Core Viewpoint - Veris Residential, Inc. reported strong operational results in Q1 2025, despite market volatility, with a focus on asset sales and portfolio simplification to unlock value [3][4]. Financial Performance - Net income (loss) per diluted share was $(0.12) in Q1 2025, compared to $(0.04) in Q1 2024 [2]. - Core FFO per diluted share increased to $0.16 from $0.14 year-over-year [2]. - Core AFFO per diluted share decreased slightly to $0.17 from $0.18 [2]. - The dividend per diluted share was $0.08, up from $0.0525 [2]. Operational Highlights - The company achieved a Same Store occupancy rate of 94.0%, up from 93.9% [4]. - Same Store blended rental growth rate for the quarter was 2.4%, compared to 0.5% in the previous quarter, reflecting a 1.9% increase [4]. - Average rent per home decreased slightly to $4,019 from $4,033 [4]. Asset Management - The company has closed or is under contract for $79 million in non-strategic asset sales in 2025 [3]. - Year-to-date, $45 million of non-strategic asset sales have been completed, with an additional $34 million under contract [7][8]. - The acquisition of the remaining interest in the Jersey City property, now named "Sable," was completed for $38.5 million, expected to generate over $1 million in annualized synergies [9][10]. Financial Position - The company maintains a weighted average effective interest rate of 4.96% on its debt, with a maturity of 2.8 years [5][6]. - As of April 21, 2025, liquidity stood at approximately $146 million [6]. - Net debt was reported at $1,643,411, with a TTM Net Debt to EBITDA ratio of 11.4x [6]. Guidance - The company maintains its 2025 guidance for Same Store revenue growth between 2.1% and 2.7%, and Same Store NOI growth between 1.7% and 2.7% [13].

Core Insights - Presidio Property Trust reported a net loss of approximately $27.9 million for the year ended December 31, 2024, compared to a net gain of approximately $8.0 million for 2023, reflecting a significant decline in profitability [4][29] - Total revenue increased by approximately $1.3 million or 7.3%, reaching approximately $18.9 million in 2024, driven by strong rent collections and new commercial leases [4][29] - The company successfully renewed 83% of expiring leases during the fourth quarter of 2024, indicating a positive leasing outlook for 2025 [2] Financial Performance - The company recorded general and administrative expenses of approximately $7.5 million for 2024, an increase of approximately $0.7 million or 10.8% compared to 2023 [4] - Funds from Operations (FFO) improved by approximately $2.8 million, moving from $(6.2 million) in 2023 to approximately $(3.4 million) in 2024 [6] - Core FFO also showed improvement, increasing by about $3.2 million from approximately $(5.2 million) in 2023 to approximately $(2.0 million) in 2024 [7] Asset Management - The company acquired 19 model home properties for $9.7 million in 2024, financed through cash payments of $3.0 million and mortgage notes of $6.7 million [8] - Presidio sold 51 model homes for approximately $24.8 million in 2024, recognizing a gain of approximately $3.4 million [10][29] - As of December 31, 2024, the company had approximately $12.3 million in net real estate assets, a decrease from approximately $144.2 million in 2023 [4] Impairments and Charges - A non-cash impairment charge of approximately $2.0 million was recognized in 2024, primarily related to goodwill and real estate assets [4][5] - The impairment on commercial properties was attributed to a loan maturity and inability to reach an agreement with lenders, leading to a decision to impair the property’s book value [4][5] Dividends - No distributions were declared for Series A Common Stock in 2024, while Series D Preferred Stock maintained a consistent distribution of $0.19531 per month [18][19]

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest, with new management since 2021[6] - The company aims to improve revenue consistency and NOI margin by converting from leased to managed contracts, leveraging data analytics[6] - Mobile Infrastructure intends to become a preferred acquirer in the parking industry through tax-efficient acquisitions and a track record of increasing revenue and profitability of acquired assets[6] - The company has a potential acquisition pipeline of $300 million, which can be pursued as financial market conditions improve[6, 41] Financial Performance and Metrics - The company's NAV is $7.25 per share, with assets having a significantly higher replacement cost[6] - Total portfolio includes 40 parking facilities, with 22 lots and 18 garages, across 20 markets, encompassing approximately 15,100 parking spaces[10] - Top ten assets account for 55.9% of total spaces and 65.4% of revenue[14] - Same Location RevPAS increased from $170.09 in 1Q22 to $200.44 in 4Q24[20] - Total revenues increased by 16.0% from $7.892 million in 4Q23 to $9.157 million in 4Q24[45] - Net Operating Income increased by 7.2% from $21.109 million YTD 2023 to $22.633 million YTD 2024[45] Market and Industry Position - The U S parking industry generates approximately $131 billion in annual revenue, representing about 1% of the U S GDP[30]

Financial Data and Key Metrics Changes - Net income for Q4 2024 decreased by 41.7% to $1.68 million or $0.09 per share compared to $2.88 million or $0.15 per share in the same period last year, primarily due to a one-time gain in the previous year [8] - For the full year, net income increased by 20.4% to $6.39 million or $0.34 per share from $5.3 million or $0.28 per share, driven mainly by improved results in the Multifamily segment [9] - Pro rata net operating income (NOI) for Q4 was up 21% to $9.1 million, and year-to-date was up 26% to $38.1 million, with a compound annual growth rate of 29.5% over the last three years [9][10] Business Line Data and Key Metrics Changes - The Commercial and Industrial segment reported total revenues of $1.3 million and NOI of $992,000, reflecting decreases of 11% and 15% respectively due to a tenant default [14] - The Mining and Royalty segment saw total revenues and NOI of $3.5 million, marking increases of 19% and 34% year-over-year [16] - The Multifamily segment reported total revenues of $14.1 million and NOI of $7.6 million, with significant contributions from new joint ventures, leading to a substantial increase compared to prior quarters [17][18] Market Data and Key Metrics Changes - The Multifamily projects are facing pressure from new deliveries in the D.C. market, impacting vacancies and revenue growth [19] - The average rental rate of expiring industrial leases was $6.55 triple net, with expectations for new rates to start in the $7 range or higher [30] Company Strategy and Development Direction - The company plans to invest approximately $71 million in equity capital in 2025, focusing on both Industrial and Multifamily developments [35][42] - The goal is to double the Industrial and Commercial segment from 800,000 square feet to 1.6 million square feet over the next five years [36] - The company is also pursuing new Multifamily developments in Florida and South Carolina, which are expected to add 810 units and an estimated $6 million in NOI upon stabilization [37] Management's Comments on Operating Environment and Future Outlook - Management expects NOI in 2025 to remain flat or slightly below 2024 levels due to vacancies in the Industrial and Commercial segment [33] - The Mining and Royalty segment is strong, but 2024 NOI was positively impacted by a one-time payment that is not repeatable [34] - Management is optimistic about the potential for re-tenanting spaces at higher rental rates, despite short-term challenges [106] Other Important Information - The company is experiencing delays in construction due to weather conditions, impacting the timeline for new projects [21] - The company is monitoring construction costs and potential impacts from tariffs on materials like steel and lumber [31] Q&A Session Summary Question: Clarification on the $71 million equity capital investment - The investment includes both Industrial and Multifamily projects, with approximately $21 million allocated for Florida industrial projects and $35 million for Multifamily developments [42][45] Question: Potential acquisitions and market focus - The company is focusing on the Southeast for acquisitions due to easier entitlements compared to Maryland, but will consider opportunities in its home state if they arise [51] Question: Impact of tariffs on construction and goods flow - Tariffs could impact the Multifamily segment more than Industrial, but the company is moving forward with projects in Florida before potential tariffs take effect [56] Question: Underwriting returns on new projects - The company targets a return on cost of 6.5% to 7% for new developments, with variations based on location and asset class [65][70] Question: Leasing velocity and tenant backfilling - The company expects challenges in backfilling spaces at Cranberry due to multiple tenant expirations, but is optimistic about achieving market rents [102][106] Question: Future Multifamily developments - The company is modifying existing plans to pursue Multifamily developments in D.C., with zoning approvals expected in Q2 2025 [113]

Financial Highlights - Net income attributable to the company decreased by 42% to $17 million in Q4 2024[7] - Net income attributable to the company increased by 20% to $64 million YTD[7] - Pro rata NOI increased by 26% YTD, reaching $38139 million[7, 9] - Total operating profit decreased by 8% to $29 million in Q4 2024[7] - Pro rata NOI increased by 21% to $91 million in Q4 2024[7] Segment Performance - Multifamily pro rata NOI increased by 21% to $4286 million in Q4 2024[11] - Multifamily pro rata NOI increased by 34% to $18177 million YTD[12] - Industrial and Commercial segment NOI increased by 17% to $4547 million YTD[7, 18] - Mining and Royalties segment revenue increased by 19% to $3459 million in Q4 2024[22] - Mining and Royalties segment NOI increased by 23% to $14396 million YTD[22] Development Plans - The company expects to commence construction on a 200000 sq ft warehouse in Lakeland, FL, and a 182000 sq ft warehouse in Broward County, FL, in Q2 2025[7, 26]

Core Insights - Whitestone REIT reported strong financial results for Q4 and full year 2024, with a significant increase in net income attributable to common shareholders, reaching $0.33 per diluted share for Q4 2024 compared to $0.03 in Q4 2023, and $0.72 for the full year 2024 compared to $0.38 in 2023 [1][6][41] Financial Performance - Q4 2024 revenues were $40.8 million, up from $37.5 million in Q4 2023, while full year revenues increased to $154.3 million from $147.0 million in 2023 [6][41] - Core Funds from Operations (FFO) for Q4 2024 were $14.7 million, compared to $12.4 million in Q4 2023, with Core FFO per diluted share rising to $0.28 from $0.24 [6][41] - Same Store Net Operating Income (NOI) grew by 5.8% in Q4 2024, reaching $25.0 million, compared to $23.7 million in Q4 2023 [6][41] Leasing and Occupancy - The company achieved a combined GAAP leasing spread of 21.9% in Q4 2024, marking the 11th consecutive quarter with leasing spreads exceeding 17% [2] - Occupancy rates for wholly owned properties were 94.1% in Q4 2024, slightly down from 94.2% in Q4 2023 [7] Debt and Dividend - The debt to EBITDAre ratio improved to 6.6X in Q4 2024, a reduction of nearly one full turn from Q4 2023 [2] - The company declared a quarterly cash distribution of $0.135 per common share for Q1 2025, representing a 9% increase from the previous quarter [8] 2025 Guidance - Whitestone REIT provided initial guidance for 2025, estimating Core FFO per diluted share to be in the range of $1.03 to $1.07, with net income per share projected between $0.33 and $0.37 [9][10] Portfolio Overview - As of December 31, 2024, Whitestone owned 55 Community-Centered Properties™ with a total gross leasable area of 4.9 million square feet, primarily located in Texas and Arizona [15] - The tenant base consisted of 1,445 tenants, with the largest tenant accounting for only 2.2% of annualized base rental revenues, indicating a well-diversified portfolio [16]

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