Income to Adjusted EBITDA(amounts in thousands)(unaudited)Three Months EndedDecember 31,Year EndedDecember 31,2025202420252024Net revenuesLas Vegas operations$504,991$492,638$1,981,782$1,926,128Native American3,730—17,632—Reportable segment net revenues508,721492,6381,999,4141,926,128Corporate and other3,0563,05712,06912,883Net revenues$511,777$495,695$2,011,483$1,939,011Net income$ 84,587$ 87,722$ 355,670$ 291,292AdjustmentsDepreciation and amortization52,11048,164197,405187,112Share-based compensation8,47 ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is approximately 3% above initial expectations [3] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025, primarily due to non-recurrence of termination fees recognized in Q3 [20][21] - Same-store cash NOI for the full year increased by 0.5% compared to 2024, with office segment increasing by 2.3% and retail by 1.2%, while multifamily declined by 3.2% [21][22] Business Line Data and Key Metrics Changes - The office segment showed continued progress with same-store office NOI increasing just over 1% for the quarter and nearly 2.5% for the full year [8][21] - Retail segment ended the year at 98% leased, with fourth quarter leasing totaling 43,000 sq ft and positive cash and GAAP leasing spreads [11] - Multifamily segment ended the year 95.5% leased, achieving approximately 1% net effective rent growth year over year, despite competitive leasing conditions [12][13] Market Data and Key Metrics Changes - In West Coast office markets, signs of stabilization and gradual improvement in leasing activity were noted, particularly in San Diego and San Francisco [5][6] - The overall office portfolio ended the quarter 83% leased, with same-store office portfolio at 86%, up about 150 basis points from Q3 [7][11] - Retail availability is expected to remain near record lows nationally, supporting asking rents [12] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and maintaining retail momentum by managing expirations and focusing on tenant quality [18] - The strategy includes managing through the multifamily supply cycle with disciplined revenue management and cost control [18] - The company is focused on maintaining a strong balance sheet and improving valuation over time [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainty but believes coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The outlook for 2026 includes a FFO guidance range of $1.96-$2.10 per share, with a midpoint of $2.03, reflecting a conservative approach to leasing velocity and market conditions [25][32] - Management expressed frustration with the current share price, indicating that the public market valuation does not reflect the intrinsic value of the company's assets [16] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [17] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [23][24] Q&A Session Summary Question: Inquiry about elevated TIs for renewals and demand environment - Management acknowledged that higher capital burdens for office leasing are expected to moderate as occupancy improves and availability tightens [36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach would help achieve the target leverage [40] Question: Potential strategic asset sales to improve stock valuation - Management stated they would consider asset sales at favorable prices but would not sell at a discount just to check a box [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed in 11 deals year-to-date, with a significant pipeline of additional leasing activity [48] Question: Credit reserves and tenant health - Management clarified that the credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is about 3% above initial expectations [3] - Same-store cash NOI increased by 0.5% compared to 2024 [18] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025 [18] Business Line Data and Key Metrics Changes - Office segment same-store NOI increased by 2.3% for the year, driven by higher base rent and improved expense recoveries [19] - Retail segment same-store NOI increased by 1.2% for the year, reflecting strong growth in the first half of 2025 [19] - Multifamily segment declined by 3.2% for the year due to flat to modestly lower rents and elevated concessions [20] - Mixed-use segment declined by 6.7% in 2025, impacted by softer hotel demand in Waikiki [20] Market Data and Key Metrics Changes - The office portfolio ended the quarter 83% leased, with same-store office portfolio at 86% leased, up about 150 basis points from Q3 [6] - Retail segment ended the year at 98% leased, with positive cash and GAAP leasing spreads [10] - Multifamily ended the year 95.5% leased, with approximately 1% net effective rent growth year over year [11] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and commenced revenue [16] - Retail momentum will be maintained by keeping centers full and managing expirations [16] - The company plans to manage through the multifamily supply cycle with disciplined revenue management and cost control [16] - The focus will be on prudent hotel operations while responding to market demand [16] Management's Comments on Operating Environment and Future Outlook - Management believes that coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The company views 2026 as an opportunity to build upon the progress made in 2025, with a focus on operational execution and long-term value creation [15][16] - Management expressed frustration with the current share price, indicating that it does not reflect the intrinsic value of the company's assets [14] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [15] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [22][23] Q&A Session Summary Question: Regarding elevated TIs for office renewals - Management acknowledged that higher capital burdens for office leasing are expected to moderate over time as occupancy improves [35][36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach will help achieve the target leverage [40] Question: Steps to reinvigorate stock price - Management is open to strategic asset sales if they reflect long-term value but will not sell at a discount [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed year-to-date, with a significant pipeline of leasing activity [49] Question: Credit reserves in guidance - Management clarified that credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

S U P P L E M E N T A L INFORMATION PACKAGE 2025 FOURTH QUARTER QUALITY • INNOVATION • INTEGRITY • COMMUNITY Table of Contents | | Page | | --- | --- | | Executive Summary | 1 | | 2025/2026 Business Plan Trend Line | 3 | | Development Summary | 8 | | Balance Sheet and Liquidity | 13 | | Land Inventory | 14 | | Property Activity | 15 | | Net Operating Income Composition | 16 | | Regional Property Overview | 17 | | Leasing Activity | 18 | | Lease Expiration Analysis | 20 | | Top Twenty Tenants | 22 | | Portfo ...

Hospitality REITs offer a direct play on the global tourism rebound, frequently providing a higher yield compared to their peers.However, their earnings profile is unique, behaving quite differently from the more stable office, retail, or industrial sectors. Before diving into Singapore-listed hospitality REITs, let’s break down their operational mechanics and what key metrics to look out for. What Are Hospitality REITs and How Are They Different?Hospitality REITs own income-producing lodging assets such as ...

Core Viewpoint - NexGen Energy Ltd. is partnering with Clearwater River Dene Nation and Métis Nation - Saskatchewan Local 39 to develop a 59-room hotel in La Loche, Saskatchewan, aimed at meeting regional accommodation demand and creating local employment opportunities [2][4]. Group 1: Project Overview - The hotel will include a conference center, restaurant, cultural heritage center, and playground, addressing the growing need for local accommodation due to the Rook I Project and other regional developments [1][2]. - The partnership model allows CRDN and MN-S Local 39 to become full owners and operators of the hotel upon its completion in July 2027, with NexGen providing financial backing [3][4]. Group 2: Economic Impact - The hotel project is expected to create 36 full-time local jobs and support additional businesses in retail, banking, and community services, enhancing economic activity in the region [1][5]. - The Rook I Project is projected to generate over 1,400 direct annual jobs during its construction and the first 11 years of production, contributing significantly to the local economy [5]. Group 3: Strategic Importance - The hotel is positioned as a central piece of local infrastructure that will host significant regional events, fostering long-term community benefits and economic resilience [5]. - NexGen's commitment to collaboration with Indigenous communities is highlighted as a key aspect of its operational philosophy, aiming for outcomes that extend beyond the immediate project [4][5].

Core Insights - The Shanghai bulk trading market has experienced a continuous decline in transaction value for four consecutive years, with a reported total of 424 billion yuan in 2025, reflecting a year-on-year decrease of approximately 40% [1] - The fourth quarter of 2025 saw a further decline, with only 67 billion yuan in transactions, marking a 63% year-on-year drop and a 57% quarter-on-quarter decrease [1] Market Performance - The average transaction price in the Shanghai bulk market fell to approximately 5.6 billion yuan, with the fourth quarter dropping to 4.8 billion yuan [1] - More than 50% of transactions in 2025 were below 3 billion yuan, indicating a shift towards lower-value deals [1] Property Type Analysis - Office and research office properties remained the most popular, accounting for 185 billion yuan or 43.6% of the total market [2] - The commercial sector held a 16.6% transaction share, slightly higher than the apartment and residential sectors at 16.5% [2] - The hotel sector accounted for 5% of transactions, with notable deals including the "zero-dollar acquisition" of the Andaz Hotel in Shanghai [2][3] Buyer Composition - Domestic buyers dominated the market, accounting for 97% of transaction value, while foreign buyers completed only three acquisitions but sold assets totaling approximately 129 billion yuan [3] - Self-use buyers emerged as a significant market force, contributing around 60 billion yuan or 26% of total transactions, primarily from sectors like finance, TMT, and consumer [7] Market Trends and Future Outlook - The market is witnessing an increase in judicial auction transactions, which accounted for a quarter of total deals, reflecting underlying debt pressures on certain assets [7] - There are currently 140 billion yuan in bulk transactions at the draft stage, expected to close in the first half of 2026, with a focus on stable, smaller-scale transactions [8] - The expansion of public REITs in sectors like hotels and quality office spaces is anticipated to enhance exit and revitalization channels for existing assets in 2026 [8]

Core Insights - Kairoi Residential has acquired a prominent corner in LoHi for $39 million, planning to develop a 5-story, 429-unit apartment complex [2][3] - The purchase price was $231 per square foot for the 4 acres of land, which includes the site of the closed Residence Inn by Marriott hotel [2] - The estimated construction cost for the new apartment complex is projected at $65.6 million [2] Company Details - Kairoi Residential is based in San Antonio, Texas, and has previously developed six other projects in the local area, including Westminster and RiNo [4] - The company has recently closed on a development site in Lakewood, indicating ongoing expansion efforts [4] Market Context - The LoHi area is experiencing significant demand for apartment construction, with nearby projects including a 189-unit development by Carmel Partners and a 282-unit project by a new Aspen-based firm [5]

Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - **Sector**: Electrical Equipment - **Market Cap**: USD 3.648 billion - **Current Price**: HKD 15.53; **Target Price**: HKD 22.00 - **PE Ratio**: 10.7; **PB Ratio**: 1.6; **ROE**: 16.2% - **Key Points**: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - **Sector**: Auto Components - **Market Cap**: USD 14.901 billion - **Current Price**: CNY 8.44; **Target Price**: CNY 11.00 - **Key Points**: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - **Sector**: Electric Utilities - **Market Cap**: USD 8.753 billion - **Current Price**: CNY 15.35; **Target Price**: CNY 20.40 - **Key Points**: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - **Sector**: Internet Software & Services - **Market Cap**: USD 48.707 billion - **Current Price**: USD 74.52; **Target Price**: USD 90.00 - **Key Points**: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - **Sector**: Commercial Banks - **Market Cap**: USD 54.013 billion - **Current Price**: HKD 39.70; **Target Price**: HKD 45.20 - **Key Points**: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - **Sector**: Internet Software & Services - **Market Cap**: USD 8.999 billion - **Current Price**: INR 1,734.70; **Target Price**: INR 2,250.00 - **Key Points**: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - **Sector**: Real Estate Management & Development - **Market Cap**: USD 6.904 billion - **Current Price**: INR 1,714.80; **Target Price**: INR 2,110.00 - **Key Points**: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - **Sector**: Multiline Retail - **Market Cap**: USD 1.482 billion - **Current Price**: KRW 79,000.00; **Target Price**: KRW 120,000.00 - **Key Points**: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - **Sector**: Technology - **Market Cap**: Not specified - **Current Price**: TWD 169.00; **Target Price**: TWD 305.00 - **Key Points**: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - **Sector**: Transport & Logistics - **Market Cap**: Not specified - **Current Price**: PHP 558.50; **Target Price**: PHP 630.00 - **Key Points**: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - **Sector**: Real Estate Management & Development - **Market Cap**: Not specified - **Current Price**: SGD 7.43; **Target Price**: SGD 11.00 - **Key Points**: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - **Sector**: Retail - **Market Cap**: Not specified - **Current Price**: IDR 1,895.00; **Target Price**: IDR 2,900.00 - **Key Points**: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]

Occupying a prized parcel of land once home to the legendary 400-room Potter Hotel is the recently reimagined and rebranded hotel The Milo. Located on famed Cabrillo Boulevard, the 121-room beachfront property has undergone a floor-to-ceiling renovation, along with a refresh of its outdoor communal spaces. https://t.co/dz9ABUgFNy ...