2025
PERFORMANCE HIGHLIGHTS
In retail real estate, strong results come from knowing when to invest, when to improve, and when to sell. As we look back on 2025, the decisions made across our portfolio continued to reinforce AlbaneseCormier’s disciplined and opportunistic approach to value creation. This year, we completed over $64 million of dispositions, generating more than $22 million of net proceeds after debt and achieving pricing that, in the aggregate, exceeded appraised value by roughly 14%. Transactions such as Silver State are good examples of what we aim to do—buy well, improve the quality and income profile of the assets, and exit at the right time when value has been maximized. These dispositions represent millions in profits in 2025 alone, reflecting the benefit of active management and patient execution. Just as important, 2025 marked another year of progress in the continued evolution of our business model. While our company was built on a buy-and-hold foundation, over the last couple of decades we have become increasingly focused on harvesting value in assets that have reached peak pricing and reallocating that capital into opportunities with stronger long-term upside. That strategy has produced meaningful results. Over the past five years $395 million in dispositions generated more than $196 million of gross proceeds after debt. At the same time, this approach has steadily improved the overall quality of our portfolio, as we have
sold older or fully matured assets and concentrated our capital in stronger, better-located, and higher-performing retail centers. The retail real estate market continued to support our strategy throughout 2025. Well-located open-air centers remained in demand, tenant interest in necessity-based and service-oriented retail stayed healthy, and limited new supply continued to benefit existing properties. We believe those conditions continue to favor experienced owners who are selective, well-capitalized, and actively involved in their assets. Our balance sheet flexibility and hands-on operating platform have allowed us to stay patient where needed and move decisively when opportunities present themselves. We have never been more confident in the strength of our portfolio or in the long-term direction of the company. The progress we have made since the inception of the company, especially over the last five years—both in realized gains and in overall asset quality, has meaningfully strengthened the platform and positioned us well for continued success. As we move forward, we remain committed to the same principles that have guided us from the beginning: disciplined growth, proactive management, and a constant focus on creating value across the portfolio.
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