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Apple Hospitality REIT(APLE) - 2025 Q2 - Earnings Call Transcript
2025-08-07 15:00
Financial Data and Key Metrics Changes - Comparable hotels total revenue was $380 million for the quarter, down slightly from the same period in 2024 [17] - Comparable hotels adjusted hotel EBITDA was $142 million for the quarter, down approximately 5% year-over-year [17] - Second quarter comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024 [17] - Comparable hotels adjusted hotel EBITDA margin was 37.4% for the quarter, down 200 basis points from the same period in 2024 [25] Business Line Data and Key Metrics Changes - Group business mix improved by 150 basis points to 17%, offsetting declines in government and negotiated segments [22] - Other revenues increased by 6% on a comparable basis during the quarter, primarily driven by parking revenue [23] - Total hotel expenses increased by 2.8% for the second quarter compared to the same period last year [23] Market Data and Key Metrics Changes - RevPAR declines improved each month, with preliminary results for July showing approximately 1% growth compared to July 2024 [20] - Weekend occupancy was positive year-over-year in June, up 1.1% [21] - Market performance varied significantly, with some markets experiencing strong RevPAR gains while others faced headwinds [20] Company Strategy and Development Direction - The company continues to focus on optimizing the mix of business at hotels to strengthen market share [5] - The strategy includes maintaining a strong balance sheet and reinvesting in hotels to enhance value [14] - The company is positioned to benefit from favorable supply-demand dynamics, with nearly 60% of hotels having no new competitive products under construction nearby [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improvements in consumer sentiment and easing economic uncertainty [30] - The company anticipates a potential reacceleration in economic growth, which could positively impact performance [7] - Adjustments to full-year guidance reflect current booking trends, which may prove conservative if macroeconomic conditions improve [30] Other Important Information - The company paid distributions totaling approximately $57 million or $0.24 per common share during the second quarter [8] - The company has completed the sale of two hotels for a total of approximately $21 million and has additional sales under contract [9] - Capital expenditures for the year are expected to be between $80 million and $90 million, with major renovations planned for approximately 20 hotels [14] Q&A Session Summary Question: Guidance on RevPAR - Management indicated that if positive booking trends continue, they might have been comfortable maintaining the prior midpoint of RevPAR guidance [33] Question: Booking Strategy - Group business has been beneficial for ADR, and management plans to continue layering on group business where it makes sense [35] Question: July Performance - July showed improvement in RevPAR growth and market share, but August and September bookings are down [39] Question: Market Performance in Sunbelt Areas - Specific markets like Dallas and Phoenix faced challenges due to various factors, including convention cancellations and business pullbacks [43] Question: Confidence in 4Q RevPAR Pickup - Management expressed confidence in 4Q RevPAR growth due to positive booking positions and calendar shifts [49] Question: Capital Allocation and Dispositions - The company plans to continue pursuing dispositions to fund share repurchases while maintaining balance sheet capacity for future acquisitions [51] Question: Nashville Acquisition - The Nashville acquisition is expected to be funded primarily through balance sheet capacity and proceeds from sales [55]
Global Medical REIT(GMRE) - 2025 Q2 - Earnings Call Presentation
2025-08-06 13:00
Financial Performance - Net loss attributable to common stockholders was $0.8 million, or $0.01 per diluted share[24], compared to a $3.1 million loss, or $0.05 per diluted share, in the prior year period[24] - Funds from operations (FFO) attributable to common stockholders and noncontrolling interest was $14.3 million, or $0.20 per share and unit[24], compared to $13.9 million, or $0.20 per share and unit, in the prior year period[24] - Adjusted funds from operations (AFFO) attributable to common stockholders and noncontrolling interest was $16.6 million, or $0.23 per share and unit[24], compared to $15.7 million, or $0.22 per share and unit, in the prior year period[24] - The company reaffirms its full year 2025 AFFO per share and unit guidance of $0.89 to $0.93[24] Portfolio and Investment Activities - Gross investment in real estate totaled $1.5 billion[9, 30] with 193 buildings across 35 states[9] - The company completed acquisitions of medical properties for an aggregate purchase price of $38.1 million with annualized base rent of $3.6 million in April 2025[24] - The company sold a medical facility in Chipley, Florida for gross proceeds of $1.4 million, resulting in a gain of $0.2 million[24] - Total annualized base rent (ABR) for the portfolio is $117.5 million[30] with a weighted average cap rate of 8.0%[9, 30] and leased occupancy of 94.5%[9, 30] Debt and Capitalization - The company's leverage was 47.2% as of June 30, 2025[24], and Net Debt / Annualized Adjusted EBITDAre was 6.8x for the second quarter of 2025[24] - As of August 4, 2025, the company's borrowing capacity under the credit facility was $177 million[24]
Americold Realty Trust(COLD) - 2022 Q1 - Earnings Call Presentation
2025-06-26 09:18
Financial Performance - Total revenue for Q1 2022 was $7057 million, an 112% increase year-over-year[11] - Total NOI for Q1 2022 increased 06% to $1583 million compared to the same quarter of the prior year[12] - Core EBITDA decreased by 59% to $1109 million, or 22% on a constant currency basis[13] - The company reported a net loss of $174 million, or $006 per diluted share[14] - Core FFO was $463 million, or $017 per diluted share[14] - AFFO was $689 million, or $026 per diluted share[15] Global Warehouse Segment - Global Warehouse segment revenue increased 114% to $5409 million[16] - Global Warehouse segment NOI increased 01% to $1463 million[16] - Global Warehouse segment same-store revenue increased 45%, or 60% on a constant currency basis[16] - Global Warehouse segment same-store NOI decreased by 47%, or 36% on a constant currency basis[16] - Global Warehouse segment margin was 270%, a 307 basis point decrease[19] Debt and Liquidity - The company had total liquidity of approximately $6570 million[28] - Total debt outstanding was $32 billion, with 83% in an unsecured structure[28] - Net debt to pro forma Core EBITDA was approximately 66x[28] - 72% of the company's total debt outstanding was at a fixed rate[28] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 768%, and the warehouse segment same-store pool was 776%[26] - 398% of rent and storage revenue was generated from fixed commitment storage contracts, assuming a full twelve months of acquisitions revenue[25]
Americold Realty Trust(COLD) - 2022 Q3 - Earnings Call Presentation
2025-06-26 09:16
Financial Performance - Q3 2022 - Total revenue increased by 6.9% to $757.8 million compared to the same quarter of the prior year[12, 13] - Total NOI increased by 16.3% to $181.2 million compared to the same quarter of the prior year[12, 14] - Core EBITDA increased by 15.0% to $131.9 million, or 16.9% on a constant currency basis, compared to the same quarter of the prior year[12, 15] - Global Warehouse segment revenue increased by 10.5% to $599.0 million compared to the same quarter of the prior year[12, 20] - Global Warehouse segment NOI increased by 14.9% to $166.7 million compared to the same quarter of the prior year[12, 21] - Global Warehouse segment same store revenue increased 7.1%, or 9.6% on a constant currency basis[12] - Global Warehouse segment same store NOI increased by 12.5%, or 14.4% on a constant currency basis[12] Financial Position - Total liquidity was approximately $700.1 million as of September 30, 2022[35] - Total debt outstanding was $3.2 billion as of September 30, 2022, with 84% in an unsecured structure[35] Portfolio and Operations - The company operated a global network of 249 temperature-controlled warehouses as of September 30, 2022[3, 40] - As of September 30, 2022, 40.9% of rent and storage revenue was generated from fixed commitment storage contracts[32]
Global Medical REIT(GMRE) - 2025 Q1 - Earnings Call Presentation
2025-05-08 13:36
Atrium Health – Winston-Salem, NC FIRST QUARTER 2025 EARNINGS SUPPLEMENTAL www.globalmedicalreit.com NYSE: GMRE TABLE OF CONTENTS Legent Hospital for Special Surgery – Plano, TX | Company Overview | 3 | | --- | --- | | Select Quarterly Financial Data | 6 | | Business Summary | 7 | | Acquisitions / Dispositions | 8 | | Portfolio Summary | 9 | | Key Tenants | 12 | | Debt and Hedging Summary | 13 | | Total Capitalization and Equity Summary | 15 | | Sustainability Summary | 16 | | Condensed Consolidated | 17 | ...
CoreCivic Reports First Quarter 2025 Financial Results
Globenewswire· 2025-05-07 20:15
Core Insights - CoreCivic reported strong financial performance in Q1 2025, with increased occupancy and new contracts leading to an upward revision of its full-year guidance for 2025 [1][3][18] - The company achieved a first-quarter occupancy rate of 77.0%, up from 75.2% in the same period last year, driven by effective cost management and increased utilization from ICE [3][5] - CoreCivic has begun reactivating previously idle facilities, including the Dilley Immigration Processing Center, which is expected to care for up to 2,400 individuals [3][16] Financial Performance - Q1 2025 net income was $25.1 million, or $0.23 per diluted share, compared to $9.5 million, or $0.08 per diluted share in Q1 2024 [5][34] - Total revenue for Q1 2025 was $488.6 million, with FFO per diluted share at $0.45, up from $0.30 in Q1 2024 [6][10] - EBITDA for Q1 2025 was $81.0 million, an increase from $62.8 million in Q1 2024, while Adjusted EBITDA was $80.9 million [9][37] Capital Strategy - The company repurchased 1.9 million shares for $37.9 million during Q1 2025, part of a broader share repurchase program authorized for up to $350 million [12][13] - CoreCivic plans to invest $65 million to $70 million in capital expenditures for activating previously idle facilities and enhancing transportation services [22] Contract Updates - CoreCivic is actively engaging with federal and state partners for additional contracting opportunities, with recent modifications to existing contracts to increase capacity for ICE detainees [4][15] - The company has entered into letter agreements with ICE for the activation of the Midwest Regional Reception Center and California City Immigration Processing Center, with initial funding authorized for both [17] Revised Financial Guidance - The revised full-year 2025 guidance includes net income projected between $91.3 million and $101.3 million, and diluted EPS between $0.83 and $0.92, reflecting improved occupancy and contract reactivations [18][19] - The updated guidance does not account for any new contracts not yet announced, indicating potential for further growth [20]
DiamondRock Hospitality pany(DRH) - 2025 Q1 - Earnings Call Transcript
2025-05-02 16:02
Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% year-over-year, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [10] - Adjusted FFO was $0.19 per share, an increase of 5.6% over 2024, and free cash flow per share increased by 10% to $0.63 [11] Business Line Data and Key Metrics Changes - Urban hotels saw RevPAR growth of 5%, driven by group and business transient segments, while food and beverage revenue declined by 3.3% year-over-year [4][5] - Resort portfolio experienced a decline in comparable RevPAR by 2.1%, with total revenues slightly up in January and February but down by 4.3% in March [6][8] - Group room revenues increased by 10.4% year-over-year, with urban hotels seeing a 14.4% increase [9] Market Data and Key Metrics Changes - Florida assets experienced mid-single-digit revenue declines, with RevPAR down 5.9% [8] - Outside of Florida, RevPAR increased by 1.7%, with notable increases in luxury resorts like The Heights and Vail, which saw RevPAR growth of 7% and total RevPAR growth of 9.5% [8] Company Strategy and Development Direction - The company is focused on adding groups to resorts to enhance pricing and profitability, while also managing costs effectively in the face of revenue softness [9] - The company plans to continue share repurchases and is exploring refinancing options for maturing debts [12][13] - The outlook for 2025 has been revised, with FFO per share guidance unchanged at $0.94 to $1.06, and RevPAR outlook adjusted to a range of -1% to +1% growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains unsettled, impacting group lead conversion rates, but expressed cautious optimism for the second half of 2025 [22][24] - The company anticipates that demand for drive-to resorts may increase due to economic conditions, while foreign visitation is expected to be softer than initially anticipated [20][21] - Management highlighted the importance of maintaining liquidity and flexibility in the current environment while focusing on increasing earnings per share [80] Other Important Information - The company repurchased 1.4 million shares at an average price of $7.85, with a total of approximately $16 million in repurchases year-to-date [12] - The company has three mortgage loans maturing in 2025, totaling just under $300 million, and is considering a recast of its corporate credit facility [12][13] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Management indicated that preliminary April RevPAR is showing better than 2% growth [31] Question: Impact of tariffs on renovation costs - Management stated that renovation costs are complex and depend on the timing of orders and tariffs [32][34] Question: Profile of average group bookings - Management noted that group bookings range from associations to corporate events, with average hotel sizes around 200 to 250 rooms [39] Question: Markets with strong group pacing - Management highlighted Denver and Salt Lake as markets showing significant strength in group bookings [42] Question: Average booking window for groups - Management mentioned that the booking window for smaller groups is typically 4 to 6 months, while larger groups book 8 to 12 months out [57] Question: Consumer behavior shifts in booking and spending - Management observed that booking windows are getting shorter, but on-property spending remains in line with or ahead of last year [70] Question: Expectations for wages and benefits growth - Management expects wages and benefits growth to be around 3% to 3.5% for the full year [76] Question: Incremental share repurchases versus cash position - Management emphasized the importance of driving value through share repurchases while maintaining liquidity [80]
NNN REIT, Inc. Announces First Quarter 2025 Results and Maintains 2025 Guidance
Prnewswire· 2025-05-01 12:30
Core Insights - NNN REIT, Inc. reported strong financial results for Q1 2025, with revenues of $230.854 million, a 7.2% increase from $215.407 million in Q1 2024 [2] - The company achieved net earnings of $96.458 million, slightly up from $94.371 million in the previous year, resulting in a diluted earnings per share of $0.51 [2][4] - NNN's Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87 respectively [4][31] Financial Results - Total revenues for Q1 2025 were $230.854 million, compared to $215.407 million in Q1 2024, marking a 7.2% increase [2] - Net earnings increased to $96.458 million from $94.371 million, with net earnings per share slightly decreasing from $0.52 to $0.51 [2][4] - FFO for the quarter was $158.734 million, up from $151.261 million in the prior year, with FFO per share increasing from $0.83 to $0.85 [2][31] - Core FFO reached $160.907 million, compared to $151.578 million in Q1 2024, with Core FFO per share rising from $0.83 to $0.86 [2][31] - AFFO was reported at $163.015 million, an increase from $153.259 million, with AFFO per share growing from $0.84 to $0.87 [2][31] Operating Results - As of March 31, 2025, NNN owned 3,641 properties with a total gross leasable area of approximately 37.311 million square feet [3][15] - The occupancy rate was reported at 97.7%, slightly below the 20-year average of 98.2% [4][15] - The weighted average remaining lease term was 9.9 years [3][15] - NNN initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator, successfully re-leasing 31 of these properties [3][5] Property Acquisitions and Dispositions - NNN closed on $232.4 million of investments during the quarter, completing over 40% of its 2025 acquisition volume plan [4][6] - The company disposed of 10 properties, generating net sale proceeds of $15.839 million [8] Balance Sheet and Liquidity - As of March 31, 2025, NNN reported gross debt of $4.6 billion with a weighted average interest rate of 4.1% and a maturity of 11.6 years [9][34] - The company maintained $1.1 billion in total available liquidity, with only 2.5% of its debt being floating rate [4][9] - The net debt to annualized EBITDAre ratio was 5.5x, while the fixed charge coverage ratio stood at 4.2x [9][37] Dividend Information - NNN declared a quarterly dividend of $0.58 per share, representing an annualized yield of 5.4% and an AFFO payout ratio of 66% [10][31] 2025 Guidance - The company maintained its 2025 guidance, projecting net earnings per share between $1.97 and $2.02, Core FFO per share between $3.33 and $3.38, and AFFO per share between $3.39 and $3.44 [11]
Whitestone REIT Reports First Quarter 2025 Results
GlobeNewswire News Room· 2025-04-30 20:30
Core Insights - Whitestone REIT reported a net income attributable to common shareholders of $3.7 million, or $0.07 per diluted share for Q1 2025, down from $9.3 million, or $0.18 per diluted share in Q1 2024 [5][38] - The company achieved a Same Store Net Operating Income (NOI) growth of 4.8%, with total revenues increasing to $38.0 million from $37.2 million year-over-year [2][5] - Whitestone reaffirmed its 2025 Core FFO per share guidance, projecting a 4% year-over-year growth at the midpoint, driven by strong Same Store NOI growth [2][7] Operating Results - Occupancy rates for wholly owned properties decreased to 92.9% in Q1 2025 from 93.6% in Q1 2024 [4] - The company reported GAAP leasing spreads of 20.3%, with new leases showing a growth of 22.6% and renewal leases at 19.9% [4] - Same Store Property Net Operating Income increased to $24.7 million in Q1 2025 from $23.5 million in Q1 2024 [5][50] Financial Metrics - Core Funds from Operations (FFO) for Q1 2025 were $13.1 million, compared to $12.3 million in Q1 2024, with FFO per diluted share rising to $0.25 from $0.23 [5][47] - EBITDAre for Q1 2025 was reported at $21.4 million, up from $20.5 million in Q1 2024 [5] - The company declared a quarterly cash distribution of $0.135 per common share for Q2 2025 [6] Balance Sheet and Debt Metrics - As of March 31, 2025, Whitestone had total debt of $642.2 million and undepreciated real estate assets valued at $1.3 billion [9][10] - The company has a capacity of $97.7 million available under its $250 million revolving credit facility [9] Portfolio Statistics - Whitestone owned 55 Community-Centered Properties™ with a total gross leasable area of 4.9 million square feet as of March 31, 2025 [9][10] - The properties are primarily located in high-income markets in Texas and Arizona, including Austin, Dallas-Fort Worth, Houston, Phoenix, and San Antonio [10][15]
Kite Realty Group Reports First Quarter 2025 Operating Results
Globenewswire· 2025-04-29 20:15
Core Insights - Kite Realty Group reported a net income of $23.7 million, or $0.11 per diluted share, for Q1 2025, compared to $14.2 million, or $0.06 per diluted share, in Q1 2024, indicating a significant year-over-year increase in profitability [1][21][34] - The company raised its 2025 guidance for NAREIT FFO to a range of $2.04 to $2.10 per diluted share, up from the previous range of $2.02 to $2.08 per diluted share [9] - Kite Realty Group acquired Legacy West in the Dallas MSA for $785 million, with its share amounting to $408 million, through a joint venture with GIC, enhancing its portfolio in a high-growth area [3][11] Financial Performance - The company generated NAREIT FFO of $122.8 million, or $0.55 per diluted share, and Core FFO of $118.1 million, or $0.53 per diluted share for Q1 2025 [7][24] - Same Property Net Operating Income (NOI) increased by 3.1% year-over-year, reflecting strong operational performance [7][33] - The operating retail portfolio's annualized base rent per square foot was $21.49, a 3.1% increase year-over-year [7] Capital Allocation and Investments - Kite Realty executed 182 new and renewal leases representing approximately 844,000 square feet, with blended cash leasing spreads of 13.7% [7][33] - The company sold Stoney Creek Commons for $9.5 million and acquired Village Commons for $68.4 million during the quarter [3][7] - The joint venture with GIC aims to co-invest in high-quality, open-air retail and mixed-use assets, with Legacy West being a key acquisition [3][11] Dividend and Shareholder Returns - The Board of Trustees declared a second quarter 2025 dividend of $0.27 per common share, representing an 8.0% year-over-year increase [8] - The company aims to maintain leverage at or below its long-term target of 5.0x to 5.5x net debt to EBITDA, with a current net debt to Adjusted EBITDA ratio of 4.7x [6][9]