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 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]

Summary of FibroBiologics Special Meeting of Stockholders Company Overview - **Company**: FibroBiologics (NasdaqGM:FBLG) - **Industry**: Biotechnology, specifically focusing on regenerative medicine and fibroblast technology Key Points from the Meeting Corporate Governance - The meeting was presided over by Pete O'Heeron, Founder, Chairman, and CEO, with other board members and executives present [2][17] - A quorum was established with 54,971,343 votes representing approximately 56% of the total votes available [5] Proposals Voted On 1. **Reverse Stock Split**: Proposal to amend the certificate of incorporation for a reverse stock split at a ratio between 1-for-5 and 1-for-30, approved [9][15] 2. **Issuance of Shares**: Multiple proposals to approve the issuance of shares upon the exercise of outstanding common warrants, all approved: - Up to 12,110,203 shares from a securities purchase agreement dated November 18, 2025 [10][15] - Up to 4,477,614 shares from agreements dated November 24, 2025, and 313,433 shares from an engagement letter dated November 10, 2025 [11][15] - Up to 5,227,275 shares from agreements dated December 14, 2025, and 365,909 shares from an engagement letter [12][15] 3. **Adjournment of Meeting**: Approved to solicit additional votes if necessary [13][15] Corporate Update Highlights - **Mission**: To harness the immune modulation and regenerative potential of fibroblasts to treat and cure chronic diseases [18] - **Clinical Trials**: - Currently conducting a Phase 1/2 clinical trial for diabetic foot ulcers [19] - IND submitted for psoriasis at the end of December 2025, with plans for IND-ready assets for multiple sclerosis and degenerative disc disease [19] - **Financial Position**: Clean balance sheet with $4.9 million in cash as of September 30, 2025, and over 270 issued and pending patents [19][20] Technology and Innovation - **Fibroblast Technology**: - Fibroblasts are positioned as a promising alternative to stem cells for regenerative medicine due to their regenerative and immune-modulating properties [21][22] - Fibroblasts are abundant, well-characterized, and offer advantages in non-invasive sourcing, immune modulation, and cost-effectiveness [22][23] - **Pipeline**: Focus on diabetic foot ulcers, multiple sclerosis, degenerative disc disease, and psoriasis, with potential applications in longevity and cancer treatment [30][31][32] Market Opportunity - **Diabetic Foot Ulcers**: Approximately 33 million diabetes patients develop diabetic foot ulcers, representing a significant commercial opportunity [24] - **Multiple Sclerosis**: Affects 2.9 million globally, with a focus on addressing root causes rather than just symptom management [27] - **Psoriasis**: Affects 123 million worldwide, with current treatments being inadequate; fibroblast modulation offers a new approach [30] Future Outlook - The company aims to become a leader in regenerative medicine, focusing on impactful innovations rather than size [19] - Plans to advance clinical trials and potentially bring products to market rapidly, contingent on FDA approvals and trial results [36] Additional Insights - The meeting emphasized the importance of innovation, teamwork, and a commitment to curing chronic diseases rather than merely managing symptoms [19][20] - The leadership team has over 60 years of combined experience in medical innovation and capital markets, providing strategic guidance for the company's direction [20] This summary encapsulates the key discussions and proposals from the FibroBiologics special meeting, highlighting the company's strategic focus on fibroblast technology and its potential to transform the treatment of chronic diseases.

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]