Financial Data and Key Metrics Changes - Kimco Realty achieved NAREIT FFO per share growth of 6.7% in 2025, making it one of the few shopping center REITs to exceed 5% FFO growth in 2024 and 6% in 2025 [7] - For the fourth quarter, FFO was $294.3 million, or $0.44 per diluted share, representing a 4.8% increase compared to the prior year [27] - Full year FFO was approximately $1.2 billion or $1.76 per diluted share, reflecting a 6.7% per share increase compared to 2024 [27][28] Business Line Data and Key Metrics Changes - The overall portfolio occupancy reached 96.4%, matching an all-time high, with a new leasing volume of 1.2 million sq ft, the highest in over a decade [8] - Same-site NOI growth was 3% for the full year, supported by sustained demand for space and consistent rent growth [28] - The signed but not open pipeline reached a record 390 basis points, representing $73 million of future annual base rent, a 30% increase from the previous year [16] Market Data and Key Metrics Changes - The shopping center sector is experiencing limited new supply, which, combined with resilient consumer demand, is expected to push occupancy and same-site NOI higher [10] - Tenant credit profiles are reported to be stronger than in previous years, with a credit loss of 74 basis points for the full year [28][60] Company Strategy and Development Direction - Kimco's strategy for 2026 focuses on proactive capital recycling, selling lower growth assets at attractive private market cap rates, and reinvesting in higher return opportunities [12][25] - The company plans to modernize its operating platform to enhance efficiency and cash flow, targeting a reduction of $3 million in G&A expenses while investing in personnel and technology [13][71] - The company aims to close the valuation gap between its public market valuation and private market pricing, with a focus on disciplined execution and capital allocation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the shopping center sector, with expectations for healthy earnings progression in 2026 [31][35] - The company anticipates same-property NOI growth of 2.5%-3.5% for 2026, with the first quarter expected to be the lowest point due to prior year comparisons [31][32] - Management highlighted the importance of tenant retention, with 87% of expiring annual base rent already resolved for the first half of 2026 [19] Other Important Information - Kimco received a credit rating upgrade to A-minus from Moody's, reflecting its disciplined approach to the balance sheet [7] - The company plans to establish a commercial paper program to enhance its financing strategy [30] - A leadership transition is occurring with the retirement of the Chief Accounting Officer, ensuring continuity and expertise within the team [36] Q&A Session Summary Question: Discussion on potential special dividend and balancing earnings growth - Management indicated that a special dividend may be necessary if gains cannot be shielded through 1031 exchanges, but the focus remains on closing the valuation gap between public and private valuations [39][41] Question: Insights on capital allocation priorities - Management emphasized that leasing remains the top priority, followed by redevelopment opportunities and structured investments, with a focus on achieving double-digit returns [44][46] Question: Tenant health and performance trends - Management reported improved tenant credit quality, with notable retailers restructuring successfully and a strong demand for space within the portfolio [60][61] Question: Same-store NOI guidance components - Management acknowledged that the first quarter will be challenging due to prior year bankruptcies but remains confident in the overall guidance based on the signed not occupied pipeline [64][65] Question: Realignment to national leadership and operational efficiency - The restructuring aims to streamline operations and enhance efficiency, with a focus on leveraging technology and improving workflows [68][71]

Core Points - S&P Global Ratings upgraded Safehold Inc.'s credit rating to A- from BBB+ with a stable outlook, reflecting the company's strong credit profile and market position [1][2] - The upgrade is attributed to Safehold's steady asset quality and business stability, particularly in the context of challenges in the commercial real estate (CRE) sector [2] Company Overview - Safehold Inc. is a leader in the modern ground lease industry, providing innovative solutions for real estate ownership and enabling property owners to unlock land value [3] - The company focuses on high-quality multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties, aiming to deliver safe, growing income and long-term capital appreciation to shareholders [3]

Summary of Alexander & Baldwin (ALEX) 2025 Conference Call Company Overview - **Company Name**: Alexander & Baldwin (ALEX) - **Type**: Diversified Hawaiian Real Estate Investment Trust (REIT) - **History**: Established 155 years ago, converted to a REIT in 2017 - **Focus**: Exclusively operates in Hawaii, leveraging unique market conditions and high barriers to entry [2][4] Portfolio Composition - **Net Operating Income (NOI) Breakdown**: - Retail: Approximately 66% (primarily grocery-anchored) [4][6] - Industrial: About 18% [5][6] - Ground Leases: Roughly 17% [5][6] - Office: Approximately 3-4% (considered non-strategic) [5][9] Growth Opportunities - **Retail Sector**: Strong fundamentals with potential for tenant demand growth; many large retailers lack a presence in Hawaii, presenting long-term opportunities [6][7] - **Industrial Sector**: Extremely tight market with a vacancy rate of 1.2% on Oahu; logistical challenges create opportunities for growth [7][8] - **Existing Portfolio**: High occupancy rates (95.4% overall, 95.2% in retail) with potential for further increases [11] Recent Transactions and Developments - **Maui Business Park**: Secured a 75-year ground lease with a self-storage developer; ongoing construction of a 30,000 square foot industrial building [13][15] - **Oahu Developments**: Building a 21,000 square foot facility pre-leased to Lowe's, capitalizing on retail-driven industrial demand [16][17] Financial Metrics - **Debt Metrics**: Net debt to adjusted EBITDA ratio of 3.6 times; total liquidity over $300 million [26] - **Dividend Policy**: Targets a payout of 100% of re-taxable income; consistent dividend payer since REIT conversion [27][28] Economic Context - **Tourism Impact**: Tourism accounts for about 20% of Hawaii's GDP; visitor counts up 3.2% year-to-date compared to 2024, though still below pre-COVID levels [30][31] - **Government Spending**: Also represents about 20% of GDP; stable federal funding due to Hawaii's strategic military importance [32][33] Challenges and Barriers - **Zoning and Development**: High barriers to entry for new developments; lengthy entitlement processes can take years [39][40] - **Construction Costs**: Elevated due to reliance on imported materials; management's local expertise helps navigate these challenges [41] Investment Thesis - **Differentiated Strategy**: Focused on Hawaii with a diverse asset class portfolio; historically strong performance with a CAGR in same-store NOI growth [42][43] - **Valuation Opportunity**: Current stock price does not reflect the underlying real estate value and growth potential [44] Conclusion - **Overall Positioning**: Alexander & Baldwin presents a unique investment opportunity in a specialized market with strong fundamentals and growth potential, despite challenges in development and construction [42][44]