Core Viewpoint - AB Tewox is expanding its retail real estate portfolio in Poland through the acquisition of a retail park in Konin, which was opened in 2023 [1][2]. Group 1: Acquisition Details - The total leasable area of the newly acquired retail park is approximately 5,440 sq. m [2]. - The seller of the property is Dekada Konin, a development company associated with Dekada S.A. and Xcity Investment Sp. z o.o. [2]. - The transaction value has not been disclosed, and the acquisition was financed by Deutsche Pfandbriefbank (pbb) [2]. Group 2: Property Characteristics - The retail park is located in the central part of Konin, integrated with the train station in a high-traffic area [3]. - The property features strong tenants including Biedronka, Pepco, Rossmann, and TEDi [3]. Group 3: Portfolio Overview - Following this acquisition, Tewox now manages a total of 9 retail parks in Poland, covering approximately 61,000 sq. m of leasable area [3]. - The value of Tewox's Polish portfolio exceeds €100 million [3]. - The company's total assets under management are over €190 million [3].

SANTA MONICA, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”), a leading owner, operator, and developer of major retail properties in top markets, today announced that it has closed an amended and restated $900 million revolving credit facility. “We are pleased to close on this new facility, which enhances our liquidity, provides additional flexibility, extends the maturity term, lowers pricing, reduces unused commitment fees, and expands our lending ...

Financial Data and Key Metrics Changes - Fourth quarter Core FFO was $0.63 per share, a 17% increase year-over-year, and for the full year, it was $2.33 per share, up 9.4% from the previous year [4][14] - Same Center NOI growth for the year was 4.3%, reflecting successful leasing and operating strategies [14] - The company ended 2025 with a net debt to adjusted EBITDA ratio of 4.7x, benefiting from strong EBITDA growth [20] Business Line Data and Key Metrics Changes - Leasing volume exceeded 3 million sq ft, marking the highest annual production on record, with year-end occupancy at 98.1%, a 70 basis point increase [5][6] - Tenant sales productivity was $473 per sq ft, up 7% from the prior year, indicating strong retailer demand [6] - The company achieved positive rent spreads and extended lease terms for both renewals and new deals [5] Market Data and Key Metrics Changes - The company noted favorable demographic trends and limited new retail development, contributing to strong leasing demand [7][9] - Population growth in key markets is driving sustained demand and increased traffic throughout the week [9][10] - The company is leveraging technology and AI to enhance operational efficiency and customer engagement [10][11] Company Strategy and Development Direction - The company is focused on adding new uses and categories, replacing underperforming tenants, and enhancing the customer experience through food, beverage, and entertainment offerings [7][8] - Strategic investments in real estate and peripheral land activation are aimed at driving long-term growth [8][10] - The company is committed to maintaining a strong balance sheet while pursuing external growth opportunities [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about retailer demand and the potential for growth despite recent bankruptcies in the retail sector [14][86] - The company anticipates continued organic growth and contributions from external growth activities, with guidance for Core FFO per share in the range of $2.41-$2.49 for 2026 [21][22] - Management highlighted the importance of adapting to changing consumer preferences and enhancing the shopping experience to drive traffic [62] Other Important Information - The company was recognized by Newsweek as one of America's greatest workplaces for culture and community in 2026 [12] - Significant advancements in technology initiatives are expected to unlock further opportunities for innovation and insights [11] Q&A Session Summary Question: CapEx implications regarding Saks - Management clarified that Saks has not rejected any leases and any potential CapEx related to Saks is not embedded in the current guidance [25][26] Question: Retailer conversations and sales expectations - Management noted that retailers are optimistic about sales and open to buys, indicating a strong promotional environment [29][30] Question: Leasing trends and lease lengths - Management indicated a shift towards retenanting as a more profitable strategy, with a focus on diversifying tenant mix [33][34] Question: Consumer health and demographic shifts - Management reported a shift towards younger consumers and families, with enhanced digital marketing initiatives resonating well [43][44] Question: Future M&A and retailer conversations - Management confirmed ongoing conversations with retailers regarding potential acquisitions and developments, indicating strong support from retail partners [52][54] Question: CapEx run rate expectations - Management expects CapEx to remain in the mid-teens range, which is lower compared to industry standards [58] Question: Health of consumers and retail partners - Management reported no deceleration in retailer demand, with a focus on providing value to consumers [61][62]

Tanger (NYSE:SKT) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Speaker0Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations. I would like to welcome you to Tanger Inc.'s fourth quarter and full year 2025 conference call. Yesterday evening, we issued our earnings release as well as our supplemental information package and investor presentation. This information is available on our IR website, investors.tanger.com. Please note, this call may contain forward-looking statements ...

Performance was driven by record-breaking annual leasing production exceeding 3,000,000 square feet and the accretive integration of recent acquisitions. Management attributes sustained retailer demand to a dearth of new retail development and consolidation in the department store sector, which funnels brands toward Tanger's open-air platform. Strategic retenanting is prioritized over simple renewals, with renewal rates intentionally lowered to 80% to facilitate the introduction of higher-growth brand ...

Management Presentation FEBRUARY 24, 2026 Tanger Outlets Phoenix Table of Contents Our Company and Strategy 3 Activating Growth Leasing, Marketing, and Operations Accelerating Growth A Portfolio Positioned in the Path of Demand External Growth Accretive Portfolio Expansion to Drive Value Appendix 45 4Q 2025 | 2 17 27 35 Our Company and Strategy Tanger Outlets Grand Rapids 3 4Q 2025 | Innovating Retail for 40+ Years | 1981 | 1993 | 16M+ SF | 41 | | --- | --- | --- | --- | | Founded | Listed (NYSE: SKT) | of ...

Investment Rating - The report indicates a positive outlook for the Lagos real estate market, highlighting its role as a major economic pillar in Nigeria, particularly after the GDP rebasing exercise [4][15]. Core Insights - The Nigerian economy is transitioning towards stabilization and growth, with a notable GDP growth of 3.98% in Q3 2025, driven by a resilient non-oil sector [5][15]. - Real estate has emerged as the third-largest sector in the rebased economy, contributing 13.36% to total real GDP, underscoring its structural importance [9][15]. - Inflation has moderated significantly, decreasing from 25.3% in June to 15.15% by December 2025, which is expected to support market stability [12][15]. - The naira has stabilized within a managed band, supported by a significant increase in external reserves, which reached $45.45 billion by December 2025 [13][15]. - The enactment of the Nigeria Tax Act 2025 is anticipated to enhance the macro environment for real estate, promoting formal agreements between landlords and tenants [14][30]. Economic Update - The GDP rebasing exercise revealed a larger and more diversified economy, with nominal GDP revised upward by 41.7% [4]. - Real estate's contribution to GDP highlights its critical role in national wealth, with a quarter-on-quarter growth rate of 3.50% [5][9]. - The construction sector outperformed the broader economy with a real growth rate of 5.57%, driven by public infrastructure projects [11]. Residential Market Review - Residential rents in Lagos continued to rise despite moderated inflation, driven by strong demand and constrained supply [22][32]. - Government interventions have facilitated the delivery of 653 residential units through public-private partnerships [23][32]. - The launch of the MOFI Real Estate Investment Fund offering long-term loans at 9.75% indicates ongoing public sector efforts to address housing shortages [24][32]. Retail Market Review - The retail sector has seen limited new development, with a gradual reconfiguration of tenant mix and retail strategies [33][39]. - Indigenous convenience-focused brands have gained traction, reflecting a shift towards cost-efficient retail formats [33][39]. - The average prime retail rents in Lagos are aligned with several African peers, indicating competitive pricing [35]. Office Market Review - The Lagos office market is showing signs of recovery, with Grade A occupancy levels reaching 73% [40][47]. - Rental performance has softened, particularly for prime assets, with effective rents adjusting downward to support occupancy [41][47]. - The emergence of new office developments in Ikeja indicates continued demand for modern office spaces [43][47]. Industrial Market Review - The industrial sector remains resilient, supported by logistics demand and manufacturing activity within Special Economic Zones [49][56]. - Prime industrial rents vary significantly based on infrastructure quality, with Grade A demand accelerating in well-serviced areas [51][56]. - The demand for warehouse spaces has grown approximately 25% year-on-year, reflecting the sector's expansion [74][56]. Infrastructure and Data Centre Market Review - Key infrastructure projects, including the Lagos–Calabar Coastal Highway and the Lagos Green Line Rail Project, are advancing, enhancing connectivity [57][63]. - The data centre market in Lagos is valued at approximately $1.4 billion, indicating strong investor interest and capacity additions [59][63]. Port Harcourt Real Estate Market - Port Harcourt's real estate market is driven by the oil sector, with residential demand growing at an estimated 12-15% [65][87]. - The retail sector has expanded significantly, driven by a rising middle class and consumer preferences for modern shopping environments [67][87]. - Industrial land prices have risen 10-20% over three years, with demand for warehouses increasing by about 25% year-on-year [74][87]. Abuja Real Estate Market - Abuja's real estate market is characterized by high demand and strong capital appreciation, with average property prices projected to rise by 10-15% annually in prime areas [81][98]. - The market is shifting towards integrated, technology-enabled commercial spaces, reflecting evolving tenant needs [85][98]. - The persistent housing deficit and urbanization are driving demand for middle-to-low-income housing in satellite towns [92][98].

Investment Rating - The report indicates a stable but cautious outlook for Kampala's property market entering 2026, with long-term fundamentals remaining supportive, particularly for industrial, suburban office, and convenience-led retail assets [9]. Core Insights - Kampala's real estate market showed resilience in H2 2025, driven by macroeconomic stability, contained inflation, and sustained infrastructure investment, with economic growth strengthening to 6.3% in FY 2024/25 [4][12]. - The residential sector experienced modest softening, particularly in prime expatriate neighborhoods, due to increased apartment supply and shifting tenant demographics [5][54]. - The office sector transitioned into a tenant-favorable cycle, with rising vacancy levels in older buildings and stable rental rates for Grade A+ offices [6][78]. - The retail sector remained resilient, supported by strong footfall growth, although average spending per visit declined [7][100]. - The industrial sector outperformed all asset classes, with occupancy levels consistently above 80% and firm rental rates driven by record coffee exports and preparations for oil production [8][9]. Economic Overview - Economic growth rate for FY 2024/25 was recorded at 6.3%, with inflation remaining below the Bank of Uganda's target of 5% [10][15]. - Uganda achieved a Balance of Payments surplus of US$2.37 billion for the year ending October 2025, the highest in over 15 years [11][14]. Residential Sector Summary - The prime residential market saw a decline in rental rates for two-bedroom and three-bedroom units by approximately 10% and 9% respectively, with occupancy levels stable at around 83% [55][60]. - Increased supply of one-bedroom units has intensified competition, leading to downward pressure on rental levels for larger units [56][67]. - The short-let market continued to grow, particularly in secondary neighborhoods, supported by lower entry costs and improved building quality [54][69]. Office Sector Summary - The office market faced rising vacancy levels, particularly in lower-grade buildings, with Grade A+ rents remaining stable at approximately US$18 per square meter [79][80]. - Demand for smaller office spaces remained strong, driven by startups and SMEs adapting to hybrid working models [88][92]. - The supply pipeline includes over 200,000 sqm of office space expected to be delivered over the next two years, despite a slowdown in new developments due to political uncertainty [91][94]. Retail Sector Summary - Retail footfall increased by 15% year-on-year, although average spending per visit declined by 1% [105][111]. - The transition from informal trading to formal retail developments is evident, with suburban retail markets gaining traction [102][100]. - International brands outperformed smaller retailers, benefiting from stronger brand recognition and structured promotional strategies [113][112].

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million from $14.2 million in the same quarter last year, with a per-share increase to $0.49 from $0.46 [12] - For the full year, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in the previous year, with per-share Core FFO slightly decreasing to $1.87 from $1.88 [12][13] - Same-property NOI for shopping centers increased by 4.3% in Q4, driven by leasing activity and reduced maintenance costs [14] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with comparable leases at a cash rent increase of 24% [5] - Same-property NOI for non-core properties was impacted by a significant vacancy, but the overall growth was driven by shopping centers [14] Market Data and Key Metrics Changes - The company reported a record high leased occupancy of 95.9% [4] - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities [7] - The company expects to achieve a positive cash rent spread of approximately 60% from backfilling anchor spaces [6] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [9] - Six outparcels for development have been identified, with expected capital investment over 2026 and 2027 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 [7] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, reflecting anticipated growth in same-property NOI and investment volume [18] - Management noted that the leasing environment remains strong, particularly for national brands, indicating a favorable market for expansion [32] Other Important Information - The company ended the year with $167 million in liquidity, providing ample capacity for future acquisitions [17] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [18] Q&A Session Summary Question: Timing for backfilling vacant anchor centers - Management indicated that they expect to resolve the remaining vacancies within the next six months, with rent from signed leases starting in 2026 [21][22] Question: Value and opportunity for the office property in New Mexico - Management confirmed that the property is now marketable and discussions for potential sale are ongoing, with proceeds likely reinvested into open-air centers [24][25] Question: Opportunities at Pompano Citi Centre - Management highlighted the potential for lease-up opportunities, particularly with JCPenney, which currently pays minimal rent [29][30] Question: Acquisition pipeline and market allocation - Management is actively seeking larger shopping center purchases and noted that the market is currently limited, but they are optimistic about finding suitable opportunities [43][44] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was likely higher than the run rate going forward, primarily due to specific lease activities [48][50]

Achieved record leasing volume of 7.1 million square feet in 2025, an 85% increase over 2024, driven by robust retailer demand and the execution of the Path-Forward plan. Substantially derisked the 5-year plan by reaching 76% of revenue completion targets for new leasing, exceeding the year-end goal of 70%. Successfully committed all 30 targeted anchor and big box replacements, which are expected to generate approximately $750 million in annual tenant sales and catalyze in-line leasing. Portfolio sa ...