Key Takeaways Lennar's earnings estimates fell again after its Q3 report, earning it a Zacks Rank #5 (Strong Sell).LEN's EPS estimates for FY25 and FY26 have tanked nearly 50% over the past year. Lennar Corporation (LEN)  stock has dropped around 7% since its latest disappointing earnings release on September 18.The recent negative earnings revisions, which landed the U.S. homebuilding giant a Zacks Rank #5 (Strong Sell), extend a prolonged downward trend as Lennar struggles to navigate the slowing housing ...

Regency at EverRange will offer low-maintenance living with resort-style amenities in the heart of the EverRange master planJACKSONVILLE, Fla., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest 55+ community in North Florida, Regency at EverRange, is coming soon to Jacksonville, Florida. This exclusive, gated community for active adults will feature sophisticated single-story homes within the EverRange master plan, idea ...

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Green Brick Partners (NYSE:GRBK) Q3 2025 Earnings Call October 30, 2025 12:00 PM ET Speaker3Thank you for standing by. My name is Lacey and I will be your conference operator today. At this time, I would like to welcome everyone to the Green Brick Partners, Inc. third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press Star f ...

Key Takeaways Quanta's Q3 revenues rose 17.6% to $7.63B, topping estimates on broad Electric and Underground gains.Adjusted EPS grew 22.4% to $3.33, aided by operating leverage, acquisitions and solid project execution.A record $32.64B backlog and raised 2025 guidance underscore robust demand and acquisition benefits.Quanta Services, Inc. (PWR) posted a robust third-quarter 2025 performance, highlighted by double-digit revenue growth and margin expansion. The company benefited primarily from heightened dema ...

业绩总结 - Q3 2025的住宅单位收入为4.99亿美元，同比下降4.5%[53] - Q3每股摊薄收益为1.77美元，同比下降10.6%[49] - 截至2025年9月30日，公司的净收入回报率为13.1%[85] - 2025年截至目前，普通股东适用的净收入为310,272千美元，年化回报率为18.6%[82] - 2024年公司的净收入为378,708千美元[82] - 2023年公司的净收入回报率为24.9%[82] 用户数据 - Q3新房交付量为953套，同比下降0.3%[53] - Q3净新房订单为898套，同比增长2.4%，创下第三季度新高[30] - Q3末的待交付订单收入为4.66亿美元，单位数为675套[30] - Trophy目前占Green Brick Q3 2025收入的37%[69] 财务状况 - 截至2025年9月30日，现金及现金等价物为1.42亿美元[55] - 截至2025年9月30日，债务占总资本的比例为15.8%[49] - 截至2025年9月30日，公司的净债务占总资本化的比例为9.8%[79] - 公司的财务杠杆较低，未提取的信用额度为3.15亿美元[69] - 2025年公司的总资本化为2,143,663千美元[79] - 2025年公司的总资产平均为2,365,685千美元[86] 未来展望 - 2025年预计土地开发支出约为3亿美元，较2024年增加50%[35] - Green Brick在2025年预计交付的地块数量和2026年待交付的地块数量尚未披露[71][74] 成本与费用 - Q3房屋建筑毛利率为31.1%，同比下降160个基点[25] - Q3销售、一般和行政费用为5810万美元，占住宅单位收入的11.6%[25]

New luxury home community offers exclusive amenities in a gated settingSAN TAN VALLEY, Ariz., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of Toll Brothers at Ladera Trails, a new gated community in San Tan Valley, Arizona. The community offers a selection of luxury home designs and resort-style amenities in the foothills of the San Tan Mountains. Toll Brothers at Ladera Trails features four brand-new single ...

Key Points Two analysts cut their price targets on the shares. This followed the release of the homebuilder's final quarter of fiscal 2025 results. 10 stocks we like better than D.R. Horton › Two fresh, post-earnings analyst price target cuts put D.R. Horton (NYSE: DHI) stock in the minus column on Wednesday. The busy homebuilder's shares fell by almost 4% as a result, comparing unfavorably to the flat line that was the S&P 500's (SNPINDEX: ^GSPC) performance that day. Accentuating the negative N ...

基金业绩表现 - 基金在截至2025年9月30日的季度内，年初至今回报率为+13.54%（扣除费用后），超越其最相关基准——富时EPRA/NAREIT发达指数（扣除费用前为+11.26%）[3] - 自1998年成立以来，基金年化回报率为+9.12%（扣除费用后），初始投资10万美元的市值已超过105万美元（假设股息再投资）[5] - 主要业绩贡献者包括对美国住宅建筑商（D R Horton、PulteGroup、Lennar）、房利美和房地美的优先股以及房地产服务公司（Brookfield Corp、CBRE Group、JLL）的投资[4] 投资组合活动与持仓调整 - 基金在本季度增持了Champion Homes、Unite Group和Accor的股份[4][12][15][18] - 基金减持了部分头寸，包括房利美、房地美、Weyerhaeuser和Rayonier，并完全退出了Grainger plc和Millrose Properties的投资[20] - 基金还实施了针对英镑敞口和核心持仓CBRE Group的对冲操作[20] 投资组合配置 - 基金资产的41.9%投资于美国住宅房地产相关公司，涵盖住宅建筑、利基租赁平台、土地与木材、抵押贷款和产权保险等领域[22] - 27.5%的资产配置于北美商业房地产公司，涉及房地产服务、资产管理、工业和物流以及自助仓储等板块[23] - 25.6%的资本投资于国际房地产公司，业务范围与上述类似，但为各自区域的领先平台，主要分布在英国、澳大利亚、法国、香港和新加坡等发达市场[24] - 剩余5.0%的资产为现金、债务及期权，包括美元现金及等价物、短期美国国债以及针对某些货币和关键持仓的对冲[25] 行业洞察与结构性转变 - 基金管理层认为房地产行业的分化程度正在加剧，这种基本面差异不仅体现在不同的物业类型上，也体现在个体公司和其运营的市场中[10] - 以美国住房市场为例，存在明显的“两个市场”主题，即新房市场与现房销售之间存在巨大差异，并且在区域和价格点上对于独户和多户住宅的基本面也存在关键区别[11] - 在酒店业领域，独立业主正越来越多地与全球平台之一签订管理或特许经营协议，这种安排在北美已成为标准结构，约80%的酒店隶属于某个平台，而在大多数国际市场这一比例仅为40%[18] 关键持仓分析 - Champion Homes是北美领先的“经济适用房”生产商，去年交付超过26,000套预制和模块化房屋，平均单价低于10万美元，且财务状况非常强劲，拥有显著过剩产能[12] - Unite Group是英国领先的学生公寓房地产投资信托，拥有超过150处物业和65,000个床位，入住率超过95%，且债务水平适中[15] - Accor是一家全球酒店管理和特许经营平台，在110多个国家拥有近6,000家酒店和85万间客房，在欧洲、中东、亚太和南美市场占据领先份额，但其估值相对全球同行存在显著折价[18][19]

THIRD QUARTER 2025 ANALYST CONFERENCE CALL OCTOBER 29, 2025 Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our fourth quarter 2025 projected home closing volume, home closing revenue, home closing gross margin, effective tax rate and diluted EPS. All historical 2024 share and per sh ...