Core Insights - U.S. office vacancies have shown their first year-over-year decline since the pandemic, driven by a slowdown in new construction and the demolition and conversion of older office spaces [1][2] Vacancy Rates - The vacancy rate in Q3 was 18.8%, down from 19% a year prior, marking a significant improvement in the office sector as it begins to recover from the impacts of remote and hybrid work [2] Leasing Activity - Leasing activity increased by 15% quarter-over-quarter and 11% year-over-year, totaling 59.8 million square feet; however, total square footage fell by 4% and average lease size dropped by 24% compared to pre-pandemic levels [3][4] Demand Drivers - Small occupiers are driving demand, with leases between 10,000 and 20,000 square feet making up 56% of year-to-date activity; renewals are above pre-pandemic averages due to higher moving and construction costs [4] Market Dynamics - The national VTS office demand index finished Q3 at 72, reflecting a 16% year-over-year increase, indicating a market caught between opposing macroeconomic forces such as the federal government shutdown and a 25-basis-point interest rate cut by the U.S. Federal Reserve [5][6] Regional Demand Variations - Demand for remote-heavy markets surged by 47% quarter-over-quarter, while non-remote-heavy markets saw a decline of 26%, highlighting a bifurcation in market performance based on industry reliance on remote work [6][7]

Core Viewpoint - Simon Property Group has acquired the remaining 12% interest in The Taubman Realty Group Limited Partnership for 5.06 million limited partnership units, which is expected to be accretive to Simon and aligns with its strategy of owning high-quality assets and driving innovation [1]. Group 1: Acquisition Details - The acquisition of the remaining interest in TRG allows Simon to fully capitalize on new growth opportunities and increase net operating income [1]. - The transaction was finalized with the exchange of 5.06 million limited partnership units in Simon Property Group L.P. [1]. Group 2: Leadership Statements - David Simon, Chairman and CEO, expressed satisfaction with the transaction, highlighting its alignment with the company's strategic goals [1]. - Robert Taubman, Chairman and CEO of TRG, acknowledged the successful partnership over the past five years and expressed commitment to being significant shareholders in Simon [1]. Group 3: Company Overview - Simon is a real estate investment trust focused on premier shopping, dining, entertainment, and mixed-use destinations, and is part of the S&P 100 [3]. - The company operates properties across North America, Europe, and Asia, generating billions in annual sales [3].

Core Insights - The delinquency rate for office mortgages securitized into CMBS reached an unprecedented 11.8% in October, surpassing the peak during the Financial Crisis [1][5] - The multifamily CMBS delinquency rate increased to 7.1%, the highest since December 2015 [6] Group 1: Office CMBS - The office CMBS delinquency rate rose dramatically from 1.8% in October 2022 to 11.8% in October 2023, a 10 percentage point increase [5] - Older office buildings are facing significant challenges due to a shift towards higher-quality spaces and corporate downsizing, exacerbated by the stagnation of return-to-office initiatives [5] - Notable delinquent loans include a $304 million mortgage on Bravern Office Commons in Bellevue, WA, which became vacant after Microsoft did not renew its lease [10][11] Group 2: Multifamily CMBS - The multifamily CMBS delinquency rate of 7.1% is the worst since December 2015, indicating a troubling trend in rental apartment property mortgages [6] - The delinquency rate's peak in December 2015 was influenced by the default of a significant loan on Stuyvesant Town–Peter Cooper Village, which was later resolved through a sale [6] Group 3: Loan Defaults and Curing Processes - Loans are classified as delinquent when borrowers fail to make payments or do not pay off the loan at maturity [9] - The process of "curing" delinquent loans can involve various strategies, including payment of interest, loan modifications, or foreclosure [14] - An example of a "cured" loan is the $96 million office loan backed by HP Plaza, which was fully leased and negotiated a maturity extension after becoming delinquent [15][16]

“Developers have to make a profit to reinvest in new sites,” says the adviser. “The owners are likely looking to get some money out now, thinking there might be another three years of this Government where profitability is being eaten away, and they’re better off trying to cash in now.”Not all of the shops in Battersea Power Station are high-end. But even outside of the luxury market, there are challenges. A rise in employer National Insurance and minimum wage has hit retailers hard.Meanwhile, flats above a ...

Core Insights - Newmark Group, Inc. has arranged a $600 million loan package for West Shore, which includes refinancing over $250 million in existing debt and acquiring three multifamily assets totaling 1,496 units across multiple states [1][2][5] Financing Details - The loan package consists of a $550 million senior mortgage and a $50 million mezzanine loan, making it the third-largest multifamily transaction in the U.S. in 2025 [2] - The transaction closed within 60 days, showcasing efficient execution by Newmark's team [2] Company Growth - This transaction marks West Shore's second SASB transaction in the past year, indicating its growth as a significant multifamily owner in the Sunbelt region [3] - Under President Lee Rosenthal, West Shore has expanded to over 18,500 units across nine states [3] Market Context - The financing reflects strong demand for well-leased, institutionally managed multifamily properties, particularly in high-growth markets [5] - U.S. multifamily investment volume reached $41 billion in Q2 2025, a 15% increase quarter-over-quarter, driven by improved lending conditions and institutional capital flows [6]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $143 million, or $020 per diluted share[1] - Commercial Real Estate (CRE) operating profit for Q3 2025 was $227 million[1] - Funds From Operations (FFO) for Q3 2025 was $214 million, or $029 per diluted share[6] - FFO related to CRE and Corporate for Q3 2025 was $217 million, or $030 per diluted share[6] Commercial Real Estate Operations - CRE Same-Store Net Operating Income (NOI) increased by 06%[6] - Leased occupancy as of September 30, 2025, was 956%[6] - Comparable blended leasing spreads for the improved portfolio were 44%[6] - The company executed 49 improved-property leases totaling approximately 163800 sq ft of GLA, representing $33 million of annualized base rent[12] - The company recognized selling profit of $26 million in connection with a tenant exercising its option to purchase three subdivided units at Kaka'ako Commerce Center[13] Future Outlook - The company is raising FFO guidance for the full year 2025[3]

Core Insights - Cousins Properties has released its third quarter 2025 results, with a conference call scheduled for October 31, 2025, to discuss these results [1][2]. Company Overview - Cousins Properties is a fully integrated, self-administered, and self-managed real estate investment trust (REIT) based in Atlanta, GA, primarily investing in Class A office buildings in high-growth Sun Belt markets [3]. - The company was founded in 1958 and focuses on creating shareholder value through expertise in development, acquisition, leasing, and management of high-quality real estate assets [3]. - Cousins Properties employs a comprehensive strategy based on a simple platform, trophy assets, and opportunistic investments [3]. Financial Information - The Board of Directors of Cousins Properties has declared a cash dividend of $0.32 per common share for the third quarter of 2025 [5].

Core Insights - Alexander & Baldwin, Inc. reported a net income of $14.3 million, or $0.20 per diluted share, for Q3 2025, alongside a Commercial Real Estate operating profit of $22.7 million [1][4][10] Financial Performance - The net income available to A&B common shareholders decreased from $18.998 million in Q3 2024 to $14.337 million in Q3 2025 [4][29] - FFO (Funds From Operations) for Q3 2025 was $21.4 million, down from $28.2 million in Q3 2024, with FFO per diluted share at $0.29 compared to $0.39 in the prior year [4][29] - Same-Store NOI (Net Operating Income) growth was 0.6% in Q3 2025, a decline from 4.1% in Q3 2024 [4][8] Commercial Real Estate Segment - CRE operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while operating profit slightly decreased from $22.829 million to $22.719 million [4][14] - Total leased occupancy was reported at 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% year-over-year [5][9] Leasing and Development Activities - The company executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA, representing $3.3 million of annualized base rent [9][10] - A key lease renewal was executed in Kailua Town, achieving an 11% lease renewal spread [2][8] - Construction is underway for two industrial projects, including a 91,000 sq. ft. distribution center pre-leased to Lowe's, expected to be completed in Q4 2026 [6][8] Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit [10][12] - The net debt to trailing twelve months consolidated adjusted EBITDA ratio was 3.5 times, with TTM consolidated adjusted EBITDA of $129.4 million [10][12] Dividend Information - The company paid a dividend of $0.2250 per share on October 7, 2025, with plans to declare a fourth quarter 2025 dividend in December 2025 [10][12]

Date: 30 October 2025 Release: After closing of Euronext Please open the following link to read the full report including annexes: Attachment PR 2025 10 30 UK Heading ...

Financial Data and Key Metrics Changes - GAAP net income allocable to common shares for Q3 2025 was $9.8 million or $1.34 per share, which included a $13.1 million gross gain from the sale of a real estate investment [10] - Earnings available for distribution (EAD) for Q3 2025 was $1.01 per share, a significant increase from $0.04 per share in Q2 2025 [11] - GAAP book value per share increased to $29.63 on September 30 from $27.93 on June 30 [12] - The company's GAAP debt to equity leverage ratio decreased to 2.7 times at September 30 from 3 times at June 30 [12] Business Line Data and Key Metrics Changes - The company funded new commitments of $106.4 million in Q3 2025, offset by loan payoffs and sales totaling $153.2 million, resulting in a net decrease of $46.8 million in the loan portfolio [5] - The weighted average spread of floating rate loans in the $1.4 billion commercial real estate loan portfolio is now 3.63% over one-month Term SOFR [6] - The weighted average risk rating of the loan portfolio improved to 3.0 from 2.9 in the previous quarter [6] Market Data and Key Metrics Changes - The total allowance for credit losses at September 30 was $26.4 million, representing 1.89% of the commercial real estate loan portfolio [11] - The company experienced a decrease in current expected credit losses (CECL) reserves of $4 million compared to a decrease of $780,000 in the previous quarter [11] Company Strategy and Development Direction - The company is focused on executing its business strategy by building a pipeline of high-quality investments and actively managing its portfolio to enhance shareholder value [5] - The strategic plan includes using capital loss carryforwards to maximize shareholder value through asset sales and redeployment into new loans [7] - The company aims to optimize portfolio leverage to drive equity returns [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a substantial number of new loan closings expected in Q4 2025, which will contribute to positive growth in the loan portfolio for the full year [5] - The management team highlighted that the third quarter showed progress in selling assets and redeploying gains into new loans, with a full pipeline available for securitization [14] Other Important Information - The company repurchased 153,000 common shares for $2.9 million at an approximate 36% discount to book value [12] - The net operating loss carryforward was $32.1 million or approximately $4.55 per share at the end of Q3 2025 [13] Q&A Session Summary Question: What are the plans for asset-specific financing and CLO market entry? - Management indicated that they are currently originating new loans and expect to have sufficient collateral for a transaction in Q1 2026 [18] Question: Are there any expectations for early loan payoffs? - Management does not foresee significant early paydowns and remains on target for net growth as previously outlined [19] Question: Will the company be more active in construction financing? - The company does not typically provide construction financing within the REIT but is active in construction loans through its fund business, which will benefit the REIT [20][21] Question: What is the expected future book value after remaining property sales? - Management stated that a target of approximately $30 per share is reasonable as they approach the sale of remaining properties [28][30] Question: Is there any update on potential dividends? - Management indicated that dividends would be considered once book value objectives are met and after monetizing assets [33]