香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容產生或因依賴該等 內容而引致的任何損失承擔任何責任。 China New City Group Limited 中國新城市集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：1321） 自願性公告 有關共同發起成立香港RWA全球產業聯盟 此公告乃中國新城市集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出。 共同發起成立聯盟 本公司董事會（「董事會」）欣然宣佈，本公司於2025年7月30日正式作為聯合發起單位之一，參與共 同發起成立「香港RWA全球產業聯盟」（Hong Kong Real World Assets Global Industry Alliance，「聯 盟」）。 聯盟的成立旨在推動現實世界資產（「RWA」）的數字轉型，目標為整合全球資源，並促進學者、專 家及不同行業機構之間的跨界合作，為RWA生態體系的成長提供合規和有序的支持。預期聯盟將 （其中包括）(i)聚焦區塊鏈、人工智能及物聯網技術，重點突破房地產、綠色金融及跨 ...

Core Viewpoint - Caliber (NASDAQ: CWD) is set to release its second quarter 2025 financial results on August 13, 2025, and will host a conference call to discuss these results [1][2]. Company Overview - Caliber manages over $2.9 billion in assets and has a 16-year track record in real estate management and development, focusing on hospitality, multi-family residential, and multi-tenant industrial sectors [4]. - The company aims to generate profits in all market conditions and has a competitive advantage by investing in overlooked projects, strategies, and geographies [4]. - Caliber's in-house shared services group enhances control over real estate and visibility into future investment opportunities [4]. Earnings Call Details - The earnings call will be accessible via phone for both domestic and international participants, with specific dialing instructions provided [2]. - A live webcast of the earnings call will be available on Caliber's investor relations website, along with a replay shortly after the call concludes [2][3].

Financial Data and Key Metrics Changes - The company reported a 3% increase in property valuation to GBP 5,200,000,000, driven by a 2.9% increase in estimated rental value (ERV) with stable valuation yields [5][6][12] - Net tangible assets (NTA) increased by 3.3%, resulting in a total accounting return of 4.2% for the period, aligning with medium-term targets [6][12] - Rental income rose by 8%, with underlying earnings up 16% for the half year [6][10] Business Line Data and Key Metrics Changes - Gross rents increased to GBP 98,700,000, reflecting an 8.2% like-for-like growth due to successful leasing and asset management [10] - The company achieved commercial lettings and renewals 10% ahead of ERV and 24% ahead of previous passing rents [10] - The portfolio vacancy rate is low at 2.5%, indicating strong demand across all sectors [18] Market Data and Key Metrics Changes - The West End remains a premier destination, attracting approximately 200,000,000 visitors annually, contributing to high occupancy and reliable cash flows [5][24] - Customer sales are estimated to be 30% higher in nominal terms compared to 2019 levels, significantly outpacing ERVs [13][49] - Retail ERV across the portfolio improved by 4%, with strong demand noted in premium lifestyle and accessories categories [20] Company Strategy and Development Direction - The company aims for 5% to 7% rental growth in the medium term, supported by a strong balance sheet and enhanced liquidity for investment opportunities [25] - Focus areas include rental growth, capital deployment, and maintaining balance sheet strength [15][56] - The partnership with the Norwegian Sovereign Wealth Fund (NBIM) is expected to enhance investment and expansion opportunities in Covent Garden [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West End's performance despite macroeconomic challenges, highlighting strong leasing activity and a robust pipeline [24][25] - The company anticipates continued ERV growth and the ability to capture reversionary potential as leases come due [47][49] - Management noted that the retail market is currently very strong, with high demand for premium locations [33][52] Other Important Information - The company completed GBP 55,000,000 in acquisitions during the period and disposed of approximately GBP 12,000,000 worth of assets [23] - The market value of the portfolio under management increased by 3.1% like-for-like, with net debt reduced from GBP 1,400,000,000 to GBP 800,000,000 [12][14] Q&A Session Summary Question: Importance of Charlotte Tilbury's addition to Carnaby - Management highlighted the positive response from tenants and the potential for Charlotte Tilbury to enhance the re-tenanting momentum in Carnaby, contributing to future rental growth [27][30] Question: Like-for-like rental growth and retail market performance - Management clarified that the retail market remains strong, and the slight negative in like-for-like rental growth is a technicality rather than a reflection of overall market conditions [31][33] Question: Plans for refinancing and interest rates - Management indicated plans to repay the exchangeable bond next year and noted that the cash balance generates interest income marginally below the base rate [32][36] Question: Reversionary potential and tenant profitability - Management explained that the embedded reversion is the difference between passing rent and ERV, with expectations for ERV to continue growing, supported by active management of the tenant mix [40][46] Question: Balance sheet leverage and reinvestment opportunities - Management stated that they aim to maintain net debt to EBITDA well below 10%, currently at 6%, with a focus on maintaining flexibility for future investments [42][55]

Financial Performance - Underlying earnings per share increased by 16%[21] - Interim dividend per share increased by 12%[18, 21] - Portfolio valuation increased by 3.1% on a like-for-like basis[18] - EPRA NTA per share increased by 3.3%[18] Portfolio & Valuation - Portfolio valuation grew by 3.1% L-f-L to £5.2 billion[27] - Portfolio ERV (Estimated Rental Value) growth was +2.9%[26, 31] - The market value of the property portfolio under management is £5,183 million[26] - Annualised Gross Income is £208.5 million[24] Debt & Liquidity - Net debt reduced to £0.8 billion[34] - Access to £1 billion of liquidity[35, 110] - EPRA LTV (Loan-to-Value) improved to 17%[34] Leasing Activity - 193 new lettings/renewals were completed, contracting £19.2 million in rent, which is +9.0% vs Dec-24 ERV[44]

Financial Performance - Earnings per share were $0.10[8] - Operating Funds From Operations (OFFO) per share was $0.26[9] - Same-Property Net Operating Income (SPNOI) growth was +6.2%[7, 10] - New straight-line lease spreads increased by +30%[7, 15] - Renewal straight-line lease spreads increased by +20%[7, 15] - Blended straight-line lease spreads increased by +23.9%[11] Acquisitions and Portfolio - The company acquired 19 properties in 2Q25 for $155 million[7, 11] - The company acquired 29 properties in 3Q25 to date for $260 million, including a 23-property portfolio for $159 million[7] - Total portfolio Net Operating Income (NOI) growth was 39.1% in 2Q25[7, 43] - Leased rate of 96.1%, up 10 basis points sequentially[7, 15] Liquidity and Capital - The company has over $1 billion of liquidity, including $430 million in cash, $400 million of credit facility availability, and $300 million from debt proceeds as of June 30, 2025[7, 31]

Core Insights - Piedmont Realty Trust has released its financial and operational results for Q2 2025, indicating ongoing performance evaluation and transparency to investors [1] - A conference call is scheduled for July 29, 2025, at 9:00 a.m. ET to discuss the second quarter performance and recent events [2] Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company, focusing on delivering exceptional office environments [4] - The company owns, manages, develops, and operates 16 million square feet of Class A properties across major U.S. Sunbelt markets [4] - Piedmont Realty Trust is recognized for its hospitality-driven approach and commitment to enhancing workplace experiences through its "Piedmont PLACEs" [4]

Core Insights - Vastned's real estate portfolio fair value increased by €16.1 million on a like-for-like basis, representing a 1.3% increase compared to December 31, 2024 [1] - The company aims to achieve an EPRA LTV of 40% by the end of this year, with the current debt ratio at 40.6%, down from 42.5% as of December 31, 2024 [2] - EPRA earnings per share forecast has been raised from €1.95 - €2.05 to €2.00 - €2.10 due to effective cost control and successful leasing of previously vacant retail properties [3] - Vastned confirmed a gross dividend outlook of €1.70 per share for the year 2025 [3] - The occupancy rate for the first semester of 2025 remains high at 98.6% [5] - EPRA earnings for the first semester of 2025 reported at €1.05 per share [5]

Core Viewpoint - A class action lawsuit has been filed against Broadmark Realty Capital Inc. regarding the merger with Ready Capital Corporation, alleging misleading statements in the proxy statement used to solicit shareholder support for the merger [1][5]. Group 1: Lawsuit Details - The lawsuit claims that the proxy statement contained false or misleading statements and failed to disclose significant financial distress among borrowers in Ready Capital's portfolio due to high interest rates [5]. - It is alleged that an oversupply of multifamily properties limited the ability of Ready Capital borrowers to raise rents to cover growing debt costs [5]. - A major development project acquired during the merger, valued at approximately $500 million, faced catastrophic setbacks, including cost overruns and funding shortfalls [5]. - The lawsuit asserts that Ready Capital's expected credit loss reserves were materially understated, impacting financial projections regarding distributable earnings, dividends, and book value per share [5]. Group 2: Participation Information - Individuals who held Broadmark common stock as of the merger date may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - Interested parties can join the class action by visiting the provided link or contacting the law firm for more information [3][6].

Financial Performance - As of June 30, 2025, Rithm Property Trust's total assets were approximately $1014373 thousand, compared to $1028331 thousand as of March 31, 2025[15] - The book value per share decreased from $540 as of March 31, 2025, to $537 as of June 30, 2025[16] - Net income attributable to common stockholders for the three months ended June 30, 2025, was $612 thousand, compared to a loss of $3744 thousand for the three months ended March 31, 2025[17] - Basic net income per common share was $001 for the three months ended June 30, 2025, compared to a loss of $008 for the three months ended March 31, 2025[17] Portfolio & Investment Strategy - The company targets yields of 10-12% for Commercial Mortgage-Backed A Securities, 10-14% for Senior Loans, 12-18% for Subordinated/Mezzanine Loans, and 15-20% for Opportunistic Investments[13] - The illustrative portfolio yield is targeted at 12-16%[13] - Rithm Property Trust emphasizes growth opportunities in the Commercial Real Estate landscape[6] Liabilities & Equity - Total liabilities were $719784 thousand as of June 30, 2025, compared to $732411 thousand as of March 31, 2025[15] - Stockholders' equity in Rithm Property Trust Inc was $294739 thousand as of June 30, 2025, compared to $296071 thousand as of March 31, 2025[15]

Core Viewpoint - Strathmore Capital urges Tejon Ranch's Board to enable CEO Matthew Walker to implement significant reductions in general and administrative expenses and prioritize free cash flow production to enhance shareholder value [1][4]. Group 1: Management Changes - Strathmore Capital commends the appointment of an interim CFO as a step towards reducing executive overhead, indicating a move towards fiscal responsibility [1]. - The company currently employs five Vice Presidents of Real Estate, raising questions about the necessity of maintaining multiple positions given the passive nature of its income streams [2]. Group 2: Cost Reduction Recommendations - Strathmore Capital calls for wholesale changes to reduce corporate waste, including a reduction in the size of the Board, which currently has ten members, to achieve immediate cost savings [3]. - The consulting contract awarded to the former CEO, valued at approximately $1 million annually, is viewed as an unnecessary expense contributing to corporate waste [3]. Group 3: Shareholder Engagement - Acknowledgment is given to CEO Walker's efforts to engage with shareholders, which is seen as a positive step towards rebuilding trust and delivering long-awaited value [4]. - Strathmore Capital emphasizes that significant cost reductions are necessary for the investor mandate to be achieved, and that changes cannot be made effectively while the former CEO remains on the Board [4]. Group 4: Historical Context - For over four decades, Tejon Ranch has operated with a cost structure that has not prioritized shareholder value, attributed to insufficient investor oversight and accountability [5].