Summary of BXP Conference Call Company Overview - The conference call was hosted by BMO Capital Markets featuring BXP (formerly known as Boston Properties) with key executives including Owen Thomas (Chairman and CEO), Doug Linde (President and Director), and Mike LaBelle (CFO) [1][2] Core Industry Insights - **Leasing Activity**: BXP reported a significant increase in leasing activity, with a 30% rise in leases executed in the first quarter compared to the same period in the previous year [3][4] - **Occupancy Rates**: Current occupancy is approximately 87%, with potential to increase as rollover exposure in 2026 and 2027 is under 5% [5][12] - **Development Pipeline**: The company is set to deliver a major project, 290 Binney Street, which is 100% leased to AstraZeneca, expected to add $45 million to $50 million in cash flow [6][46] Financial Performance - **Funds from Operations (FFO)**: Each percentage point increase in occupancy translates to approximately $0.20 per share in FFO, indicating a strong opportunity for growth [5] - **Asset Sales**: BXP is actively selling non-producing assets, with four land parcels under contract expected to generate about $75 million in proceeds [7][50] Market Dynamics - **Regional Performance**: Manhattan is identified as the strongest market, with high demand and limited availability leading to double-digit rent increases. Other strong markets include Back Bay of Boston and Northern Virginia [15][16] - **West Coast Challenges**: The West Coast, particularly San Francisco, is experiencing slower demand, primarily driven by technology firms, with a need for more substantial growth from smaller companies to impact the market positively [18][20] Acquisition Strategy - BXP is continuously looking for acquisition opportunities, particularly in a market where they believe interesting prices may be available. However, finding suitable premier workplace assets has proven challenging due to low availability [25][27] - The company is focusing on development opportunities, with a notable project in Washington, D.C., where they have secured leases before committing to build [44][48] Future Outlook - **343 Madison Development**: BXP plans to move forward with the 343 Madison project, anticipating an average rent of over $200 per square foot, with a projected completion for tenant build-out by early 2029 [36][43] - **Residential Development**: BXP is exploring mixed-use developments and residential projects, leveraging their land holdings in suburban areas to meet housing demand [56][58] Key Risks and Considerations - The company acknowledges potential market volatility and external factors such as tariffs and policy changes that could impact leasing and development activities [60] Conclusion - BXP is positioned for growth with strong leasing activity, a robust development pipeline, and strategic asset sales, while navigating challenges in certain markets and focusing on future opportunities in both commercial and residential sectors [8][60]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA from continuing operations for Q4 was $176.8 million, up approximately 20% from $147.9 million in the prior year [6] - Full year adjusted EBITDA from continuing operations was $622.9 million, exceeding previous guidance of $620 million [7] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA for Q4 was $154.9 million, compared to $123.4 million in the prior year [7] - Physical water disposal volumes increased to 2.73 million barrels per day in Q4 from 2.39 million barrels per day in the prior year [8] - Crude Oil Logistics adjusted EBITDA decreased to $13.1 million in Q4 from $15.3 million in the prior year, primarily due to lower volumes on the Grand Mesa pipeline [10][11] - Liquids Logistics adjusted EBITDA was $17.7 million in Q4, down from $22.2 million in the prior year [12] Market Data and Key Metrics Changes - Total volumes paid for disposal increased by 11% in Q4 compared to the same quarter of the previous year [8] - Operating cost per barrel for fiscal 2025 was $0.22, down from $0.24 in fiscal 2024 [9] Company Strategy and Development Direction - The company is focusing on core assets after divesting non-core businesses, which will reduce volatility and seasonality of adjusted EBITDA [5] - Plans to continue reducing leverage and improve capital structure by addressing Class D Preferred Units [6][19] - The company aims to generate approximately 85% of adjusted EBITDA from the Water Solutions segment moving forward [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite oil price uncertainty, there has been no drop-off in customer activity in the Corita Basin [10] - The company is well-positioned with 90% of volumes committed through acreage dedications and MVCs, with 80% of total volumes from investment-grade counterparties [10] - Future growth is expected in the Water Solutions segment, with guidance for fiscal 2026 adjusted EBITDA between $615 million and $625 million [12] Other Important Information - The company completed the sale of 18 natural gas liquids terminals and other non-core assets, raising $270 million [4][16] - The biodiesel business has been fully wound down, eliminating approximately $75 million of working capital [5] Q&A Session Summary Question: Can you offer more color on your expectations by business for 2026 guidance? - Management explained that the water guidance midpoint implies about $560 million, accounting for a $20 million decline in skim oil revenues due to lower crude prices [21][22] Question: What are the conversations with customers regarding growth opportunities? - Management indicated that they are recontracting and focusing on core customers, with no slowdown in volumes currently observed [27][29] Question: How much lower could you flex capital spending down? - Management stated that capital expenditures are already low and further reductions may not be significant [35][37] Question: How do you think about your low and high range on volumes for the water business? - Management noted that fluctuations in volumes are normal, with a strong base wedge of business and no significant changes expected from customers [40][46] Question: Will there be a reinstatement of common unit distributions? - Management clarified that there are no plans for near-term distributions as the focus is on reducing Class D preferred units [52][54]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA from continuing operations for Q4 was $176.8 million, up approximately 20% from $147.9 million in the prior year [5] - Full year adjusted EBITDA from continuing operations was $622.9 million, exceeding previous guidance of $620 million [6] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA for Q4 was $154.9 million, compared to $123.4 million in the prior year [6] - Physical water disposal volumes increased to 2.73 million barrels per day in Q4 from 2.39 million barrels per day in the prior year [6] - Crude Oil Logistics adjusted EBITDA decreased to $13.1 million in Q4 from $15.3 million in the prior year, primarily due to lower volumes on the Grand Mesa pipeline [8][9] - Liquids Logistics adjusted EBITDA was $17.7 million in Q4, down from $22.2 million in the prior year [10] Market Data and Key Metrics Changes - Total volumes paid for disposal increased by 11% in Q4 compared to the same quarter of the previous year [6] - Operating cost per barrel for Water Solutions was $0.22 for fiscal 2025, down from $0.24 in fiscal 2024 [7] Company Strategy and Development Direction - The company is focusing on core assets after completing non-core asset sales, which will reduce volatility and seasonality of adjusted EBITDA [4] - The strategic shift towards becoming more of a water solutions business, with approximately 85% of adjusted EBITDA expected to come from this segment [14] - Plans to continue reducing leverage and improving capital structure by addressing Class D preferred units [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite oil price uncertainty, there has been no drop-off in customer activity in the Corita Basin [8] - The company is well-positioned with 90% of volumes committed through acreage dedications and MVCs, with 80% of total volumes from investment-grade counterparties [8] - Future guidance for fiscal 2026 is an adjusted EBITDA of $615 million to $625 million, with total capital expenditures of $105 million [10] Other Important Information - The company completed the sale of 18 natural gas liquids terminals and other non-core assets, raising $270 million [4][14] - The wind down of the biodiesel business has been completed, eliminating significant working capital requirements [4] Q&A Session Summary Question: Can you offer more color on your expectations by business for 2026 guidance? - Management explained that the water guidance midpoint implies about $560 million, accounting for a $20 million decline in skim oil revenues due to lower crude prices and less than $10 million in asset sales not included in future EBITDA [18][19] Question: What are the conversations with customers regarding growth opportunities? - Management indicated that they are recontracting expiring long-term contracts and have seen growth through existing agreements, with no slowdown in volumes currently [20][25] Question: How much lower could capital spending go? - Management stated that while there might be slight flexibility, capital expenditures are already low, primarily focused on water [33][34] Question: How do you view variability in water volumes for the year? - Management noted that while there can be fluctuations based on customer completions, they have a strong base and are currently ahead of budget for the first quarter [37][41] Question: Will there be a reinstatement of common unit distributions? - Management clarified that there are no plans for near-term distributions as the focus is on addressing Class D preferred units and reducing leverage [50][51]

New Fortress Energy (NFE) Q1 2025 Earnings Call May 14, 2025 04:30 PM ET Speaker0 Good day, and welcome to the NFE First Quarter twenty twenty five Earnings Call. Today's conference is being recorded. At this time, I will be handing the call over to Matt Reinhardt, Managing Director, for introductory remarks. Speaker1 Good afternoon, everyone. Thank you for joining today's conference call, where we will be discussing our first quarter twenty twenty five results. The call is being recorded and will be availa ...

May 2025 Q1 2025 Investor Presentation NewFortr 1. Business Overview 2 2. Financial Results 3. Appendix | Jamaica sale | $1.055bn sale, ~$800mm net, ~$430mm gain | | | | | --- | --- | --- | --- | --- | | FEMA claim | $659mm claim(6), high degree of engagement & expect resolution near-term | | | | | | Leasing surplus FSRUs results in significant income: | | | | | FSRU sub-charters | Eskimo | Freeze | FSRU 3 & 4(7) | Total | | | $143mm | $59mm | $110mm | $312mm (PV 10 = ~$236mm) | | Q4 excess cargo sale | $12 ...