Extra Space Storage (EXR) Q1 2025 Earnings Call April 30, 2025 01:00 PM ET Company Participants Jared Conley - Investor RelationsJoseph Margolis - Chief Executive OfficerScott Stubbs - EVP & CFOSamir Khanal - DirectorNicholas Yulico - Managing DirectorRonald Kamden - Managing Director, Head of US REITs and CRE ResearchSpenser Glimcher - Managing DirectorEric Wolfe - DirectorJuan Sanabria - Managing DirectorBrad Heffern - DirectorCaitlin Burrows - Vice PresidentMichael Griffin - DirectorRavi Vaidya - Vice Pr ...

Financial Data and Key Metrics Changes - The company reported a core FFO of $2 per share, representing a 2% increase year over year [4][11] - Same store occupancy remained at historically high levels, ending the quarter at 93.4%, an improvement of 100 basis points from Q1 2024 [4][11] - Same store revenue growth was positive at 0.3% [4] - Same store NOI decreased by 1.2% compared to Q1 2024 due to a divergence between controllable and uncontrollable costs [12] Business Line Data and Key Metrics Changes - The company completed $153.8 million in wholly owned acquisitions, adding 12 high-quality stores to its portfolio [5] - The Management Plus platform added 113 stores gross, achieving a net addition of 100 properties, bringing the third-party managed portfolio to 1,675 stores [6] Market Data and Key Metrics Changes - The company noted that street rates improved from negative 9% in Q3 last year to negative 6% at year-end, with an average slightly negative in Q1 but flat by the end of the quarter [20] - Occupancy in April was reported at 93.7%, a slight increase from the end of Q1 [42] Company Strategy and Development Direction - The company maintains a diversified portfolio with exposure to various market stages, which helps mitigate volatility [8] - The multichannel approach to external growth, including wholly owned acquisitions, joint ventures, bridge lending, and third-party management, continues to provide opportunities for expansion [7] - The company is focused on maximizing FFO through proven operational strategies and maintaining its industry-leading platform [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the self-storage sector's resilience during economic downturns due to its need-based demand drivers [7] - The company has not seen any change in customer health or behavior to date, with high same store occupancy and stable delinquency rates [9] - Management acknowledged concerns about interest rates and economic uncertainty but remains optimistic about the company's ability to execute its diversified investment strategy [7][9] Other Important Information - The company executed two bond offerings totaling $850 million, demonstrating continued access to public debt markets [12] - The company anticipates continued pressure from property taxes and uncontrollable costs, but expects to manage these through operational efficiencies [12][14] Q&A Session Summary Question: What is driving the improvement in street rates? - Management noted that street rates improved from negative 9% to negative 6%, with a slight average negative in Q1 but flat by the end of the quarter [20] Question: What instructions are being given for the spring leasing season? - Management stated there has been no change in strategy, focusing on maximizing revenue through established systems and processes [25][26] Question: Can you provide an update on the performance of former Life Storage assets? - Management reported that rentals at former Life Storage stores are up 10.4%, with improvements in both organic and local search results [28][30] Question: What are the acquisition yields for the quarter? - Initial yields for acquisitions ranged from 2.3% to 6.5%, stabilizing in the upper 6% to 7% [35] Question: How is the company managing expenses? - Management indicated that controllable expenses were reduced by 1.9% year over year, while uncontrollable expenses increased by 8% due to property tax pressure [12][48] Question: What is the outlook for demand in various markets? - Management indicated that markets absorbing supply, such as Atlanta and some Florida markets, may face more difficulty compared to those with less supply [105] Question: How does the company view international expansion? - The company is open to international opportunities but requires that they be accretive and scalable [129]

Units of Plains All American Pipeline LP (PAA) have rallied 7.8% in the past six months compared with the Zacks Oil and Gas – Production Pipeline - MLB industry’s growth of 3.4%. PAA’s units have also outperformed the S&P 500 and the Zacks Oil-Energy sector in the same time frame.Another operator in the same space, Energy Transfer (ET) , also outperformed the industry, sector, and S&P 500 in the same time frame.The firm, after completing its multi-year expansion plan, maintains disciplined capital spending ...

In this article, we give a “Buy” rating to NYSE-listed shares of Idaho Strategic Resources, Inc. (NYSE: IDR ), consistent with our previous article dated December 11, 2024. We consider this rating fair asAlberto holds a Master's degree in Business Economics. During his academic career he acquired an extensive managerial and economic background, with a solid quantitative basis. He covers all sectors and the different types of stocks. Essentially describes a useful investment strategy that fits the profile of ...

Artisan Partners Asset Management BUSINESS UPDATE AND FIRST QUARTER 2025 EARNINGS PRESENTATION BUSINESS PHILOSOPHY & APPROACH | High Value Added | Talent Driven | Thoughtful | | --- | --- | --- | | Investment Firm | Business Model | Growth | | Active Strategies | Designed for Investment Talent to Thrive | Active Talent Identification | | Autonomous Franchises | Managed by Business Professionals | Entrepreneurial Commitment | | Proven Results | Structured to Align Interests | Focus on Long-Term | | | | Globa ...

The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval. Major events Maritime transport In the summer, Infortar invested €110 million in acquiring Tallink Grupp (Tallink) shares, increasing its shareholding in Tallink to 68.5%. The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number ...

Investment Rating - The report suggests a conservative investment strategy focused on defensive stocks and sectors due to the anticipated double dip in Japanese stocks [1][4][35] Core Viewpoints - Japanese stocks are likely to experience a double dip in the short term, with potential for the next correction to fall below the recent bottom of TOPIX at 2,200 [2][3][19] - The report identifies three main risks contributing to this outlook: deterioration in US macroeconomic indicators, uncertainty in Japan-US tariff negotiations, and conservative initial guidance from companies during the FY3/25 earnings season [2][9][27] - A recovery in Japanese stocks may not occur until summer or later, contingent on specific conditions such as progress in tariff negotiations and aggressive monetary easing by central banks [27] Summary by Sections Short-term Risks - Japanese stocks currently lack upside momentum after a recent rebound to 2,500 from 2,200 [2][6] - The report highlights risks from US economic indicators, tariff negotiations, and conservative earnings guidance as key factors for the anticipated double dip [2][9][19] Market Correction Insights - The potential downside target for TOPIX is projected at 2,000, with a 12-month forward PER around 10x, aligning with historical downturn levels [3][19] - The report indicates that previous corrections of more than 10% have often led to double dips, particularly when rebounds do not exceed 50% of the initial correction [25][26] Defensive Investment Strategy - A focus on low-risk stocks, high EPS revisions, and strong balance sheets is recommended, as high-rated stocks are expected to underperform [4][35] - The report emphasizes the importance of identifying companies likely to issue positive guidance and maintain dividends during the uncertain macroeconomic environment [35]

Alpine Income Property Trust (PINE) Q1 2025 Earnings Call April 25, 2025 09:00 AM ET Company Participants Jenna McKinney - Director of FinanceJohn Albright - President, CEO & DirectorPhilip Mays - SVP, CFO & TreasurerMatthew Erdner - Research AssociateRob Stevenson - MD & Head - Real Estate ResearchSteven Greathouse - SVP - InvestmentsGaurav Mehta - Managing DirectorRJ Milligan - Managing Director Conference Call Participants Michael Goldsmith - US REITs AnalystWesley Golladay - Senior Research AnalystJohn ...

Core Viewpoint - Orchid Island Capital, Inc. reported its first quarter 2025 results, highlighting a relatively stable economic environment until March, followed by market volatility due to tariff announcements and economic data suggesting stagflation. The company maintained prudent leverage and liquidity amid these conditions [4][5]. Financial Highlights - The company reported net income of $17.1 million for Q1 2025, down from $19.8 million in Q1 2024. Interest income increased by approximately $9.1 million from Q4 2024, with a yield on average Agency RMBS rising from 5.38% to 5.41% [6][7]. - Net interest income was $19.7 million, with total expenses of $4.2 million. The company declared dividends of $0.36 per common share, resulting in a total return of 2.60% for the quarter [7][8]. - As of March 31, 2025, the book value per common share was $7.94, with a decline of approximately 8.8% in book value since March 31, 2025 [7][26]. Portfolio and Prepayments - The company received $133.0 million in scheduled and unscheduled principal repayments, resulting in a 3-month constant prepayment rate (CPR) of approximately 7.8%, down from 10.6% in Q4 2024 [9]. - The portfolio consisted of $6.738 billion in total mortgage assets, with 99.8% in fixed-rate RMBS and 0.2% in interest-only securities as of March 31, 2025 [10][11]. Financing and Liquidity - As of March 31, 2025, the company had outstanding repurchase obligations of approximately $6.4 billion, with a net weighted average borrowing rate of 4.46%. The adjusted leverage ratio was 7.5 to 1, and liquidity stood at approximately $446.5 million [13][16]. - The company plans to enhance liquidity by potentially pledging more structured RMBS while retaining cash to avoid asset sales in distressed markets [13]. Capital Allocation and Returns - Approximately 97.9% of the company's investable capital was allocated to the pass-through RMBS portfolio as of March 31, 2025, with a return on invested capital of approximately 3.8% for the quarter [27][32]. - The structured RMBS portfolio generated a return on invested capital of 2.8%, contributing to a combined return of approximately 3.8% [32][33]. Stock Offerings and Repurchase Program - The company has engaged in multiple equity distribution agreements, raising significant capital through stock offerings, including approximately $123.7 million in gross proceeds from the February 2025 agreement [36][38]. - The stock repurchase program has authorized the repurchase of up to 6,183,601 shares, with a total of 5,144,602 shares repurchased at an aggregate cost of approximately $77.5 million since inception [39][40].