Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Financial Data and Key Metrics Changes - Centerspace reported a 4.5% year-over-year growth in NOI within the same-store portfolio for Q3 2025, driven by solid revenue increases and effective expense control [4][12] - Core FFO for Q3 was $1.19 per diluted share, with a reduction in the midpoint of core FFO guidance by $0.02 to $4.92 due to timing adjustments related to strategic transactions and G&A costs [5][12] - Same-store revenues increased by 2.4%, with a 20 basis point increase in occupancy and a 2.2% increase in average monthly revenue per occupied home [12][13] Business Line Data and Key Metrics Changes - The Denver portfolio faced challenges with Q3 blended lease rates down 3.5%, while North Dakota showed strong performance with blended increases of 5.2% [6][10] - Retention rates exceeded expectations at 60% during peak leasing quarters, with Minneapolis benefiting from improved occupancy and increasing rental rates [6][10] Market Data and Key Metrics Changes - The Minneapolis market is expected to outperform historical trends, with strong demand and absorption projected for 2026 [18][41] - Fort Collins showed significant outperformance compared to Denver, with retention rates 800 basis points ahead and strong year-over-year occupancy increases [10][41] Company Strategy and Development Direction - Centerspace is focused on enhancing market position and shareholder value through strategic acquisitions and dispositions, including the sale of lower-growth communities in Minnesota [5][10] - The company aims to maintain operational excellence and financial discipline while navigating the current cost of capital environment [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in Minneapolis and expects it to be among the top U.S. markets for rent growth in 2026 [18][41] - The company anticipates that demand in Denver will start to outpace supply in late 2026, leading to improved market conditions [41][42] Other Important Information - The company has recycled approximately $212 million of capital through strategic transactions, enhancing the quality and efficiency of its portfolio [5][10] - Recent acquisitions included properties in Salt Lake City and Fort Collins, with a focus on scaling in these markets [9][10] Q&A Session Summary Question: How does the company balance share repurchases with reducing leverage? - Management indicated that share repurchases were a small use of proceeds and emphasized the importance of capital allocation based on market conditions [16][17] Question: What are the expectations for the Minneapolis market going forward? - Management expects a return to normalcy in Minneapolis, with potential for above-average performance due to strong demand and absorption [18][19] Question: Can you elaborate on concession levels in Denver? - Concessions in Denver range from no concessions to six weeks free, with the market experiencing varying levels of concessions [22][23] Question: What are the expectations for blended lease growth in Q4? - Renewals are expected to remain strong, but new lease tradeouts are negative, indicating a stable occupancy trend [30][31] Question: What are the drivers of higher G&A expenses? - Higher G&A expenses were attributed to additional fees and legal expenses, but these are not expected to be run-rate items [32][33] Question: How does the company view the performance of smaller markets? - North Dakota is expected to continue outperforming, with Minneapolis also showing strong potential for growth in 2026 [80][81]

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 United States[3] - The company's credit rating is BBB, as rated by Morningstar DBRS[5] Financial Highlights (Q3 2025) - Third Quarter Funds From Operations (FFO) per diluted share was $0.20[6] - Third Quarter Normalized FFO per diluted share was $0.29[6] - Weighted average stabilized portfolio occupancy was 95.7% as of September 30, 2025[6] - The company saw a 1% total same-store GAAP Net Operating Income (NOI) increase quarter over quarter[6] - Retail lease renewal spread increased by 5.7% (GAAP) in the third quarter[6] - Office lease renewal spread increased significantly by 21.6% (GAAP) in the third quarter[6] - Office same-store GAAP NOI increased by 4.5% quarter over quarter[6] 2025 Outlook - The company projects a property portfolio NOI between $174.1 million and $175.5 million[8] - Construction segment profit is expected to be between $5.5 million and $6.5 million[8] - Adjusted interest expense is projected to be between $63.7 million and $61.7 million[8] - Normalized FFO per diluted share is guided to be between $1.03 and $1.07[8] Capitalization and Leverage - Total capitalization as of September 30, 2025, was approximately $2.37 billion, with total debt of approximately $1.49 billion[11] - Stabilized portfolio debt to stabilized portfolio adjusted EBITDAre was 5.5x[11, 27] - Net Debt to Total Adjusted EBITDAre was 7.9x[27] - Net Debt plus Preferred Equity to Total Adjusted EBITDAre was 8.9x[27] - The company's debt composition is 100% fixed-rate with a weighted average interest rate of 4.3% and a maturity of 2.8 years[28] Portfolio Composition - 59% of the company's Annualized Base Rent (ABR) is derived from mixed-use communities[6] - The company's portfolio is comprised of 70% unencumbered properties, representing 61% of annualized base rent[43] - Total unencumbered asset value is $1.63 billion[43]

Core Insights - Armada Hoffler Properties, Inc. reported a GAAP net loss of $3.6 million, or $0.04 per diluted share, for Q3 2025, an improvement from a net loss of $10.4 million, or $0.11 per diluted share, in Q3 2024 [1][4][6] - The company achieved a Normalized FFO of $29.6 million, or $0.29 per diluted share, down from $31.4 million, or $0.35 per diluted share, in the same quarter last year [1][7] - Positive commercial releasing spreads were noted at 6.0% (GAAP) and 6.6% (Cash) [1] - The company maintained its full-year Normalized FFO guidance for 2025 at a range of $1.03 to $1.07 per diluted share [1][11] Financial Performance - Funds from operations (FFO) attributable to common stockholders increased to $20.2 million, or $0.20 per diluted share, compared to $12.7 million, or $0.14 per diluted share, in Q3 2024 [4][7] - Same Store Net Operating Income (NOI) increased by 1.0% on a GAAP basis compared to Q3 2024 [5] - The weighted average stabilized portfolio occupancy was reported at 95.7%, with retail occupancy at 96.0%, office at 96.5%, and multifamily at 94.2% [4][8] Leasing Activity - The company executed 25 commercial lease renewals and 7 new commercial leases during Q3 2025, totaling approximately 270,000 net rentable square feet [1][4] - Positive spreads on renewals were observed across all commercial segments: Retail at 5.7% (GAAP) and 6.5% (Cash), Office at 21.6% (GAAP) and 8.9% (Cash), and Multifamily at 2.3% (GAAP and Cash) [4] Balance Sheet and Financing - As of September 30, 2025, total debt outstanding was $1.5 billion, with $200 million under its revolving credit facility [9] - The company entered into a note purchase agreement on July 22, 2025, for $115 million of senior unsecured notes with varying maturities and interest rates [10] - The company’s debt was reported to be 100% fixed or economically hedged after considering interest rate swaps [9] Management and Strategy - The CEO emphasized the company's focus on operational excellence and data-driven insights to enhance performance and strengthen the balance sheet for sustainable growth [3] - The company’s Board of Directors appointed Shawn J. Tibbetts as Chairman, effective January 1, 2026, completing a succession plan initiated in 2024 [5]

Financial Performance - Net income available to common stockholders for the third quarter of 2025 was $86 million, or $005 per share, compared to $112 million, or $007 per share, for the third quarter of 2024[13] - Funds From Operations (FFO) for the third quarter of 2025 was $1165 million, or $069 per share, compared to $1023 million, or $067 per share, for the third quarter of 2024[13] - Net income available to common stockholders for the nine months ended September 30, 2025, was $440 million, or $026 per share, compared to $323 million, or $021 per share, for the nine months ended September 30, 2024[13] - Funds From Operations (FFO) for the nine months ended September 30, 2025, was $3589 million, or $213 per share, compared to $3052 million, or $200 per share, for the nine months ended September 30, 2024[13] Portfolio and Leasing Activity - Same property net operating income (NOI) on a cash-basis increased 03% for the third quarter of 2025[13] - Second generation net rent per square foot on a cash-basis increased 42% for the third quarter of 2025[13] - The company executed 551000 square feet of office leases during the third quarter of 2025[13] - Same property net operating income (NOI) on a cash-basis increased 12% for the nine months ended September 30, 2025[13] - Second generation net rent per square foot on a cash-basis increased 49% for the nine months ended September 30, 2025[13] - The company executed 1425000 square feet of office leases during the nine months ended September 30, 2025[13] Investment and Capital Activities - The company repaid in full $2500 million of 391% privately placed senior notes on July 7, 2025[16] - The company acquired The Link, a 292000 square foot lifestyle office property in Uptown Dallas, for $2180 million on July 28, 2025[16]

Financial Data and Key Metrics Changes - The company reported a third quarter NOI of $32.8 million, reflecting a 1.2% increase year-over-year, primarily driven by higher base rent [8] - Same-store NOI was $31.9 million for the quarter, a 60 basis point increase year-over-year [8] - Third quarter FFO per share for CRE and corporate was $0.30, up $0.02 or 7.1% from the same quarter last year [8][9] - Total company FFO for the quarter was $0.29 per share, which included an operating loss of $298,000 from land operations [9] - G&A expenses were $6.1 million for the quarter, approximately $1.4 million lower than the same period last year [9] Business Line Data and Key Metrics Changes - The CRE portfolio experienced same-store NOI growth of 0.6% for the quarter [5] - The company executed 49 leases in its improved property portfolio, representing approximately 164,000 square feet of GLA and $3.3 million of ABR [7] - Lease occupancy was 95.6%, which is 160 basis points higher compared to the third quarter of last year [7] - Economic occupancy at quarter end was 94.3%, 130 basis points higher than the same period last year [7] Market Data and Key Metrics Changes - The company noted increased momentum in the Hawaii investment market, with three large portfolios being marketed for sale [7] - The company is actively pursuing acquisition opportunities aligned with its long-term growth strategy [7] Company Strategy and Development Direction - The company is focused on executing its strategy to drive long-term value for shareholders, with a positive full-year outlook and raised FFO guidance [5][12] - Internal growth initiatives include the development of new buildings at Kumuana Industrial Park and Maui Business Park, expected to generate significant annual NOI upon stabilization [6][10] - The company is also exploring external growth through acquisitions, with a focus on larger assets and portfolios [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, citing strong portfolio performance and better-than-expected expense management [12] - The company anticipates that the $6.4 million of ABR from SNO leases will start impacting earnings within 9 to 12 months [15] - Management acknowledged challenges from tenant move-outs earlier in the year but noted that all have been backfilled [35] Other Important Information - The company plans to declare a fourth quarter 2025 dividend in December, with payment in January [10] - The sale of three floors at Kaka'ako Commerce Center is expected to generate $24.1 million in proceeds, which will be recycled into acquisition properties via a 1031 exchange [10] Q&A Session Summary Question: When will the $6.4 million of ABR from the SNO leases start to impact earnings? - Management indicated that normal SNO typically becomes economic over 9 to 12 months, with specific projects expected to contribute in Q1 of next year [15] Question: Has the asset for the $24 million purchase option been identified? - Management stated that the asset has not yet been determined, but they are actively underwriting opportunities in the market [16] Question: What is the expected G&A for the fourth quarter? - Management expects an uptick in G&A in the fourth quarter due to timing differences and transaction-related costs [17] Question: Is the sale of the two floors at Kaka'ako common in other properties? - Management noted that this structure is unique to Kaka'ako and not common in their other properties [22] Question: What is the expected impact of land operations on future earnings? - Management indicated that absent land sales, there could be a modest loss in the Land Operations division [27] Question: What are the expected cap rates for the portfolios being marketed? - Management refrained from discussing specific cap rates but indicated a general expectation of 5% to 6% cap type deals in the market [51][52] Question: What is the status of the Lono Center office property? - Management confirmed that they are actively looking to dispose of the Lono Center as it is considered a non-strategic asset [53]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $143 million, or $020 per diluted share[1] - Commercial Real Estate (CRE) operating profit for Q3 2025 was $227 million[1] - Funds From Operations (FFO) for Q3 2025 was $214 million, or $029 per diluted share[6] - FFO related to CRE and Corporate for Q3 2025 was $217 million, or $030 per diluted share[6] Commercial Real Estate Operations - CRE Same-Store Net Operating Income (NOI) increased by 06%[6] - Leased occupancy as of September 30, 2025, was 956%[6] - Comparable blended leasing spreads for the improved portfolio were 44%[6] - The company executed 49 improved-property leases totaling approximately 163800 sq ft of GLA, representing $33 million of annualized base rent[12] - The company recognized selling profit of $26 million in connection with a tenant exercising its option to purchase three subdivided units at Kaka'ako Commerce Center[13] Future Outlook - The company is raising FFO guidance for the full year 2025[3]

Core Insights - Alexander & Baldwin, Inc. reported a net income of $14.3 million, or $0.20 per diluted share, for Q3 2025, alongside a Commercial Real Estate operating profit of $22.7 million [1][4][10] Financial Performance - The net income available to A&B common shareholders decreased from $18.998 million in Q3 2024 to $14.337 million in Q3 2025 [4][29] - FFO (Funds From Operations) for Q3 2025 was $21.4 million, down from $28.2 million in Q3 2024, with FFO per diluted share at $0.29 compared to $0.39 in the prior year [4][29] - Same-Store NOI (Net Operating Income) growth was 0.6% in Q3 2025, a decline from 4.1% in Q3 2024 [4][8] Commercial Real Estate Segment - CRE operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while operating profit slightly decreased from $22.829 million to $22.719 million [4][14] - Total leased occupancy was reported at 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% year-over-year [5][9] Leasing and Development Activities - The company executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA, representing $3.3 million of annualized base rent [9][10] - A key lease renewal was executed in Kailua Town, achieving an 11% lease renewal spread [2][8] - Construction is underway for two industrial projects, including a 91,000 sq. ft. distribution center pre-leased to Lowe's, expected to be completed in Q4 2026 [6][8] Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit [10][12] - The net debt to trailing twelve months consolidated adjusted EBITDA ratio was 3.5 times, with TTM consolidated adjusted EBITDA of $129.4 million [10][12] Dividend Information - The company paid a dividend of $0.2250 per share on October 7, 2025, with plans to declare a fourth quarter 2025 dividend in December 2025 [10][12]

Financial Performance - Net Income per diluted share was $0.12 in 3Q 2025, a 100% increase compared to $0.06 in 3Q 2024[8] - FFO per diluted share was $0.62 in 3Q 2025, a 3% increase compared to $0.60 in 3Q 2024[8] - FFOA per diluted share was $0.65 in 3Q 2025, a 5% increase compared to $0.62 in 3Q 2024[8] - The company raised its full-year 2025 guidance for Net Income and FFOA per diluted share by $0.02 to a midpoint of $0.58 and $2.54, respectively[11] - Total revenue increased by $11.7 million YOY, or 2.8%, to $431.9 million in 3Q 2025[12] Same-Store Results - Same-Store revenue grew by 2.6% YOY in 3Q 2025[9] - Same-Store expense increased by 3.1% YOY in 3Q 2025[9] - Same-Store NOI grew by 2.3% YOY in 3Q 2025[9] - Physical occupancy for Same-Store communities was 96.6% in 3Q 2025, a 0.3% increase YOY[16] - The company updated its full-year 2025 Same-Store revenue growth guidance to 2.20% to 2.60%, a 0.10% decrease from the prior midpoint[11] Capital Activities - The company repurchased approximately 651 thousand shares of its common stock for $25.0 million during 3Q 2025 and an additional 277 thousand shares for $10.0 million subsequent to quarter-end[9] - The company extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029[9] - Total indebtedness as of September 30, 2025, was $5.8 billion, with $485.9 million, or 8.9%, maturing through 2026[24]

Financial Performance - Same Property NOI increased by 2.1% to $144.121 million for the three months ended September 30, 2025, compared to $141.109 million in the same period of 2024[84] - Same Property NOI increased by 2.8% to $429.381 million for the nine months ended September 30, 2025, compared to $417.615 million in the same period of 2024[84] - The company's share of Net Debt is $3,031.197 billion, with a Net Debt to Adjusted EBITDA ratio of 5.0x[88] - NAREIT FFO attributable to common shareholders was $116.252 million for the three months ended September 30, 2025, compared to $111.955 million for the same period in 2024[86] - Core FFO of the Operating Partnership is $116.284 million for the three months ended September 30, 2025, compared to $109.162 million for the same period in 2024[86] Portfolio Metrics - The leased percentage at period end for same properties was 93.8%[84] - The economic occupancy percentage at period end for same properties was 91.1%[84] - Signed-not-open (SNO) pipeline increased $3.0 million quarter-over-quarter to $34.6 million[26] - Of the $34.6 million SNO pipeline, 41% is from anchor tenants and 59% is from shop tenants[26] Strategic Focus - Primarily concentrated in Sun Belt markets with select strategic gateway market presence[13] - Predominantly focused on grocery-anchored centers along with vibrant mixed-use and lifestyle assets[13] - Diverse and balanced tenant mix provides strong durability in KRG's cash flow[66]