Core Viewpoint - Freehold Royalties Ltd. reported a strong second quarter performance with increased production and funds from operations, despite lower oil prices compared to previous quarters [3][4][8]. Financial Performance - The company generated $78 million in revenue and $57 million in funds from operations, translating to $0.35 per share, which is a 40% increase from the first quarter of 2021 [4][8]. - Dividends paid to shareholders amounted to $44 million, maintaining a dividend payout ratio of 78% [6][9][38]. - The average realized price for petroleum and natural gas was $50.36 per barrel of oil equivalent (boe) [8][9]. Production and Operations - Total production reached 16,584 barrels of oil equivalent per day (boe/d), a 2% increase from the previous quarter and a 9% increase year-over-year [3][8]. - U.S. production contributed significantly, with a 7% growth over the first quarter of 2025, and accounted for 7,480 boe/d [3][8]. - The company drilled a total of 271 gross wells during the quarter, with 226 in the U.S. and 45 in Canada [11][12]. Leasing and Revenue - Bonus and leasing revenue was strong, generating $1.9 million in the second quarter and $5.8 million in the first half of 2025, marking a 50% increase from the previous record in 2018 [5][8]. - The company entered into 40 new leases during the second quarter, contributing to its leasing revenue [8][14]. Market Conditions - Oil prices in the second quarter were at their lowest since the first quarter of 2021, with West Texas Intermediate (WTI) averaging $63.74 per barrel [7][8]. - The company’s strategic focus on high-quality, liquids-weighted assets has positively impacted its financial performance despite the challenging market conditions [4][8].

Core Viewpoint - The Becker Milk Company Limited reported improved financial results for the year ended April 30, 2025, with significant increases in net income and property revenue compared to the previous year [1][2]. Financial Highlights - Total revenue for the year ended April 30, 2025, was $2,992,082, an increase of $53,566 from $3,045,648 in 2024, driven by higher property revenue and finance income [2][7]. - Property revenue rose to $2,834,413 from $2,792,736, while finance income decreased to $157,669 from $252,912 [3][7]. - Net income attributable to common and special shareholders surged to $2,847,590, compared to $124,478 in 2024, resulting in income per share of $1.57, up from $0.07 [3][7]. Changes in Net Income - The increase in net income of $2,723,112 was attributed to several factors, including a favorable fair value adjustment of $3,231,103, a decrease in current taxes of $47,805, and an increase in net operating income of $11,794 [5][6]. - The increase in fair value adjustment was due to a downward adjustment in investment property capitalization rates [5]. Non-IFRS Financial Measures - Net Operating Income for the year was $2,386,854, reflecting an increase of $11,794 from $2,375,060 in 2024, primarily due to improved property revenue from higher recovery of operating costs [6][8]. - Adjusted funds from operations were recorded at $705,034 ($0.39 per share), down from $920,029 ($0.51 per share) in 2024 [8][9]. Strategic Review - The Board of Directors is actively evaluating strategic directions and has engaged in discussions with potential acquirers, although no active discussions are ongoing at this time [10].

Core Insights - FIBRA Prologis reported a decline in net earnings per CBFI for Q1 2025, with earnings at Ps. 2.0195 (US$0.0985) compared to Ps. 6.1383 (US$0.3505) in Q1 2024, indicating a significant drop in profitability [2] - The company demonstrated resilience amid global trade uncertainties, supported by operational discipline and a strong balance sheet [3] Financial Performance - Funds from operations (FFO) per CBFI increased to Ps. 1.2384 (US$0.0609) in Q1 2025 from Ps. 0.8416 (US$0.0492) in Q1 2024, reflecting improved operational efficiency [2] - As of March 31, 2025, FIBRA Prologis had a leverage ratio of 22.9% and liquidity of approximately Ps. 11.2 billion (US$546 million), which included Ps. 9.5 billion (US$465 million) in available capacity on its unsecured credit facility [5] Operating Metrics - The period-end occupancy rate was 98.8% and average occupancy was 98.1%, both showing slight declines from the previous year [4] - Customer retention improved significantly to 93.6% from 75.4% in the same period last year [4] - The net effective rent change was recorded at 65.2%, up from 47.7% in Q1 2024, driven by strong performance in Monterrey, Tijuana, and Mexico City [4][7] Portfolio Overview - FIBRA Prologis' portfolio as of March 31, 2025, included 507 investment properties totaling 87.0 million square feet (8.1 million square meters), with 345 logistics and manufacturing facilities across six core industrial markets in Mexico [9]