Acadia Realty Trust (NYSE:AKR) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Company ParticipantsA.J. Levine - SVPJohn Gottfried - CFOKenneth F. Bernstein - CEOReginald Livingston - SVPConference Call ParticipantsCraig Mailman - AnalystFloris van Djikum - AnalystLinda Yu Tsai - AnalystMichael Mueller - AnalystSamir Khanal - AnalystTodd Thomas - AnalystWilliam Debs - AnalystOperatorWelcome to the Acadia Realty Trust fourth quarter 2025 earnings conference call. At this time, all participants are on a l ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $1.3 million, or $0.02 per diluted share, with core FFO of $26.6 million, or $0.31 per diluted share, and AFFO of $28.2 million, or $0.33 per diluted share, reflecting a 3.1% increase over the previous year [13] - For the full year 2025, net income was $0.08 per diluted share, core FFO was $1.23 per diluted share, and AFFO was $1.31 per diluted share, representing a 4% growth over 2024 [13] - The company achieved a pro forma leverage of 3.8 times and maintained a strong balance sheet with $1 billion in total liquidity at year-end [9][16] Business Line Data and Key Metrics Changes - The company completed $245.4 million of gross investments in Q4 2025, the highest quarter on record, with a blended cash yield of 7.5% and a weighted average lease term of 15 years [5] - For the full year, gross investments reached a record $657.1 million at a 7.5% blended cash yield, with a weighted average lease term of 13.9 years [6] - The company added 15 new tenants in Q4 and 31 new tenants for the full year, demonstrating a focus on diversification [7] Market Data and Key Metrics Changes - The company ended the quarter with investments in 758 properties leased to 129 tenants across 28 industries in 45 states, with 58.3% of total ABR leased to investment-grade or investment-grade profile tenants [9] - The weighted average lease term remaining for the portfolio was 10.1 years, with only 2.4% of ABR expiring through 2027 [9] Company Strategy and Development Direction - The company plans to focus on opportunistic sales and risk mitigation in 2026, expecting to sell fewer assets compared to 2025 [10] - The company aims to maintain a diversified portfolio, with Walgreens representing less than 2% of ABR by the end of 2026 [10] - The company is targeting net investment activity between $350 million and $450 million for 2026, with a continued focus on grocery, fitness, convenience stores, and quick-service restaurants [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find well-priced, high-quality investment opportunities, with a strong pipeline and improving cost of capital [8] - The company anticipates achieving the upper end of its AFFO per share guidance range for 2026, which is set at $1.35-$1.39, reflecting a year-over-year growth of 5% at the midpoint [17] - Management noted the importance of understanding consumer behavior, particularly in the context of a K-shaped economy, and emphasized the need to be cautious with discretionary spending [80] Other Important Information - The company received an investment-grade rating of BBB- from Fitch Ratings, improving access to debt and allowing for tighter spreads [8] - The board declared a quarterly cash dividend of $0.22 per share, a 2.3% increase from the previous quarter [17] Q&A Session Summary Question: How is the company balancing tenant credit and yield in capital deployment? - Management noted that they are seeing better risk-adjusted returns in the non-rated bucket and are focusing on strong cash flows from selected tenants [20][22] Question: What is the level of confidence in reaching the upper end of the acquisition rate and AFFO guidance? - Management expressed confidence in hitting the high end of the acquisition guide, especially with fewer property sales expected this year [25][27] Question: Are there any guidelines on equity issuance and treasury solutions? - Management indicated that they do not need to raise equity at the moment and have a de minimis amount of equity baked into the model [33] Question: How does the company view the competitive landscape for net lease assets? - Management stated that competition has not significantly impacted pricing, and they continue to see attractive opportunities in their target market [63] Question: What are the expectations for new rent versus expiring rent? - Management expects most leases to be renewed, with only one property anticipated not to be renewed [58] Question: How does the company view troubled tenants or categories in the retail space? - Management indicated that they are monitoring the portfolio closely and do not see significant issues with current tenants, focusing on necessity-based retail [80][82]

Financial Data and Key Metrics Changes - The company reported same-property NOI growth of 6.3% for Q4 and 5.7% for the year, exceeding guidance [30] - Earnings per share for Q4 was $0.34, which included $0.03 from the sale of Albertsons shares, resulting in a clean run rate of $0.30 [30][31] - Economic occupancy increased by 30 basis points to 93.9%, with street and urban occupancy rising by 80 basis points in Q4 and 370 basis points over 2025 [31] Business Line Data and Key Metrics Changes - The street retail segment outperformed other segments, with significant tenant demand and performance, particularly in high-growth markets [7][15] - The company achieved over 90% economic shop occupancy, up from approximately 81% at the end of 2021 [8] - The company signed $3.5 million of ABR in Q4, with nearly 75% from high-growth markets [16] Market Data and Key Metrics Changes - The company noted strong performance in key markets such as San Francisco, New York, and Washington D.C., with significant leasing activity [21][24] - Year-over-year sales growth for tenants ranged from 10% to as high as 30% to 40% in some markets [15] - The company signed 90,000 sq ft of leases in San Francisco, indicating a positive trend in that market [21] Company Strategy and Development Direction - The company aims for multi-year NOI growth of 5%, supported by leasing up vacancies, capturing rental growth, and redevelopment initiatives [8][13] - The focus on street retail investments is intended to build operating scale in key corridors, with significant investments made in areas like Georgetown and Williamsburg [10][11] - The company is pursuing a dual-platform approach, balancing high-growth street retail with opportunistic investments through its investment management platform [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail real estate sector, citing a fundamental shift benefiting open-air and street retail [4][6] - The company anticipates continued tenant demand and a robust pipeline of leases, projecting $9 million in advanced negotiations [20] - Management highlighted the importance of tenant performance as a key indicator for future rent growth, with expectations for sustained sales growth translating into higher rents [16][65] Other Important Information - The company has closed nearly $1 billion in acquisitions over the past year, with a focus on street retail and value-add deals [28] - The balance sheet remains strong, with pro-rata debt to EBITDA at about 5x and significant liquidity available for future investments [38][39] - The company plans to maintain a disciplined approach to acquisitions while actively seeking opportunities in both established and emerging markets [70] Q&A Session Summary Question: Can you expand on the acquisition environment and pricing perspective? - Management noted that active markets include New York, SoHo, and Williamsburg, with a focus on acquiring assets that can achieve a 5% CAGR over five years [45][46] Question: What are the main factors influencing same-property NOI growth guidance? - The primary factors include rent commencement dates, credit loss assumptions, and the potential impact of the pri-loose strategy on short-term results [48][49] Question: What is the outlook for street occupancy and blended rent per square foot? - Management aims for 95% street occupancy within 18 months, emphasizing the importance of high-impact leases over overall occupancy percentages [63][75]

Financial Data and Key Metrics Changes - In 2025, Ryder's comparable earnings per share were $1,292, more than double the $595 in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from 2018 [12][21] - Fourth quarter operating revenue was $2.6 billion, in line with the prior year, with comparable earnings per share from continuing operations at $3.59, up 4% from the prior year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16] - Supply Chain operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [18] - Dedicated operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24] - U.S. Class 8 production is forecasted to decline by 4% in 2026 [24] - Rental demand was below the prior year, with rental utilization on the power fleet at 72%, down from 73% [16] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [8][10] - The company aims to optimize its omnichannel retail warehouse network and enhance proprietary technologies through AI [9][10] - Ryder's capital allocation priorities include investing in organic growth, strategic investments, and returning capital to shareholders [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [24][36] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [24][25] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and incremental debt capacity [21][22] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding [14][22] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [13][31] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization [38][40] Question: Used vehicle sales expectations - Management expects Q1 to be consistent with Q4, with gradual improvement anticipated as the year progresses [45][46] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, the impact on used vehicle pricing for Ryder is expected to be minimal [52][53] Question: Flex operating structure benefits - Management highlighted that the flex model is expected to optimize back-office resources and reduce driver dwell time, potentially offsetting margin headwinds in the dedicated business [86] Question: Performance of Supply Chain division - Management reported a record sales year in 2025 for the Supply Chain division, with expectations for continued growth driven by new business [54][56]

Summary of Zura Bio Limited Conference Call Company Overview - **Company Name**: Zura Bio Limited - **Focus**: Autoimmune inflammatory disorders - **Lead Program**: Tibulizumab, a bispecific antibody targeting IL-17A and BAFF [3][4] Key Points Transition and Leadership - Newly appointed CEO Sandeep Kulkarni emphasizes the transition from an execution-focused company to a data-driven one, with significant readouts expected in the next 12-18 months [4][5] - Kulkarni has been involved with Zura since its founding in 2022 and has a long history with the company [4] Product Pipeline - **Tibulizumab**: - First readout expected in Q4 2023 for hidradenitis suppurativa (HS) [6] - Second readout in the first half of 2027 for systemic sclerosis (SSc) [6] - Unique in its dual targeting mechanism, addressing unmet needs in complex autoimmune disorders [5][6] - **Additional Assets**: - IL-7 receptor antibody (crebankitug) from Pfizer - IL-33 (torudokimab) from Lilly - Focus remains primarily on tibulizumab due to resource constraints [10] Clinical Development Strategy - Emphasis on recruiting the right patients and ensuring high-quality execution of clinical trials [9] - The HS study has been expanded to 225 patients to enhance statistical power, with a primary endpoint of abscess and nodule (AN) count [24][29] - Secondary focus on HiSCR (Hidradenitis Suppurativa Clinical Response) with a target delta of 20%-25% over placebo [31] Mechanism of Action and Efficacy - Tibulizumab combines the properties of two established antibodies, targeting both IL-17 and BAFF, which are implicated in HS and SSc [11][12] - Evidence suggests B-cell involvement in HS, with elevated BAFF levels in lesions, supporting the rationale for targeting this pathway [18][19] Challenges and Considerations - High placebo response rates in HS necessitate careful study design and monitoring [24] - The complexity of SSc presents challenges, but the dual-target approach may offer new therapeutic avenues [36] Future Directions - Zura is exploring additional indications beyond HS and SSc, focusing on areas with significant unmet needs and potential for clinical validation [44][46] - The company is cautious with capital allocation and prioritization of future studies [10][45] Additional Insights - The bispecific nature of tibulizumab is seen as a potential breakthrough in treating autoimmune disorders, which often involve multiple pathways [5][6] - The company is committed to rigorous data quality and monitoring throughout clinical trials to maximize the chances of success [25][26] This summary encapsulates the key points discussed during the conference call, highlighting Zura Bio Limited's strategic focus, product pipeline, and future directions in the context of autoimmune disorder treatment.

Frontier Group (NasdaqGS:ULCC) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Speaker12Good day, and thank you for standing by. Welcome to the Frontier Group Holdings Q4 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdra ...

Financial Data and Key Metrics Changes - The company reported FFO of $0.90 per share for Q4 2025, including $0.06 from land sale gains, resulting in a full-year FFO of $3.48 per share, which is 2% higher than the midpoint of the original outlook for 2025 [8][26] - Net income for Q4 2025 was $28.7 million, or $0.26 per share [26] - The initial 2026 FFO outlook is set at a midpoint of $3.54 per share, which is 5.7% higher than the initial 2025 outlook [8][28] Business Line Data and Key Metrics Changes - The company leased 526,000 sq ft of second-generation space in Q4 2025, including 221,000 sq ft of new leases [8] - The development pipeline is now 78% pre-leased, up from 72% last quarter and 56% one year ago [10] - Cash rent spreads were positive, with GAAP rent spreads in the mid-teens, and net effective rents were 20% higher than in 2024 [10] Market Data and Key Metrics Changes - The company highlighted strong demand in its core Sun Belt markets, with limited new supply and increasing rental rates [5][19] - Charlotte, Dallas, and Raleigh are identified as strong markets with significant job growth and corporate relocations [21][23] - The overall leasing activity in the Sun Belt markets is robust, with positive net absorption and a decrease in competitive supply [19][22] Company Strategy and Development Direction - The company aims to drive occupancy higher by approximately 200 basis points from the end of 2025 to the end of 2026, with a focus on high-quality office and BBD locations [6] - Future investments are expected to yield attractive risk-adjusted returns, with approximately $800 million invested over the past 12 months [7] - The company plans to announce up to $200 million in new development projects in 2026, driven by strong demand [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the next few years, citing strong fundamentals in the Sun Belt markets and the potential for significant NOI and earnings growth [5][6] - The company is confident in its ability to navigate the current economic environment, with a focus on high-quality assets and capital recycling [18] - Management noted that expansions are outpacing contractions in their portfolio, indicating a healthy demand environment [44] Other Important Information - The company sold $66 million of non-core buildings and land in Q4 and plans to close an additional $190 million to $210 million in dispositions by mid-year 2026 [16][27] - The company has filed a new S-3 shelf registration statement with the SEC for future capital market transactions [35] Q&A Session Summary Question: When does the company expect to realize elevated growth rates from capital recycling? - Management indicated that the impact on 2026 is one-time in nature, with growth expected to normalize in 2027 [37] Question: How is demand for the remaining leasing in the development pipeline? - Management reported strong demand, with continued progress in leasing throughout 2025 [40] Question: Has the company seen any impact from AI-related layoffs? - Management stated that they have not observed any significant impact from AI on their tenant base, with continued demand for office space [44] Question: What is the expected cash flow outlook given elevated CapEx? - Management expects 2026 spending to be lower than 2025, with increased cash NOI anticipated from future leases [48] Question: What percentage of the $200 million in non-core sales is related to land sales? - Management clarified that the $200 million does not include land sales, which are expected later in the year [54]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $1.3 million, or $0.02 per diluted share, with core FFO of $26.6 million, or $0.31 per diluted share, and AFFO of $28.2 million, or $0.33 per diluted share, representing a 3.1% increase year-over-year [12] - For the full year 2025, net income was $0.08 per diluted share, core FFO was $1.23 per diluted share, and AFFO was $1.31 per diluted share, indicating a 4% growth over 2024 [12] - The company achieved a pro forma leverage of 3.8 times and maintained a strong balance sheet with $1 billion in total liquidity at year-end [14] Business Line Data and Key Metrics Changes - The company completed $245.4 million of gross investments in Q4 2025, the highest quarter on record, with a blended cash yield of 7.5% and a weighted average lease term of 15 years [4] - For the full year, gross investments reached a record $657.1 million at a 7.5% blended cash yield, with a weighted average lease term of 13.9 years [5] - The company added 15 new tenants in Q4 and 31 new tenants for the full year, demonstrating a focus on diversification [5] Market Data and Key Metrics Changes - The portfolio consisted of 758 properties leased to 129 tenants across 28 industries in 45 states, with 58.3% of total ABR leased to investment-grade or investment-grade profile tenants [8] - The weighted average lease term remaining for the portfolio was 10.1 years, with only 2.4% of ABR expiring through 2027 [8] Company Strategy and Development Direction - The company plans to focus on opportunistic sales and risk mitigation in 2026, expecting to sell fewer assets compared to 2025 [9] - The company aims to maintain a diversified portfolio, with Walgreens representing less than 2% of ABR by the end of 2026 [9] - The company is committed to high-quality, necessity-based retail properties and maintaining a well-capitalized balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find well-priced, high-quality investment opportunities, particularly in grocery, fitness, convenience stores, and quick-service restaurants [6] - The company anticipates achieving the upper end of its AFFO per share guidance range for 2026, reaffirming a guidance range of $1.35-$1.39 per share [15] - Management noted the importance of understanding consumer behavior, particularly in a K-shaped economy, and the potential impact on discretionary spending [74] Other Important Information - The company achieved an investment-grade rating of BBB- from Fitch Ratings, improving access to debt and allowing for tighter spreads [6] - The quarterly dividend was increased by 2.3% to $0.22 per share, payable on March 31 to shareholders of record on March 16 [15] Q&A Session Summary Question: How is the company balancing tenant credit and yield in capital deployment? - Management noted a focus on risk-adjusted returns, indicating that they are seeing better returns in the non-rated bucket while maintaining strong relationships with tenants [17][20] Question: What is the level of confidence in reaching the upper end of the acquisition rate and AFFO guidance? - Management expressed confidence in hitting the high end of the acquisition guide, especially with fewer property sales anticipated in 2026 [22][23] Question: Are there any plans to reduce exposure to troubled tenants? - Management indicated that they are unlikely to add to tenants they have been decreasing exposure to, but they are confident in the overall portfolio performance [76][78] Question: What is the competitive landscape for net lease assets? - Management stated that competition has not significantly impacted pricing, with a focus on smaller opportunities that larger firms may overlook [58][60] Question: What are the expectations for new rent versus expiring rent? - Management expects most leases to be renewed, with only one property anticipated not to renew, indicating a proactive approach to tenant relationships [55]

Vertiv (NYSE:VRT) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Speaker15Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to Vertiv's fourth quarter and full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Invest ...

Financial Data and Key Metrics Changes - In 2025, Mirion Technologies booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [23] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [23][27] - Adjusted EPS for the full year was $0.46, a 12% increase despite an increase in diluted shares [24] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, but full year medical segment revenue grew 3.7% [28] - The nuclear and safety segment revenue for Q4 was $194.9 million, up 15.5%, with organic revenue increasing 3.1% [25] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [22] - Medical segment orders faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to augment its North American nuclear power presence [5][12] - The focus is on broadening exposure to dynamic verticals and enhancing customer intimacy through acquisitions [12] - The company expects to leverage AI for both customer-facing applications and internal productivity improvements [59][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to a shortage in generating capacity in developed markets [6] - The company anticipates double-digit organic growth in nuclear power for 2026, supported by a growing opportunity pipeline [6][20] - Management noted that headwinds in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow for 2025 totaled $131 million, approximately double that of 2024, with a 57% conversion rate [30] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [16][17] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [36][39] Question: What is expected for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a stronger performance anticipated in the second half of the year [40][41] Question: How does the Paragon acquisition impact margins and growth? - Management expects Paragon to contribute positively to margins over time, with significant growth anticipated in 2026 [65][66] Question: What is the expected contribution from large orders booked in 2025 to 2026 revenue? - Management indicated that while there will be some contribution, the first year of larger contracts tends to be the lightest [74] Question: How material are SMRs to Mirion's growth story? - Management noted that while SMRs currently represent a small percentage of total revenue, they are excited about the growth potential and ongoing engagement with SMR developers [75][76]