Core Viewpoint - Duff & Phelps Investment Management Co. has increased its position in First Industrial Realty Trust, indicating confidence in the industrial REIT despite current market challenges [2][6]. Company Overview - First Industrial Realty Trust, Inc. is a leading U.S. industrial REIT, focusing on developing and acquiring logistics properties, with at least 70.4 million square feet of industrial space owned or under development as of September 30, 2025 [5]. - The company reported a total revenue of $714 million and a net income of $236.90 million for the trailing twelve months (TTM), with a dividend yield of 3.07% [4]. Recent Transactions - In the fourth quarter, Duff & Phelps acquired an additional 735,333 shares of First Industrial Realty Trust, valued at approximately $41.04 million, bringing their total holdings to 2,184,408 shares worth $125.10 million [2][9]. - First Industrial Realty Trust now constitutes 1.42% of Duff & Phelps' 13F U.S. equity holdings [9]. Market Context - The real estate industry is facing limited supply, slower construction, and lower demand for property purchases, yet First Industrial continues to grow its revenue despite experiencing negative year-over-year net income growth in Q3 2025 [7]. - The share prices of First Industrial Realty Trust increased by approximately 14% in 2025, although growth has slowed recently [8]. Financial Flexibility - The company refinanced a $425 million loan and a $300 million loan, allowing for interest-only payments and extended maturity dates, which provides First Industrial with more financial flexibility for potential investments [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 Viewpoint - First Industrial Realty Trust, Inc. has reported the tax treatment of its 2025 distributions, providing detailed information on the income tax implications for shareholders [1][2]. Distribution Summary - The company will distribute a total of $1.7800 per share in 2025, with each quarterly distribution set at $0.4450 [3]. - The breakdown of the distributions includes $0.2028 classified as Ordinary Dividends and $1.5772 as Qualified Dividends [3]. Company Overview - First Industrial Realty Trust, Inc. is a prominent owner, operator, developer, and acquirer of logistics properties in the U.S., focusing on high-quality facilities and customer service for supply chains [4]. - As of September 30, 2025, the company owns and has under development approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas (MSAs) [4].

Summary of Castellum's Webcast and Q&A Session Company Overview - **Company**: Castellum - **Industry**: Commercial Real Estate - **Geographic Focus**: Predominantly in Sweden (92% of assets), with some presence in Finland, Denmark, and Norway through Entra [2][3] Key Points from the New Strategy "Back to Basics" - **Core Focus**: Shift from growth to profitability, aiming for a return on equity (ROE) of at least 10% [3][6] - **Transaction Pace**: Increase in the pace of property transactions to optimize the portfolio [3][4] - **Decentralized Management**: Reverting to a decentralized property and asset management structure to enhance local accountability [4] - **Cost Awareness**: Increased focus on cost management, including staff reductions at headquarters, expected to save approximately SEK 50 million next year [5][46] Financial Policies and Targets - **Capital Allocation**: Strict focus on shareholder value, with all investments needing to meet the 10% ROE target [6][8] - **Dividend Policy Change**: New capital distribution policy allows for dividends or share buybacks, maintaining a minimum of 25% of income from property management [7][8] - **Financial Targets**: Maintain an LTV (Loan-to-Value) ratio below 40% and an interest coverage ratio (ICR) above three times [9][36] - **Investment Grade Rating**: Commitment to maintaining an investment grade rating, with changes to bond terms to facilitate asset rotation [9][10] Portfolio Management - **Asset Composition**: Diverse portfolio including office, public properties, light industry, warehouse, logistics, hotels, and retail [12][13] - **Future Growth**: Potential for growth in Denmark if profit opportunities arise; no set target to limit operations to Sweden [13] - **Entra Holdings**: Positive outlook on Entra, with no immediate plans to change the current holding strategy [15] Cost Reduction and Efficiency - **Cost Reduction Initiatives**: Focus on continuous improvements and cost awareness, with a target of SEK 50 million savings from staff reductions [5][46] - **Asset Rotation Strategy**: No specific targets for asset types to be sold; decisions will be based on expected returns rather than asset class [43][44] Market Conditions and Future Outlook - **Long-term Perspective**: ROE target of 10% is viewed over a business cycle of 7 to 10 years, acknowledging current market challenges [36] - **Speculative Projects**: Future projects should meet or exceed existing portfolio return rates, with a cautious approach to speculative developments [74] Additional Insights - **Non-Commercial Properties**: Almost all properties are classified as commercial, with minimal residential exposure [79][83] - **Company Structure**: No plans to split the company into smaller entities; focus remains on commercial real estate [83] This summary encapsulates the key points discussed during the Castellum webcast, highlighting the company's strategic direction, financial policies, and market outlook.

Core Viewpoint - Mapletree Logistics Trust (MLT) has reported a mixed set of financial results for the 2nd quarter and the first half of FY2025/26, with challenges stemming from currency headwinds and lower contributions from properties in China, while occupancy rates in other regions remain strong [4][26]. Financial Performance - For 2Q FY2025/26, MLT's gross revenue decreased by 3.2% year-on-year to S$177.5 million, primarily due to weaker foreign currencies and absence of revenue from divested properties [5][6]. - Net property income fell by 3.3% to S$153.3 million, leading to a 9.6% decline in distributable income to unitholders, which amounted to S$92.5 million [5][8]. - For the first half of FY2025/26, gross revenue was down 2.8% to S$354.9 million, and net property income decreased by 2.7% to S$306.7 million [9][10]. Portfolio Occupancy - MLT's overall portfolio occupancy improved to 96.1%, with notable increases in Singapore, South Korea, and Malaysia, while properties in China remained above 90% [12][13]. - Rental reversions were positive in most regions, except for China, which recorded a negative rental reversion of -3.0%, although this was an improvement from -7.5% in the previous quarter [14][25]. Debt Profile - MLT maintains a healthy debt profile with an aggregate leverage of 41.1%, interest coverage ratio of 2.9 times, and an average cost of debt reduced to 2.6% [16][18]. - The debt maturity schedule is well-staggered, with only 2% of borrowings due for refinancing in the second half of FY2025/26 [19]. Distribution Payout - The distribution payout to unitholders for 2Q FY2025/26 was 1.815 cents per unit, reflecting a 10.5% decline year-on-year, while the total payout for the first half was 3.627 cents per unit, down 11.4% from the previous year [21][22]. Management Outlook - The CEO highlighted a resilient operational performance despite economic uncertainties, with a focus on rejuvenating the portfolio and seizing new opportunities as they arise [23][24].

Company Overview - Prologis is the world's largest logistics REIT with $200 billion of assets across 1.3 billion square feet in 20 countries [2] - The company operates in consumption-oriented, supply-constrained markets for logistics distribution [3] Development and Growth - Prologis develops approximately $4 billion to $5 billion of new logistics properties annually [3] - Over the past 20 years, the company has developed nearly $50 billion of assets, creating about $14 billion in value [4] - The company has a land bank with $42 billion of investment opportunities, representing nearly 10 years of potential development [4] Asset Management - Prologis has an asset management business called Strategic Capital, which encompasses about $65 billion of third-party assets [5]

Core Viewpoint - Prologis is the world's largest logistics REIT with significant assets and development opportunities, indicating strong growth potential in the logistics sector. Company Overview - Prologis has $200 billion of assets across 1.3 billion square feet in 20 countries [2] - The company operates in consumption-oriented, supply-constrained markets for logistics distribution [3] Development and Growth - Prologis develops approximately $4 billion to $5 billion of new logistics properties annually [3] - Over the past 20 years, the company has developed nearly $50 billion in assets, creating about $14 billion in value [4] - The company has a land bank with $42 billion of investment opportunities, representing nearly 10 years of development potential [4] Asset Management - Prologis has an asset management business called Strategic Capital, encompassing about $65 billion of third-party assets [5]

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.42 for Q2 2025, up from $0.39 in the same period last year, and funds from operations (FFO) of $0.76 per share/unit, compared to $0.66 a year ago [1][5][20] Portfolio Performance - The company's diverse portfolio is performing strongly, with cash rental rate growth among sector leaders and healthy renewal activity [2] - Cash basis same store net operating income (SS NOI) increased by 8.7%, driven by rental rate increases on new and renewal leases [6][26] - In-service occupancy was 94.2% at the end of Q2 2025, down from 95.3% at the end of Q1 2025 and Q2 2024 [6] Development and Leasing Highlights - During Q2 2025, the company leased 58,000 square feet at First Loop Logistics Park Building 4 in Orlando [3] - The company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million [7] Investment and Capital Markets Highlights - The company completed its first public bond offering since 2007, issuing $450 million of 5.25% senior unsecured notes due January 15, 2031 [5][7] - The company received a 'BBB+' unsecured credit rating from Fitch Ratings [5][7] Financial Guidance - The company provided guidance for 2025, estimating net income available to common stockholders and unitholders between $1.53 and $1.61 per share/unit, and NAREIT FFO between $2.88 and $2.96 per share/unit [8][9]

Core Viewpoint - First Industrial Realty Trust, Inc. is set to announce its second quarter 2025 results on July 16, 2025, with a conference call scheduled for July 17, 2025, to discuss these results [1][2]. Company Overview - First Industrial Realty Trust, Inc. is a prominent U.S.-only owner, operator, developer, and acquirer of logistics properties, focusing on providing high-quality facilities and customer service to multinational corporations and regional firms [3]. - The company operates a fully integrated platform and has a portfolio of approximately 70.2 million square feet of industrial space as of March 31, 2025, with investments concentrated in 15 target metropolitan statistical areas (MSAs) [3].