Financial Data and Key Metrics Changes - The company reported FFOs adjusted of $0.46 per share and AFFO of $0.43 per share, with total portfolio same-store growth of 7% [29] - The company maintained its FFO as adjusted guidance in the range of $1.81 to $1.87 per share, reflecting strong performance during the first quarter [32] Business Line Data and Key Metrics Changes - Outpatient Medical reported same-store growth of 5%, driven by strong tenant retention and a positive rent mark to market of 4.1% [29] - The Lab business reported same-store growth of 7.7%, benefiting from the expiration of pre-rent on two large leases [30] - Continuing Care Retirement Communities (CCRCs) reported same-store growth of 15.9%, driven by rate growth of approximately 6% and a 100 basis point increase in occupancy [31] Market Data and Key Metrics Changes - The outpatient sector is experiencing demand outpacing new supply, a trend expected to continue due to high construction costs [12] - The Lab business represents approximately 35% of the company's income, facing challenges due to regulatory uncertainties and capital raising difficulties in the biotech sector [14] Company Strategy and Development Direction - The company is focusing on capturing market share with its high-quality portfolio, having signed 450,000 square feet of leases year-to-date [21] - The merger with Physicians Realty Trust has increased the allocation to the outpatient medical business to over 50%, improving the balance sheet and creating a strong platform in the outpatient sector [23] - The company has paused new developments since 2021 and is reassessing capital allocation strategies in light of market uncertainties [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the diversified portfolio's ability to maintain guidance despite market challenges, with strong results in Outpatient Medical and Senior Housing offsetting weaknesses in the Lab business [11] - The management noted that the first quarter was not ideal for capital raising in the biotech sector, but they see potential inflection points that could stabilize the market [36][38] Other Important Information - The company has reduced floating rate debt from 20% to almost zero, positioning its balance sheet favorably for long-term success [22] - The partnership with Hines for the West Cambridge development project is expected to advance the residential component, with no construction cost exposure for Healthpeak [28][124] Q&A Session Summary Question: What would change to a more positive expectation for life science performance in the back half of 2025? - Management indicated that stability in the market and regulatory environment would benefit the sector, with potential upside from patent cliffs and capital raising [36][38] Question: Were the share repurchases driven by stock attractiveness or underwriting difficulties? - The share repurchases were primarily driven by the attractiveness of the stock, with nearly $100 million bought back at a high-quality portfolio yield [47] Question: How is the health of the tenant base in the lab business? - There has been significant improvement in rent collections and bad debt, but uncertainty remains regarding tenants needing to raise capital [55] Question: What is the outlook for leasing activity in the lab sector? - The leasing pipeline is strong, with many tenants well-capitalized and not needing immediate capital raises [41][135] Question: How does the company view the impact of tariffs on development costs? - Tariffs could lead to a 2% to 6% increase in costs, but the company has secured contracts to mitigate risks [116] Question: What is the status of the West Cambridge development project? - The project is not yet fully entitled, with a focus on residential development first, and no immediate capital exposure for Healthpeak [123][128]

HCA Healthcare (HCA) Q1 2025 Earnings Call April 25, 2025 04:54 PM ET Company Participants Frank Morgan - VP, Investor RelationsSam Hazen - CEOMike Marks - CFO & Executive Vice PresidentA.J. Rice - Managing DirectorWhit Mayo - Senior Managing DirectorBen Hendrix - Equity Research - Healthcare Services and Managed CareAndrew Mok - DirectorJoshua Raskin - Partner - Managed Care & ProvidersJohn Ransom - Managing Director, Director of Healthcare ResearchLance Wilkes - Managing DirectorBenjamin Rossi - Equity Re ...

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing growth of approximately 5% compared to Q1 2024 [5] - Total revenue was $14.2 million for the quarter, including lease income of $11.8 million and interest income from commercial loans of $2.3 million [13] - FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 4.8% respectively compared to the same quarter of the prior year [13] - The company increased its common dividend to a new quarterly rate of $0.285, continuing its practice of annual dividend increases since its IPO [6][17] Business Line Data and Key Metrics Changes - The company acquired three properties for $39.7 million at a weighted average initial cap rate of 8.6% and originated two mortgages totaling $39.5 million with a weighted average initial yield of 9.5% [7][8] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79.2 million at a weighted average initial yield of 9% [7] - The average WALT for acquisitions was 14.3 years, while properties sold had a WALT of 4.7 years, resulting in a portfolio WALT decrease to 9 years from 6.9 years a year ago [10][11] Market Data and Key Metrics Changes - The company noted that it is well-positioned given its tenant mix and sector diversification amidst recent tariff volatility and uncertainty [12] - The company has a pipeline of opportunities across the tenant landscape and remains focused on executing its strategy for growth and stability [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring a mix of high credit tenants for stable cash flows and lesser credits for growth and diversification [10] - The company is actively managing its portfolio by opportunistically selling properties to reduce risk and improve tenant concentrations [10] - The company plans to continue balancing between share buybacks, acquisitions, and investments throughout the year [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, noting no significant disruptions from tariff issues [38] - 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 [18] - Management highlighted that they do not anticipate having more leverage by the end of the year and may even reduce it [92] Other Important Information - The company ended the quarter with net debt to pro forma adjusted EBITDA of 7.9 times and had $65 million of liquidity available [15][16] - The company has no debt maturing until 2026, with staggered maturities thereafter [16] Q&A Session Summary Question: Factors driving the AFFO guidance raise - Management identified three main factors: stock buybacks, a swap that reduced interest rates, and investment activity [22][24] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects funding for loans and property acquisitions, with a total of about $60 million funded in the quarter [26] Question: Future capital allocation priorities - Management indicated a balanced approach between buybacks, acquisitions, and investments, depending on market conditions [30] Question: Impact of tariffs on tenant activity - Management noted no significant disruptions in tenant activity due to tariffs, with strong performance from restaurants and other sectors [38] Question: Cap rates for future dispositions - Management suggested that future dispositions may have lower cap rates due to the mix of properties being sold [49] Question: Status of Family Dollar and Dollar Tree locations - Management confirmed they have about 31 locations, with a mix of Family Dollar and Dollar Tree properties [58] Question: Provision for impairment charge - Management clarified that the impairment charge was related to properties anticipated to be sold soon, such as Walgreens [80] Question: Timing of funding unfunded commitments - Management indicated that funding timing for loans should remain consistent for the first half of the year [86] Question: Leverage trends and expectations - Management expects to maintain or reduce leverage by year-end, despite recent increases [92]

Virtus Investment Partners (VRTS) Q1 2025 Earnings Call April 25, 2025 10:00 AM ET Company Participants Sean Rourke - Vice President, Investor RelationsGeorge Aylward - President & Chief Executive OfficerMichael Angerthal - Executive VP, CFO & TreasurerBen Budish - Director Conference Call Participants William (Bill) katz - Senior Equity Analyst Operator Good morning. My name is Didi, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly C ...

Alpine Income Property Trust (PINE) Q1 2025 Earnings Call April 25, 2025 09:00 AM ET Company Participants Jenna McKinney - Director of FinanceJohn Albright - President, CEO & DirectorPhilip Mays - SVP, CFO & TreasurerMatthew Erdner - Research AssociateRob Stevenson - MD & Head - Real Estate ResearchSteven Greathouse - SVP - InvestmentsGaurav Mehta - Managing DirectorRJ Milligan - Managing Director Conference Call Participants Michael Goldsmith - US REITs AnalystWesley Golladay - Senior Research AnalystJohn ...

PHINIA (PHIN) Q1 2025 Earnings Call April 25, 2025 08:30 AM ET Company Participants Kellen Ferris - VP - Investor RelationsBrady Ericson - President and CEO & DirectorChris Gropp - VP & CFOJake Scholl - Equity Research AssociateJoseph Spak - Managing DirectorDavid Silver - Senior MD & Director - Equity ResearchFederico Merendi - Equity Research Associate Conference Call Participants Bobby Brooks - Vice President, Senior Equity Research Analyst Operator Ladies and gentlemen, thank you for standing by. My nam ...

Core Viewpoint - AT&T has successfully reached its target leverage ratio, allowing the company to return more cash to investors through share repurchases while maintaining a stable dividend yield of over 4% [2][9]. Group 1: Financial Performance - AT&T cut its dividend by nearly 50% in 2022 to focus on debt reduction and reinvestment in fiber and 5G networks [1]. - The company generated $3.1 billion in free cash flow in the first quarter, exceeding its $2.1 billion dividend payout, and achieved a net debt reduction of $9.6 billion over the past year [4]. - AT&T expects to generate at least $16 billion in free cash flow this year, which will cover its annual dividend outlay of over $8 billion [6]. Group 2: Capital Allocation Strategy - The company has been following a capital allocation strategy that prioritizes investment in 5G and fiber networks while maintaining its dividend [3]. - AT&T plans to repurchase up to $20 billion of its stock over the next several years, enhancing shareholder returns [5]. - The anticipated dividend payments over the next three years are expected to be around $20 billion, with a declining dividend payout ratio due to share repurchases [7]. Group 3: Future Outlook - With the leverage target achieved, AT&T will have additional borrowing capacity and an estimated financial capacity of over $50 billion over the next three years [8]. - The company could utilize this financial flexibility for opportunistic stock buybacks or accretive acquisitions, further enhancing the sustainability of its dividend [8].

Financial Data and Key Metrics Changes - Bread Financial reported net income of $138 million and earnings per diluted share of $2.78 for Q1 2025, reflecting a resilient business model despite macroeconomic challenges [6][7] - Revenue for the quarter was $970 million, down 2% year over year, primarily due to lower net interest income [17][18] - Average loans decreased by 2% to $18.2 billion, influenced by lower consumer spending and tighter underwriting standards [16][18] - Total non-interest expenses decreased by $5 million or 1%, driven by operational excellence initiatives [17][20] Business Line Data and Key Metrics Changes - Credit sales increased by 1% year over year to $6.1 billion, supported by higher general purpose spending [16][18] - Direct-to-consumer deposits grew by 13% year over year, reaching $7.9 billion, marking significant growth from just over $1 billion five years ago [8][23] - Non-interest income rose by $25 million, attributed to recent pricing changes for paper statements [19] Market Data and Key Metrics Changes - The delinquency rate for Q1 was 5.9%, down 30 basis points year over year, indicating improved credit performance [31] - The net loss rate was 8.2%, down 30 basis points from the previous year, reflecting better-than-expected credit trends [31] Company Strategy and Development Direction - The company is focused on optimizing its capital structure, having executed a $400 million subordinated notes offering to strengthen its balance sheet [7][24] - Strategic credit tightening actions are being implemented to manage credit risk effectively while expanding partnerships and product offerings [11][12][14] - The company aims to maintain flexibility to adapt to changing fiscal and monetary policies and evolving regulatory landscapes [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty, including the impact of tariffs and inflation on consumer behavior [9][10][39] - The outlook for 2025 includes expectations of flat to slightly down average loans, with total revenue anticipated to be flat to slightly up [35][36] - Management remains confident in the company's ability to generate capital and cash flow, despite macroeconomic challenges [26][40] Other Important Information - The company completed a $150 million share repurchase program, repurchasing 3.2 million shares at an average price below tangible book value [7][25] - Total liquid assets and undrawn credit facilities were $7.4 billion, representing 33% of total assets [27] Q&A Session Summary Question: Insights on consumer payment behavior and credit trends - Management noted that while credit quality is improving, there is significant uncertainty in the economy, influenced by tariffs and inflation [42][44] Question: Unemployment rate assumptions and reserve guidance - The company has incorporated a 7% unemployment rate assumption into its reserve modeling, reflecting a conservative approach [57] Question: Discussion on late fee regulation and partner relationships - Management confirmed that discussions with partners have been positive, and changes made in response to late fee litigation are included in the guidance [58][62] Question: Factors behind improved late-stage roll rates - The improvement is attributed to wage growth outpacing inflation and better performance of newer vintages [66][68] Question: Impact of economic conditions on credit tightening actions - Management stated that while they are maintaining a consistent credit posture, uncertainty may delay potential credit unwind actions [86][88] Question: Capital management and buyback strategy - The company remains focused on responsible growth and will evaluate future buyback opportunities based on capital needs and market conditions [92][94] Question: Net interest margin trajectory - Management expects slight expansion in net interest margin despite headwinds from prime rate reductions and changing product mix [100][102]

David Strow Good afternoon, and welcome to the Boyd Gaming First Quarter 2025 Earnings Conference Call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, April 24, 2025. At this time, all lines are in listen-only mode. Following our remarks, we will conduct a question-and-answer session. [Operator Instructions]. Our speakers for today's call are Keith Smith, President and Chief Executive Officer; an ...

CBIZ, Inc. (NYSE:CBZ) Q1 2025 Earnings Conference Call April 24, 2025 11:00 AM ET Company Participants Lori Novickis - Director-Corporate Relations Jerry Grisko - President and Chief Executive Officer Brad Lakhia - Chief Financial Officer Conference Call Participants Christopher Moore - CJS Securities Andrew Nicholas - William Blair Marc Riddick - Sidoti Operator Good day, and welcome to the CBIZ First Quarter 2025 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I ...