Core Insights - Market sell-offs present opportunities to acquire fundamentally sound companies, particularly REITs, at discounted prices [1][3] - High-quality REITs maintain stable rental income despite market volatility, making them attractive during downturns [2] REIT Characteristics - Key characteristics for selecting REITs during sell-offs include reputable sponsors, solid debt profiles, and high occupancy rates [4][5] - A strong history of consistent annual distributions across market cycles is essential for REITs [5] Specific REITs to Consider - **Parkway Life REIT**: A defensive healthcare REIT with stable demand, high occupancy rates, and a trailing distribution yield of approximately 3.9% [6][8] - **Capitaland Integrated Commercial Trust (CICT)**: A prime commercial REIT with high-quality assets in central business districts, offering a trailing distribution yield of 5% [10][12] - **Keppel DC REIT**: A data centre REIT benefiting from long-term trends in digitalisation and AI, currently offering a 4.8% distribution yield [13][14] Investment Strategy - Gradual investment in REITs over time is recommended, as timing the market is challenging [15][16] - Consider buying in tranches based on distribution yield at different price points [16] Conclusion - Preparing a shopping list of high-quality REITs before market sell-offs can lead to long-term gains [18]

Investor Presentation March 2026 The Carrick Waterloo, ON 1 CAUTIONARY STATEMENT This presentation may contain forward-looking statements with respect to Killam Apartment REIT ("Killam") and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue", "maintain", "target" or the negative thereof or similar variations. The actual results ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income compared to the previous year [4] - For the full year, revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time in 23 years that the company achieved this level [5][6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), each with at least 1,000 acres of mixed-use projects, indicating a strong pipeline for future growth [9] - The residential home site pipeline had approximately 23,900 home sites in various stages of planning, an increase of 2,200 from the end of 2024 [9] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which currently constitutes 56% of its total revenue, as part of its sustainable business model [6][34] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, reflecting ongoing development efforts [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been performing well and may lead to increased demand for hospitality offerings [42] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for the region [23] Other Important Information - The company accelerated stock repurchases in 2025, buying back 798,622 shares at an average price of $50.10, the highest repurchase in any quarter of 2025 [8] - The company has been actively managing its debt, with a focus on paying down higher-interest debt while maintaining low-cost long-term financing [24][26] Q&A Session Summary Question: Are there any new multifamily units or hotel operations planned for 2026 or 2027? - The company plans to break ground on a new apartment complex near the FSU Health campus and is constantly evaluating opportunities for new hotels and acquisitions [12] Question: What developments are coming in the Pier Park area? - The company is planning Pier Park East, which will include a family-oriented surf park as a second anchor alongside Topgolf [14] Question: Is stock buyback still a prudent allocation of capital given the recent price increase? - Management confirmed that stock buybacks remain a component of their capital allocation strategy [15] Question: How is the company addressing the high-value home sites at Camp Creek? - The company is planning new high-end retail custom home sites in Origins West, with ongoing planning and permitting [19] Question: What is the status of the Lake amenity and Pigeon Creek neighborhood? - The Lake amenity is in the planning phase, and discussions with a new builder for Pigeon Creek are progressing well [20][21] Question: How is the brokerage business performing? - The reception from the agent community has been positive, with more agents expressing interest in joining the brokerage than anticipated [43]

Core Insights - Dream Impact Trust reported a net loss of CAD 23.5 million for Q4 2025, compared to a net loss of CAD 8.3 million in Q4 2024, primarily due to fair value adjustments and a slower leasing environment [1][2] - The Trust is advancing its strategic initiatives, particularly the Quayside and 49 Ontario development projects, which are expected to deliver over 2,800 multi-residential units upon completion [1][2] - The Trust's liquidity position has been impacted, with total cash on hand of CAD 5.4 million and a debt-to-asset value ratio of 43.7% as of December 31, 2025 [1][2] Financial Performance - For the three months ended December 31, 2025, the Trust reported a net loss of CAD 23,463,000, with a net loss per unit of CAD 1.26 [1] - The total assets decreased to CAD 646,004,000 from CAD 684,421,000 year-over-year, while total liabilities increased to CAD 296,055,000 from CAD 283,180,000 [1][2] - The recurring income segment generated a net loss of CAD 9.9 million in Q4 2025, compared to a net loss of CAD 2.5 million in the same period last year [2] Development Projects - The Quayside development is expected to benefit from HST waivers and construction cost savings, with construction anticipated to start by the end of 2026 [1][2] - The 49 Ontario project has secured 20-year government-affiliated financing and is temporarily classified as an asset held for sale [1][2] - The Trust's multi-family portfolio comprised 2,973 units, with an overall occupancy rate of 94% as of December 31, 2025 [2] Liquidity and Debt Management - As of December 31, 2025, the Trust's total cash on hand was CAD 5.4 million, with a debt-to-asset value ratio of 43.7%, up from 41.8% at the end of Q3 2025 [1][2] - The Trust has reduced its land loan exposure by CAD 94.6 million since 2024 and is working to address upcoming debt maturities [2] - The Trust's debt includes CAD 282.4 million of consolidated debt and CAD 895.5 million from equity accounted investments, with CAD 240.8 million maturing in 2026 [2]

Core Insights - The company achieved strong financial and operational results for 2025, with a total same property NOI increase of 6.1% and a revenue growth of 5.4% in the same property apartment portfolio [3][4][7] - Management expects at least 3% growth in both revenue and NOI for the same property apartment portfolio in 2026, with a focus on balancing occupancy and rent growth [1][7] Financial Performance - The REIT reported a net income of CAD 29.4 million for 2025, a significant decline from the previous year due to a CAD 120.5 million fair value loss on investment properties [6][8] - Funds from operations (FFO) per unit increased by 4.2% to CAD 1.23, while adjusted funds from operations (AFFO) rose by 5.1%, improving the AFFO payout ratio to 69% [6][9] Operational Metrics - Same property occupancy averaged 97.3% in 2025, a decrease of 30 basis points from the prior year, while average monthly rental rates increased by 4.8% year-over-year [2][11] - The company noted that rental rate growth has moderated from peak levels in 2024, aligning with broader market trends [11] Capital Allocation and Balance Sheet - The REIT increased its use of CMHC-insured mortgages to 91% of total apartment debt, with total debt at 41.9% of assets [5][14] - In 2025, the company completed CAD 148 million in property dispositions and plans to recycle at least CAD 50 million in 2026 [20][21] Future Outlook - Management anticipates a more modest growth pace in 2026 compared to 2025, with expectations of easing interest expense pressures and progress on property repositioning [23] - Atlantic Canada is expected to outperform in 2026, with Halifax identified as a key opportunity for mark-to-market growth [12][23]

Group 1: Ares Capital Overview - Ares Capital (NASDAQ: ARCC) is the world's largest business development corporation (BDC) with a forward dividend yield of 9.9%, but sustaining this yield is becoming challenging as interest rates decline [1] - Ares finances "middle market" companies, investing in 603 companies across a $29.5 billion portfolio, with 60.5% allocated to first-lien secured loans and 5% to second-lien secured loans to mitigate credit risk [2] Group 2: Interest Rate Impact - Ares' floating-rate loans are influenced by the Fed's benchmark rate, requiring these rates to remain in a "Goldilocks" zone for consistent profits; higher rates can boost net income but also create macro headwinds for portfolio companies [4] - The Fed's rate changes have led to a decrease in Ares' EPS from $2.68 in 2023 to $1.86 in 2025, which is below its forward dividend rate of $1.92 per share [5] Group 3: Comparison with Realty Income - Realty Income (NYSE: O) is highlighted as a more attractive investment compared to Ares, owning over 15,500 commercial properties and being one of the largest real estate investment trusts (REITs) [6] - REITs like Realty Income generally grow faster than BDCs as interest rates decline, making property acquisition cheaper and tenant acquisition easier; Realty Income has maintained an occupancy rate above 96% since its IPO in 1994 [7][8] - Realty Income pays monthly dividends and has raised its payout 133 consecutive times, offering a forward yield of 5.1% [8]

Core Viewpoint - Mapletree family of REITs is actively reshaping portfolios through divestments and capital redeployment, aiming for stronger growth despite short-term distribution impacts [1][13] Mapletree Logistics Trust (MLT) - MLT is pursuing a portfolio rejuvenation strategy with a divestment target of approximately S$1.0 billion, mainly from older properties in China and Hong Kong [2] - For FY2026, MLT aims to divest between S$100 million and S$150 million, having completed S$58 million in divestments year-to-date as of September 2025 [3] - DPU for 2QFY2026 decreased by 10.5% YoY to S$0.01815, largely due to the absence of divestment gains, with operational DPU down 4.8% YoY [4] Mapletree Pan Asia Commercial Trust (MPACT) - MPACT owns 15 commercial properties across five Asian markets, with total assets under management of S$15.9 billion [5] - For 1HFY2026, MPACT reported gross revenue of S$437.1 million, down 5.4% YoY, and net property income fell 5% to S$329.9 million [5] - DPU declined 1.2% YoY to S$0.0402, influenced by divestments and overseas market challenges, while VivoCity showed positive performance with increased shopper traffic and tenant sales [6][7] Mapletree Industrial Trust (MIT) - MIT manages 136 industrial properties with assets under management of S$8.5 billion, where data centres represent 58.3% of the portfolio [9] - For 1HFY2026, MIT's gross revenue was S$346.1 million, down 3% YoY, and DPU fell 5.1% to S$0.065 [9][10] - The North American portfolio occupancy is a concern at 87.8%, while Singapore properties achieved a weighted average rental reversion of 6.2% [11][12] Overall Investment Outlook - All three Mapletree REITs have experienced DPU declines, but management is focused on long-term sustainability through strategic portfolio repositioning [13] - The upcoming earnings reports in January 2026 are expected to provide insights into the effectiveness of these strategies and potential for future income growth [14]

Core Insights - Ralf Bongers will step down from his position at DEMIRE Deutsche Mittelstand Real Estate AG on 31 March 2026, as he seeks new professional challenges, but will continue as a senior advisor after his departure [1][3] Group 1: Management Changes - Ralf Bongers has been instrumental in securing lease agreements and real estate transactions totaling approximately EUR 240 million, contributing significantly to the stabilization of DEMIRE [2] - Dr Matthias Prochaska, Chairman of the Supervisory Board, acknowledged Bongers' contributions and expressed gratitude for his work during challenging times [3] - Dr Rüffel will assume the responsibilities previously held by Bongers starting 1 April 2026, alongside Tim Brückner on the Executive Board [3] Group 2: Company Overview - DEMIRE Deutsche Mittelstand Real Estate AG focuses on acquiring and holding commercial properties in medium-sized cities and emerging peripheral locations in metropolitan areas across Germany [4] - As of 30 September 2025, DEMIRE's real estate portfolio consists of 46 properties with a lettable area of approximately 573,000 square meters, and a market value of around EUR 0.9 billion [4] - The company emphasizes long-term contracts with reliable tenants and aims for stable rental income and solid value growth, with plans to significantly expand its portfolio in the medium term [5]

Company Leadership Change - Frank Nickel has resigned from his position as a member of the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG to pursue other challenges in a difficult market environment [1] - Dr Dirk Rüffel has been appointed as the new Chairman of the Management Board, effective from 1 February 2026 [2] Leadership Background - Dr Rüffel is a German lawyer with extensive national and international experience in real estate and asset management, previously serving as managing director at Lapithus Management GmbH and Cerberus [3] Company Overview - DEMIRE Deutsche Mittelstand Real Estate AG focuses on acquiring and holding commercial properties in medium-sized cities and emerging peripheral locations in metropolitan areas across Germany [4] - As of 30 September 2025, DEMIRE's real estate portfolio consists of 46 properties with a lettable area of approximately 573 thousand square meters, and a market value of around EUR 0.9 billion [4] Portfolio Strategy - The company's portfolio emphasizes office properties, supplemented by retail and hotel properties, aligning with the risk/return structure of the commercial property segment [5] - DEMIRE aims to expand its portfolio significantly in the medium term, focusing on assets with strong funds from operations (FFO) potential while strategically selling properties that do not align with its strategy [5] - The company is committed to improving operational performance through active asset and portfolio management, alongside maintaining cost discipline [5]

Core Insights - European Residential Real Estate Investment Trust (ERES) reported its financial results for the three and nine months ended September 30, 2025, highlighting significant asset disposals and a strategic wind-down of its portfolio [1][6]. Significant Events and Highlights - ERES disposed of 1,976 residential suites in the Netherlands and commercial properties in Belgium and Germany for gross proceeds of €489.2 million [5]. - A special distribution of €0.90 per Unit was declared and paid in September 2025, following the asset sales [5][6]. - Regular monthly cash distributions were ceased effective September 2025, with the last regular distribution declared in August 2025 [5][52]. Operating Metrics - Occupied Average Monthly Rents (AMR) for the same property portfolio increased by 4.7%, from €1,288 in September 2024 to €1,349 in September 2025 [5][13]. - Same property occupancy for residential properties decreased to 90.8% as of September 30, 2025, down from 95.4% a year earlier, due to intentional vacancies for value maximization [5][30]. - Same property Net Operating Income (NOI) margin decreased by 8.4% and 2.5% for the three and nine months ended September 30, 2025, respectively [5][30]. Financial Performance - Total portfolio operating revenues decreased by 57.1% and 53.3% for the three and nine months ended September 30, 2025, compared to the same periods last year [24]. - Diluted Funds From Operations (FFO) per Unit decreased by 67.5% and 57.1% for the three and nine months ended September 30, 2025, respectively, primarily due to lower total portfolio NOI from asset dispositions [36]. - Adjusted Funds From Operations (AFFO) per Unit also decreased by 73.7% and 58.0% for the same periods [37]. Financial Position and Liquidity - As of September 30, 2025, ERES had a low debt ratio of 32% and no near-term mortgage maturities, providing flexibility for ongoing transactions [6]. - Available liquidity decreased to €24.2 million from €132.8 million at the prior year end due to a reduction in the Revolving Credit Facility [10][48]. - The REIT's mortgage profile had a weighted average term to maturity of 1.9 years and a weighted average effective interest rate of 2.91% [10][48]. Net Asset Value - Net Asset Value (NAV) as of September 30, 2025, was €213.9 million, with a NAV per Unit of €0.91 [40]. - The NAV per Unit in Canadian dollars was C$1.49 [40]. Other Financial Highlights - The closing price of REIT Units was €0.65 as of September 30, 2025, down from €2.55 at the end of 2024 [44]. - Market capitalization decreased to €153 million from €597 million at the end of 2024 [44].