million and entered a new joint venture in Indianapolis for a 318-unit community [13] - A $350 million unsecured term loan was secured to improve liquidity and manage debt maturities [15] Q&A Session Summary Question: How does the new lease rate growth assumption incorporate market rent growth? - Management indicated that the new lease growth starts negative in January but is expected to improve throughout the year, with first-half growth down about 2.25% and second-half growth up roughly 75 basis points [25] Question: Can you discuss the performance of non-same-store properties? - Management noted that non-same-store properties are performing in line with expectations, but two development deals are behind schedule due to higher concessions [27] Question: What impact will concessions burning off have on rent growth projections? - Management expects lower concessions in the back half of the year, which should improve rental rate growth, particularly for renewals [32] Question: Can you elaborate on the performance of specific markets? - Management highlighted strong performance in markets like Atlanta and Nashville, while noting challenges in Memphis due to slower macro growth [40] Question: What is the strategy regarding fixed and floating rate debt? - Management plans to maintain a flexible approach, favoring floating rate debt in the current environment while monitoring interest rate markets closely [86]