Core Insights - Vornado Realty Trust reported a net income of $86.84 million, or $0.43 per diluted share, for the quarter ended March 31, 2025, a significant recovery from a net loss of $9.03 million, or $0.05 per diluted share, in the same quarter of the previous year [1][38] - The increase in net income is attributed to a $76.16 million net gain from the sale of a portion of the 666 Fifth condominium to UNIQLO and a $17.24 million reversal of previously accrued rent expense related to PENN 1 [1][12] Financial Performance - Funds from Operations (FFO) attributable to common shareholders for the quarter was $135.04 million, or $0.67 per diluted share, compared to $104.13 million, or $0.53 per diluted share, in the prior year [2][38] - Adjusted FFO for the quarter was $126.25 million, or $0.63 per diluted share, up from $108.85 million, or $0.55 per diluted share, year-over-year [2][3] Leasing and Occupancy - Total square feet leased during the quarter was 709,000, with an initial rent of $95.53 per square foot for office space in New York [18] - Occupancy as of March 31, 2025, was 83.5%, with an expected increase to 87.4% after accounting for the master lease with New York University [21] Dispositions and Acquisitions - The company completed the sale of a portion of its U.S. flagship store at 666 Fifth Avenue for $350 million, realizing net proceeds of $342 million [12] - A master lease with NYU for 1,076,000 square feet at 770 Broadway was finalized, including a prepaid lease payment of $935 million and annual payments of approximately $9.3 million [6][7] Ground Rent and Legal Matters - An arbitration panel determined the annual ground rent for the PENN 1 land parcel at $15 million, leading to a reversal of $17.24 million in previously accrued rent expense [8][10] - Ongoing litigation may affect the ground rent, with potential increases to $20.22 million if the fee owner prevails [9] Financing Activities - The company repaid $450 million in senior unsecured notes due January 2025 and completed a $450 million financing for 1535 Broadway, with a fixed interest rate of 6.90% [14][15] - A sustainability margin adjustment was achieved, reducing interest rates on unsecured loans by 0.05% and 0.04% [16] Development Projects - Active development projects include PENN 2, with a rentable area of 1,815,000 square feet and a projected cash yield of 10.2% [27] - Total active development projects have a budget of $975 million, with $850 million expended to date [27]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% year-over-year, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [10] - Adjusted FFO was $0.19 per share, an increase of 5.6% over 2024, and free cash flow per share increased by 10% to $0.63 [11] Business Line Data and Key Metrics Changes - Urban hotels saw RevPAR growth of 5%, driven by group and business transient segments, while food and beverage revenue declined by 3.3% year-over-year [4][5] - Resort portfolio experienced a decline in comparable RevPAR by 2.1%, with total revenues slightly up in January and February but down by 4.3% in March [6][8] - Group room revenues increased by 10.4% year-over-year, with urban hotels seeing a 14.4% increase [9] Market Data and Key Metrics Changes - Florida assets experienced mid-single-digit revenue declines, with RevPAR down 5.9% [8] - Outside of Florida, RevPAR increased by 1.7%, with notable increases in luxury resorts like The Heights and Vail, which saw RevPAR growth of 7% and total RevPAR growth of 9.5% [8] Company Strategy and Development Direction - The company is focused on adding groups to resorts to enhance pricing and profitability, while also managing costs effectively in the face of revenue softness [9] - The company plans to continue share repurchases and is exploring refinancing options for maturing debts [12][13] - The outlook for 2025 has been revised, with FFO per share guidance unchanged at $0.94 to $1.06, and RevPAR outlook adjusted to a range of -1% to +1% growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains unsettled, impacting group lead conversion rates, but expressed cautious optimism for the second half of 2025 [22][24] - The company anticipates that demand for drive-to resorts may increase due to economic conditions, while foreign visitation is expected to be softer than initially anticipated [20][21] - Management highlighted the importance of maintaining liquidity and flexibility in the current environment while focusing on increasing earnings per share [80] Other Important Information - The company repurchased 1.4 million shares at an average price of $7.85, with a total of approximately $16 million in repurchases year-to-date [12] - The company has three mortgage loans maturing in 2025, totaling just under $300 million, and is considering a recast of its corporate credit facility [12][13] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Management indicated that preliminary April RevPAR is showing better than 2% growth [31] Question: Impact of tariffs on renovation costs - Management stated that renovation costs are complex and depend on the timing of orders and tariffs [32][34] Question: Profile of average group bookings - Management noted that group bookings range from associations to corporate events, with average hotel sizes around 200 to 250 rooms [39] Question: Markets with strong group pacing - Management highlighted Denver and Salt Lake as markets showing significant strength in group bookings [42] Question: Average booking window for groups - Management mentioned that the booking window for smaller groups is typically 4 to 6 months, while larger groups book 8 to 12 months out [57] Question: Consumer behavior shifts in booking and spending - Management observed that booking windows are getting shorter, but on-property spending remains in line with or ahead of last year [70] Question: Expectations for wages and benefits growth - Management expects wages and benefits growth to be around 3% to 3.5% for the full year [76] Question: Incremental share repurchases versus cash position - Management emphasized the importance of driving value through share repurchases while maintaining liquidity [80]

May 2025 First Quarter 2025 Investor Presentation Ashley Park | Atlanta, GA Highlights Q1 2025 Highlights | $80mm | Investment activity | | --- | --- | | $225 | Implied property value per square foot | | ~109,400 | Square feet of comparable leasing activity | | 37% | Comparable leasing spread | | 83% | ABR from Georgia, Texas, Florida & North Carolina | | ~191,000 | Portfolio 5-mile population | | 6.6x | Net Debt to Pro Forma Adjusted EBITDA | | 2.4% | Same-Property NOI quarter-over-quarter growth | $496M $ ...

Core Insights - CTO Realty Growth, Inc. reported strong operational and financial results for Q1 2025, including the acquisition of a significant property and positive leasing activity [1][3][6] Financial Performance - Net income attributable to the company decreased to $2.261 million for Q1 2025, down 61.3% from $5.842 million in Q1 2024 [4][10] - Core Funds from Operations (FFO) attributable to common stockholders increased by 34.5% to $14.445 million, while Adjusted Funds from Operations (AFFO) rose by 33.3% to $15.521 million [4][5] - Same-Property Net Operating Income (NOI) totaled $17.1 million, reflecting a 2.4% increase from the prior year [5][10] Leasing Activity - The company signed 18 leases totaling 112,585 square feet, with a comparable cash rent growth of 37.2%, increasing from an average of $17.47 to $23.97 per square foot [11][12] - The current signed-not-open pipeline represents $4.0 million, or 4.0%, of annual cash base rent as of March 31, 2025 [5] Property Acquisition - CTO acquired Ashley Park, a 559,000-square-foot lifestyle center in Atlanta, Georgia, for $79.8 million, achieving a going-in cap rate at the high end of the company's guidance [3][6] Portfolio Overview - As of March 31, 2025, the company's portfolio consisted of 24 properties with a total of 5,246 thousand square feet and a weighted average remaining lease term of 4.9 years [7] - The portfolio's leased occupancy rate was reported at 93.8% [7] Capital Structure and Liquidity - The company had liquidity of $138.4 million as of March 31, 2025, with $130.0 million of undrawn commitments on its Revolving Credit Facility [5][13] - Total long-term debt amounted to $603.8 million, with a weighted average interest rate of 4.35% [14][15] 2025 Outlook - The company reaffirmed its Core FFO and AFFO guidance for 2025, projecting Core FFO per common share to be between $1.80 and $1.86, and AFFO per common share to be between $1.93 and $1.98 [20][21]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q1 2025 was $514 million, a 5.1% increase year-over-year, while adjusted FFO per share rose by 4.9% to $0.64 [4] - Comparable hotel total RevPAR improved by 5.8% compared to February, with a 7% increase driven by strong rate growth [4] - Comparable hotel EBITDA margin improved by 30 basis points year-over-year to 31.8% as revenue growth outpaced expenses [4][25] Business Line Data and Key Metrics Changes - Transient RevPAR grew by 6%, particularly strong in resorts, with Maui accounting for nearly half of the transient RevPAR growth [5][6] - Group RevPAR increased by 7% year-over-year, driven by special events and strong corporate group bookings [7][24] - Food and beverage RevPAR grew by 5%, with other revenue per available room increasing by 2% despite declines in attrition and cancellation revenue [9][20] Market Data and Key Metrics Changes - Strong performance noted in Washington DC, New York, New Orleans, Los Angeles, and Maui, with Maui's transient rooms sold up approximately 70% year-over-year [5][6] - Business transient RevPAR grew by 2%, driven by rate growth, while group revenue pace was up 3.3% compared to the same time last year [7][24] - The luxury segment showed resilience, with upper-tier markets performing better than the overall market [39] Company Strategy and Development Direction - The company is focused on capital allocation, including share repurchases and property reinvestment, with $585 million remaining under the share repurchase program [12][30] - Continued investment in renovations and redevelopment projects, with expectations of significant operating profit guarantees from the Hyatt transformational capital program [14][15] - The company maintains a cautious outlook for 2025, adjusting guidance based on macroeconomic uncertainties while leveraging its strong balance sheet [18][29] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential deteriorating lodging fundamentals, maintaining RevPAR guidance with a slight reduction in total RevPAR [16][17] - The company is well-positioned to weather economic uncertainties due to its investment-grade balance sheet and diversified portfolio [18][30] - Future guidance reflects a range of potential economic outcomes, with expectations for continued operational improvements in Maui [27][29] Other Important Information - The company expects to complete the mid-rise condominium building at the Four Seasons Resort Orlando by Q4 2025, with deposits already secured [13] - Total property damage and remediation costs at the Don Cesar are estimated between $100 million and $110 million, with $10 million collected in business interruption proceeds [11] Q&A Session Summary Question: Recent trends in April from a demand standpoint - Management noted that top markets are performing well, with strong RevPAR performance even excluding one-time events [35][36] Question: Outlook for Maui for the remainder of the year - Maui's Q1 performance was strong, with expectations for continued improvement, particularly in Q4 [44][46] Question: Opportunities for acquisitions in the current market - Management indicated uncertainty in the transaction market but remains opportunistic for future acquisitions [50][52] Question: Consumer environment and off-peak periods - Consistent performance noted across peak and off-peak periods, with strong group booking pace [64][66] Question: Margin management and cost-cutting initiatives - Contingency plans are in place for potential downturns, but no immediate staffing changes are planned [67][68] Question: Impact of tariffs on CapEx budget - The company maintains its CapEx guidance and is monitoring tariff impacts, but no significant risks are anticipated at this time [71][72] Question: Group and business transient demand details - Group lead volumes are moderating, particularly for government groups, while business transient rates are expected to remain stable [80][81] Question: Labor supply and margin pressures - No significant labor supply issues reported, and current margin guidance remains intact despite economic uncertainties [85][86] Question: Performance of the Rich Carlton, Turtle Bay - The hotel is performing well, with a 13% increase in RevPAR, and strategic decisions regarding golf course renovations are underway [99][102]

Core Insights - NNN REIT, Inc. reported strong financial results for Q1 2025, with revenues of $230.854 million, a 7.2% increase from $215.407 million in Q1 2024 [2] - The company achieved net earnings of $96.458 million, slightly up from $94.371 million in the previous year, resulting in a diluted earnings per share of $0.51 [2][4] - NNN's Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87 respectively [4][31] Financial Results - Total revenues for Q1 2025 were $230.854 million, compared to $215.407 million in Q1 2024, marking a 7.2% increase [2] - Net earnings increased to $96.458 million from $94.371 million, with net earnings per share slightly decreasing from $0.52 to $0.51 [2][4] - FFO for the quarter was $158.734 million, up from $151.261 million in the prior year, with FFO per share increasing from $0.83 to $0.85 [2][31] - Core FFO reached $160.907 million, compared to $151.578 million in Q1 2024, with Core FFO per share rising from $0.83 to $0.86 [2][31] - AFFO was reported at $163.015 million, an increase from $153.259 million, with AFFO per share growing from $0.84 to $0.87 [2][31] Operating Results - As of March 31, 2025, NNN owned 3,641 properties with a total gross leasable area of approximately 37.311 million square feet [3][15] - The occupancy rate was reported at 97.7%, slightly below the 20-year average of 98.2% [4][15] - The weighted average remaining lease term was 9.9 years [3][15] - NNN initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator, successfully re-leasing 31 of these properties [3][5] Property Acquisitions and Dispositions - NNN closed on $232.4 million of investments during the quarter, completing over 40% of its 2025 acquisition volume plan [4][6] - The company disposed of 10 properties, generating net sale proceeds of $15.839 million [8] Balance Sheet and Liquidity - As of March 31, 2025, NNN reported gross debt of $4.6 billion with a weighted average interest rate of 4.1% and a maturity of 11.6 years [9][34] - The company maintained $1.1 billion in total available liquidity, with only 2.5% of its debt being floating rate [4][9] - The net debt to annualized EBITDAre ratio was 5.5x, while the fixed charge coverage ratio stood at 4.2x [9][37] Dividend Information - NNN declared a quarterly dividend of $0.58 per share, representing an annualized yield of 5.4% and an AFFO payout ratio of 66% [10][31] 2025 Guidance - The company maintained its 2025 guidance, projecting net earnings per share between $1.97 and $2.02, Core FFO per share between $3.33 and $3.38, and AFFO per share between $3.39 and $3.44 [11]

Core Insights - Kimco Realty raised its 2025 outlook due to strong growth in net income and funds from operations (FFO) [1][10] - The company reported a 3.9% increase in same property net operating income (NOI) and better-than-expected credit loss performance [1][4] - Kimco signed over four million square feet in leases, achieving new lease spreads approaching 49% [1][11] - The company reached its strategic target of deriving 85% of annual base rent from grocery-anchored properties [1][4] Financial Performance - For Q1 2025, net income available to common shareholders was $125.1 million, or $0.18 per diluted share, compared to a loss of $18.9 million, or ($0.03) per diluted share in Q1 2024 [4][21] - FFO for Q1 2025 was $301.9 million, or $0.44 per diluted share, reflecting a 12.8% increase from $261.8 million, or $0.39 per diluted share in Q1 2024 [6][24] - Consolidated revenues from rental properties increased by $32.4 million, primarily due to higher minimum rent and increased reimbursement income [5][21] Leasing and Occupancy - The company signed 583 leases totaling 4.4 million square feet in Q1 2025, with blended pro-rata cash rent spreads of 13.3% [11] - Pro-rata leased occupancy was 95.8%, with a slight anticipated reduction due to vacating leases [11] - Pro-rata small shop occupancy increased to 91.7%, while pro-rata anchor occupancy was at 97.4% [11] Strategic Initiatives - Kimco completed nine grocery leases, including a significant agreement with Sprouts Farmers Market, enhancing future cash flow visibility [3][4] - The company expanded its pipeline of near-term rent commencements to $60 million of annual base rent from signed leases [4][11] - Kimco acquired The Markets at Town Center, a 254,000-square-foot grocery-anchored property in Jacksonville, Florida, for $108 million [4][11] Capital Management - The company ended Q1 2025 with $2.0 billion in immediate liquidity, including $1.9 billion available on its unsecured revolving credit facility [11] - Subsequent to the quarter end, Kimco repurchased 3.0 million shares at an average price of $19.61 per share [11] - The board declared a quarterly cash dividend of $0.25 per common share, payable on June 20, 2025 [11]

Q1 2025 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial- focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com Table of Contents | Section | Page | | --- | --- | | About the Data | 3 | | Company Overview | 4 | | Quarterly Financial Summary | 5 | | Balance Sheet | 6 | | Income Statement Summary | ...

Core Insights - Whitestone REIT reported a net income attributable to common shareholders of $3.7 million, or $0.07 per diluted share for Q1 2025, down from $9.3 million, or $0.18 per diluted share in Q1 2024 [5][38] - The company achieved a Same Store Net Operating Income (NOI) growth of 4.8%, with total revenues increasing to $38.0 million from $37.2 million year-over-year [2][5] - Whitestone reaffirmed its 2025 Core FFO per share guidance, projecting a 4% year-over-year growth at the midpoint, driven by strong Same Store NOI growth [2][7] Operating Results - Occupancy rates for wholly owned properties decreased to 92.9% in Q1 2025 from 93.6% in Q1 2024 [4] - The company reported GAAP leasing spreads of 20.3%, with new leases showing a growth of 22.6% and renewal leases at 19.9% [4] - Same Store Property Net Operating Income increased to $24.7 million in Q1 2025 from $23.5 million in Q1 2024 [5][50] Financial Metrics - Core Funds from Operations (FFO) for Q1 2025 were $13.1 million, compared to $12.3 million in Q1 2024, with FFO per diluted share rising to $0.25 from $0.23 [5][47] - EBITDAre for Q1 2025 was reported at $21.4 million, up from $20.5 million in Q1 2024 [5] - The company declared a quarterly cash distribution of $0.135 per common share for Q2 2025 [6] Balance Sheet and Debt Metrics - As of March 31, 2025, Whitestone had total debt of $642.2 million and undepreciated real estate assets valued at $1.3 billion [9][10] - The company has a capacity of $97.7 million available under its $250 million revolving credit facility [9] Portfolio Statistics - Whitestone owned 55 Community-Centered Properties™ with a total gross leasable area of 4.9 million square feet as of March 31, 2025 [9][10] - The properties are primarily located in high-income markets in Texas and Arizona, including Austin, Dallas-Fort Worth, Houston, Phoenix, and San Antonio [10][15]

Core Insights - The company reported a 1.5% increase in same-store RevPAR for Q1 2025, indicating effective expense management despite low revenue growth [1][5] - A $275 million term loan was secured to refinance convertible notes maturing in February 2026, eliminating debt maturity risk until 2027 [1][13] - The Board of Directors authorized a $50 million share repurchase program to return capital to shareholders [2][12] Financial Performance - The net loss attributable to common stockholders was $4.7 million, or $0.04 per diluted share, compared to a net loss of $2.1 million, or $0.02 per diluted share in Q1 2024 [4][28] - Total revenues decreased to $184.5 million from $188.1 million year-over-year [4][35] - Adjusted EBITDAre fell to $45.0 million from $48.8 million in the same period last year [5][33] Operational Metrics - Pro forma RevPAR increased by 0.9% to $124.99, with pro forma ADR rising by 0.8% to $173.06 and occupancy increasing by 0.1% to 72.2% [5][44] - Same-store RevPAR grew by 1.5% to $126.26, with same-store ADR up by 0.7% to $174.03 and occupancy increasing by 0.8% to 72.5% [5][44] - Hotel EBITDA margin contracted to 35.6%, down from 36.0% in the prior year [4][5] Capital Structure and Liquidity - The company has outstanding debt of $1.1 billion with a weighted average interest rate of 4.63%, and 71% of this debt is at a fixed rate [16] - Total liquidity available is approximately $310 million, including unrestricted cash and cash equivalents [16] - The average length to maturity of the company's debt will increase to nearly four years following the refinancing [15] Market Outlook - Despite near-term softness in lodging demand due to macroeconomic volatility, the company remains confident in long-term fundamentals and expects a multi-year growth cycle in the lodging industry [2][18] - Capital expenditure expectations for 2025 have been reduced to $60 million to $70 million [18]