Financial Data and Key Metrics Changes - The company reported adjusted net investment income of $0.58 per share, with an annualized return on equity of 13.5%, and adjusted net income of $0.36 per share, with an annualized return on equity of 8.3% for Q1 2025 [8][32] - Total investments decreased to $3.4 billion from $3.5 billion in the prior quarter due to net repayment activity [32] - The weighted average yield on debt and income-producing securities decreased slightly from 12.5% to 12.3% quarter over quarter [24] Business Line Data and Key Metrics Changes - In Q1, the company provided total commitments of $154 million and total funding of $137 million across six new portfolio companies and upsizes to four existing investments [16] - The company experienced $270 million of repayments from seven full and four partial investment realizations, resulting in $133 million of net repayment activity [16] - 89% of total funding this quarter was into new investments, with 11% supporting upsizes to existing portfolio companies [20] Market Data and Key Metrics Changes - The U.S. direct lending market has seen an imbalance with the supply of capital outpacing demand, primarily due to the growth of retail investor-oriented perpetual non-traded BDC structures [14] - The company anticipates that current uncertainty and volatility will moderate the supply and demand imbalance by slowing inflows into non-traded vehicles [15] Company Strategy and Development Direction - The company emphasizes a disciplined capital allocation strategy, with portfolio yields significantly higher than the sector average, at a weighted average yield of 12.5% compared to 11.6% for peers [11] - The company is well-positioned with significant liquidity and capital to invest in what is expected to be a more interesting investment environment [12] - The company plans to maintain a conservative approach to new investments, focusing on risk-adjusted returns and avoiding participation in deals that do not align with shareholder interests [22] Management's Comments on Operating Environment and Future Outlook - Management believes the business remains well protected on the asset side with limited direct exposure to tariffs and is positioned well on the liability side [7] - The company anticipates a quarterly earnings power of approximately $0.50 per share, with potential upside if activity-based fees return to historical averages [10] - Management expressed confidence in the portfolio's credit quality, with non-accruals representing only 1.2% of the portfolio at fair value [26] Other Important Information - The board approved a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.06 per share [12][13] - The company completed two capital market transactions in Q1, including a $300 million issuance of long five-year notes [32] Q&A Session Summary Question: Impact of downward pressure on spreads due to non-traded BDC fundraising - Management noted that retail flows have likely slowed due to market volatility, and the company has a resilient business model that is not solely dependent on sponsor deals [42][44] Question: Outlook for M&A activity - Management is negative on the return of M&A activity in the near term, citing overvaluation of assets and the need for time and growth [51][52] Question: Pricing risk in a volatile environment - Management indicated that the private markets are not effectively pricing risk, but the company uses a fundamental approach to assess asset value and required returns [59] Question: Deployment opportunities in lane two and lane three investments - Management is starting to see more opportunities in these areas but anticipates that more stress is needed across sectors for significant deployment [80] Question: Frequency of capital raises with the ATM program - Management confirmed that there will be no change in the frequency of capital raises, emphasizing that any issuance must be accretive to shareholders [84]

Core Viewpoint - Sun Communities, Inc. has completed the initial closing of the sale of its interests in Safe Harbor Marinas to Blackstone Infrastructure, marking a strategic shift towards focusing on its core manufactured housing (MH) and recreational vehicle (RV) portfolio [1][2]. Financial Impact - The pre-tax cash proceeds from the transaction are approximately $5.25 billion, with certain properties valued at around $250 million excluded from the initial closing, pending third-party consents [3]. - The company plans to repay approximately $3.3 billion of debt using the net proceeds, which includes $1.6 billion from its senior credit facility and $740 million of secured mortgage debt [6]. - The expected annualized interest expense savings from the initial debt paydowns is approximately $160 million, reducing the weighted average interest rate on outstanding indebtedness to about 3.5% [7]. Strategic Focus - The company aims to reposition itself as a pure-play MH and RV focused entity, enhancing its leverage profile and financial flexibility to support disciplined growth [2][4]. - Approximately $1.0 billion has been allocated into 1031 exchange escrow accounts for potential future MH and RV acquisitions on a tax-efficient basis [8]. Capital Return Strategy - A one-time special cash distribution of $4.00 per share, totaling around $520 million, has been authorized by the Board of Directors, payable on May 22, 2025 [9]. - The company intends to increase its quarterly distribution by approximately 10.6% to $1.04 per common share, starting with the second quarter distribution anticipated in July 2025 [9][10]. - A stock repurchase program of up to $1.0 billion has been authorized, allowing management discretion in executing repurchases [11]. Upcoming Events - The company is scheduled to report its first quarter earnings for 2025 on May 5, 2025, and will provide updated guidance reflecting the financial impact of the initial closing [13].

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 [16] - Same store cash NOI increased by 3.1% year over year in Q1 2025, with all sectors reporting positive growth except for the mixed-use sector [16][17] - The company ended Q1 with liquidity of approximately $544 million, including $144 million in cash and cash equivalents [20] 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 [17] - The retail portfolio's same store NOI also increased by 5.4%, supported by new leases and contractual rent escalations [17] - The multifamily portfolio's NOI was flat year over year, primarily due to lower rental income in Portland, while San Diego properties showed growth [17][12] - The mixed-use portfolio's NOI declined by approximately 11.6%, mainly due to lower occupancy at the Embassy Suites Waikiki [17] Market Data and Key Metrics Changes - The office portfolio ended Q1 at 85.5% leased, with an increase in average base rents [8] - The retail portfolio ended the quarter 97% leased, with strong collections and an all-time high average base rent [10] - The San Diego multifamily properties ended the quarter approximately 95% leased, with a blended rent increase of 2% [12] Company Strategy and Development Direction - The company focuses on thoughtful capital allocation, operational discipline, and enhancing asset quality to ensure long-term stability [4][5] - The strategy includes pursuing organic growth through leasing and value-add improvements while maintaining strong liquidity [6] - Recent capital recycling includes the sale of Del Monte Center and the acquisition of Genesee Parks Apartments, aligning with the strategy to concentrate on core markets [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complex operating environment, including inflation, interest rate volatility, and geopolitical uncertainty, but sees opportunities for growth [5] - The company remains cautiously optimistic about the office sector's recovery, particularly in high barrier coastal markets [9] - Management reaffirms full-year 2025 guidance of $1.87 to $2.10 per FFO share, reflecting confidence in the portfolio's strength [21][22] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q2, reflecting confidence in the company's outlook [14][15] - The company aims to maintain a long-term net debt to EBITDA ratio of 5.5 times or below [20] Q&A Session Summary Question: Update on Bellevue assets and occupancy - Management noted significant leasing activity in Bellevue, with recent leases bringing properties closer to market vacancy rates [26][28] Question: Impact of Proposition 1A on tenant interest in Downtown Seattle - Increased inbound tenant inquiries were noted, with Bellevue outperforming in the current market [30] Question: Plans for redeploying proceeds from Del Monte Center sale - The company is actively looking for additional acquisitions but is also comfortable holding cash for liquidity during economic uncertainty [32][33] Question: Update on leasing pipeline at La Jolla - The UTC submarket remains tight, with ongoing leasing efforts and new amenities expected to drive activity [34][38]

Financial Data and Key Metrics Changes - For the first quarter of 2025, the company reported core FFO of $0.19 per diluted share, with same store property cash NOI up 0.4% excluding nonrecurring revenue items from the previous year [26][27] - Expenses increased approximately 5% year over year, driven by real estate taxes, payroll costs, and repair and maintenance costs, partially offset by higher tenant reimbursement income and growth in rental revenue [27][28] Business Line Data and Key Metrics Changes - The Manhattan office portfolio is 93% leased, with a slight decrease from 94.2% in the previous quarter, and the company expects leasing and occupancy gains for the full year [12][19] - The Observatory generated NOI of approximately $15 million, with a 7% year-over-year change attributed to the shift of the Easter holiday to the second quarter and adverse weather conditions [28] - The multifamily portfolio achieved 99% occupancy and 8% year-over-year rent growth in the first quarter [15][16] Market Data and Key Metrics Changes - The leasing environment in New York City remains active, particularly for modernized buildings with good amenities, as evidenced by the company leasing approximately 230,000 square feet in the first quarter [6][12] - The company has seen a healthy pipeline of leasing activity, with 160,000 square feet of leases in negotiation and several proposals exchanged with tenant prospects across various industries [13][14] Company Strategy and Development Direction - The company focuses on five priorities: leasing space, selling tickets to the Observatory, managing the balance sheet, identifying growth opportunities, and achieving sustainability goals [11][24] - The company aims to maintain a strong balance sheet with no floating rate debt exposure and a well-laddered debt maturity schedule, positioning itself to weather economic uncertainties [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential macroeconomic risks but emphasizes the company's strong position due to long-term leases, high lease percentages, and diverse income streams [5][6] - The company remains optimistic about its leasing and occupancy gains, with expectations for core FFO guidance of $0.86 to $0.89 for 2025 [28][29] Other Important Information - The company repaid $100 million in Series A unsecured notes and $120 million in revolving credit facility balance during the quarter, and it has been actively repurchasing shares [24] - The company is prepared to act on investment opportunities across retail, multifamily, and office sectors, focusing on New York City [25] Q&A Session Summary Question: How are leasing conversations unfolding with different tenant categories amid current economic conditions? - Management reported no changes in lease negotiations over the last sixty days, with strong activity across various industries [32][33] Question: What is the expected trend for CapEx in the coming years? - Management indicated a reduction in CapEx is expected as the portfolio stabilizes, with a good run rate established in the first quarter [35][39] Question: How is leasing activity in Williamsburg progressing? - Management noted strong activity in Williamsburg, with recognizable brand names showing interest in available spaces [41][43] Question: How does the company prioritize capital allocation opportunities? - The company balances capital allocation between maintaining operating runway, potential buybacks, and investment opportunities as they arise [44][46] Question: What is the company's perspective on tourism and potential impacts from geopolitical tensions? - Management has not detected significant shifts in demand and remains focused on operational discipline and marketing strategies to mitigate any potential downturns [56][58]

Financial Data and Key Metrics Changes - SunCoke Energy reported consolidated adjusted EBITDA of $59.8 million for Q1 2025, down from $67.9 million in the prior year period, primarily due to lower economics on the Granite City contract extension and lower spot blast coke sales volumes [9][11][12] - Net income attributable to SunCoke was $0.20 per share in Q1 2025, a decrease of $0.03 compared to the prior year [11] - The company ended the quarter with a strong liquidity position of $543.7 million, including a cash balance of $193.7 million and a fully undrawn revolver of $350 million [10][15] Business Line Data and Key Metrics Changes - Domestic coke adjusted EBITDA was $49.9 million with sales volumes of 898,000 tons, impacted by lower economics and volumes at Granite City due to the contract extension [12] - The logistics business generated adjusted EBITDA of $13.7 million, an increase from $13 million in the prior year, driven by higher transloading volumes [13][14] Market Data and Key Metrics Changes - The spot glass coke pricing environment remains highly challenged, but demand for coke is present, with all spot blast and foundry coke sales finalized for the full year [9] - The company reaffirmed its full-year consolidated adjusted EBITDA guidance range of $210 million to $225 million [11][18] Company Strategy and Development Direction - The company is focused on maintaining strong safety and environmental performance while executing its operating and capital plans [16] - SunCoke is pursuing growth opportunities beyond the GPI project, emphasizing disciplined capital allocation to reward long-term shareholders [17][24] - The Granite City coke supply agreement with U.S. Steel has been extended through September 30, 2025, with an option for further extension [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain and volatile outlook for the steel industry but stated that coke production and sales plans remain on track [12] - The company expects to see improved margins in the second half of the year as contracts are adjusted and spot exposure increases [21][22] - Management remains cautious regarding capital expenditures, indicating a likelihood of not spending the previously planned $65 million due to current uncertainties [31][32] Other Important Information - A dividend of $0.12 per share is payable to shareholders on June 2, 2025 [9] - The company spent $4.9 million on capital expenditures in Q1 2025 [15] Q&A Session Summary Question: Annual guidance implies an uplift in quarterly adjusted EBITDA; can you discuss the cadence? - Management indicated that lower EBITDA in Q1 was expected due to contract timing, with expectations for improved performance in the second half of the year [20][21][22] Question: What are the capital allocation priorities beyond the GPI project? - Management emphasized a disciplined approach to identifying profitable growth opportunities while maintaining dividends to reward shareholders [24][25] Question: What drove the inventory build on the coal side? - The inventory build was attributed to seasonal factors and the new coal blend at the beginning of the year, with expectations for reversal later in the year [27][28] Question: Can you provide insights on the health of the foundry and export coke markets? - Management noted that while the market is challenging, they are closely monitoring conditions and have made strategic decisions to sell early in the year [36][37] Question: What drove the higher EBITDA per ton in the Domestic Coke segment? - The higher EBITDA per ton was influenced by the absence of lower-margin blast coke sales in Q1, with expectations to revert to guidance levels later in the year [40] Question: Was the lower production from Haverhill planned? - Yes, the lower production was planned and accounted for in the full-year guidance due to challenges in the spot coke market [41]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported GAAP net income of $10 million or $0.12 per common share, with a book value per common share of $11.19 and distributable earnings of $0.24 per common share, aligning with the quarterly dividend [14][15] - The company maintained a 100% performing loan portfolio and an unchanged weighted average risk rating of 3.0, with no credit migration [15][18] - The general reserve increased to $67.2 million or 199 basis points from $64 million or 187 basis points, reflecting higher interest rates and potential economic recession risks [18] Business Line Data and Key Metrics Changes - The company closed two multifamily loans totaling $131 million after the quarter end and executed term sheets on another $310 million of transactions [10][15] - The capital markets segment issued a new $1.1 billion CRE CLO, increasing the proportion of non mark-to-market non-recourse term match liabilities to 91% [15][19] - Share repurchases amounted to approximately $9 million, boosting book value per share by $0.05 [15] Market Data and Key Metrics Changes - The company noted that real estate credit is viewed as a safe haven compared to corporate credit and equity risk, with investor sentiment indicating a preference for real estate credit amid broader market disruptions [7][12] - The liquidity position was strong at $457.6 million, representing 11.6% of total assets, which supports the capital allocation strategy [20][21] Company Strategy and Development Direction - The company continues to focus on the housing sector, particularly multifamily, while also exploring transactions across various property types and geographies [8][12] - The strategic goals include deploying excess liquidity, utilizing untapped financing capacity, recycling equity in REO, and creating additional liquidity via capital markets activity [11][12] - The company is positioned to take advantage of the attractive real estate credit market, with a significant investment pipeline due to competitors slowing their activity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the current market, highlighting the importance of downside protection and tail risks amid a protracted global trade war [6][8] - The company is well-positioned to navigate market uncertainties and capture lending opportunities, with strong liquidity and a stable risk profile [21] Other Important Information - The company redeemed FL3 and issued FL6, generating net liquidity of $260 million for future deployment [12][19] - The total leverage slightly increased to 2.2 times from 2.1 times in the previous quarter, with $2 billion of financing capacity available [20] Q&A Session Summary Question: Can you provide insights on the risk profile of current originations compared to previous years? - Management noted that the entry point for loans is more favorable now, with borrowers being more disciplined about debt levels due to market uncertainties [24][27] Question: What is the expected levered return on equity for new bridge loans? - Management indicated that gross ROEs are generally in the low to mid-teens range, benefiting from favorable timing in locking in bond spreads [28][29] Question: Why were there no originations in the first quarter? - Management explained that a combination of tighter loan spreads and longer closing times due to market dislocation contributed to the lack of originations [34][35] Question: What is the outlook for the REO portfolio reduction? - Management confirmed plans to stick to the previously described cadence for REO sales, despite increased market uncertainty [37] Question: How do the transaction prices for the two REOs compare to carrying values? - Management refrained from disclosing specific transaction prices but indicated a history of selling REOs at prices exceeding carrying values [41]

Group 1 - Engine Capital, a special situations fund, aims to elect two candidates to Lyft's board to address governance and capital allocation issues, proposing a $750 million accelerated share repurchase program, elimination of the dual class share structure, and de-staggering the board [1][2] - Engine Capital criticizes Lyft's capital structure as "completely unoptimized," highlighting that co-founders with 2.3% ownership hold 30% voting power, and the staggered board structure hinders full board turnover [2] - Lyft's management emphasizes its focus on customer satisfaction and operational strength, reporting record gross bookings, adjusted EBITDA, and free cash flow in 2024 [3][4] Group 2 - Lyft's board unanimously recommends a vote for its director nominees and urges stockholders not to support Engine Capital's proxy card [4] - Lyft CEO David Risher asserts that the company is already implementing many of Engine's suggested actions, having initiated a $500 million share repurchase program and acquired FREENOW for European expansion [5][6] - Risher notes a 56% reduction in stock-based compensation since 2022 and the addition of directors with capital allocation expertise as part of Lyft's strategic improvements [6]

Investment Rating - The report does not explicitly provide an investment rating for the sectors discussed Core Insights - The report highlights the impact of increased US tariffs on various sectors including appliances, autos, industrial tech, and solar companies, with management expressing concerns over supply chain disruptions and capital allocation strategies China Consumer Durables - Companies derive an average of 35% of revenues from China exports and 7% from exports to the US [5] - Production is shifting to overseas factories, with some companies receiving more orders from US clients as they seek to restock before the tariff reprieve period ends [6] - There is low visibility on price re-negotiation, with companies cautious about raising prices due to market share concerns [6] - Ex-US demand remains stable, particularly in Europe, which is expected to absorb US capacity [6] - CAPEX visibility is low, with Mexico considered a safer investment location due to its free trade agreement with the US [6] China Autos - Companies derive 6%-26% of total revenue from China exports and 0%-10% from exports to the US [7] - Management believes US-China trade tensions have softened recently, with expectations of higher exports to Europe due to ongoing negotiations [7] - Auto suppliers report no order cancellations and are negotiating new prices, with some passing on the full tariff burden to customers [8][10] China Industrial Tech - Companies derive 15%-45% of total revenue from exports and 2%-20% from exports to the US [11] - Orders paused initially in early April but returned to normal by the second week, with some customers continuing their overseas construction plans despite tariff uncertainties [11] - Most companies have signed FOB contracts, meaning customers bear the tariff costs [11] - Companies are maintaining existing capacity expansion plans, with some pausing expansion until tariff policies are clearer [12] China Solar - Companies involved in solar exports have 0%-15% direct exports to the US and 35%-55% to other countries [17][18] - One company has stopped shipping ESS products to the US due to high tariffs, while others are expanding inverter capacity overseas [19] - Softening demand in the US is a key challenge, with concerns over potential price hikes dampening downstream demand [20] - Companies are considering scaling back US exposure if operational risks outweigh profitability compared to other regions [20]

Financial Data and Key Metrics Changes - In the first quarter of 2025, diluted earnings per share, as adjusted, increased more than 20% year-over-year to $6.45 [9] - Adjusted EBITDA grew 11.3% over the prior year quarter, with an adjusted EBITDA margin improvement of 110 basis points [20][22] - Cash flow from operations was $1.65 billion in the quarter, impacted by working capital changes [24] Business Line Data and Key Metrics Changes - Inpatient admissions grew 2.6% year-over-year, equivalent admissions increased 2.8%, and emergency room visits rose 4% [10] - Same facilities revenue grew almost 6%, driven by volume increases and approximately 3% higher revenue per equivalent admission [11] - Surgical volumes were mixed, with inpatient surgeries slightly up and outpatient cases down [10][33] Market Data and Key Metrics Changes - Same-facility managed care equivalent admissions increased by 5.4% compared to the prior year quarter, while same-facility equivalent exchange admissions surged 22.4% [20] - Exchange volume represented about 8% of equivalent admissions and approximately 10% of revenues for the quarter [108] Company Strategy and Development Direction - The company is focused on maintaining operational discipline while continuing to invest in its strategic agenda, including increasing the number of facilities by 3.3% [12][13] - Capital allocation strategy includes $991 million in capital expenditures, $225 million in share repurchases, and $180 million in dividends [25] - The company is investing heavily in technology and digital transformation to improve operational efficiency and clinical care [132][133] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall demand for healthcare services and the company's ability to navigate through uncertain policy environments [14][18] - The company is developing plans to address potential adverse impacts from health policy changes and tariffs, drawing from experiences during the COVID-19 pandemic [17][75] - Management noted that the labor market remains stable, with initiatives in place to support workforce development [45][80] Other Important Information - The company reaffirmed its guidance ranges for the full-year 2025, indicating confidence in its operational performance [26] - The company reported an $18 million increase in net benefits related to Medicaid in the first quarter of 2025 compared to the prior year quarter [23] Q&A Session Summary Question: Any major changes in assumptions embedded in the guidance? - Management stated that the first quarter performance was solid, and guidance for 2025 remains appropriate [31][32] Question: How to achieve productivity and manage turnover? - Management highlighted that operating leverage is created by pushing more volume through the organization, and turnover rates are lower year-over-year [42][44] Question: Clarification on revenue per adjusted admission increase? - Management noted that the increase was driven by payer mix trends and outpatient revenue growth, despite a decline in outpatient surgery case volumes [53][55] Question: Changes in Medicare Advantage behavior and length of stay? - Management indicated that Medicare Advantage continues to run a bit higher on length of stay compared to traditional Medicare, but no significant changes were observed [68] Question: Impact of tariffs on supply sourcing? - Management mentioned that 70% of supply expenses are contracted with firm pricing for 2025, and 75% of supply expenses come from the U.S., Canada, or Mexico [73][75] Question: Competitive environment and CapEx priorities? - Management noted no substantial changes in competitors' behaviors, but the company is positioned to gain market share if competitors face challenges [100][101]

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing a growth of approximately 5% compared to Q1 2024 [5] - Total revenue for the quarter was $14,200,000, including lease income of $11,800,000 and interest income from commercial loans of $2,300,000 [11] - FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 8% respectively compared to the prior year [11] - The company increased its common dividend to a new quarterly rate of $0.0285, continuing its practice of annual dividend increases since its IPO [5][11] Business Line Data and Key Metrics Changes - The company acquired three properties for $39,700,000 at a weighted average initial cap rate of 8.6% [6] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79,200,000 at a weighted average initial yield of 9% [6] - The average WALT (Weighted Average Lease Term) for acquisitions was 14.3 years, while the sold properties had a WALT of 4.7 years, resulting in a portfolio WALT increase to 9 years from 6.9 years [9] Market Data and Key Metrics Changes - The company noted that its tenant mix and sector diversification position it well amid recent tariff volatility and uncertainty [9] - The company has $65,000,000 of liquidity at quarter end, consisting of approximately $8,000,000 in cash and $57,000,000 available under its revolving credit facility [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring high credit tenants for stable cash flows and lesser credits for growth and diversification [8] - The company plans to continue monitoring the evolving economic environment while executing its strategy to deliver growth and stability for investors [10] - The company is balancing between share buybacks, acquisitions, and structured investments as part of its capital allocation strategy [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite tariff-related uncertainties, noting strong tenant activity and performance [30] - The company is increasing its FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, driven by successful investment activity [13] - Management highlighted that the current economic environment presents an attractive pipeline of opportunities across the tenant landscape [10] Other Important Information - The company has no debt maturing until 2026, and its debt maturities are well staggered [12] - The company is actively marketing two non-income producing assets, which are expected to be sold this year [31] Q&A Session Summary Question: Factors driving the increase in AFFO guidance - Management identified three main factors: stock buybacks, a favorable SOFR swap reducing interest rates, and successful investment activity [18][19] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects a combination of property acquisitions and loan funding [20] Question: Future capital allocation priorities - Management indicated a focus on balancing share buybacks, acquisitions, and investments, with a history of taking advantage of market dislocations [24] Question: Impact of tariffs on tenant activity - Management noted no significant disruption in tenant activity due to tariffs, with strong performance observed in restaurants and other sectors [30] Question: Details on impairment charges - Management clarified that the impairment charge was related to properties anticipated to be sold in the short term [57] Question: Insights on structured investment portfolio - Management confirmed that the structured investment program focuses on high-quality credits, with no current tenant issues [66] Question: Future NOI considerations - Management highlighted that Party City will no longer contribute to NOI starting in Q2, impacting future earnings [68]