Key Takeaways TRNO acquired an industrial property in Queens, NY, for $16M with an estimated 3.9% stabilized cap rate. The 36,000-sq-ft property is 100% leased to an insulation distributor through May 2028. The site's location at 11-40 Borden Avenue is likely to lure tenants, making the acquisition a strategic fit. Terreno Realty (TRNO) has announced the acquisition of an industrial property in Long Island City, Queens, NY, for $16 million, in line with its acquisition-driven growth strategy. The transact ...

WILLIAMSBURG, Va., May 13, 2025 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ: SOHO), (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated results for the first quarter ended March 31, 2025. The Company’s results include the following*: Three Months Ended March 31, 2025 March 31, 2024 ($ in thousands except per share data) Total revenues$48,312 $46,548 <td style="text-align: left ; vertical-align: midd ...

Financial Data and Key Metrics Changes - The company reported a healthy first quarter with core FFO per share exceeding the midpoint of guidance by $0.05 [4][12] - Same property revenues grew by 3.4% year-over-year, which was 40 basis points ahead of plan [12] - Delinquency improved to 1.3% of scheduled rent compared to 3.9% for the same period last year [5][12] Business Line Data and Key Metrics Changes - The first quarter saw a blended net effective rent growth of 2.8%, with new lease rates improving sequentially from the fourth quarter [5] - New lease rates turned positive in all three major regions, led by Northern California at 1.5%, Seattle at 1.3%, and Southern California at 20 basis points [7] - The turnover rate was notably low at 35%, contributing to stable occupancy levels [6] Market Data and Key Metrics Changes - Total new housing supply delivery as a percentage of stock in 2025 is exceptionally low at only 50 basis points in the Essex markets [9] - Deal volume in the markets was higher in the first quarter compared to the same period last year, totaling $2.5 billion with cap rates in the mid to high 4% range [10] Company Strategy and Development Direction - The company is reallocating into higher rent growth markets and optimizing its operating platform to generate above-market returns [5] - The focus remains on maximizing revenues and generating long-term accretion, with a cautious approach due to macroeconomic uncertainties [8][9] - The company is actively pursuing opportunities to expand in Northern California and is studying other markets for potential investments [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West Coast multifamily fundamentals being well-positioned for various economic outcomes due to low supply [9][96] - There is a cautious outlook regarding macroeconomic uncertainties impacting business investment and job growth, leading to a decision not to revise guidance upward at this time [8][12] - The labor market remains soft in Los Angeles, affecting pricing power, but there is optimism about recovery as delinquency levels improve [62] Other Important Information - The company has refinanced the majority of its 2025 debt maturities earlier this year, maintaining a strong balance sheet with over $1 billion in available liquidity [17] - The preferred equity portfolio saw around $27 million in redemptions, with expectations for further redemptions later in the year [15][16] Q&A Session Summary Question: Guidance on blended rate growth - Management confirmed that the original guidance included a slight increase in blended rate growth in the second half of the year, and they remain confident in achieving that [20][21] Question: Impact of the tech sector on the portfolio - Management noted that job openings in the top 20 tech companies have remained steady, indicating health in the sector, and they are not seeing signs of weakness [23][24] Question: Occupancy strategy for the second quarter - The occupancy strategy remains consistent, with a focus on pushing rents in Northern California while maintaining occupancy in Southern California due to supply dynamics [30][31] Question: Renewal rates and market tracking - Renewal rates in April were steady, landing in the low fours, consistent with expectations [40] Question: Changes in migration trends - No noticeable changes in international migration trends were reported, but domestic migration to San Francisco and San Mateo has turned positive [102][103]

Financial Data and Key Metrics Changes - The company reported a healthy first quarter with core FFO per share exceeding the midpoint of guidance by $0.05, driven by a consolidated portfolio performance ahead of plan with same property revenues growing 3.4% year-over-year [11][12] - Blended net effective rent growth was 2.8% for the first quarter, with new lease rates improving sequentially from the fourth quarter [4][11] - Delinquency improved to 1.3% of scheduled rent in Los Angeles, down from 3.9% in the same period last year [4][11] Business Line Data and Key Metrics Changes - New lease rates turned positive in all three major regions, led by Northern California at 1.5%, Seattle at 1.3%, and Southern California at 0.2% [5] - The turnover rate was notably low at 35%, contributing to stable occupancy levels [4] - In April, renewal rates landed in the low fours, consistent with plans, while new lease rates remained steady [36][37] Market Data and Key Metrics Changes - Total new housing supply delivery as a percentage of stock in 2025 is exceptionally low at only 50 basis points in Essex markets, expected to moderate throughout the year [7] - Deal volume in the markets was higher in the first quarter compared to the same period last year, totaling $2.5 billion with cap rates in the mid to high 4% range [8] Company Strategy and Development Direction - The company is focused on reallocating capital into higher rent growth markets and optimizing its operating platform to generate above-market returns [3][4] - The company remains cautious about revising guidance due to macroeconomic uncertainties, particularly regarding U.S. and global trade policies [6][12] - The company is actively pursuing opportunities to enhance shareholder accretion while maintaining a disciplined investment strategy [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West Coast multifamily fundamentals, stating they are well-positioned for a wide range of economic outcomes due to low supply [7][93] - The company noted that while the tech sector's job growth has been steady, it is closely monitoring potential impacts from macroeconomic changes [21][92] - Management highlighted that the labor market remains soft in Los Angeles, affecting pricing power, and emphasized the need for delinquency recovery to improve occupancy and pricing [60][61] Other Important Information - The company has refinanced the majority of its 2025 debt maturities and maintains over $1 billion in available liquidity [15] - The preferred equity portfolio saw around $27 million in redemptions, with expectations for further redemptions in the upcoming quarters [14] Q&A Session Summary Question: Guidance and Rate Growth - The company confirmed that the original guidance included a slight increase in blended rate growth in the second half of the year, and they remain confident in achieving this [17][19] Question: Impact of Tech Sector - Management indicated that job openings in the top 20 tech companies have remained steady, suggesting continued hiring in the sector [20][22] Question: Occupancy Strategy - The company is maintaining its occupancy strategy while pushing rents in Northern California, with a focus on occupancy in Southern California due to supply dynamics [25][27] Question: Renewal Rates - Renewal rates in April were steady, landing in the high threes, consistent with the company's plans [37] Question: Market Conditions in LA - Management noted that pricing power in LA depends on delinquency recovery and that the labor market remains soft, impacting overall performance [60][61] Question: Development and Investment Strategy - The company is actively looking for new investment opportunities but remains disciplined in its approach, focusing on long-term performance [64][111] Question: Concessions and Loss to Lease - Concessions have improved significantly from the fourth quarter to the first quarter, and loss to lease metrics have also shown improvement [113]

CubeSmart (CUBE) Q4 2024 Earnings Call February 28, 2025 11:00 AM ET Company Participants Josh Schutzer - VP, FinanceChristopher Marr - CEO, President & TrusteeTimothy Martin - CFO & TreasurerDaniel Tricarico - Associate Director - Equity ResearchJeffrey Spector - Managing DirectorSpenser Glimcher - Managing DirectorJuan Sanabria - Managing DirectorKi Bin Kim - Managing DirectorEric Wolfe - DirectorJon Petersen - Managing Director Conference Call Participants Michael Goldsmith - US REITs AnalystTodd Thomas ...