Financial Data and Key Metrics Changes - For Q4 2025, total revenues were $35.2 million, down from $38.4 million in Q4 2024. Core FFO was $0.19 per share compared to $0.18 per share in the previous year [17] - For the full year 2025, total revenues were $147.6 million, down from $164.9 million in 2024. Core FFO was $0.78 per share, which included approximately $0.09 per share of lease terminations [19] - Adjusted EBITDA for 2025 was $69 million, compared to $82.8 million in 2024 [19] Business Line Data and Key Metrics Changes - In 2025, the company completed over 900,000 sq ft of leasing, following 1.1 million sq ft in 2024, indicating an improving market backdrop [4] - The average weighted average lease term (WALT) for new leases signed in 2025 was nearly 10 years, with an overall average WALT of 7.5 years for all leasing activity [5] - Cash rent spreads for Q4 renewals were up 12.8%, although overall 2025 rent spreads were down 7.1% for the year [6] Market Data and Key Metrics Changes - The lease rate improved by 600 basis points year-over-year to over 80% at year-end, and occupancy rate improved by 500 basis points to 78.7% [6] - The company entered 2026 with scheduled lease expirations totaling $11.4 million of Annualized Base Rent, significantly lower than $16.2 million in 2025 [7] Company Strategy and Development Direction - The company is undergoing a strategic options review process to explore pathways to unlock shareholder value [4] - Orion is shifting its portfolio focus from traditional suburban office properties to dedicated use assets (DUAs) such as medical, lab, and government properties [10] - The company aims to improve portfolio quality, lengthen WALT, renew tenants, and fill vacant space while managing leverage prudently [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the standalone prospects of the company and expects Core FFO growth in 2026 and beyond [15] - The leasing momentum is seen as constructive, with a robust pipeline of over 1 million sq ft in discussion or documentation stages [7] - The company anticipates that the market will gradually recover, which may lead to improved renewal rent increases [41] Other Important Information - The company reduced G&A expenses by more than 10% and expects annualized savings of about $1.8 million [12] - A quarterly cash dividend of $0.02 per share was declared for Q1 2026 [27] - The company has maintained significant liquidity of $145.9 million as of December 31, 2025, to support ongoing leasing efforts [21] Q&A Session Summary Question: Is the leasing pipeline seeing improvement? - Management indicated that the leasing pipeline has improved due to both market conditions and increased leasing momentum, although numbers can be volatile quarter-over-quarter [31] Question: What is the historical success rate of the leasing pipeline? - Management noted that the success rate has significantly improved over the past two years, with a notable increase in leased space from previous years [32] Question: Can you provide details on the Barilla transaction? - The Barilla transaction was brokered and includes both office and R&D space, with approximately half of the asset dedicated to test kitchens and R&D [34] Question: What is the pace of vacant property disposals? - Management stated that while significant activity occurred in 2025, future disposals will depend on the assessment of current vacancies and their leasing potential [39] Question: What opportunities do upcoming lease maturities present? - Management expects Core FFO to grow as the portfolio stabilizes and as they rent up properties, although renewal rent increases may vary based on market conditions [41]

Financial Data and Key Metrics Changes - For 2025, the company delivered $1.05 Core FFO per share, up from $0.86 in 2021, representing a 5% CAGR [4] - Debt-to-EBITDA improved from 9.1 times in 2021 to 7.0 times in 2025 [4][5] - Same Store NOI growth for 2025 was 4%, with guidance for 2026 set at 3%-4.75% [6][20] Business Line Data and Key Metrics Changes - The company achieved a record occupancy of 94.6% by the end of 2025 [10][21] - Combined straight line leasing spreads for Q4 were 18.2%, with 25.9% for new leases and 16.6% for renewals [10] - Bad debt was reduced to 0.55% for 2025, significantly lower than pre-pandemic levels [11] Market Data and Key Metrics Changes - Foot traffic to the company's centers increased by 3.9% year-over-year [10] - The leasing pipeline remains robust, indicating strong demand in the market [10][20] Company Strategy and Development Direction - The company focuses on acquiring properties in high-end neighborhoods with strong discretionary spending capabilities [8] - A strategy of identifying properties with a significant gap between neighborhood strength and tenant strength is employed [7] - Redevelopment projects are anticipated to deliver double-digit yields, enhancing long-term value [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating long-term Core FFO per share growth of 5%-7% [5] - The company is well-positioned with minimal debt maturities until 2029, providing visibility into future performance [5] - The management team emphasized the importance of maintaining high-quality tenants and adapting to demographic changes [12][15] Other Important Information - The company completed acquisitions of World Cup Plaza and Ashford Village in Q4, while disposing of Kempwood Plaza [6][7] - Redevelopment CapEx for 2025 was approximately $5 million, with a forecast of $20 million-$30 million in redevelopment spend over the next few years [17][18] Q&A Session Summary Question: Impact of Pillarstone settlement on balance sheet - The proceeds were used to pay down the credit facility, improving leverage immediately [24] Question: G&A guidance for 2026 - G&A is expected to remain at similar levels with normal cost of living increases [26][27] Question: Growth from Q4 results and future expectations - The company anticipates a similar distribution of earnings growth in 2026, with a long-term growth target of 5%-7% [30][31] Question: Signed, not open pipeline quantification - The company does not report signed, not open due to quick tenant turnover, but leasing traction is improving [40][42] Question: Upside potential from recent acquisitions - Ashford Village is in a growing area, while World Cup Plaza will undergo remerchandising efforts [56][57] Question: Increase in property expenses - Higher expenses were due to planned maintenance and timing, not indicative of a run rate [58] Question: Future occupancy expectations - The company believes there is still room for occupancy growth, particularly in small spaces [66][68]

Summary of RioCan Real Estate Investment Trust 2025 Investor Day Company Overview - **Company**: RioCan Real Estate Investment Trust - **Event**: 2025 Investor Day held on November 18, 2025 - **Key Speakers**: Jennifer Suess (SVP), Jonathan Gitlin (CEO), Dennis Blasutti (CFO), John Ballantyne (COO), Oliver Harrison (SVP of Leasing), Andrew Duncan (CIO) Core Industry Insights - **Industry**: Real Estate Investment Trust (REIT) focused on retail properties in Canada - **Market Position**: Strong focus on core retail portfolio, emphasizing long-term growth and value creation Key Points and Arguments 1. **Growth Target**: RioCan aims for long-term core Funds From Operations (FFO) growth of 5%, driven by same property Net Operating Income (NOI) growth of at least 3.5% and capital recycling contributing an additional 1.5% [8][9][19] 2. **Retail Focus**: The company emphasizes its productive retail core, which is seen as resilient and a secure source of growth, particularly in the Canadian market [10][12][18] 3. **Market Conditions**: Canada is characterized by strong demographics, resilient consumer spending, and political stability, which are favorable for retail operations [11][12] 4. **Supply Constraints**: There are enduring supply constraints in the retail sector due to high barriers to entry, making it difficult to build new retail spaces [12][13] 5. **Tenant Composition**: RioCan's tenant mix includes essential retailers such as grocery, pharmacy, and fitness, which are crucial for daily consumer needs [34][38] 6. **Capital Management**: The company is focused on strengthening its balance sheet with a target net debt to EBITDA ratio of 8-9 times and aims for a 9% unlevered Internal Rate of Return (IRR) on capital investments [19][28] 7. **Core FFO Definition**: Core FFO is defined as high-quality, durable income excluding non-recurring items, with a baseline target of at least CAD 1.55 for 2025 [25][26] 8. **Leasing Strategy**: The company has successfully completed grocery deals that increased foot traffic and achieved an average rent premium of 24% over previous rents [36][38] 9. **Data-Driven Approach**: RioCan utilizes a proprietary analytics platform, Northstar, to identify growth opportunities and optimize tenant mix [41][44] Additional Important Insights - **Tenant Relationships**: Strong partnerships with major retailers like Canadian Tire and Empire are highlighted, showcasing the collaborative approach to real estate [55][63] - **Market Adaptation**: Retailers are adapting to market changes by leveraging data and enhancing their operational models, which benefits their partnerships with RioCan [56][58] - **Future Developments**: Projects like the Yonge Eglinton Centre and RioCan Burloak are examples of strategic repositioning to unlock growth potential [46][50] Conclusion RioCan Real Estate Investment Trust is positioned for sustained growth through a disciplined focus on its core retail portfolio, strategic capital allocation, and strong tenant relationships, all supported by a favorable market environment in Canada. The company aims to achieve a minimum of 3.5% same property NOI growth over the next three years, leveraging its data-driven insights and operational excellence.

Financial Data and Key Metrics Changes - The company reported a blended net rental growth of 3.9%, significantly outperforming the national market [3] - Core FFO per share increased to $0.20 for the quarter, up $0.03 from the previous quarter, and guidance for the year was raised to $0.67 to $0.68, reflecting a 12.5% increase over 2024 [5][22] - Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 in the prior year [17] Business Line Data and Key Metrics Changes - Same store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals [12] - Average revenue per home increased to $4,255, representing over a 40% premium compared to peers [12] - Occupancy rate was 95.8% excluding Liberty Towers, and overall occupancy was 94.7% [13] Market Data and Key Metrics Changes - The national multifamily market remains structurally undersupplied, but demand has weakened in select markets due to new supply [5] - New York City led the nation in rental growth at 4.8%, with limited supply driving robust demand [6] - The Jersey City waterfront maintained low vacancy levels and rental growth of almost 3%, reflecting strong demand [8] Company Strategy and Development Direction - The company is focused on monetizing non-strategic assets, raising its sales target from $500 million to $650 million [3][4] - The strategy includes reducing net debt to EBITDA, aiming to reach below 8 times by the end of 2026 [4] - Continued investment in technology to enhance operational efficiency and customer experience [15] Management's Comments on Operating Environment and Future Outlook - Management noted potential headwinds from softening labor markets and declining consumer sentiment [5] - The company anticipates that the New York City demand-supply imbalance will continue to fuel sustained demand for housing [9] - Management expressed confidence in achieving the same store NOI guidance of 2% to 2.8% for the year [23] Other Important Information - The company improved its GRESB score to 90, maintaining a five-star rating and ranking first in its peer group [11] - Year-to-date controllable expenses grew by only 1.9%, well below inflation [15] Q&A Session Summary Question: Follow-up on same store guidance ranges - Management explained that Q3 same store NOI growth was impacted by non-controllable expenses and expressed confidence in staying within guidance for Q4 [28][29] Question: Visibility into rental revenue and expirations - Management confirmed limited exposure in Q4 and strong visibility into renewals, with renewal rates around 4% to 5% [30][32] Question: Leverage target and future focus - Management indicated that the focus will remain on executing the current plan while evaluating operational initiatives [34] Question: Buyer pool for asset sales - Management noted a broader buyer pool for smaller assets, while larger assets have a thinner buyer pool [36] Question: Disposition guidance and asset sales - Management clarified that the increase in sales guidance reflects improved market conditions and ongoing evaluations of asset sales [40][50] Question: Share repurchase framework - Management stated that while share buybacks are seen as valuable, the priority is currently on deleveraging [42][44] Question: Transaction market activity - Management observed early signs of renewed interest from Core Plus Capital, indicating a potential shift in market dynamics [51][52]

Whitestone REIT's Strategy & Performance - Whitestone focuses on acquiring high total return potential centers, anchoring them to the community, and constantly remerchandising to drive results via capital efficiency[4] - The company targets a Core FFO growth of 4-6%, matched by sustained dividend growth, underpinned by 3-5% Same Store NOI growth[11] - Whitestone aims to enhance Core FFO growth to 5-7% by adding accretive acquisitions with short-term lease up opportunities[11] - The company's strategy involves scaling the Whitestone model to reduce fixed costs and broaden the investor base[11] Financial Highlights & Metrics - Whitestone reported Q2 2025 revenue of $37.9 million, compared to $37.6 million in Q2 2024[8] - Core FFO per share was $0.26 in Q2 2025, up from $0.24 in Q2 2024[8] - Straight Line Leasing Spreads were 17.9% in Q2 2025, compared to 17.5% in Q2 2024[8] - The company's occupancy rate was 93.9% in Q2 2025, slightly up from 93.5% in Q2 2024[8] - Whitestone's Debt/EBITDAre ratio has improved to 7.1x, a 2.0x improvement versus 2021[8] Shop Space & Leasing - 77% of Whitestone's Total Annual Base Rent (ABR) is driven by small shop space tenants under 10,000 square feet[8, 32] - Whitestone's leasing spreads have shown strong performance, with Q2 2025 at 17.9%[5, 8] - The company forecasts a sustainable Same Store NOI growth of 3-5%, driven by contractual escalators (2.3%), leasing (0.8-1.8%), and redevelopment (up to 1.0%)[12, 13] Acquisitions & Dispositions - Whitestone has acquired approximately $153 million in property since Q4 2022, including S Hulen in Ft Worth and San Clemente in Austin in Q2 2025[26] - The company has completed approximately $126 million in dispositions since Q4 2022, including Woodlake in Houston in Q2 2025[26]

Financial Performance & Growth - Same Store NOI增长强劲，Q1 2025年增长4.8%，高于Q1 2024年的3.1%[7] - 2024年Same Store NOI增长5.1%，自2021年以来平均增长5.3%[7] - 预计长期Core FFO增长率为4-6%，与过去几年的表现一致[10] - 预计2025年Same Store NOI可持续增长3-5%[11] - 2025年Core FFO/Share目标中点为1.05美元，股息支付率约为51%[8] Portfolio & Leasing - 2024年入住率达94.1%，较2021年上升280个基点[7] - 直线租赁利差为20.3%，而2024年第一季度为17.0%[7] - 77%的总ABR由小于10,000平方英尺的小型商铺空间驱动[32] - 92%的中心配置有高需求的1,500-3,000平方英尺的空间[7] Capital Structure & Acquisitions - 债务/EBITDAre为6.6倍，较2021年改善2.6倍[7] - 处置物业的资本化率为6.5%，而购买物业的资本化率为7.6%[29] - 2022年10月至2024年12月期间，总销售额约为1.22亿美元，而收购额约为1.09亿美元[26] Sustainable Same Store NOI Drivers - Contractual escalators: ≤10k sq ft: 2.8%, >10k sq ft: 1.7%, blended: 2.3%[11]