Eversource Energy (ES) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Rima Hyder - VP - Investor RelationsJoseph Nolan - President, CEO & ChairmanJohn Moreira - Executive VP. CFO & TreasurerDurgesh Chopra - Managing DirectorCarly Davenport - Vice President, Equity ResearchAnthony Crowdell - Managing DirectorAndrew Weisel - Director Conference Call Participants None - AnalystJeremy Tonet - AnalystSophie Karp - Managing Director & Equity Research AnalystTravis Miller - AnalystJulien Dumou ...

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [16] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with electric transmission earnings increasing by $0.04 per share due to increased revenues from system investments [17] - The natural gas segment saw improved results of $0.06 per share, primarily due to higher revenues from infrastructure investments [17] Business Line Data and Key Metrics Changes - Electric distribution earnings increased by $0.03 per share, benefiting from grid modernization and rate mechanisms in New Hampshire and Massachusetts [17] - Water earnings remained comparable year over year, as the first quarter is typically a low usage period [18] - Parent losses increased by $0.12 per share in 2025, primarily due to higher interest expenses and the absence of capitalized interest from the offshore wind investment [18] Market Data and Key Metrics Changes - The company is projecting an 8% rate base growth over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [6] - The company is examining numerous opportunities related to the ISO New England's new RFP for transmission operators to address future load growth [7] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [5] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [8] - The divestment of Aquarion Water is a key strategic initiative expected to close by the end of the year, which will improve the company's FFO to debt ratio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive value for customers and shareholders, emphasizing a commitment to sustained growth and strategic vision [14] - The management highlighted ongoing efforts to address affordability and stabilize rates in response to high gas bills due to increased demand [10] - The company is optimistic about its future growth opportunities, particularly in transmission and distribution, as well as customer-focused investments [28] Other Important Information - The company is actively working with state leaders to develop long-term solutions for rate stability and transparency [11] - The company has made significant progress in its AMI project, with 40% of the communication network deployment completed [9] - The company expects to see a 6% reduction in average residential customer rates in Connecticut due to the implementation of an annual rate adjustment mechanism [20] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured and does not anticipate significant challenges related to tariffs for the Revolution project [32][34] Question: Regulatory approval timeline for Aquarion - Management expects the transaction to close in 2025, with no anticipated issues in the regulatory approval process [39][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, they would revisit their equity needs [46] Question: Update on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI process [47] Question: PURA composition and timing for certainty - Management expressed eagerness for a stable regulatory climate but could not predict the timing for filling the PURA seats [52] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics due to enhanced cash flows from operations [60] Question: Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [68] Question: GSEP rule changes impact - Management stated that the GSEP filing's impact is manageable and they continue to support safe and reliable gas services [76] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage but confirmed that construction is progressing well [78]

分组1 - City Office REIT (CIO) reported quarterly funds from operations (FFO) of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, but down from $0.33 per share a year ago, indicating a 7.14% FFO surprise [1] - The company posted revenues of $42.26 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.15%, but down from $44.49 million year-over-year [2] - City Office REIT has surpassed consensus FFO estimates only once in the last four quarters, while it has topped consensus revenue estimates two times in the same period [2] 分组2 - The stock has underperformed the market, with shares losing about 4.9% since the beginning of the year compared to the S&P 500's decline of 4.7% [3] - The current consensus FFO estimate for the upcoming quarter is $0.27 on revenues of $42.43 million, and for the current fiscal year, it is $1.11 on revenues of $171.62 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Core Insights - City Office REIT, Inc. reported its first quarter results for 2025, indicating a positive trend in leasing activity and office real estate fundamentals in Sun Belt markets [3][4] - The company achieved a Same Store Cash NOI increase of 4.4% year-over-year and an 8.5% cash re-leasing spread over the last twelve months [3][4] - A significant redevelopment project is planned for the City Center property in St. Petersburg, Florida, which includes a 49-story mixed-use tower [3][10] Financial Performance - Total rental and other revenues for the quarter were $42.3 million, with a GAAP net loss attributable to common stockholders of approximately $3.5 million, or ($0.09) per fully diluted share [9][34] - Core FFO was approximately $12.3 million, or $0.30 per fully diluted share, while AFFO was approximately $6.5 million, or $0.16 per fully diluted share [9][36] - The company declared a first quarter dividend of $0.10 per share of common stock and $0.4140625 per share of Series A Preferred Stock, both paid on April 24, 2025 [12][13] Portfolio Operations - As of March 31, 2025, the total portfolio comprised 5.4 million net rentable square feet, with an occupancy rate of 84.9%, or 87.6% including signed leases not yet occupied [4][9] - The company executed approximately 144,000 square feet of new and renewal leases during the quarter, with new leases averaging a term of 5.9 years at an effective annual rent of $29.97 per square foot [5][6] Capital Structure - The company had total principal outstanding debt of approximately $648.1 million, with 82.3% of the debt being fixed rate or effectively fixed due to interest rate swaps [7] - The weighted average maturity of the debt was approximately 1.6 years, with a weighted average interest rate of 5.1% [7] Future Outlook - The company is reiterating its full-year 2025 guidance based on current plans and assumptions, reflecting management's view of market conditions [14]

根据Jarden的最新分析，澳洲买房人需年收入达16.1万澳元，才能在不陷入财务压力的情况下负担得起 房贷——这一数字比全国平均工资（11.4万澳元）高出41%。 是否还想了解不同城市的详细可负担区域列表？ 根据研究机构Cotality的数据，全国仅有五分之一的城区对平均收入者来说是"可负担"的。 今年房价预计将上涨6.1%，而利率仍处于高位，贷款偿还负担持续加重。 当前全国平均需将42.4%的收入用于还贷，远高于疫情前（2020年3月）的24.1%。 悉尼最难负担，还贷占比高达57.9%，购房者需年薪23.5万澳元才不"吃力"。 墨尔本相对最"轻松"，平均还贷占比为36.6%。 在悉尼，仅有14个城区对中等收入家庭（年薪12.1万澳元）可负担，包括Bankstown、 Cabramatta、Liverpool等。 Malouf批评主要政党提出的购房支持政策"过度侧重需求端"，认为这可能推高房价而非解决根本问题。 他强调："除非供给跟上，否则政策只会加剧供需失衡。" Jarden经济学家Anthony Malouf指出，要改善住房可负担性，需要进一步降息以及增加住房供给。他警 告称，房屋拥有率下降将在未来几十 ...

Core Viewpoint - UMH Properties, Inc. reported a solid first quarter of 2025 with increased total income and improved financial metrics, reflecting the strength of its long-term business plan and operational resilience [2][7]. Financial Performance - Total Income for Q1 2025 was $61.2 million, up 6% from $57.7 million in Q1 2024 [2][4]. - Net Loss Attributable to Common Shareholders for Q1 2025 was $271,000 or $0.00 per diluted share, compared to a net loss of $6.3 million or $0.09 per diluted share in Q1 2024 [2][4]. - Funds from Operations (FFO) for Q1 2025 was $18.2 million or $0.22 per diluted share, a 10% increase from $14.0 million or $0.20 per diluted share in Q1 2024 [3][4]. - Normalized FFO for Q1 2025 was $18.8 million or $0.23 per diluted share, up 5% from $15.0 million or $0.22 per diluted share in Q1 2024 [3][4]. Operational Highlights - Same-property occupancy increased by 113 sites from year-end 2024, totaling 94.6% occupancy at the end of Q1 2025 [7]. - The company converted 109 new homes from inventory to revenue-generating rental homes, expanding its rental portfolio to approximately 10,400 homes [7]. - Gross sales revenue for home sales reached $6.7 million, with expectations for growth as the peak selling season approaches [7]. Acquisitions and Growth Strategy - The company acquired two fully occupied communities in New Jersey for approximately $24.6 million, enhancing its portfolio [8]. - Two additional communities in Maryland, containing 191 sites, are under contract for a total purchase price of $14.6 million, expected to close in Q2 2025 [7][8]. Dividend and Shareholder Returns - The annual dividend was increased for the fifth consecutive year to $0.90 per share, reflecting a total increase of $0.18 or 25% over the past five years [7][8]. - The company issued approximately 515,000 shares of common stock, generating gross proceeds of $9.4 million, and approximately 49,000 shares of Series D Preferred Stock, generating gross proceeds of $1.1 million [8]. Full Year Guidance - The company maintains its full-year 2025 guidance for normalized FFO in the range of $0.96-$1.04 per diluted share, with a midpoint expectation of $1.00 per diluted share [7][20].

UMH Properties (UMH) came out with quarterly funds from operations (FFO) of $0.23 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.22 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.24 per share when it actually produced FFO of $0.24, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates just once.UMH, which belong ...

Pebblebrook Hotel (PEB) came out with quarterly funds from operations (FFO) of $0.16 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to FFO of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 23.08%. A quarter ago, it was expected that this hotel investment company would post FFO of $0.12 per share when it actually produced FFO of $0.20, delivering a surprise of 66.67%.Over the last four quart ...

分组1 - Plymouth Industrial reported quarterly funds from operations (FFO) of $0.44 per share, missing the Zacks Consensus Estimate of $0.45 per share, and down from $0.45 per share a year ago, representing an FFO surprise of -2.22% [1] - The company posted revenues of $45.57 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.07%, and down from $50.23 million year-over-year [2] - Over the last four quarters, Plymouth Industrial has surpassed consensus FFO estimates just once and has topped consensus revenue estimates only once [2] 分组2 - Plymouth Industrial shares have lost about 16.5% since the beginning of the year, compared to the S&P 500's decline of -5.3% [3] - The current consensus FFO estimate for the coming quarter is $0.46 on revenues of $49.68 million, and for the current fiscal year, it is $1.87 on revenues of $197.41 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Ryman Hospitality Properties (RHP) came out with quarterly funds from operations (FFO) of $2.08 per share, beating the Zacks Consensus Estimate of $1.79 per share. This compares to FFO of $1.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 16.20%. A quarter ago, it was expected that this hotel and resort real estate investment trust would post FFO of $2.20 per share when it actually produced FFO of $2.15, delivering a surprise of ...