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The e-commerce platform reports weaker-than-expected earnings but beats revenue estimates and announces a $2 billion buyback program. ...

Alexander's (NYSE:ALX) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsSteven Borenstein - EVP and Corporate CounselSteven Roth - Chairman and CEOConference Call ParticipantsDylan Burzinski - Equity Research AnalystOperatorGood morning and welcome to the Vornado Realty Trust fourth quarter 2025 earnings call. My name is Nick and I will be your operator for today's call. This call is being recorded for replay purposes. All lines are in a listen-only mode. Our speakers will address you ...

Alexander's (NYSE:ALX) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsAnnabell Ehr - Assistant Relationship ManagerAnthony Paolone - Executive DirectorGlen Weiss - EVP of Office LeasingMichael Franco - President and CFONick Yurico - Managing DirectorSmedes Rose - DirectorSteven Borenstein - EVP and Corporate CounselSteven Roth - Chairman and CEOConference Call ParticipantsAlexander Goldfarb - Managing Director and Senior Equity Research AnalystCamille Bonnel - Equity Research Analys ...

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than anticipated [23] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [24] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [24] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [6] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing +10.4% GAAP and +7.8% cash [7] - Office occupancy rose from 88.8% to 91.2% [11] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [4] - The financing markets for class A assets are strong, with CMBS spreads at their tightest since 2021 [26] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including 350 Park Avenue and 623 Fifth Avenue [5][14] - The company aims to create high-quality office spaces and enhance its retail offerings in the Penn District [13][19] - The management team is committed to maintaining a cash-heavy balance sheet while exploring stock buybacks due to perceived undervaluation [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes materializes [25] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [22] Other Important Information - The company has extended maturities on nearly $3.5 billion of debt through 2031 and has been active in refinancing to bolster liquidity [27][28] - The company is planning to develop a 475-unit rental residential building and enhance retail offerings along 34th Street [18] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [30] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansions from financial services and tech sectors [34] Question: Share buybacks and asset dispositions - Management expressed strong interest in pursuing share buybacks, viewing the stock as undervalued [35] Question: Difference between cash and GAAP same-store NOI - Management indicated that the inflection point for cash NOI turning positive is expected in the second half of 2026 [37] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet top rents from four or five years ago [39] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is not annualized and will be recognized as tenants build out their spaces [40]

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than anticipated [26] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense [26] - Same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [27] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest leasing volume in over a decade [6] - Average starting rents in Manhattan were $98 per sq ft, with mark-to-markets of +10.4% GAAP and +7.8% cash [7] - Office occupancy rose from 88.8% to 91.2% in 2025, driven by significant leasing activity [12][28] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlord's market, with robust tenant demand from finance and tech sectors [4] - The financing markets for Class A assets are strong, with CMBS spreads at their tightest since 2021 [29] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [22] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including 350 Park Avenue and 623 Fifth Avenue [5][15] - The company aims to capitalize on the shortage of large blocks in better buildings by bringing prime space to market [14] - The management team is committed to maintaining a highly liquid, cash-heavy balance sheet while exploring stock buybacks [22][24] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlord's market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease-up takes effect [28] - Management acknowledges the disconnect between stock price and asset value, viewing current stock buybacks as an attractive investment opportunity [24][25] Other Important Information - The company has extended maturities on nearly $3.5 billion of debt through 2031 and has been active in refinancing to bolster liquidity [23][30] - The acquisition of 623 Fifth Avenue is viewed as a strategic move, with plans to create a high-quality boutique office space [15][16] - The company is also developing a 475-unit rental residential building on 34th Street, expected to break ground in the fall [19] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, providing flexibility in equity percentage [35] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansion from financial services and law firms [40] Question: Cash and GAAP same-store NOI difference - Management expects to see cash NOI turn positive in the second half of 2026 as free rent periods end [45] Question: Retail market conditions on Upper Fifth Avenue - The retail market is improving but still struggling to meet top-tick rents from four or five years ago [48] Question: Difference between GAAP occupancy and leased occupancy - The $200 million difference is not annualized and will be recognized as tenants build out their spaces [51]

Core Viewpoint - Reddit reported strong fourth quarter earnings, exceeding expectations in user and ad growth, but experienced a mixed market reaction with its stock price fluctuating post-earnings announcement [1][2][3]. Financial Performance - Reddit's earnings per share (EPS) was $1.24, surpassing the expected $0.94 [3]. - Revenue reached $726 million, a 70% increase year-over-year, also beating expectations [4]. - For the first quarter of 2026, Reddit projected sales between $595 million and $605 million, higher than market expectations, with earnings projected between $210 million and $220 million, exceeding the estimate of $203 million [4]. Analyst Ratings and Price Targets - Guggenheim raised its price target for Reddit from $245 to $255, maintaining a buy rating, citing strong revenue and profit growth [6]. - Several analysts lowered their price targets, but all remain significantly above the current trading price of $145. For instance, Evercore ISI reduced its target from $320 to $290, while Oppenheimer lowered it from $300 to $250 [7][9]. - Caner Fitzgerald lowered its price target to $170 from $240, maintaining a neutral rating, indicating strong growth but cautioning on user growth trajectory [10][11]. Market Reaction - Despite the strong earnings report, Reddit's stock initially rose but then fell by 4%, indicating a mixed market sentiment [1][2]. - Analysts noted that the downward movement in stock price may be influenced by sector-wide deratings, with many firms adjusting their targets due to broader market conditions [8][12].

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward [5] - Portfolio occupancy currently over 96%, with significant improvement expected in supply conditions [9] - The company purchased approximately $206 million of its stock during Q4 and a total of $300 million in 2025 [11] Business Line Data and Key Metrics Changes - Revenue results for Q4 reflect a physical occupancy of 96.4%, driven by solid demand and strong retention [16] - Blended rate growth of 0.5% in Q4 was driven by a strong renewal rate of 4.5%, offset by negative new lease rates in most markets except San Francisco [16] - Other income growth was slightly below expectations due to less income from bulk internet rollout and bad debt net improvement [16] Market Data and Key Metrics Changes - Strong rental growth was observed in coastal markets during the first half of 2025, followed by a deceleration in revenue momentum in the latter half, except for San Francisco and New York [6] - The D.C. market showed strength in the first half of 2025 but eroded later due to federal job cuts and uncertainty [24] - Atlanta is showing improved pricing power, while Denver is experiencing the worst performance among expansion markets [25] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in all 12 markets through renovations, acquisitions, and development activities [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11] - The company plans to start some development projects in 2026, having acquired land parcels at the end of Q4 2025 [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a broad range of possible outcomes for the U.S. economy, particularly regarding job growth [7] - The company expects a significant improvement in the supply picture in the second half of 2026, which could lead to accelerated revenue growth [9] - Management remains optimistic about the forward prospects of the business, citing a decline in competitive new supply in their markets [12] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [12] - The anticipated Same Store expense growth for 2026 is between 3%-4%, with controllable expenses expected to remain stable [28] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, reflecting a strong balance sheet [35] Q&A Session All Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [38] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewals are expected to land around 4.5%, with confidence in the stability of the portfolio despite economic conditions [45] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [50] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company factors in litigation costs and biases its portfolio allocation away from markets with excessive regulatory costs [54] Question: What is the expected cadence of Same Store revenue growth through the year? - The cadence is expected to be steady, with the second half being stronger due to reduced competitive supply [85]

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [5][6] - Portfolio occupancy currently over 96%, with expectations for revenue growth to accelerate in 2026 if job growth improves [9][14] - The company purchased approximately $206 million of its stock during the 4th quarter and a total of $300 million in 2025, indicating a focus on shareholder returns [11][12] Business Line Data and Key Metrics Changes - The blended rate for the 4th quarter was 0.5%, driven by a strong renewal rate of 4.5%, but new lease rates were negative across most markets except San Francisco [16][17] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [16] - The New York and San Francisco markets showed particular strength, while Southern California markets experienced muted growth [16][17] Market Data and Key Metrics Changes - The company anticipates a decline in competitive new supply in its markets, with deliveries expected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [12][13] - D.C. market showed strength in the first half of 2025 but faced challenges later due to federal job cuts and uncertainty, with only 4,000 units expected to be delivered in 2026 [23] - Atlanta is showing improved rent acceleration, while Denver is experiencing the worst performance among expansion markets [24] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11][12] - The company plans to automate additional processes and introduce more AI applications to enhance operational efficiency [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, with expectations for steady demand and improved supply conditions, particularly in the second half of the year [7][8] - The company noted that job growth remains a critical factor for revenue growth, with a broad range of possible outcomes for the U.S. economy [7][8] - Management highlighted the importance of customer service and low resident turnover as key drivers for maintaining occupancy and revenue growth [17][18] Other Important Information - The company expects Same Store expense growth to range between 3%-4% in 2026, with controllable expenses remaining stable year-over-year [27] - The anticipated Normalized FFO per share for 2026 is $4.08, reflecting a 2.25% improvement over 2025 [29] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, maintaining a positive outlook from S&P [34] Q&A Session Summary Question: Can you talk about the assets you're selling and the expected accretion from these trades? - The assets being sold are typically older, non-core properties with higher CapEx loads, which should improve the growth rate of the existing portfolio over time [37][38] Question: Can you provide more color on your renewal rates? - Renewal quotes are around 6%, with confidence in achieving a 4.5% renewal rate due to low economic hardship among residents [42][45] Question: What is your expectation for tech employment in San Francisco and Seattle? - The company does not have a clear forecast but is monitoring local job gains and losses, particularly in tech [99]

Core Insights - Group 1 Automotive (GPI) reported a fourth-quarter 2025 adjusted earnings per share (EPS) of $8.49, a decrease of 15.3% year over year from $10.02, and missed the Zacks Consensus Estimate of $9.36 [1] - The company registered net sales of $5.58 billion, slightly up from $5.50 billion in the same quarter last year, but below the Zacks Consensus Estimate of $5.66 billion [1] GPI's Q4 Highlights - New vehicle retail sales fell 3.2% year over year to $2.77 billion, missing projections of $2.87 billion, with total retail new vehicles sold at 55,035 units, down 5% year over year [2] - The average selling price per new vehicle increased by 3.3% year over year to $52,776, while gross profit from new vehicle retail was $181.3 million, down 11.6% year over year [2] Used-Vehicle Sales Performance - Used-vehicle retail sales rose 5.2% year over year to $1.74 billion, surpassing forecasts of $1.67 billion, with total retail used vehicles sold at 55,474 units, a slight increase of 0.2% year over year [3] - The average selling price per used vehicle was $31,407, up 5.1% year over year, but gross profit from this segment decreased by 9.4% to $71.8 million [3] Wholesale and Parts & Service Performance - Used-vehicle wholesale sales increased by 11.4% year over year to $143.6 million, although it missed expectations of $149.4 million, with a gross loss of $2.7 million compared to a loss of $1.7 million in the previous year [4] - Parts and Service revenues rose 2.9% year over year to $700.2 million, with gross profit increasing by 6.3% to $394.2 million [4] Segment Performance - U.S. business segment revenues increased by 0.4% year over year to $4.25 billion, exceeding forecasts of $4.11 billion, but gross profit fell by 0.7% to $691.2 million, missing predictions of $707.9 million [5] - The U.K. business segment saw revenues jump 1.4% year over year to $1.33 billion, missing estimates of $1.52 billion, with gross profit slightly declining by 0.1% to $183.2 million [6] Financial Position - Selling, general and administrative expenses rose by 2.1% year over year to $627.3 million, while cash and cash equivalents decreased to $32.5 million from $34.4 million a year earlier [7] - Total debt increased to $3.70 billion as of December 31, 2025, up from $2.91 billion a year prior [7] Share Repurchase Activity - During the quarter, GPI repurchased 755,792 shares at an average price of $403.60 per share, totaling $305 million, with $378.7 million remaining on its authorized stock buyback program as of December 31, 2025 [8]