Real Assets Value

3.5K posts

Real Assets Value

Real Assets Value

@RealAssetsValue

Trying to build wealth and learn something investing in listed real estate

Beigetreten Ekim 2011
1.1K Folgt3.8K Follower
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Real Assets Value
Real Assets Value@RealAssetsValue·
Wrote up $ELME after they stealth-dropped their 10-K on Friday after the market close. Biggest problem asset (Watergate 600) under contract, trades at 15% - 20% discount to liquidation value. Link: open.substack.com/pub/realassets…
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Notxnote
Notxnote@notxnote·
$CLPR The financial ruin of Clipper Realty Inc happened because executives David Bistricer and Sam Levinson borrowed too much money and stopped paying it back. The problems started on 07/10/2024, when the company failed to make payments on a 100.000.000$ loan for a building at 141 Livingston Street, causing a debt collector to demand 2.200.000$ in reserve payments, 1.200.000$ in late fees, and 10.417$ in daily penalties. By 20/03/2025, Wells Fargo sued the company to take the building away. The defaul... Excerpted from the original publication. Read the full deep dive at notxnote.com.
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Real Assets Value
Real Assets Value@RealAssetsValue·
Full thoughts, more info on each remaining asset, and what I think worth doing in update note: @realassetsvalue/note/c-230634267?r=ogi7p&utm_source=notes-share-action&utm_medium=web" target="_blank" rel="nofollow noopener">substack.com/@realassetsval… 6/6
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Real Assets Value
Real Assets Value@RealAssetsValue·
With 2 assets left, both in sales process, I think this wraps up by the summer. If final liquidation dist. is announced in the next 3-6 months that would result in: -8% - 11% total return -20% - 40% annualized return (at average of my val and 2025 Q3 val) 5/
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Real Assets Value
Real Assets Value@RealAssetsValue·
$ASLI.L sold last French asset for €47.5m, a ~4.6% yield and ~€1,700 per sq m. In line with Q3 2025 valuation and 20% premium to where I had it marked. With only 2 assets left - a gap had widened between my valuations (higher) and the Q3 2025 marks. Let's figure out why... 1/
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Real Assets Value@RealAssetsValue

$ASLI.L sold Dutch asset. ~4% disc. to my val est., 4.5% premium to Q3 2025 valuation. 3 assets left to sell, 1 of which is U/C. I still see trading at a 10%-15% disc. to net liquidation value.

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Real Assets Value
Real Assets Value@RealAssetsValue·
$O announced another big transaction - this time a 51/49 JV with $APO, who are putting in $1 bn for their share. $2bn total value, a ~6.9% cap. Portfolio 100% US retail, not all that dissimilar to the likes of $ADC, $NTST, $NNN, $FVR...
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Real Assets Value
Real Assets Value@RealAssetsValue·
$NLOP update - follow @kingdomcapadv to get the news before it hits the press (they posted both the Banker's site and North American Lighting sale)
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Real Assets Value
Real Assets Value@RealAssetsValue·
If anyone has the B. Riley initiation report on $FVR I'd love to take a look!
David Auerbach ⭕️@DailyREITBeat

📰 The Daily REIT Beat Newsletter #REIT Headlines -- March 19th, 2026 📅 🎯 B. Riley initiates $FVR FrontView REIT with a Buy rating and sets a $20.50 price target 💵 $SLG SL Green Realty Corp. refinanced, extended and reduced the overall cost of $2.0 billion of its $2.4 billion corporate credit facility 💰 $NLOP Net Lease Office Properties declared a special cash distribution of $3.30/share totaling approximately $49 million which is payable on April 14th to shareholders of record as of the close of business on March 30th 🏭 Yesterday morning, $TRNO Terreno Realty Corporation executed a lease for 88,000 sf in Countyline Corporate Park Building 25 in Hialeah, FL with a provider of export and reverse logistics * Commences July 1, 2026 and will expire December 2031 * Negotiated an early termination with the existing tenant whose lease was to expire August 31, 2026 👓 Yesterday morning, $VNO Vornado Realty Trust announced the New York flagship location for Meta Lab at 697 Fifth Avenue * Meta signed a 10-year lease agreement for Meta Lab New York to occupy the entire five-level, 15,000 sf townhouse building adjacent to the base of the St. Regis Hotel Sign up for The Daily REITBeat Newsletter at the-daily-reitbeat.beehiiv.com/subscribe

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Real Assets Value
Real Assets Value@RealAssetsValue·
@shortbus_ace @orrdavid Last domino to fall would be the cash trapped assets… that plus amo on underwater malls is a hard to precisely measure drag on “free” FFO…
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Sammy 'Ace' Rothstein
Sammy 'Ace' Rothstein@shortbus_ace·
continued props to $CBL for execution and getting this refi done. probably should trade at 8-9x FFO or a 10-cap post-refi which is ~$60-65/share also, could someone not blocked ask the balance sheet master @orrdavid what he thinks of the refi?
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Real Assets Value
Real Assets Value@RealAssetsValue·
$ASLI.L sold Dutch asset. ~4% disc. to my val est., 4.5% premium to Q3 2025 valuation. 3 assets left to sell, 1 of which is U/C. I still see trading at a 10%-15% disc. to net liquidation value.
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Real Assets Value
Real Assets Value@RealAssetsValue·
Extended update note covering initiatives, operational benchmarking, and thoughts on the company and valuation are here: @realassetsvalue/note/c-227330226?r=ogi7p&utm_source=notes-share-action&utm_medium=web" target="_blank" rel="nofollow noopener">substack.com/@realassetsval… 2/2
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Real Assets Value
Real Assets Value@RealAssetsValue·
BSR REIT $HOM.U announced Q4 2025 earnings this week. -Reception was negative with the shares trading off 5%. -2026 guidance disappointed the market as their lease-up and other initiatives will be H2 2026 weighted. -Leverage is high vs. public peers but progress on refis. 1/
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EB (Derogatory, Respectfully)
EB (Derogatory, Respectfully)@EllliotttB·
everyone: this bill is just going to make residential housing more expensive Apartment REITs: how about we do a little give up all gains from 6 months ago and try to take out our 52 week lows
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Shortsighted Capital
Shortsighted Capital@ShortSightedCap·
On a related note - if you decided to reduce exposure, where would you re-allocate to? If private credit is impaired, then PE is probably *really* impaired. VC / growth? Oh, the asset class that’s highly exposed to software? Absolute return publics? HY? A future in which private credit is substantially impaired seems pretty bad for most risk assets.
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Shortsighted Capital
Shortsighted Capital@ShortSightedCap·
For the past few years, a reasonable pushback to new private credit allocations has been “spreads are tight.” (Of course, you could argue returns still looked pretty good) But, at an institutional level, can you allocate if/when spreads widen? ft.com/content/d49d4a…
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Real Assets Value
Real Assets Value@RealAssetsValue·
@JeffBeckMadDog "Show me story" for new team, which is mix of internal promotions / new hires. SoCal industrial net absorption still negative - lots of excess space taken in the boom times still being given back. Rents falling. $REXR NOI down in '26. A/FFO guide flat. Public market no likey.
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Real Assets Value
Real Assets Value@RealAssetsValue·
@JeffBeckMadDog Historically empire builders. And justifiably so for a long time - they traded at a premium to NAV. But then market changed and mgmt failed to. Elliott Management have shaken things up. Co-founder / Co-CEOs out, G&A slashed, capital allocation now sell assets, buy back shares.
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Real Assets Value
Real Assets Value@RealAssetsValue·
SoCal trade in the San Fernando Valley - $116m for 308k sq ft = $375 PSF.
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