This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Dive Brief: Aimco continued the process of liquidating its holdings by going under contract to sell a seven-property portfolio in Chicago to LaTerra Capital Management, in partnership with Respark Residential, for $455 million, according to a Dec. 15 press release. The buyer has completed due diligence and provided a nonrefundable deposit that will, under t ...

Core Insights - Advance Auto Parts is divesting non-core assets by engaging Gordon Brothers for surplus disposition services across 83 sites in 38 states as part of its growth strategy [1][5] Company Overview - Advance Auto Parts, Inc. is a leading provider of automotive aftermarket parts, operating 4,297 stores primarily in the U.S., with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands as of October 4, 2025 [5] - The company also serves 814 independently owned Carquest branded stores across various locations, including Mexico and the Caribbean [5] Real Estate Strategy - Gordon Brothers will assist Advance Auto Parts in optimizing its real estate portfolio, which includes properties ranging from 4,000 to 16,000 square feet, suitable for various retail uses [2] - The properties are located in established and growing retail trade areas, offering attractive rental rates and terms [2]

Core Viewpoint - SITE Centers Corp. has successfully sold $3.7 billion of assets since the announcement of the spin-off of Curbline Properties, with proceeds primarily used for debt repayment and shareholder distributions [2][3]. Disposition Activity - The company has sold 64 retail properties and one land parcel, declaring over $380 million in distributions to shareholders, equating to $7.39 per share since the spin-off announcement [1][2]. - As of December 4, 2025, SITE Centers owns 11 wholly-owned properties and has interests in 11 joint venture properties, with ongoing negotiations for the sale of four wholly-owned properties and one joint venture property [3]. Future Plans - SITE Centers plans to market all remaining wholly-owned retail properties, subject to market conditions, and expects to declare further distributions from sale proceeds after addressing outstanding debts and expenses [3][4]. - The company intends to maintain its common shares on the New York Stock Exchange, but may voluntarily delist to reduce operating expenses and maximize shareholder distributions [4]. Performance of Curbline Properties - Shares of Curbline Properties, distributed to SITE shareholders, have outperformed the FTSE NAREIT Shopping Center Index by over 1,550 basis points, indicating strong market demand and value creation [2].

Financial Data and Key Metrics Changes - Third quarter 2025 revenue was $12.3 million, down from $15.4 million in the third quarter of 2024, primarily due to the sale of 9 Times Square in the fourth quarter of 2024 [10] - GAAP net gain attributable to common stockholders was $35.8 million in the third quarter of 2025, influenced by a $44.3 million non-cash gain related to the foreclosure at 1140 Avenue of the Americas, compared to a net loss of $34.5 million in the third quarter of 2024 [10] - Adjusted EBITDA for the third quarter of 2025 was $1.9 million, down from $4.1 million in the same quarter of 2024 [10] - Cash net operating income decreased to $5.3 million from $7 million in the third quarter of 2024 [10] Business Line Data and Key Metrics Changes - The company executed a significant lease renewal at 196 Orchard, extending the weighted average remaining lease term of the portfolio to 6.2 years, up from 5.9 years at the end of the second quarter [5] - Near-term lease expirations represent 8% of annualized straight-line rent, with 56% of leases now extending beyond 2030, an increase from 54% last quarter [6] Market Data and Key Metrics Changes - The company owns six properties, with a real estate portfolio valued at approximately $390 million and covering about 743,000 square feet, primarily located in Manhattan [7] - The tenant base includes large investment-grade firms, which is expected to support occupancy growth and tenant retention [7] Company Strategy and Development Direction - The company is focused on unlocking value, diversifying holdings, and strengthening the balance sheet through the sale of properties like 123 Williams Street and 196 Orchard [8] - A strategic disposition of 1140 Avenue Americas is anticipated to close in the fourth quarter of 2025, which is expected to eliminate a $99 million liability [8] - The strategy includes proactive management of the balance sheet and capital allocation towards higher-return assets [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of tenant retention, property improvements, and cost efficiency in the current operating environment [5] - The company is focused on enhancing operational flexibility and generating cash for reinvestment into higher-yielding assets [12] Other Important Information - The company has changed its audit partners to CBIZ CPAs to streamline costs and reduce general and administrative expenses [11] - There was no dispute or conflict with the prior accounting firm during the change [11] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session. The call concluded without any detailed inquiries from participants [13]

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2025 was $1.74, which is $0.04 above the forecast and $0.02 above market consensus [5][38] - The midpoint of the earnings guidance for the full year 2025 was raised by $0.03, now projected at $6.89-$6.92 per share [5][40] - Occupancy in the same property pool increased by 20 basis points from the previous quarter, reaching 86.6% [21][38] Business Line Data and Key Metrics Changes - Over 1.5 million sq ft of leasing was completed in Q3 2025, a 39% increase compared to Q3 2024 and 130% of the last five-year average for the same quarter [6][5] - Year-to-date leasing activity reached 3.8 million sq ft, which is 14% greater than the first three quarters of 2024 [6] - The total portfolio percentage leased for the quarter was 88.8%, a decline of 30 basis points, but an increase of 10 basis points from June 30 [22] Market Data and Key Metrics Changes - S&P 500 earnings have been growing for nine consecutive quarters, with a projected growth of around 11%-12% for 2025 [6] - Office transaction volume in private markets improved, with significant office sales reaching $12.9 billion in Q3 2025, up 6% from Q2 and 55% from Q3 2024 [8] - Direct vacancy for premier workplaces in key markets is 11.7%, which is 22% lower than the broader market [10] Company Strategy and Development Direction - The company aims to lease space and grow occupancy, with a focus on premier workplace assets in core gateway markets [5][10] - A strategic goal includes selling 27 non-strategic assets for approximately $1.9 billion by the end of 2027, with $1.25 billion in transactions already closed or underway [7][8] - The company is reallocating capital to premier workplace assets and has launched new developments in New York and Washington, DC [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are growing and utilizing their space more intensively, leading to positive leasing market conditions [16] - The company expects to see a 200 basis point increase in occupancy by the end of 2026, driven by active leasing and market conditions [52][70] - The overall market for office space is improving, with more availability of capital at better pricing [16][37] Other Important Information - The company recorded $212 million in impairments related to assets part of its strategic sales program [39] - The debt markets have improved, allowing the company to access financing at favorable terms, including a $1 billion unsecured exchangeable notes offering [35][37] Q&A Session Summary Question: How is the company approaching smaller markets like Seattle and LA? - Management indicated that there are no current development opportunities in LA or Seattle due to weaker leasing conditions, but they would consider acquisition opportunities if they arise [46][47] Question: What is the confidence level regarding occupancy increases in 2026? - Management expressed confidence in achieving a 200+ basis point increase in occupancy by the end of 2026, supported by ongoing leasing activity [51][52] Question: How is the company addressing the recovery in San Francisco? - Management noted that AI demand is primarily in low-rise buildings south of Mission Street, and they are seeing growth in leasing activity from technology companies [54][56]

Core Insights - Rexford Industrial Realty (REXR) provided an update on its operations, dispositions, and capital markets for the third quarter of 2025 ahead of investor meetings [1] Leasing Activity - From the beginning of the third quarter through September 2, 2025, REXR executed 1.9 million square feet of new and renewal leases, with an average unit size of 25,000 square feet, including approximately 1,604,000 square feet of new leases and 303,000 square feet of renewal leases [2] - The company also leased 407,000 square feet for repositioning and redevelopment projects during the same period [2] - Comparable rental rates on new and renewal leases increased by 30% on a net effective basis and by 15% on a cash basis in the third quarter [3] - The occupancy rate for the same property portfolio reached 96.6% as of August 31, 2025, a 50-basis-point increase compared to the previous quarter [3] Disposition Update - In the third quarter of 2025, REXR disposed of two properties totaling 76,000 square feet for $32 million [4] - Year-to-date through August 31, 2025, the company disposed of five properties totaling 412,000 square feet for $166 million [4] - REXR has approximately $90 million of dispositions under contract or accepted offer, with no acquisitions under contract or accepted offer [4] Capital Markets Update - In July and August 2025, REXR repurchased 2,697,100 shares of common stock for $100 million under an authorized share repurchase program [5] - On August 29, 2025, the board of directors authorized a new $500 million share repurchase program, replacing the previous $300 million program [5] - In July 2025, REXR repaid a $100 million unsecured senior note with an interest rate of 4.29% using cash on hand [5] Management Commentary - Co-CEOs Michael Frankel and Howard Schwimmer noted that leasing volumes in July and August exceeded the prior full quarter, indicating improving market fundamentals [6] - They highlighted the successful lease-up of over 400,000 square feet of repositioned and redeveloped assets, with healthy double-digit leasing spreads [6] - The management emphasized their commitment to delivering value through accretive capital recycling and a strategic approach to capital allocation [6] - REXR's shares gained 14.1% over the past three months, compared to the industry's growth of 0.3% [6]

Production and Financial Performance - Company produced 2,391,000 barrels of oil equivalent per day in Q2 2025, exceeding guidance [2][22] - Adjusted earnings were $1.42 per share, with a $1.5 billion working capital headwind impacting results [3][22] - Returned $2.2 billion to shareholders in Q2, including $1.2 billion in share repurchases and $1 billion in dividends, totaling $4.7 billion in the first half of 2025 [3][23] Capital Expenditures and Asset Sales - Capital expenditures were $3.3 billion, slightly down quarter on quarter [3][22] - Announced divestiture agreement for Anadarko Basin for $1.3 billion, raising total asset sale target from $2 billion to $5 billion by the end of next year [4][29] - Integration of Marathon Oil completed, with over $1 billion in run-rate cost and synergy realization expected by year-end 2025, exceeding the original estimate of $500 million [4][10] Cost Reduction and Operational Efficiency - Identified over $1 billion in additional cost reduction and margin enhancement opportunities, expected to be realized by 2026 [5][28] - Company is delivering more production with 30% fewer rigs and frac crews compared to pre-Marathon Oil levels [7][27] - Effective corporate tax rate projected in the mid- to high-30% range for full year 2025, with a $500 million deferred tax benefit anticipated [7][24] Resource Upgrades and LNG Portfolio - Estimated low-cost supply resource increased by 25% since the Marathon Oil transaction, with Permian Basin estimates approximately doubled [8][25] - Secured an additional 1.5 MTPA of regasification capacity at Dunkirk, France, with all 5 MTPA from Port Arthur placed with buyers [8][53] - Ongoing commercial activities in Europe and Asia for LNG projects, establishing multiyear cash flow growth visibility [8][12] Future Outlook and Free Cash Flow - Company targets a $7 billion free cash flow inflection by 2029 at a $70/bbl WTI price environment [9][21] - Management reiterated full-year 2025 production guidance midpoint, factoring in the impact from the Anadarko sale [6][10] - Anticipates meaningful cash flow enhancement in the second half of 2025 from lower capital spending and higher APLNG distributions [13][24]

Financial Data and Key Metrics Changes - The company generated adjusted EBITDA of $45 million in Q2, a 35% increase compared to the prior year quarter, driven by improved results in the Pacific Northwest Timber and Real Estate segments [7][11] - Pro forma net income was $10 million or $0.06 per share, reflecting a $4 million gain from the sale of the New Zealand joint venture [10][11] - Cash available for distribution (CAD) for the first half of the year was $47 million, up from $38 million in the prior year [11][12] Business Line Data and Key Metrics Changes - Southern Timber segment adjusted EBITDA was $28 million, down 16% year-over-year due to a 5% decrease in harvest volumes and a 14% decline in weighted average net stumpage realizations [15][16] - Pacific Northwest Timber segment adjusted EBITDA increased 17% to $7 million, despite a 15% decline in harvest volumes, due to lower costs and higher log prices [20][21] - Real Estate segment adjusted EBITDA was $19 million, significantly above expectations, driven by strong demand and accelerated transaction timing [23][24] Market Data and Key Metrics Changes - Average sawlog stumpage pricing in the Southern Timber segment decreased by 9% to $27 per ton, while pulpwood pricing fell 25% to approximately $13 per ton [16] - In the Pacific Northwest, average delivered domestic sawlog pricing increased 6% to $96 per ton, with pulpwood pricing up 4% to $32 per ton [20][21] - The company anticipates improved market conditions for pulpwood due to increased mill operating rates and reduced salvage volume [19] Company Strategy and Development Direction - The company completed the sale of its New Zealand joint venture for $710 million, exceeding its original target of $1 billion in asset dispositions [4][5] - Plans to use at least 50% of the sale proceeds to reduce leverage and return capital to shareholders through share repurchases and a special dividend [5][6] - The company remains focused on opportunistic capital allocation, including share buybacks and potential reinvestment into synergistic acquisitions [53][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2025, expecting improved timber market conditions due to reduced Canadian lumber supply and normalization of demand for green logs [30][31] - The company anticipates a stronger contribution from the Real Estate segment in the second half, with full-year adjusted EBITDA expected to be at or above the high end of prior guidance [28][33] - Management highlighted ongoing efforts in land-based solutions, including solar and carbon capture projects, as areas for future growth [34][35] Other Important Information - The company closed the second quarter with $892 million in cash and approximately $1.1 billion in debt, with a weighted average cost of debt around 2.4% [12][13] - The company's credit rating was upgraded from BBB- to BBB following the New Zealand transaction [14] Q&A Session Summary Question: Are you seeing increasing tension in timber prices due to upcoming Canadian duties? - Management noted improved pricing during the quarter, with steady conditions expected as mills increase demand [43][44] Question: What are the next steps for the company after completing the transformation? - The company plans to focus on share buybacks and opportunistic capital allocation while maintaining a leverage target below 3x net debt to EBITDA [49][53] Question: How does the upcoming hurricane season impact timber assets? - Management indicated that they have adapted their practices to reduce vulnerability to storm damage, but the impact of future storms remains uncertain [57][60] Question: What is the outlook for real estate demand? - Demand remains strong across various categories, with significant transactions anticipated in the second half of the year [62] Question: What is the impact of the One Big Beautiful Bill on solar projects? - The company continues to see robust activity in solar development despite uncertainties, with a strong pipeline of projects [68][69]

Financial Data and Key Metrics Changes - The company generated adjusted EBITDA of $45 million in Q2 2025, a 35% increase compared to the prior year quarter, driven by improved results in the Pacific Northwest Timber and Real Estate segments [6][11] - Pro forma net income was $10 million or $0.06 per share, with total sales of $107 million and operating income of $15 million [10][11] - Cash available for distribution (CAD) for the first half of the year was $47 million, up from $38 million in the prior year period [11] Business Line Data and Key Metrics Changes - Southern Timber segment adjusted EBITDA was $28 million, down 16% from the prior year due to a 5% decrease in harvest volumes and a 14% decline in weighted average net stumpage realizations [14][15] - Pacific Northwest Timber segment adjusted EBITDA increased 17% to $7 million, despite a 15% decline in harvest volumes, due to lower costs and higher log prices [19][20] - Real Estate segment adjusted EBITDA was $19 million, significantly above expectations, driven by strong demand and accelerated transaction timing [23][26] Market Data and Key Metrics Changes - Average sawlog stumpage pricing in the Southern Timber segment decreased by 9% to $27 per ton, while pulpwood pricing fell 25% to approximately $13 per ton [15] - In the Pacific Northwest, average delivered domestic sawlog pricing increased 6% to $96 per ton, with pulpwood pricing up 4% to $32 per ton [19][20] - The company anticipates improved market conditions for pulpwood due to increased mill operating rates and reduced salvage volume [18] Company Strategy and Development Direction - The company plans to use at least 50% of the sale proceeds from the New Zealand transaction to reduce leverage and return capital to shareholders through share repurchases and a special dividend [5] - The company remains focused on opportunistic capital allocation, including share buybacks and potential reinvestment into synergistic acquisitions [5][51] - The company is optimistic about the long-term growth potential in its land-based solutions business, particularly in solar and carbon capture projects [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for improved timber market conditions in the second half of 2025, driven by reduced salvage operations and increased lumber production in the U.S. [30][32] - The company expects a stronger contribution from the Real Estate segment in the second half of the year, with significant closing activity anticipated [26][28] - Management highlighted the importance of adapting to climate change and improving resilience against potential hurricane impacts on timber assets [60] Other Important Information - The company completed the sale of its New Zealand joint venture interest for $710 million, exceeding its original target of $1 billion in asset dispositions [4] - The company’s credit rating was upgraded from BBB- to BBB following the New Zealand transaction [13] Q&A Session Summary Question: Are you seeing increasing tension in timber prices due to upcoming Canadian duties? - Management noted improved pricing during the quarter, with steady conditions expected as the market anticipates the impact of duties [42][44] Question: What is the company's growth strategy post-transformation? - Management emphasized a nimble and opportunistic approach to capital allocation, focusing on share buybacks and maintaining a leverage target below 3x net debt to EBITDA [50][53] Question: How does the upcoming hurricane season affect timber assets? - Management indicated that while predictions suggest an above-average hurricane season, they have adapted their practices to reduce vulnerability to storm damage [58][60] Question: What is the outlook for real estate demand? - Management reported strong demand across various real estate categories, with significant transactions expected in the second half of the year [62] Question: What impact does the One Big Beautiful Bill have on solar projects? - Management remains optimistic about solar development activity, with ongoing negotiations for new projects despite uncertainties from the legislation [68][70]

Corporate Overview - Obsidian Energy's Q2 2025 production was 28,943 boe/d, with 71% oil and liquids[9] - The company's 2P reserves at year-end 2024 were 149 Mmboe[9] - Obsidian Energy has $2.2 billion in tax pools as of Q2 2025[9] - The company's market capitalization is $575 million, with net debt at $270 million as of Q2 2025[10] Operational Highlights - Obsidian Energy plans H2 2025 capital expenditures between Peace River and Willesden Green, totaling $110-$120 million[26] - The company purchased and cancelled approximately 7.1 million shares for $51.1 million up to July 29, 2025[26] - H2 2025 average production is guided between 27,100 and 28,300 boe/d[27] Strategic Initiatives - Obsidian Energy completed the Pembina Disposition, reducing net debt to $270 million as of June 30, 2025[26] - The company is negotiating to sell its InPlay share position, valued at approximately $96 million, acquired through the Pembina Disposition[10, 26] - Obsidian Energy renewed its credit facility, extending the $235 million facility into 2027[26] Reserves and Valuation - Pro forma reserves post-Pembina Disposition are 149 Mmboe[79] - Pro forma net asset value per share ranges from $8.57 to $28.57, depending on WTI pricing scenarios[81]