Core Insights - Alexander & Baldwin, Inc. reported a net income of $14.3 million, or $0.20 per diluted share, for Q3 2025, alongside a Commercial Real Estate operating profit of $22.7 million [1][4][10] Financial Performance - The net income available to A&B common shareholders decreased from $18.998 million in Q3 2024 to $14.337 million in Q3 2025 [4][29] - FFO (Funds From Operations) for Q3 2025 was $21.4 million, down from $28.2 million in Q3 2024, with FFO per diluted share at $0.29 compared to $0.39 in the prior year [4][29] - Same-Store NOI (Net Operating Income) growth was 0.6% in Q3 2025, a decline from 4.1% in Q3 2024 [4][8] Commercial Real Estate Segment - CRE operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while operating profit slightly decreased from $22.829 million to $22.719 million [4][14] - Total leased occupancy was reported at 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% year-over-year [5][9] Leasing and Development Activities - The company executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA, representing $3.3 million of annualized base rent [9][10] - A key lease renewal was executed in Kailua Town, achieving an 11% lease renewal spread [2][8] - Construction is underway for two industrial projects, including a 91,000 sq. ft. distribution center pre-leased to Lowe's, expected to be completed in Q4 2026 [6][8] Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit [10][12] - The net debt to trailing twelve months consolidated adjusted EBITDA ratio was 3.5 times, with TTM consolidated adjusted EBITDA of $129.4 million [10][12] Dividend Information - The company paid a dividend of $0.2250 per share on October 7, 2025, with plans to declare a fourth quarter 2025 dividend in December 2025 [10][12]

Date: 30 October 2025 Release: After closing of Euronext Please open the following link to read the full report including annexes: Attachment PR 2025 10 30 UK Heading ...

Financial Data and Key Metrics Changes - GAAP net income allocable to common shares for Q3 2025 was $9.8 million or $1.34 per share, which included a $13.1 million gross gain from the sale of a real estate investment [10] - Earnings available for distribution (EAD) for Q3 2025 was $1.01 per share, a significant increase from $0.04 per share in Q2 2025 [11] - GAAP book value per share increased to $29.63 on September 30 from $27.93 on June 30 [12] - The company's GAAP debt to equity leverage ratio decreased to 2.7 times at September 30 from 3 times at June 30 [12] Business Line Data and Key Metrics Changes - The company funded new commitments of $106.4 million in Q3 2025, offset by loan payoffs and sales totaling $153.2 million, resulting in a net decrease of $46.8 million in the loan portfolio [5] - The weighted average spread of floating rate loans in the $1.4 billion commercial real estate loan portfolio is now 3.63% over one-month Term SOFR [6] - The weighted average risk rating of the loan portfolio improved to 3.0 from 2.9 in the previous quarter [6] Market Data and Key Metrics Changes - The total allowance for credit losses at September 30 was $26.4 million, representing 1.89% of the commercial real estate loan portfolio [11] - The company experienced a decrease in current expected credit losses (CECL) reserves of $4 million compared to a decrease of $780,000 in the previous quarter [11] Company Strategy and Development Direction - The company is focused on executing its business strategy by building a pipeline of high-quality investments and actively managing its portfolio to enhance shareholder value [5] - The strategic plan includes using capital loss carryforwards to maximize shareholder value through asset sales and redeployment into new loans [7] - The company aims to optimize portfolio leverage to drive equity returns [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a substantial number of new loan closings expected in Q4 2025, which will contribute to positive growth in the loan portfolio for the full year [5] - The management team highlighted that the third quarter showed progress in selling assets and redeploying gains into new loans, with a full pipeline available for securitization [14] Other Important Information - The company repurchased 153,000 common shares for $2.9 million at an approximate 36% discount to book value [12] - The net operating loss carryforward was $32.1 million or approximately $4.55 per share at the end of Q3 2025 [13] Q&A Session Summary Question: What are the plans for asset-specific financing and CLO market entry? - Management indicated that they are currently originating new loans and expect to have sufficient collateral for a transaction in Q1 2026 [18] Question: Are there any expectations for early loan payoffs? - Management does not foresee significant early paydowns and remains on target for net growth as previously outlined [19] Question: Will the company be more active in construction financing? - The company does not typically provide construction financing within the REIT but is active in construction loans through its fund business, which will benefit the REIT [20][21] Question: What is the expected future book value after remaining property sales? - Management stated that a target of approximately $30 per share is reasonable as they approach the sale of remaining properties [28][30] Question: Is there any update on potential dividends? - Management indicated that dividends would be considered once book value objectives are met and after monetizing assets [33]

Core Insights - Newmark Group, Inc. reported its financial results for Q3 2025, declaring a quarterly dividend and highlighting its position as a leading commercial real estate advisor and service provider [1][4] Financial Performance - For the twelve months ended September 30, 2025, Newmark generated revenues exceeding $3.1 billion [4] Company Overview - Newmark operates approximately 170 offices globally, employing over 8,500 professionals across four continents, providing a comprehensive suite of services tailored to various clients [4] Future Outlook - The upcoming conference call is expected to include forward-looking statements regarding the company's financial outlook and targets [3]

Financial Performance - Rithm Capital reported GAAP Net Income of $193.7 million, or $0.35 per diluted share, with an 11% Return on Equity[21] - Earnings Available for Distribution (EAD) reached $296.9 million, or $0.54 per diluted share, resulting in an 18% Return on Equity[21] - The company's book value stood at $7.1 billion, or $12.83 per common share[21] - Cash and liquidity amounted to $2.2 billion[21] Strategic Acquisitions - Rithm Capital entered into a definitive agreement to acquire Crestline Management, L P, with approximately $18 billion in AUM, on September 3, 2025[67] - A definitive agreement was also reached to acquire Paramount Group, Inc on September 17, 2025[26] - Rithm expects to have $1.3 billion of cash & cash equivalents after closing the Crestline and Paramount transactions[35] Business Segment Highlights - Genesis Capital's Q3 2025 origination volume reached $1.2 billion, representing a 60% year-over-year increase[27,99] - Newrez platform delivered 20% ROE in Q3'25, excluding MSR MTM and related hedge adjustment of ($61.0) million[117,124] - Sculptor had $1.4 billion of gross inflows in Q3'25, bringing Sculptor's AUM to $37 billion[33] - The total servicing portfolio for Newrez is $878 billion UPB[11]

Core Insights - ACRES Commercial Realty Corp. reported a GAAP net income of $9.8 million, or $1.34 per diluted share, for the quarter ended September 30, 2025 [1] - The company successfully executed its strategy to utilize deferred tax assets through the sale of a real estate investment, with proceeds redeployed into new loans [2] Financial Performance - The net income for the third quarter reflects a solid performance in the company's core operations [1] - The company aims to continue growing its portfolio by investing in high-quality loan opportunities to enhance shareholder value [2] Company Strategy - The company is focused on originating, holding, and managing commercial real estate mortgage loans and equity investments [5] - ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., externally manages the company, emphasizing middle market commercial real estate lending [5] Conference Call Information - A live conference call to discuss the third quarter 2025 operating results is scheduled for October 30, 2025, at 10:00 a.m. Eastern Time [3] - A replay of the conference call will be available until November 13, 2025 [4]

Financial Data and Key Metrics Changes - For Q3 2025, funds from operations (FFO) were $0.49 per diluted share, slightly above internal projections, supported by leasing progress and disciplined expense management [3][14] - Total revenue for the quarter was $110 million, with net income attributable to common stockholders at $0.07 per diluted share [14] - Same-store cash NOI combined decreased by 0.8% compared to Q3 2024, reflecting a transition year [15] Business Line Data and Key Metrics Changes - The office portfolio ended the quarter 82% leased, with same-store office NOI increasing by 3.6% compared to Q3 2024 [4][15] - The retail portfolio was 98% leased, with same-store retail NOI declining by 2.6% due to credit-related rent losses [7][16] - The multifamily portfolio's same-store NOI declined by 8.3%, impacted by supply headwinds in San Diego [9][16] Market Data and Key Metrics Changes - The broader economic backdrop remains mixed, with interest rates stabilizing and inflation moderating but still above long-term targets [4] - Retail availability remains near record lows nationally, with asking rents continuing to rise [7] - In San Diego, multifamily occupancy improved to 94% leased, with recent leasing momentum noted [9] Company Strategy and Development Direction - The company focuses on owning irreplaceable coastal assets and maintaining a strong balance sheet, emphasizing long-term value creation [3][4] - The strategy includes converting leasing momentum into signed leases and sustaining positive leasing spreads across office and retail sectors [12] - The company is optimistic about capturing demand in healthy office submarkets, particularly with new developments like La Jolla Commons Tower 3 [6][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a mixed economic environment but remains confident in the long-term fundamentals of their assets [4][16] - There is optimism regarding leasing activity and potential recovery in tourism, particularly in Hawaii, as outbound travel trends improve [11][17] - The company anticipates raising its full-year 2025 guidance range to $1.93 to $2.01 per FFO share, reflecting year-to-date performance [19] Other Important Information - The board approved a quarterly dividend of $0.34 per share for Q4, payable on December 18 [13] - The company has total liquidity of approximately $539 million, with a net debt to EBITDA ratio of 6.7 times [18] Q&A Session Summary Question: Update on leasing pipeline for La Jolla Commons Tower 3 and One Beach Street - Management noted increased activity and signed leases with an international bank, indicating positive momentum towards stabilization [22][23] Question: Known move-outs for 2026 - Management forecasted about 180,000 square feet of potential move-outs but expressed confidence in strong leasing activity to offset this [26] Question: Current leverage profile and plans to reduce it - Management outlined plans to lease up One Beach Street and La Jolla Commons Tower 3 to improve leverage ratios, aiming for a net debt to EBITDA ratio below 6 times [28][29] Question: Multifamily segment performance and expectations - Management expects stability to improve as supply is absorbed and expenses normalize, with recent leasing success noted in San Diego [34][38] Question: Active tenant industries in the office market - Management highlighted a strong interest from AI-driven companies and law firms, indicating a flight to quality in leasing trends [40][41]

Financial Data and Key Metrics Changes - For Q3 2025, funds from operations (FFO) were $0.49 per diluted share, slightly above internal projections, with total revenue at $110 million [3][14] - Same-store cash NOI decreased by 0.8% compared to Q3 2024, with specific declines in retail and multifamily sectors [16][20] - Net income attributable to common stockholders was $0.07 per diluted share, reflecting stable results with modest variability by segment [14][15] Business Line Data and Key Metrics Changes - The office portfolio ended the quarter 82% leased, with same-store office NOI increasing by 3.6% compared to Q3 2024 [4][16] - Retail portfolio was 98% leased, with same-store retail NOI declining by 2.6% due to credit-related rent losses [8][16] - Multifamily performance showed an 8.3% decline in same-store NOI, impacted by supply headwinds and higher concessions [10][16] Market Data and Key Metrics Changes - The broader economic backdrop remains mixed, with interest rates stabilizing and inflation moderating but still above long-term targets [4] - Retail availability is near record lows nationally, with asking rents continuing to rise [8] - In Hawaii, tourism has been affected by economic uncertainty, with arrivals below prior year levels, impacting hotel performance [11][12] Company Strategy and Development Direction - The company focuses on owning irreplaceable coastal assets and maintaining a strong balance sheet, emphasizing a disciplined approach to capital allocation [3][4] - There is a commitment to converting leasing momentum into signed leases and sustaining positive leasing spreads across office and retail sectors [12][20] - The company aims to reduce leverage towards a long-term target of 5.5 times net debt to EBITDA [19][30] Management's Comments on Operating Environment and Future Outlook - Management views current macroeconomic pressures as near-term and not reflective of long-term fundamentals, particularly in the hotel sector [17][19] - There is optimism regarding leasing activity, with expectations for improved stability in the multifamily segment as supply is absorbed [38][39] - The company anticipates sustained demand for Q4, particularly in the hospitality sector, as outbound travel from Japan is recovering [18][19] Other Important Information - The board approved a quarterly dividend of $0.34 per share for Q4, payable on December 18 [13] - Total liquidity at the end of Q3 was approximately $539 million, with a net debt to EBITDA ratio of 6.7 times [19] Q&A Session Summary Question: Update on leasing pipeline for La Jolla Commons Tower 3 and One Beach Street - Management noted increased activity and momentum in leasing, with specific leases signed and in documentation [24][25] Question: Known move-outs for 2026 - Approximately 180,000 square feet of potential move-outs are anticipated, but strong leasing activity is expected to offset this [28][29] Question: Current leverage profile and plans to reduce it - The company has a plan to reduce leverage through leasing up key properties, aiming to return to below 6 times net debt to EBITDA [30] Question: Multifamily segment outlook - Management expressed optimism about the San Diego multifamily market, noting recent leasing successes and expectations for improved stability [34][38] Question: Active tenant industries in the market - The office leasing activity is primarily driven by AI and technology firms, with a broad base of quality tenants across various sectors [40][41]

Financial Data and Key Metrics Changes - FFO for the quarter was $1.08 per diluted share, including approximately $0.03 per share of one-time items [20] - Cash same property NOI growth for Q3 was 60 basis points, with real estate tax appeals contributing to 150 basis points of growth [20] - Occupancy improved to 81%, up from 80.8% at the end of Q2 [20] Business Line Data and Key Metrics Changes - Over 550,000 square feet of new and renewal leases were signed in Q3, marking the highest third quarter of leasing activity in six years [4] - SOMA assets executed over 95,000 square feet of new and renewal leases this quarter, with tour activity up 170% year over year [5][6] - In life sciences, 84,000 square feet of leases were signed to date, with significant demand from biotech companies [9][10] Market Data and Key Metrics Changes - Office demand in San Francisco reached a post-pandemic high of nearly 9 million square feet, up from approximately 7 million square feet last quarter [4] - The XBI index is up more than 20% year to date, indicating strong performance in the biotech sector [9] - Over 2 million square feet of sublease space has been taken off the market in San Francisco, indicating a sustained recovery [36] Company Strategy and Development Direction - The company is focusing on capturing growing demand across markets and ensuring assets are well-positioned to outperform [8] - The acquisition of Maple Plaza in Beverly Hills for $205 million marks a strategic investment in a high-demand area [12] - The Flower Mart project is being redesigned with multiple development scenarios submitted to the city's planning department [15][74] Management's Comments on Operating Environment and Future Outlook - Management noted improving workplace norms and a resurgence in leasing activity driven by AI and tech companies [3] - The company anticipates modest occupancy improvement in Q4 due to accelerated rent commitments [21] - Management raised the 2025 FFO outlook to a range of $4.18 to $4.24 per share, reflecting positive updates in leasing and occupancy [22][23] Other Important Information - The company completed the sale of a four-building campus in Silicon Valley for gross proceeds of $365 million [12] - The company is actively engaged in discussions with potential tenants for the KOP2 project, indicating a robust future pipeline [11][66] Q&A Session Summary Question: Thoughts on retention for expirations and occupancy commencement - Management indicated a remaining expiration pool of about 970,000 square feet for 2026, with limited opportunities for additional renewals [29][30] Question: Competitive positioning in San Francisco - Management noted a shift in tenant preferences towards impactful space, with strong demand from larger tenants returning to the market [32][35] Question: Update on KOP leasing activity and demand - Management reported strong momentum in leasing activity, with a focus on biotech and related sectors, and confidence in exceeding leasing goals [38][40] Question: Insights on Noy House lease and rent contribution - Management clarified that the Noy House lease will impact occupancy, but strong interest is expected for the space due to its high-quality build-out [45][46] Question: Capital allocation strategy and priorities - Management emphasized a disciplined approach to capital allocation, evaluating opportunities for investment and potential stock buybacks [71][72]

Market Overview - Stocks experienced a pullback after reaching record intraday highs, with the S&P 500 briefly dipping into negative territory before posting modest gains [1] - The Dow increased by 255.49 points (0.5%) to 47,800.08, the Nasdaq rose by 68.16 points (0.3%) to 23,705.62, and the S&P 500 gained 5.40 points (0.1%) to 6,880.56 [1] Economic Indicators - The early strength in the market was attributed to optimism regarding a potential trade deal between the U.S. and China, alongside a rare metals deal between the U.S. and Japan [2] - Consumer confidence in the U.S. showed a modest decline, with the Conference Board's consumer confidence index falling to 94.6 in October from 95.6 in September, below economists' expectations of 93.4 [5] Sector Performance - Steel stocks saw significant gains, with the NYSE Arca Steel Index rising by 1.8%, marking its best intraday level in over fifteen years [6] - Software stocks also performed well, reflected by a 1.3% increase in the Dow Jones U.S. Software Index [6] - Conversely, computer hardware stocks faced pressure, leading to a 2.0% decline in the NYSE Arca Computer Hardware Index [6] - Airline, utilities, and commercial real estate stocks exhibited notable weakness, which limited broader market gains [7] Upcoming Events - Traders are anticipating the Federal Reserve's monetary policy announcement, with expectations of a quarter-point interest rate cut [3] - The CME Group's FedWatch Tool indicates an 87.9% chance of another quarter-point rate cut in December, while views on further cuts in early 2026 are mixed [4] - Major tech companies, including Alphabet, Apple, Meta Platforms, Microsoft, and Amazon, are set to report their quarterly results soon [4] Global Market Trends - In the Asia-Pacific region, stock markets mostly declined, with Japan's Nikkei 225 Index down by 0.6% and China's Shanghai Composite Index down by 0.2% [8] - European markets showed mixed performance, with the French CAC 40 Index down by 0.2%, the German DAX Index stable, and the U.K.'s FTSE 100 Index up by 0.7% [9] - In the bond market, treasuries showed modest strength, with the yield on the benchmark ten-year note decreasing by 1.4 basis points to 3.983% [9]