Acadia Realty Trust (NYSE:AKR) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Speaker6Welcome to the Acadia Realty Trust Fourth Quarter 2025 Earnings Conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. Please note that today's conference is being ...

NNN REIT (NYSE:NNN) Q4 2025 Earnings call February 11, 2026 10:30 AM ET Company ParticipantsJohn Kilichowski - Executive Director of Equity ResearchLinda Tsai - SVPOmotayo Tejumade Okusanya - Managing DirectorRichard Hightower - Managing Director of US REIT ResearchSmedes Rose - DirectorSpenser Glimcher - Managing DirectorStephen A. Horn Jr. - CEOVincent H. Chao - CFOConference Call ParticipantsAlex Fagan - Equity Research AnalystBrad Heffern - Managing Director and Senior Equity Research AnalystJana Galan ...

NNN REIT (NYSE:NNN) Q4 2025 Earnings call February 11, 2026 10:30 AM ET Company ParticipantsJohn Kilichowski - Executive Director of Equity ResearchLinda Tsai - SVPOmotayo Tejumade Okusanya - Managing DirectorRichard Hightower - Managing Director of US REIT ResearchSmedes Rose - DirectorSpenser Glimcher - Managing DirectorStephen A. Horn Jr. - CEOVincent H. Chao - CFOConference Call ParticipantsAlex Fagan - Equity Research AnalystBrad Heffern - Managing Director and Senior Equity Research AnalystJana Galan ...

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, with core FFO and AFFO both at $0.87 per share, up 6.1% year-over-year [9][10] - The total available liquidity at year-end was $1.2 billion, with a weighted average debt maturity of 10.8 years [3][13] - Annualized base rent increased to $928 million, reflecting an 8% year-over-year growth [11] Business Line Data and Key Metrics Changes - The portfolio consists of 3,692 freestanding single-tenant properties, with occupancy rising to 98.3%, an increase of 80 basis points from the previous quarter [5][11] - 55 out of 64 lease renewals were completed ahead of the average renewal rate of 85%, with rental rates at 104% above prior levels [6] Market Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [2] - The fourth quarter initial cap rate was stable compared to the third quarter, with expectations of slight compression as the year progresses [4][14] Company Strategy and Development Direction - The company maintains a disciplined bottom-up investment approach, focusing on annual dividend growth while managing a top-tier payout ratio [3] - NNN's strategy includes a self-funding business model that can deliver consistent growth in various economic conditions [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by solid financial footing and proactive portfolio management [2][3] - The company anticipates a 3.2% year-over-year growth in AFFO per share for 2026, with a guidance range of $3.52-$3.58 [14] Other Important Information - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [8] - G&A expenses as a percentage of total revenue were 4.9% for the quarter, with a slight increase attributed to promotions and new hires [10][61] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [18][19] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [21][23] Question: What segments of existing clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities in the pipeline [32] Question: What is the expected trend for lease termination fees in 2026? - The company anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it relies on strong relationships to secure deals [39][70] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing sales of vacant assets contributing to this improvement [51] Question: What is the average lease escalator in the portfolio? - The average lease escalator remains at 1.5% for modeling purposes, unaffected by recent acquisition activity [88] Question: How does the company plan to manage refinancing risks? - The company has embedded refinancing assumptions in its guidance, with expectations for a 10-year bond rate around 5.25% [82]

Financial Data and Key Metrics Changes - The fourth quarter revenue rose 3.4% in Mexican peso terms to MXN 245 billion, and was up 6.2% at constant exchange rates, with service revenue expanding 5.3% [7][8] - EBITDA increased by 4.2% in Mexican peso terms to MXN 95 billion, and was up 6.9% at constant exchange rates [8] - Net profit for the quarter was MXN 19 billion, which was four times larger than the previous year, equivalent to MXN 0.32 per share or $0.35 per ADR [9] Business Line Data and Key Metrics Changes - The company added 2.5 million wireless subscribers in the quarter, with 2.8 million postpaid net gains and 298,000 prepaid losses, ending December with 331 million wireless subscribers [5][6] - The mobile postpaid base grew by 8.4% year-on-year, while broadband accesses expanded by 5.6% [7] - Fixed line service revenue increased by 3.6% year-over-year, with fixed broadband revenue rising by 6.4% [9] Market Data and Key Metrics Changes - The dollar depreciated against most currencies in the region, declining 2.3% versus the Mexican peso and 5.7% versus the Chilean peso [5] - Brazil led in postpaid net additions with 644,000 subscribers, followed by Colombia with 276,000 and Peru with 148,000 [6] Company Strategy and Development Direction - The company aims to maintain a capital expenditure target of around 14%-15% of revenues, approximately $6.8 billion to $7 billion [15][18] - The management is focused on reducing debt and preparing for potential consolidation opportunities in the region, particularly in small companies or fiber operations [40][41] Management's Comments on Operating Environment and Future Outlook - The management noted that the U.S. government shutdown raised uncertainty about economic activity, impacting employment and economic indicators [4] - The competitive landscape in Latin America is changing, with expectations of further consolidation in the market, which could benefit the company [61][65] Other Important Information - The company reported a nearly 40% year-on-year increase in free cash flow, reaching MXN 82 billion after CapEx of MXN 131 billion [10] - Shareholder distributions reached MXN 45 billion, including MXN 12 billion in share buybacks [10] Q&A Session Summary Question: CapEx outlook for 2026 and coming years - The company targets a CapEx of around 14%-15% of revenues, approximately $6.8 billion to $7 billion, for the next few years [15][18] Question: Pre-tax, non-operating expenses - The management acknowledged the increase in non-operating expenses and suggested contacting investor relations for detailed information [22][24] Question: Telefónica's sale of operations in Chile - The company decided not to proceed with a bid for Telefónica's operations due to complexities and regulatory issues, but remains committed to competing in Chile [30][32] Question: Capital allocation strategy - The management emphasized a focus on reducing debt, preparing for M&A opportunities, and returning value to shareholders through buybacks and dividends [40][41] Question: Impact of FX on overall results - The company highlighted the complexity of managing multiple currencies and the importance of constant exchange rates for accurate financial reporting [50][51] Question: Regulatory environment and consolidation in Latin America - The management sees potential for consolidation in the market, which could be beneficial, and noted that asymmetric regulation only exists in Mexico [61][65] Question: Number portability trends in Brazil - The management indicated that both NuCel and strong postpaid operations are contributing to positive number portability trends in Brazil [70][71] Question: Sustainability of broadband growth in Mexico - The management expressed confidence in sustaining broadband growth due to successful promotions and high customer satisfaction with service bundles [78]

Generac (NYSE:GNRC) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsAaron Jagdfeld - President and CEOKris Rosemann - VP of Investor RelationsYork Ragen - CFOConference Call ParticipantsBrian Drab - AnalystChristopher Glynn - AnalystDimple Gosai - AnalystGeorge Gianarikas - AnalystJeff Hammond - AnalystJoseph Osha - AnalystKeith Housum - AnalystMike Halloran - AnalystPraneeth Satish - AnalystStephen Gengaro - AnalystTed Giletti - AnalystTommy Moll - AnalystOperatorHello, and thank yo ...

Financial Data and Key Metrics Changes - InvenTrust reported Same Property NOI growth of 5.3% for 2025, marking the second consecutive year above 5% and the fifth consecutive year of growth exceeding 4% [4][10] - Core FFO finished at $1.89 per share, representing a 6.2% year-over-year growth [4][11] - Total liquidity at year-end was $480 million, with a net debt to adjusted EBITDA ratio of 4.5 times, which is a sector-low [11][12] Business Line Data and Key Metrics Changes - Same Property NOI for the fourth quarter was $44.3 million, up 3% year-over-year [10] - Nareit FFO for the full year totaled $147.8 million, or $1.89 per diluted share, reflecting a 6.2% increase over 2024 [10][11] - The company completed two acquisitions in the fourth quarter totaling $109 million, funded through available liquidity and property-level debt [12] Market Data and Key Metrics Changes - Top-performing retail markets in 2025 included Charlotte, Tampa, Orlando, and Dallas, with Charlotte showing robust population growth and job creation [8] - Retail sales increased, and announced store openings exceeded closures, indicating sustained confidence in physical retail [15] Company Strategy and Development Direction - The company aims to expand its portfolio in Sun Belt markets, focusing on grocery-anchored assets and maintaining a disciplined acquisition approach [6][8] - Redevelopment initiatives are expected to contribute approximately 50-100 basis points of incremental NOI growth annually over the next couple of years [7] - The company plans to grow its business thoughtfully while enhancing operational footprint and value creation through leasing and asset management [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail landscape's resilience, despite increased store closures, due to low new retail construction and improved retailer decision-making [7][8] - For 2026, the company expects core FFO per share growth in the mid-single-digit range and net investment activity of approximately $300 million [8][12] Other Important Information - The board approved a 5% increase in the annual cash dividend for 2026, raising the rate to $1 per share [12] - The company is focused on maintaining a strong balance sheet while being opportunistic in funding acquisitions [25][26] Q&A Session Summary Question: Funding sources for $300 million net acquisition activity - Management indicated they have ample room on the balance sheet and plan to use their line of credit and possibly issue private placement debt [21][24] Question: Impact of Amazon Go and Fresh store closures on Whole Foods - Management stated that Whole Foods locations in their portfolio are performing well and are not at risk from Amazon's store closures [28][29] Question: Expectations for CapEx requirements in 2026 - Management expects renewals to be a larger part of the business, leading to lower CapEx requirements [31][32] Question: Acquisition pipeline and pricing - Nearly half of the $300 million acquisition guidance is either under contract or awarded, with a competitive market for assets [35][36] Question: Disposition strategy for 2026 - Management indicated that dispositions will be a source of capital once acquisition opportunities are identified, with one asset in California expected to close in 2026 [38][39] Question: Revenue impact from signed-not-open pipeline - Management expects most of the signed-not-open revenue to come online this year, with minimal impact from weather events [41] Question: Competitive market dynamics - Management noted that competition remains strong, but they have had success in finding opportunities that fit their criteria [54][55]

SFL (NYSE:SFL) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsAksel Olesen - CFOEspen Nilsen Gjøsund - VP of Investor RelationsOle Hjertaker - CEOTrym Sjølie - COOConference Call ParticipantsCliment Molins - Equity Research AnalystGregory Lewis - Equity Research AnalystEspen Nilsen Gjøsundto SFL's fourth quarter 2025 conference call. My name is Espen Nilsen Gjøsund, and I'm Vice President of Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of t ...

Lithia Motors (NYSE:LAD) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsBret Jordan - Managing DirectorBryan DeBoer - President and CEOChuck Lietz - SVP of FinanceDaniela Haigian - VP of Equity ResearchJardon Jaramillo - Senior Director of FinanceJeff Lick - Managing DirectorRajat Gupta - VPTina Miller - SVP and CFOConference Call ParticipantsJohn Babcock - AnalystJohn Saager - Senior Equity Research AnalystMark Delaney - Managing Director and Senior Equity AnalystMichael Ward - Fin ...

América Móvil (NYSE:AMX) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsCarlos García Moreno - CFODaniel Hajj - CEODaniela Lecuona - Head of Investor RelationsÓscar von Hauske - Chief Fixed-Line Operations OfficerConference Call ParticipantsAlejandro Azar - Equity Research AnalystCésar Medina - AnalystEmilio Fuentes - Equity Research AnalystGustavo Faria - Equity Research AnalystMarcelo Santos - Equity Research AnalystNone - AnalystOperatorGood morning. My name is Hillary, and I wil ...