Market Overview - The U.S. cold storage market is potentially nearing the end of a downturn caused by overbuilding and slowing consumer spending, with vacancy rates reaching a 20-year high due to pandemic-driven construction and declining food inventory trends [1] - The market recorded approximately 3.5 million square feet of positive absorption in 2025, indicating solid underlying demand despite current challenges [1] Current Challenges - Persistently high food prices are straining consumer budgets, leading to slowed consumption growth [2] - Inventory carrying costs remain elevated, with rents having doubled since 2020 and interest rates still high [2] Supply and Demand Dynamics - The supply-demand gap is expected to narrow as the development pipeline moderates, with the U.S. cold storage pipeline decreasing to about 5.9 million square feet, the lowest level since 2020 [3] - However, supply is likely to continue outpacing absorption in the near term due to ongoing construction projects [3] Market Segmentation - A "flight to quality" is creating a bifurcated market, with occupants favoring new assets over older facilities, which are facing functional obsolescence [4] - Older facilities accounted for 73% of industry vacancies last year, with a 7.6% vacancy rate compared to 2.7% for modern sites that were operational before the pandemic [4] Long-term Catalysts - Several structural drivers support the long-term health of the cold storage sector, including population growth, increased domestic food production, the rise of online grocery sales, and the expanding needs of pharmaceutical and biologics cold chains [5] - E-grocery sales increased by 32% year over year in the fourth quarter, necessitating larger footprints to meet customer delivery expectations [5] Operational Trends - Retailers are adapting to a shift towards delivery and ship-to-home models, which are more intensive on cold-chain logistics, by leveraging existing stores, partnering with third-party logistics providers, and developing dedicated fulfillment nodes [6]

THE LINK Dallas INVESTOR PRESENTATION March 2026 WHY COUSINS? | PREMIER SUN BELT | • | 100% Sun Belt / 100% Class A / 2011 average year built1 | | --- | --- | --- | | LIFESTYLE OFFICE | • | 72% of portfolio delivered or redeveloped since 20102 | | PORTFOLIO | • | CUZ asking rents 20% higher than pre-pandemic levels and 31% higher than Class A avg3,4 | | BENEFITING FROM | • | Flight to quality driving demand for newer, highly-amenitized assets5 | | POWERFUL | • | Sun Belt migration leading to outsized popula ...

Core Viewpoint - The artificial intelligence (AI) industry's stock market sentiment has shifted from euphoria to a more discerning approach, with investors questioning the timing and viability of returns on AI investments, leading to a "flight to quality" in the market [1] Company Overview - DigitalOcean is not a household name like Nvidia or Palantir but provides essential AI-capable data center services that many companies rely on without realizing it [2][3] Product Offerings - DigitalOcean offers "droplets," which are virtual computing environments billed per second, making them affordable compared to competitors [5] - The company has developed Gradient AI technology specifically for inference, a newer form of machine learning that allows AI to respond to requests based on limited information [6] Financial Performance - DigitalOcean reported a revenue of $242 million last quarter, reflecting an 18% year-over-year increase, with a full-year revenue growth rate of 15% totaling $901 million [9] - Analysts project sales growth to accelerate to over 21% this year, with 2026 revenue projections nearing $1.1 billion and expected growth of 30% next year, leading to over $1.4 billion in revenue [9][10] Market Position and Growth Potential - Despite recent turbulence in the AI stock market, the demand for AI services remains strong, with the global AI data center market expected to grow at an average annual rate of over 35% through 2034 [12] - DigitalOcean is viewed as offering a favorable balance of risk, reward, and reliability, distinguishing it from many other AI investment opportunities [13] Stock Valuation - Analysts have set a one-year price target of $75 for DigitalOcean, indicating a potential upside of more than 20% from its current price [14]

Core Viewpoint - The Invesco S&P 500 Quality ETF (SPHQ) has faced challenges in maintaining momentum during market volatility, despite a solid 7% return year-to-date through late February [1][3]. Investment Performance - SPHQ is a $16 billion ETF that correlates highly with the S&P 500, but it has struggled to rally as expected due to high starting valuations and a specific index methodology [3]. - The fund has a 1-Year Return of 14.14% and a 3-Year Return of 73.57% [4]. Fund Characteristics - SPHQ targets companies based on three fundamental pillars: return on equity, accruals ratio, and financial leverage ratio, focusing on high profitability and low debt [9]. - The fund has a P/E Ratio of 24.71, indicating that investors are paying a premium for quality [4][10]. - The management fee for SPHQ is 0.15%, and it has an annual dividend yield of 1.04% [4]. Sector Exposure - The fund currently has a heavy concentration in financials, industrials, and consumer staples, while reducing exposure to mega-cap technology stocks that previously drove market performance [11]. - This shift was intended to reduce concentration risk but resulted in missing out on the AI-led surge in the market [11].

Summary of Brandywine Realty Trust Conference Call Company Overview - **Company**: Brandywine Realty Trust (NYSE: BDN) - **Date**: March 03, 2026 - **Key Speaker**: Gerry Sweeney, CEO Key Points Industry and Market Dynamics - The company operates in the real estate sector, focusing on office spaces, particularly in Philadelphia and Austin markets [2][10] - The overall vacancy rate in Philadelphia is below the national average, with limited new office construction in the last decade [10] - Approximately 15% of existing office inventory in Philadelphia is being converted to residential or hospitality uses, indicating a shift in market demand [10] Operational Performance - Brandywine anticipates occupancy levels to improve by about 120 basis points in 2026, with positive absorption expected [2][3] - The company has a GAAP mark-to-market of 5%-7% company-wide, with core markets like Philadelphia seeing 8%-10% [3] - The Philadelphia CBD, which generates about 48% of overall revenues, is 95% occupied and 97% leased [4] Leasing Activity - Tour volume increased by nearly 50% in 2025 compared to 2024, with a conversion rate of 56% from tours to proposals [4] - The company has captured a significant share of new leasing activity in Philadelphia CBD, with 54% of new leases signed at Brandywine properties [5] Financial Strategy - Brandywine is implementing a balance sheet improvement program, targeting $290 million in asset sales with an average cap rate of about 8% [6][7] - Proceeds from asset sales will be used to reduce leverage and improve net debt to EBITDA ratios [7][49] - The company plans to buy back higher-priced bonds and refinance construction loans as part of its financial strategy [7][48] Development and Future Projects - The company is evaluating redevelopment opportunities for properties vacated by IBM in 2027, with plans for renovations and increased density at the Uptown ATX development [25][26] - Brandywine has a pipeline of about 800,000 sq ft of users for renovated spaces, aiming to present high-end inventory priced below new developments [26] Life Science Sector - The company aims to grow its exposure to the life science sector from 8% to 25%, despite current market softness [56] - Many life science tenants are privately financed and reliant on FDA trials, with some expansion plans on hold due to capital constraints [54][56] Market Outlook - Net effective rent growth for office spaces is projected to be around 2% in 2027 [58] - The office sector is expected to have fewer public companies in the coming year [60] Additional Insights - The company is utilizing AI to enhance leasing and financial reporting processes, indicating a trend towards technology integration in operations [20] - The demand for office space is being driven by financial services and technology firms, with a notable uptick in interest from tech companies in Austin [24][21] Conclusion Brandywine Realty Trust is positioned to capitalize on improving market conditions, with a strong operational performance in key markets, a strategic focus on balance sheet improvement, and a commitment to adapting to evolving industry trends. The company is optimistic about future growth, particularly in the life science sector, while also navigating challenges in the office space market.

Financial Data and Key Metrics Changes - Total revenues increased to $256 million from $209.7 million year-over-year, driven by the Element LA lease termination fee [14] - G&A expenses decreased by 33% to $13 million compared to $19.5 million in the prior year, indicating a substantial improvement in cost structure [14] - FFO, excluding specified items, was $13.6 million or $0.21 per diluted share, down from $15.5 million or $0.74 per diluted share in the prior year [14] - Same-store cash NOI was $84.8 million compared to $94.3 million in the prior year, primarily reflecting lower average office occupancy [15] - The company reduced its share of net debt by 22%, improving debt to undepreciated book value by 680 basis points to 31.9% [16] Business Line Data and Key Metrics Changes - The office portfolio occupancy increased to 76.3%, up 40 basis points sequentially, while lease percentage increased by 50 basis points to 77% [10] - Studio revenue increased by $3.6 million sequentially, with studio NOI rising by $2.1 million [13] - The in-service Hollywood stages' trailing twelve-month occupancy was notably higher at 86.2%, while Quixote stages reached 53.3%, up 500 basis points quarter-over-quarter [12] Market Data and Key Metrics Changes - San Francisco generated over 2.5 million sq ft of net absorption for the year, the third highest annual total on record [5] - Silicon Valley recorded 2.9 million sq ft of positive absorption, marking five consecutive quarters of occupancy gains [5] - The Puget Sound posted its first positive absorption quarter in three years [5] Company Strategy and Development Direction - The company aims to drive occupancy growth to unlock embedded NOI expansion and eliminate Quixote's earnings drag by year-end [7] - The focus is on owning and operating highly selective office and studio assets in prime locations, with a target of $200 million-$300 million in additional sales in 2026 [8][9] - The company plans to maintain capital discipline through value-driven asset sales and strategic deleveraging [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing demand, with office tours up 50% and a leasing pipeline of 2.3 million sq ft [20] - The company anticipates slightly lower FFO in the first quarter relative to the fourth quarter of 2025, followed by steady sequential growth throughout the year [17] - Management noted that the structural advantages of their markets remain intact, with a clear line of sight to occupancy growth and NOI expansion [21] Other Important Information - The company is evaluating additional targeted cost reductions to mitigate Quixote's earnings drag by year-end [13] - The fourth quarter non-cash impairment drives $23 million in annual depreciation savings at midpoint, benefiting FFO in 2026 [19] - The company plans to host an Investor Day in the second half of 2026 to provide greater transparency on its multi-year strategy [21] Q&A Session Summary Question: Insights on Quixote write-down and future plans - Management indicated that they are looking to manage the Quixote business down to a flat operation by year-end and are evaluating alternatives for underperforming assets [24][25] Question: Update on Hollywood Media Portfolio loan negotiations - Management stated that they are in ongoing discussions with lenders and are focused on achieving the best outcome for shareholders [27] Question: Leasing costs and internal cash generation - Management expressed confidence in having sufficient liquidity to meet leasing costs without needing additional capital events [34][36] Question: Expectations on Quixote's performance and potential impairments - Management clarified that they are tracking towards break-even by year-end 2026 and do not anticipate further write-downs at this time [89] Question: Update on Washington 1,000 leasing activity - Management reported increased activity in Washington 1,000, with several large tenant discussions ongoing [66] Question: Comparison of occupancy guidance to previous targets - Management confirmed that the 80%-82% occupancy guidance is based on a starting point of 76.3% and is expected to grow throughout the year [61] Question: Insights on studio business and tax credits - Management noted that while they are conservative in their projections, there is potential for growth in the studio business driven by micro dramas [41]

Core Insights - The cryptocurrency market has experienced a significant correction after reaching an all-time high of approximately $4 trillion in total market value in October [1] - Bitcoin's price peaked near $126,000 during the rally but has since retraced to the low $60,000 range, leading to billions in liquidated leveraged positions and a sharp contraction in open interest [2] Institutional Response to Volatility - Institutions are simplifying their exposure rather than abandoning it during periods of volatility, focusing on consolidating their investments [3][4] - The trend indicates a flight to quality, where institutions reduce exposure to complex or high-risk applications and revert to more fundamental strategies [5] Market Behavior Indicators - On-chain behavior, particularly wallet activity, serves as a reliable indicator of market health, with assets moving off exchanges and DeFi platforms into fewer wallets during volatile periods [6] - This movement is interpreted as caution rather than capitulation, reflecting a more conservative approach by institutions [6] Current Market Conditions - The market is currently under real liquidity strain, with institutions exhibiting nervousness due to broader market volatility and tightening financial conditions [7] - Capital allocators are expected to proceed with increased caution in light of these liquidity constraints [8]

Core Insights - The article highlights a strong performance in 2025, driven by record-high leasing revenue and a 15% surge in capital markets during Q4, indicating an early-stage recovery in transaction velocity [1] Financial Performance - The company achieved a 2.9x reduction in net leverage a year ahead of schedule, attributed to disciplined working capital management and a $300 million debt prepayment [1] Strategic Initiatives - The firm is transitioning from a siloed brokerage model to an integrated enterprise 'spine' that allows proprietary data to flow freely across advisory and services business lines [1] - Strategic wins include securing a large international integrated portfolio mandate by displacing incumbents through unified, multi-market execution rather than individual broker efforts [1] Technology and Innovation - Management views AI as an augmentation tool for 'trusted advisors' rather than a replacement, specifically targeting complex, high-stakes commercial negotiations that resist automation [1] - Operational leverage is being realized by scaling the platform through AI-driven digital workflows in legal, leasing, and capital markets without proportional increases in headcount [1] Market Trends - A 'flight to quality' trend is driving demand in industrial and office sectors, as occupiers prioritize modern facilities capable of supporting automation and high power requirements [1]

Investment Rating - The report indicates a positive outlook for the South East office market, with a focus on high-quality, amenity-rich assets, suggesting a favorable investment environment for the coming years [5][15]. Core Insights - 2025 is projected to achieve the highest annual take-up figures since 2019, with a total of 3.4 million sq ft leased, reflecting an 8% increase compared to 2024 [7]. - The demand is primarily driven by the Financial and Business Services sector, accounting for 26% of total take-up, followed closely by the TMT sector at 23% [7]. - Grade A accommodation represented 79% of all take-up in 2025, highlighting a continued flight to quality among occupiers [7]. - Availability in the market decreased to 16.2 million sq ft, with a notable contraction in prime segments [7]. - The development pipeline remains limited, with 1.8 million sq ft under construction, primarily concentrated in Cambridge and West London [7][15]. Summary by Sections Leasing Overview - Total take-up for 2025 reached 3,374,313 sq ft, which is 8% higher than the five-year average [4]. - Active demand at year-end totaled 3.95 million sq ft, with Financial and Business Services again representing 26% of this demand [7]. - Availability decreased to 16,181,056 sq ft, a 12.3% reduction compared to the five-year average [4]. Investment Overview - Investment volumes for 2025 were £1.3 billion, which is 43% lower than the ten-year average [9]. - The market saw 112 deals completed in 2025, which is 15% higher than the ten-year average [15]. - Prime office yields in the South East remained at 7.00%, indicating attractive opportunities for investors [15]. Market Dynamics - The report notes a significant increase in rental prices, with 40% of markets in the South East registering an uplift, particularly in Cambridge and Oxford, which saw rental growth of 27% and 16% respectively [7]. - The overall vacancy rate improved to 10.2% in Q4 2025, down from 10.5% in Q4 2024, with Grade A vacancy decreasing to 6.6% [7]. - The report emphasizes the importance of high-quality space, as evidenced by the strong demand for Grade A accommodation [7][15].

Core Insights - Investors are increasingly allocating capital to U.S. spot Bitcoin exchange-traded funds (ETFs), with a notable net inflow of $457 million on Thursday, indicating a preference for Bitcoin amidst a cautious broader crypto market sentiment [1][2][3] Bitcoin ETF Inflows - The significant contributors to the inflow included BlackRock's IBIT with $262.11 million, Fidelity's FBTC with $123.61 million, and Bitwise's BITB with $21.9 million, while Grayscale's GBTC experienced an outflow of $25.11 million [2] - Bitcoin's current trading price is approximately $88,700, reflecting a 1.5% increase over the past 24 hours [2] Institutional Demand vs. Retail Outlook - There is a strong institutional demand for Bitcoin, with a prediction market indicating a 63% chance that Bitcoin will reach $100,000 rather than $69,000, suggesting a flight to quality among investors [3] - The inflow of $457 million into Bitcoin is seen as a prioritization of liquidity and regulatory clarity amid macroeconomic uncertainties [3][5] Divergence in Crypto ETF Flows - In contrast to Bitcoin, U.S. spot Ethereum ETFs faced a $22.43 million outflow, marking the fifth consecutive day of redemptions, reflecting a bearish outlook for Ethereum [4] - Users on the prediction market Myriad assign only a 32% chance for Ethereum to reach $4,000, indicating a cautious sentiment [4] Market Behavior and Investor Positioning - The outflows from Ethereum and the stability of XRP and other altcoins suggest a selective investment approach rather than a broad risk-on behavior, with capital consolidating around perceived safer assets [5] - Bitcoin's price resilience and strong absorption of sell pressure align with the recent inflow, indicating that investors are positioning for medium-term upside while remaining cautious on riskier assets [6] Market Liquidity Considerations - The holiday season is expected to bring low-volume and low-liquidity conditions, which could lead to increased volatility and potential liquidation events, necessitating a cautiously optimistic investor stance [6]