Latest news with #Occupancy
Yahoo
14 hours ago
- Business
- Yahoo
Dexus (DEXSF) (FY 2025) Earnings Call Highlights: Strong Occupancy and Fund Performance Amidst ...
This article first appeared on GuruFocus. Total AFFO: $484 million for the year. Distribution: $0.37 per security, with a payout ratio of 82%. Office Occupancy: 92.3%, above the market average of 85.7%. Industrial Occupancy by Income: 96.2%. Industrial Occupancy by Area: 97.4%. FFO from Management Operations: Increased to $155 million. Property Portfolio Valuation Change: Declined by 1.1% for the year, with a 0.4% increase in office and 1% in industrial in the second half. Look-through Gearing: At the lower end of the 30-40% target range. Weighted Average Debt Maturity: 4.3 years. Debt Hedging: 86% hedged at an average rate of 2.1%. Office Like-for-Like Income Growth: 2%. Industrial Portfolio Under-rented: 11.7% under-rented. Funds Management Business: $35.6 billion in assets under management. Flagship Funds Performance: Outperformed benchmarks, notably the $13 billion diversified wholesale fund and the shopping center fund. Warning! GuruFocus has detected 6 Warning Signs with DEXSF. Release Date: August 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Dexus (DEXSF) maintained office occupancy well above market average at 92.3%, ensuring strong cash flows and AFFO. The company achieved a record year of leasing across the industrial portfolio, with occupancy by area above market at 97.4%. Dexus (DEXSF) successfully divested $1.1 billion and maintained gearing at the low end of their target range. Property portfolio valuations turned positive in the second half, with office valuations increasing by 0.4% and industrial by 1%. The funds management business outperformed benchmarks, with the diversified wholesale fund and shopping center fund showing strong performance. Negative Points Office FFO reduced marginally due to divestments, and the industrial portfolio saw income reduction driven by divestments and downtime. Higher funding costs are expected to continue impacting FY26 due to increased interest rates and lower capitalized interest. Trading profits were significantly lower this year, with only $40 million of post-tax trading profits secured for FY26. The redemption queue remains consistent at around $3 billion, indicating ongoing liquidity challenges. Vacancy challenges are concentrated in a small number of assets, such as 30 Hickson Road and 80 Collins Street, impacting overall occupancy. Q & A Highlights Q: Can you provide insights on the outlook for office developments and when investors might consider the next development phase? A: Ross Du Vernet, Group CEO & Managing Director, explained that while development in office remains challenged due to construction costs, there is a bifurcation in the market where clients are willing to pay record rents for top-tier projects. Andy Collins, Executive General Manager - Office, added that constrained supply in key markets could make future developments viable, but significant growth in office rents and reduced incentives are needed before new developments are feasible. Q: What is the current status of third-party capital demand, and which areas are investors most interested in? A: Michael Sheffield, Executive General Manager, Funds Management, noted a general interest across the board, with higher returning strategies in demand. As interest rates decrease, core strategies are gaining focus again. The flagship fund, DWPF, outperformed by 4.4% over the year, generating significant interest and increased secondary unit sales. Q: Could you elaborate on the redemption queue and its current status? A: Michael Sheffield stated that the redemption queue remains consistent with the half-year figure at around $3 billion. Despite facilitating $1 billion of redemptions in the second half, elevated interest rates have led to continued liquidity requests from investors. Q: How are leasing incentives and maintenance CapEx expected to trend in FY26? A: Keir Barnes, Chief Financial Officer, indicated that maintenance and leasing CapEx for FY26 is expected to be broadly in line with FY25. There may be a shift in composition, with a lower contribution from office due to divestments and a higher contribution from industrial due to leasing commencements. Q: Can you provide more details on the vacancy challenges at specific assets like 30 Hickson Road and 80 Collins Street? A: Andy Collins explained that more than half of the vacancy is concentrated in three assets: 30 Hickson Road, 80 Collins Street North, and Australia Square. Strategies include offering a range of leasing options and targeting larger tenants. Progress is being made, particularly at Australia Square, with significant leasing activity validating their strategy. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
06-08-2025
- Automotive
- Miami Herald
Driving alone in an EV in the carpool lane? Your sticker is about to expire
Unless lawmakers on Capitol Hill move quickly, one of the most desired perks of driving a zero-emissions vehicle in California will be put on the shelf by the end of next month. For years, motorists with stickers on their cars through the state's Clean Air Vehicle Decal program have been allowed to drive in the carpool, or High Occupancy Vehicle (HOV), lane when traveling alone. Given the frustrating amount of traffic that often clogs California freeways, the program has been used as an incentive for people to buy electric vehicles, plug-in hybrids and hydrogen fuel cell cars. It's estimated that 465,000 vehicles across the state have active decals attached to them. According to the U.S. Department of Energy, 13 other states have similar incentives in place. States need authorization from the U.S. government to establish those programs and keep them in place because federal dollars flow into the highway system. Here's the problem: The authorization is set to expire at midnight on Sept. 30. "We are working with several federal legislators to try to extend the program," said Curt Augustine, senior director for state affairs at the Alliance for Automotive Innovation, a trade group for the U.S. auto industry. "But it will require legislation and will need to be passed by both houses of Congress and signed by the president for that to happen." Can all that be done in time? "It is possible," Augustine said. "We're crossing our fingers. We've been working on it for about a year and a half already." The decal program "is ENDING," the California Department of Motor Vehicles website says, and the Clean Air Vehicle stickers "will no longer be valid" as of Oct. 1. Under a Frequently Asked Questions drop-down, the site says, "While the federal government gives the DMV the authority to create the CAVD program, the state must follow federal regulations that are expiring." That means unless something gets done fast in Washington, drivers starting Oct. 1 must "obey the posted vehicle occupancy requirement to travel in the carpool (HOV) lane or risk receiving a citation and fine." Augustine said the change is not due to the giant budget bill that recently passed on Capitol Hill with Republican support and signed into law by President Donald Trump. Dubbed the "One Big Beautiful Bill," the 940-page legislation included getting rid of the federal tax credit of up to $7,500 on the purchase of electric vehicles, effective Sept. 30. "This is completely different," Augustine said, adding that the program's renewal has been stalled for a couple of years. "Unfortunately, zero-emissions vehicles have become somewhat politicized in our country and that has hindered some of our efforts to extend this program … It's a coincidence that it just happened to expire this year," he said. Augustine said extending the program cannot be done through a simple directive by a federal agency, such as the U.S. Department of Transportation. "It is law, so Congress will have to pass it," he said. If an extension is not passed in the coming weeks, the programs in California and other states can still be revived later if something eventually clears all the legislative and executive hurdles in Washington. "If it doesn't get done by Oct. 1, we are more hopeful that it could get done sometime next year," Augustine said. "We don't want a gap in the timing because that's very confusing to consumers - but having a gap in the program is better than having no program at all." Last year in the California Legislature, Assemblymember Greg Wallis, R-Bermuda Dunes, authored Assembly Bill 2678 that extended the decal program through Jan. 1, 2027. It passed both chambers in Sacramento was signed into law by Gov. Gavin Newsom. But the extension under AB 2678 cannot go into effect until something gets passed on Capitol Hill and signed by President Trump, Augustine, said because "federal law supersedes the state law" in this case. The California New Car Dealers Association has not taken a formal stance on whether the sticker program should be extended. "Ideally it would be great if the program could continue …. but it can't go on forever," said Brian Maas, the association's president. "It made sense when the carpool lanes weren't crowded to also include EVs. But we're at a place now where 20% of the California market is EVs. So the incentive, frankly, is much less than it used to be." In an email to the Union-Tribune, Liane Randolph, chair of the California Air Resources Board, called the Clean Air Vehicle decals "a smart, cost-effective incentive that has played an important role driving the adoption of clean and zero-emission vehicles" in the state. "But thanks to the federal government's failure to act, this successful program is coming to an end," she said. "Despite the Trump administration's ongoing efforts to undermine progress, California remains committed to moving forward with the global market toward a zero-emission future." California leads all states in the sale of zero-emissions vehicles, with more than 2.3 million, according to the most recent numbers from the California Energy Commission. In an email, DMV spokesperson Jonathan Groveman said, "The federal government's decision to eliminate this smart and popular program will hurt hundreds of thousands of California drivers, and these drivers will have to pay the price. It's a lose-lose situation and the state is now looking at other options to provide this service to Californians." Groveman did not elaborate on what those options might be. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Travel Daily News
19-05-2025
- Automotive
- Travel Daily News
Saudi Arabian Grand Prix drove Jeddah hotel occupancy to an April high
Driven by the Formula 1 Grand Prix, Jeddah hotels achieved record April occupancy and RevPAR, with peak performance during race weekend. ARLINGTON, VA. – Pushed by the Formula 1 Grand Prix, Jeddah's hotel industry saw its highest April occupancy level on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. The 2025 Formula 1 stc Saudi Arabian Grand Prix took place in the city of Jeddah for the fifth time from April 18th-20th. April 2025 (year-over-year % change): Occupancy: 82.5% (+21.1%) Average daily rate (ADR): SAR833.79 (+9.6%) Revenue per available room (RevPAR): SAR688.23 (+32.7%) In addition to occupancy, the market recorded its highest April RevPAR since 2014. Jeddah's highest daily occupancy (96.5%) was posted on Sunday, 20 April, marking the highest level in the market since June 2014. ADR (SAR 1,604.34) and RevPAR (SAR 1,527.74) peaked on the second night of the event (Saturday, 19 April) and were the highest in Jeddah since March 2024. Overall, the market's daily occupancy levels remained above 70% on all but three nights during the month.
Business Upturn
22-04-2025
- Automotive
- Business Upturn
TransCore Enhances Houston METRO's HOV/HOT Lanes with Advanced Automation
By GlobeNewswire Published on April 22, 2025, 19:00 IST NASHVILLE, Tenn., April 22, 2025 (GLOBE NEWSWIRE) — TransCore, a global leader in intelligent transportation and tolling solutions, has successfully completed a full central software replacement for the Metropolitan Transit Authority of Harris County (METRO), modernizing its High Occupancy Vehicle (HOV)/High Occupancy Toll (HOT) Lanes' Automated Reversible Gate Operations (ARGO) system. The upgraded system officially went live on Jan. 5, 2025 and improves operational efficiency, enhances safety, and streamlines lane management for Houston's critical commuter corridors. Since 2012, TransCore has collaborated with METRO to design, implement, and maintain the ARGO system, ensuring smooth, real-time reversible lane operations across Houston's five major corridors. The latest upgrade introduced TransSuite®, TransCore's advanced traffic management system (ATMS), to enhance automation and operational efficiency. 'The TransSuite solution has supplied METRO with a robust and smart system of tools that work with a wide variety of devices and platforms,' said Nader Mirjamali, Houston METRO HOV and HOT Lane Project Manager. The reversible lanes provide HOV/HOT travel into Houston during the peak morning commute hours and reverse midday to accommodate the evening outflow. Operating in coordination with technicians who ensure that the lanes are clear of vehicles during reversal, the latest software upgrades enable automated gate closure sequencing and traveler information messaging to roadway signage. 'TransCore is proud to bring the latest in intelligent transportation technology to Houston METRO, improving both system reliability and the daily commuting experience,' said Whitt Hall, TransCore President and CEO. 'By fully automating lane transitions and integrating enhanced surveillance, this upgrade ensures safer and more efficient mobility for the region.' About TransCore A global leader in the transportation industry, TransCore provides innovative technical solutions and services for all-electronic tolling, congestion pricing, tolling back office, access control, and intelligent transportation systems. TransCore has distributed millions of RFID tags and deployed thousands of electronic toll collection and managed lanes. Its systems capture billions of toll transactions per year and support the United States' most accurate and advanced toll collection operations. TransCore is a subsidiary of ST Engineering, a global technology, defense, and engineering group with a diverse portfolio of businesses across aerospace, smart city, defense, and public security segments. It is part of the Group's Urban Solutions business, a leading provider of smart city solutions with a global track record of over 800 projects in more than 150 cities. Follow us on LinkedIn. A photo accompanying this announcement is available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
15-03-2025
- Yahoo
After wrong-way chase on highway, state police apprehend 21-year-old who stole a U-Haul
Virginia State Police have apprehended a 21-year-old who they say stole a U-Haul truck, evaded police on the interstate for over 10 miles and drove the wrong direction into oncoming traffic. State police were notified of a chase Virginia Beach Police Department units were engaged in on Friday afternoon. The driver, later identified as 21-year-old named Ashlynn Nichole Barnes, had reached the Virginia Beach-Norfolk city boundary on Interstate 264 driving westbound in a stolen 2015 GMC U-Haul truck. In an official statement, state police say Barnes made a U-turn in the roadway, traveling on the eastbound shoulder of the westbound lanes. Barnes drove through a cut-through when approached by an oncoming trooper and back into the eastbound lanes of the I-264. From there, Barnes headed westbound on Interstate 64, from the interchange, and used the reversible High Occupancy Vehicle lanes to change directions, driving through and striking down the closed gate system and traveled into oncoming traffic, state police say. Barnes made another U-turn in the reversible HOV lanes and proceeded to I-64, eastbound, and struck a trooper's vehicle attempting to stop her on a flyover while heading eastbound on I-264. Barnes, in another reversible lane, was stopped by state troopers who intentionally struck the truck. State police did this 'not only disable the vehicle, but to stop Barnes from hurting herself and endangering others on the roadway,' the statement reads. Troopers escorted Barnes to Norfolk Sentara General Hospital with non-life-threatening injuries. Troopers were not hurt in the pursuit, state police say, nor were other motorists. Charges are pending on Barnes' release from the hospital. This is developing story. Check back later for more details.
