Joa_Souza/iStock Unreleased via Getty Images Braskem ( BAK ) closed -13.2% in Thursday's trading after Petrobras ( PBR ) decided against exercising its first-refusal rights on Novonor's potential sale of Braskem shares, according to an SEC filing . The decision relates to a potential transaction involving the transfer of Braskem ( BAK ) shares held by Novonor subsidiary NSP Investimentos S.A. to S...
Joa_Souza/iStock Unreleased via Getty Images Braskem ( BAK ) closed -13.2% in Thursday's trading after Petrobras ( PBR ) decided against exercising its first-refusal rights on Novonor's potential sale of Braskem shares, according to an SEC filing . The decision relates to a potential transaction involving the transfer of Braskem ( BAK ) shares held by Novonor subsidiary NSP Investimentos S.A. to Shine I FIDC, Petrobras ( PBR ) said. Braskem ( BAK ) and Petrobras ( PBR ) said additional material facts will be disclosed once final terms of the potential transaction are notified and as further developments occur. More on Braskem and Petrobras Braskem: Three Key Reasons To No Longer Be So Bearish (For 2026) (Rating Upgrade) Petrobras: My Controversial Top Pick For 2026 (Rating Upgrade) Venezuela Catalysts Can Benefit Suncor Energy More Than Petrobras
Getty Images In the following lines, we will take a look at a company that we have reviewed before - Vornado Realty Trust ( VNO ) and its financial instruments (you can see our last article here ). VNO announced its fourth quarter, and we want to find out if there is a difference in financial metrics and instruments. So, let's get started... VNO in Details Vornado Realty Trust's current market cap...
Getty Images In the following lines, we will take a look at a company that we have reviewed before - Vornado Realty Trust ( VNO ) and its financial instruments (you can see our last article here ). VNO announced its fourth quarter, and we want to find out if there is a difference in financial metrics and instruments. So, let's get started... VNO in Details Vornado Realty Trust's current market capitalization is around $6.57 billion. For the 4th quarter of 2025, the company has close to $15.5 billion in total assets, and the total debt is ~ $7.94 billion. The preferred equity of VNO is approximately $1.18 billion. EBITDA is close to $788 million. The portfolio is composed of: - Оffice properties: 20 million square feet - Retail properties: 2.4 million square feet - Marketplaces: 1.6 million square feet - Residential properties: over 1600 rental apartments - Studios and other mixed-use facilities Financial Metrics Using the information from the earnings, we will calculate some important financial metrics for the company: Asset Yield ((total revenue - operating expenses + depreciation and amortization) / total assets): 5.08%. Asset Coverage Ratio (total assets/debt): 196%. Operating Expenses/Total Revenue (excluding depreciation and amortization): 57%. Interest Expenses/Debt: 4.16%. Rental Revenue: 10% We also calculate market-adjusted asset yield to be more accurate. Therefore, we will need a price-to-book value, which is, at the time of writing, 1.29. We replace the book value of equity with its market value by applying the current Price/Book. From here, we can calculate the market-adjusted yield and the market-adjusted asset coverage ratio. Market Adjusted Asset Yield: 4.5%. Market Adjusted Asset Coverage ratio: 220.4%. Market Adjusted Rental Revenue (lease revenue/market-adjusted total assets) gross on leasing. : 8.9% Expected AFFO Yield: 5.05%. VNO is among the highest forward P/AFFOs in the sector. Basic Valuation metrics (seekingalpha.com) Credibility The credit...
Lewis-Potter equalises from long throw by Kayode Arsenal miss chance to restore six-point lead at top Mikel Arteta admitted that Arsenal weren’t ruthless enough to beat a physical Brentford team as they missed the chance to restore their six-point lead over Manchester City. Noni Madueke’s header broke the deadlock in west London in the second half but Keane Lewis-Potter equalised 10 minutes later ...
Lewis-Potter equalises from long throw by Kayode Arsenal miss chance to restore six-point lead at top Mikel Arteta admitted that Arsenal weren’t ruthless enough to beat a physical Brentford team as they missed the chance to restore their six-point lead over Manchester City. Noni Madueke’s header broke the deadlock in west London in the second half but Keane Lewis-Potter equalised 10 minutes later from a long throw by Michael Kayode to set up a grandstand finale that saw both sides spurn chances to win it. Continue reading...
Earnings Call Insights: Essential Properties Realty Trust (EPRT) Q4 2025 Management View Pete Mavoides, President, CEO & Director, highlighted "compelling earnings growth and solid returns for shareholders," noting a continued execution of a differentiated investment strategy with 85% of $296 million in Q4 investments sourced from existing relationships, an average initial cash yield of 7.7%, and ...
Earnings Call Insights: Essential Properties Realty Trust (EPRT) Q4 2025 Management View Pete Mavoides, President, CEO & Director, highlighted "compelling earnings growth and solid returns for shareholders," noting a continued execution of a differentiated investment strategy with 85% of $296 million in Q4 investments sourced from existing relationships, an average initial cash yield of 7.7%, and a GAAP yield of 9.1%. He reported "same-store rent growth of 1.6%, strong rent coverage of 3.6x, and an improvement in our watch list," and announced an increase in 2026 AFFO per share guidance to $1.99 to $2.04, implying growth of about 7% at the midpoint and 8% at the high end. The company ended the quarter with investments in 2,300 properties and a weighted average lease term of 14 years, with only 5.2% of annual base rent expiring over the next five years. A. Peil, Executive VP & Chief Investment Officer, reported portfolio credit trends remain healthy, with occupancy at 99.7% and a decline in the credit watch list to under 1%. Dispositions increased, with 19 properties sold for $48.1 million at a 6.9% yield, reducing exposure to the car wash industry to 13.7%. Max Jenkins, Executive VP & COO, stated Q4 investments had a weighted average lease term of 19.4 years and annual rent escalation of 2%, with a weighted average unit-level rent coverage of 4.7x. The average investment per property was $4.6 million across 34 transactions, and the investment pipeline is supported by over $200 million in subsequent quarter activity. Robert Salisbury, Executive VP, CFO, and Head of Corporate Finance & Strategy and Secretary, said, "Our AFFO per share totaled $0.49, which represents an increase of 9% versus the fourth quarter of 2024." He noted a sequential decline in G&A due to a one-time compensation reversal and declared a cash dividend of $0.31, with an AFFO payout ratio of 63%. He added, "Our retained free cash flow after dividends continues to build, reaching nearly $40 million ...