Core Points - Nextensa has sold a retail site in Ingeldorf to the State of the Grand Duchy of Luxembourg for a net amount of €19.6 million [2] - The retail property has been part of Nextensa's portfolio since 2008 and includes a Batiself building and an extension housing Siemes Schuhcenter [2] - This transaction aligns with Nextensa's strategy to optimize its real estate portfolio while pursuing sustainability objectives [2] Company Overview - Nextensa is a mixed-use real estate investor and developer with a total investment portfolio value of approximately €1.1 billion as of June 30, 2025 [3] - The company's portfolio is geographically divided with 32% in Luxembourg, 51% in Belgium, and 17% in Austria [3] - Nextensa is actively involved in large urban developments, including projects in Brussels and Luxembourg [4] Market Information - Nextensa is listed on Euronext Brussels with a market capitalization of €426 million as of June 30, 2025 [5]

Financial Results - Total assets of the Company amount to EUR 81.799 thousand, with equity at EUR 46.370 thousand and liabilities at EUR 35.767 thousand. Investment assets at fair value increased by EUR 12.892 thousand or 18.71% compared to December 31, 2024 [5] - The Group's total assets are EUR 179.567 thousand, equity is EUR 53.161 thousand, and liabilities total EUR 126.406 thousand. Investment property at fair value increased by EUR 12.676 thousand or 8.00% compared to December 31, 2024 [5] - The Company's total comprehensive income for the first half of 2025 is EUR 4.197 thousand, while the Group's total comprehensive income is EUR 3.482 thousand [5] Key Events - In 2025, the Company acquired investment properties valued at approximately EUR 7.69 million, including a commercial building and a land plot in Lithuania [5] - The Company completed the third tranche of public bond issuance on January 19, 2025, issuing bonds with a total nominal value of EUR 11.226 million [5] - An early redemption of non-public bonds totaling EUR 7.474 million was executed at the end of January 2025 [5] - The Group obtained building permits for retail projects in Vilnius and Klaipėda and began construction of a retail park of nearly 5,000 sq. m in Utena [5] - A loan agreement for EUR 2 million was signed on August 5, 2025, and a credit agreement for EUR 6.2 million for the Utena project was signed on August 19, 2025 [5] - Construction works commenced on three retail centers in Klaipėda district, Vilnius, and Klaipėda city, with completion planned for 2026 [5]

Group 1 - Nextensa has sold its entire 8.99% stake in the Belgian REIT Retail Estates for €66.30 per share, generating total proceeds of €89.6 million, which is a significant capital gain compared to the previous valuation of €61.50 per share [1][2] - The transaction results in a strong cash inflow, reducing Nextensa's debt ratio to below 40%, thereby enhancing the company's balance sheet and financial capacity for future investments [2] - This sale aligns with Nextensa's long-term vision to free up capital for reinvestment in innovative and sustainable urban development projects, reflecting a proactive investment policy [3] Group 2 - Retail Estates has developed into a solid and successful company in its segment, and Nextensa has supported its growth for over 25 years, realizing a clear capital gain through this transaction [4] - Nextensa's investment portfolio is diversified across Luxembourg (32%), Belgium (41%), and Austria (17%), with a total value of approximately €1.1 billion as of June 30, 2025 [6] - The company is actively involved in large urban developments, including projects in Brussels and Luxembourg, focusing on mixed-use real estate [6]

Summary of Hong Kong Property Sector Conference Call Industry Overview - The conference call focused on the Hong Kong property sector, discussing the outlook for 1H25 and beyond, highlighting recovery signs and investment opportunities. Key Points Market Sentiment and Outlook - The sector experienced a slight beat in 1H25, with intact Dividend Per Share (DPS) and better-than-expected retail reversion seen as positive indicators for recovery [1] - Short-term fundamentals are supported by stable residential volume, retail sales, and office inquiries, while long-term support comes from national policies favoring Hong Kong [1][2] - Anticipation of a potential Federal Reserve rate cut and a policy address in September 2025 adds to the positive sentiment [1] Dividend and Capital Recycling - Companies maintained stable interim DPS, with forecasts for stable full-year DPS [2] - Hang Lung may resume cash dividends from '26E interim, while ongoing buybacks are noted for HKL [2] - Hysan initiated a HK$8 billion capital recycling plan over five years [2] Investment Activity - Investment interest is rising, with CKA looking to invest in new lands and distressed properties [3] - Sino Land won a land tender in Tuen Mun for HK$1.09 billion, indicating active bidding in the market [3] - Fortune REIT is exploring acquisitions cautiously, particularly for neighborhood malls [3] Residential Market Dynamics - The residential sector is facing low margins and increased provisions, but signs of stabilization are emerging [4] - New sales Gross Profit Margin (GPM) is estimated to hover around 0-10% for mass projects, with volume and rental growth expected to support home prices [4] - Significant increase in new home sales volume of small-sized units (<HK$4 million) by 307% year-on-year after a stamp duty cut [4] Retail Sector Performance - Retail rental performance is improving, with luxury malls showing positive reversion after asset enhancement initiatives (AEIs) [5] - Tenant sales improved in July-August, with expectations for steady sales in 2H25 [5] - Positive reversion rates for luxury tenants at HKL and Hysan, while others like Wharf REIC and Link REIT are expected to see negative reversion [5] Office Market Trends - Increased leasing inquiries, particularly for prime locations, with occupancy rates improving [6] - Negative reversion is estimated at 10-15% across districts, but super Grade-A offices are showing signs of stabilization [6] Financial Performance and Cost Management - Companies benefited from a decline in average finance costs, particularly those with higher floating rate debt [8] - Despite lower gross interest, some companies like Henderson and Kerry faced higher net costs due to less capitalization after project completions [8] Macro Economic Indicators - Hong Kong's retail sales increased by 0.7% year-on-year in June, with luxury segments outperforming [9] - The unemployment rate reached 3.7%, the highest since November 2022 [9] - The Top Talent Pass Scheme showed a 54% visa extension rate, aligning with expectations [9] Additional Insights - The conference highlighted the importance of ongoing capital flow and talent retention in supporting the Hong Kong property market [1] - The potential impact of external economic factors, such as interest rate changes, was emphasized as a critical risk to monitor [8] This summary encapsulates the key discussions and insights from the conference call regarding the Hong Kong property sector, providing a comprehensive overview of current trends, challenges, and opportunities.

Core Viewpoint - Kaldalón hf. reported substantial revenue growth in the first half of 2025, driven by prior-year investments, with a notable increase in rental income and a strong operating profit margin [2][7]. Financial Performance - Operating revenues for H1 2025 reached ISK 2,638 million, up from ISK 2,132 million in H1 2024, reflecting a year-on-year growth of approximately 23.7% [4]. - Operating profit before fair value adjustments was ISK 2,056 million, compared to ISK 1,672 million in the previous year, indicating a growth of 22.9% [4]. - The profit before tax decreased to ISK 1,753 million from ISK 2,454 million, a decline of 28.5% [4]. - The return on equity was 11.3%, down from 17.3% in the previous year [4]. Investment and Growth - The company invested ISK 3.5 billion during the period, with most investments made late in the half-year, expected to contribute to revenues in the second half [6][8]. - Kaldalón signed purchase agreements for properties in Reykjavík, expected to increase annual revenues by ISK 203 million upon completion [9][12]. Outlook - The company updated its financial outlook for 2025, projecting operating revenues between ISK 5,500 million and ISK 5,670 million, and operating profit in the range of ISK 4,270 million to ISK 4,430 million [5]. - The forecast assumes completion of announced transactions related to income-generating properties in Q3 2025 [5]. Market Position and Strategy - The company reported a stable demand for rental space and resilience in the economy despite high interest rates, with a weighted average lease maturity of nearly 10 years [11]. - Market-based funding increased to 35% of total debt from 21%, aligning with the long-term strategy of increasing indexed debt and market-based financing [6][10].

Core Insights - The 50th anniversary of the Shops at RedBird is being celebrated with events sponsored by Comerica Bank and Russell Glen, highlighting the community's resilience and economic progress [1][2][3] Company Overview - Comerica Bank is a significant financial services provider with total assets of $78.0 billion as of June 30, 2025, and operates across 15 states, focusing on building relationships and community success [8] - Russell Glen Company is a Dallas-based real estate investment and development firm recognized for its transformational projects, including the Shops at RedBird, with over $450 million in active and completed developments [9] Event Details - The celebration includes a REDBIRD RUN + FUN 5K Walk and Family Fun Day on August 23, featuring activities for all ages and is free to the public [2] - A community block party, the REUNION COMMUNITY BLOCK PARTY, will take place on the same day, offering food trucks, vendors, and live performances [3] - The weekend concludes with a REFRESH SUNDAY GOSPEL BRUNCH on August 24, featuring prominent gospel artists and a documentary screening, with tickets starting at $45 [3] Economic Impact - The Shops at RedBird has undergone over $250 million in public and private investment, transforming from a struggling mall into a mixed-use community hub that includes healthcare, education, and retail [5][7] - The redevelopment is seen as a model for impact-driven projects, creating jobs and generating significant economic activity in Southern Dallas [7]

Core Viewpoint - Nextensa demonstrated significant profitability growth in the first half of 2025, driven by development activities, reduced financing costs, and a stronger balance sheet despite a challenging economic environment [1][3]. Financial Performance - Net profit for H1 2025 was €19.9 million, or €1.96 per share, marking a 41% increase from €14.1 million or €1.39 per share in the same period last year [4]. - Underlying rental income saw a like-for-like increase of 5.45%, primarily due to improved occupancy at Tour & Taxis and contributions from major renovations [4]. - Total rental income decreased by 19.6% compared to the previous year, attributed to divestments totaling approximately €230 million [1][4]. Strategic Transactions - The sale of the Knauf shopping centres for €165.75 million bolstered the company's financial position [2]. - Proximus's selection of Tour & Taxis as its new headquarters, with full pre-leasing of the Lake Side office project, highlighted the attractiveness of Nextensa's sustainable urban developments [2]. - The acquisition of the Proximus Towers (BEL Towers) for redevelopment into a mixed-use sustainable project further reinforced Nextensa's sustainability goals [2][11]. Development Projects - The Stairs office building at Cloche d'Or is on track for completion by March 2026, with a lease signed with PwC Luxembourg for 9,500 m² of office space in the Eosys building, scheduled for delivery in September 2027 [6]. - The final phase of D5-D10 at Cloche d'Or has seen 153 apartments sold or reserved, achieving an occupancy rate of 83% as of June 30, 2025 [7]. - At Tour & Taxis, 327 out of 346 residential apartments have been sold or reserved, indicating strong demand [9]. Financial Management - The average financing cost of the investment portfolio decreased from 2.86% to 2.71%, aided by a hedging policy and reduced financial debt [10]. - The financial debt ratio improved to 43.41% following the sale of the Knauf shopping centres, down from 45.39% at the end of 2024 [10]. - The average maturity of credit lines is now 2.85 years, with available headroom of €135 million [10]. Company Overview - Nextensa's investment portfolio is valued at approximately €1.1 billion, with geographical distribution of 32% in Luxembourg, 51% in Belgium, and 17% in Austria [12]. - The company focuses on large urban developments, including the Tour & Taxis project in Brussels and the Cloche d'Or urban extension in Luxembourg [13]. - Nextensa is listed on Euronext Brussels, with a market capitalization of €426 million as of June 30, 2025 [14].

Financial Performance Highlights - Net income decreased by 32% to $23 million in Q2'25 compared to $33 million in Q2'24, and decreased by 72% to $06 million YTD compared to $20 million YTD, largely due to professional fees related to a transaction and lower net interest income [6] - Pro rata NOI increased by 7% to $191 million in Q2'25 compared to $178 million in Q2'24, and increased by 5% to $97 million YTD compared to $92 million YTD [6] - Pro rata revenue increased to $13997 million in Q2'25 from $13309 million in Q2'24, and increased to $27426 million YTD in 2025 from $26127 million YTD in 2024 [8] Segment Performance - Multifamily segment pro rata NOI increased by 1% to $4737 million in Q2'25 compared to Q2 2024, and increased by 2% to $9367 million YTD compared to YTD 2024, primarily due to improved occupancy at The Verge and Dock 79 [6, 11, 12] - Industrial and Commercial segment NOI decreased by 15% to $1010 million in Q2'25 compared to Q2 2024, and decreased to $2149 million YTD compared to YTD 2024, primarily due to an eviction and lease expirations [6, 15, 16] - Mining Royalty Lands segment NOI increased by 21% to $3665 million in Q2'25 compared to Q2 2024, and increased by 20% to $6949 million YTD compared to YTD 2024, primarily due to a reduction in royalty payments in the prior year [6, 21] Development and Strategic Initiatives - Amended the Company's Credit Agreement with Wells Fargo, establishing a five-year, $50 million revolver at SOFR + 225% [6] - Entered a JV with Strategic Real Estate Partners to develop 377892 square feet of industrial space in Lake County, FL [6] - Development activity continues with construction started on Lakeland, FL (200000 sq ft warehouse), Davie, FL (182000 sq ft warehouse redevelopment), and "Woven" – Greenville, SC (214 multifamily units and 14000 retail sq ft multifamily development) in Q2 '25 [10, 27]

Core Insights - Yoshiharu Global Co. has secured a $4.4 million investment from the Open Innovation Fund to support its entry into the real estate investment and development sector, marking a strategic shift beyond its core restaurant operations [1][2] - The company aims to transition towards an asset-backed revenue model while restructuring its existing food and beverage business for improved profitability, indicating a long-term growth strategy [2] - The investment will be facilitated through a convertible note with a 7.0% annual interest rate and a 3-year maturity, secured by a subordinated lien on any real property acquired with the proceeds [3] Company Overview - Yoshiharu is a fast-growing restaurant operator known for its Japanese ramen, having established itself as a leading ramen restaurant in Southern California shortly after its 2016 debut [4] - The company currently operates 15 restaurants across Southern California and Las Vegas, indicating a strong presence in the regional market [4] - CEO Ji-Won Kim emphasized that the investment represents a meaningful step in the company's evolution, focusing on creating long-term value through strategic expansion and sustainable growth [4]

Core Insights - Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, has acquired 240 Willoughby Street, a residential rental building in Fort Greene, Brooklyn, consisting of 463 units, with 147 designated for affordable housing [1][2] - The acquisition price was $209.5 million, with $141.5 million financed through a senior loan from M&T Realty Capital Corporation [2] - The building features over 30,000 square feet of amenities and is strategically located adjacent to Fort Greene Park, enhancing its appeal to potential residents [6] Company Overview - Fetner Properties is a full-service real estate company specializing in developing, owning, and managing residential properties, with a pipeline of five new projects totaling 1,500 residences [8] - MCB Real Estate, founded in 2007, manages a nationwide portfolio of $3 billion in assets and has approximately 6 million square feet in its development pipeline [9] - Farallon Capital Management, established in 1986, manages around $39 billion in capital and commitments, focusing on investments across various asset classes globally [10] Market Position - The rapid leasing of 25% of the building since Memorial Day weekend indicates strong demand and community acceptance in the Fort Greene area [4] - The project is positioned in a high-growth submarket of Brooklyn, catering to the evolving needs of modern renters [4] - The building's design includes premium finishes and large private terraces, appealing to a demographic seeking high-quality living spaces [5]