Financial Data and Key Metrics Changes - For Q1 2025, net income per diluted common share was $0.74, up 4.2% from the prior year [17] - Net FFO per diluted common share increased 3.6% to $1.14, while normalized FFO rose 2.7% to $1.15 compared to the prior year [17][18] - FAD for the quarter increased 9.9% to $56 million [18] - Cash rent from the Real Estate Investment segment increased by $2.6 million, attributed to acquisitions and percentage revenue rents [18] Business Line Data and Key Metrics Changes - SHOP segment NOI increased 4.9% year over year to $3.1 million, with resident fees up 5.2% driven by occupancy improvement [16][19] - The discretionary senior housing portfolio had a coverage of 1.67 times, while the SNF portfolio reported solid coverage of 3.06 times [14] Market Data and Key Metrics Changes - The company has an active investment pipeline of approximately $264 million, with a focus on senior housing [6][11] - The market shows a limited buyer pool, but an increasing number of sellers, leading to a competitive environment for acquisitions [11][78] Company Strategy and Development Direction - The company is focused on growing its SHOP portfolio through internal conversions and optimizing its existing portfolio [8][10] - A significant investment pipeline is being pursued, with a goal to surpass last year's total investments of $237.5 million [10][24] - The company is cautious about pursuing growth for growth's sake, emphasizing quality over quantity in acquisitions [7][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the near-term outlook, raising normalized FFO guidance midpoint by $0.08 per share to $4.71, representing a year-over-year growth of 6.1% [6][23] - The company is maintaining its outlook for 12% to 15% NOI growth for the year, despite typical seasonality in the first quarter [9][24] Other Important Information - The company recorded a $1.2 million charge in transaction costs related to a large SHOP portfolio that was ultimately not pursued [7] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 4.1 times, well within the stated leverage policy [21][22] Q&A Session Summary Question: Update on NHC lease process and Medicaid clarity - Management is in dialogue with NHC regarding lease renewal and navigating Medicaid issues, with an independent committee assisting in strategy [31][32] Question: Reasons for low SHOP performance in Q1 - Management noted seasonality and a one-time expense affecting performance, but remains positive about future growth [34][35] Question: Status of SLM mezzanine loans - SLM situation is largely wrapped up, with potential for additional payments as facilities are sold [36] Question: Transition process with Discovery and potential rent impacts - Management anticipates some noise during the transition but is confident in maintaining FAD guidance [41][45] Question: Insights on the large SHOP portfolio that did not close - The decision was based on the portfolio not fitting the company's growth strategy at this time [54][56] Question: Timing for bond market tapping - The company is preparing to tap the bond market later in the year, with a minimum raise of $300 million expected [87][88]

Financial Data and Key Metrics Changes - The company reported a net income per diluted common share of $0.74, up 4.2% from the prior year [17] - Net FFO per diluted common share increased 3.6% to $1.14, while normalized FFO increased 2.7% to $1.15 compared to the prior year [17] - FAD for the quarter increased 9.9% to $56 million [17] - Cash rent from the Real Estate Investment segment increased by $2.6 million, attributed to acquisitions and percentage revenue rents [18] Business Line Data and Key Metrics Changes - The SHOP segment's NOI increased 4.9% year over year to $3.1 million, with resident fees up 5.2% driven by occupancy improvement [15][19] - The discretionary senior housing portfolio had a coverage of 1.67 times, while the SNF portfolio reported solid coverage of 3.06 times [14] Market Data and Key Metrics Changes - The company has an active investment pipeline of approximately $264 million, with a focus on senior housing [5][11] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 4.1 times, well within the stated leverage policy [21] Company Strategy and Development Direction - The company is focused on growing its SHOP portfolio through internal conversions and has made significant investments in acquisitions [5][6] - The company is not pursuing growth for growth's sake and is selective in its investment strategy [6][78] - The company aims to maintain a competitive cost of capital and solid access to debt and equity capital [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about surpassing last year's investment total of $237.5 million due to a strong start in 2025 [10] - The company maintains its outlook for 12% to 15% NOI growth this year, despite typical seasonality in the first quarter [8][16] - Management is closely monitoring the potential impact of Medicaid cuts on the portfolio but believes geographic exposure can mitigate risks [14] Other Important Information - The company declared a $0.90 per share dividend for shareholders of record on June 30, 2025 [23] - The updated full-year guidance for NAREIT FFO and normalized FFO per diluted common share is $4.67 and $4.71, representing increases of 2.6% and 6.1% respectively over 2024 [23][24] Q&A Session Summary Question: Update on NHC and Medicaid clarity - Management is in dialogue with NHC regarding lease renewal and is cautious about discussing land and buildings due to legal monitoring [30] Question: SHOP performance in Q1 - Management acknowledged a one-time expense affecting performance but noted that seasonality was expected [34] Question: Status of SLM mezz loans - Management indicated that SLM is largely wrapped up, with potential for additional payments as facilities are sold [36] Question: Discovery transition and potential disruptions - Management expects some noise during the transition but is confident in maintaining FAD guidance [40][44] Question: Impact of percentage rent on tenant profitability - Management stated that the percentage rent was factored into projections and that tenant performance is improving [46] Question: SHOP occupancy and incentives - Management explained that occupancy challenges are due to a subset of buildings not reaching 90% and the need for incentives to maintain occupancy [62] Question: Large SHOP portfolio that fell out of pipeline - Management decided not to pursue the portfolio due to concerns about its fit and potential returns [53] Question: Unidentified new investments mix - Management indicated a mix of property investments and debt financing, primarily focusing on fee simple arrangements [55] Question: Timing for NOI transition with Discovery - Management is targeting the third quarter for the transition, subject to legal review [57] Question: Drivers of increased deal flow - Management noted that sellers are realizing current market conditions, leading to increased activity [74]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy combines real estate industry experience with traditional security analysis methods, including research and analytical depth [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Group 2: Investment Focus - The REIT Team invests in a variety of property types, including apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The focus on public securities allows for diversification across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] Group 3: Company Background - Chilton Capital Management, established in 1996, provides investment advisory services for registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The firm is independently owned and operates within the Liberty Street family of funds, with the West Loop Realty Fund being part of the Investment Managers Series Trust [1]

在中国，购房已经成为了大众的深层文化，但这并不意味着可以随意投资房产，盲目跟风。过去，不少人即便不考虑实际情况，也能从买房中获利，但如今 的房地产市场已经发生了改变，若继续用老方法投资，可能会遭遇损失。 一个典型的例子是曾经非常流行的"凤凰层"——这些被认为是既舒适又性价比高的房型，吸引了大量购房者。人们纷纷跟风选择这样的户型，尤其是在销售 人员的强烈推荐下，许多人觉得住在"凤凰层"会享有更优质的生活体验。但事实并非如此，许多购买此类房产的人后悔不已，认为自己当初被销售策略忽悠 了。 我身边有一个朋友，便是个典型的例子。他在销售人员的推荐下购买了"凤凰层"，即便他也有些犹豫，但销售一直吹嘘该楼层的优势。入住后仅一年多，朋 友已经后悔不已。为什么会有如此多的人在购入"凤凰层"后深感失望？这一问题值得深思。 凤凰层的采光与通风优势也不可忽视。由于处于较高楼层，能够享受更广阔的视野和更充足的阳光，特别是对于边户来说，大面积的玻璃窗设计让光线更为 透亮，通风效果也比其他楼层好。住户可以从这种楼层俯瞰整个城市，享受独特的景观，这也是许多人钟爱这种房型的原因。 3. 居住舒适度更高 凤凰层的优势 1. 减少漏水问题 "凤 ...

Financial Data and Key Metrics Changes - The company reported core funds from operations (FFO) for Q1 2025 at $189.8 million or $1.72 per share, exceeding guidance by $0.04 per share [18] - The midpoint of full-year core FFO guidance was increased by $0.03 per share from $6.75 to $6.78, primarily due to lower projected interest expenses [19] - Preliminary April results indicate improvement compared to Q1 2025, with occupancy averaging 95.4% [11] Business Line Data and Key Metrics Changes - Same property revenue growth in the top five markets ranged from 1.3% to 4.5%, compared to an overall portfolio growth of 0.8% [10] - Effective new leases were down 3.1%, while renewals were up 3.3%, resulting in a blended rate of negative 0.1% for Q1 2025 [10] - The annualized net turnover rate for Q1 2025 was 31%, one of the lowest in the company's history [12] Market Data and Key Metrics Changes - New supply in markets has peaked, with apartment absorption remaining strong; new starts are at a 13-year low, down 80% in Austin and 65-80% in several other markets [7] - Camden's Sunbelt markets are 50% to 60% less expensive for residents compared to high-cost coastal markets, driving job and population growth [8] Company Strategy and Development Direction - The company is focused on expanding its presence in high-demand markets like Austin and Nashville, with recent acquisitions aimed at doubling its footprint in Nashville [15] - The company plans to maintain a geographically diverse portfolio to weather economic uncertainties [8] - The company is actively seeking to rebuild its land bank for future development projects despite current challenges in underwriting due to cost and rent growth [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current economic uncertainty but expressed confidence in the company's strong position and operational performance [25] - The company expects improvement in markets like Nashville and Austin in the latter half of 2025, despite current challenges [30] - Management noted that the labor market remains tight, with no significant negative impacts observed from government job losses in the DC market [36] Other Important Information - Camden was recognized by Fortune Magazine as one of the 100 best companies to work for for the eighteenth consecutive year [5] - The company has entered into a $600 million commercial paper program to supplement its existing line of credit, allowing for lower interest rates [17] Q&A Session Summary Question: Impact of macro uncertainty on same store guidance - Management indicated that uncertainty has led to a cautious approach in guidance adjustments, but overall business performance remains strong [24] Question: Stabilization of deliveries in Sunbelt markets - Nashville and Austin are expected to remain challenged, but improvements are anticipated in the latter half of 2025 [30] Question: Performance of DC and Doge markets - Management reported strong performance in the DC market, with high occupancy and lease rate growth, despite concerns about government job losses [35] Question: Construction cost underwriting and tariff impacts - Management is factoring in a 2% to 3% cost increase due to tariffs, but believes that construction margins are stabilizing [43] Question: Projections for A and B assets in Sunbelt markets - Class A urban assets are currently performing slightly better than Class B suburban assets, reflecting changes in supply dynamics [66] Question: Acquisition pipeline and market focus - The company is actively looking to increase exposure in Austin and Nashville, as well as other markets like Raleigh and Tampa [83] Question: Lease-up trends for new developments - Lease-up for new single-family rental products has been slow but is expected to stabilize later this year [92] Question: Bad debt levels and normalization - Bad debt improved to 60 basis points, nearing the normalized level of 50 basis points, with significant improvements in problematic markets [96]

Financial Data and Key Metrics Changes - The company reported FFO per diluted share of $0.52 for Q1 2025, a decrease of approximately $0.03 compared to Q4 2024, primarily due to the impact of the Del Monte Center disposition [18][6] - Same store cash NOI increased by 3.1% year over year across all sectors, with positive growth reported in all sectors except mixed-use [18][19] - The company ended Q1 with liquidity of approximately $544 million, including $144 million in cash and $400 million available on a revolving line of credit [22] Business Line Data and Key Metrics Changes - The office portfolio's same store NOI increased by 5.4% in Q1 2025, driven by the expiration of a rent abatement [18][19] - The retail portfolio's same store NOI also increased by 5.4%, supported by new leases and contractual rent escalations [19] - The multifamily portfolio's NOI was flat year over year, primarily due to lower rental income in Portland, while San Diego properties showed growth [19][12] - The mixed-use portfolio's NOI declined by approximately 11.6%, mainly due to lower occupancy at the Embassy Suites Waikiki [19][20] Market Data and Key Metrics Changes - The office portfolio ended Q1 at 85.5% leased, with an increase in leasing activity and average base rents reaching an all-time high [9][11] - The retail portfolio ended the quarter 97% leased, with strong collections and an all-time high average base rent [11][12] - The multifamily properties in San Diego ended the quarter approximately 95% leased, with a blended rent increase of 2% [12][13] Company Strategy and Development Direction - The company is focused on thoughtful capital allocation, operational discipline, and enhancing asset quality to ensure long-term stability [5][6] - Recent strategic initiatives include the sale of Del Monte Center and the acquisition of Genesee Parks Apartments, aimed at concentrating capital in core markets [14][15] - The company aims to maintain a balance sheet that allows for flexibility in both offensive and defensive strategies [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ongoing shift in office dynamics, despite economic uncertainty [7][10] - The company remains focused on reducing leverage and maintaining strong liquidity, which is deemed essential in the current environment [6][22] - Management acknowledged potential challenges in leasing activity due to economic uncertainty but remains committed to monitoring market conditions closely [14][26] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q2, reflecting confidence in the company's outlook [16][17] - The company aims to achieve and maintain a long-term net debt to EBITDA ratio of 5.5 times or below [22] Q&A Session Summary Question: Update on Bellevue assets and occupancy - Management noted significant leasing momentum in Bellevue, with recent leases bringing occupancy to 97% at Timber Ridge and ongoing interest in other properties [30][32] Question: Impact of Proposition 1A on tenant interest - Management observed increased inbound tenant inquiries in Bellevue, indicating a positive response to the proposition [34] Question: Plans for redeploying proceeds from Del Monte Center sale - The company is actively looking for additional acquisitions but is also comfortable holding cash on the balance sheet amid economic uncertainty [36][37] Question: Update on leasing pipeline at La Jolla - The UTC submarket remains tight, with ongoing proposals and construction of amenities expected to boost leasing activity [38][41]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of effectively zero and distributable earnings (DE) of $0.17 per share, with DE prior to charge-offs at $0.42 per share [4][20] - The company paid a dividend of $0.47 per share for the first quarter [4] - The impaired loan balance decreased by 58% from its peak, now standing at $970 million or 5% of the portfolio [15][22] Business Line Data and Key Metrics Changes - The company achieved $1.8 billion in repayments, with 86% from office properties, and $1.6 billion in new investments, marking the highest quarterly originations in over two years [10] - The portfolio is now 95% performing, up from 88% at the trough, with US office exposure reduced from nearly 40% to 21% [12][22] - The company commenced a net lease investment strategy, acquiring 27 properties concentrated in defensive businesses with average lease terms of 18 years [13][14] Market Data and Key Metrics Changes - The company noted that real estate cash flows are expected to benefit from diminished supply, which is at historically low levels [7] - The overall cost of capital remains around 40% lower than peak levels, with banks and investors under-allocated to real estate, supporting continued lending demand [8] Company Strategy and Development Direction - The company is focused on minimizing credit risk while leveraging its platform to generate target returns, with 90% of 2025 activity backed by multifamily properties or cross-collateralized industrial portfolios [11] - The strategy includes optimizing the balance sheet, with liquidity at $1.6 billion and a leverage ratio of 3.4 times, the lowest in three years [16][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the real estate sector's ability to outperform despite macroeconomic uncertainties, citing a recovery phase and a well-functioning capital market [6][7] - The company anticipates continued strong performance in multifamily and industrial sectors, while monitoring the hospitality sector closely [60][61] Other Important Information - The company has a robust balance sheet with nearly 70% of its structure being non-mark-to-market, providing stability in volatile market conditions [17][27] - The company executed a $1 billion CLO with a 30-month reinvestment feature, enhancing its capital structure [27] Q&A Session Summary Question: What is the current status of the four-rated loans? - The company has around $500 million in non-modified four-rated office loans, down significantly from $1 billion a year ago, and is focused on modifications and resolutions [33][34] Question: How do you see the impact of the new CLO on originations? - The new CLO provides optionality for financing new originations, with strong relationships with lenders ensuring good liquidity [35][36] Question: How do you expect loan growth in the coming quarters? - The company aims to grow the portfolio towards the $20 billion mark, with a focus on credit quality [44] Question: What trends are observed in the repo market? - The company has maintained strong relationships with lenders, with banks eager to grow their credit facility exposure [50][53] Question: How is the performance of the hospitality sector? - Hospitality exposure is currently at 6.5% of the portfolio, and while it is being monitored closely, the overall performance has been resilient [57][60] Question: What is the outlook for international exposure? - The company has a strong presence in Europe, with no specific cap on international exposure, and is optimistic about the relative value of investments in that market [74][78] Question: Will there be another CLO issuance this year? - The company is monitoring the CLO market closely and sees potential for another issuance later in the year if market conditions remain favorable [80][82] Question: What is the pace of resolving remaining impaired loans? - The company is optimistic about continuing to resolve impaired assets, with a clear path for several resolutions already in progress [84][86]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of effectively zero and distributable earnings of $0.17 per share, with distributable earnings prior to charge-offs at $0.42 per share [5][21] - The company paid a dividend of $0.47 per share for the first quarter [5] - The capital allocation strategy has improved the credit composition of the overall asset base, with 95% of the portfolio performing, up from 88% at the trough [12] Business Line Data and Key Metrics Changes - The company achieved $1.8 billion in repayments, with 86% in office, and $1.6 billion in new investments, marking the highest level of quarterly originations in over two years [10] - The investment strategy focuses on minimizing credit risk while leveraging platform advantages, with 90% of 2025 activity backed by multifamily properties or cross-collateralized industrial portfolios [11] - The impaired loan balance has been reduced by 58% from the peak, with resolutions contributing to a $64 million reversal in the CECL reserve [15][25] Market Data and Key Metrics Changes - The company noted that real estate is well-positioned to outperform despite macroeconomic uncertainties, with capital broadly available and cost of capital around 40% lower than peak levels [8][9] - The company has diversified geographically, with over 40% of investments abroad, and US office exposure reduced from nearly 40% to just 21% [12] Company Strategy and Development Direction - The company is focused on three key drivers: portfolio turnover through repayments and redeployment, resolution of impaired loans, and optimization of the balance sheet [6][10] - The company has commenced a net lease investment strategy, acquiring 27 properties in defensive sectors with strong lease terms [14] - The company aims to grow its portfolio towards the $20 billion target discussed in the previous quarter while being mindful of credit risks [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the real estate market's recovery, noting that cash flows should benefit from diminished supply and historically low levels of new construction [7][9] - The company is well-positioned with a strong balance sheet, $1.6 billion in liquidity, and a debt-to-equity ratio of 3.4 times, the lowest in three years [16][27] - Management highlighted the importance of maintaining strong relationships with lenders and the competitive dynamics in the borrowing market [51][52] Other Important Information - The company has executed a $1 billion reinvesting CLO, enhancing its capital structure and providing flexibility for future investments [17][26] - The company has seen a shift towards less transitional and more resilient investment strategies due to rising construction costs and market volatility [66] Q&A Session Summary Question: About the migration of loans rated four to three - Management indicated that the focus is on non-modified four-rated office loans, which have decreased significantly from $1 billion to around $500 million [33][34] Question: Impact of the new CLO on originations - Management confirmed that the new CLO provides optionality for financing new originations, with strong liquidity and capital markets access [36][37] Question: Growth potential of the loan book - Management expects to grow the portfolio towards the $20 billion target, with $2 billion in loans currently closing [44] Question: Trends in the repo market and relationships with lenders - Management noted strong relationships with lenders, with banks eager to grow their credit facility exposure [51][52] Question: Performance of hospitality, multifamily, and industrial sectors - Management highlighted that hospitality exposure is down to 6.5% of the portfolio, while multifamily performance remains resilient, and industrial sectors are also showing strength [56][59] Question: Changes in borrower profiles post-tariff announcements - Management observed a shift towards lighter value-add business plans and shorter duration risks due to cost pressures [66] Question: Future CLO issuance - Management indicated that the CLO market is stabilizing, and they are monitoring opportunities for future issuances [81][84] Question: Context around the general reserve increase - Management clarified that the general reserve increase reflects long-term credit risk profiles and is not meant to capture short-term volatility [91] Question: Size of recent loan resolutions - Management mentioned that recent resolutions total around $200 million, with a focus on maximizing value over time for REO assets [93][96]

Core Insights - The event "Living in Qinhuai, Consumer Benefits for All" was successfully held, showcasing nine premium residential and commercial land plots in Qinhuai District, which are set to be released in batches [1] - The local government emphasizes the importance of land sales and industrial development to enhance urban value and service quality, aiming to create a modern development narrative for Qinhuai [1] - The event attracted numerous well-known real estate companies, offering various promotional activities to stimulate consumer interest and engagement [2] Group 1: Event Overview - The event was organized by the Qinhuai District People's Government and the South New Town Development Management Committee, with support from various local agencies and companies [3] - The event provided a platform for investors and consumers to engage, fostering collaboration and injecting new vitality into Qinhuai's high-quality development [3] Group 2: Real Estate and Consumer Engagement - Real estate companies showcased premium properties and offered incentives such as cash subsidies and discounts to encourage purchases [2] - The event featured a diverse range of consumer goods, including automobiles and home appliances, with significant discounts and trade-in promotions available [2] - Financial institutions presented various consumer loan products to assist buyers in managing their finances, enhancing the overall consumer experience [2]

Core Insights - EPH European Property Holdings has achieved stable operational growth in 2024 despite global market challenges, focusing on high-quality properties in prime European locations with strong sustainability standards [3] - The company's real estate portfolio is valued at EUR 812 million, consisting of ten prime assets in Germany, Austria, and Switzerland, with a strategic expansion into the hotel segment [3] - EPH's net rental income increased from EUR 32.60 million in 2023 to EUR 35.11 million in 2024, primarily driven by the property Lass 1 in Vienna [3] Financial Highlights - As of December 31, 2024, total assets amounted to EUR 978.79 million, up from EUR 973.22 million in 2023, while net assets decreased slightly to EUR 500.23 million from EUR 500.94 million [3] - The company reported a total net loss of EUR 3.03 million in 2024, a significant improvement from a loss of EUR 162.30 million in 2023, mainly due to non-cash accounting adjustments in the previous year [3] - Finance costs rose from EUR 15.3 million in 2023 to EUR 17.2 million in 2024 due to increased interest rates on bonds [3] Strategic Developments - EPH has acquired a historic 5-star hotel in Vevey, Switzerland, as part of its strategy to diversify its property portfolio, now owning three hotels in total [3] - The company continues to focus on major European cities and core properties, particularly in the office and hotel sectors, with robust demand for modern spaces [7] - EPH plans to redevelop the newly acquired hotel over the coming years, reflecting confidence in the Swiss hotel market [3]