Investment Rating - The report assigns a 12-month rating of Neutral to Swiss Prime Site (SPS) with a price target of CHF104.00, while the current price is CHF113.90 [6][30]. Core Insights - Swiss Prime Site has undergone significant transformation over the past five years, focusing on a two-pillar strategy that has increased the earnings contribution from direct real estate from 45% to 87%, with EBITDA margins improving from 52% to 79% [4]. - The Swiss commercial real estate market shows a positive outlook, with prime yields widening to an attractive 200 basis points and low availability of office space in prime locations [3]. - The company has a robust acquisition pipeline of CHF600 million, expecting a rental income contribution of over CHF25 million, with most projects currently in due diligence [4]. Financial Metrics - The net rental income is projected to be CHF391 million for 2025, with EBITDA expected at CHF413 million [7]. - The forecasted EPS for 2025 is CHF3.57, with a dividend per share (DPS) of CHF3.45 [7]. - The company is trading at a 12% premium to its FY24 NAV, while the sector averages a 1% premium [11]. Growth Potential - SPS aims to grow its assets under management (AuM) from CHF13 billion to CHF16 billion by 2027, driven primarily by net contributions from pension funds [9]. - Management sees a potential for approximately 10% additional rent reversion across the portfolio, with new acquisitions expected to yield unlevered returns of 3.5-3.8% [10]. - The company anticipates around 10% growth in funds from operations (FFO) and similar dividend potential, maintaining a payout policy of 80-90% of FFO [10].

Core Insights - Caliber is focusing on sustainable profitability and has narrowed its strategy to emphasize hospitality, multifamily, and multi-tenant industrial real estate [3][5] - The company reported a platform revenue of $3.5 million for Q1 2025, down from $4.7 million in Q1 2024, with a platform net loss of $4.1 million compared to a loss of $3.6 million in the prior year [7][15] - Recent partnerships and projects, including a collaboration with Hyatt and the approval of a redevelopment project, are expected to enhance future performance [4][8] Financial Highlights - Platform revenue decreased to $3.5 million in Q1 2025 from $4.7 million in Q1 2024, with asset management revenue also at $3.5 million [7][22] - The platform net loss was $4.1 million, or $3.59 per diluted share, compared to a net loss of $3.6 million, or $3.30 per diluted share in the previous year [7][15] - Total consolidated revenue fell to $7.3 million from $23.0 million, primarily due to the deconsolidation of certain entities [15][29] Business Developments - Caliber announced a partnership with Hyatt to develop 15 new Hyatt Studios hotels across several states, which is seen as a strategic advantage [4][8] - The company launched a 1031 Exchange Program aimed at providing tax-deferral benefits for real estate investors [8] - The Phoenix City Council approved Caliber's Canyon Village redevelopment project, converting a distressed office building into a multifamily residential building [8] Asset Management Performance - The fair value of assets under management (AUM) increased to $830.8 million as of March 31, 2025, up from $794.9 million at the end of 2024 [24][28] - The company reported a total asset management revenue of $3.5 million for Q1 2025, down from $4.6 million in Q1 2024 [22][31] - The platform adjusted EBITDA loss was $1.4 million, an improvement from a loss of $1.7 million in the previous year [7][48]

Group 1: Net Asset Value and Financial Performance - The net asset value (NAV) per unit of the Baltic Horizon Fund decreased to EUR 0.6740 at the end of April 2025, down from EUR 0.6769 as of 31 March 2025, with a total NAV of EUR 96.8 million compared to EUR 97.2 million in March 2025 [1] - The decrease in NAV was attributed to a decline in the fair value of derivative financial instruments and expenses from early partial bond redemption [1] - The EPRA NRV as of 30 April 2025 was EUR 0.7200 per unit [1] Group 2: Rental Income and Cash Position - The consolidated net rental income of the Fund remained stable at EUR 1.0 million in April 2025, unchanged from March 2025 [2] - At the end of April 2025, the Fund's consolidated cash and cash equivalents were EUR 8.2 million, down from EUR 12.8 million as of 31 March 2025 [3] - The total consolidated assets of the Fund decreased to EUR 239.0 million at the end of April 2025, down from EUR 243.2 million in March 2025, primarily due to an early partial redemption of bonds amounting to EUR 3 million on 10 April 2025 [3]

Core Insights - Madison Pacific Properties Inc. reported a net income of $6.2 million for the three months ended March 31, 2025, a decrease from $14.4 million for the same period in the previous year [3] - The company declared a special cash dividend of $0.34 per share, payable on June 4, 2025, to shareholders of record on May 27, 2025 [6][7] Financial Performance - The company generated cash flows from operating activities of $3.3 million, up from $2.7 million in the previous year [3] - Income per share decreased to $0.10 from $0.24 year-over-year [3] - The net gain on fair value adjustments for investment properties was approximately $5.2 million, down from $12.3 million [3] Investment Portfolio - As of March 31, 2025, the company owns approximately $731 million in investment properties, a slight increase from $724 million as of December 31, 2024 [4] - The investment portfolio includes 55 properties with about 1.9 million rentable square feet of industrial and commercial space, and a 50% interest in seven multi-family rental properties totaling 219 units [5] - The leasing rates are high, with 94.49% of industrial and commercial space leased and 97.26% of multi-family residential properties leased [5] Corporate Actions - The company changed its financial year-end from August 31 to December 31, effective for the financial year commencing September 1, 2024 [2] - The special dividend allows the company to pursue real estate opportunities while returning capital to shareholders [7]

Core Insights - EfTEN Real Estate Fund AS reported strong financial results in April, with consolidated rental income reaching 2,611 thousand euros, a month-over-month increase of 55 thousand euros driven by new rental payments from the ICONFIT logistics centre and the Hiiu elderly care home [1] - The Fund's EBITDA for April was 2,183 thousand euros, reflecting a month-over-month increase of 193 thousand euros due to higher rental income and lower expenses [2] - The Fund paid a record dividend of 12.7 million euros in April, or 1.11 euros per share, partially financed by refinancing bank loans totaling 6.3 million euros [3] - The weighted average interest rate decreased to 4.21% in April from 4.37% in March, with a year-over-year decrease in consolidated interest expense of 586 thousand euros [4] - For the first four months of 2025, consolidated rental income was 10.3 million euros, a 1% year-over-year increase, while consolidated EBITDA was 8.4 million euros, down from 8.6 million euros in the same period last year [5] - The Fund's net asset value (NAV) per share was 19.64 euros at the end of April, with an EPRA NRV of 20.50 euros; the NAV decreased by 5.3% due to the dividend distribution [6]

Core Insights - The fair value of the real estate portfolio has increased by € 15.4 million, representing a 1.2% increase compared to December 31, 2024 [1] - Vastned's debt ratio (EPRA LTV) is currently at 41.97%, down from 43.04% as of December 31, 2024, with a target of achieving 40% by the end of this year [2] - The company has received a binding offer to refinance a € 50.0 million credit facility maturing in September 2025 [2] - Forward starting Interest Rate Swaps for a notional amount of € 95.0 million have been concluded, which will lower the expected average interest rate for 2026 to 3.8% from the previously communicated 3.9% [3] - Vastned is on track to meet its objectives, with expected EPRA earnings per share between € 1.95 and € 2.05 [4] - The company reported EPRA earnings of € 0.48 per share for the first quarter of 2025, with an occupancy rate of 98.5% [5]

Core Insights - The company is experiencing strong demand for commercial real estate, with rental income increasing by 4.3% year-on-year, while Like-for-Like portfolio growth stands at 1.2% [1][8][9] Operations and Performance - Operating revenues for Q1 2025 reached ISK 3,686 million, with rental income contributing ISK 3,486 million [8] - EBITDA for the quarter was ISK 2.45 billion, reflecting a 3.2% increase compared to the previous year [8][9] - Net profit decreased to ISK 1.4 billion from ISK 3.9 billion in the same period last year [8] - The company’s investment properties are valued at ISK 194 billion, with a fair value change of approximately ISK 1.5 billion in Q1 [8][10] - The occupancy rate of the portfolio is around 97%, based on income as a percentage of full occupancy potential [10] Strategic Initiatives - The company has sold assets worth ISK 3.3 billion in 2024, achieving prices over 10% above book value, resulting in a nearly 2% decrease in total square meterage of the portfolio since the end of 2022 [2] - A refinancing strategy has been implemented, extending bank loan maturities from 2026 to 2031, with no debt maturities in 2025-2026 except for an ISK 1,240 million bond maturing in July [3][20] Investment and Growth - The company plans to continue its share buyback program as long as market value remains below book value plus deferred tax liabilities [5] - The acquisition of Gróska is expected to add approximately 25,000 square meters to the asset base [6] - The company is pursuing additional acquisitions, including Tryggvagata ehf., with an enterprise value of ISK 6,375 million [14] Market Position and Outlook - Heimar is positioned as an attractive investment opportunity, with nearly half of its revenues coming from public entities and listed companies [7] - The company has signed 24 lease agreements covering nearly 7,770 square meters in Q1, reflecting strong demand for commercial space [15] - Renovations and new developments are underway, including a new office building expected to attract tenants by summer 2025 [15][16] Sustainability Efforts - Sustainability initiatives are a priority, with ongoing BREEAM certifications for three properties and the installation of electric vehicle charging stations [17][18] Financial Position - The company maintains a strong financial position, with an equity ratio of 31.9% and a leverage ratio of 62.8% [19] - Cash and cash equivalents at the end of the period were ISK 5.1 billion, with access to undrawn credit facilities totaling ISK 4.7 billion [19]

Financial Data and Key Metrics Changes - First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024, primarily due to the sale of Nine Times Square in Q4 2024 [11] - GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025, compared to a net loss of $7.6 million in Q1 2024 [11] - Adjusted EBITDA for Q1 2025 was negative $800,000, down from $2.9 million in Q1 2024 [11] - Cash net operating income was $4.2 million in Q1 2025, compared to $7 million in Q1 2024 [11] - At quarter end, net leverage was approximately 58%, with a weighted average interest rate of 4.4% and a weighted average debt maturity of 2.3 years [12] Business Line Data and Key Metrics Changes - The company focused on leasing available space and extending leases, achieving 120 basis points of occupancy growth to 82% compared to the previous quarter [6] - The portfolio's weighted average remaining lease term was 5.4 years, with 51% of leases extending beyond February 2030 [8] Market Data and Key Metrics Changes - The real estate portfolio is valued at $488 million and consists of 1 million square feet primarily located in Manhattan, benefiting from a strong tenant base including large investment-grade firms [8][9] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to unlock value and diversify holdings, with plans to use proceeds to retire debt and invest in higher-yielding assets [7] - The strategy to divest select Manhattan assets aims to reduce leverage and pursue more profitable ventures, enhancing shareholder value [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and expects to close additional leasing and renewals in Q2 2025 [6] - The focus on resilient industries and transit-oriented locations is believed to position the portfolio well for maximizing shareholder value [10] Other Important Information - The company will hold its annual meeting of shareholders virtually on May 29, 2025 [4] Q&A Session Summary - No specific questions and answers were provided in the content.

Portfolio Overview - The company's Manhattan-focused real estate portfolio features an underlying tenant base in core commercial businesses, with 77% Investment Grade rated among the top 10 tenants[4] - Portfolio Occupancy is at 82% with a weighted-average Remaining Lease Term of 5.4 years[4] - Over 51% of leases expire after 2030, based on Annualized Straight-Line Rent as of March 31, 2025[4] Property Details - Real Estate Investments are valued at $470.9 million at cost, comprising 6 properties with a total of 1.0 million square feet[12] - The portfolio generates $45.5 million in Annualized Straight-line Rent[12] - 123 William Street accounts for $269.4 million in real estate assets, 84% occupancy, 3.4 years remaining lease term, 46% of Annualized Straight-Line Rent, and 55% of Portfolio Square Feet[23] Tenant Profile - Top 10 tenants are 77% Investment Grade rated, with a Remaining Lease Term of 7.8 years[4] - The top 10 tenants contribute to 50.5% of Portfolio SLR and 42.4% of Portfolio SF[27] - Financial Services represent 26% of tenant industry diversity, followed by Government/Public Administration at 17%[15] Financial Highlights - Total Debt amounts to $350.0 million, with a weighted-average interest rate of 4.4%[36] - Net Leverage stands at 57.9%[36] - Revenue from Tenants is $12.3 million, while the Net Loss is ($8.6) million for Q1'25[36]

Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the three months of 2025. Our strategic ambitionsOver the past years, our focus has been on reshaping our strategy to foster sustainable value in a very demanding environment, concentrating efforts on avenues that promise reliable and consistent growth for our investors. We firmly believe that the execution of the ‘Modern City Life’ strategy, introduced to investors in 2024, is ...