Core Insights - The company anticipates a challenging year in 2025 due to a market rent reset at Penn West Plaza following the expiration of the Obsidian head lease, transitioning from a single-tenant to a multi-tenant asset [2][6] - The fourth-quarter net operating income (NOI) decreased to CAD 29.1 million from CAD 33.5 million in the same period of 2024, primarily due to the performance at Penn West Plaza [3][6] - Retail fundamentals remain stable, but the closures of Hudson's Bay locations create near-term challenges, prompting a redevelopment program at St. Laurent [5][7] Financial Performance - The company reported a decline in fourth-quarter NOI to CAD 29.1 million, attributed mainly to the transition of Penn West Plaza and a rent-reset impact quantified at CAD 16 million over 11 months [3][6] - Liquidity improved with CAD 68 million available, and total debt decreased by over CAD 100 million over four years, although fair value losses of CAD 62 million were recorded year-to-date [4][16] - Occupancy rates fell to 85.1% as of December 31, 2025, down from 91.2% at the end of 2024, primarily due to vacancies from The Bay's departure [17] Retail Sector Insights - Retail performance was stable, with good rental growth on lease renewals, despite the impact of Hudson's Bay's creditor protection [7][9] - The company is pursuing redevelopment initiatives at St. Laurent, with a planned investment of CAD 25 million to CAD 30 million to repurpose former Sears and Bay spaces [10][11] - Strong tenant conversations with national brands are ongoing, and community strip centers are reported to be 99% occupied [9] Development and Leasing Outlook - The company has initiated a strategic merchandising program at St. Laurent to attract nationally recognized brands, with current development spending at CAD 6.4 million [10] - Leasing teams have observed increased activity in major urban areas, with expectations of improved leasing in late 2026 and into 2027 [20] - Most of the 1.6 million square feet of lease maturities in 2026 have been contracted, with significant renewals expected from major retail tenants [21][22]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO increased by 42.7% quarter-over-quarter to $104.1 million, while normalized FAD rose by 38.7% to $103 million [15] - On a per-share basis, normalized FFO increased by $0.07, or 17.5%, to $0.47 per share, and normalized FAD increased by $0.05, or 12.2%, to $0.46 per share [15] - For the full year, normalized FFO per share increased by $0.26, or 17.3%, to $1.76 per share, and normalized FAD increased by $0.22, or 14.3%, to $1.76 per share [15] Business Line Data and Key Metrics Changes - In Q4, the company completed approximately $562 million of investments, including its first SHOP deal involving three communities in Texas with 270 assisted living and memory care units [11] - The blended stabilized yield on Q4 investments was 8.8% [11] - Since year-end, the company closed on approximately $215 million of investments, including six skilled nursing facilities and two care homes in the UK [12] Market Data and Key Metrics Changes - The investment pipeline remains strong at approximately $500 million, with about half in UK Care Homes, a third in skilled nursing, and the remainder in a small SHOP deal and loans [13] - The company noted increased competition in the SHOP sector, with cap rates compressing as investors seek exposure to operating trends [13][34] Company Strategy and Development Direction - The company aims to be a unique healthcare REIT focused on disciplined investments in assets and operators that can significantly impact senior housing and care [10] - The strategic push into the UK Care Homes and SHOP sectors is expected to drive sustainable growth across skilled nursing, senior housing, and UK Care Home sectors [14] - The company plans to maintain a strong focus on long-term operator partnerships and creative transaction structuring [14] Management's Comments on Operating Environment and Future Outlook - The skilled nursing operating environment is currently stable and supportive across most states, with operators eager to return to growth mode [9] - The company anticipates a substantial year of external growth in 2026, supported by a deeper and more capable team [10] - Management expressed confidence in achieving another substantial year, given the current market conditions and the company's capabilities [42] Other Important Information - The company sold 6.5 million shares on a forward basis at an average price of $37.30, generating gross proceeds of approximately $242.5 million [16] - Initial guidance for fiscal year 2026 is for normalized FFO per share of $1.90-$1.95, representing a year-over-year increase of 9.4% [17] Q&A Session Summary Question: Guidance and expectations for the pipeline going forward - Management indicated that they are seeing consistent inbound interest in SHOP deals and are evaluating both large and small opportunities [22] Question: Sustainability of coverage levels in skilled nursing facilities - Management believes the skilled nursing environment is in a good place, with improved labor conditions and regulatory support [24] Question: Focus of data analytic hires - The data science team is primarily focused on building out SHOP capabilities but will impact the entire organization [29] Question: Details on the investment pipeline - The pipeline consists of approximately half UK Care Homes, a third US skilled nursing, and the remainder in SHOP and loans [33] Question: Competitive landscape in property types - SHOP is currently the most competitive segment, with significant capital pursuing deals [34] Question: Future funding strategies - Management plans to maintain a balance between equity and debt financing, depending on market conditions [58]

Core Insights - Grant Cardone emphasizes investing in businesses rather than traditional assets like stocks or cryptocurrencies when managing capital [2][3] Investment Strategy - For an initial investment of $10,000, Cardone suggests focusing on acquiring new skills [2] - With $50,000, Cardone proposes using the amount as proof of funds to negotiate the acquisition of a business, rather than spending it directly [3] - The strategy involves taking over operations of a business that is already established and run by an owner looking to step back [5] Business Selection Criteria - Cardone targets businesses that have been operational for five to seven years, ensuring they have stable systems and financials [5] - Preferred business types include laundromats, small apartment buildings, cosmetology shops, and tattoo studios, chosen for their established nature rather than glamour [4] Real Estate Perspective - Cardone is critical of homeownership, viewing it as a financial burden, while advocating for investment in rental properties as a more lucrative option [6]

Core Viewpoint - Kaldalón hf. demonstrated strong performance in 2025, achieving significant growth in operating revenues and profits, while maintaining a positive outlook for 2026 [3][14]. Financial Performance - Operating revenues for 2025 reached ISK 5,598 million, compared to ISK 4,508 million in 2024 [2]. - Operating profit before fair value adjustments increased to ISK 4,387 million from ISK 3,548 million year-on-year [2]. - Profit before tax decreased to ISK 3,525 million from ISK 4,311 million in the previous year [2]. - The cash balance at the end of the period was ISK 1,090 million, down from ISK 1,727 million in 2024 [2]. - The return on equity was 12.5%, a decline from 13.3% in 2024 [2]. Growth Strategy - The company is on track to achieve its target of a ISK 100 billion property portfolio, with operating profit and rental income increasing by 24% year-on-year [7]. - Kaldalón invested approximately ISK 8 billion in property acquisitions and development during the year [11]. - The company has a relatively young property portfolio, with ongoing construction projects to meet stable demand for commercial properties [12][14]. Market Position and Outlook - Kaldalón's operating outlook for 2026 is positive, with expected operating revenues between ISK 6,200 million and ISK 6,350 million [15]. - The forecast assumes a 4.3% year-on-year inflation rate and a comparable occupancy ratio [15]. - The company plans to propose a dividend payment of ISK 1,000 million to shareholders for the financial year [17]. Financing and Debt Management - The company has shifted from bank financing to market-issued bonds, with approximately 36% of interest-bearing debt financed by banks at year-end [10]. - Inflation-indexed average interest rates declined by 8% year-on-year, contributing to improved performance [10].

Financial Data and Key Metrics Changes - Adjusted company FFO for Q4 was $0.79 per diluted common share, totaling approximately $47 million, while the full year adjusted company FFO was $3.15 per diluted common share, or $187 million [14][15] - The company reduced leverage from 5.9 times to 4.9 times net debt to adjusted EBITDA and increased occupancy by 350 basis points to 97.1% [5][16] - Same-store NOI growth for the full year was 2.9%, with flat growth in Q4 compared to the same period in 2024 [16] Business Line Data and Key Metrics Changes - Nearly 5 million sq ft was leased in 2025, with attractive mark-to-market outcomes of approximately 28% on a cash basis, excluding fixed-rate renewals [5][7] - In Q4, over 2 million sq ft was leased with base and cash rental increases of approximately 27% and 23%, respectively, excluding fixed-rate renewals [7] - The company addressed roughly 3 million sq ft, or 41% of its total 2026 rollover, achieving an average cash rental increase of approximately 28% [7] Market Data and Key Metrics Changes - The company's target markets drove over 66% of the overall U.S. net absorption of about 54 million sq ft [6] - Larger users favored facilities exceeding 500,000 sq ft built within the last 5 years, with markets like Phoenix, Indianapolis, Fort Worth, and Houston leading demand [6][7] Company Strategy and Development Direction - The company plans to focus on disciplined investment and external growth opportunities, mainly in its land bank, while executing opportunistic share repurchases [10][12] - The development program has produced 15 facilities since 2019 with a 7.1% weighted average stabilized yield on first-generation leases [10] - A new 1 million sq ft spec project is set to break ground in Phoenix, with completion anticipated in the first half of 2027 and an estimated budget of $120 million [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market fundamentals and the positive momentum associated with advanced manufacturing investments [12] - The company is focused on leasing remaining vacancies and generating robust mark-to-market outcomes in 2026 [12][24] - Management noted that while cash balances are currently weighing on earnings, liquidity is valuable for future opportunities [9] Other Important Information - The company exited five non-target markets in 2025, prioritizing investments in 12 target markets that account for 87% of gross book value [8] - Total disposition volume for the year was $389 million, including $116 million from non-target market sales in Q4 [8] - The company repaid approximately $220 million of debt in 2025, including $140 million of senior notes due 2028 [21][22] Q&A Session Summary Question: Inquiry about development plans in Phoenix - Management indicated that the supply-demand equation is favorable, and there is interest in the facility even before completion [26][27] Question: Clarification on same-store NOI growth - Management explained that the variance in same-store NOI growth was primarily driven by higher property expense leakage across several properties [32][34] Question: Discussion on transaction activity and capital allocation - Management noted that there are $200 million of assets in negotiations that could lead to good outcomes, which are not included in guidance [39][40] Question: Inquiry about cash same-store NOI guidance - Management clarified that the 3.25% contribution from contractual bumps and spreads is expected, with fixed-rate renewals potentially dragging down figures [44][46] Question: Comments on build-to-suit opportunities - Management expressed interest in the build-to-suit space, noting that the supply dynamics are encouraging, particularly in their land bank [56][57]

Peachtree Hill Duluth, Georgia Investor Presentation Fourth Quarter 25 Safe Harbor and Non-GAAP Disclosures Forward-Looking Statement and Risk Factors This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-l ...

Investment Strategies - Warren Buffett advocates for owning the S&P 500 index fund, which provides exposure to 500 of America's largest companies and instant diversification without the need for active trading [1][2] - Buffett emphasizes that most investors do not need to pick individual stocks to benefit from the long-term growth of the stock market, highlighting the certainty of American business value increasing over time [2] Market Performance - The average 401(k) balance reached an all-time high of $144,400 in Q3 2025, reflecting a 9% year-over-year increase [3] - The S&P 500 returned approximately 16% in 2025 and has increased about 77% over the past five years, indicating strong market momentum [3] Real Estate Investment - Real estate is highlighted as a productive, income-generating asset, with Buffett expressing willingness to invest $25 billion for 1% of all apartment houses in the U.S. [9] - Real estate serves as a hedge against inflation, as property values and rental income tend to rise with inflation [10] Alternative Investment Platforms - Crowdfunding platforms like Arrived allow investors to buy shares in rental homes with as little as $100, providing an accessible way to invest in real estate without the burdens of property management [11] - Lightstone Group offers institutional-quality real estate investments with a minimum investment of $100,000, backed by a strong historical performance [13][14] Gold as a Diversifier - Ray Dalio emphasizes the importance of a well-diversified portfolio, with gold being a key diversifier during economic downturns [15][16] - Gold prices have increased over 70% in the past year, with potential for further growth as indicated by JPMorgan CEO Jamie Dimon [17] Financial Advisory Services - Advisor.com connects individuals with vetted financial advisors to tailor investment strategies based on unique financial situations, helping to grow wealth and plan for long-term security [19][20]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) has acquired the real estate assets of Bally's Lincoln for $700 million, enhancing its portfolio and expected to be immediately accretive to its adjusted funds from operation (AFFO) per share [1][3][5]. Financial Summary - The initial cash rent for Bally's Lincoln is set at $56 million, reflecting an 8% capitalization rate and a purchase multiple of 12.5x [2]. - The pro forma rent coverage ratio is anticipated to exceed 2.2x, with a four-wall rent coverage of over 1.9x [2]. - The acquisition is primarily funded through debt, and GLPI's net debt to adjusted EBITDA ratio is expected to remain below the target range of 5.0x to 5.5x [3]. Property Details - Bally's Lincoln is situated on approximately 190 acres and features a casino of around 165,000 sq. ft., with approximately 3,900 slots and 118 table games, alongside hotel accommodations and a convention center [4]. - The property underwent a $100 million expansion in 2021, adding significant gaming and leisure facilities [4]. Strategic Implications - The acquisition strengthens GLPI's relationship with Bally's, adding a fifth property to the Bally's Master Lease II agreement, which extends to 2039 with four 5-year renewal options [2][5]. - Bally's Lincoln is recognized as one of the top-performing regional casino properties in the U.S., generating over $490 million in gross gaming revenue in 2025 [5].

Core Insights - Agree Realty increased its 2026 investment guidance to $1.4 billion to $1.6 billion, representing a 10% increase from the previous range, supported by a pipeline exceeding $0.5 billion [1][7] - The company reported a year of "consistent execution" in 2025, with a more constructive outlook for 2026 due to higher investment guidance and operational efficiencies [5] Financial Performance - Core FFO per share was $1.10 in Q4 and $4.28 for the full year, showing year-over-year increases of 7.3% and 5.1% respectively [2] - AFFO per share for Q4 was $1.11, up 6.5% year-over-year, and $4.33 for 2025, at the high end of guidance, representing 4.6% growth [2] - For 2026, the company initiated full-year AFFO per share guidance of $4.54 to $4.58, implying 5.4% year-over-year growth and 10% two-year stacked growth [3][8] Investment and Acquisitions - In 2025, Agree Realty invested nearly $1.6 billion across 338 properties, with over $1.4 billion from acquisitions at a 7.2% weighted average cap rate [10] - In Q4, the company invested about $377 million across 94 properties, with acquisitions carrying a 7.1% weighted average cap rate [9] Development and Construction - The development and DFP platforms had a record year with 34 projects representing approximately $225 million of committed capital [12] - Management noted that construction costs remain stable, with typical junior box vertical costs around $160 per square foot, compared to $95 pre-pandemic [14] Portfolio Operations - The company executed new leases, extensions, or options on over 640,000 square feet in Q4 and about 3 million square feet for the full year, achieving a 104% recapture rate [15] - At year-end, the portfolio included nearly 2,700 properties with a 99.7% occupancy rate, up 50 basis points since Q1 [16] Balance Sheet and Liquidity - Agree Realty ended the year with over $2 billion of liquidity and raised about $1.5 billion of long-term capital in 2025 [6][19] - The company has no material debt maturities until 2028 and holds a Fitch A- rating [19] Dividend Information - The company declared monthly dividends of $0.262 per share for Q4, equating to an annualized dividend of over $3.14 per share, reflecting a 3.6% year-over-year increase [21]

Okay. Very good afternoon. First of all, thank you Ted for giving us the opportunity, especially me, the opportunity to come here and share my life experiences.Well, I come from a real estate background. I've spent close to two decades working in the real estate industry. Now, real estate happened in my life with loads and loads of interest.I remember my days when I was growing up. I used to see the buildings, the land, the spaces and I always used to feel very excited when I used to see some great building ...