Core Viewpoint - Merko Ehitus reported a significant decrease in revenue and net profit for 2025 compared to 2024, but proposed a dividend payment reflecting a solid financial position despite the downturn in construction activity [1][9][14]. Financial Performance - In Q4 2025, Merko Ehitus generated revenue of EUR 69 million and a net profit of EUR 3.2 million, while the full year revenue was EUR 311 million and net profit was EUR 39.9 million, marking a 42.3% decrease in annual revenue compared to 2024 [1][10][9]. - The pre-tax profit for 2025 was EUR 44.8 million, with a pre-tax profit margin of 14.4%, slightly up from 14.2% in 2024 [8]. - The net profit margin for 2025 was 12.8%, compared to 12.0% in 2024 [9]. Order Book and Contracts - As of December 31, 2025, the secured order book stood at EUR 466.9 million, an increase from EUR 340.6 million in 2024, with new contracts signed amounting to EUR 362.8 million for the year [11][4]. - In 2025, Merko signed new construction contracts worth EUR 363 million, including significant projects like the Rail Baltica Ülemiste passenger terminal and the Tallinn–Pärnu main line [4][3]. Real Estate Development - The residential real estate market showed improvement, with Merko delivering 358 apartments in 2025, up from 323 in 2024, and launching construction of 894 apartments, a threefold increase compared to the previous year [6][12]. - The revenue from the sale of developed apartments was EUR 67.8 million in 2025, compared to EUR 58.9 million in 2024 [12]. Cash Position and Equity - At the end of 2025, Merko had EUR 41.4 million in cash and cash equivalents, with total equity of EUR 260.6 million, representing 62.8% of total assets [13][17]. - The company's net debt was negative EUR 8.3 million, indicating a strong financial position [13]. Dividend Proposal - The management board proposed a dividend distribution of EUR 22.1 million, equating to EUR 1.25 per share, which reflects a 55% dividend rate for 2025 [14].

BALI, Indonesia, Jan. 27, 2026 (GLOBE NEWSWIRE) -- Gold and Gemstone Mining, Inc. (OTC: GGSM) (the “Company”) announced that it is expanding into luxury hospitality and real estate development in Bali, including plans for exclusive high-end villas and the evaluation of complementary restaurant and hotel concepts as part of its broader Indonesia-focused business activities. The Company is pursuing the development of a luxury villa project consisting of seven high-end villas designed to serve the premium segm ...

Core Points - Hepsor AS successfully completed its first bond offering under a 20-million-euro bond program, approved by the Estonian Financial Supervision Authority [1][2] - The bond issued has a nominal value of 1,000 euros, a fixed annual interest rate of 9.50%, and matures on 26 November 2028 [2] - The offering was oversubscribed by 1.4 times, with total subscriptions amounting to 8.5 million euros from 1,079 investors [3] Offering Details - Hepsor offered up to 6,000 bonds, with the option to increase by 2,000 bonds in case of oversubscription [2] - The distribution of subscriptions was 72.8% from Estonia, 24.6% from Latvia, and 2.6% from Lithuania [3] - The total volume of the offering was increased to 8 million euros due to oversubscription [3] Investor Insights - The management expressed gratitude to investors for their trust and support in Hepsor's growth objectives [4] - Strong investor confidence was noted, particularly from Latvian investors who subscribed for over 2 million euros [4] - The bond issuance reflects a positive perception of Hepsor as a developer of high-quality homes in Riga [4] Bond Trading and Tax Benefits - Bonds will be transferred to investors' accounts on 26 November 2025, with trading commencing on Nasdaq Tallinn Stock Exchange on 27 November 2025 [5] - Estonian residents can defer income tax on interest from the bonds by submitting an application to the issuer [6] Allocation Principles - Preference in bond allocation was given to existing Hepsor shareholders, employees, and institutional investors, who received 100% of their subscribed amount [7] - Other investors received 87.5% of their subscribed amount, with a minimum allocation of 10 bonds [7] Company Overview - Hepsor AS is a developer of residential and commercial real estate, operating in Estonia, Latvia, and Canada [8] - The company has developed 2,003 homes and nearly 44,787 square meters of commercial space over 14 years [8] - Hepsor is recognized for implementing innovative engineering solutions for energy-efficient buildings [8]

Financial Data and Key Metrics Changes - The third-quarter comparable FFO was $0.57 per share, up from $0.52 per share in the same quarter last year, beating analyst consensus by $0.02 [20] - Same-store GAAP NOI for the New York business overall increased by 9.1% for the quarter, while same-store cash NOI decreased by 7.4% [21] - The net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity at $2.6 billion [24] Business Line Data and Key Metrics Changes - Vornado leased 3.7 million sq ft overall in the first nine months of 2025, with 2.8 million sq ft in Manhattan office space [9] - Average starting rents for Manhattan office leasing during the first nine months were $99 per sq ft, with mark-to-markets of +11.9% GAAP and +8.3% cash [10] - In the third quarter, 21 New York office deals were executed totaling 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash [11] Market Data and Key Metrics Changes - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [8] - The vacancy rate for Midtown core better buildings is now down to 6.2% [7] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [22] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [12][14] - The acquisition of 623 Fifth Avenue is aimed at transforming it into a high-end boutique office building, with redevelopment expected to deliver space by year-end 2027 [15][16] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals to lock in spaces [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for office space in New York City, noting that tenant demand is robust and broad-based across industries [6] - The company expects 2025 comparable FFO to be slightly higher than 2024, with significant earnings growth anticipated in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [21] - Management highlighted the strong leasing fundamentals and liquidity in the capital markets for New York City assets [23][24] Other Important Information - The company is the largest owner of signage in New York City, with signage revenue for 2025 projected to be the highest year ever [17][18] - A recent court ruling vacated the arbitration panel's Penn 1 ground lease rent reset, but management remains optimistic about a reversal on appeal [19] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2 with only 20% of the building left? - Rents have increased, with average rent at $112/sq ft at Penn 2, and the company is confident in their approach with many deals in the works [26] Question: How will the leasing of 623 Fifth Avenue be approached? - The company plans to market the building similarly to 220 Central Park South, with high aspirations once designs are completed [28] Question: What is the current signed-not-open pipeline in terms of dollar value? - The company indicated a projection of over $200 million in revenue from signed leases over the next two years, with the bulk coming in 2027 [29][30] Question: What is the expected trajectory of occupancy next year? - Management anticipates occupancy could reach the low 90s over the next year, with a reasonable probability of reaching 90% in the next quarter or two [34][36] Question: What are the plans for proceeds from non-core asset sales? - Proceeds could be used for strengthening the balance sheet or for compelling external opportunities, with a focus on internal development projects [41] Question: How does the company view the signage business in the Penn District? - The company owns 100% of the signs in the Penn District, allowing for optimized income and steady growth in signage revenue [33][32]

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2025 was $2.27, an increase of 6.6% compared to the same quarter last year [6][10] - Quarter-end leasing was at 96.7%, with occupancy at 95.9%, and average quarterly occupancy was 95.7%, down 100 basis points from Q3 2023 [6][7] - Cash same-store revenue rose by 6.9% for the quarter and 6.2% year-to-date [7] Business Line Data and Key Metrics Changes - Quarterly releasing spreads were 36% GAAP and 22% cash for leases signed during the quarter, with year-to-date results at 42% and 27% GAAP and cash, respectively [6][10] - The company reported a quarterly retention rate of almost 80%, indicating a cautious nature among tenants [8] Market Data and Key Metrics Changes - The market remains somewhat bifurcated, with improved activity in smaller spaces (50,000 sq ft and below) but larger spaces experiencing delays in leasing [7][8] - The company is reforecasting 2025 starts to $200 million based on current demand levels, with a noted decline in the supply pipeline [9] Company Strategy and Development Direction - The company aims to capitalize on development opportunities earlier than private peers, leveraging its balance sheet strength and existing tenant expansion needs [9] - The focus is on geographic and tenant diversity to stabilize earnings regardless of economic conditions [7][9] - The company is excited about acquiring properties in Raleigh, North Carolina, and new development land in Orlando, as well as new buildings in Northeast Dallas [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improved market activity and the potential for future growth, despite current delays in leasing [8][9] - The company anticipates that as demand stabilizes, upward pressure on rents will occur due to limited availability of new modern facilities [9][10] - Management highlighted the importance of maintaining a strong balance sheet and being patient in evaluating capital sources [11] Other Important Information - The company’s debt-to-total market capitalization was 14.1%, with an unadjusted debt-to-EBITDA ratio of 2.9x and interest coverage at 17x [11] - Tenant collections remain healthy, with uncollectible rents estimated to be in the 35 to 40 basis point range as a percentage of revenues [13] Q&A Session Summary Question: Expansion on leasing and development pipeline - Management noted that conversations regarding leasing have improved since May, with a high retention rate benefiting the portfolio [18][19] Question: Construction costs and market rents - Construction pricing has decreased by 10% to 12%, and current construction pricing is still yielding acceptable returns [26][27] Question: Development pipeline availability and leasing activity - Management indicated that while there is activity in the development pipeline, the pace of leasing has been slower than desired [31][33] Question: Regional market strengths and weaknesses - The eastern region, particularly Florida and Raleigh, has shown strength, while California markets, especially L.A., have been slower [47][49] Question: Impact of economic conditions on leasing spreads - Management believes that a shift in demand could quickly impact rents, with a low supply environment supporting potential rent increases [55][60] Question: Bad debt levels and tenant watchlist - Bad debt remains low at around 30 to 35 basis points, with no significant changes in the tenant watchlist [68] Question: Interest rates and leverage levels - Management is monitoring interest rates and plans to utilize debt as opportunities arise, maintaining a flexible capital strategy [70][71] Question: Average rent per square foot and GAAP same-store NOI - Management indicated that rental rates remain sticky despite some moderation, with a strong operating year expected to continue [78][80]

Core Insights - Golden Triangle Ventures, Inc. has launched a construction subsidiary, GoldenEra Development, which has secured a significant residential development project in Austin, Texas valued at over $750,000, indicating strong revenue potential early in its operations [1][3] Company Overview - Golden Triangle Ventures, Inc. operates across multiple industries, including Construction, Health & Beverage, and Manufacturing & Distribution, aiming to provide operational excellence and innovative solutions for long-term growth [4] Market Context - Austin is identified as one of the fastest-growing real estate markets in the nation, with increasing demand for housing, presenting substantial opportunities for builders capable of executing large-scale projects [2] Future Outlook - The residential development contract is seen as the beginning of a robust pipeline of opportunities for GoldenEra Development, with additional projects under review that are expected to contribute to recurring revenue and long-term value for Golden Triangle Ventures [3]

Core Insights - The Taiwan Brand City plot in Nanjing's Hexi Central area is confirmed to be non-polluted, meeting future planning and construction requirements, which allows it to enter the bidding process soon [1][4][5] - The plot is strategically located in a mature area with established commercial and residential infrastructure, making it attractive for real estate developers [1][7] - The plot will be divided into residential and commercial mixed-use areas, with a total area exceeding 50,000 square meters and a floor area ratio of 2.4, suitable for high-end community development [5][7] Summary by Sections - **Pollution Status**: The soil pollution investigation confirms that the Taiwan Brand City plot does not have any pollution sources, thus it does not require further sampling [1][4] - **Development Timeline**: The plot has been used as a shopping mall since August 2010 and will be cleared and prepared for development starting November 2024 [4] - **Land Use and Zoning**: The plot will be split into two residential areas and retain some commercial mixed-use properties, indicating ongoing needs for commercial development in the Hexi area [5][7] - **Market Appeal**: The plot is seen as a "rare gem" in the Hexi area, surrounded by established communities, which enhances its attractiveness for developers looking to meet the demand for improved housing options [7]

Core Insights - Canterbury Park Holding Corporation (CPHC) experienced a 2.8% decline in shares following the second quarter 2025 results, contrasting with a 0.8% growth in the S&P 500 index during the same period [1] - The company reported a net revenue of $15.7 million for Q2 2025, down 3.3% from $16.2 million in the previous year, with a net loss of $327,000 compared to a net income of $338,000 in the prior year [2] - Adjusted EBITDA fell 22.2% to $1.87 million, with the margin decreasing to 12% from 14.9% year-over-year, primarily due to lower revenues and increased marketing costs [2][7] Revenue Breakdown - Casino revenues decreased by 3.6% year-over-year to $9.49 million, with declines in table games and poker collections attributed to heightened competition [3] - Pari-mutuel revenues dropped 12.9% to $2.26 million, impacted by fewer live race days (14 in 2025 versus 17 last year) and reduced simulcast wagering [3] - Food and beverage sales slightly decreased by 1.6% to $2.07 million, reflecting reduced casino activity and fewer race days, while other revenues increased by 11.4% to $1.85 million due to strong admission receipts for special events [3] Operating Expenses and Losses - Operating expenses rose by 1% year-over-year to $15.23 million, driven by higher salaries, advertising, and marketing costs related to new casino promotions [4] - Loss from equity investments widened to $1.39 million from $1.17 million, reflecting depreciation, amortization, and interest costs from joint ventures [4] Management Initiatives - CEO Randy Sampson highlighted ongoing efforts to enhance casino marketing programs and renovate horse racing facilities to improve the racing experience [5] - Management is focused on unlocking value from the Canterbury Commons real estate development, viewing it as essential for transforming the property into a premier regional destination [6] Financial Position - The company maintains a debt-free balance sheet with nearly $17 million in cash and short-term investments, alongside approximately $20 million in TIF receivables expected to generate payments in Q4 2025 [6] Factors Affecting Performance - Revenue declines were primarily due to competitive pressures in the casino segment and weather-related cancellations affecting live racing and pari-mutuel revenues [7] - The adjusted EBITDA margin drop was influenced by revenue declines and increased marketing expenditures aimed at reversing traffic and wagering declines [7] Future Outlook - The company expressed confidence that marketing investments and facility improvements will yield benefits in the second half of the year, supported by additional special events and ongoing real estate development [8] Development Progress - Significant progress was made in the Canterbury Commons development, including a nearly completed 19,000-seat amphitheater and high occupancy rates in residential projects [9] - Construction is underway for a 28,000-square-foot commercial office building, which is 66% pre-leased, with occupancy targeted for Q3 2025 [10]

Project Overview - A \$200 million project to build a 90,000 square foot ballroom at the White House is planned [1] - The ballroom project aims to replace the East Wing, traditionally the location of the First Lady's offices [1] - The project intends to eliminate the need for tents during large events [2] Funding and Donations - The project will be funded by the president and through private donations [2] - The source of the private donations remains undisclosed [2] Other Renovations - Additional renovation projects include flag poles, Rose Garden paving, and gold accents in the Oval Office [3] - A bathroom in the Lincoln bedroom is being renovated to better suit the Lincoln era [4]

Summary of Brandywine Realty Trust (BDN) Conference Call Company Overview - Brandywine Realty Trust (ticker: BDN) is an office REIT headquartered in Philadelphia with an equity market cap of approximately $750 million [2][4] - The company generates about 80% of its Net Operating Income (NOI) from the Greater Philadelphia area and 20% from Austin, Texas, with minor contributions from Metro DC, New Jersey, and Maryland [5] Market Position and Strategy - Brandywine has a portfolio of approximately 12 million square feet, focusing on high-quality office spaces [5] - The company is diversifying its product mix, including significant mixed-use developments like Schuylkill Yards in Philadelphia (5 million square feet) and Uptown ATX in Austin (potentially 17 million square feet) [6][7] - Current development pipeline is valued at nearly $1 billion, with a mix of 21% office, 42% residential, and 27% life science [8] Office Leasing Demand - The office leasing demand is recovering, with 96% of the CBD Philadelphia office portfolio leased [12] - High-quality office spaces are experiencing increased demand, with 60-80% of new leasing activity coming from tenants upgrading to better quality spaces [13] - The overall vacancy rate in Philadelphia is between 18-20%, with 50% of that vacancy concentrated in just 10 buildings [13][15] Financial Health and Capital Management - Brandywine has approximately $600 million in liquidity and no bond maturities until late 2027, positioning the company to capitalize on distressed opportunities [9] - The company sold $300 million worth of properties last year and targets $50 million in sales for the current year [8][42] - The balance sheet is under pressure due to rising interest costs, with interest carry costs increasing from $75 million in 2022 to $135 million currently [47] Life Science Sector - The company aims to increase its life science exposure from 8% to 25%, citing long-term demand drivers despite recent challenges in the sector [29] - Significant NIH funding cuts and a pullback in biotech capital raising are impacting the life science market [31][32] - Despite these challenges, there is optimism regarding future demand driven by major pharmaceutical companies and ongoing scientific advancements [34][35] Dividend Policy - The dividend policy is currently under review, with expectations to return to a fully covered dividend by the end of 2026 [53][54] - The company has room to adjust the dividend downwards if necessary, but management believes they can grow back to the current level [54] Market Outlook - The company anticipates that the pricing of high-quality office products will increase over the next few years as investor appetite and financing markets improve [44] - There is a focus on leasing up existing developments and stabilizing the portfolio before pursuing new developments [26][28] Conclusion - Brandywine Realty Trust is strategically positioned to benefit from the recovery in office leasing demand, particularly in high-quality spaces, while navigating challenges in the life science sector and managing its balance sheet effectively. The company remains optimistic about future growth and market conditions.