PresentationDaisuke YamashitaPresident. CEO & Director of Nippon Building Fund Management, Ltd Good morning, everyone. This is Daisuke Yamashita, President and CEO of Nippon Building Fund Management Limited. Thank you very much for joining us today. Before presenting the results for the 49th fiscal period, I'd like to briefly comment on the public offering we conducted last month. Through this public offering, we are able to acquire properties, including a newly developed one in the Nihonbashi area, where f ...

CTO Realty Growth (NYSE:CTO) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Kucera - Managing DirectorJason Weaver - Managing DirectorJay Kornreich - VP of REIT Equity ResearchJenna McKinney - Director of FinanceJohn Albright - President and CEOPhilip Mays - CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the CTO Realty Gr ...

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]

Gladstone Commercial (NasdaqGS:GOOD) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Speaker7Greetings, and welcome to Gladstone Commercial Corporation year-end and fourth quarter earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my ple ...

Real estate financing investments: The company has an LOI with an institutional buyer to acquire interests in two of four investments and is discussing an exit from a third with its partner. The fourth investment is being marketed, with Tibbetts noting comparable cap rates in the low-5 cap range and expectations for a near-term closing.Construction business: Tibbetts said the exit is “effectively complete,” with terms “substantially finalized” with a buyer.Multifamily: The company is under a letter of inten ...

GUIDANCE PRESENTATION 2026 2026 OUTLOOK: CONTINUED OPERATIONS | $ IN MILLIONS | | | | --- | --- | --- | | | LOW | HIGH | | RETAIL NOI | $68.5M | $70.0M | | OFFICE NOI | $58.5M | $60.0M | | EQUITY METHOD INVESTMENT ("EMI") PROPERTY INCOME(1) | $3.4M | $3.9M | | ACQUISITION NOI | $1.0M | $1.7M | | TOTAL COMMERCIAL NOI | $131.4M | $135.6M | | G&A EXPENSES | -$19.7M | -$18.7M | | INTEREST EXPENSE | -$57.2M | -$54.2M | | OTHER NOI(2) | $8.9M | $9.9M | | PREFERRED STOCK DIVIDENDS | -$11.5M | -$11.5M | | PRO FORMA ...

Core Insights - Cousins Properties (CUZ) reported fourth-quarter 2025 funds from operations (FFO) per share of 71 cents, marking a 2.9% year-over-year increase and aligning with the Zacks Consensus Estimate [1][10] - The company experienced strong leasing activity, although weighted average occupancy decreased, and interest expenses rose significantly [1][6][10] Financial Performance - Rental property revenues increased by 15% year over year to $253.3 million, exceeding the Zacks Consensus Estimate of $248.7 million, while total revenues grew 11.6% year over year to $255 million [2][10] - For the full year 2025, FFO per share was $2.84, up from $2.69 in the previous year, consistent with the Zacks Consensus Estimate [2] - Same-property rental property revenues on a cash basis rose 1.4% year over year to $198.7 million, while operating expenses increased by 3.8% to $73.1 million, leading to a marginal improvement in same-property net operating income [5] Leasing and Occupancy - In Q4, Cousins Properties executed leases for 700,000 square feet of office space, including 493,000 square feet of new and expansion leases [4] - The weighted average occupancy for the same-property portfolio was 87.4%, down 1.4% from the prior year, with the overall portfolio leased at 90.1%, a decrease from 91% year-over-year [5][6] Acquisitions and Sales - The company announced the acquisition of 300 South Tryon for $317.5 million, a fully leased lifestyle office property in Charlotte, NC, with a weighted average lease term of six years [3] - CUZ entered into agreements to sell Harborview Plaza in Tampa, FL, for $39.5 million and a land parcel in Charlotte, NC, for $23.7 million, with expected closing in 2026 [7] Balance Sheet and Outlook - At the end of Q4 2025, CUZ had cash and cash equivalents of $5.7 million, an increase from $4.7 million as of September 30, 2025 [8] - The net debt-to-annualized EBITDAre ratio was 5.30, down from 5.38 in the previous quarter, while fixed charges coverage improved to 3.52X [8] - For 2026, CUZ expects FFO per share to be in the range of $2.87-$2.97, with the Zacks Consensus Estimate currently at $2.92 [9]

Core Insights - Brandywine Realty Trust reported a strong performance with a double beat on analyst estimates, leading to a nearly 12% increase in stock price following the announcement [1] Financial Performance - The company's revenue for Q4 2025 was just under $121 million, a slight decrease from the same period in 2024 [2] - Brandywine narrowed its net loss to $36.9 million, or $0.21 per share, compared to a loss of $44.8 million in the previous year [3] - Funds from operations (FFO) decreased to $14.6 million, or $0.08 per share, down from $29.9 million in Q4 2024 [3] - Both revenue and net loss figures exceeded consensus analyst estimates, which were $116.6 million for revenue and a non-GAAP net loss of $0.23 per share [4] Future Outlook - The company met many of its 2025 objectives, including tenant retention, which is significant given the challenges in the office segment [5] - Brandywine provided FFO guidance of $0.51 to $0.59 per share for the full year, indicating expected performance improvement in the upcoming quarters [5]

Core Viewpoint - American Assets Trust, Inc. reported its financial results for the fourth quarter and the year ended December 31, 2025, showing a decline in net income and funds from operations (FFO) compared to the previous year [1][2]. Financial Results - For the fourth quarter of 2025, net income was $4.2 million, down from $11.6 million in Q4 2024, and for the full year, net income was $71.4 million, a decrease from $72.8 million in 2024 [3][26]. - Basic and diluted income attributable to common stockholders per share was $0.05 for Q4 2025, compared to $0.15 in Q4 2024, and $0.92 for the full year 2025, down from $0.94 in 2024 [3][22]. - FFO attributable to common stock and common units was $36.0 million for Q4 2025, down from $42.1 million in Q4 2024, and $153.4 million for the full year, compared to $197.5 million in 2024 [3][4][28]. Leasing Activity - The company leased 193,000 square feet of office space and 43,000 square feet of retail space in Q4 2025, with average contractual rent increases of 11.5% for office and 24.3% for retail [5][10]. - The total portfolio leased status as of December 31, 2025, was 83.1% for office, 97.7% for retail, and 93.7% for multifamily properties [6][7]. Same-Store Cash Net Operating Income (NOI) - Same-store cash NOI remained flat for Q4 2025 and increased by 0.5% for the full year compared to the same periods in 2024 [12][25]. - The cash NOI by segment for Q4 2025 was $34.5 million for office, $17.1 million for retail, and $8.9 million for multifamily [12]. Balance Sheet and Liquidity - As of December 31, 2025, the company had gross real estate assets of $3.8 billion and liquidity of $529.4 million, including $129.4 million in cash and cash equivalents [14]. - The company had only one asset encumbered by a mortgage at the end of 2025 [14]. Dividends - The company declared a dividend of $0.340 per share for Q4 2025, which was paid on December 18, 2025, and has declared the same amount for Q1 2026, payable on March 19, 2026 [16]. Guidance - The company introduced guidance for 2026, projecting FFO per diluted share to be in the range of $1.96 to $2.10, with a midpoint of $2.03 [17].

Core Insights - Boston Properties Inc. (BXP) reported a fourth-quarter 2025 funds from operations (FFO) per share of $1.76, missing the Zacks Consensus Estimate of $1.80 and reflecting a 1.7% decline year over year [1][9] - The company's quarterly results showed improved revenues year over year, but higher expenses negatively impacted performance [1][9] Financial Performance - Quarterly lease revenues reached $809.2 million, a 1.4% increase year over year, but fell short of the Zacks Consensus Estimate of $814.7 million [2] - Total revenues increased by 2.2% from the prior-year quarter to $877.1 million [2] - For the full year 2025, BXP reported an FFO per share of $6.85, which was below the Zacks Consensus Estimate of $6.90 and down from $7.10 in the previous year [2] Revenue Breakdown - Rental revenues for the office portfolio (excluding termination income) were $810.3 million, up 1.7% year over year [3] - The hotel and residential segment reported rental revenues of $17.6 million, a 1.4% decrease year over year [3] - Consolidated rental revenues (excluding termination income) totaled $827.9 million, reflecting a 1.6% year-over-year increase [3] Operating Metrics - BXP's share of same-property net operating income (NOI) on a cash basis was $454.2 million, a 1.3% increase from the prior-year quarter [4] - The share of EBITDAre (on a cash basis) as of December 31, 2025, was $461.6 million, down 3.1% from $476.4 million a year earlier [4] - Occupancy for in-service properties increased by 70 basis points sequentially to 86.7%, but declined by 80 basis points year over year [4] Expense Analysis - Rental expenses rose by 5.1% to $339.7 million [5] - General and administrative expenses surged by 16.3% to $37.8 million [5] Portfolio Activity - BXP completed the sale of four land parcels for a gross sales price of $141.3 million and two residential projects for $407.5 million in Q4 2025 [6] - The company also disposed of non-strategic offices for a gross sales price of $341.5 million [6] - BXP acquired 2100 M Street in Washington, DC, for $55 million, with plans to redevelop it into a 320,000-square-foot premium workplace [7] Balance Sheet Position - As of the end of Q4 2025, BXP had cash and cash equivalents of $1.48 billion, an increase from $861.1 million as of September 30, 2025 [8] 2026 Guidance - BXP projects FFO per share for Q1 2026 to be in the range of $1.56-$1.58 and for the full year 2026 to be between $6.88-$7.04 [11] - The Zacks Consensus Estimate for 2026 FFO per share is currently at $7.01, which is within the guided range [11] - The company estimates a change in same-property NOI on a cash basis (excluding termination income) to be within 0.50% for 2026, with average in-service portfolio occupancy expected between 87.5%-88.5% [12]