Financial Performance - For the three months ended June 30, 2025, total revenues were $672 million, compared to $686 million in 2024[14] - Net loss attributable to stockholders for the three months ended June 30, 2025 was $5 million, compared to net income of $64 million in 2024[14] - Adjusted EBITDA for the three months ended June 30, 2025 was $183 million, compared to $193 million in 2024[18] - For the six months ended June 30, 2025, total revenues were $1302 million, compared to $1325 million in 2024[14] - Net loss attributable to stockholders for the six months ended June 30, 2025 was $62 million, compared to net income of $92 million in 2024[14] - Adjusted EBITDA for the six months ended June 30, 2025 was $327 million, compared to $355 million in 2024[18] Portfolio Metrics - As of July 31, 2025, Park's portfolio consisted of 39 hotels with approximately 24,666 rooms[3] - The total comparable portfolio includes 36 hotels with 22,395 rooms[46] - Comparable Hotel Adjusted EBITDA was $191 million for the three months ended June 30, 2025, a decrease of 32% compared to $197 million in 2024[20] - Comparable Hotel Revenues were $645 million for the three months ended June 30, 2025, a decrease of 07% compared to $650 million in 2024[20] Outlook - The company expects full-year 2025 Comparable RevPAR change vs 2024 to be between -20% and 00%[32] - The company expects full-year 2025 Adjusted FFO per share – Diluted to be between $182 and $208[32]

Core Insights - Applied Digital reported a significant revenue miss in fiscal Q4 2025, with GAAP revenue of $38.0 million compared to the expected $79.4 million, but a narrower non-GAAP net loss per share of $(0.03) versus the anticipated $(0.09) [1][2] - The company is undergoing a strategic shift towards long-term AI data center leasing, moving away from its Cloud Services Business to attract large enterprise customers and potential REIT investors [4][9] Financial Performance - Non-GAAP EPS improved by 78.6% year-over-year, from $(0.14) in Q4 FY2024 to $(0.03) in Q4 FY2025 [2] - GAAP revenue increased by 41.3% year-over-year, from $26.9 million in Q4 FY2024 to $38.0 million in Q4 FY2025, despite missing market expectations [2][6] - Net loss attributable to common stockholders decreased by 24.7% year-over-year, from $(35.3) million in FY2024 to $(26.6) million in FY2025 [2] Business Model and Strategy - Applied Digital operates data centers for cryptocurrency mining and high-performance computing, focusing on AI workloads with purpose-built facilities [3][10] - The company signed two major 15-year leases with CoreWeave, projected to generate $11 billion in revenue over their term, indicating a strong commitment to the AI sector [5][6] - The transition to leasing infrastructure rather than providing cloud services is aimed at stabilizing revenue streams and reducing operational friction [4][9] Operational Developments - Selling, general, and administrative expenses rose significantly to $28.1 million in Q4 FY2025, up from $13.1 million in the same period of FY2024, primarily due to increased stock-based compensation and personnel costs [7] - Adjusted EBITDA turned positive at $1.0 million, reflecting some operational improvements despite substantial non-cash charges impacting GAAP losses [8] Market Position and Risks - The company faces competitive pressures from larger players like Digital Realty and Equinix, and is exposed to regulatory risks related to energy consumption and AI hosting practices [12] - Heavy reliance on a few major customers poses a concentration risk, with total debt at $688.2 million as of May 31, 2025, raising concerns about financial stability [11] Future Outlook - Management highlighted a ramp-up schedule for new facilities, with the first 100 MW building expected to be operational in Q4 2025, followed by further expansions in 2026 and 2027 [14] - Cash and equivalents stood at $120.9 million as of May 31, 2025, with additional capital raised through equity and preferred share sales, providing some financial flexibility for future growth [14]

Financial Performance - The company reported a GAAP net loss per share-diluted of ($0.10) for the second quarter of 2025[10, 12] - Earnings Available for Distribution (EAD) for 2Q25 was $0.04 per share, an 11.4% annual increase since the ACRES acquisition in 3Q20[10, 12] - Book value per share at June 30, 2025, was $27.93, down from $28.50 in 1Q25 and up from $27.20 in 2Q24[10, 12] Loan Portfolio & Activity - The CRE loan portfolio at par value was $1.4 billion, with a weighted average LTV of 80%[12] - Net CRE loan production for 2Q25 was $60.5 million[10, 12] - 91.4% of the par value of the CRE loan portfolio is current on payments[10, 12] - 75% of the CRE loan portfolio is focused on multifamily properties[10] Capitalization & Liquidity - Total liquidity at June 30, 2025, was $64.7 million[10, 13] - Total capacity at June 30, 2025, was $2.2 billion[13] - Capacity available at June 30, 2025, was $908.8 million[13] Real Estate Investments - Net investments in real estate and properties held for sale totaled $176.8 million[12, 34]

Financial Performance - The Company's Earnings Available for Distribution ("EAD") per share was $0.22[15], a 10% increase from the prior quarter[15, 30] - The Company's adjusted interest income totaled $132.5 million[15], an 8% increase compared to the previous quarter[15, 26] - The Company's book value per share was $9.11[15], representing a -2.77% change quarter-over-quarter[15] - The Company's adjusted book value per share was $10.26[15], a -1.63% change quarter-over-quarter[15] Investment Portfolio - The Company's total investment portfolio increased by $339 million[15], a 4% increase quarter-over-quarter[15, 28] reaching $8.6 billion[13] - The Company acquired $798 million in new single-family residential investments[15], including $504 million in Agency investments with an average coupon of 5.29%[15] and $280 million in Residential Loans (99% BPL - Bridge/Rental)[15] - The Company's common stock dividend yield was 11.94%[15] based on the share price as of June 30, 2025[15] Capital Allocation and Leverage - The Company's recourse leverage ratio was 3.8x[15] - The Company's portfolio recourse leverage ratio was 3.6x[15] - The Company had excess liquidity capacity of $416 million[15], including $156 million in available cash[15] Strategic Developments - The Company completed the acquisition of the remaining 50% ownership interest in Constructive Loans, LLC ("Constructive") for approximately $38.4 million[15, 82], a leading originator of business purpose loans for residential real estate investors[15]

Company Overview - Kimco Realty's total capitalization is $23.1 billion [7] - The company has 567 properties with 101 million square feet of gross leasable area (GLA) [7] - Kimco's strategy focuses on necessity-based goods and services, strong balance sheet, and expansion in high barrier-to-entry markets [8] Financial Performance - The company experienced 7.3% growth in FFO/diluted share compared to Q2 2024 [13] - Kimco has $2.2 billion in immediate liquidity [13] - The company's net debt to EBITDA is 5.6x on a look-through basis [13] Portfolio & Leasing - The company achieved a record high 86% ABR from grocery-anchored centers [13, 37] - Small shop occupancy reached a record high of 92.2% [13] - The blended pro-rata rent spread on comparable leases was 15.2% [13] - The signed not opened (SNO) pipeline is valued at $66 million [10, 13, 59] Capital Allocation - The company anticipates $100 million to $125 million in net acquisitions in 2025 [10, 79] - Kimco plans to sell $100 million to $150 million of low-growth assets [10, 79] - Redevelopment projects are expected to yield 17% and anchor space repositioning projects are expected to yield 11% [10]

Core Insights - Essex Property Trust reported strong Q2 2025 results, with Core FFO per diluted share of $4.03, exceeding its forecast of $3.96 [1][5] - Revenue reached $467.6 million, surpassing the expected $466.33 million, and net income per share more than doubled year-over-year, driven by real estate gains [1][5] Financial Performance - Core FFO per share increased by 2.3% year-over-year, while revenue grew by 6.2% compared to the prior year [5] - Net income per share (GAAP) jumped 137.2% year-over-year, largely due to a $126.2 million gain from the sale of a Southern California property [5] - Same-property revenue growth was recorded at 3.2%, and net operating income (NOI) increased by 3.3% year-over-year [5][8] Portfolio Management - The company acquired two apartment communities in Santa Clara County for $240.5 million and sold a community in Southern California for $239.6 million [6] - Management highlighted ongoing strength in Santa Clara, San Mateo, San Francisco, and Seattle, while Los Angeles showed underperformance [6][10] Financial Strategy - Essex secured a $300 million unsecured term loan and expanded its credit facility to $1.5 billion, emphasizing liquidity and flexibility [7] - Total available liquidity at quarter's end was approximately $1.5 billion, with a net indebtedness to adjusted EBITDAre ratio of 5.5 times [7] Operational Insights - Same-property expense growth was 2.9% year-over-year, benefiting from lower property taxes in Seattle [8] - Portfolio occupancy remained stable at 96.2%, with overall delinquency improving to 0.5% [8] Regional Performance - Northern California led with 3.4% same-property revenue growth, while Seattle grew by 2.8% [9] - Southern California lagged, with Los Angeles posting only 2.8% same-property revenue growth [9] Development and Future Outlook - The company maintains a modest property development pipeline, with one major project in South San Francisco [11] - Management raised its full-year 2025 Core FFO guidance to a range of $15.80–$16.02, reflecting strong Q2 performance [12]

Core Insights - Franklin Street Properties reported a GAAP net loss of $(0.08) per share, aligning with analyst expectations, and revenue of $26.7 million, reflecting ongoing operational challenges in the office real estate market [1][7] Financial Performance - EPS (GAAP) for Q2 2025 was $(0.08), consistent with estimates and improved from $(0.20) in Q2 2024, showing a year-over-year change of $0.12 [2] - Revenue decreased by 13.3% from $30.8 million in Q2 2024 to $26.7 million in Q2 2025 [2] - Funds From Operations (FFO) per share fell to $0.02, a 50% decrease from $0.04 in Q2 2024 [2] - Adjusted Funds From Operations (AFFO) per share was approximately break-even, compared to $0.01 in Q2 2024, indicating a significant change [2] - The owned portfolio leased percentage dropped to 69.1%, down from 70.3% at year-end 2024 [2] Operational Trends - The company faced persistent challenges in leasing, with new leasing activity primarily driven by renewals and expansions rather than new tenants [5] - The average rent per occupied square foot decreased from $31.77 at year-end 2024 to $30.98 at June 30, 2025 [6] - Year-to-date leasing activity reached 187,000 square feet, but the overall leasing environment remains weak [5] Strategic Focus - The company is focusing on increasing leasing in existing properties and pursuing selective property sales to reduce debt, which stood at approximately $250 million as of March 31, 2025 [4][8] - Management is exploring options for further property sales or potentially selling the company, with no specified timeline for outcomes [11] Market Overview - The portfolio is concentrated in the Sunbelt and Mountain West regions, particularly Texas, Colorado, and Minnesota, with ongoing difficulties noted in the Minneapolis market [3][10] - Management observed firmer tenant demand in Texas, especially Houston, but this has not significantly improved overall portfolio metrics [10] Dividend and Guidance - The quarterly dividend remained unchanged at $0.01 per share, despite negative cash flow on an adjusted basis [12] - Management did not provide financial guidance for the next quarter or fiscal 2025, citing uncertainty in leasing demand and potential property sales [13]

Financial Performance and Guidance - The company forecasts approximately 7% year-over-year growth in Nareit FFO (Funds From Operations) per share at the midpoint of guidance, driven by same-property NOI (Net Operating Income) growth of +4.5% to +5.0%[29] - Nareit FFO guidance was raised by +6 cents at the midpoint from the previous quarter[30] - The company expects non-cash revenues of approximately $49 million[26] - The company anticipates general and administrative expenses between $93 million and $96 million[26] - The company projects interest expense, net, and preferred stock dividends between $235 million and $237 million[26] Portfolio and Occupancy - The company's signed-not-occupied (SNO) pipeline reflects a 260 basis point leased-to-occupied spread, representing approximately $38 million of base rent[39] - Of the $38 million in base rent represented by leases signed within the current SNO pipeline, 64% is expected to commence by year-end 2025, and 100% by year-end 2026[43] Acquisition and Capital Structure - The company acquired a five-property portfolio of premier shopping centers in Rancho Mission Viejo for $357 million[50] - The company assumed $150 million of debt at a 4.2% weighted average interest rate with the RMV acquisition[56] - The company's net debt and preferred stock to trailing 12-month EBITDAre is 5.3x, with approximately $1.5 billion revolver availability as of June 30, 2025[20]

July 2025 Investor Presentation newport harbor island resort INVESTOR PRESENTATION JULY 2025 Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust's (the "Company" or "Pebblebrook") business, financial condition, liquidity, results of operations, plans and objectives. These forward-looking statements are based on the ...

Core Viewpoint - NexPoint Diversified Real Estate Trust (NXDT) has declared a quarterly distribution of $0.15 per common share, payable on September 30, 2025, to shareholders of record on August 14, 2025 [1] Distribution Details - The distribution will consist of a combination of cash and common shares, with the cash component not exceeding 20% in total [2] - Shareholders will have the option to elect to receive the distribution entirely in cash or entirely in shares, with any excess cash elections being prorated [3] - The number of shares issued will be based on the volume-weighted average trading prices of NXDT's common shares on September 22, 23, and 24, 2025 [3] Election Process - An election notice and form will be sent to shareholders after the record date, and completed forms must be received by Equiniti Trust Company by 5:00 p.m. Eastern Time on September 19, 2025 [4] - Shareholders holding shares through a bank or broker should inform their institution of their election [5] Tax Implications - The distribution is expected to be taxable to shareholders, regardless of whether they receive cash or shares, and shareholders are advised to consult tax advisers for proper treatment [5] Company Overview - NexPoint Diversified Real Estate Trust is a publicly traded, externally advised diversified REIT focused on opportunistic and value-add investments across multiple sectors in the United States [6]