Financial Performance - Group revenue decreased by 1% YoY to $6407 million[20] - HKIP & Hotel revenue decreased by 3% YoY to $5917 million[20] - Operating profit decreased by 5% YoY to $4684 million[20] - Underlying Net Profit (UNP) remained stable at $3119 million, with HKIP & Hotel UNP increasing by 3% to $3084 million[20] - Net IP Fair Value Change resulted in a deficit of $5118 million[20] - Interim Dividend Per Share (DPS) increased by 3% to $0.66[20] De-Leveraging and Financial Management - Borrowing cost decreased by 27% YoY, a reduction of $292 million[8,22] - Gearing ratio reached a new low of 17.6%[8] - Net debt decreased by 21% since IPO[26] Market Overview - Hong Kong retail sales retreated to 2011 levels, while Harbour City retail revenue was at 2014 levels[11] - HK retail sales showed improved momentum in Q2, increasing by 0.3% compared to a 7% decrease in Q1[14] Harbour City Performance - Harbour City retail revenue remained flat[45] - Harbour City retail occupancy was 93% and office occupancy was 90%[45]

Core Insights - The IRS does not allow deductions for losses on the sale of a primary residence, but losses on rental or investment properties may be deductible [2][22] - Capital loss deductions can offset capital gains from other investments, and if losses exceed gains, up to $1,500 ($3,000 for married filing jointly) can be deducted against ordinary income [5][23] Tax Rules for Different Property Types - Personal-use properties, such as primary residences and vacation homes, do not qualify for capital loss deductions [3][10] - Investment properties and flipped homes can be claimed as capital losses, allowing for potential tax deductions [4][5] - Rental properties have complexities due to depreciation, which can lower the cost basis and potentially create taxable gains upon sale [7][9] Documentation and Compliance - Proper documentation is essential for claiming real estate losses, including closing statements and receipts for capital improvements [16][19] - The IRS requires accurate records to substantiate the cost basis and any claimed losses [16] Special Considerations - Properties converted from personal use to rental may be treated differently under IRS rules, impacting the deductibility of losses [12][14] - State tax rules may vary, and consulting a tax professional familiar with local regulations is advisable [20][21]

Core Points - AEPF III 15 S.à r.l., a subsidiary of Apollo Global Management, has requested an extraordinary general meeting of DEMIRE Deutsche Mittelstand Real Estate AG to discuss the removal of Supervisory Board member Markus Hofmann and to elect a new member [2][3] - The proposed agenda includes the resolution for the removal of Markus Hofmann and the election of Dr. Matthias Prochaska to the Supervisory Board, effective at the end of the meeting [3] - The management board of DEMIRE is currently assessing the request for the convocation of the extraordinary general meeting and is preparing further steps [4]

Financial Data and Key Metrics Changes - Fee related earnings increased by 16% to $676 million, while distributable earnings rose by 12% to $613 million [8][34] - Capital raised in the quarter totaled $22 billion, with a total of $97 billion raised over the past twelve months, driving fee bearing capital to $563 billion, a 10% increase year over year [8][34] Business Line Data and Key Metrics Changes - Infrastructure business saw major transactions totaling over $30 billion in enterprise value, including significant acquisitions like Colonial Pipeline and Duke Energy Florida [21][22] - Real estate monetization activity increased significantly, with $15 billion in sales across various sectors, including senior housing and hospitality [23] Market Data and Key Metrics Changes - The fundraising environment is described as robust, with a notable increase in capital raised in Europe and a strong performance in complementary strategies [48] - The demand for high-quality assets is reflected in the significant increase in monetization activity, with over $55 billion in asset sales announced year to date [22][23] Company Strategy and Development Direction - The company is focused on long-term investment themes of digitalization, decarbonization, and deglobalization, particularly in AI infrastructure and renewable energy [10][43] - Strategic partnerships have been formed, including a $10 billion public-private investment program with the Swedish government and a renewable energy agreement with Google [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, highlighting strong demand for mission-critical assets and the ability to deploy capital effectively [15][33] - The company anticipates continued growth in fundraising and investment activity, supported by a robust pipeline and favorable market conditions [33][34] Other Important Information - The company is expanding its private wealth and retirement platform, Brookfield Wealth, aiming to raise over $30 billion in capital this year [30] - A quarterly dividend of 43.75¢ per share was declared, payable to shareholders of record as of August 29 [42] Q&A Session Summary Question: Fundraising backdrop and expectations for 2026 - Management characterized the fundraising environment as incredibly robust, expecting this year to surpass last year's fundraising totals [46][48] Question: Access to the broader retirement market - Management emphasized that success will depend on having the right products to meet investor needs, with a focus on real assets that provide stable cash flows [50][53] Question: Growth in the U.S. retail channel and Just acquisition - The Just Group acquisition is expected to add stable fee-bearing capital, enhancing the company's footprint in the UK retirement market [56][57] Question: Real estate market outlook - Deployment in real estate has doubled year to date, with a robust recovery in the capital markets supporting high-quality platforms [73][75] Question: Expense outlook and margin expansion - Management expects expenses to grow around 10% year over year, with a focus on building capabilities in various areas [78][80]

Core Insights - Cohen & Steers Income Opportunities REIT, Inc. has acquired Deer Valley Towne Center, a community shopping center in the Deer Valley submarket north of Phoenix, Arizona, through a joint venture with Sterling Organization, marking CNSREIT's fourth acquisition with Sterling and sixth open-air shopping center in its portfolio [1][4]. Company Overview - CNSREIT is a perpetual-life, non-listed REIT focused on investing in high-quality, income-generating, stabilized properties in the United States, managed by Cohen & Steers Capital Management, Inc. [5]. - Cohen & Steers is a global investment manager specializing in real assets and alternative income, with a diverse portfolio including real estate, preferred securities, and infrastructure [6]. Property Details - Deer Valley Towne Center spans 159,000 square feet, is over 94% leased, and is strategically located near 800 apartment units and 200 hospital beds, with Target as a shadow anchor [2][3]. - The shopping center benefits from the high-growth Phoenix market, which is projected to experience a 1.3% population growth over the next five years, and has a median household income of $72,000 within a 3-mile radius [3]. Market Context - The property is situated at a major highway intersection (I-17 and Loop 101) and is surrounded by corporate offices, supporting continued growth in the area [3]. - Open-air shopping centers are currently at their highest occupancy level in 16 years, recorded at 95.7% [4]. Strategic Focus - CNSREIT aims to acquire high-quality properties that generate attractive income potential, focusing on well-anchored, necessity-driven shopping centers [4]. - The partnership with Sterling Organization is expected to enhance CNSREIT's portfolio through the acquisition of valuable retail locations [4][7].

Financial Performance & Growth - Same-store cash NOI growth was 5.5% for 2023 and 4.4% for 2024, with an estimated range of 7-9% for 2025[4, 21] - The company's dividend yield is attractive at 6.7% as of July 18, 2025, based on a share price of $14.52[4, 5] - Quarterly dividend has grown 73% since Q3 2019[4] - Current annual rent escalations are projected to contribute $0.02 – $0.06 of AFFO accretion from 2025 – 2027[12] Portfolio & Leasing - The company has a high weighted average lease retention rate of 99%[4, 35] - 34% of the portfolio has annual rent escalations[11] - 40% of current leases expire from 2025-2027, creating opportunities to mark rents to market[17] - The company's owned portfolio consists of 1,829 properties with 6.8 million interior square feet[56] - The company's annualized gross rent is $76.4 million[56, 57] Market Position & Strategy - The company's portfolio represents approximately 7% of the leased USPS market[28] - The company has acquired more than $600 million in real estate over the last seven years at or below replacement cost[4] - USPS operating lease payments represented only 1.5% of the USPS's total operating expenses in fiscal year 2024[35]

Core Insights - EfTEN United Property Fund reported a significant increase in half-year profit, more than quadrupling compared to the same period last year, driven by successful property development and cash distribution to investors [1][2]. Financial Performance - In Q2 2025, the fund achieved a net profit of EUR 976 thousand, up from EUR 307 thousand in Q2 2024, with total income rising from EUR 355 thousand to EUR 1,022 thousand year-on-year [2][6]. - The fund's total income for the first half of 2025 was EUR 1,790 thousand, compared to EUR 510 thousand in the same period of 2024 [6]. - The fund's operating expenses remained stable, with a slight decrease from EUR 48 thousand in Q2 2024 to EUR 46 thousand in Q2 2025 [6]. Asset Management - As of June 30, 2025, the fund's total assets were valued at EUR 27,745 thousand, a slight decrease from EUR 27,890 thousand at the end of 2024 [8]. - The net asset value attributable to shareholders increased to EUR 27,742 thousand from EUR 27,478 thousand at the end of 2024 [8]. Property Development - The Uus-Järveküla residential district's development is progressing, with 82% of the total volume (165 houses) sold or reserved, and the last stage of construction (32 terraced houses) is set to complete in Q1 2026 [2][4]. - The fund's subsidiary, Invego Uus-Järveküla OÜ, has successfully handed over completed houses to customers [1]. Interest Costs - The fund benefited from a decrease in interest costs, with the weighted average loan interest rate dropping to 4.0%, down 140 basis points from the end of 2024 [3]. Future Plans - The fund plans to make additional cash distributions in the second half of 2025, supported by interest income from the Kristiine shopping centre investment and potential distributions from Invego Uus-Järveküla OÜ [4][5].

Core Viewpoint - Star Equity Holdings, Inc. will release its financial results for Q2 2025 on August 13, 2025, before market opens, followed by a conference call to discuss the results and management's outlook [1]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company with three business divisions: Building Solutions, Energy Services, and Investments [3]. Building Solutions Division - The Building Solutions division includes three businesses: modular building manufacturing, structural wall panel and wood foundation manufacturing (including building supply distribution), and glue-laminated timber (glulam) column, beam, and truss manufacturing [4]. Energy Services Division - The Energy Services division focuses on the rental, sale, and repair of downhole tools used in various industries, including oil and gas, geothermal, mining, and water-well [5]. Investments Division - The Investments division manages and finances the company's real estate assets and investment positions in both private and public companies [6].

Press release August 4, 2025, at 10:00 AM The Special Investment Fund eQ Community Properties has completed a transaction with Mutual Pension Insurance Company Varma regarding a school property located in Niittykumpu, Espoo. At the same time, on June 30, 2025, Varma has made an investment in the eQ Community Properties Fund. The main tenant of the property is the City of Espoo, and the premises are used by Niittykumpu School. Jennifer Eloheimo, Head of Real Estate Investments at eQ, comments: "Varma has lon ...

Summary of Great Elm Group (GEG) Conference Call Company Overview - **Company**: Great Elm Group (GEG) - **Event**: Conference call regarding Great Elm Real Estate Ventures - **Date**: August 1, 2025 Key Points Industry Insights - **Industrial Outdoor Storage (iOS)**: Identified as an underserved asset class with significant potential for innovation and growth [4][5] - **Macroeconomic Factors**: Reshoring of manufacturing, increasing tariffs, AI-driven data infrastructure, and energy transition initiatives are driving domestic demand for industrial real estate [12] Strategic Developments - **Partnership with Kennedy Lewis**: GEG entered a strategic partnership with Kennedy Lewis Investment Management, managing over $30 billion in assets [6] - **Investment Details**: Kennedy Lewis acquired 4.9% of GEG's common stock at approximately $2.11 per share and will invest up to $150 million in Monomoy Properties REIT [7][8] - **Debt Financing**: Includes a $100 million term loan to Monomoy Properties REIT with an option for an additional $50 million [8] Growth Objectives - **Revenue Targets**: Aiming to grow revenue from Monomoy platform companies from approximately $5 million in fiscal 2025 to $20 million in fiscal 2026, and $100 million by fiscal 2030 [12] - **Asset Growth Goal**: Targeting to grow real estate assets to $1 billion by 2030 [12] Operational Enhancements - **Integrated Real Estate Business**: GEG has developed a comprehensive real estate business with structural advantages and recurring revenue streams [5][6] - **New Services**: Launched Monomoy Construction Services to enhance in-house capabilities [5][10] Market Positioning - **Competitive Edge**: The partnership with Kennedy Lewis is expected to provide a seasoned approach to scaling and monetizing high-potential real estate platforms [10][11] - **Future IPO Potential**: The growth trajectory positions Monomoy REIT for a potential public listing [12] Financial Health - **Current Asset Base**: Monomoy REIT has approximately $400 million in assets across 150 properties in 29 states, servicing 49 unique tenants [9] Conclusion - **Long-term Vision**: The partnership and strategic initiatives are seen as a defining moment for GEG, aiming to deliver durable, compounding returns for shareholders [13] Additional Important Information - **Forward-Looking Statements**: The call included forward-looking statements, and participants were advised to refer to SEC filings for important factors that could cause actual results to differ [2][3] - **Call Structure**: The call included a question and answer session following the formal presentation [1][14]