SunCoke Energy (SXC) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Company Participants Shantanu Agrawal - VP of Finance & TreasurerKatherine Gates - President & CEOMark Marinko - SVP & CFO Conference Call Participants Nick Giles - Senior Research AnalystNathan Martin - Equity Research Analyst Operator Good day, and welcome to the SunCoke Energy Q1 twenty twenty five Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask que ...

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 - Total revenue increased from $29.3 million in Q1 2024 to $30.1 million in Q1 2025, representing a 2.5% year-over-year growth [12] - Quarter-over-quarter, total revenue grew by 2.7% from $29.3 million in Q4 2024 to $30.1 million in Q1 2025 [13] - Funds from operations (FFO) decreased slightly by $77,000 quarter-over-quarter, remaining at $12.7 million in Q1 2025 [14] - Adjusted funds from operations (AFFO) totaled $14.7 million in Q1 2025, approximately $100,000 higher than Q4 2024, with a per diluted common share basis remaining at $0.55 [14] Business Line Data and Key Metrics Changes - Occupancy and weighted average remaining lease term remained flat at 90.9% and 6.7 years, respectively [6] - The company acquired a behavioral residential treatment facility for approximately $9.7 million, with anticipated tenant improvements of $1.4 million [7] - The company signed definitive purchase and sale agreements for seven properties with an expected investment of $169.5 million, with expected returns ranging from 9.1% to 9.75% [8] Market Data and Key Metrics Changes - The company sold a building in Ohio for approximately $400,000, receiving net proceeds of approximately $600,000 [9] - The geriatric psychiatric hospital operator, a tenant in six properties, represents an annual base rent of $3.2 million, with incremental operating improvements noted [9] Company Strategy and Development Direction - The company continues to be selective in acquisitions and is evaluating capital recycling opportunities to fund near-term acquisitions [10][22] - The company aims to maintain modest leverage levels while exploring various capital options, including potential asset sales and draws on the revolver [10][22] - The company has a solid pipeline of acquisitions expected to close over the next three years, totaling approximately $169 million [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of tenants and the overall health care sector, indicating no immediate negative impacts from macroeconomic factors [44] - The company is actively monitoring the geriatric psychiatric hospital operator's sale process and expects more clarity by the end of Q2 or early Q3 [19][40] - Management remains cautious about raising equity at current share prices and is focused on selected capital recycling [22][25] Other Important Information - The company declared a dividend of $0.47 per common share for Q1 2025, marking a continuous increase since its IPO [10] - The company is not currently issuing shares under its ATM program due to low share prices [10] Q&A Session Summary Question: Update on the geriatric psychiatric hospital operator's sale process - Management indicated that the operator is in an active sale process with potential buyers, and more clarity is expected by the end of Q2 or early Q3 [18][19] Question: Acquisition outlook and capital allocation - Management confirmed a healthy pipeline of acquisitions but noted a cautious approach to raising equity at current prices, focusing on selected asset sales and revolver draws [20][22] Question: Concerns about smaller tenants - Management reported stability among tenants and no significant issues arising in Q1, with a positive macro outlook for health care providers [44] Question: Conditions for the $169 million pipeline - Management clarified that the pipeline is solid and expected to close over three years, with flexibility in decision-making based on project evaluations [49] Question: Position of notes in the event of asset sales by the psychiatric operator - Management explained the company's second lien position on accounts receivable and first lien on other assets, indicating a structured approach to creditor relationships [51]

BlueLinx (BXC) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Company Participants Tom Morabito - Investor Relation OfficerShyam Reddy - CEO, President & DirectorKimberly DeBrock - VP, CAO & Interim Principal Financial OfficerJeffrey Stevenson - Vice President Conference Call Participants Greg Palm - Senior Research AnalystReuben Garner - Equity Research AnalystKurt Yinger - SVP & Research Analyst Operator Ladies and gentlemen, thank you for standing by, and welcome to the BlueLinx Holdings First Quarter ...

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]

TPG RE Finance Trust (TRTX) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants None - ExecutiveDoug Bouquard - CEORobert Foley - Chief Financial OfficerJohn Nickodemus - Vice President, Equity Research Conference Call Participants Steven Delaney - AnalystNone - Analyst Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen ...

Financial Data and Key Metrics Changes - Total revenue increased from $29,300,000 in Q1 2024 to $30,100,000 in Q1 2025, representing a 2.5% annual growth [11] - Compared to Q4 2024, total revenue grew by 2.7% quarter over quarter, attributed to incremental revenue from acquisitions and seasonal increases in operating expense reimbursements [12] - Funds from operations (FFO) decreased slightly by $77,000 quarter over quarter, remaining at $12,700,000, with FFO per diluted share at $0.47 [13] Business Line Data and Key Metrics Changes - Occupancy and weighted average remaining lease term remained flat at 90.9% and 6.7 years, respectively [6] - The company acquired a behavioral residential treatment facility for approximately $9,700,000, with anticipated tenant improvements of $1,400,000, expecting an annual return of 9.5% [7] - The company signed definitive purchase and sale agreements for seven properties with an expected investment of $169,500,000, with returns ranging from 9.1% to 9.75% [7] Market Data and Key Metrics Changes - The company sold a building in Ohio for approximately $400,000, receiving net proceeds of about $600,000, resulting in a gain on the property sale [8] - The geriatric psychiatric hospital operator, a tenant in six properties, represents an annual base rent of $3,200,000, with incremental operating improvements noted [9] Company Strategy and Development Direction - The company continues to be selective in acquisitions while focusing on property operating costs and tenant relationships [6] - Management is evaluating capital recycling opportunities and anticipates sufficient capital from selected asset sales and increased revolver capacity for near-term acquisitions [10] - The company raised its dividend to $0.47 per common share, marking a continuous increase since its IPO [10] Management's Comments on Operating Environment and Future Outlook - Management expects to have more clarity on the status of the geriatric psychiatric hospital operator's sale process by the end of Q2 or early Q3 [18] - The company is cautious about raising equity at current share prices and plans to utilize selected asset sales and revolver draws for funding acquisitions [22] - Overall, management sees stability among tenants and does not anticipate significant negative impacts from the macroeconomic environment on tenants' ability to pay rent [43] Other Important Information - The company has a solid pipeline of acquisitions expected to close over the next three years, totaling approximately $169,000,000 [49] - Management is open to evaluating various capital options, including preferred stock, but maintains a bias towards a simple capital structure [35] Q&A Session Summary Question: Additional information on the geriatric psychiatric hospital operator's sale process - Management indicated that they expect to have more certainty regarding buyer interest by the end of Q2 or early Q3 [18] Question: Acquisition outlook and capital allocation - Management confirmed that they are seeing attractive property acquisitions and are evaluating them, but are cautious about raising equity at current prices [22] Question: Clarification on contractual payments with the psychiatric hospital operator - The $3,200,000 is just the rent, with additional payments on notes amounting to approximately $2,500,000 [30][31] Question: Patience regarding the geriatric tenant's lease default - Management stated they are monitoring the situation and will make decisions based on buyer interest, emphasizing that patience is not unlimited [40] Question: Concerns about smaller tenants in the portfolio - Management reported stability across the portfolio and no significant issues with smaller tenants, indicating a positive macroeconomic outlook for healthcare providers [43]

Boston Properties (BXP) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to Q1 twenty twenty five BXP earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you would need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please p ...

Civeo (CVEO) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Company Participants Regan Nielsen - Senior Director of Corporate Development & Investor RelationsBradley Dodson - CEO, President & DirectorCollin Gerry - SVP, CFO & TreasurerStephen Gengaro - Managing DirectorDave Storms - Director of Equity Research Conference Call Participants Alex Hantman - Analyst Operator and welcome to the Silvia Corporation First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only ...