Financial Performance - The company's Equity Market Cap is $1804 million[10] - The company's Enterprise Value is $18 billion[10] - TTM Q2'25 Hotel EBITDA reached $184 million, a 209% increase compared to $721 million in 2013[11] - Total Assets as of June 30, 2025, were $2064 billion, a 115% increase from $962 million on December 31, 2013[11] - Comparable Hotel EBITDA for Q2 2025 was $47805 thousand, a 37% increase year-over-year[33, 58] - Adjusted Funds From Operations (AFFO) was $009 per diluted share for the quarter[58] - Net loss attributable to common stockholders for the quarter was $(160) million or $(024) per diluted share[58] Portfolio Metrics - Portfolio RevPAR in Q2 '25 was up 15% YoY and up 241% vs Q2 '19[40] - Resort RevPAR in Q2 '25 was up 16% YoY and up 503% vs Q2 '19[40] - Urban RevPAR in Q2 '25 was up 13% YoY and up 10% vs Q2 '19[40] - Total Hotel Revenue for comparable hotels in Q2 2025 was $179943 thousand, a 33% increase year-over-year[33] - The company plans to invest $75 million - $95 million in capital expenditures in 2025[59] Liabilities - The company extended the mortgage loan secured by Ritz-Carlton Lake Tahoe to July 15, 2026[74] - The company expects to repay $88 million of the CMBS due 2030 from the proceeds of the sale of Marriott Seattle Waterfront[74]

Market Debut - NTT's Data Center REIT 平开于新加坡首次亮相，交易额达 7.73 亿美元 [1]

Financial Performance - NTT's Data Center REIT 在新加坡首次亮相，最终持平，交易额达 7.73 亿美元 [1]

Financial Action - NTT is seeking to raise as much as $812 million through a Singapore listing [1] Market Dynamics - The Singapore listing is poised to be the city-state's biggest IPO in eight years [1] REIT - The listing is for NTT's data center REIT [1]

Financial Data and Key Metrics Changes - Normalized FFO for Q1 2025 was $0.23 per diluted share, up 5% from $0.22 per diluted share in the previous year [7][21] - Rental and related income increased by 8% to $54.6 million compared to $50.3 million a year ago [21] - Community NOI increased by 8% from $30 million in 2024 to $32.5 million in 2025 [22] Business Line Data and Key Metrics Changes - Same property occupancy increased by 113 units year-to-date and 227 units over the first quarter of last year [10] - Gross home sales for the quarter were $6.7 million, down approximately 9.5% from $7.4 million last year, primarily due to the liquidation of inventory at a sales center [11] - The rental home occupancy rate increased from 94% at year-end to 94.6% at the end of Q1 [14] Market Data and Key Metrics Changes - The company has 3,400 vacant sites and 2,400 acres of vacant land available for development, positioning it well for future growth [19][30] - Demand for affordable housing remains strong, with the company experiencing high occupancy levels and rental rates [29][30] Company Strategy and Development Direction - The company plans to continue increasing earnings through the occupancy of vacant sites, development of land, and acquisitions of existing communities [9][19] - The focus on duplex manufactured homes and solar shingle technology aims to provide affordable housing solutions [32][47] - The company is optimistic about future acquisitions, particularly in light of potential opportunities arising from less experienced buyers in the market [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving nearly 100% occupancy and continued progress in developing expansion land [30] - The company anticipates strong demand for rental homes and expects to add 800 new rental homes to its portfolio this year [14][28] - Management remains cautious about the impact of tariffs but believes it will have a minimal effect on operations [16][18] Other Important Information - The company has a strong balance sheet with a total market capitalization of approximately $2.5 billion, up 18% from the previous year [24] - The company has over $45 million invested in expansions that are not yet generating expected yields [13] Q&A Session Summary Question: What are the rent growth expectations for this year? - Management expects to achieve a 5% rent increase, with strong demand at properties [35][36] Question: Are home prices up due to tariffs? - Prices have increased slightly by 3% to 5%, but supply chain disruptions are a bigger concern [37][38] Question: What refinancing rates are expected? - Anticipated rates for refinancing are around 5.5% to 5.75% [39] Question: Is there upward pressure on real estate taxes? - There has been a small increase in real estate taxes, but management is working on potential appeals [42][43] Question: How are solar shingle homes being received? - Initial demand is strong, with several homes already occupied and more on the way [44][45] Question: What are the return expectations for the Mantua acquisition? - Expected returns are in the 6.5% to 7% range, with significant upside potential [79][80] Question: Will rental homes be included in GSE financing? - Currently, rental homes are not included, but income from the sites is considered [86][96]