Financial Results - Elme Communities reported a net loss per diluted share of $(0.04) for the quarter ended June 30, 2025, consistent with the same period in 2024 [1] - Core Funds From Operations (FFO) per diluted share increased to $0.24 from $0.23 year-over-year [1] Operational Highlights - Same-store multifamily Net Operating Income (NOI) increased by 4.5% compared to the prior year quarter, driven by higher rental revenue and fee income [8][9] - Average occupancy for the same-store multifamily portfolio was 94.7%, up 0.2% from the prior year [8][9] - Retention rate for leases was 62%, aligning with expectations [8] Strategic Review Update - Elme announced a Purchase and Sale Agreement with Cortland Partners for the sale of 19 multifamily communities for approximately $1.6 billion [4] - The Board of Trustees approved a voluntary plan of sale and liquidation for the remaining assets of Elme Communities [4] Balance Sheet - As of June 30, 2025, Elme had available liquidity of $330 million, consisting of cash and availability under its revolving credit facility [8] - The annualized Net Debt to Adjusted EBITDA ratio was 5.6x, indicating a strong balance sheet with only $125 million of debt maturing before 2028 [8] Dividends - Elme Communities paid a quarterly dividend of $0.18 per share on July 3, 2025, and declared another dividend of $0.18 per share to be paid on October 3, 2025 [10]

Financial Data and Key Metrics Changes - Armada Hoffler reported normalized FFO of $0.25 per diluted share, consistent with expectations and guidance [22][23] - Same store NOI increased by 1.4% on a GAAP basis and 0.3% on a cash basis [23] - AFFO came in at $18.4 million or $0.18 per diluted share, reflecting alignment between operating cash flows and restructured dividend [23][27] Business Line Data and Key Metrics Changes - Office occupancy remained high at 96.3% with positive re-leasing spreads of 11.7% [5] - Retail occupancy was reported at 94.2% with renewal spreads of 10.8% [5] - Multifamily occupancy experienced a modest dip to 94%, attributed to seasonal turnover and macroeconomic pressures [17] Market Data and Key Metrics Changes - The retail portfolio successfully backfilled former big box vacancies with higher credit retailers, achieving a weighted average rent increase of 33% [9] - The office portfolio remains essentially full at 96% occupancy, with minimal vacancy and strong demand for remaining space [12][13] - Recent trends indicate a shift in demand from traditional office spaces to amenity-rich environments, with 54% of Fortune 100 companies returning to fully in-office work [14] Company Strategy and Development Direction - The company is focused on transitioning away from reliance on fee income towards higher quality recurring property-level earnings [6][8] - Armada Hoffler aims to enhance its balance sheet and financial flexibility through strategic debt management, including a recent $115 million private placement [8][24] - The company is committed to maintaining a high-performing portfolio and optimizing property-level performance through operational excellence [5][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to deliver consistent NOI growth and reaffirmed full-year guidance [6][28] - The company is well-positioned to benefit from continued execution across its portfolio, particularly in retail leasing and office occupancy [21] - Management acknowledged potential headwinds in the market but emphasized the strength of the balance sheet to mitigate risks [33] Other Important Information - The company is actively evaluating opportunities within its real estate financing platform, including potential acquisitions of high-quality multifamily assets [19][20] - The AFFO payout ratio stands at 77.8%, indicating a disciplined approach to capital allocation [27] Q&A Session Summary Question: Can you provide details on potential scenarios that would lead to achieving the lower or upper end of the guidance range? - Management believes the guidance range is appropriate, with upside potential from the leasing of the Allied asset and slight increases in construction guidance [32][33] Question: What is the expected downtime for the vacated WeWork office floor? - Management indicated that it is early in the process, with some interest in the space, but it is too early to determine the exact timeline for leasing [37][38] Question: What are the cap rate expectations for multifamily asset acquisitions and dispositions? - Management expects cap rates around 6% for multifamily acquisitions and mid-sixes for the disposition of a fully leased asset [40][42] Question: How are you thinking about upcoming maturities of loans? - Management has extended the TD term loan for another twelve months and is exploring options for the Everly loan, with flexibility in the current market [45][46] Question: What is the strategy for potential strategic dispositions over the next six to twelve months? - Management is reviewing assets for potential sales, focusing on opportunities where market dislocation can be leveraged for growth [51][52]

Core Insights - NNN REIT, Inc. reported strong financial performance for Q2 2025, with revenues of $226.8 million, a 4.5% increase from $216.8 million in Q2 2024 [2][30] - The company achieved net earnings of $100.5 million, translating to $0.54 per diluted share, compared to $106.7 million or $0.58 per diluted share in the same quarter last year [2][30] - Core FFO and AFFO per diluted share grew by 1.2% year-over-year to $0.84 and $0.85, respectively [3][33] - NNN invested $233 million across 45 properties at an initial cash cap rate of 7.4% during the quarter, contributing to a total of $464.9 million in investments for the first half of 2025 [3][5] Financial Results - Total revenues for the six months ended June 30, 2025, reached $457.7 million, up from $432.2 million in the same period of 2024 [2][30] - FFO for the quarter was $157.2 million, compared to $152.4 million in Q2 2024, while Core FFO for the same period was $157.4 million, up from $152.5 million [2][30] - The company reported a 6.7% increase in Annualized Base Rent (ABR) year-over-year, reaching $893.8 million [3][41] Property Acquisitions and Dispositions - NNN closed on $232.5 million of investments in Q2 2025, with a weighted average lease term of 17.8 years [3][5] - The company sold 23 properties for $51.2 million, including $24.7 million from income-producing properties at a weighted average cap rate of 6.2% [3][7] Capital Markets Activity - NNN raised $10.9 million through the issuance of 254,222 common shares at an average price of $43.03 [8] - The company issued $500 million in senior unsecured notes due 2031, enhancing balance sheet flexibility and increasing total available liquidity to $1.4 billion [9][10] Dividend Information - The company declared a quarterly dividend of $0.60 per share, marking a 3.4% increase and the 36th consecutive annual dividend increase [10][11] 2025 Guidance - NNN updated its 2025 guidance, increasing the midpoint for Core FFO and AFFO per share by $0.01 and raising acquisition volume guidance by $100 million [12][12]

Company Overview - Armada Hoffler (AHH) is a vertically integrated REIT focused on developing, building, acquiring, and managing retail, office, and multifamily properties primarily in the Mid-Atlantic and Southeastern US[3] - The company's weighted average stabilized portfolio occupancy was 949% as of June 30, 2025[6] Financial Performance (Q2 2025) - Second Quarter Normalized FFO per diluted share was $025[6] - Net income attributable to AHH and OP Unitholders was $3907 thousand, or $004 per diluted share[11] - Total revenues reached $101263 thousand, with rental revenues contributing $65147 thousand and general contracting and real estate services revenues at $31976 thousand[13] 2025 Outlook - The company projects a property portfolio NOI between $1736 million and $1760 million[8] - Construction segment profit is expected to be between $50 million and $70 million[8] - Normalized FFO per diluted share is projected to be between $100 and $110[8] Debt and Leverage - Total debt outstanding as of June 30, 2025, was $1448237 thousand[11] - The company's stabilized portfolio debt to stabilized portfolio adjusted EBITDAre was 52x[11] - As of June 30, 2025, 938% of the company's debt was fixed-rate, with a weighted average interest rate of 44%[30, 31, 38]

Core Insights - The company reported strong sequential and year-over-year improvements across key performance indicators in Q2 2025, leading to an upward revision of full-year 2025 guidance [10][19][24] Financial Performance - Same-store NOI (non-GAAP) grew 5.3% in Q2 2025, primarily due to a 140 basis point increase in same-store occupancy [2][19] - NOI (non-GAAP) totaled $33.6 million in Q2 2025, reflecting a 6.3% year-over-year increase [3][24] - Total FFO (non-GAAP) was $0.48 per share in Q2 2025, up $0.20 year-over-year [4][25] - CRE and corporate-related FFO per share (non-GAAP) was $0.29 in Q2 2025, a 3.6% year-over-year increase [3][24] Occupancy and Leasing Activity - Leased occupancy was 95.8%, a sequential increase of 40 basis points and a 190 basis point gain year-over-year [5][22] - Economic occupancy was 94.8% at Q2 2025 quarter-end, up 90 basis points sequentially and 200 basis points year-over-year [5][22] - In Q2 2025, 52 leases were executed, representing approximately 184,000 square feet of GLA and $6.1 million in ABR, with blended leasing spreads at 6.8% [6][22] Development and Growth Prospects - Projects under construction are expected to deliver over 150,000 square feet of GLA and $3.8 million in annual NOI upon stabilization in 2026 and 2027 [7][21] - The SNO pipeline totaled $5.8 million as of Q2 2025, including $3.1 million for two industrial build-to-suit projects [6][23] Guidance and Future Outlook - Updated guidance for same-store NOI growth (non-GAAP) is expected at 3.4%-3.8% for 2025, an increase of 80 basis points at the midpoint compared to prior guidance [9][27] - Total FFO (non-GAAP) guidance for 2025 was increased by $0.18 per share at the midpoint to $1.35-$1.40 [9][27] Market Conditions - The Hawaii commercial real estate transaction market is described as "starting to open up," with more acquisition opportunities emerging across asset classes [11][41] - Foot traffic and tenant sales have increased, reinforcing strong local market fundamentals [11][61]

Financial Performance - Net income attributable to common shareholders for Q2 2025 was $743.82 million, or $3.70 per diluted share, a significant increase from $35.26 million, or $0.18 per diluted share, in Q2 2024, primarily due to an $803.25 million gain from the NYU master lease [1][3][10] - For the first half of 2025, net income attributable to common shareholders was $830.66 million, or $4.14 per diluted share, compared to $26.23 million, or $0.13 per diluted share, in the same period of 2024 [3][4] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q2 2025 was $120.93 million, or $0.60 per diluted share, down from $148.94 million, or $0.76 per diluted share, in Q2 2024 [2][4] - Adjusted FFO for Q2 2025 was $113.32 million, or $0.56 per diluted share, compared to $112.77 million, or $0.57 per diluted share, in Q2 2024 [5][7] Leasing and Occupancy - Total square feet leased in New York for Q2 2025 was 1,479,000, with an initial rent of $101.44 per square foot, reflecting an 11.8% increase from the prior year's straight-line rent [28] - Occupancy as of June 30, 2025, was 85.2% in New York, with office occupancy at 86.7% and retail at 67.7% [30] Dispositions and Gains - The company recognized a net gain of $76.16 million from the sale of a portion of the 666 Fifth Avenue condominium to UNIQLO [3][16] - A financial statement gain of $803.25 million was recorded from the NYU master lease transaction [11] Financing Activities - The company repaid $450 million in senior unsecured notes due January 2025 [21] - A $450 million financing of 1535 Broadway was completed, with a fixed interest rate of 6.90% [22] Development Projects - Active development projects include PENN 2, with a rentable area of 1,815,000 square feet and a projected cash yield of 10.2% [39] - The company has a 49.9% interest in the Sunset Pier 94 project, with a projected cash yield of 10.3% [39]

Core Insights - Brookfield Renewable Partners (BEP) reported a second-quarter 2025 operating loss of 22 cents per unit, which is wider than the Zacks Consensus Estimate of a loss of 19 cents, and compared to a loss of 28 cents per unit in the same quarter last year [1][10] Total Revenues of BEP - BEP's total revenues reached $974 million, missing the Zacks Consensus Estimate of $979 million by 0.5%, but representing a 17.3% increase from $830 million in the year-ago quarter [2] Highlights of BEP's Q2 Earnings Release - The firm generated record Funds From Operations (FFO) of $371 million, up 10% year over year, attributed to strong underlying operating results and stable, inflation-linked cash flows [3][10] - The hydroelectric segment delivered FFO of $205 million, reflecting over 50% year-over-year growth, driven by strong performance in the U.S. and Colombian fleets [4] - The wind and solar segments generated a combined FFO of $184 million, with growth from development and acquisitions offsetting the sale of one business [4] - The distributed energy, storage, and sustainable solutions segments generated a combined FFO of $118 million, up 40%, benefiting from increased global demand for nuclear energy [5] Strategic Developments - BEP secured contracts to deliver an incremental 4,300 gigawatt hours per year and signed a Hydro Framework Agreement with Google to provide up to 3,000 megawatts of hydroelectric capacity in the U.S. [6] - The firm executed its asset recycling program, generating $1.5 billion in expected proceeds since the start of the second quarter, with $400 million net to Brookfield Renewable [7] Financial Position - As of June 30, 2025, BEP had cash and cash equivalents of $1.91 billion, down from $3.14 billion as of December 31, 2024, and available liquidity of nearly $4.7 billion [8] - Year to date, BEP has completed $19 billion of financings, extending maturities and optimizing its capital structure [8]

Financial Performance - Funds From Operations (FFO) increased to $371 million, a 10% increase year-over-year, driven by strong hydro performance, stable contracted cash flows, and contributions from new development projects[9] - FFO per Unit increased to $0.56, a 10% increase from the prior year[9] - Available liquidity stands at $4.7 billion, supporting growth initiatives[10] - The company maintains a best-in-class balance sheet with $4.7 billion of available liquidity and virtually no floating rate exposure[15] Operational Highlights - The company has approximately 47,500 MW of total operating capacity[22] - The company delivered ~7,700 MW of capacity during the last twelve months and expects to bring on a total of ~8,000 MW of new renewable capacity in 2025[19] - Actual renewable generation was 9,542 GWh, compared to 8,298 GWh in the same quarter of the previous year[9] Portfolio and Strategy - The company has total power and sustainable solutions assets of approximately $138 billion[22] - Approximately 90% of generation, on a proportionate basis, is contracted for an average term of 13 years, and approximately 70% of revenues are indexed to inflation[27] - The company is executing on its asset recycling program, with expected proceeds of approximately $1.5 billion (~$400 million net to Brookfield Renewable)[19]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8% from the previous year [5][19] - Comparable hotel total RevPAR improved by 4.2% compared to 2024, with a 3% increase in comparable hotel RevPAR driven by stronger transient demand and higher ADR [5][19] - Comparable hotel EBITDA margin declined by 120 basis points year-over-year to 31%, impacted by prior year business interruption proceeds [6][26] Business Line Data and Key Metrics Changes - Transient revenue grew by 7%, with Maui accounting for approximately 40% of the transient revenue growth in the quarter [7][21] - Group room revenue decreased by 5% year-over-year, primarily due to the Easter calendar shift and renovation disruptions [8][24] - Ancillary spending by guests remained strong, with total RevPAR growth of 4% in the second quarter, and food and beverage revenue up 4% [9][19] Market Data and Key Metrics Changes - Strong performance was noted in markets such as Maui, Miami, Orlando, Atlanta, New York, the Florida Gulf Coast, and San Francisco [7][8] - The company experienced a 19% RevPAR growth in Maui, contributing significantly to overall portfolio performance [8][45] - Business transient revenue remained relatively flat, with a slight decline in corporate negotiated room night volumes [23][24] Company Strategy and Development Direction - The company is focused on capital allocation, having disposed of approximately $5.1 billion in hotels at a blended 17.2 times EBITDA multiple, while acquiring $4.9 billion at a 13.6 times EBITDA multiple [12][73] - The Hyatt transformational capital program is approximately 50% complete, tracking on time and under budget, with ongoing renovations expected to enhance portfolio value [13][16] - The company plans to continue investing in its assets to drive returns, with a focus on luxury properties due to their long-term RevPAR CAGR potential [89][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of Maui, with expectations for continued growth in group bookings as the market stabilizes [45][47] - The company anticipates a gradual improvement in the macroeconomic environment, which could positively impact demand in the second half of the year [27][28] - Despite macroeconomic uncertainties, the company is well-positioned with a strong balance sheet and diversified portfolio [18][32] Other Important Information - The company collected $9 million in business interruption proceeds for Hurricanes Helene and Milton, totaling $19 million for the first half of the year [11][29] - Capital expenditure guidance for 2025 is set between $590 million and $660 million, including significant investments for redevelopment and repositioning projects [15][29] - The company has $2.3 billion in total available liquidity, with a leverage ratio of 2.8 times [31] Q&A Session Summary Question: Group dynamics for the second half and longer term - Management noted that while short-term group pickup has softened, there is strong group booking momentum for 2026 and beyond, with a total of 3.8 million group room nights on the books [38][40] Question: Update on Hawaii's performance - Management confirmed that Maui's recovery is underway, with a 19% RevPAR growth and increased out-of-room spending, supported by a marketing campaign [45][46] Question: Insights on Turtle Bay's performance - Turtle Bay is exceeding pro forma expectations, with no negative surprises in hotel operations, although there are changes in plans for the golf course [53][54] Question: Wages and benefits increase components - The increase in wages and benefits is driven by market conditions and finalized CBA negotiations, with expectations for lower growth next year [60][61] Question: RevPAR growth cadence in the second half - Management expects better performance in Q4 due to favorable calendar shifts and ongoing renovations impacting group pace in Q3 [64][66] Question: Transaction environment and acquisition opportunities - The debt capital markets are active, with a notable pickup in transaction activity, although the company is currently focused on investing in its existing assets rather than acquisitions [70][73]

Financial Results and Supplemental Information SECOND QUARTER 2025 July 30, 2025 Table of Contents QUARTERLY RESULTS | Office Properties Income Trust Announces Second Quarter 2025 Financial Results | | 4 | | --- | --- | --- | | Second Quarter 2025 Summary | | 5 | | FINANCIALS | | | | Key Financial Data | | 7 | | Condensed Consolidated Statements of Income (Loss) | | 8 | | Condensed Consolidated Balance Sheets | | 9 | | Debt Summary | | 10 | | Debt Maturity Schedule | | 11 | | Leverage Ratios, Coverage Ratio ...