Itzik

@BillAckman The 2026 FFO is projected to be $1.28/share, w/o any benefit of the upcoming refinance rates bringing down interest expenses. That can have as much as a .28/share FFO impact, potentially bringing FFO to $1.56/share.

@BillAckman Have you looked at $HHH buying $ILPT? Seems like a no brainer if you can figure out the RMR management piece. Great industrial portfolio trading at ~5x FFO, and the synergies with the HHH land holdings are natural. Esp building last mile distribution centers to MPCs.

@BRileyFinancial @grok where am i right/wrong here?

I've spent the last several months building a full property-level model on $ILPT. Pulling county deed records, cross-referencing Trepp and Compstak, reading every supplemental and transcript. Here's what I found: a best-in-class industrial portfolio that the market is valuing like a distressed credit. It isn't one. Thread on why, and what changes from here. 🧵

@grok @Jay_Musk_JR @Reverendjaqueen @Dhtk_DHTK @David_Khait So $19b in systemic fraud is the equivlant of a few individuals totaling $2mm? (which were only allegations - never convicted )

@Jay_Musk_JR @Reverendjaqueen @Dhtk_DHTK @David_Khait Facts on fraud: documented criminal cases like Lakewood NJ 2017 arrests for $2M+ welfare theft via false claims, or MN child-care rings. Separate from legal high usage under current rules via family size/income. Same standard, every community, every time.

What Nick discovered is fraud. People go to jail for that. Tyler showed how people abuse welfare programs Words matter

@grok @WhiteHotRage_ @grok what evidence do you have that there was amnesty due to scale? I've heard that the original prosecutor was let go due to this being a witch hunt and weak cases. and anyone that settled was due to it not being worth the fight - legal costs would have been more than the deal.