Core Viewpoint - SATO Corporation's interim report for Q1 2025 indicates a slight improvement in economic occupancy rates and net sales, but challenges remain due to market oversupply and weak consumer confidence in Finland's economy [3][4][10]. Financial Performance - Economic occupancy rate improved to 95.0% from 94.9% year-on-year [4][7]. - Net sales increased to EUR 77.2 million from EUR 74.7 million [7][9]. - Net rental income rose to EUR 46.8 million from EUR 43.7 million [7][9]. - Profit before taxes decreased to EUR 18.3 million from EUR 19.6 million [7][9]. - Unrealised change in the fair value of investment properties was EUR 1.4 million, down from EUR 1.7 million [7][9]. - Housing investments significantly decreased to EUR 3.9 million from EUR 12.8 million [7][9]. - Invested capital at the end of the review period was EUR 4,687.6 million, down from EUR 4,807.5 million [7][9]. - Return on invested capital improved to 3.3% from 3.0% [7][9]. - Earnings per share decreased to EUR 0.17 from EUR 0.23 [7][9]. Market Conditions - The construction of new rental homes is expected to have bottomed out, but recovery is slow due to an oversupply in the market [3][12]. - Competition for tenants remains intense, with a high supply of rental homes relative to demand [4][12]. - Urbanization and immigration trends indicate a long-term need for new housing, with estimates suggesting a requirement for up to 35,000 new homes in the coming decades [13][14]. Sustainability Initiatives - SATO continues to invest in renewable energy sources, including solar and geothermal energy, and has signed a EUR 150 million sustainability-linked loan facility [5][17]. - The company aims to enhance energy efficiency through lifecycle-based repairs [5]. Company Recognition - SATO was ranked third in Finland's Best Workplaces 2025, reflecting improvements in company culture and employee experience [6]. Outlook - The Bank of Finland forecasts a gradual exit from recession, but economic recovery is expected to be slow due to global economic uncertainties [10][11].

American Homes 4 Rent (NYSE:AMH) Q1 2025 Earnings Conference Call May 2, 2025 12:00 PM ET Company Participants Nicholas Fromm - Director of IR Bryan Smith - CEO Chris Lau - CFO Lincoln Palmer - COO Conference Call Participants Jamie Feldman - Wells Fargo Steve Sakwa - Evercore ISI Haendel St. Juste - Mizuho Securities Nick Joseph - Citi Adam Kramer - Morgan Stanley Jeff Spector - Bank of America Rich Hightower - Barclays David Segall - Green Street Brad Heffern - RBC Capital Markets Daniel Tricarico - Scoti ...

Financial Data and Key Metrics Changes - The first quarter results exceeded expectations, with same-store revenue growth driven by improved physical occupancy at 96.5% and record low resident turnover of 7.9% [10][11] - Blended rate growth for the quarter was 1.8%, aligning with the midpoint of expectations [11] - The company maintained its guidance for $1.5 billion in acquisitions and $1 billion in dispositions for 2025, with minimal transactions expected in the first quarter [8][9] Business Line Data and Key Metrics Changes - Strong performance was noted in New York and Washington DC, with continued improvement in West Coast markets like Seattle and San Francisco [11] - The average household income of residents increased from the previous year, with rent-to-income ratios remaining favorable at 20% [12] Market Data and Key Metrics Changes - The DC market is expected to deliver 12,000 new units this year, with a significant drop in supply projected for 2026 [15] - In San Francisco, occupancy is above 97%, with net effective pricing up 6% since the beginning of the year, despite ongoing concessions [108] Company Strategy and Development Direction - The company is focused on leveraging supply and demand dynamics favoring rental housing, particularly in desirable metro areas [8] - There is an emphasis on innovation and automation to enhance operational efficiency and customer experience [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened uncertainty in the economy due to governmental actions but remains optimistic about the rental housing sector's long-term demand [7][8] - The company expects continued strong performance in the second quarter, with blended rate growth projected between 2.8% and 3.4% [20] Other Important Information - The company is not currently seeing signs of consumer weakness, with no significant increases in lease breaks or delinquencies reported [13][14] - Management expressed disappointment over new rent control measures in Washington State, viewing them as a disincentive for investment [62][63] Q&A Session Summary Question: What are the acquisition opportunities in the Sunbelt? - Management noted increased transaction activity recently, with multifamily assets remaining a favored investment despite macro uncertainties [24][26] Question: How is blended spread guidance formed? - The guidance is based on expected seasonal trends and current lease activity, with confidence in achieving around a 5% range for renewals [27][28] Question: Why are the Bay Area and Seattle markets diverging? - Both markets are on a recovery trajectory, with San Francisco showing stronger performance than Seattle, which is stabilizing [32][34] Question: What is the impact of rent control measures? - New rent control in Washington State is viewed negatively, but immediate effects on the company's ability to raise rents are not expected [62][63] Question: How is the company managing renewal processes? - The company maintains a robust renewal process without significant changes, focusing on communication with residents to confirm renewal intentions [42][44] Question: What are the expectations for expansion markets? - The company anticipates muted expectations for the first half of the year but expects stronger revenue growth as new acquisitions are integrated into the portfolio [50][52] Question: How is the company addressing construction costs impacted by tariffs? - While tariffs introduce uncertainty, contractors are becoming more competitive, which may offset potential cost increases [95][96] Question: What is the current state of demand in Washington, D.C.? - Demand remains stable, with a diversified economy reducing reliance on government jobs, and no immediate concerns regarding lease breaks [75][76]

Press release 26 March 2025 at 5:00 pm SATO Corporation has signed a EUR 150 million sustainability linked loan facility with SMBC Bank EU AG. The facility is unsecured and has a tenor of three years with two one-year extension options. The loan will be used for the refinancing of the company’s existing indebtedness as well as for its general financing needs. The loan margin is linked to SATO’s key sustainability targets. For more information, please contact: Henry Lindqvist, Group Treasurer, phone +358 50 ...