Investor Presentation March 2026 The Carrick Waterloo, ON 1 CAUTIONARY STATEMENT This presentation may contain forward-looking statements with respect to Killam Apartment REIT ("Killam") and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue", "maintain", "target" or the negative thereof or similar variations. The actual results ...

Core Insights - The company reported its highest half-year returns since its inception in 2013, driven by inflation-linked rental growth, active asset management, and capital recycling through disposals and reinvestment [3][5] - The management emphasized a long-term strategy supported by demographic trends and needs-based care, highlighting the importance of portfolio scale and tenant diversification [2][4] Financial Performance - EPRA earnings per share increased by 8.5% to £0.034, with a dividend per share of £0.0302, up 2.5% year over year [8] - Total accounting return for the six-month period was 6.8%, with rental income up 2% overall and like-for-like rental income up 1.8% [8][5] - The company recovered £1.9 million in rent arrears and completed 10 disposals and 3 acquisitions during the period [4][9] Portfolio Metrics - The REIT owns 86 modern care homes valued at approximately £900 million, generating just under £60 million in rental income [2][4] - The portfolio has 100% of its income linked to inflation, with an average rent increase of 3.8% across 38 rent increases during the period [6][4] - Tenant diversification improved, with the largest tenant's contribution to income decreasing from 16% to 8.7% [15] Asset Management and Operations - The company completed five re-tenantings without tenant incentives and received a £1.4 million surrender premium from a tenant [10] - Management aims to achieve 100% rent collection by the end of the fiscal year, with operational issues being addressed [11] Balance Sheet and Leverage - Debt levels decreased by nearly £40 million since year-end, with loan-to-value (LTV) at around 15%, down from nearly 22% [13] - The company plans to redeploy proceeds from disposals towards accretive opportunities, targeting an LTV of approximately 25% as it grows [4][13] Market and Sector Trends - Operators have been able to raise fees in line with costs, with average weekly fees in homes rising by 54% over the last 5.5 years compared to a cumulative RPI of 44% [14] - The company reported stable resident occupancy of around 85% for mature homes, with a high average carehome.co.uk rating of 9.5 out of 10 [15]

Financial Data and Key Metrics Changes - The underlying profit increased by 9% to HKD 11.4 billion, driven by capital recycling and strong recurring profit in aviation [4] - The recurring underlying profit was HKD 9.8 billion, up 5% from last year, supported by high demand for air travel and resilient performance in property and beverages [6] - The gearing ratio improved to 20.6%, with net debt down 8% to HKD 65 billion [13] Business Line Data and Key Metrics Changes - Swire Properties' underlying profit rose by 27%, primarily due to gains from the disposal of non-core assets [17] - Aviation saw a 19% increase in underlying profit, with HAECO achieving a 73% growth in recurring profit due to demand for maintenance services [6][32] - The beverage segment reported a flat recurring profit, with a notable 14% increase in Hong Kong, while Vietnam and Cambodia saw a 35% decrease in profit [23][24][25] Market Data and Key Metrics Changes - The Hong Kong office market maintained steady occupancy, benefiting from a flight to quality trend [5] - In the Chinese mainland, attributable gross rental income grew at a CAGR of 10% over the past decade [18] - The beverage market in the Chinese mainland remained resilient, with a 1% increase in recurrent profit despite significant disruptions [24] Company Strategy and Development Direction - The company is focused on disciplined execution of a HKD 100 billion investment plan across core markets, particularly in the Greater Bay Area [2][20] - Swire Coca-Cola plans to invest over RMB 12 billion in production facilities and logistics infrastructure over the next decade [28] - The strategy includes capital recycling of non-core assets and enhancing operational efficiency across all divisions [12][14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer sentiment in both the Chinese mainland and Hong Kong, anticipating a positive contribution from residential projects [36] - The aviation sector is expected to grow, with new facilities enhancing operational efficiency [37] - Challenges remain in Southeast Asia, particularly in Thailand, due to economic softness and competition [37] Other Important Information - The company has made significant progress in sustainability, achieving various targets ahead of schedule [16] - The beverage segment is adapting to structural changes in purchasing channels, focusing on online sales and operational efficiency [46] Q&A Session Summary Question: Shareholder return and dividend policy - Management confirmed a commitment to a progressive dividend policy, expecting mid-single-digit growth, and indicated that share buybacks are part of their strategy [40][43][44] Question: Beverage business improvement drivers for 2026 - Management highlighted improving consumer sentiment and structural changes in purchasing channels as key drivers for expected improvements in 2026 [46][48] Question: NAV discount and healthcare business updates - Management acknowledged the NAV discount issue and emphasized a long-term approach to healthcare investments, focusing on operational fundamentals rather than short-term valuations [50][61]

Financial Data and Key Metrics Changes - The underlying profit increased by 27% year-on-year to HKD 8.62 billion, driven by the sale of non-core assets in Miami and Hong Kong [3][16] - Recurring underlying profit declined by 3% to HKD 6.26 billion due to loss of rental income from disposed assets and lower office rental income in Hong Kong [16][18] - The full-year dividend increased by 5% to HKD 1.15 per share, marking the ninth consecutive year of mid-single-digit dividend growth [4][18] Business Line Data and Key Metrics Changes - The office portfolio in Hong Kong experienced a 5% decline in attributable gross rental income, with overall occupancy at 91% [9][10] - Retail sales growth in Hong Kong was positive, with occupancy rates maintained at 100% across major malls [10][11] - The Chinese mainland retail portfolio contributed 43% of attributable gross rental income, with retail rental income increasing by 2% [10][12] Market Data and Key Metrics Changes - The Chinese mainland retail sales were up 7% year-on-year, with significant growth in foot traffic and sales [11][12] - The office market in the Chinese mainland remained stable despite oversupply, with a focus on integrated mixed-use developments [12][28] - The overall occupancy in the office portfolio in Hong Kong improved, particularly at Pacific Place, which reached 96% [9][10] Company Strategy and Development Direction - The company is committed to a HKD 100 billion investment plan, with 67% already committed to various projects [7][8] - Focus on capital recycling strategy, successfully divesting non-core assets to fund growth and maintain a strong balance sheet [5][7] - Emphasis on retail-led mixed-use projects in Tier One and emerging Tier One cities in the Chinese mainland [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite current geopolitical tensions, with a positive outlook for retail performance in both Hong Kong and the Chinese mainland [27][28] - The office sector is expected to remain subdued in the Chinese mainland, but the company anticipates benefits from the flight to quality trend [28][29] - Healthy demand for prime residential developments in Hong Kong and Southeast Asia is expected to continue [28][29] Other Important Information - The company achieved a 52% reduction in Scope 1 and Scope 2 emissions, surpassing sustainability targets [22] - The company maintains a strong liquidity position with available committed facilities totaling HKD 62.6 billion [20][21] - The company received multiple sustainability awards, including ranking number one in the Hang Seng Corporate Sustainability Index for eight consecutive years [22][25] Q&A Session Summary Question: Expectations for retail momentum in China for 2026 - Management expects positive momentum to carry into 2026, with double-digit improvements in retail sales and strong footfall in centers [36][38] Question: CFO succession and continuity in capital allocation - Management confirmed continuity in strategy and capital allocation priorities, with a focus on mid-single-digit dividend growth [40][41] Question: Plans for issuing C REIT and pre-leasing data - Management is monitoring the C REIT market and is open to opportunities that enhance capital efficiency [47] - Pre-leasing is progressing well, with collaborative efforts in designing new malls with brand partners [48][49] Question: Impact of Middle East conflicts and AI on office demand - Management noted a pickup in inquiries and leasing activity but anticipates some hesitation in decision-making due to geopolitical tensions [58][59] - The company is considering the long-term impact of AI on office demand and is focused on providing high-quality office products [62]

Core Insights - Cousins Properties (CUZ) is experiencing increased leasing activity in its Class A office portfolio located in high-growth Sun Belt markets, driven by tenant demand for premium office spaces with superior amenities [1][5] - The company reported fourth-quarter 2025 funds from operations (FFO) per share of 71 cents, reflecting a year-over-year increase of 2.9%, although weighted average occupancy decreased and interest expenses rose [2][3] - Analysts maintain a positive outlook on CUZ, with the Zacks Consensus Estimate for 2026 FFO per share increasing to $2.93, despite a 7.2% decline in share price over the past three months [3] Portfolio and Tenant Base - Cousins Properties boasts a strong portfolio of Class A office assets in the Sun Belt markets, which are experiencing population growth and corporate relocations, driving demand for office space [5][6] - The company has a diversified tenant base, reducing reliance on any single industry, which supports stable revenue across economic cycles [5][6] Leasing Activity - The company executed 167 leases covering 2.1 million square feet in 2025, with a weighted average lease term of 8.5 years, indicating a recovery in demand for its office properties [6][7] - The second-generation net rent per square foot on a cash basis increased by 3.5% during 2025, reflecting healthy leasing activity [5] Capital Recycling Efforts - Cousins Properties is actively enhancing its portfolio through capital-recycling initiatives, including the acquisition of the 300 South Tryon property for $317.5 million in February 2026 [8] - From 2020 to 2025, the company acquired 3.7 million square feet of operating properties for $1.84 billion, while timely dispositions have allowed it to shed slow-growth assets [8][9] Financial Strength - The company maintains a robust balance sheet with significant liquidity, exiting the fourth quarter of 2025 with cash and cash equivalents of $5.7 million and a net debt-to-annualized EBITDAre ratio of 5.30 [10] - As of December 31, 2025, Cousins Properties had $116 million drawn from its $1 billion credit facility, providing flexibility to pursue growth opportunities [10]

Core Viewpoint - The company is transitioning from container shipping to gas transportation, having sold 14 out of 15 container vessels over the past 24 months [1] Group 1: Strategic Transition - The company is nearing completion of its multi-year strategic pivot from container ships to gas transportation [1] - Management has opted to retain the final container asset until a sale becomes accretive, supported by a long-term charter through 2033 [1] Group 2: Market Positioning - The company has made an opportunistic acquisition of three latest-technology LNG newbuilds to target projected market undersupply and increased demand toward the end of the decade [1] - Operational focus has expanded into specialized gas markets with the delivery of the world's first 22,000 cubic meter liquid CO2 multi-gas carrier, the Active [1] Group 3: Financial Performance - Performance in Q4 was bolstered by a robust but short-lived upturn in LNG spot rates, which reached $100,000 per day due to U.S. production surges and logistical constraints [1] - Management attributes the widening earnings gap between modern 2-stroke and legacy steam vessels to increasing technological obsolescence and efficiency requirements [1] Group 4: Financial Strategy - The company successfully enhanced balance sheet flexibility through a EUR 250 million bond issuance to refinance debt and fund the ongoing newbuilding program [1]

Summary of Federal Realty Investment Trust (NYSE:FRT) 2026 Conference Call Company Overview - **Company**: Federal Realty Investment Trust (FRT) - **Industry**: Real Estate Investment Trust (REIT) - **Focus**: Investment in hard assets, particularly retail and mixed-use properties Key Points and Arguments 1. **Investment in Hard Assets**: The CEO emphasized the importance of investing in hard assets, highlighting that Federal Realty has a long-standing history of increasing dividends for 58 consecutive years, which is unique among REITs [7][9][19]. 2. **Capital Recycling Strategy**: The company has been actively recycling capital by selling lower cap rate residential and retail properties and reinvesting in higher yielding assets, achieving sector-leading growth [8][10][18]. 3. **Market Expansion**: Federal Realty is expanding into new markets such as Kansas City and Omaha, focusing on undermanaged assets that can yield incremental internal rates of return (IRRs) exceeding 9% [10][30]. 4. **Residential Development**: The company is adding residential units to its properties, with 10% of its income stream coming from residential and 10% from office spaces. The Bala Cynwyd residential project is expected to contribute to income in the second half of 2026 [20][21]. 5. **Strategic Acquisitions**: Federal Realty is cautious about entering new markets, preferring to focus on a few strategic locations rather than spreading resources too thin. The company aims to acquire large, dominant assets in new markets [27][30]. 6. **Tenant Relationships**: The company has established strong relationships with tenants, which has facilitated quicker lease signings and increased demand for its properties [41]. 7. **Long-term Value Creation**: The CEO discussed the importance of balancing short-term earnings with long-term value creation, emphasizing that the company’s ability to increase dividends for decades is a testament to its strategic approach [53][68]. Additional Important Content 1. **Development Challenges**: The CEO acknowledged the difficulties in building new retail spaces but noted that Federal Realty's larger properties allow for incremental development without significant land costs [15][16]. 2. **Tax Efficiency**: The company utilizes tax-efficient strategies such as 1031 exchanges to reinvest proceeds from asset sales into higher growth markets [18]. 3. **Market Conditions**: The CEO mentioned that the current market conditions are favorable for Federal Realty, with a focus on maintaining high-quality assets and smart capital allocation [11][25]. 4. **IRR Expectations**: The targeted unlevered IRR for the Pembroke project has been revised upwards from just north of 8% to over 10% due to better-than-expected performance [39]. 5. **Community Engagement**: Federal Realty emphasizes the importance of working with local communities and stakeholders to navigate permitting processes and enhance property value [66][68]. This summary encapsulates the key insights from the conference call, focusing on Federal Realty's strategic initiatives, market positioning, and long-term growth plans.

Core Insights - The company reported strong performance in 2025, achieving 93.6% occupancy in its commercial portfolio and leasing over 1 million square feet, marking four consecutive years of occupancy growth and positive rent spreads in New York City [1] - The Empire State Building Observatory maintained its market leadership despite a decline in international tourist visitation, demonstrating resilience through effective cost management and growth in direct sales [2] - The company executed $417 million in all-cash transactions for high-quality office and retail assets, enhancing cash flow and completing the exit from suburban commercial assets [3] - The company has a strong balance sheet that provides flexibility for leasing and opportunistic transactions, while also focusing on sustainability and measurable business results [4]

Core Insights - The company reported a strong fourth quarter with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach, driven by solid performance across its resort portfolio [2][20] - The company is optimistic about 2026, expecting Rooms RevPAR to increase between 4% to 7%, and total RevPAR to rise between 3.5% to 6.5%, largely due to the full-year contribution from Andaz Miami Beach [22][23] - The company has successfully managed costs, achieving a comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [10][39] Financial Performance - The fourth quarter results exceeded expectations, with Adjusted EBITDAre of $57 million and Adjusted FFO of $0.20 per diluted share [21] - The company returned over $170 million to shareholders through dividends and share repurchases, with a focus on enhancing per-share earnings and NAV [3][26] - The company has a strong balance sheet with net leverage of 3.5x trailing earnings, and over $200 million in cash and cash equivalents, providing significant liquidity [21][22] Strategic Initiatives - The company completed the sale of Hilton New Orleans at a mid-6% cap rate and reinvested proceeds into stock repurchases at a compelling discount [3][19] - The company is focused on three strategic objectives: recycling capital, investing in its portfolio, and returning capital to shareholders [4][14] - The company is optimistic about the potential for industry-wide growth from upcoming events such as F1 in Miami and the World Cup [12][68] Market Performance - The company’s resorts, particularly Montage Healdsburg and Wailea Beach Resort, showed strong RevPAR growth of 15% and 19% respectively in the fourth quarter [5][1] - Urban hotels like Marriott Long Beach Downtown and The Bidwell Marriott in Portland also reported solid performance, with RevPAR growth of 12% and nearly 13% respectively [5][8] - The company is cautious about markets like San Diego and Washington, DC, which faced headwinds from softer transient demand and government-related disruptions [8][68] Future Outlook - The company anticipates that the first quarter of 2026 will be the strongest growth quarter, driven by contributions from Andaz Miami Beach and improved performance in Maui [23][24] - The company expects total RevPAR growth to be above the high end of the full-year ranges in the first quarter, with subsequent quarters showing growth between the lower end and midpoint [24][25] - The company plans to continue its capital investment strategy, with a CapEx guidance of $95 million to $115 million for various projects across its portfolio [70][71]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach [8][31] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [32] - Full-year earnings were ahead of the midpoint of guidance, with comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [17][32] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [9][10] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced challenges [12][13] - Convention hotels reported RevPAR growth of 2.8%, with San Francisco being a standout performer [13] Market Data and Key Metrics Changes - The Wailea Beach Resort saw a significant recovery, with a RevPAR index increase of 17 points sequentially into the fourth quarter [26] - Group revenue production in Orlando increased over 10% last year, indicating a positive trend for future performance [15] - The D.C. market faced headwinds from government spending cuts and a government shutdown, impacting overall performance [16][102] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [5][23] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [43][65] - The company anticipates continued growth from operations and investment projects, despite a cautious outlook for certain markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [35] - The company noted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [20] - Positive signs of market recovery were highlighted, particularly in Northern California and Maui [19][20] Other Important Information - The company has over $200 million in cash and cash equivalents, with total liquidity exceeding $700 million [33][34] - A common dividend of $0.09 per share has been authorized for the first quarter, alongside a repurchase program reauthorized up to $500 million [40][41] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is showing growth, with a stabilization in the Kaanapali market, and transient demand is up [47][48] Question: What is the expense growth implied in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [52][56] Question: Are you expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [62][65] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The impact of renovations and group business limitations in D.C. and San Diego were cited as factors [70][71] Question: What is the outlook for the San Diego market? - Management reported positive signs of recovery in transient demand, particularly from government contractors [75] Question: Can you elaborate on the operating environment's impact on guidance? - Management highlighted potential headwinds from government-related events and positive signs from transient demand recovery [101][102]