Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker3Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas Fourth Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on ...

Financial Data and Key Metrics Changes - Canopy Growth ended Q3 with CAD 371 million in cash and cash equivalents, and a net cash position of CAD 146 million, marking a strong financial foundation [4][10] - The company reported its slimmest Adjusted EBITDA loss to date of CAD 3 million, reflecting improved cost discipline and execution [14] - Q3 cannabis net revenue was CAD 52 million, up 4% year-over-year, with Canadian Medical Cannabis revenue increasing 15% to CAD 23 million [11][12] Business Line Data and Key Metrics Changes - Canadian Medical Cannabis saw a 15% year-over-year revenue growth, marking the sixth consecutive quarter of growth [6] - Canadian Adult Use Cannabis revenue increased 8% year-over-year to CAD 23 million, driven by growth in pre-rolls and vapes [7][12] - Storz & Bickel net revenue grew 45% sequentially to CAD 23 million, supported by strong seasonal sales [13] Market Data and Key Metrics Changes - International cannabis sales increased 22% quarter-over-quarter, indicating stabilization and return to growth [12] - The Canadian adult use market is projected to grow at 4%-6% annually, with a total market size close to CAD 5 billion [36] Company Strategy and Development Direction - The company is focused on elevating the quality of its brands, strengthening product innovation, and improving flower quality and cost [7][16] - Canopy Growth aims to unlock growth in Europe and enhance its presence in the Canadian medical cannabis market through the acquisition of MTL Cannabis [5][8] - The company is committed to achieving positive Adjusted EBITDA during fiscal 2027, supported by cost-saving initiatives and operational improvements [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and capitalize on growth opportunities, particularly in the Canadian and international markets [9][18] - The company is actively working to mitigate the financial impact of proposed changes to the Veterans Reimbursement Program while maintaining service quality [6][32] Other Important Information - A $150 million recapitalization was completed post-quarter end, improving liquidity and extending debt maturities to 2031 [5][11] - The company is focused on maintaining operational continuity and capturing synergies from the MTL acquisition [16] Q&A Session Summary Question: Expectations for international business growth over the next 12-18 months - Management indicated that they are confident in improving supply chain capabilities and expect to have a broader range of strains available in Europe by early fiscal 2027 [21][23] Question: Expectations for gross margin trends - Management anticipates a blended gross margin in the mid- to high 30s, particularly with the integration of MTL, which has historically higher margins [25][26] Question: Clarification on positive Adjusted EBITDA expectations - Management aims for positive Adjusted EBITDA during fiscal 2027, with efforts to achieve this as soon as possible [29] Question: Impact of veteran reimbursement changes on the medical business - Management is actively working to oppose the proposed reduction in reimbursement rates, emphasizing the importance of maintaining care quality for veterans [32][34] Question: Cash management and priorities for excess cash - Management plans to maintain sufficient cash flexibility for future opportunities, with expected integration costs for MTL around CAD 40 million to CAD 50 million [39][40]

Cousins Properties (NYSE:CUZ) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker5Good morning, ladies and gentlemen, and welcome to the Cousins Properties fourth-quarter conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Friday, February 6, 2026. I would now like to turn the co ...

Our Space is Your Place EARNINGS PRESENTATION 4th Quarter 2025 RegencyCenters.com Anastasia Plaza St. Augustine, FL Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Bas ...

Financial Data and Key Metrics Changes - In 2025, GrafTech International reported a full-year sales volume increase of 6% despite a challenging graphite electrode industry environment marked by global overcapacity and subdued steel production trends [4][5] - The company achieved an 11% reduction in cash cost of goods sold per metric ton for the full year, resulting in a cumulative reduction of 31% since the end of 2023 [6][20] - The liquidity position at year-end 2025 was $340 million, including $138 million in cash, which exceeded expectations [8][24] Business Line Data and Key Metrics Changes - In the U.S., sales volume grew by 48% for the full year and by 83% in the fourth quarter year-over-year, reflecting a successful shift towards regions with stronger pricing fundamentals [5][18] - The average selling price for the fourth quarter was approximately $4,000 per metric ton, representing a 9% decline year-over-year due to competitive pricing dynamics [18][19] Market Data and Key Metrics Changes - Global steel production outside of China was 843 million tons in 2025, with a utilization rate of approximately 67% [9][10] - In North America, steel production increased by 1% in 2025, driven by a 3% growth in the U.S. [10] - The EU experienced a 3% decrease in steel output compared to 2024, with utilization rates averaging just over 60% [10][11] Company Strategy and Development Direction - GrafTech's strategy includes focusing on value-focused growth rather than volume, walking away from low-margin opportunities [5][16] - The company aims to grow sales volume by 5%-10% year-over-year in 2026, with a continued shift towards the U.S. market [27] - Management is evaluating opportunities for optimizing manufacturing and potential strategic partnerships to enhance efficiency and long-term value creation [16][36] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing challenges in the graphite electrode industry due to overcapacity and aggressive competitor pricing, which threaten long-term viability [13][14] - There are signs of potential rebound in steel demand, with projections of 3.5% growth globally outside of China in 2026 [11][12] - The company remains committed to maintaining product quality and safety while navigating market challenges [26][36] Other Important Information - GrafTech's total recordable incident rate improved to 0.41 in 2025, marking the best safety performance on record [8] - The company is actively assessing trade policies and their impact on the graphite electrode market, particularly in relation to U.S. tariffs [32][34] Q&A Session Summary Question: Has aggressive competitor pricing worsened, particularly in the U.S.? - Management noted that pricing pressure is global, driven by imports and aggressive pricing behavior from competitors, particularly from China and India [41][42] Question: Is it reasonable to assume that realized pricing will be lower in 2026? - Management refrained from providing specific price guidance but indicated that pricing levels heading into 2026 are not better than those observed in 2025 [45] Question: How does GrafTech plan to win back market share amidst competitive pricing? - The company will focus on its value proposition, emphasizing quality and service, while being selective in regions where price competition is fierce [53][54] Question: What is GrafTech's ability to pivot its needle coke capacity towards EV battery production? - Management expressed a heightened focus on both graphite electrode production and potential involvement in the supply chain for anode materials for EVs, indicating readiness to partner with others in this space [56][58] Question: What is GrafTech's liquidity position and plans for navigating downturns? - The company has $340 million in liquidity and plans to continue taking decisive actions to preserve and enhance liquidity during downturns [62][63]

Financial Data and Key Metrics Changes - In 2025, the company generated record revenue of $846 million, reflecting a strong 10% growth in product areas outside US credit [5] - Record total revenue was supported by record total ADV, leading to record commission revenue and services revenue, resulting in annual free cash flow generation of $347 million [5][19] - The company reported a 3.5% revenue growth to $209 million in Q4 2025, with diluted earnings per share of $2.51 [16] Business Line Data and Key Metrics Changes - Block trading ADV increased by 29% in 2025, with record block trading ADV in emerging markets [5] - U.S. credit portfolio trading market share increased by 270 basis points in 2025, with a 126% increase in total portfolio trading ADV in January 2026 [11] - Dealer-initiated ADV grew by 33% for the year, with over $3 billion in trading volume in the new MIDX protocol [11] Market Data and Key Metrics Changes - In January 2026, total credit ADV reached record levels, driven by a 50% increase in emerging markets [7] - U.S. high-grade turnover increased by 95% in January, marking levels not seen since 2011 [7] - The company’s estimated market share in U.S. high-yield portfolio trading increased significantly in the second half of 2025 [13] Company Strategy and Development Direction - The company aims to enhance its market access advantage through investments in technology and product development, focusing on multi-protocol solutions [4] - A clear three-year plan has been established to achieve growth targets, with a focus on executing new initiatives in 2026 [5] - The company is addressing U.S. credit market share challenges with a detailed plan embedded in its three-year targets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to higher levels of revenue growth in U.S. credit, supported by ongoing investments and strategic initiatives [23] - The company is optimistic about capturing expanding e-trading opportunities, particularly in the block market [15] - Management noted that while electronification in U.S. credit has plateaued, there remains significant growth potential in emerging markets [70] Other Important Information - The company returned a total of $474 million to investors through share repurchases and dividends in 2025 [19] - The board of directors welcomed two new members with extensive fintech experience [8] - The company plans to invest $65 million to $75 million in capital expenditures for technology enhancements in 2026 [22] Q&A Session Summary Question: Strength in block trading - Management highlighted a 24% increase in block trading in 2025 and a 56% increase in January 2026, driven by various protocols and increased liquidity [25][26] Question: Average fee rate in credit - Management discussed the impact of protocol mix and market conditions on fee per million, emphasizing the importance of growing incremental revenue despite lower fees [34][35] Question: Update on emerging markets - Management noted significant growth in emerging markets, with a record ADV of over $5 billion in January 2026, and highlighted the low electronic penetration as a major opportunity [46][47] Question: Capital return strategy - Management confirmed ongoing capital return plans, including share repurchases and increased dividends, while also focusing on debt repayment [61][62] Question: Electronification slowdown in U.S. credit - Management expressed confidence in the potential for re-acceleration in electronification, particularly in the block market, and discussed ongoing investments in technology [66][70] Question: Artificial intelligence ambitions - Management outlined plans to leverage AI for increased productivity and transparency in trading, emphasizing the growing dataset as a key asset [80][82]

Fourth Quarter 2025 Financial and operating results for the period ended December 31, 2025 February 5, 2026 Unless otherwise specified, comparisons in this presentation are between 4Q24 and 4Q25. 1 IMPORTANT LEGAL INFORMATION Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investor ...

CAMDEN TABLE OF CONTENTS | | Page | | --- | --- | | Press Release Text | 3 | | Financial Highlights | 6 | | Operating Results | 7 | | Funds from Operations | 8 | | Balance Sheets | 9 | | Portfolio Statistics | 10 | | Components of Property Net Operating Income | 11 | | Sequential Components of Property Net Operating Income | 12 | | "Same Property" Fourth Quarter Comparisons | 13 | | "Same Property" Sequential Quarter Comparisons | 14 | | "Same Property" Year to Date Comparisons | 15 | | "Same Property" Oper ...

Fourth Quarter & Full Year 2025 Earnings Presentation February 5, 2026 Adjusted net income and adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from free cash flow, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin, adjusted operating margin and return on capital employed are significant components in understanding and assessing a company's financia ...