Financial Data and Key Metrics Changes - The company reported a Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The company added 379 stores and 281 net new stores to its managed portfolio, bringing the total to 1,856 stores [7] Market Data and Key Metrics Changes - In Q4 2025, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [20] Company Strategy and Development Direction - The company aims to capitalize on improving market fundamentals and expects gradual performance acceleration in 2026 [8] - The focus remains on a diversified external growth platform, with most acquisitions expected to be in joint venture formats to enhance returns [30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in storage fundamentals, with guidance for 2026 same-store revenue ranging from -0.5% to +1.5% [11] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County affecting operations [11] Other Important Information - The company maintains a strong balance sheet with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - Management highlighted the importance of job growth and supply dynamics as key drivers for the storage industry [43] Q&A Session Summary Question: Same-store revenue guidance and expectations - Management indicated that the midpoint of guidance implies generally flat same-store revenue growth, with potential for acceleration or deceleration based on market conditions [16][18] Question: Trends in street rates - Management confirmed that trends observed in Q4 2025 continued into early 2026, with positive signals in occupancy and new customer rates [20] Question: Expense guidance and confidence - Management attributed lower expense growth expectations to normalizing property taxes and improved efficiencies in other areas [25][28] Question: Acquisition volume guidance - Management clarified that most acquisitions in 2026 will be in joint venture formats to enhance returns, leading to a lower guidance number compared to previous years [30] Question: Regulatory environment impact - Management noted that recent regulatory changes in California have not significantly affected leasing activity, and they remain prepared to address potential regulatory challenges [41][51] Question: Discounting strategy and promotional environment - Management explained that their discounting strategy is channel-based and will remain unchanged unless data indicates a need for adjustment [64] Question: Use of AI in operations - Management discussed the integration of AI in pricing models and marketing strategies, emphasizing its potential to enhance operational efficiency [67] Question: Future of store managers - Management affirmed the importance of store managers in customer interactions and asset management, indicating no plans to eliminate these roles [96][98]

Financial Data and Key Metrics Changes - The company reported a positive Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The managed portfolio grew to 1,856 stores, with 379 stores added and 281 net new stores for the year [7] Market Data and Key Metrics Changes - In Q4, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [20] Company Strategy and Development Direction - The company aims to capitalize on improving market fundamentals and expects gradual performance acceleration in 2026 [8] - The strategy includes a focus on joint ventures for acquisitions to enhance returns and maintain a conservative balance sheet [30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in storage fundamentals, with guidance for same-store revenue growth in 2026 ranging from -0.5% to +1.5% [11] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County impacting their outlook [11] Other Important Information - The company has a strong balance sheet with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - Management highlighted the importance of job growth and supply dynamics as key drivers for the storage industry [44] Q&A Session Summary Question: Same-store revenue guidance and trends - Management indicated that the midpoint of guidance implies generally flat same-store revenue growth, with potential for both acceleration and deceleration depending on market conditions [16][17] Question: Update on street rate trends - Management confirmed that trends from Q4 continued into early 2026, with positive signals in occupancy and new customer rates [20] Question: Confidence in lower expense guidance - Management attributed lower expense guidance to normalizing property taxes and improved efficiencies in other areas [26][28] Question: Acquisition volume guidance - The company expects most acquisitions in 2026 to be in joint venture formats to enhance returns, with flexibility to adjust guidance based on market opportunities [30] Question: Impact of regulatory changes in California - Management noted that recent legislation did not significantly affect leasing activity, as their disclosure practices were already robust [42] Question: Interplay between rate and occupancy - Management clarified that pricing decisions are made dynamically based on occupancy and market conditions, rather than a fixed strategy [50] Question: ECRI strategy and customer behavior - Management did not disclose specifics on ECRI contributions but indicated that it remains a competitive advantage [82] Question: Supply expectations and market exposure - Management expects a modest reduction in new store deliveries, particularly in oversupplied markets, based on internal and external data sources [88][89]

Financial Data and Key Metrics Changes - The company reported a Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing by only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The managed portfolio grew to 1,856 stores, with 379 stores added in 2025 [7] Market Data and Key Metrics Changes - In Q4 2025, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [19] Company Strategy and Development Direction - The company aims to gradually accelerate performance as market fundamentals improve through 2026, with a focus on maintaining a flexible and conservative balance sheet [11] - The guidance for 2026 reflects a slow recovery in storage fundamentals, with same-store revenue expected to range from -0.5% to +1.5% [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the positioning going into 2026, citing improvements in new customer move-in rates and same-store revenue [8] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County affecting their outlook [11] Other Important Information - The company has a low leverage balance sheet, with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - The company is actively using AI and machine learning to enhance operational efficiency and marketing strategies [66][67] Q&A Session Summary Question: Same-store revenue guidance interpretation - Management clarified that the midpoint of guidance implies generally flat same-store revenue growth, with potential for acceleration or deceleration based on market trends [15][16] Question: Trends in street rates - Management reported that trends observed in Q4 2025 continued into early 2026, with occupancy and rates showing positive signals [19] Question: Confidence in lower expense guidance - Management attributed lower expense guidance to normalizing property taxes and improved efficiencies in other expense categories [24][25] Question: Acquisition volume guidance - The company expects most acquisitions in 2026 to be in joint venture formats, which may lower capital requirements while enhancing returns [27][28] Question: Transition of street rates to same-store NOI - Management noted that it takes time for new rates to impact same-store NOI due to customer churn rates [34][36] Question: Regulatory environment impact - Management indicated that recent regulatory changes in California have not significantly affected leasing activity [40][41] Question: Job growth as a demand driver - Management highlighted job growth as a key factor for self-storage performance, particularly in Sun Belt markets [42] Question: Discounting strategy - The company employs a channel-based discounting strategy, with selective discounts offered based on occupancy and unit type [63] Question: AI and operational efficiencies - Management discussed the use of AI for both external marketing and internal operations, indicating a focus on leveraging technology for efficiency [66][67] Question: Supply expectations - Management expects a continued incremental reduction in new store deliveries, particularly in oversupplied markets [85][86]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [9] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share of $1.87, also representing a 5.4% year-over-year growth [12] - The company generated quarterly net income of $123.8 million, or $0.33 per diluted share, with quarterly Core FFO per share of $0.47, marking a 4.1% year-over-year growth [11] Business Line Data and Key Metrics Changes - The company delivered 490 homes from its AMH Development Program in Q4 2025, contributing to over 2,300 homes for the full year [12] - In 2025, the company sold 1,827 properties for total net proceeds of approximately $570 million, with an average disposition cap rate in the high 3% [12][13] - The company plans to deliver around 1,900 newly constructed homes in 2026, focusing on in-house development [8] Market Data and Key Metrics Changes - The company noted that the average occupied days for the same-home portfolio was 95% [9] - For January 2026, new renewal and blended spreads were reported at -1%, 3.5%, and 2.4% respectively [9] - The company highlighted that the demand for AMH products remains strong, despite challenges from elevated supply levels in certain markets [28] Company Strategy and Development Direction - The company is focused on addressing housing affordability and is actively engaged with policymakers to tackle this issue [5][6] - The strategy emphasizes quality housing and exceptional resident experience, with a commitment to in-house development to meet growing demand [7][8] - The company plans to strategically moderate its development activities in response to current capital market conditions, while still aiming to deploy approximately $750 million in total capital for 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed that there is a growing need for high-quality housing in America and that the company is committed to meeting this demand [10] - The outlook for 2026 anticipates a flatter seasonal curve for rate growth and occupancy than typically expected, with a focus on maintaining occupancy levels [9][10] - Management acknowledged the challenges posed by stubborn supply levels and emphasized the importance of monitoring market conditions closely [28][46] Other Important Information - The company has a new $500 million share repurchase authorization approved by the board, reflecting its commitment to capital deployment [18] - The company expects Core FFO per share and unit for 2026 to be in the range of $1.89-$1.95, indicating a year-over-year growth of 2.7% at the midpoint [15] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve than normal? - Management indicated that the leasing season is starting slightly delayed and that they are focused on building occupancy throughout the season, expecting a flatter peak [22][24] Question: What are the most significant variables affecting guidance for the year? - Management noted that supply levels across various housing types are stubbornly elevated, impacting the overall market dynamics [28] Question: Can you provide insights on the development pipeline and yields? - Management reported that the going-in delivery development yields were slightly lower than expected, around 5.3%, and similar yields are anticipated for 2026 [33] Question: How is the company addressing the political environment and advocacy costs? - Management confirmed that advocacy costs are a structural component of their cost structure, with expectations to incur these costs in 2026 [95][96] Question: What is the impact of supply pressure on strategy moving forward? - Management highlighted that while demand for AMH products remains strong, the company is closely monitoring supply pressures in various markets [28][46]

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR was approximately $182, reflecting a nearly 1% year-over-year increase, or nearly 3% when excluding the Royal Palm [20] - For the full year, RevPAR declined 2% versus 2024, while hotel adjusted EBITDA margin was 26.5%, a reduction of 130 basis points from the prior year [21] - Core hotel adjusted EBITDA margin improved by 230 basis points to 30%, contrasting with a 280 basis point contraction in the non-core portfolio [20][21] Business Line Data and Key Metrics Changes - The core portfolio delivered a RevPAR increase of 6% to nearly $216, significantly outperforming the non-core portfolio by nearly 1,500 basis points [20] - Fourth quarter group revenue for the core portfolio increased 13% year-over-year, with double-digit growth in banquet and catering revenues across key markets [11] - The Royal Palm renovation is expected to generate a 15%-20% return on invested capital, with projected EBITDA doubling from $14 million to nearly $28 million once stabilized [16] Market Data and Key Metrics Changes - The core portfolio outperformed the non-core hotels by an average of 480 basis points in 2025, reinforcing the company's strategic focus [10] - Hawaii is expected to be a significant contributor to earnings growth, with a multiyear recovery anticipated as demand trends improve [12] - New York delivered its highest fourth quarter group revenue in hotel history, up over 8% year-over-year, indicating strong market performance [14] Company Strategy and Development Direction - The company is focused on reshaping its portfolio by concentrating ownership in 21 core hotels with superior growth prospects and aggressively exiting non-core assets [6][8] - Over $120 million in non-core sales were executed at a blended multiple of 21x, with a strong track record of successfully recycling capital [7] - The company aims to complete its transition to a streamlined portfolio of high-quality hotels located in premium gateway cities and resort markets [18] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains on firm footing, with modestly higher growth expectations and easing inflation, which should support consumer demand [16] - The company remains cautious in its guidance due to potential geopolitical or macroeconomic volatility impacting booking decisions [17] - Management is optimistic about the setup for 2026, with anticipated demand boosts from major events like the World Cup [17] Other Important Information - The company invested nearly $300 million across the portfolio in 2025, with a planned reduction in capital investment for 2026 to $230 million-$260 million [22][24] - As of year-end 2025, liquidity was approximately $2 billion, including $200 million in cash and $1 billion in available capacity under the revolver [25] - The company returned a total of $245 million of capital in 2025, including $200 million in dividends and $45 million in share repurchases [32] Q&A Session Summary Question: Earnings trajectory for Hawaii properties - Management indicated that Hawaii properties should see mid-single-digit EBITDA growth, with RevPAR growth expected to be on the higher end of the 2% range [36][38] Question: Sequential change in Hilton Hawaiian Village performance - Management noted a 37% decrease in group pace for Q1, impacting expected performance despite a strong Q4 [45] Question: Non-core asset sales and potential for core hotel sales - Management emphasized a focus on non-core asset sales, with core hotels accounting for 90% of EBITDA and value, making them less likely to be sold [70][72] Question: Impact of World Cup on Miami property - Management expressed confidence in capturing demand from the World Cup, with the Royal Palm expected to open in early June [49][75] Question: Future growth and potential acquisitions - Management is optimistic about transitioning to an offensive strategy post non-core asset sales, with potential for acquisitions in the future [81][82]

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR was approximately $182, reflecting a nearly 1% year-over-year increase, or nearly 3% when excluding the Royal Palm [20] - For the full year, RevPAR declined 2% versus 2024, while hotel adjusted EBITDA margin was 26.5%, a reduction of 130 basis points from the prior year [21] - Core hotel adjusted EBITDA margin improved by 230 basis points to 30%, contrasting with a 280 basis point contraction to 10% in the non-core portfolio [20][21] Business Line Data and Key Metrics Changes - The core portfolio delivered a RevPAR increase of 6% to nearly $216, significantly outperforming the non-core portfolio by nearly 1,500 basis points [20] - Q4 group revenue for the core portfolio increased 13% year-over-year, with double-digit growth in banquet and catering revenues across key markets [11] - The Royal Palm renovation is expected to generate a 15%-20% return on invested capital, with projected EBITDA doubling from $14 million to nearly $28 million once stabilized [16] Market Data and Key Metrics Changes - Hawaii's RevPAR growth is expected to be on the higher end of the 2% range, with mid-single-digit EBITDA growth anticipated for the Hawaiian properties [37] - Orlando's Bonnet Creek complex achieved record Q4 RevPAR, up nearly 9% year-over-year, driven by a 15% increase in group revenues [13] - New York delivered its highest Q4 group revenue in hotel history, up over 8% year-over-year [14] Company Strategy and Development Direction - The company is focused on reshaping its portfolio by concentrating ownership in 21 core hotels with superior growth prospects and aggressively exiting non-core assets [6][7] - In 2025, the company executed over $120 million in non-core sales at a blended multiple of 21x, with a goal to materially reduce exposure to non-core properties by year-end [9] - The company plans to complete a comprehensive redevelopment of the Royal Palm and launch a full-scale renovation of the Ali'i Tower at Hilton Hawaiian Village [24] Management's Comments on Operating Environment and Future Outlook - The management remains optimistic about the U.S. economy's firm footing, with expectations of modest growth and easing inflation supporting consumer demand [16] - The company anticipates a multi-year recovery in Hawaii, with demand trends forecasted to improve as renovations are completed [12] - Guidance for 2026 includes a RevPAR growth range of flat to +2%, with cautious expectations due to potential geopolitical or macroeconomic volatility [28] Other Important Information - The company returned a total of $245 million of capital in 2025, including $200 million in dividends and $45 million in share repurchases [32] - As of year-end 2025, the company's liquidity was approximately $2 billion, including $200 million in cash [25] Q&A Session Summary Question: Earnings trajectory for Hawaii properties - Management indicated that Hawaii properties should see mid-single-digit EBITDA growth, with RevPAR growth expected to be around 2% [37] Question: Sequential change in Hilton Hawaiian Village performance - Management noted a 37% decrease in group pace for Q1, impacting expected performance [45] Question: Timeline for Miami's Royal Palm reopening and World Cup demand - Management expressed confidence in meeting the June reopening target and capturing World Cup demand, although they remain conservative in their estimates [50] Question: Non-core asset sales and potential for core hotel sales - Management emphasized the focus on non-core asset sales, noting that core hotels account for 90% of EBITDA and value, making them less likely to be sold [70] Question: Impact of New York labor contract negotiations - Management is optimistic about reaching an agreement without disruptions, especially with the upcoming World Cup [92]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [9] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share of $1.87, also representing a 5.4% year-over-year growth [12] - The company sold 1,827 properties in 2025, generating approximately $570 million in net proceeds, with an average disposition cap rate in the high 3% [12][13] Business Line Data and Key Metrics Changes - The company delivered 490 homes from its development program in Q4 2025, totaling over 2,300 homes for the full year [12] - The Same-Home portfolio's average occupancy was reported at 95% for January 2026, with expectations for a flatter seasonal curve for rate growth and occupancy in 2026 [9][10] Market Data and Key Metrics Changes - The company noted that the demand for single-family rentals remains strong, with approximately 30% of move-outs in 2025 attributed to residents purchasing homes [7] - The company is experiencing supply pressures in certain markets, particularly in San Antonio and Phoenix, where inventory levels remain elevated [45] Company Strategy and Development Direction - The company plans to deliver around 1,900 newly constructed homes in 2026, focusing on in-house development to meet growing demand for single-family rentals [8][17] - The company is taking a patient approach to share repurchases, with a new $500 million share repurchase authorization approved by the board [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of addressing housing affordability and the role of single-family rentals in the housing ecosystem [5][6] - The company anticipates a challenging operating environment in 2026, with expectations for a flatter occupancy and rent growth curve compared to previous years [10][20] Other Important Information - The company expects Core FFO per share and unit for 2026 to be in the range of $1.89 to $1.95, indicating a year-over-year growth of 2.7% at the midpoint [15] - Property tax growth is expected to be around 3% in 2026, which is below the long-term average of 4-5% [38] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve? - Management indicated that the leasing season is starting slightly delayed and that they are focused on building occupancy throughout the leasing season [21][22] Question: What are the most significant variables affecting guidance? - Management noted that supply levels across various housing types are stubbornly elevated, impacting occupancy and lease-up times [26][27] Question: Can you provide insights on the development pipeline and yields? - The company reported that development yields for 2026 are expected to be similar to 2025, around 5.3%, influenced by current rent pressures [32] Question: How is the company addressing the political environment and advocacy costs? - Management confirmed that advocacy costs are a structural component of their cost structure, with expectations to incur these costs in 2026 [95][96] Question: What is the impact of supply pressure on strategy? - Management acknowledged that while demand for their products remains strong, supply pressures in certain markets are leading to extended lease-up times [27][45]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [7] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share at $1.87, also representing a 5.4% year-over-year growth [10] - The company closed 2025 with a net debt to Adjusted EBITDA ratio of 5.2 times, and a cash balance of approximately $110 million [11] Business Line Data and Key Metrics Changes - The AMH Development Program delivered 490 homes in Q4 2025, contributing to over 2,300 homes for the full year, enhancing housing stock in 14 markets [10] - The company sold 1,827 properties in 2025, generating net proceeds of approximately $570 million, with an average disposition cap rate in the high 3% [11] Market Data and Key Metrics Changes - The company noted a downward pressure on rates and occupancy due to seasonal demand moderation and supply challenges, with January 2026 showing new renewal and blended spreads of -1%, 3.5%, and 2.4% respectively [7] - The average occupied days for the same-home portfolio was reported at 95% [7] Company Strategy and Development Direction - The company is focusing on ground-up development to meet the growing demand for single-family rentals, with plans to deliver around 1,900 newly constructed homes in 2026 [6] - The strategy emphasizes providing quality housing and exceptional resident experiences, with a commitment to working with policymakers on housing affordability [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted a growing need for high-quality housing in America and expressed confidence in the company's ability to navigate the current challenging environment [8] - The outlook for 2026 anticipates a flatter seasonal curve for rate growth and occupancy, with expectations for Same-Home Core NOI growth of 2% at the midpoint [13] Other Important Information - The company has a new $500 million share repurchase authorization, reflecting a strategic approach to capital deployment amid market uncertainties [16] - Management indicated that property tax growth is expected to be around 3% in 2026, which is below the long-term average [36] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve? - Management noted that the leasing season is starting slightly delayed and emphasized a focus on building occupancy throughout the season, expecting to hold occupancy levels into the latter part of the year [19][20] Question: What are the key variables affecting the guidance for the year? - Management highlighted the stubbornly elevated supply levels across residential markets as a significant factor, impacting lease-up times and overall market dynamics [25][26] Question: Can you provide insights on the development pipeline and yields? - The company expects development yields to be around 5.3% for 2026, similar to 2025, influenced by current rent pressures [30] Question: How is the company addressing the political environment and potential caps on single-family rentals? - Management is actively engaging with policymakers and emphasizes the importance of single-family rentals in addressing housing supply shortages [54][55] Question: What constraints exist around dispositions? - Management indicated that tax planning and the timing of home sales are key considerations, with a focus on maintaining a strong market presence [96][97]

Financial Data and Key Metrics Changes - For the fourth quarter, RevPAR was approximately $182, representing a nearly 1% year-over-year increase, or nearly 3% when excluding Royal Palm [19] - Core hotel Adjusted EBITDA margin improved materially, expanding 230 basis points to 30%, while the non-core portfolio recorded a 280 basis point contraction to 10% [19] - For the full year, RevPAR declined 2% versus 2024, while hotel adjusted EBITDA margin was 26.5%, reflecting a 130 basis points reduction from the prior year [20] Business Line Data and Key Metrics Changes - The core portfolio delivered a solid 3.2% increase in RevPAR during the fourth quarter, or 5.7% excluding the Royal Palm, outperforming the non-core portfolio by nearly 1,500 basis points [9] - Fourth quarter group revenue for the core portfolio increased 13% year-over-year, with double-digit growth in banquet and catering revenues across several key markets [10] - Core hotel adjusted EBITDA increased 13%, or nearly $18 million over the prior year period, despite an over $4 million headwind from Royal Palm being closed [20] Market Data and Key Metrics Changes - Hawaii showed signs of recovery, with expectations for multiyear recovery towards prior peak levels, driven by improving leisure transient demand following extensive room renovations [11] - Orlando's Bonnet Creek complex generated a record fourth quarter RevPAR, up nearly 9% year-over-year, driven by a 15% increase in group revenues [12] - New York delivered its highest fourth quarter group revenue in hotel history, up over 8% year-over-year [13] Company Strategy and Development Direction - The company is focused on reshaping and upgrading its portfolio, concentrating ownership in 21 core hotels with superior growth prospects and aggressively exiting non-core assets [5] - The company executed more than $120 million in non-core sales at a blended multiple of 21x, with a strong track record of successfully recycling capital [6] - The company plans to complete its transition to a streamlined portfolio of high-quality hotels located in premium gateway cities and resort markets [17] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains on relatively firm footing, with modestly higher growth expectations and easing inflation, which should support the U.S. consumer [14] - The company expects a blended RevPAR growth range of flat to +2% for 2026, with expense growth expected to be low single digits [27] - Management remains cautious about potential geopolitical or macroeconomic volatility impacting short-term group pickup trends and international inbound demand [16] Other Important Information - The company invested nearly $300 million across the portfolio in 2025, with plans for a lower level of capital investment for 2026, estimated at $230 million-$260 million [21] - As of year-end 2025, the company's liquidity was approximately $2 billion, including $200 million of cash and $1 billion of available capacity under its revolver [24] - The company returned a total of $245 million of capital in 2025, including $200 million of dividends and $45 million of share repurchases [30] Q&A Session Summary Question: Earnings trajectory for Hawaii properties - Management indicated that Hawaii properties should see mid-single-digit growth in EBITDA, with RevPAR growth expected in the 2% range [36] Question: Sequential change in Hilton Hawaiian Village performance - Management noted a 37% decrease in group pace for Q1, impacting expectations for performance [44] Question: Non-core asset sales and buyer interest - Management confirmed strong interest from various buyer types, including family offices and owner-operators, and emphasized the goal of completing non-core asset sales within 2026 [70] Question: Impact of labor negotiations in New York - Management expressed confidence in reaching a favorable outcome in labor negotiations, with expectations for continued strong performance in New York [92]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net earnings attributable to shareholders of $252 million, or $1.26 per share, with full-year net earnings totaling $520 million, or $2.56 per share, reflecting an increase compared to the prior year [13][14][17] - Revenue for 2025 reached $1.8 billion, supported by higher average realized gold prices, despite lower production volumes compared to 2024 [17] - Free cash flow for the full year was negative $233 million, but positive $316 million when excluding capital investment in the Skouries project [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with Q4 production at 123,416 ounces at an all-in sustaining cost of $1,894 per ounce sold [7][9] - The Olympias mine produced 18,476.73 ounces in Q4, while Klada and Efemçukuru produced 41,140 ounces and 14,496 ounces respectively, with varying all-in sustaining costs [25][26] - The Lamaque Complex delivered 49,307 ounces at an all-in sustaining cost of $1,392 per ounce sold [27] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow, with production costs increasing due to higher royalties and labor cost inflation [8][17] - The Turkish operations remain a stable cash-generating foundation for the company, despite local inflation impacting costs [8][17] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio, focusing on per-share value creation and sustainable free cash flow growth [6][36] - The company aims to advance its growth pipeline while maintaining flexibility to return capital to shareholders, including a newly initiated quarterly dividend program [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the delivery of the Skouries project, despite delays, emphasizing its long-term potential to generate meaningful cash flow [11][12] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [28][29] Other Important Information - The company reported a strong balance sheet with total liquidity of approximately $976 million at year-end, positioning it well for growth initiatives and capital returns [20] - The first production from Skouries is now expected in early Q3 2026, with commercial production anticipated in Q4 [10][11] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping, but they expect to open up new ore sources that could positively impact 2027 production [39][41] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors regarding the acquisition, highlighting the benefits of combining high-quality assets and the potential for accelerated investment [48] Question: Tailings management and weather impact - Management confirmed that the delay provides breathing room for tailings management and that heavy rains have not caused significant construction delays [54][56]