Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is approximately 3% above initial expectations [3] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025, primarily due to non-recurrence of termination fees recognized in Q3 [20][21] - Same-store cash NOI for the full year increased by 0.5% compared to 2024, with office segment increasing by 2.3% and retail by 1.2%, while multifamily declined by 3.2% [21][22] Business Line Data and Key Metrics Changes - The office segment showed continued progress with same-store office NOI increasing just over 1% for the quarter and nearly 2.5% for the full year [8][21] - Retail segment ended the year at 98% leased, with fourth quarter leasing totaling 43,000 sq ft and positive cash and GAAP leasing spreads [11] - Multifamily segment ended the year 95.5% leased, achieving approximately 1% net effective rent growth year over year, despite competitive leasing conditions [12][13] Market Data and Key Metrics Changes - In West Coast office markets, signs of stabilization and gradual improvement in leasing activity were noted, particularly in San Diego and San Francisco [5][6] - The overall office portfolio ended the quarter 83% leased, with same-store office portfolio at 86%, up about 150 basis points from Q3 [7][11] - Retail availability is expected to remain near record lows nationally, supporting asking rents [12] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and maintaining retail momentum by managing expirations and focusing on tenant quality [18] - The strategy includes managing through the multifamily supply cycle with disciplined revenue management and cost control [18] - The company is focused on maintaining a strong balance sheet and improving valuation over time [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainty but believes coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The outlook for 2026 includes a FFO guidance range of $1.96-$2.10 per share, with a midpoint of $2.03, reflecting a conservative approach to leasing velocity and market conditions [25][32] - Management expressed frustration with the current share price, indicating that the public market valuation does not reflect the intrinsic value of the company's assets [16] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [17] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [23][24] Q&A Session Summary Question: Inquiry about elevated TIs for renewals and demand environment - Management acknowledged that higher capital burdens for office leasing are expected to moderate as occupancy improves and availability tightens [36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach would help achieve the target leverage [40] Question: Potential strategic asset sales to improve stock valuation - Management stated they would consider asset sales at favorable prices but would not sell at a discount just to check a box [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed in 11 deals year-to-date, with a significant pipeline of additional leasing activity [48] Question: Credit reserves and tenant health - Management clarified that the credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is about 3% above initial expectations [3] - Same-store cash NOI increased by 0.5% compared to 2024 [18] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025 [18] Business Line Data and Key Metrics Changes - Office segment same-store NOI increased by 2.3% for the year, driven by higher base rent and improved expense recoveries [19] - Retail segment same-store NOI increased by 1.2% for the year, reflecting strong growth in the first half of 2025 [19] - Multifamily segment declined by 3.2% for the year due to flat to modestly lower rents and elevated concessions [20] - Mixed-use segment declined by 6.7% in 2025, impacted by softer hotel demand in Waikiki [20] Market Data and Key Metrics Changes - The office portfolio ended the quarter 83% leased, with same-store office portfolio at 86% leased, up about 150 basis points from Q3 [6] - Retail segment ended the year at 98% leased, with positive cash and GAAP leasing spreads [10] - Multifamily ended the year 95.5% leased, with approximately 1% net effective rent growth year over year [11] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and commenced revenue [16] - Retail momentum will be maintained by keeping centers full and managing expirations [16] - The company plans to manage through the multifamily supply cycle with disciplined revenue management and cost control [16] - The focus will be on prudent hotel operations while responding to market demand [16] Management's Comments on Operating Environment and Future Outlook - Management believes that coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The company views 2026 as an opportunity to build upon the progress made in 2025, with a focus on operational execution and long-term value creation [15][16] - Management expressed frustration with the current share price, indicating that it does not reflect the intrinsic value of the company's assets [14] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [15] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [22][23] Q&A Session Summary Question: Regarding elevated TIs for office renewals - Management acknowledged that higher capital burdens for office leasing are expected to moderate over time as occupancy improves [35][36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach will help achieve the target leverage [40] Question: Steps to reinvigorate stock price - Management is open to strategic asset sales if they reflect long-term value but will not sell at a discount [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed year-to-date, with a significant pipeline of leasing activity [49] Question: Credit reserves in guidance - Management clarified that credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

FOURTH QUARTER 2025 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607 with favorable supply/demand characteristics Office Retail Multifamily Mixed-Use Market Square Feet Square Feet Units Square Feet Suites San Diego 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Portland 930,903 44,236 657 — — San Antonio — 588,148 — — — San Francisco 511,493 35,097 — — — Oahu — 430,288 — 93,925 36 ...

Core Viewpoint - American Assets Trust, Inc. reported its financial results for the fourth quarter and the year ended December 31, 2025, showing a decline in net income and funds from operations (FFO) compared to the previous year [1][2]. Financial Results - For the fourth quarter of 2025, net income was $4.2 million, down from $11.6 million in Q4 2024, and for the full year, net income was $71.4 million, a decrease from $72.8 million in 2024 [3][26]. - Basic and diluted income attributable to common stockholders per share was $0.05 for Q4 2025, compared to $0.15 in Q4 2024, and $0.92 for the full year 2025, down from $0.94 in 2024 [3][22]. - FFO attributable to common stock and common units was $36.0 million for Q4 2025, down from $42.1 million in Q4 2024, and $153.4 million for the full year, compared to $197.5 million in 2024 [3][4][28]. Leasing Activity - The company leased 193,000 square feet of office space and 43,000 square feet of retail space in Q4 2025, with average contractual rent increases of 11.5% for office and 24.3% for retail [5][10]. - The total portfolio leased status as of December 31, 2025, was 83.1% for office, 97.7% for retail, and 93.7% for multifamily properties [6][7]. Same-Store Cash Net Operating Income (NOI) - Same-store cash NOI remained flat for Q4 2025 and increased by 0.5% for the full year compared to the same periods in 2024 [12][25]. - The cash NOI by segment for Q4 2025 was $34.5 million for office, $17.1 million for retail, and $8.9 million for multifamily [12]. Balance Sheet and Liquidity - As of December 31, 2025, the company had gross real estate assets of $3.8 billion and liquidity of $529.4 million, including $129.4 million in cash and cash equivalents [14]. - The company had only one asset encumbered by a mortgage at the end of 2025 [14]. Dividends - The company declared a dividend of $0.340 per share for Q4 2025, which was paid on December 18, 2025, and has declared the same amount for Q1 2026, payable on March 19, 2026 [16]. Guidance - The company introduced guidance for 2026, projecting FFO per diluted share to be in the range of $1.96 to $2.10, with a midpoint of $2.03 [17].

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - Simon Property Group reported strong financial results for the fourth quarter and the full year of 2025, achieving record Real Estate Funds From Operations (FFO) of $4.8 billion and returning $3.5 billion to shareholders [2][6]. Financial Performance - For Q4 2025, net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, compared to $667.2 million, or $2.04 per diluted share in Q4 2024, marking a significant increase [6]. - Real Estate FFO for Q4 2025 was $1.328 billion, or $3.49 per diluted share, up 4.2% from $1.261 billion, or $3.35 per diluted share in the prior year [6][22]. - For the full year 2025, net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, compared to $2.368 billion, or $7.26 per diluted share in 2024 [6]. - Full year Real Estate FFO was $4.812 billion, or $12.73 per diluted share, an increase of 4.0% from $4.597 billion, or $12.24 per diluted share in 2024 [6]. Operational Highlights - The company executed over 17 million square feet of leases and completed 23 significant redevelopment projects in 2025 [2]. - Domestic property Net Operating Income (NOI) increased by 4.8% year-over-year, while portfolio NOI rose by 5.1% [6]. - Occupancy rate as of December 31, 2025, was 96.4%, slightly down from 96.5% in 2024 [6]. Capital Markets and Liquidity - Simon was active in capital markets, completing a $1.5 billion senior notes offering with a weighted-average term of 7.8 years and a coupon rate of 4.775% [5]. - The company also completed 46 secured loan transactions totaling approximately $7.0 billion with a weighted average interest rate of 5.43% [5]. - As of December 31, 2025, Simon had approximately $9.1 billion in liquidity, including $1.4 billion in cash and $7.7 billion in available capacity under revolving credit facilities [7]. Dividends - The Board of Directors declared a quarterly common stock dividend of $2.20 for Q1 2026, representing a 4.8% increase year-over-year [8]. 2026 Guidance - The company estimates net income for 2026 to be in the range of $6.87 to $7.12 per diluted share and Real Estate FFO to be between $13.00 and $13.25 per diluted share [9].

Core Viewpoint - Simon Property Group, Inc. is a leading real estate investment trust (REIT) with a diverse portfolio of shopping, dining, and entertainment properties, generating significant annual sales and positive sentiment among analysts and investors [1] Group 1: Company Performance - The consensus price target for Simon Property Group has risen from $187.79 to $195.8 over the past year, indicating growing optimism about the company's future performance [2][6] - The company is expected to report fourth-quarter earnings with potential revenue of approximately $1.5 billion and earnings per share (EPS) projected between $12.60 and $12.70 for the full fiscal year 2025 [3][5][6] - Analysts forecast earnings of $3.46 per share for the fourth quarter of 2025, which is significant for investors and stakeholders [5] Group 2: Market Environment - The current market environment for retail REITs is favorable, characterized by tight vacancy rates, limited supply, and strong holiday sales, which supports the optimistic outlook for Simon Property Group's earnings potential [4][6] - The company has received a rating upgrade to a Zacks Rank 2 (Buy), reflecting increased confidence in its performance [4]

Core Viewpoint - Kimco Realty Corporation is a leading real estate investment trust focused on high-quality, grocery-anchored shopping centers and mixed-use properties, with a market cap of $13.9 billion and a strategic portfolio in major metropolitan suburbs [1] Performance Overview - Over the past 52 weeks, Kimco Realty's shares have declined by 7.6%, underperforming the S&P 500 Index, which gained 15.4%. However, year-to-date, the stock is up 2.2%, slightly outperforming the S&P 500's 1.8% return [2] - Kimco has also underperformed the State Street Real Estate Select Sector SPDR ETF, which increased by 1% over the past 52 weeks and 2.5% year-to-date [3] Earnings Report - On October 30, Kimco's shares fell by 1.9% despite reporting better-than-expected Q3 earnings. Total revenue rose by 5.6% year-over-year to $535.9 million, exceeding consensus estimates by 2.2%. Funds from operations (FFO) increased by 2.3% year-over-year to $0.44 per share, also surpassing analyst expectations [4] - The growth in revenue was partially offset by a $13.6 million increase in depreciation and amortization and an $8 million rise in interest expense, which may have affected investor sentiment [4] Future Projections - Analysts project that Kimco's FFO will grow by 6.7% year-over-year to $1.76 per share for the current fiscal year ending in December. The company has consistently met or exceeded consensus estimates in the last four quarters [5] - Among 25 analysts covering the stock, the consensus rating is a "Moderate Buy," supported by nine "Strong Buy" and 16 "Hold" ratings [5] Analyst Sentiment - The outlook for Kimco has improved, with eight analysts now suggesting a "Strong Buy" rating. Truist Financial Corporation's analyst maintained a "Hold" rating but lowered the price target to $22, indicating a potential upside of 6.2% from current levels [6]

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 Table of Contents December 31, 2025 | COMPANY HIGHLIGHTS | Page | | Page | | | --- | --- | --- | --- | --- | | Alexandria's Mission and Cluster Model | iii | | | CONFERENCE CALL | | | | | | INFORMATION: | | EARNINGS PRESS RELEASE | | | | Tuesday, January 27, 2026 | | Fourth Quarter and Year Ended December 31, 2025 Financial and | | | | 2:00 p.m. Eastern Time | | Operating Results | 1 | Consolidated Statements of Operations | 8 | 11:00 a.m. Pa ...

Alexandria Real Estate Equities (ARE) came out with a quarterly loss of $6.35 per share versus the Zacks Consensus Estimate of $2.15. This compares to FFO of $2.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -395.56%. A quarter ago, it was expected that this life science real estate company would post FFO of $2.31 per share when it actually produced FFO of $2.22, delivering a surprise of -3.9%.Over the last four quarters, the c ...