Orphan REITs

I dig through the REIT graveyard so you don't have to. Small-cap. Micro-cap. Mortgage REITs below book. The ones with zero analyst coverage that trade 300 shares a day. Micro-cap REITs trade at a 34% discount to NAV. Large caps? 6%. That gap is the entire thesis. Deep dives on Substack. Threads here. Nobody covers them. That's the point. Disclaimer: Nothing published here constitutes investment advice. All content is for informational and educational purposes only. Do your own homework. I may own things I write about — I'll always tell you when I do. orphanreits.substack.com

"Office buildings in Chicago sell for pennies on the dollar post-pandemic" 175 W. Jackson Blvd sold for $41 million ↓87% vs $306 million price in 2018. 303 E Wacker sold for $62.5 million ↓66% from $182 million price in 2018. In addition to the two properties mentioned in the video there are more that sold for discounts of at least 80%: 600 W. Chicago Ave ↓82.5% $89 million vs $510 million in 2018. 311 S. Wacker Drive ↓85% $45 million vs $302 million in 2014. 401 S. State St. ↓94% $4.2 million vs $68.1 million in 2016. 300 W. Adams St ↓92% $4 million vs $51 million in 2012. 100 N. Riverside Plaza ↓87% Boeing leasehold interest $22 million vs $165 million in 2005. @Grady_Trimble #commercialrealestate fox32chicago.com/video/fmc-rhaw…

@EmpireStateBldg take a look open.substack.com/pub/orphanreit…

THANK YOU!

Full write-up here, with the math, the call quotes, and the caveats:open.substack.com/pub/orphanreit…

Bonus — the Series M NPA Capitalization Rate for NYC CBD office and the Empire State Observatory is 6.75%. That's institutional insurance buyers' signed view of asset value for covenant purposes. Apply across Q1 NOI run-rate + newly-acquired at cost ($386M Scholastic + $143M + $46M Williamsburg) − debt = covenant-implied equity ~$15/share. Market trades at $5.57. Position: small long $ESRT.

$ESRT Q1: the headline says Core FFO $0.20 (+5%) and 19th straight quarter of positive office spreads. The chart that actually matters is Core FAD: $1M → $31M → $33M across the last three Q1s. Capex tail receding. NOI growing. Post-lease-up harvest mode.

$NLCP worth a read

@InvestmentTalkk @SPGlobal @KoyfinCharts @theTIKR @ycharts @CharlesSchwab @SeekingAlpha @OTCMarkets Thank you. I reached out to them and they replied very promptly saying they are evaluating it.

@OrphanREITs @SPGlobal @KoyfinCharts @theTIKR @ycharts @CharlesSchwab @SeekingAlpha @OTCMarkets Hey, read your thread and your article, great investigative work. Assuming you have not already, i'd suggest sharing this with CIQ support. They are pretty responsive to data queries and tend to resolve them fast. I have done so on my end, happy to let you know what they say.

Would love to hear from the data teams at @SPGlobal @KoyfinCharts @theTIKR @ycharts @CharlesSchwab @SeekingAlpha @OTCMarkets on how $BMNM ended up in the mortgage REIT bucket a decade after the company revoked its REIT election.

Looking forward to the $ESRT quarterly earnings and call post market close today

🗣️ "This almost puts a nail in the coffin for intoxicating hemp-derived synthetics, which will additionally boost sales for the operators." - @AnthonyConigli0 CEO of @NewLakeCapital $NLCP 🎦 WATCH the full interview: youtube.com/live/DHyXpzVnz… 🌿 Cannabis ETFs: 🌎 $YOLO 🇺🇸 $MSOS

@DailyREITBeat @REITs_Nareit @philbak1

🌐 Why Digital Property Rights are the Next Major Asset Class The boundary between physical and virtual real estate is officially blurring. According to a recent @REITs_Nareit report, institutional giants like $BXP BXP, Inc. are no longer just managing concrete and steel—they are securing the digital layer of their portfolios. 🏙️ Securing the "Virtual Billboard": Property owners are registering digital rights to prevent unauthorized AR (Augmented Reality) overlays. Without these rights, a competitor could theoretically place a virtual ad directly over a physical storefront without the landlord's permission. 💰 Monetizing Spatial Media: Just as air rights and signage became standardized revenue streams, digital rights allow owners to lease out the "virtual air" around their buildings for immersive marketing and 3D gaming experiences. ⛓️ Blockchain-Backed Verification: Transactions are now being recorded on the Digital Rights Network via blockchain. In fact, BXP recently included digital rights as a formal part of a $132 million suburban Boston office sale. 🛡️ Liability & "Gameboard" Protection: The rise of location-based games (like Pokémon GO) proved that buildings can become unintended hubs for virtual activity. Formally owning these rights helps landlords mitigate safety risks and control foot traffic. 🚫 Preventing Digital Trespassing: For retail environments, these rights ensure that a rival brand cannot "digitally hijack" a tenant’s space by overlaying coupons or competing logos on a shopper’s smart glasses. ✍️ Future-Proofing Lease Agreements: Experts suggest that "digital rights" clauses will soon be as standard as HVAC or parking terms. Owners who control the conversation now avoid messy legal battles with tenants over who owns the virtual interior. 📈 Institutional Adoption: Over $400 billion in real estate assets have already been registered on digital registries, signaling that the industry is moving toward a standardized framework for digital ownership. 🏢 Iconic Assets Already Claiming Digital Stakes: * Salesforce Tower (San Francisco) * Prudential Tower (Boston) * Treasure Island (Las Vegas) * TD Garden (Boston) * The Flatiron Building (Manhattan) 💡 The "Wild West" of digital real estate is being fenced in. Commercial owners who act now are positioning themselves to capture the next wave of value in the spatial web. reit.com/news/articles/…

Would love to hear from the data teams at @SPGlobal @SPGMarketIntel @KoyfinCharts @theTIKR @ycharts @CharlesSchwab @SeekingAlpha @OTCMarkets @simplywallst on how $BMNM ended up in the mortgage REIT bucket a decade after the company revoked its REIT election. The SEC filings are clear. The classification hasn't caught up.

Full write-up: orphanreits.substack.com/p/the-tag-that…

Schwab's research page lists this stock's name as "BIMINI CAP MGMT INC A REIT." The company's own CEO signed an SEC filing four months ago saying it hasn't been a REIT in over a decade. Here's how the tag survived eleven 10-Ks. 🧵