Core Insights - Chilton Capital Management's REIT Team is led by experienced co-portfolio managers Bruce Garrison and Matt Werner, focusing on publicly traded real estate investment trusts (REITs) and related entities primarily in North America [1] - The REIT Team emphasizes the advantages of public REITs, including liquidity, transparency, and total return characteristics, which enhance diversification across various dimensions [1] - The investment strategy combines real estate industry experience with traditional security analysis methods to make informed investment decisions [1] Company Overview - Chilton Capital Management is an independently owned firm established in 1996, providing investment advisory services to a range of clients including registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Investment Strategy - The REIT Team's investment approach focuses on traditional methods of security analysis, including research, critical thought, and analytical depth, which are essential to their investment process [1] - The property types targeted by the REIT Team include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1]

Financial Data and Key Metrics Changes - Total fourth quarter platform revenue was $4.6 million, a 36.1% decrease compared to the prior period due to lower carried interest from asset sales and higher development activity in the previous year [58] - Total platform expenses in Q4 were $10.7 million, an increase of 24% compared to the prior period, primarily due to a $4 million bad debt expense [59] - For the full year 2024, total platform revenue was $21 million, a 1.9% increase compared to last year, while platform expenses totaled $33.1 million, representing a 9.4% increase from the previous year [60] Business Line Data and Key Metrics Changes - Managed capital was $492.5 million, a 12.5% increase compared to December 31, 2023, with originations of $69 million partially offset by returns of capital of $14 million [61] - The company reported a platform adjusted EBITDA loss of $2.7 million for the full year 2024, compared to a loss of $1.3 million in 2023 [61] Market Data and Key Metrics Changes - The fundraising environment remains challenging, with the fourth quarter being disappointing due to election disruptions and other factors [42] - The company noted an increase in lender activities following a slowdown, indicating a potential recovery in the financing environment [66] Company Strategy and Development Direction - The company plans to focus on three key asset classes: multifamily residential, hospitality, and multi-tenant industrial, while reducing its development footprint to 30% or less of its asset portfolio [10][19] - New financing vehicles were launched to increase access to capital and support growth [11][22] - The company aims to enhance its access to capital through wholesale fundraising and corporate financings [11][57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reentering the multifamily investment market as valuations have begun to drop [14] - The company is committed to achieving profitability in 2025, despite challenges in the current environment [12][63] - Management highlighted the unique opportunities in the hospitality sector due to reduced supply and returning demand [15][39] Other Important Information - The SEC issued new guidance on general solicitation, simplifying the process for qualifying investors, which is expected to benefit the company [44] - The estimated value of performance allocations as of year-end 2024 was $89 million, which is not included on the balance sheet [47][50] Q&A Session Summary Question: What drove the $4 million bad debt expense and the $8.6 million non-cash write-downs? - The bad debt expense was related to the assessment of consolidations and reevaluation of distributable cash from a fund in wind-down mode, leading to identified losses on various assets [74][76] Question: What is driving the renewed focus on the three asset classes? - The decision is driven by the need for consistent profitability and the desire to streamline operations and fundraising efforts by focusing on areas with a long-term track record [80][82] Question: What is the outlook for the fundraising environment going forward? - Management feels optimistic as investors are starting to see it as a good time to buy real estate, and the financing environment is showing signs of recovery [88][92] Question: Are there still expectations for the Satori Collective contribution to close? - Yes, the contribution agreement is in place, and modifications are being made to finalize the closing process [93][95] Question: Will operating income be positive in 2025 despite challenges? - Management is confident that operating income will be positive in 2025 due to ongoing expense reductions and revenue growth efforts [96][97]

Starwood Property Trust, Inc. (NYSE:STWD) Q4 2024 Earnings Conference Call February 27, 2025 10:00 AM ET Company Participants Zachary Tanenbaum - Head of Investor Relations Barry Sternlicht - Chairman & CEO Jeffrey DiModica - President Rina Paniry - Chief Financial Officer Conference Call Participants Steven Laws - Raymond James Richard Shane - JPMorgan Jade Rahmani - KBW Douglas Harter - UBS Donald Fandetti - Wells Fargo Securities Operator Greetings, and welcome to Starwood Property Trust, Inc.'s fourth q ...

Financial Data and Key Metrics Changes - The company announced a strategic transaction with Sixth Street, enhancing borrowing capacity and securing up to $500 million for acquisitions [6][7] - The same store portfolio has been reset to 168 buildings, representing 89% of the total in-place portfolio, with Q4 2024 occupancy at approximately 92% [20][48] - The company anticipates a 380 basis points occupancy improvement, equating to over 1 million square feet lease-up [20] Business Line Data and Key Metrics Changes - The Cincinnati acquisitions totaled approximately 762,000 square feet for $61.3 million, contributing to capital deployment efforts [10] - The company has a pipeline exceeding 11 million square feet and $1 billion in potential acquisitions, primarily in existing markets [11] Market Data and Key Metrics Changes - Market conditions remain favorable for buildings under 250,000 square feet, with over 95% of leases concentrated in this segment [9] - The rental growth rate in the company's markets is normalized between 3% and 4%, with mid-teens to low 20% growth expected on rent spreads for small to midsize spaces [32] Company Strategy and Development Direction - The focus for 2025 will be on leasing opportunities and capital deployment, with a strategic emphasis on expanding scale [7][11] - The company is positioned to execute on leasing and capital deployment strategies, leveraging the capital secured from the Sixth Street transaction [11][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tenant challenges and leasing remaining spaces, with strong momentum anticipated for 2025 [8][9] - The company is optimistic about the leasing environment, with significant leasing activity noted towards the end of January and into February [27] Other Important Information - The company has made solid progress on capital deployment and is strategically positioned to expand its scale in existing markets [11] - Management highlighted the importance of value-add acquisitions and the capability to handle multiple projects simultaneously [78] Q&A Session Summary Question: What is the potential for acquisitions and their timing? - The company assumes $360 million of acquisitions at the midpoint, with about $70 million already banked, and expects to deploy the remainder evenly over the coming quarters [17] Question: Can you provide details on the leasing environment and remaining vacancies? - All carryover vacant space has already commenced leasing, with occupancy increasing from 92.5% to 94.3% this year, indicating strong leasing activity [26][27] Question: What are the expectations for the St. Louis lease and tenant renewals? - The tenant has expressed interest in expanding and continuing the lease, despite a reduction in square footage [38] Question: How does the company view the Sixth Street transaction and stock performance? - Management believes the transaction is transformative and is focused on deploying capital effectively, with a buyback strategy in place if stock performance does not improve [56][57] Question: What are the pricing trends in the market? - The company is experiencing negative leverage in the marketplace, with significant competition for acquisitions, indicating a challenging environment for pricing [69][74] Question: Are there any impacts from tariffs or reshoring initiatives? - There is a significant increase in demand for bulk storage requirements due to tariffs, with companies rushing to secure warehouse space [90][91]

Financial Data and Key Metrics Changes - The net loss for Q4 2024 was $26.9 million or $1.06 per diluted share, compared to a net income of $18.4 million or $0.70 per diluted share in Q4 2023, reflecting a significant decline in profitability [8] - Total revenue for Q4 2024 was $63.8 million, down from $68.9 million in the same period in 2023 [8] - For the full year 2024, net income was $1.1 million or $0.04 per diluted share, compared to $44.3 million or $1.59 per diluted share in 2023 [10] - Core FFO for Q4 2024 was $17.7 million or $0.68 per diluted share, down from $0.75 per diluted share in Q4 2023 [9] - The company reported a NAV per share range of $44.56 to $58.52, with a midpoint of $51.54, reflecting stability in capital markets [11] Business Line Data and Key Metrics Changes - Net operating income (NOI) for Q4 2024 was $38.9 million on 35 properties, down from $42.2 million on 38 properties in Q4 2023, marking a 7.6% decrease [8] - Same store rental income increased by 2.3% for the full year, while same store occupancy remained stable at 98.7% [10] - The company completed 58 renovations in Q4 2024, achieving an average monthly rent premium of $150 and a 19.2% return on investment [9] Market Data and Key Metrics Changes - Occupancy rates in the DFW and Charlotte markets showed significant growth, finishing the year at 96.4% [17] - The same store NOI margin for the full year 2024 was 61.61%, with five of the ten same store markets growing NOI by at least 3% [20] Company Strategy and Development Direction - The company plans to continue its value-add business strategy, focusing on renovations and upgrades to drive rent growth [9][24] - Guidance for 2025 includes expectations for same store NOI growth to range from a 3.5% decline to a 50 basis point increase, with a midpoint projecting a 1.5% reduction year over year [21] - The company is prioritizing renovations in markets where it can push rates, particularly in South Florida and Raleigh [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for growth in 2026 and 2027, particularly in the second half of the year [26] - The company noted a positive trend in bad debt, expecting improvement in 2025 [30] - Management acknowledged challenges in certain markets, such as Raleigh, but remains confident in the long-term outlook [31] Other Important Information - The company paid a dividend of $0.51 per share on December 31, 2024, with a payout ratio of 68% of core FFO [12] - NXRT has $373 million of available liquidity as it heads into 2025, providing flexibility for future investments [25] Q&A Session Summary Question: What drove the positive rental income result in Atlanta despite occupancy declines? - Management indicated that higher occupancy and the rollout of bulk WiFi contributed to total revenue growth in Atlanta [28][29] Question: Can you explain the decrease in occupancy in the Raleigh-Durham market? - Management noted that increased supply and personnel changes affected occupancy, but they remain optimistic about the market's recovery [30][31] Question: Any updates on the full interior upgrades plan? - Management confirmed that they are prioritizing renovations in markets with potential for rate increases and expect to double the output compared to last year [32][33] Question: How will interest expense be affected in 2025? - Management highlighted a $0.12 benefit from swap expirations and a reduction in total interest expense due to improved terms [36][38]

Financial Data and Key Metrics Changes - The company reported a normalized FFO of $0.27 per diluted share and an FFO of $0.29 per diluted share for Q4 2024, with a full year FFO of $1.02 and normalized FFO of $1.29 per diluted share [10][38] - The overall portfolio occupancy at the end of Q4 stood at 96%, slightly increasing compared to the prior quarter [42] - The company achieved same-store NOI growth of $1.3 million at 3.6% on a GAAP basis [41] Business Line Data and Key Metrics Changes - The retail segment achieved an 11.1% GAAP releasing spread, while the office segment achieved an 18.7% GAAP releasing spread [39] - The multi-family portfolio reported a combined trade-out spread of negative 0.8% for the quarter, with renewal spreads remaining strong at 4.7% [40] - The construction management segment posted $2.1 million of gross profit, with expectations to return closer to historical levels in the short term [42] Market Data and Key Metrics Changes - The office assets in mixed-use environments commanded around a 15% premium above competing central business districts [22] - The retail portfolio had a strong performance with 95% occupancy, executing new leases covering approximately 195,000 square feet [27] - The multi-family portfolio operated at 95.3% occupancy, with rent growth in markets such as Baltimore and Virginia Beach [33] Company Strategy and Development Direction - The company remains committed to improving income streams and balance sheet quality, focusing on sustainable growth and financial strength [9] - The strategy includes recycling stabilized assets and capitalizing on better long-term opportunities [14] - The company is focused on strengthening its balance sheet by reducing leverage and enhancing financial flexibility [18] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be the trough year for earnings, with anticipated growth in 2026 and beyond as developments stabilize [90] - The company is actively managing challenges related to construction delivery delays and increased interest expenses [46] - Management remains confident in the long-term value of the portfolio and the potential for redevelopment opportunities [36] Other Important Information - The company disposed of two non-core retail assets at a blended cap rate in the low 6% range, achieving an $82 million aggregate sales price [15] - The company successfully executed a $109 million common equity offering to reduce leverage and position for future growth [19] - The company has hedged 100% of its variable rate debt exposure to ensure stability in interest expenses [44] Q&A Session Summary Question: What does the market look like going forward on the Mez side? - Management noted inquiries about financing deals and the pressure in the lending market has created a gap that needs to be filled [52][54] Question: Any new investments need to be a loan to own rather than just a straight loan? - Management indicated that all options are possible, but the focus is on risk-adjusted returns [57][58] Question: Can you talk about the occupancy of your apartment assets in the home market? - Management attributed lower occupancy to price point issues and new developments in the broader market, but expressed confidence in maintaining market rents [59][60] Question: Can you comment on the dilution from recent equity raises and asset sales? - Management stated that the equity raise in September resulted in roughly 5 cents worth of dilution [62][65] Question: How is the company thinking about the longer-term play with T. Rowe headquarters? - Management is monitoring the market and believes it is not the right time to sell the asset at a discount [66][68] Question: Can you provide details on Southgates First occupancy decline? - Management explained the decline was related to specific tenants and expressed optimism about backfill negotiations [73][74] Question: Do you have any active properties that you are marketing on the retail side? - Management mentioned receiving unsolicited activity for retail properties and is open to capital recycling opportunities [80][81]

As filed with the Securities and Exchange Commission on December 22, 2023. Registration Number 333- 276149 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SAFE AND GREEN DEVELOPMENT CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 6552 87-1375590 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Em ...

Portfolio Overview - As of December 31, 2022, the company's portfolio consisted of investments in 192 properties [39] - The annualized adjusted NOI for contracts in place at December 31, 2022, was $2368 million [15] - Skilled nursing facilities represent 36% of the asset class [16] - Entrance fee assisted living represents 22% of the asset class [16] Financial Performance - Total revenue for Q4 2022 was $70669 thousand, compared to $69668 thousand in Q4 2021 [39] - Rental revenue (GAAP) for Q4 2022 was $53764 thousand [39] - Normalized FFO per diluted common share was $085 in Q4 2022 [39] - Regular dividends declared per common share were $090 in Q4 2022 [39] Capital Structure - Total debt as of Q4 2022 was $1147511 thousand [39] - The company targets a 60/40 equity/debt funding mix [31] - Secured debt accounted for 67% of total debt [47] - Unsecured debt accounted for 933% of total debt [47]