Economic Context - The US Federal Reserve lowered interest rates by 0.25 percentage points, establishing a new target range of 4% to 4.25% [1] - The Fed is anticipated to continue lowering rates through the end of 2025, indicating a shift in the global interest rate cycle [1] Frasers Logistics & Commercial Trust (FLCT) - FLCT's distribution per unit (DPU) fell by 13.8% year on year to S$0.03 in the first half of fiscal year ending 30 September 2025 due to high borrowing costs [3] - Lower interest rates are expected to reduce FLCT's financing expenses and stabilize its DPU [3] - FLCT's gearing ratio was 36.8% as of 30 June 2025, well below the regulatory threshold of 50%, providing room for future acquisitions [4] - The trust's logistical and industrial assets have a weighted average lease expiration (WALE) of 4.6 years and a 96.7% occupancy rate [4] - FLCT's portfolio occupancy rate decreased by 1.4 percentage points quarter-on-quarter to 92.5%, but is expected to improve following the divestment of underperforming assets [5] Mapletree Pan Asia Commercial Trust (MPACT) - MPACT, formed through the merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust, has a diversified asset base across multiple countries [6] - MPACT's DPU fell by 3.8% year on year to $0.0201 in the first quarter of fiscal year 2025/2026 due to negative rental reversions in its overseas portfolios [7] - The trust has a manageable gearing ratio of 37.9% as of 30 June 2025, which helps mitigate financing cost sensitivity [7] - MPACT achieved an overall portfolio rental reversion of 1.4%, with VivoCity in Singapore showing a 14.7% uplift [7][8] - However, overseas markets faced challenges, with rental reversions declining by 19.4% in China and 7.9% in Hong Kong [8] City Developments Limited (CDL) - CDL is one of Singapore's largest property developers, with a diversified portfolio across residential, commercial, and hotel sectors [9] - Lower interest rates are expected to enhance mortgage affordability and boost property demand, benefiting CDL's hotel segment amid a global travel recovery [9] - CDL's revenue for the first half of 2025 increased by 8% year on year to $1.68 billion, driven by strong property development performance [10] - The company reported a 10% year-on-year decline in profit before tax to S$139.9 million due to net foreign exchange losses and reduced divestment gains [10] - CDL maintained a strong capital position with cash reserves of S$1.8 billion and total cash and undrawn committed bank facilities of S$3.5 billion [11] - The Singapore office portfolio achieved a committed occupancy of 97%, outperforming the island-wide rate of 88.6% [11] - The retail portfolio also performed well with 97% occupancy and a 12.8% rental reversion [12] - A special interim dividend of $0.03 per share was declared for 1H2025, reflecting a commitment to shareholder returns [12] Investment Implications - Interest rate cuts are expected to provide significant benefits for Singapore REITs and property developers, particularly those with higher gearing levels [13] - Lower borrowing costs will enhance distributable income and support higher asset valuations as cap rates compress [13] - Investors are advised to focus on companies with strong occupancy rates, quality assets in prime locations, and reputable sponsors [14] - Companies that combine operational excellence with strategic leverage will be well-positioned to capitalize on declining rates [14] - Singapore blue-chips such as FLCT, MPACT, and CDL are expected to see meaningful gains from lower financing costs and stronger valuations [15]

Group 1 - Marriott International, Inc. operates and franchises hotels, residences, timeshares, and yachts globally under several well-known brands [2] - The stock price of Marriott has increased more than three-fold from its lows in March 2020, reflecting a strong recovery in the travel sector [2] - Artisan Partners exited their investment in Marriott after a successful multiyear campaign, highlighting the company's competitive advantages and flexible financial structure [2] Group 2 - Jim Cramer commented on the volatility affecting travel and leisure stocks, noting that Marriott was significantly impacted despite the overall positive trend in the travel industry [1] - The market's reaction to travel stocks, including Marriott, appears irrational given the strong performance of related companies like American Express [1]

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Core Insights - IRSA Inversiones y Representaciones S.A. reported a net income of ARS 196,118 million for FY 2025, a significant recovery from a loss of ARS 32,141 million in FY 2024 [4] - Revenues increased by 2.3% year-over-year, reaching ARS 468,526 million, while the consolidated gross profit decreased to ARS 284,790 million from ARS 305,755 million [3][4] - The company successfully returned to international capital markets with the issuance of Series XXIV Notes for USD 300 million, marking a significant milestone after nearly a decade [4] Financial Performance - Revenues for FY 2025 were ARS 468,526 million compared to ARS 458,059 million in FY 2024, indicating a growth of 2.3% [3] - Consolidated gross profit decreased to ARS 284,790 million from ARS 305,755 million [3] - The net result from changes in the fair value of investment properties improved to a loss of ARS 2,500 million from a loss of ARS 488,794 million [3] - The consolidated result from operations showed a significant recovery to ARS 172,615 million from a loss of ARS 265,867 million [3] Segment Performance - Rental Adjusted EBITDA reached ARS 234,697 million, with contributions from Shopping Malls (ARS 210,741 million), Offices (ARS 15,584 million), and Hotels (ARS 8,372 million), reflecting a 2% decrease compared to FY 2024 [4] - The Shopping Malls segment saw revenues and Adjusted EBITDA grow by 8% and 10% respectively, with portfolio occupancy remaining close to 98% [4] - The Offices segment benefited from increased demand for premium spaces, achieving nearly full occupancy in Class A+ and A buildings [4] Strategic Developments - The company acquired the Terrazas de Mayo shopping center and an adjoining property, and commenced construction of a new open-air shopping mall in La Plata [4] - Infrastructure works and commercialization progressed for the flagship project, Ramblas del Plata, with 13 transactions signed totaling approximately 111,000 saleable sqm valued at USD 81 million [4]

Financial Data and Key Metrics Changes - The company achieved a black zero in Q2 2025, indicating a return to profitability is expected in the second half of the year [4][6] - Earnings before tax improved by 47% in the first half of 2025, with an equity ratio back above 30% [6][7] - The successful issuance of a green hybrid increased equity above EUR 350 million, while net debt remained below EUR 550 million [7] Business Line Data and Key Metrics Changes - Residential sales doubled in the first half of 2025, with 208 apartments sold compared to 97 in the same period last year [8] - The company has a pipeline of 2,800 apartments over the next four years, ensuring steady income [9] Market Data and Key Metrics Changes - Newly started residential construction projects in Germany decreased by 85% since Q4 2022, leading to forecasts of fewer than 200,000 new apartments in 2025 [11] - Residential prices in Q2 2025 rose by 3.8% in Germany, 4% in Austria, and 17% in the Czech Republic, indicating a tightening supply [12] Company Strategy and Development Direction - The company emphasizes the importance of ESG (Environmental, Social, and Governance) factors, which are expected to drive future growth in Europe [16][19] - The company aims to maintain its industry leadership in sustainability and is considering potential project rezoning from office/light industrial to residential to address the supply-demand imbalance [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to profitability, citing a flight to real assets and a significant market shakeout as positive indicators [21][23] - The company anticipates a continued demand for residential properties due to a shortage of supply and rising prices [50] Other Important Information - The company has successfully managed its liquidity, with EUR 168 million available against repayment obligations of EUR 102 million for 2025 [13] - The hotel segment output was reported at EUR 43 million, with a different mix of contributions compared to the previous year [34] Q&A Session Summary Question: Update on sales in Mainz - The company sold two apartments in Q2, maintaining a 50% sales rate, with ongoing reservations pending bank financing [29] Question: Letting process for Timber Pioneer in Frankfurt - The letting process is slow due to summer breaks, but management expects positive news in September [32] Question: Hotel segment performance - The hotel segment output is on par with last year, with Poland performing better, while Germany faced challenges due to the absence of extraordinary events [35] Question: Update on residential projects - The company plans to start construction on new residential projects next year, with a focus on smooth sales [36] Question: Potential reallocation of projects from office to residential - The company is considering rezoning projects based on market conditions and demand for residential properties [55] Question: Update on Kopinski Jockberg hotel sale - Exclusivity has been granted to one party for the sale, but no final agreement is expected before year-end [56] Question: Office lease lead times - Lead times for office leases have extended significantly, with management agreeing that it could take up to nine or ten months [68] Question: Personnel costs outlook - Personnel costs are expected to decrease in the second half due to a reduction in the workforce, potentially supporting overall results [76]

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Strategic Transformation - SVC is transforming into a majority net lease REIT by selling a significant portion of its hotel portfolio[10, 18] - Anticipated gross proceeds from hotel sales in 2025 are $966 million[21] - Net lease assets will represent 71% of pro forma Adjusted EBITDAre for LTM 2Q25 after the hotel sales[21] - 114 hotels (14,925 keys) are earmarked for sale in 2H25, with $900 million under binding agreement[21] Financial Highlights - SVC's LTM Adjusted EBITDAre is $565.238 million[147] - Pro Forma Net Debt / LTM Adjusted EBITDAre is expected to be 93x after hotel dispositions[40] - SVC has $60 billion of unencumbered assets pro forma for anticipated hotel dispositions[45] Net Lease Portfolio - The net lease portfolio has 742 properties with $3865 million in annualized minimum rent[13] - TravelCenters of America (TA) accounts for 68% of annualized minimum net lease rents as of 2Q25[21] - Approximately 97% of net leases have embedded growth through contractual rent escalators[21] Hotel Portfolio - The pro forma hotel portfolio will consist of 84 hotels with 19,942 keys[23, 29] - The pro forma hotel portfolio is expected to generate $144 million in EBITDA[29] - The ADR for the pro forma hotel portfolio is expected to be $17180 and RevPAR is expected to be $10840[29]

Core Insights - American Assets Trust (AAT) reported a flat Funds from Operations (FFO) per diluted share of $0.52 for Q2 2025, with a slight decline in FFO when excluding lease termination fees [26][31][32] - The company is experiencing mixed performance across its portfolio, with same-store cash Net Operating Income (NOI) approximately flat year-over-year, while specific segments like multifamily and mixed-use are facing declines [5][28][31] Financial Performance - Same-store multifamily portfolio's NOI declined by 3.9%, attributed to lower rental income at Hasselhoe on Eighth and higher operating expenses at Pacific Ridge [5][28] - Same-store mixed-use portfolio's NOI decreased by approximately 5%, primarily due to lower than anticipated Average Daily Rate (ADR) at Embassy Suites Waikiki [5][28] - Retail segment cash NOI grew by 4.5%, with the portfolio ending the quarter 98% leased and executing over 220,000 square feet in new or renewal leases [9][16] Leasing Activity - The office portfolio ended the quarter 82% leased, with same-store office at 87% leased, completing 102,000 square feet of leasing [9][12] - Increased demand from technology and AI tenants is driving the leasing pipeline, particularly in the San Francisco office market [7][10] - The company has a pipeline of potential incremental FFO of $0.30 per share, mainly related to leasing up vacant office space [7][31] Market Conditions - The hotel segment is facing challenges due to lower paid occupancy and RevPAR amid ongoing softness in domestic leisure demand and heightened rate competition in Waikiki [5][22] - Liquidity remains strong with total available liquidity of $544 million, consisting of $144 million in cash and $400 million in revolver availability [30] - The company is holding surplus cash for opportunistic deployment, favoring acquisitions in multifamily or retail segments over office investments [7][31] Guidance and Outlook - Full-year 2025 FFO guidance has been increased to a range of $1.89 to $2.01 per share, with a midpoint of $1.95, reflecting steady momentum across core sectors [31][32] - The guidance assumes stable conditions, with potential upside depending on rent collections, multifamily performance, and tourism recovery in Hawaii [31][32][33] - Management remains optimistic about the long-term strength of the portfolio despite current market challenges [25][33]