Hudbay Minerals (NYSE:HBM) Q4 2025 Earnings call February 20, 2026 11:00 AM ET Speaker10Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Hudbay's fourth quarter 2025 results conference call. At this time, all participants are in listen-only mode, and following the presentation, we will conduct a question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You'll hear a tone acknowledging your request. Should you need assistance duri ...

Americold Realty Trust (NYSE:COLD) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBrendan Lynch - DirectorMichael Carroll - Managing DirectorNick Joseph - Head of U.S. Real Estate and Lodging Research TeamRich Leland - VP of Finance, Investor Relations, and Corporate TreasurerRob Chambers - CEOSamir Khanal - Director of U.S. REITsScott Henderson - EVP, Chief Investment Officer, and Interim CFOVince Tibone - Managing Director and Head of U.S. Industrial and Mall ResearchConference Ca ...

Although Donald Trump appointed Jerome Powell to serve as Fed chair during his first, non-consecutive term in the White House, the president and Powell have publicly feuded over the velocity of interest rate reductions since Trump's second term began. Powell's time as Fed chair will come to a close exactly three months from today, on May 15, 2026.The Federal Open Market Committee (FOMC) is a 12-person body, including Fed Chair Jerome Powell, that's responsible for setting our nation's monetary policy. It do ...

Financial Data and Key Metrics Changes - Comparable FFO for Q2 2025 was $0.56 per share, beating analyst consensus of $0.53 per share and remaining flat compared to Q2 2024 [27] - New York office occupancy increased to 86.7% from 84.4% in the previous quarter [28] - Net debt to EBITDA improved by 1.4 turns to 7.2 times from 8.6 times [24] Business Line Data and Key Metrics Changes - In Q2 2025, the company leased 2,700,000 square feet overall, with 2,200,000 square feet in Manhattan office space [12] - Average starting rents for Manhattan office leasing were $101 per square foot, with mark-to-markets of +11.8% GAAP and +8.7% cash [13] - PENN1 occupancy reached 90% after leasing 183,000 square feet at an average starting rent of $101 per square foot [13] Market Data and Key Metrics Changes - The Manhattan office market is described as a landlord's market with tight availability and no new supply expected through the end of the decade [11] - Replacement costs for Class A towers in Manhattan have risen to approximately $2,500 per square foot, with rents in the $200s now commonplace [10] - The overall demand for office space in Manhattan is strong, with significant expansion from clients [10] Company Strategy and Development Direction - The company remains focused on its New York-centric strategy, with plans to enhance the PENN District through various development projects [20] - Future developments include a residential project and modern retail offerings along Seventh Avenue [20][21] - The company aims to capitalize on rising rents and limited supply in the Manhattan market [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong leasing activity and a robust pipeline [28] - The company anticipates significant earnings growth by 2027 as leases at PENN1 and PENN2 come online [28] - Management highlighted the importance of disciplined capital allocation and the potential for significant rental growth in the coming years [82] Other Important Information - The company completed several financing transactions to bolster liquidity, including a $450 million financing with 1535 Broadway [23] - Cash balances increased to $1.36 billion, with total immediate liquidity of $2.9 billion [24] - The company is actively managing its debt maturities and refinancing opportunities [29] Q&A Session Summary Question: How much of the pending leasing activity is geared towards PENN2? - Approximately 50% of the 560,000 square feet in the leasing pipeline is at PENN2 [32] Question: Is the company looking to sell its assets in San Francisco? - The company is open to selling assets like The Mart and 555 California if the right price and timing arise, but there are no immediate plans [35] Question: What is the physical occupancy and rent coming online over the next year? - The company expects occupancy to increase to the low 90s over the next year, with significant income ramping up in 2027 [38] Question: What are the expectations for same-store NOI in the coming years? - Positive same-store NOI is expected as leasing activity increases, but specific percentages cannot be provided at this time [92] Question: What are the plans for the Forever 21 retail space? - The timing for backfilling the Forever 21 space is uncertain, but the company is optimistic about the retail corridor's potential [73]