Group 1 - CeMat A/S has acquired the right of perpetual usufruct (RPU) to 75% of the shares in a land plot designated for road use in Bielany, Warsaw, covering a total area of 1,155 sqm, valid until 2089 [2][3] - The acquired plot is currently utilized for internal roads, contributing to the company's rental operations and future investment plans in the Bielany district, which has a total area of 159,300 sqm [3] - CeMat Group holds perpetual usufruct rights to approximately 58% of the property, ownership rights to about 1%, and possession rights to 41% of the property [3] Group 2 - The final value of the acquired property will be determined through an independent valuation process, marking a significant step towards achieving CeMat's goals for 2025 [4]

Core Viewpoint - Caliber (NASDAQ: CWD) will release its first quarter 2025 financial results on May 15, 2025, and will host a conference call to discuss these results [1][2]. Group 1: Financial Results Announcement - Caliber will announce its Q1 2025 financial results after market close on May 15, 2025 [1]. - A webcast/conference call is scheduled for the same day at 5:00 pm ET for interested parties to discuss the results [1]. Group 2: Accessing the Earnings Call - Investors can join the live earnings call by dialing (800) 715-9871 for domestic calls or (646) 307-1963 for international calls, using conference ID 8746759 [2]. - The call can also be accessed online via Caliber's investor relations page [2]. Group 3: Company Overview - Caliber manages over $2.9 billion in assets and has a 16-year track record in real estate management and development [4]. - The company specializes in hospitality, multi-family residential, and multi-tenant industrial sectors, aiming to generate profits in all market conditions [4]. - Caliber's competitive advantage lies in investing in overlooked projects and geographies, supported by an in-house shared services group for better control and visibility [4].

Financial Data and Key Metrics Changes - The company reported GAAP net income of $3.3 million, or $0.11 per unit, for Q1 2025, significantly impacted by $3.9 million of non-cash unrealized losses on interest rate derivatives [11] - Cash available for distribution (CAD) was reported at $7.1 million, or $0.31 per unit [11] - The book value per unit decreased to $12.59, down $0.56 from December 31 [12] Business Line Data and Key Metrics Changes - The investment portfolio had no forbearance requests for multifamily mortgage revenue bonds, with all borrowers current on payments as of March 31, 2025 [7] - Physical occupancy for the stabilized mortgage revenue bond portfolio was at 89.5% [7] - The Vantage joint venture equity investments included five properties, with four completed and one under evaluation [8] Market Data and Key Metrics Changes - The U.S. Municipal bond market faced challenges, with investment-grade tax-exempt bonds being the worst-performing fixed income asset class in Q1 2025 [24] - The ten-year MMD was at 3.33% and the thirty-year MMD at 4.4% as of May 6, 2025, reflecting an increase from previous months [25] - The market ended Q1 2025 with the muni high-grade index generating a total return of negative 0.2% [28] Company Strategy and Development Direction - The company is focusing on new construction lending joint ventures, particularly with BlackRock, to fill the void left by commercial banks in affordable housing construction lending [29] - The company aims to deploy approximately $450 million of lending capacity within the next 12 to 18 months [40] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty in the municipal bond market continues, influenced by tariffs and potential changes in federal funding programs [26][27] - The company has not observed significant impacts on its investments from recent legislative and regulatory changes [27] Other Important Information - The company reported unrestricted cash and cash equivalents of $51.4 million as of March 31, significantly up from $14.7 million at the end of the previous year [14] - The company successfully issued $20 million of Series B preferred units in March 2025 [22] Q&A Session Summary Question: Will proposed shifts from federal to state/local governments affect muni credit ratings and valuations? - Management indicated it is still early in the process and that discussions are ongoing regarding potential changes in funding allocations [33][35] Question: Have tariffs changed the outlook for the BlackRock JV? - Management stated that there have not been significant changes in pro formas from sponsors due to tariffs as of now [38][39] Question: Will gains on JV sales be more muted going forward? - Management noted that specific increases in insurance costs impacted the sale of the Tomball asset, but the Halodis asset did not experience the same issue [41][42] Question: How is the partner Vantage holding up given lower profitability? - Management emphasized that Vantage's business model includes developer fees, not solely reliant on capital gains, ensuring alignment of interests [46][47] Question: Can you provide a real-time update on gross ROEs in the MRB and GIL business? - Management indicated that the hedging program has stabilized floating rate funding costs, leading to consistent ROE expectations [50][52]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $0.28 per share and distributable earnings of $0.40 per share, which were slightly below expectations [5][13] - Recurring service revenues were $45,500,000, a sequential decrease of approximately $1,800,000, primarily due to lower capital spending and declines in enterprise values of managed equity REITs [13] - The company expects recurring service revenues for the next quarter to be between $44,000,000 and $45,000,000 [13] Business Line Data and Key Metrics Changes - The company closed two joint venture acquisitions of residential communities in South Florida for an aggregate transaction value of approximately $196,000,000 [6] - A value-add community shopping center in Chicago was acquired for $21,000,000, which is currently 77% occupied, with plans to increase occupancy and rents [8] - The company anticipates the Chicago acquisition to generate EBITDA of approximately $350,000 per quarter in fiscal 2025 [13] Market Data and Key Metrics Changes - The company noted a decrease in new supply in the residential sector, which is expected to positively impact rent growth and occupancy gains heading into 2026 [6] - The company highlighted strong performance from public capital clients, with DHC's SHOP segment seeing a 49% year-over-year improvement in consolidated NOI [9] - SVC's RevPAR improved by 2.6% year-over-year, outpacing the industry despite renovation activities [10] Company Strategy and Development Direction - The company aims to take advantage of investment opportunities in the current economic volatility, particularly in the residential sector and value-add retail [5][6] - The strategy includes diversifying the client base and growing private capital assets under management (AUM), which have grown from essentially zero to over $12,000,000,000 in less than five years [9] - The company plans to leverage its expertise in retail to establish a track record in the value-add retail sector [8][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current economic volatility and its impact on capital expenditures and revenues [5] - They expressed confidence in the ability to grow private capital AUM despite a challenging fundraising environment [9] - Management believes that the current quarter represents a low point for revenue and expects improvements as AUM grows and REIT share prices recover [33] Other Important Information - The company has $137,000,000 in cash on hand and no corporate debt, positioning it well for strategic opportunities [15] - The dividend payout ratio is approximately 79%, and management feels comfortable with the current coverage [15][33] - The company published its annual sustainability report, detailing its commitment to sustainability across its portfolio [15] Q&A Session Summary Question: Can you provide more details on the strategic rationale for the value-add retail acquisition? - Management explained that this acquisition is a new direction for the company, leveraging their expertise in retail to generate high returns in community shopping centers [19][22] Question: Is the current run rate for construction fees sustainable? - Management indicated that the first calendar quarter is typically low, and the current run rate may persist due to capital constraints at REIT clients [26] Question: How do you feel about the coverage for dividends? - Management expressed confidence in the dividend coverage, noting it is currently at 79% and that this is a low point for the company [30][33] Question: What are potential partners looking for in the current environment? - Management noted that partners are seeking higher returns and that the fundraising environment is challenging but improving [36][37] Question: What is the size of the value-add shopping center portfolio? - Management stated that the current investment is $21,000,000, with plans to grow it to approximately $100,000,000 in aggregate assets [42]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $0.28 per share and distributable earnings of $0.40 per share, which were slightly below expectations [5][13] - Recurring service revenues were $45,500,000, a sequential decrease of approximately $1,800,000, primarily due to lower capital spending and declines in enterprise values of managed equity REITs [13] - The company expects recurring service revenues for the next quarter to be between $44,000,000 and $45,000,000 [13] Business Line Data and Key Metrics Changes - The company closed two joint venture acquisitions of residential communities in South Florida for an aggregate transaction value of approximately $196,000,000 [6] - A value-add community shopping center in Chicago was acquired for $21,000,000, which is currently 77% occupied, with plans to increase occupancy and rents [7][8] - The company anticipates the Chicago acquisition to generate EBITDA of approximately $350,000 per quarter in fiscal 2025 [13] Market Data and Key Metrics Changes - The company noted a decrease in new supply in the residential sector, which is expected to support rent growth and occupancy gains heading into 2026 [6] - The company highlighted strong performance from public capital clients, with DHC's SHOP segment seeing a 49% year-over-year improvement in consolidated NOI [9] - SVC's RevPAR improved by 2.6% year over year, outpacing the industry despite renovation activities [10] Company Strategy and Development Direction - The company aims to take advantage of investment opportunities in a volatile market, particularly in the residential sector and value-add retail [5][6] - The strategy includes leveraging existing expertise in retail to establish a track record in value-add retail investments [7][20] - The company plans to grow private capital AUM, which has increased from essentially zero to over $12,000,000,000 in less than five years [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged economic volatility affecting capital expenditures and revenues but remains optimistic about future investment opportunities [5] - The company expects the current fundraising environment to improve as stability returns to interest rates [37] - Management expressed confidence in the sustainability of the dividend, with a payout ratio of approximately 79% [15][32] Other Important Information - The company has $137,000,000 in cash on hand and no corporate debt, positioning it well for strategic opportunities [15] - An annual sustainability report was published, detailing the company's commitment to sustainability across its portfolio [15] Q&A Session Summary Question: Details on the value-add retail acquisition - Management explained that the acquisition is part of a strategy to leverage retail expertise and generate high returns, with plans to build a track record before seeking third-party capital [18][20][23] Question: Outlook on lower construction fees and REIT spending - Management indicated that the current run rate for capital spending is expected to remain low for a couple of quarters due to capital constraints at REIT clients [26] Question: Dividend coverage and capital allocation - Management reassured that the dividend is well covered and emphasized the importance of providing returns to shareholders while also pursuing high-return investments [30][32] Question: Timeline for increased equity capital availability - Management noted that private capital investors are seeking higher returns and expect a more stable environment to encourage increased allocations [36][37] Question: Size of the value-add shopping center portfolio - Management confirmed the Chicago acquisition is a $21,000,000 investment and indicated plans to grow the portfolio to approximately $100,000,000 [42] Question: Impact of asset dispositions on construction supervision revenue - Management clarified that the current revenue figures account for all planned spending and active disposition activities [44]

Core Insights - Greystone Housing Impact Investors LP reported financial results for the first quarter of 2025, highlighting a net income of $3.3 million and Cash Available for Distribution (CAD) of $7.1 million [2][6][19]. Financial Highlights - The Partnership's net income per Beneficial Unit Certificate (BUC) was $0.11, while CAD per BUC was $0.31 [6][19]. - Total assets reached $1.54 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments amounting to $1.18 billion [6][19]. - Unrealized losses on interest rate derivatives were approximately $3.9 million, impacting net income but not cash earnings [2][6]. Distribution Information - A quarterly distribution of $0.37 per BUC was declared and paid on April 30, 2025, to BUC holders of record as of March 31, 2025 [3][19]. Management Commentary - The CEO emphasized ongoing evaluation of investment opportunities despite market volatility and highlighted the successful issuance of Series B Preferred Units as a source of low-cost capital [4][19]. Recent Investment and Financing Activity - The Partnership sold a property for gross proceeds of approximately $17.1 million, expecting to recognize investment income of about $1.8 million in the second quarter of 2025 [5][19]. - Advanced funds on MRB and GIL investments totaled $60.6 million, with redemptions and paydowns amounting to approximately $102.7 million [7][19]. Investment Portfolio Updates - All MRB and GIL investments are current on contractual principal and interest payments, with no requests for forbearance as of March 31, 2025 [13][19]. - Six joint venture equity investment properties completed construction, with three achieving 90% occupancy [13][19].

Core Insights - The article discusses the challenges faced by first-time homebuyers in Australia, particularly the limitations of government subsidies for young investors [1][3] - It highlights the experience of a young landlord, Gibson Pham, who has shifted his strategy away from relying on subsidies to investing in properties directly [1][6] Group 1: Government Subsidies - Current subsidies for first-time homebuyers may not be beneficial for many young individuals and could potentially lead to financial difficulties [1] - These subsidies typically require homeowners to reside in the property for at least six months, which restricts options for those with work or family commitments [3][4] Group 2: Investment Strategy - Pham allocates nearly 60% of his income towards real estate investments and has opted to explore properties in more affordable, remote areas due to high prices in Sydney [1][3] - He purchased his first property in Rockhampton for AUD 465,500 with a down payment of AUD 70,000, incurring total costs of approximately AUD 90,000 including stamp duty and fees [6] - Pham's savings rate ranges from 50% to 60%, aided by living at home, and he plans to invest in another property in Townsville within two months [6][8] Group 3: Support and Resources - The use of buyer's agents has provided Pham with more options and confidence in his investment decisions, despite not having seen his first property in person [8] - He emphasizes the importance of having a reliable strategy and building a supportive team to achieve investment goals [8]

Core Insights - EfTEN United Property Fund achieved a net profit of €703 thousand in Q1 2025, a significant increase from €94 thousand in Q1 2024, marking the first quarter based on a fully invested portfolio [1][2] - The Fund's revenues rose from €155 thousand in Q1 2024 to €768 thousand in Q1 2025, while costs remained largely stable [1][2] Financial Performance - The increase in income and profit was primarily driven by the strong financial results of Kristiine Shopping Centre and improved profitability from new development phases in the Uus-Järveküla residential area [2] - In Q1 2025, the Fund concluded 27 real rights agreements for terraced and semi-detached houses in Uus-Järveküla, with the developing company earning a profit of €781 thousand [3] - By the end of Q1 2025, nearly 75% of the total project volume (165 housing units) had been sold or reserved [3] Development Updates - A building permit was issued for the final phase of the Uus-Järveküla residential development, which includes 32 terraced houses, with financing secured from Coop Pank AS covering 100% of construction costs [4] - The Fund plans to make its largest distribution in history in Q2 2025, based on dividends from various real estate funds and accrued interests from loans granted to Invego Uus-Järveküla OÜ [5] Financial Position - As of March 31, 2025, total assets of the Fund amounted to €28.36 million, an increase from €27.89 million at the end of 2024 [10] - The net asset value attributable to shareholders was €28.18 million, up from €27.48 million at the end of 2024 [10]

Core Insights - Infortar, Estonia's largest investment holding company, reported a 20% increase in turnover for Q1 2025, reaching €447 million, with total assets nearly doubling to €2.6 billion and investments tripling to €22 million [1][14][17] - The consolidation of Tallink's results into Infortar's financial statements led to a net loss of €14.6 million for Q1 2025, primarily due to Tallink's seasonal losses and an income tax expense [2][16] - The company has diversified its operations across agriculture, industry, and services, becoming a market leader in each sector [3] Financial Performance - In Q1 2025, Infortar's sales revenue increased by €74.7 million compared to Q1 2024, largely due to the consolidation of Tallink Grupp [14] - The EBITDA for the maritime transport segment was negative at €-3.8 million, while the energy segment reported €31.8 million, and the real estate segment's EBITDA was €3.4 million [15] - The net profit attributable to Infortar's owners was €-4.5 million, a significant decline from a profit of €62.2 million in Q1 2024 [16] Sector Performance - The maritime transport segment faced challenges due to low consumer confidence and economic conditions in core markets, resulting in a loss of €33 million for Tallink in Q1 2025 [4][7] - The energy segment remained profitable despite a 19% decrease in natural gas consumption in the Finnish-Baltic region, attributed to an exceptionally warm winter [9][11] - The real estate segment experienced significant growth, expanding its portfolio by nearly 50% over the past year [5] Investment and Strategy - Infortar's total investments in Q1 2025 amounted to approximately €22 million, with a focus on expanding its agricultural sector presence [17] - The company maintains a strong balance sheet with free liquidity of €153 million, allowing for continued investment and adherence to its dividend policy [6][19] - Infortar operates in seven countries and has diversified its activities beyond its main sectors, including construction, agriculture, and mineral resources [24]

Vastned (Vastned NV, Euronext Brussels and Euronext Amsterdam: VASTB) announces that today it has published an information brochure on its website. The brochure informs Vastned Group's stakeholders and potential investors about its real estate portfolio, strategy, group structure and internal operations since 1 January 2025. The document also contains pro forma consolidated and unaudited financial information on the Vastned Group that can act as a supplement to the financial information already contained in ...