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 Insights - Brandywine Realty Trust reported a net loss of $36.9 million or $0.21 per share for Q4 2025, an improvement from a net loss of $44.8 million or $0.26 per share in Q4 2024 [9][11] - The company achieved a Funds from Operations (FFO) of $14.6 million or $0.08 per diluted share in Q4 2025, down from $29.9 million or $0.17 per diluted share in Q4 2024 [10][12] - The company plans to recapitalize its remaining development joint ventures and improve liquidity in 2026, with an FFO guidance range of $0.51 to $0.59 per diluted share [3][19] Financial Results - Total revenue for Q4 2025 was $120.95 million, slightly down from $121.91 million in Q4 2024 [39] - Operating expenses for Q4 2025 were $99.56 million, compared to $102.26 million in Q4 2024 [39] - The company recognized a $12.2 million loss on early extinguishment of debt related to a $245 million loan repayment [7][14] Portfolio Performance - The core portfolio was 88.3% occupied and 90.4% leased as of December 31, 2025 [17] - The tenant retention ratio was 54% in Q4 2025 and 64% for the full year 2025 [16] - Same Store Net Operating Income (NOI) increased by 2.4% on an accrual basis and 3.2% on a cash basis [13] Leasing Activity - In Q4 2025, the company signed new and renewal leases totaling 157,000 square feet in its wholly owned portfolio, with a total of 415,000 square feet including unconsolidated joint ventures [15] - For the full year 2025, leasing activity totaled approximately 790,000 square feet in the wholly owned portfolio [17] - Rental rate mark-to-market increased by 20.9% on an accrual basis [16] Capital and Financing - The company closed on a $50.5 million C-PACE financing for a development project at 3151 Market Street, with an interest rate of 7.31% [14] - Brandywine issued $300 million of 6.125% guaranteed notes due 2031, with net proceeds used to repay secured debt and for general corporate purposes [14] - As of December 31, 2025, the company had no outstanding balance on its $600 million unsecured revolving credit facility [14]

4Q 2025 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER TABLE OF CONTENTS | EA | RN | IN | GS | RE | LE | AS | E | AN | D | SU | PP | LE | ME | NT | AL | IN | FO | RM | AT | IO | N | FO | QU | CE | 20 | 25 | GE | R | TH | E | AR | TE | R | EN | DE | D | DE | MB | ER | 31 | PA | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

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].

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of December 31, 2025, the Company held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, exclud ...

Financial and Operating Highlights - The company reported a net loss attributable to common stockholders of $1.49 per share for Q4 2025 and $1.61 per share for the full year 2025, compared to net income of $0.13 per share and $0.08 per share for the same periods in 2024 [5][6] - Funds from operations (FFO) were $1.13 per share for Q4 2025, down from $1.81 per share in Q4 2024, and $5.72 per share for the full year 2025, compared to $8.11 per share in 2024 [7][8] - Same-store cash NOI decreased by 3.4% for Q4 2025 and 2.0% for the full year 2025, excluding lease termination income, compared to the same periods in 2024 [10] Leasing Activity - The company signed 56 Manhattan office leases totaling 766,783 square feet in Q4 2025, with an average rent of $98.26 per rentable square foot [11] - For the full year 2025, 199 office leases were signed totaling 2,568,551 square feet, with an average rent of $91.77 per rentable square foot [12] - Manhattan same-store office occupancy increased to 93.0% as of December 31, 2025, compared to 92.4% as of September 30, 2025 [13] Investment Activity - In January 2026, the company closed on the acquisition of Park Avenue Tower for $730.0 million, financed with a $480.0 million mortgage at a fixed rate of 5.30% [14] - The company sold a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million, generating cash proceeds of $34.9 million [15] - The company also acquired a 39.5% interest in 800 Third Avenue for $5.1 million and purchased 346 Madison Avenue for $160.0 million [16] Financing Activity - The company modified and extended the mortgage on 100 Park Avenue, extending the maturity date to January 2029 at a floating rate of 2.42% over Term SOFR, hedged to a fixed rate of 5.73% [17] - The mortgage on 800 Third Avenue was also modified and extended to February 2031, maintaining a floating rate of 1.70% over Term SOFR, hedged to a fixed rate of 5.03% [18] Special Servicing and Asset Management - The company's special servicing business increased by $0.7 billion in active assignments, totaling $8.4 billion, with an additional $9.9 billion designated for assets not currently in active special servicing [19] Dividends - The company announced a modification to its dividend policy, stating that ordinary dividends will be declared and paid quarterly starting in fiscal year 2026 [20]

Prologis Park Bottrop, Bottrop, Germany FOURTH QUARTER 2025 Prologis Supplemental Information Unaudited Contents Q4 2025 Supplemental Highlights Financial Information Operations Capital Deployment Strategic Capital Capitalization Notes and Definitions 35 Notes and Definitions 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Ne ...

Core Viewpoint - SL Green has reduced its 2026 funds from operations (FFO) per share guidance to a range of $4.4-$4.7, compared to the Zacks Consensus Estimate of $5.16 per share. The company is also shifting from monthly to quarterly dividend payouts to enhance liquidity and balance sheet flexibility [2][6][9]. Financial Guidance - The reduction in FFO guidance is attributed to several factors, including a 2.5% increase in operating expenses and a 4.3% rise in real estate taxes, which are expected to pressure margins and dampen same-store net operating income (NOI) and FFO growth for 2026 [3][9]. - Significant tenant vacates in 2026 at properties such as 1185 AOTA, 125 Park Ave, and others, along with potential asset sales, are anticipated to further lower NOI [4][9]. - An increase in floating rate debt will lead to higher interest expenses, while lower development activity will decrease capitalized interest expenses, negatively impacting NOI growth. Additionally, a rise in the average diluted share count from 76.4 million to 77.1 million will dilute earnings per share [5][9]. Dividend Strategy - The transition from monthly to quarterly dividends is a strategic move to preserve cash and simplify liquidity planning, reflecting a more conservative approach to capital allocation amid a $7 billion financing plan [6][7]. Market Performance - Over the past three months, SL Green's shares have declined by 28.2%, contrasting with a 1.8% growth in the broader industry [8].