Financial Performance - For the three months ended June 30, 2025, lease revenue was $177468 thousand, compared to $162075 thousand for the same period in 2024[14] - Net income available to common stockholders for the three months ended June 30, 2025, was $55185 thousand, compared to $51318 thousand for the same period in 2024[14] - Funds From Operations (FFO) allocable to common stockholders and unitholders for the three months ended June 30, 2025, was $102800 thousand, compared to $89647 thousand for the same period in 2024[15] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $84160 thousand, compared to $74139 thousand for the same period in 2024[15] Portfolio Composition - As of June 30, 2025, the total number of in-service properties was 414, with a gross leasable area of 68044707 square feet and an occupancy rate of 942%[33] - Same Store NOI Cash Basis (Less Termination Fees) increased by 87% for the three months ended June 30, 2025, compared to the same period in 2024, reaching $121947 thousand[34] Debt Analysis - The total weighted average interest rate on debt outstanding was 410% as of June 30, 2025, compared to 416% as of June 30, 2024[21] - Fixed-rate debt accounted for $2379774 thousand of the total debt outstanding as of June 30, 2025[21] Leasing Activity - For the three months ended June 30, 2025, new leases commenced totaled 411 thousand square feet with a cash basis rent growth of 405%[36] - Tenant retention by square feet was 710% for the three months ended June 30, 2025[36] Outlook - The company estimates Funds From Operations - FFO (NAREIT) to be between $288 and $296 per share/unit for 2025[68]

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.42 for Q2 2025, up from $0.39 in the same period last year, and funds from operations (FFO) of $0.76 per share/unit, compared to $0.66 a year ago [1][5][20] Portfolio Performance - The company's diverse portfolio is performing strongly, with cash rental rate growth among sector leaders and healthy renewal activity [2] - Cash basis same store net operating income (SS NOI) increased by 8.7%, driven by rental rate increases on new and renewal leases [6][26] - In-service occupancy was 94.2% at the end of Q2 2025, down from 95.3% at the end of Q1 2025 and Q2 2024 [6] Development and Leasing Highlights - During Q2 2025, the company leased 58,000 square feet at First Loop Logistics Park Building 4 in Orlando [3] - The company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million [7] Investment and Capital Markets Highlights - The company completed its first public bond offering since 2007, issuing $450 million of 5.25% senior unsecured notes due January 15, 2031 [5][7] - The company received a 'BBB+' unsecured credit rating from Fitch Ratings [5][7] Financial Guidance - The company provided guidance for 2025, estimating net income available to common stockholders and unitholders between $1.53 and $1.61 per share/unit, and NAREIT FFO between $2.88 and $2.96 per share/unit [8][9]

Company Overview - Prologis owned or had investments in properties and development projects expected to total approximately 13 billion square feet in 20 countries as of June 30, 2025[9] - The company leases modern logistics facilities to approximately 6,500 customers[9] - The build out of land (TEI) is $415 billion[10] Financial Performance - Rental and other revenues for the three months ended June 30, 2025, were $2037 million, compared to $1853 million for the same period in 2024[25] - Core FFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1396 million, compared to $1281 million for the same period in 2024[25] - AFFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1036 million, compared to $1072 million for the same period in 2024[25] - Strategic capital revenues for the three months ended June 30, 2025, were $147 million, compared to $155 million for the same period in 2024[25] Operations - The company's annual NOI is $64 billion[12] - 85% of the company's NOI comes from the U S[10] - The average occupancy for the Prologis Share was 95%[66] Strategic Capital - The company's gross AUM is $205 billion[17] - The company's Prologis Share AUM is $139 billion[23] - Fees and promotes are $452 million[14] Capital Deployment - Value creation from stabilizations is $731 million[23] - The estimated build out of the land portfolio is 216 million square feet, with a TEI of $379 billion[99]

Core Points - Whitestone REIT has declared a monthly cash dividend of $0.045 per share for the third quarter of 2025, amounting to a quarterly total of $0.135 per share and an annualized total of $0.54 per share [1] - The dividend distribution schedule includes payments in July, August, and September 2025, with record dates and payment dates specified [1] Company Overview - Whitestone REIT is a community-centered real estate investment trust that focuses on acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [2] - The company's retail centers are designed to provide convenience, featuring a mix of service-oriented tenants that include restaurants, grocers, health and fitness services, financial services, education, and entertainment [3] - Strong community connections and deep tenant relationships are considered key to the success of the company's current centers and acquisition strategy [3]

Core Insights - Highwoods Properties, Inc. (HIW) has signed over 750,000 square feet of second-generation leases from the beginning of the second quarter through June 2, 2025, including more than 300,000 square feet of new leases [1][7] - The company is experiencing a recovery in demand for its office properties, driven by organizations emphasizing return-to-office mandates, which is propelling leasing activity [2][3] Company Performance - In the first quarter of 2025, HIW signed approximately 691,000 square feet of second-generation leases, with nearly 244,000 square feet being new leases [3] - The company has a well-diversified tenant base and is focusing on expansion in high-growth markets, which are key growth drivers [3] - Over the past three months, HIW's shares have gained 8.4%, contrasting with a 1.3% decline in the industry [4] Future Outlook - HIW expects occupancy growth in late 2025, supported by a strong leasing pipeline [2][7] - The healthy volume of leases executed in the first five months of the year positions the company for future growth in occupancy [2]

Investment Rating - The report assigns a "Sell" rating to Vornado Realty Trust (VNO) with a 12-month price target of $33.00, indicating a downside potential of 13.1% from the current price of $37.97 [14]. Core Insights - Management believes it is in a landlord's market, with strong tenant demand for Class A office space in Manhattan and constrained new supply due to high replacement costs and interest rates [3]. - VNO's New York occupancy rate decreased from 88.8% at the end of Q4 2024 to 84.4% in Q1 2025 but is expected to rise to the low 90% range within 12 months due to leasing activity [3]. - The company completed significant leasing transactions, including a 337,000 square foot lease by Universal Music Group at PENN 2 and a 222,000 square foot lease at 555 California Street in San Francisco [3][4]. - VNO's 2025 comparable FFO is expected to be flat compared to 2024, with growth anticipated by 2027 driven by the lease-up of PENN 1 and PENN 2 [4]. Financial Performance - VNO's NTM FFO is currently trading at 17.9x, below its historical average of 22.3x, while trading at a 6.0% premium relative to the REIT sector [10]. - On an AFFO basis, VNO is trading at 37.9x NTM AFFO, significantly higher than its pre-pandemic average of 32.0x, with an 88% premium compared to the REITs average [10]. - The report provides updated estimates for VNO's FFO and AFFO, reflecting adjustments due to faster leasing at PENN 2 and revised capitalized interest [12]. Valuation Trends - The report notes that VNO's premium versus the REIT sector is approaching historical average levels, indicating potential valuation normalization [6]. - The updated price target reflects a change in the Q5-Q8 target AFFO multiple to 27.0x, up from 26.2x, based on recent leasing strength and market movements [12].

28 May 2025 | 7:13AM BST Aroundtown SA (AT1.DE): 1Q25 results: FFO1ps 8% below GSe, FY25 guidance reiterated Aroundtown released 1Q25 results which were 8% below GSe on FFO1ps and 1% above GSe on NTAps. The miss on FFO1ps was due to lower-than-expected operating and other income (i.e. service charge) and EBITDA contribution from joint ventures (e.g. seasonality), while financial expenses were below GSe. Operationally, net lfl rental growth was 3.0% for the portfolio (+10bp qoq). In residential, the lfl net ...

Investment Rating - The report assigns a "Sell" rating to Vornado Realty Trust (VNO) with a 12-month price target of $33.00, indicating a downside potential of 13.1% from the current price of $37.97 [14]. Core Insights - Management believes it is in a landlord's market, with strong tenant demand for Class A office space in Manhattan and constrained new supply due to high replacement costs and interest rates [3]. - VNO's occupancy in New York decreased from 88.8% at the end of 4Q24 to 84.4% in 1Q25 but is expected to recover to the low 90% range within 12 months due to leasing activity [3]. - The company completed significant leasing transactions, including a 337k SF lease by Universal Music Group at PENN 2 and a 222k SF lease at 555 California Street in San Francisco [3][11]. - VNO's 2025 comparable FFO is expected to be flat compared to 2024, with meaningful growth anticipated by 2027 driven by the lease-up of PENN 1 and PENN 2 [4]. Financial Performance - VNO's NTM FFO is currently trading at 17.9x, below its historical average of 22.3x, while trading at a 6.0% premium relative to the REIT sector [10]. - On an AFFO basis, VNO is trading at 37.9x NTM AFFO, significantly higher than its pre-pandemic average of 32.0x, reflecting an 88% premium compared to the REITs average [10]. - The report updates estimates for VNO, with 2025 NAREIT FFO projected at $2.20, reflecting a slight decrease from previous estimates, while 2026 and 2027 show growth [12]. Valuation Trends - The report notes that VNO's premium versus the REIT sector is approaching historical average levels, indicating a potential normalization in valuation [6]. - The updated price target reflects a revised AFFO multiple of 27.0x, up from 26.2x, based on recent leasing strength and market movements [12].

Core Viewpoint - Kojamo plc reported an improvement in occupancy rates and mixed financial results for the first quarter of 2025, with total revenue slightly increasing while net profit before taxes showed a significant decline compared to the previous year [1][11]. Financial Performance - Total revenue increased by 0.9% to EUR 114.3 million compared to EUR 113.3 million in the same period last year [5][6]. - Net rental income rose by 3.7% to EUR 62.8 million, representing 54.9% of total revenue [5][6]. - Profit before taxes was EUR -11.0 million, a decrease of 128.0% from EUR 39.3 million in the previous year [5][6]. - EBITDA decreased by 73.7% to EUR 16.3 million, with an EBITDA margin of 14.3% [5][6]. - Funds From Operations (FFO) fell by 8.6% to EUR 23.3 million [5][6]. Occupancy and Property Management - The financial occupancy rate improved to 92.8%, up from 92.4% in the previous year, with a notable increase of 1.2 percentage points compared to the previous quarter [5][12]. - The company completed 113 rental apartments and sold 24 during the review period, while the total number of rental apartments owned increased to 40,949 [4][5]. Investment and Valuation - The fair value of investment properties was EUR 7.9 billion, down from EUR 8.1 billion [6][7]. - Gross investments totaled EUR 4.0 million, a decrease of 52.8% from EUR 8.4 million in the previous year [7][6]. Outlook - Kojamo maintains its outlook for 2025, estimating total revenue growth of 1-4% year-on-year and FFO between EUR 135-145 million, excluding non-recurring costs [8][9]. Management Insights - The CEO highlighted that the growth in net rental income was driven by improved occupancy rates and lower maintenance expenses due to milder weather [11]. - The company is focusing on enhancing customer experience, with a Net Promoter Score of 57 indicating improved customer satisfaction [15].

Financial Performance - First Quarter 2025 revenue totaled $13.2 million, representing an increase of 4.8% year-over-year compared to $12.6 million in the same quarter of 2024 [1][7] - Net income attributable to common stockholders for the first quarter 2025 was $6.3 million, a decrease from $6.9 million in the first quarter of 2024 [1][7] - Funds from Operations (FFO) totaled $10.3 million, down 2.6% year-over-year from $10.6 million [7][31] - Adjusted Funds from Operations (AFFO) amounted to $10.7 million, a decrease of 2.2% from $11.0 million in the previous year [7][31] - The company declared a first quarter dividend of $0.43 per common share, which is an increase of approximately 4.9% compared to the same quarter in 2024 [7][16] Operational Highlights - The company collected approximately 98% of contractual rent during the quarter, which included applying the remaining escrow deposit and security deposit from one tenant [7] - The company reported an 84% AFFO payout ratio, indicating strong cash flow management [2] - As of March 31, 2025, cash and cash equivalents were $19.9 million, with $11.7 million committed to fund future improvements [7] Investment Activity - The company acquired a dispensary from Cresco Labs in Ohio for $285,000 on February 19, 2025 [8] - Total gross real estate assets were valued at $431.7 million, with a debt to total gross assets ratio of 1.6% [7] Balance Sheet Highlights - Total liquidity as of March 31, 2025, was $102.3 million, consisting of cash and cash equivalents and availability under the company's revolving credit facility [7] - The company had no debt maturity until May 2027, providing a stable financial outlook [7] Tenant Conditions - Two tenants defaulted on their lease agreements, impacting net income and FFO metrics [6] - Revolutionary Clinics paid approximately 50% of its contractual rent from June 2024 through March 2025, and entered receivership in December 2024 [10][11] - Calypso Enterprises utilized escrow and security deposits to cover contractual rent due for January and February 2025, resulting in full rent collection for the first quarter [12]