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

เข้าร่วม Ekim 2011
1.1K กำลังติดตาม3.8K ผู้ติดตาม
ทวีตที่ปักหมุด
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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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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Real Assets Value
Real Assets Value@RealAssetsValue·
@ReitBros Expression of long $ADC / short $NTST thesis? Very similar portfolios but $ADC has lower cost of capital so is growing AFFO / share more accretively through acquisitions than $NTST? And bigger balance sheet, more diversified portfolio, less downside?
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REIT Bros.
REIT Bros.@ReitBros·
Short interest data as of February 27, 2026 (via MarketBeat) shows $NTST topping all REITs at 28.9% of float (27.93M shares short), edging out $MPT (25.4%) and $ABR (24.7%). It's unusually high, dwarfing retail peers like $ADC (11.3%), $EPRT (8.5%), and $NNN (3.9%). Bears are piling on, but why? Struggling tenants: Walgreens & Family Dollar (~5% ABR) face closures, yet peers like $ADC & $PINE carry similar risks without the short frenzy. Debt: Reported net debt leverage at 6.1x (Net Debt / Annualized Adj. EBITDAre), higher than peers (~4–5x for $ADC and $EPRT), but adjusted/pro forma drops to 4.0x/3.8x after forward equity & ATM settlements—still conservative. 100% fixed at 4.24% avg rate—solid defensively, with staggered maturities and no major rolls until 2028. Valuation: P/AFFO ~15x, in line with peers (12-17x); high P/E is just a depreciation artifact from newer assets. Cap spreads: Acquired at 7.5% in 2025 (good accretion over ~4.2% debt), comparable to $NNN (7.4%), $ADC (7.2%), $EPRT (7.9%)—nothing unusual here. No known governance issues. No analyst with a sell rating. Fundamentals look peer-competitive. Perhaps, shorts are betting on execution slips? What am I missing?
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Real Assets Value
Real Assets Value@RealAssetsValue·
@JeffBeckMadDog $225 PSF, which doesn't adjust for the Land/IOS segment of the portfolio, which is ~6% of ABR. Trades at a 6% cap rate, 15x FFO, and 18x AFFO on 2026 guide. Greater LA inventory shrinking at ~1% a year. Stock won't do much until demand stabilizes but it ain't expensive.
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Real Assets Value
Real Assets Value@RealAssetsValue·
@EllliotttB I think it was Sam Zell who said "back up the truck at a discount to replacement cost when your thesis is drone strike -> insurance proceeds"
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Mr Neutral Man aka "Howard Marks of REITs”
Mr Neutral Man aka "Howard Marks of REITs”@Mr_Neutral_Man·
332,600 shares of $ALX is shorted. We will get an update tomorrow or day after. 13% of the float Short thesis is broken. $202 MM sale, likely $20/sh special divvy AND $100 MM additional cash on BS. Dividend cut risk pretty much wiped out now Pay $20 more to stay short AND catalyst evaporated
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Real Assets Value
Real Assets Value@RealAssetsValue·
@Mr_Neutral_Man @redwood_ryan_a Leverage means much more torque to the upside too. But can't see Nexpoint giving up valuable mgmt contract so M&A catalyst low % (but never say never). Trades at ~10x 2026e FFO / 13x AFFO. Haven't done the work to see what interest expense will go to once swaps burn off.
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Real Assets Value
Real Assets Value@RealAssetsValue·
@Mr_Neutral_Man @redwood_ryan_a And they don't cover the divvy after maintenance CAPEX! So leverage to the hilt... I see trading at ~$170k per unit / ~7% cap rate. So not expensive. But cheap enough vs. $CPT / $MAA to protect downside?
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Ryan Auger // Industrial CRE
Ryan Auger // Industrial CRE@redwood_ryan_a·
$NXRT at $26/share, over an 8% dividend yield, feels like a screaming buy… according to their NAV estimates this is a 50% discount…. What am I missing @Mr_Neutral_Man
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@kingdomcapadv @shortbus_ace @orrdavid @Mr_Neutral_Man @EllliotttB @J264B @ShortSightedCap @JeffBeckMadDog