特朗普家族加密项目 World Liberty Financial（WLFI）宣布，将为其马尔代夫豪华度假村代币化项目设 计专门的"退出机制"，以缓解房地产开发周期较长带来的流动性问题。该项目由 WLFI 与沙特地产开发 商 DarGlobal 合作，计划在马尔代夫建设 100 栋海滩及水上别墅，总投资约 3 亿美元，预计 2030 年开 业。据介绍，相关代币将面向合格投资者发行，提供固定收益及贷款收入来源，未来还可能享有项目出 售收益分配。DarGlobal 表示将至少保留 30% 股权，以强化利益绑定。代币发行将与 Securitize 合作。 （Decrypt） （来源：吴说） ...

And I think Howard Hughes Holdings Inc. over time also suffered a bit from shareholders trying to figure out how do I think about this business. In the conventional public company, there is usually a certain amount of GAAP earnings or a number or a free cash flow number, and, you know, people want a simple rubric for thinking about it. You know, what multiple do I put on this number, how do I track this number over time? And, you know, the multiple is determined based on, you know, the persistency and the g ...

Howard Hughes (NYSE:HHH) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAlexander Goldfarb - Managing Director in ResearchBill Ackman - Executive ChairmanCarlos Olea - CFODavid O'Reilly - CEOEli Dashef - ShareholderJohn Kim - Managing Director in U.S. Real Estate Equity ResearchJohn Saxon - VP Corporate StrategyRyan Israel - Chief Investment OfficerOperatorGood day, and thank you for standing by. Welcome to the Howard Hughes Holdings fourth quarter 2025 earnings call. At this time, ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a record EBT of $476 million from master planned communities (MPC), driven by the sale of 621 residential acres at an average price of $890,000 per acre [29] - The operating assets portfolio delivered a full-year NOI of $276 million, reflecting an 8% year-over-year increase, with same-store office NOI increasing by 11% and multifamily by 6% [31] - Adjusted operating cash flow for 2026 is expected to range between $415 million and $465 million, with MPC EBT projected between $343 million and $391 million [36][37] Business Line Data and Key Metrics Changes - The MPC segment's pricing power has become a primary driver of long-term profitability, with finished residential land sold at a record price of $1.7 million per acre [30] - The condominium platform contracted $1.6 billion in future revenue during 2025, marking the strongest year in the company's history [32] - The company expects condominium gross revenue for 2026 to be approximately $720 million to $750 million, with estimated profits of $108 million to $128 million [39] Market Data and Key Metrics Changes - Demand was strong in both Summerlin and Bridgeland, exceeding pricing and margin expectations [29] - The company has unlocked an additional 3-4 million square feet of entitlements in Hawaii, contributing to its development pipeline [7][9] Company Strategy and Development Direction - The company is transitioning from a pure real estate development firm to a diversified holding company, with the acquisition of Vantage Holdings as a key strategic move [4][22] - The focus is on optimizing long-term per-acre value in the MPC business rather than maximizing any single year's earnings [38] - The company aims to leverage its real estate operations to generate excess cash for reinvestment in Vantage and other operating companies [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close the Vantage acquisition by June, emphasizing the importance of regulatory approvals [17] - The company anticipates that the insurance business will enhance overall growth and provide diversification of earnings streams [26] - Management highlighted the importance of maintaining a conservative balance sheet while pursuing growth opportunities [44] Other Important Information - The company has refinanced its senior notes, achieving the tightest credit spreads in its history, which reflects strong market reception [42] - The company is focused on maintaining liquidity and flexibility in its capital structure to support ongoing projects and withstand downturns [44] Q&A Session Summary Question: Condo margins of The Park Ward Village related to infrastructure work - Management confirmed that infrastructure costs were anticipated and will benefit future towers, although current margins are impacted by the project's specifics [50] Question: Strategy regarding commercial real estate portfolio - Management indicated a long-term view on commercial real estate holdings, considering potential partnerships but valuing control over assets [54] Question: Timeline for profitability improvements at Vantage - Management expects 2026 to be the first year of meaningful profitability for Vantage, with benefits from scale and operational leverage anticipated [60] Question: Housing affordability initiatives - Management stated that they focus on a broad range of home prices to attract diverse buyers, with single-family rentals being a modest part of their portfolio [68] Question: Priorities for excess cash - Management outlined that the first priority for excess cash will be to ensure full ownership of Vantage, followed by investments in other operating companies [74]

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsDavid Soto - Equity Research AssociateFernanda Bettinger - Investor Relations OfficerJuan Felipe Sottil Achutegui - CFOLorenzo Dominique Berho Carranza - CEOConference Call ParticipantsAbraham Fuentes - Equity Research AnalystEnrique Cantú - Equity Research AnalystGordon Lee - Equity Research AnalystJorel Guilloty - VP and Senior AnalystJuan Ponce - Mexico Equity Strategy AnalystPablo Monsivais ...

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker9Hello, ladies and gentlemen. Please be on standby. We will start shortly. Again, please be on standby, and we will start shortly. Thank you. Ladies and gentlemen, please be on standby. We will start shortly. Please be on standby. We will start shortly. Thank you. Greetings, ladies and gentlemen. Welcome to the Vesta Fourth Quarter 2025 Earnings Conference Call. All participants are currently in listen-only ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a record EBT of $476 million from master planned communities (MPC), driven by the sale of 621 residential acres at an average price of $890,000 per acre [28] - The operating assets portfolio delivered a full-year NOI of $276 million, an 8% increase year-over-year, with same-store office NOI increasing by 11% and multifamily by 6% [31] - Adjusted operating cash flow for 2026 is expected to range from $415 million to $465 million, reflecting a normalization as the company transitions into a diversified holding company [35] Business Line Data and Key Metrics Changes - The MPC segment's EBT is projected to be between $343 million and $391 million for 2026, with the expected decline primarily due to the absence of a bulk land sale [36] - The condominium platform contracted $1.6 billion in future revenue during 2025, marking the strongest year in the company's history [32] - For 2026, condominium gross revenue is expected to be approximately $720 million to $750 million, with estimated profits of $108 million to $128 million [39] Market Data and Key Metrics Changes - Demand was strong in both Summerlin and Bridgeland, with finished residential land sold at a record price of $1.7 million per acre [29] - The company has unlocked an additional 3-4 million square feet of entitlements in Hawaii, contributing to its pipeline of new products [10] Company Strategy and Development Direction - The company is transitioning from a pure real estate and development focus to a diversified holding company, highlighted by the acquisition of Vantage Holdings [4] - The MPC business is viewed as a long-term value driver, focusing on optimizing per-acre value rather than maximizing annual profits [38] - The company aims to leverage its real estate operations to generate excess cash for reinvestment in Vantage and other operating investments [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close the Vantage acquisition by June, emphasizing the strategic benefits of the insurance platform [17] - The company anticipates that the real estate business will generate significant excess cash, which will be reinvested to enhance growth and profitability [26] - Management highlighted the importance of maintaining a conservative balance sheet while pursuing growth opportunities [43] Other Important Information - The company has achieved tighter credit spreads on recent bond issues, reflecting improved market perception and a reduction in the cost of capital [75] - The insurance business is expected to benefit from improved profitability as it scales and shifts towards higher return strategies [60] Q&A Session Summary Question: Condo margins related to infrastructure work - Management confirmed that infrastructure costs were anticipated and will benefit future developments, although they impacted current margins [48][49] Question: Strategy on commercial real estate portfolio - Management indicated a long-term view on commercial holdings, considering potential partnerships but valuing control over assets [51][53] Question: Timeline for Vantage's profitability improvements - Management expects 2026 to be the first year of meaningful profitability for Vantage, with improvements anticipated as the company scales [58][60] Question: Housing affordability initiatives - Management stated that they focus on a range of home prices to attract diverse buyers, with single-family rentals being a modest part of their strategy [66] Question: Priorities for excess cash - The first priority for excess cash will be to fully own the insurer, followed by investments in other operating companies [72]

Core Viewpoint - AS Trigon Property Development focuses on real estate development, with a significant project planned in Pärnu, Estonia, aimed at attracting businesses to enhance land value [1] Financial Performance - The net loss for 2025 was -99,507 euros, with earnings per share at -0.02212 EUR [3] - Revenue for 2025 was 0 euros, compared to 331,920 euros in 2024, indicating a significant decline [5] - Administrative and general expenses increased to -108,021 euros in 2025 from -63,650 euros in 2024 [5] Assets and Liabilities - As of 31 December 2025, total assets were 1,804,656 euros, down from 1,873,680 euros in 2024 [4] - Total equity was 1,755,267 euros, representing 97.24% of the total balance sheet [3] - Current liabilities increased to 45,441 euros in 2025 from 18,906 euros in 2024 [4] Inventory and Sales - The company recognized investment property as inventories, with total inventories at 1,562,500 euros as of 31 December 2025 [4] - In Q3 2024, a 0.09-hectare land was sold for 31,920 euros, and in Q4 2024, a 0.70-hectare property was sold for 300,000 euros [2]

Core Insights - Apollo has invested $1 billion in subordinated hybrid notes issued by Aldar Properties, marking its fifth investment in the company since 2022, with total commitments reaching approximately $2.9 billion [1][2][3] - The investment aims to enhance Aldar's balance sheet flexibility and support its growth agenda, which includes landbank replenishment, portfolio expansion, and strategic acquisitions [2][3] - This transaction is noted as one of the largest foreign direct investments in Abu Dhabi's private sector and the largest corporate hybrid private placement in the region [3] Apollo's Investment Strategy - Apollo's ability to provide flexible capital solutions is highlighted, with a focus on meeting the needs of corporate clients and investors [3][4] - The investment reflects Apollo's commitment to the Abu Dhabi region and its confidence in Aldar's management and growth trajectory [3] Aldar's Business Overview - Aldar is a leading real estate developer and investment manager in Abu Dhabi, with a strategic landbank of 60 million square meters [7][8] - The company operates two core business segments: Aldar Development, which focuses on master development and community creation, and Aldar Investment, which manages a diversified portfolio of over AED 49 billion in income-generating real estate assets [8][9] Future Growth Potential - Aldar's develop-to-hold pipeline is valued at close to $5 billion, indicating significant growth potential through acquisitions and development projects [3][9] - The partnership with Apollo is expected to enhance Aldar's ability to capitalize on attractive opportunities in its core markets [3][9]

Core Viewpoint - Alibaba's judicial auction platform has announced the upcoming auction of 1,289 housing units in the Blue Light Long Island International Community Phase V, with a starting total price of 259 million yuan, which is approximately 85% of the assessed value of 305 million yuan [1] Group 1: Auction Details - The auction will take place on March 16, 2026, at 10 AM, with the disposing court being the Intermediate People's Court of Xi'an City, Shaanxi Province [1] - The auction consists of four lots, covering seven buildings, including residential, commercial, and office spaces [1] - Buildings 20 and 21 contain a total of 1,077 office and commercial units, accounting for over 80% of the total units available for auction [1] Group 2: Developer Information - The development is managed by Xi'an Runtong Real Estate Co., Ltd., which currently has no equity ties with Blue Light Development [1] - It is important to note that the properties have not yet been completed and delivered, indicating potential risks related to future construction and delivery [1]