Summary of RioCan Real Estate Investment Trust 2025 Investor Day Company Overview - **Company**: RioCan Real Estate Investment Trust - **Event**: 2025 Investor Day held on November 18, 2025 - **Key Speakers**: Jennifer Suess (SVP), Jonathan Gitlin (CEO), Dennis Blasutti (CFO), John Ballantyne (COO), Oliver Harrison (SVP of Leasing), Andrew Duncan (CIO) Core Industry Insights - **Industry**: Real Estate Investment Trust (REIT) focused on retail properties in Canada - **Market Position**: Strong focus on core retail portfolio, emphasizing long-term growth and value creation Key Points and Arguments 1. **Growth Target**: RioCan aims for long-term core Funds From Operations (FFO) growth of 5%, driven by same property Net Operating Income (NOI) growth of at least 3.5% and capital recycling contributing an additional 1.5% [8][9][19] 2. **Retail Focus**: The company emphasizes its productive retail core, which is seen as resilient and a secure source of growth, particularly in the Canadian market [10][12][18] 3. **Market Conditions**: Canada is characterized by strong demographics, resilient consumer spending, and political stability, which are favorable for retail operations [11][12] 4. **Supply Constraints**: There are enduring supply constraints in the retail sector due to high barriers to entry, making it difficult to build new retail spaces [12][13] 5. **Tenant Composition**: RioCan's tenant mix includes essential retailers such as grocery, pharmacy, and fitness, which are crucial for daily consumer needs [34][38] 6. **Capital Management**: The company is focused on strengthening its balance sheet with a target net debt to EBITDA ratio of 8-9 times and aims for a 9% unlevered Internal Rate of Return (IRR) on capital investments [19][28] 7. **Core FFO Definition**: Core FFO is defined as high-quality, durable income excluding non-recurring items, with a baseline target of at least CAD 1.55 for 2025 [25][26] 8. **Leasing Strategy**: The company has successfully completed grocery deals that increased foot traffic and achieved an average rent premium of 24% over previous rents [36][38] 9. **Data-Driven Approach**: RioCan utilizes a proprietary analytics platform, Northstar, to identify growth opportunities and optimize tenant mix [41][44] Additional Important Insights - **Tenant Relationships**: Strong partnerships with major retailers like Canadian Tire and Empire are highlighted, showcasing the collaborative approach to real estate [55][63] - **Market Adaptation**: Retailers are adapting to market changes by leveraging data and enhancing their operational models, which benefits their partnerships with RioCan [56][58] - **Future Developments**: Projects like the Yonge Eglinton Centre and RioCan Burloak are examples of strategic repositioning to unlock growth potential [46][50] Conclusion RioCan Real Estate Investment Trust is positioned for sustained growth through a disciplined focus on its core retail portfolio, strategic capital allocation, and strong tenant relationships, all supported by a favorable market environment in Canada. The company aims to achieve a minimum of 3.5% same property NOI growth over the next three years, leveraging its data-driven insights and operational excellence.

Core Insights - CTO Realty Growth, Inc. has signed a 30,000 square foot, 10-year lease with a co-working operator, set to open in 2026 at the Shops at Legacy in Dallas, Texas [1] - The recent leasing activity has significantly filled vacancies at the center, with a total of nearly 60,000 square feet of smaller shop leases executed over the past two years [2] - Leased occupancy at the center now stands at approximately 85%, featuring a mix of upscale retailers and various national and local restaurants [3] Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality open-air shopping centers primarily located in high-growth markets in the Southeast and Southwest regions of the United States [4]

Core Insights - RioCan Real Estate Investment Trust reported strong operational performance for the third quarter of 2025, highlighting effective leasing strategies and alignment of rents with market conditions [2][4]. Financial Performance - New leasing spreads reached 44.1%, while blended leasing spreads were at 20.8%, indicating successful market rent growth [4]. - Commercial Same Property NOI grew by 4.6%, reflecting the strength of core retail assets [4]. - Retail occupancy stood at 98.4%, demonstrating robust demand for retail spaces [4]. - FFO per unit - diluted remained unchanged from the previous year, with strong operating performance offset by higher interest expenses and lower fee income [4]. - Net loss per unit was $0.41, a decrease of $0.73 from the same period last year, primarily due to net valuation losses of $242.8 million related to investment properties [4]. Capital Management - The Adjusted Spot Debt to Adjusted EBITDA ratio improved to 8.80x, with a ratio of unsecured to secured debt at 64% to 36% [4]. - The FFO Payout Ratio was reported at 61.0%, indicating a balanced approach to capital allocation [4]. - As of September 30, 2025, RioCan had $1.1 billion in liquidity and $9.3 billion in unencumbered assets, providing flexibility for capital optimization [4][9]. Leasing and Occupancy - Committed occupancy rates were strong at 97.8%, with retail committed occupancy at 98.4%, reflecting increases of 30 and 20 basis points from the previous quarter [4]. - The retention ratio for the third quarter was 92.7%, highlighting the importance of existing tenant relationships [4]. - A total of 1.0 million square feet of leasing activity occurred in the third quarter, including 0.8 million square feet of renewals [4]. Development and Asset Management - Year-to-date, $476.2 million of capital was repatriated through asset dispositions and condominium closings, moving towards a target of $1.3 billion to $1.4 billion for 2025-2026 [9]. - Development projects totaling approximately 202,000 square feet were completed in the third quarter, transitioning into income-producing properties [9]. ESG and Market Position - RioCan maintained its status as a Regional Sector Leader in the Americas under the Retail sector in the 2025 GRESB Real Estate Assessment, securing the 1 ranking among North American retail peers [9].

Core Insights - CTO Realty Growth, Inc. announced the grand opening of The Picklr, an indoor pickleball club, at The Collection at Forsyth on November 22, 2025, marking a significant addition to the center's tenant mix [1][2] Group 1: Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality open-air shopping centers primarily in high-growth markets in the Southeast and Southwest regions of the United States [5] - The company also manages and holds a significant interest in Alpine Income Property Trust, Inc. [5] Group 2: Recent Developments - The Picklr will occupy 23,775 square feet and aims to provide a vibrant fitness experience, including indoor courts, lessons, leagues, and social events [2] - The Collection at Forsyth has seen approximately 37,000 square feet of new space open recently, with an additional 17,000 square feet of leases expected to commence in 2026 [3] Group 3: Performance Metrics - The leased occupancy at The Collection at Forsyth has increased significantly to 91%, indicating strong demand for retail space in this premier outdoor lifestyle destination [4] - The center spans 561,000 square feet and features a diverse mix of national retailers, local boutiques, restaurants, fitness concepts, and entertainment venues [4]

Company Overview and Strategy - Tanger has a diversified portfolio of 41 retail centers, including outlet and lifestyle centers, encompassing over 16 million square feet and over 3,000 stores[9,13,14] - The company's enterprise value is $5.8 billion and market capitalization is $4.1 billion[9] - Tanger's strategic advantages include open-air portfolio in sought-after destinations and experienced leadership team and best-in-class platform[16,17] Financial Performance and Growth - The company's 2025 Same Center NOI Growth guidance is 3.5%-4.25%[20] - Tanger's Net Debt / Adj EBITDAre is 5.0x[9] - The company has invested $780 million in portfolio additions since 2019[21] Capital Structure and Debt - The company's capital structure includes 70% equity and 30% net debt, with a total enterprise value of $5.8 billion[34] - Tanger has $560 million in line availability[34] - The company's FAD payout ratio is 58%[34] Leasing and Operations - Tanger's portfolio occupancy is 97.4%[48] - The company has executed 2.9 million square feet in leases in the last 12 months[20] - Blended cash rent spreads for executed comparable leases is +10.6%[20]

Core Viewpoint - Lendlease Global Commercial REIT is acquiring a 70% indirect interest in PLQ Mall, enhancing its portfolio and aligning with its Singapore-focused growth strategy, which aims to acquire higher-yielding assets with long-term income growth potential [2][3][5]. Acquisition Details - The acquisition involves a unit purchase agreement for 70% of the total issued units in PLQM Trust and a share purchase agreement for a 70% interest in the trustee-manager of PLQM Trust [2]. - The total cost of the acquisition is approximately S$246.8 million, which includes S$234.3 million for the sale of units and shares, an acquisition fee of S$6.2 million, and other related expenses of S$6.3 million [6][7]. Financial Impact - Post-acquisition, Lendlease REIT's total asset value will rise to S$3.9 billion, with Singapore representing 89% of the portfolio [3][8]. - The agreed property value for PLQ Mall is S$885.0 million, reflecting a 2.1% discount to its appraised value of S$904.0 million [5][8]. - The net property income (NPI) yield based on the agreed property value is 4.5%, and the distribution per unit (DPU) is expected to increase by 2.5% on a pro forma basis [5][8]. Portfolio Composition - The acquisition will increase the proportion of essential services in the retail gross rental income from approximately 57.7% to 59.9%, thereby reducing tenant concentration risks [4]. - The suburban retail component will expand to 62.7%, driven by consumer demand for essential services and stable income from well-located suburban malls [4]. Property Overview - PLQ Mall, located in Paya Lebar, features over 200 retail, dining, and entertainment outlets and has a committed occupancy of 99.7% [9][14]. - The mall is part of a larger S$3.6 billion development and has been awarded the BCA Green Mark Platinum certification for sustainability [12]. Strategic Positioning - The acquisition is seen as a strategic move to strengthen Lendlease REIT's suburban retail portfolio in Singapore, enhancing income stability and portfolio resilience [5][8]. - The property is well-connected, located near major expressways and MRT lines, supporting long-term income growth [10][11].

Core Insights - The evolving role of physical retail is being shaped by AI, with a shift towards experiential retail environments [1] - Simon Property Group remains confident in its core operations, reaffirming a growing dividend and highlighting demand resilience despite tariff challenges [1][8] Financial Performance - Simon reported funds from operations of $1.228 billion, up from $1.067 billion a year ago, driven by rising occupancy, higher rent per square foot, and strong tenant sales [4][5] - Occupancy rates among U.S. malls and premium outlets increased to 96.4%, up from 96.2% the previous year, while base minimum rent per square foot rose 2.5% to $59.14 [5] Market Challenges - Retailers face a challenging operating environment, with tariffs impacting pricing strategies, leading to potential cost pass-through to consumers [3][4] - Approximately one-third of U.S. consumers reported that retailers cited tariffs as a reason for higher prices [9] Strategic Positioning - Simon is positioning itself as a barometer for physical retail real estate, focusing on destination retail formats that can innovate and adapt [6][7] - The company is exploring integrations with emerging technologies to enhance physical retail rather than replace it [10] Future Outlook - The potential impact of AI on retail is acknowledged, with expectations that it will primarily affect eCommerce shoppers, while physical spaces may shift towards brand immersion experiences [11] - Data indicates that AI shopping adoption is growing, particularly among younger consumers, with 32% of respondents indicating they have used or would use generative AI for shopping [12][13]

Financial Data and Key Metrics Changes - Real estate FFO was $3.22 per share in Q3 2025, up from $3.05 in the prior year, reflecting a 5.6% growth [10] - Domestic NOI increased by 5.1% year-over-year for the quarter and 4.2% for the first nine months of the year [10] - Total funds from operation for Q3 were $1.23 billion, or $3.25 per share, compared to $1.07 billion, or $2.84 per share last year [12] - The company announced a dividend of $2.20 per share for Q4, a year-over-year increase of $0.10, or 4.8% [12] Business Line Data and Key Metrics Changes - The malls and premium outlets ended Q3 at 96.4% occupancy, an increase of 40 basis points sequentially and 20 basis points year-over-year [11] - Retailer sales per square foot for malls and premium outlets were $742 for the quarter, with total sales volumes increasing more than 4% [11] - The mills achieved a 99.4% occupancy, an increase of 10 basis points sequentially and 80 basis points from the prior year [11] Market Data and Key Metrics Changes - The company signed over 1,000 leases totaling approximately 4 million square feet during the quarter, with about 30% representing new deals [10] - Retailer demand remains strong, with certain categories like luxury and athleisure outperforming [36] Company Strategy and Development Direction - The company completed the acquisition of the remaining 12% interest in Talbot Realty Group, enhancing operational efficiency and increasing NOI from the assets [7][8] - The development pipeline includes several new projects with a net cost of $1.25 billion and a blended yield of 9% [9] - The company is focused on enhancing the quality of its portfolio and pursuing new growth opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to produce comparable NOI growth in 2026, citing positive indicators from the portfolio [44] - The impact of tariffs on retailer behavior is still uncertain, with management noting that the full effects have yet to be seen [51] - Management highlighted the importance of creating holistic shopping environments to compete with e-commerce [75] Other Important Information - The company completed a dual tranche U.S. senior note offering totaling $1.5 billion with a weighted average coupon rate of 4.8% [12] - The company is evaluating its investment in Klépierre while considering opportunities for acquiring full-price assets [96][99] Q&A Session Summary Question: Can you share specifics of the operational efficiencies from the Talbot assets? - Management indicated that operational efficiencies will come from integrating Talbot's assets into their platform, enhancing cash flow and occupancy levels [20] Question: How widespread was the increase in sales results? - Management noted a widespread increase across all platforms, with luxury and athleisure categories performing particularly well [36] Question: Can you maintain strong NOI growth in 2026? - Management expressed confidence in maintaining strong NOI growth, citing positive indicators from the portfolio [44] Question: What impact are tariffs having on retailer behavior? - Management acknowledged that tariffs have not yet fully impacted retailer financials, but they expect some effects to emerge [51] Question: How is the company approaching capital allocation priorities? - Management indicated that capital allocation will focus on growth opportunities, including development and potential buybacks, while also considering dividend growth [110]

Core Insights - Simon Property Group reported strong financial and operational performance for the quarter ended September 30, 2025, with increased occupancy, accelerated retailer sales, and higher cash flow [2][8] - The company completed the acquisition of the remaining 12% interest in Taubman Realty Group, enhancing its portfolio [2][8] - The company raised its guidance for Real Estate Funds From Operations (FFO) per diluted share for the year ending December 31, 2025, to a range of $12.60 to $12.70 [4][8] Financial Performance - For the quarter, net income attributable to common stockholders was $606.2 million, or $1.86 per diluted share, compared to $475.2 million, or $1.46 per diluted share in 2024, reflecting a significant year-over-year increase [8] - Funds From Operations (FFO) for the quarter was $1.228 billion, or $3.25 per diluted share, up from $1.067 billion, or $2.84 per diluted share in the prior year [8] - Real Estate FFO was $1.215 billion, or $3.22 per diluted share, an increase of 5.6% compared to the previous year [8] Operational Metrics - Domestic property Net Operating Income (NOI) increased by 5.1%, while portfolio NOI rose by 5.2% compared to the prior year period [8] - Occupancy rate as of September 30, 2025, was 96.4%, a slight increase from 96.2% a year earlier [8] - Base minimum rent per square foot increased by 2.5% to $59.14 compared to $57.71 in the previous year [8] Capital Markets and Liquidity - The company completed a two-tranche senior notes offering totaling $1.5 billion with a weighted-average term of 7.8 years and a coupon rate of 4.775% [3] - In the first nine months of 2025, Simon completed 33 secured loan transactions totaling approximately $5.4 billion, with a weighted average interest rate of 5.38% [3] - As of September 30, 2025, Simon had approximately $9.5 billion in liquidity, including $2.1 billion in cash and $7.4 billion available under revolving credit facilities [3] Dividend Declaration - The Board of Directors declared a quarterly common stock dividend of $2.20 for the fourth quarter of 2025, representing a 4.8% increase year-over-year [4] - The dividend will be payable on December 31, 2025, to shareholders of record on December 10, 2025 [4]

Accessibility StatementSkip Navigation Building on its global legacy advising the world's top brands and owners, Savills debuts retail platform for the U.S. market. NEW YORK, Nov. 3, 2025 /PRNewswire/ -- Savills announces the launch of its U.S. Retail Advisory Services platform, expanding the firm's global retail expertise into one of the most dynamic and consumer-driven markets in the world. Continue Reading L-R in the photo is Kimberly Wiskup, Todd Siegel, Phillip Golding The new service line will be led ...