Core Insights - Inovalis Real Estate Investment Trust reported a decrease in net rental income for Q4 2025 and the full year 2025, primarily due to reduced occupancy rates and a bad debt provision related to an insolvent tenant [3][4][17] Financial Performance - Net Rental Income (NRI) for Q4 2025 was $3,416 (€2,164), down from $4,732 (€3,193) in Q4 2024 [3] - For the year ended December 31, 2025, NRI was $10,553 (€6,686), compared to $13,775 (€9,295) in 2024, with a significant impact from a bad debt allowance of $2,103 related to the Gaia property [4] - The REIT's total portfolio occupancy rate was 60.9% as of December 31, 2025, with the investment property portfolio occupancy at 47.7% [5] Leasing Operations - A long-term lease extension was signed for the main tenant at the Metropolitain property, achieving 100% occupancy effective February 2026 [6] - Negotiations are ongoing for a lease at the Gaia property with a public hospital for approximately 10% of the space in 2026 [6] Asset Recycling Strategy - The REIT executed two property dispositions in 2025, including the sale of the Baldi property for $22,607 (€14,000) and the Sabliere property, generating total net cash of $18,363 (€11,244) after mortgage repayment [7] - The sale of the Trio property was completed on January 30, 2026, for $15,797 (€9,800), with a waiver from the senior lender on a portion of the loan that could not be repaid from the sale proceeds [10] Capital Management - Unitholders' equity was reported at $138,800 (€86,100) as of December 31, 2025, with a book value per unit of $4.18 [12] - The REIT's debt to gross book value was 61.7% for the total portfolio and 53.0% for the investment property portfolio as of December 31, 2025 [13] Tax Liabilities - A ruling from the Paris Administrative Court confirmed a tax liability of approximately €5,888 ($9,294) related to withholding tax reassessments for the Arcueil property [15] - The REIT has filed an appeal to recover $6,635 (€4,116) related to withholding taxes and secured a deferred payment schedule [16] Funds From Operations - FFO for Q4 2025 was $(0.20) per unit, and $(0.19) per unit for the full year, significantly impacted by a provision for income tax payable [17] - Excluding the tax reassessment provision, full year 2025 FFO was $0.02 per unit [17]

Core Insights - Vornado Realty Trust (VNO) and LeFrak have partnered with Le Colonial to open a new restaurant at 50 West 57 Street, expected to launch in summer 2027 [1][2] - Le Colonial has signed a 15-year lease for a 9,600 square foot space, featuring 215 seats, indoor and outdoor dining, a full bar, and private dining options [2][7] - The addition of Le Colonial is anticipated to enhance Vornado's property visibility and attract more tenants, aligning with the growing demand for premium office spaces [3][5] Company Overview - Vornado Realty Trust owns a portfolio of high-quality office properties in major markets such as New York, Chicago, and San Francisco, experiencing solid demand with a New York office occupancy rate of 91.2% after leasing 3.7 million square feet in 2025 [4] - The long-term lease with Le Colonial is expected to strengthen Vornado's asset positioning in New York City, enhancing amenity offerings and supporting tenant demand [5][6] Market Context - Despite the positive developments, Vornado faces challenges including geographic concentration of assets, competition from other developers, and a high debt burden, which has contributed to a 24.2% decline in its shares over the past three months [6]

Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com Fourth Quarter 2025 Table of Contents | ` | Pa | Pa | ge | ge | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Core Insights - Aroundtown reported a profit of €1.13 billion for the year, significantly up from €309 million in 2024, influenced by a deferred tax income of €459 million due to a change in the German corporate tax rate [2] - The company plans to resume dividends after a three-year hiatus, proposing a €0.08 per share dividend for 2025, with a target payout ratio of 50% of FFO1 from 2026 onward [14] Portfolio Overview - The portfolio is diversified across asset classes: offices (34%), residential (33%), hotels (20%), logistics/retail (6%), and development/investment (7%) [1] - Geographically, 89% of the portfolio is concentrated in Germany, the Netherlands, and London, with Berlin representing the largest single-city exposure at 23% [1] Financial Performance - Net rental income for the year was approximately €1.18–€1.2 billion, stable compared to 2024, supported by a 3% like-for-like rental growth [4] - Adjusted EBITDA was around €999 million, remaining flat year over year, while FFO1 decreased to €288 million from €316 million in 2024 due to higher finance expenses [4] Market Conditions - The company noted a more supportive macro backdrop in 2025, citing ECB rate cuts and improving inflation dynamics as positive factors [5] - Demand for office leasing remains muted, but improving business sentiment and fiscal stimulus in Germany could gradually increase demand [7] Capital Recycling and Acquisitions - Aroundtown executed €575 million in disposals in 2025, closing €790 million at an average rental multiple of 20x [8] - The company reported €500 million in property additions in 2025, primarily in residential, office, and hotel sectors [10] Share Buyback and Financial Strategy - A €250 million share buyback program was launched, expected to increase FFO1 per share by around 7% and NAV per share by approximately 5% if fully executed [11] - The company emphasized liquidity with €4.0 billion available and an average debt maturity of 3.7 years [12] 2026 Guidance and Strategic Moves - For 2026, Aroundtown guided FFO1 to be between €250 million and €280 million, reflecting the impact of disposals and expected rent increases [15] - The company proposed a voluntary share-for-share tender offer for Grand City Properties, aiming to increase its stake and enhance exposure to a resilient residential portfolio [16][17]

MARCH 2 - 3, 2026 CITI GLOBAL PROPERTY CEO CONFERENCE DISCLAIMER This presentation includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the fu ...

Financial Data and Key Metrics Changes - Revenues for the quarter were $37.1 million, a decrease of $0.9 million from $38.0 million last year [12] - Net Operating Income (NOI) was $20.7 million, down from $22.6 million last year, a decrease of $1.9 million [12] - Adjusted Funds from Operations (AFFO) were $1.7 million, a significant decrease of $6.4 million from $8.1 million last year [12][15] Business Line Data and Key Metrics Changes - Residential properties saw a revenue increase of $2.7 million or 9% due to strong leasing performance [12] - New rental rates for residential properties in Q4 exceeded previous rents by over 13% and renewals by 7% [8] - The Prospect Park property is currently 78% leased, with market rents at $85 per foot [10] Market Data and Key Metrics Changes - Overall residential leasing occupancy across stabilized properties is at 99% [8] - The overall collection rate for residential properties in Q4 was approximately 98% [10] - The rental housing supply in New York City remains constrained, with new development discouraged [8] Company Strategy and Development Direction - The company is focused on efficiently operating its portfolio and optimizing occupancy, pricing, and expenses [18] - There is an emphasis on the full lease-up of the Prospect Park development and resolving issues related to the 250 Livingston Street property [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued high demand for residential rentals and the expectation that this demand will remain strong [4][8] - The company is actively working through legal systems to minimize arrears and maintain strong rent collections [10] Other Important Information - The company announced a dividend of $0.095 per share for Q4, consistent with the previous quarter [17] - As of the end of the quarter, the company had $30.8 million of unrestricted cash and $27.3 million of restricted cash [15] Q&A Session Summary Question: No questions were posed during the Q&A session - There were no questions in the queue during the call [19]

Core Viewpoint - The office leasing market in Central Tokyo is showing strong signs of recovery, with vacancy rates dropping to levels not seen since before the COVID-19 pandemic, indicating a favorable environment for real estate investments. Group 1: Company Performance - Nippon Building Fund (NBF) successfully conducted a public offering, allowing for the acquisition of new properties, including one in the Nihonbashi area, which is expected to see further rent growth [1] - NBF has been steadily increasing real estate rental revenues, supported by strong corporate earnings and a solid office leasing market [2] - The company aims to accelerate Earnings Per Unit (EPU) and Distributions Per Unit (DPU) growth through both internal and external growth strategies, while being mindful of financial market conditions [2] Group 2: Industry Outlook - The office leasing market remains firm, with a reported vacancy rate in Central Tokyo of 2.15% as of the end of January, nearing the critical 2% threshold [1] - Leasing for properties scheduled for completion in 2026 is progressing well, with demand extending to large-scale new properties expected to be completed in 2028 and 2029 [2] - The positive outlook for the office leasing market is supported by strong corporate earnings, suggesting continued stability and growth in the sector [2]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, while total same-property NOI, including non-core properties, rose by 1.1% [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, achieving a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents [7] Market Data and Key Metrics Changes - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities in unfinished shell space [8] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, expected to close in Q1 2026 [10] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing driving strong results [4] - The company has identified six outparcels for development, with investments averaging about $5 million each, expected to contribute to earnings in the second half of 2027 [11] - The company aims to recycle capital from dispositions into higher-yielding acquisitions, demonstrating a commitment to value-add strategies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 and 100% in 2027 [8] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19] - Management noted that the leasing environment remains strong, particularly for national brands, which are actively seeking expansion opportunities [34] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for upcoming acquisitions [18] - The net debt to EBITDA ratio improved to 6.4x from 6.7x, with expectations for further deleveraging from asset sales and rent commencement from the signed, not open pipeline [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 [24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management is in early discussions for potential sale but is waiting for higher values as the State of New Mexico's rent commencement approaches [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions and noted limited availability in the current market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and is not expected to be the run rate going forward [53][54] Question: Timing for signed, not open pipeline recognition - Management confirmed that recognition will be ratable, with a slight ramp-up expected in the latter half of 2026 [38][39] Question: Market allocation strategy for new acquisitions - Management plans to reduce exposure in Atlanta while focusing on growth markets in the Southeast and Southwest [60] Question: Relative merits of grocery anchor, lifestyle, and power centers - Management prefers lifestyle and power centers for their higher yields and growth potential, while being cautious about grocery anchors due to lower yields [66]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 due to reduced leverage [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, driven by leasing activity and reduced maintenance costs [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents, with expectations for significant earnings growth [7] Market Data and Key Metrics Changes - The company acquired Pompano Citi Centre for $65.2 million, which is currently 92% occupied and presents future leasing opportunities [8] - The acquisition of Ashley Park and structured investments during 2025 totaled $166 million at a weighted average initial cash yield of 9% [9] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management yielding strong results [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [10] - Six outparcels for development have been identified, with investments expected to average about $5 million each, targeting low double-digit yields [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, particularly from leasing and capital recycling strategies [11] - Initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19][20] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for future acquisitions [18] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 and 2027 [22][24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management noted that the property is now marketable due to new leases and is considering reinvesting proceeds into open-air centers [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions, noting limited availability in the market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and that future run rates would likely be lower [52][54] Question: Timing and recognition of signed, not open leases - Management clarified that the recognition of these leases would be ratable, with a slight ramp-up expected in the latter half of 2026 [38][58] Question: Market allocation strategy for new properties - Management stated that they are not looking to add to Atlanta and will focus on other high-growth markets [60] Question: Relative merits of different property types - Management discussed the advantages of lifestyle and power centers over grocery anchors, emphasizing higher yields and growth potential [64][66]

Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO per share for Q4 2025 were both $0.37, compared to $0.35 in Q4 2024, indicating a growth of approximately 5.7% year-over-year [11] - For the full year 2025, FFO was $1.38 and core FFO was $1.40 per share, slightly down from $1.41 and $1.42 per share in 2024 [11] - Total operating revenues for Q4 2025 were $43.5 million, up from $37.4 million in Q4 2024, while operating expenses increased to $26.4 million from $25 million [12] Business Line Data and Key Metrics Changes - The company acquired over $206 million in industrial assets across 10 facilities, increasing the industrial concentration in the portfolio to 69% as of December 31, 2025, up from 63% in 2024 [5][6] - A net increase of $2.1 million in GAAP rent was achieved through the renewal and extension of leases covering 1.2 million sq ft [6] - The occupancy rate across the portfolio reached 99.1%, with a 4% increase in same-store lease revenue compared to 2024 [8] Market Data and Key Metrics Changes - The company is focused on acquiring higher quality industrial assets that are mission-critical to tenants, with a target of reaching 70% industrial annualized straight-line rent [9][10] - The competitive market for acquisitions is noted, with cap rates generally ranging from 7.5% to 8.5% [25][33] Company Strategy and Development Direction - The company aims to grow its industrial concentration, add value through lease renewals and strategic capital investments, and dispose of non-core assets [7] - There is a strategic focus on maintaining high occupancy rates and managing tenant relationships effectively [9] - The company plans to continue evaluating opportunities for accretive industrial acquisitions and portfolio improvements [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high occupancy rates despite fluctuations due to property additions or disposals [22] - The company is aware of the challenging office environment but remains strategic in evaluating its portfolio [10] - Management anticipates a pickup in acquisition activity in 2026, with a focus on quality over high returns [25] Other Important Information - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% [18] - The company reported a net asset increase from $1.1 billion to $1.25 billion due to portfolio acquisitions and revenue-generating capital expenditures [17] Q&A Session Summary Question: What happened to the occupancy rate despite losing a tenant? - Management noted that occupancy remains at an all-time high since 2019, with successful tenant renewals contributing to this stability [22] Question: What is the current transaction environment and cap rate trends? - Management indicated a competitive market with cap rates generally between 7.5% and 8.5%, and they are focused on quality properties rather than just high returns [25][33] Question: What is the size of the current acquisition pipeline? - The company is looking at approximately $300 million in transactions, with a goal to close around $10 million in the first quarter [33][48] Question: How is the company managing lease maturities? - Management is in contact with tenants whose leases are maturing, with a focus on maintaining stability and addressing upcoming lease expirations [36] Question: What is the strategy for additional debt capital? - The company plans to use its revolving credit facility for acquisitions and clean it up with private placement issuances, maintaining sufficient liquidity for future needs [40]