@RealAssetsValue

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

realassetsvalue.substack.com
Joined October 2011
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1.2KMedia
As we enter Q3 earnings season, I'm asking for feedback on the way I've been doing updates on substack to my write ups... Should updates to write ups (earnings, important news, etc.) be published as:
64%Notes (current approach)
0%In a subscriber chat
36%Weekly summary article
0%Other (write in comments)
22 votes • Final results
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This is what Claude says. Agree or disagree? Weigh in on the poll!
Real Assets Value@RealAssetsValueOct 15
As we enter Q3 earnings season, I'm asking for feedback on the way I've been doing updates on substack to my write ups... Should updates to write ups (earnings, important news, etc.) be published as:
64%Notes (current approach)
0%In a subscriber chat
36%Weekly summary article
0%Other (write in comments)
22 votes • Final results
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Wrote up some thoughts on what the move in rates over the last couple months "should" mean for US commercial real estate - is it really as simple as cap rates move with treasury yields? realassetsvalue.substack.com…
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Best possible outcome: clean sale, no retrade. Talk about good timing @Mr_Neutral_Man Moving pieces are the last 2 properties and all-in costs (wind-down, CURB SSA G&A, CURB redev). FWIW I think NLV is ~$3.90. Let's see where it trades tmw and if AH prices hold. @JeffBeckMadDog
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_ManOct 15
One of the more fun tea leave readings trades $3.00 special divvy and then some stub value $SITC Bought some after the news came out Now a 13% position I believe which is really 2% after special dividend Published this article at 2:19pm today Won’t be able to replicate this call in the future with a 2 hour catalyst hardassetmemo.substack.com/p…
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Anyone have and is willing to share the Citi $BXDC update? Or discuss their assumptions and how they get to their PT? DM or reply here.
David Auerbach ⭕️
@DailyREITBeatOct 12
📰 The Daily REIT Beat Newsletter #REIT Headlines -- October 12th, 2026 📅 ⬆️ BMO upgrades $TRNO Terreno Realty Corporation to Outperform from Market Perform and raises its price target by $1 to $75 ⬆️ BMO downgrades $ARE Alexandria Real Estate Equities, Inc. to Underperform from Market Perform and lowers its price target by $7 to $41 ⬆️ Citi upgrades $BXDC Blackstone Digital Infrastructure Trust to Buy from Neutral and lowers its price target by $3 to $20 ⬆️ On Friday, Morningstar upgraded $SPG Simon Property Group to Buy from Hold and maintained its $229 price target 💵 On Friday, $HPP Hudson Pacific Properties announced the tender results of the previously announced tender offer by its operating partnership to purchase for cash up to a combined aggregate principal amount of $200,000,000 of its outstanding 3.95% Senior Notes due 2027 and 5.95% Senior Notes due 2028 🚗 On Friday, $FCPT Four Corners Property Trust announced the acquisition of an automotive service property located in a highly trafficked corridor in Indiana that is leased to a national operator for $2.3 million via sale-leaseback * Property is corporate-operated under a long term, triple net lease that priced at a cap rate in range with previous transactions 🌎 On Friday, $CTRE CareTrust REIT released its sixth annual Corporate Sustainability Report highlighting the continued evolution of its sustainability and corporate responsibility initiatives 🏭 On Friday, $PINE Alpine Income Property Trust entered into an agreement to acquire a 1.9 million sf, 13-property industrial portfolio for $117.3 million ($63/sf) * Properties are 100% leased to nine tenants under absolute triple-net leases with a weighted average remaining lease term of 10.2 years 🏨 On Friday, $SVC Service Properties Trust confirmed that it had received a formal written offer from TKO LLC to acquire the entire hospitality portfolio for $2 billion in cash 👍 On Friday, S&P affirmed $DHC Diversified Healthcare Trust’s “B-“ issuer credit rating and revised its outlook to positive from stable @AllTheREITNews @HoyaCapital @ReitAcademy @REITs_Nareit #retwit Sign up for The Daily REITBeat Newsletter at the-daily-reitbeat.beehiiv.c…

The Daily REITBeat

the-daily-reitbeat.beehiiv.com
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This $BKD / $WELL transaction looks like WELL doesn't want to get ahold of these assets (selling at an 6.1% cap on rent, extending separate CF positive leases and loosening purchase option). Am I misreading this? BKD offer just too good to pass up? @hybridvigorish @thecontracap
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Interested in how people think about this to inform my own writing on listed RE
John Huber
@JohnHuber72Oct 10
When reading blog posts, do you prefer longer posts that are more detailed, deep dives? Or shorter, more succinct posts that capture a main idea, but with less detail?
42%Longer posts, less often
58%Shorter posts, more often
277 votes • Final results
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Mukluks
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If you ever wonder why buying $CPT at a 4.4% dividend is likely better than the 10-year US Treasury at 5.3%. I have a free write up for you The simple answer, AFFO/sh (REIT FCF) CAGR of 4.4% over 10 years and current AFFO yield of around 6% hardassetmemo.substack.com/p… Can't believe I just came around to writing this one!!! Also insane AFFO/Sh growth in SoCal Warehouse in the past decade, just unbelievable!!
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Some US retail comps: -Brixmor $BRX acquisiton of Slate Grocery REIT low 7% blended cap rate -$FRT acquisition of Birmingham, AL lifestyle center at 6.2% cap rate, target 8%-9% unlevered IRR -$PECO contributing grocery-anchored SCs to JV at low 6% cap rate
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Buy more of the dregs of an office REIT liquidation while rates are spiking? What could go wrong?
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substack.com/@realassetsvalu…
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BofA piece from just over a week ago highlighted US REIT underperformance vs. the S&P 500 and magnitude and duration of decline vs. previous REIT drawdowns. Updated through yesterday: -US REITs down -11%, now 75 days into drawdown -S&P 500 up 5.5% -16.5% underperformance Ouch!
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Kayne Anderson / BKM have acquired a light industrial business park about a 10 minute drive from $FRPH Broward County development for $57m / $270 PSF
Real Assets Value@RealAssetsValueJun 10
$PLD acquires a Broward County logistics part for $308 PSF. Just around the corner on I-595 $FRPH is developing 183k sq ft completing Q2 2026 with estimated cost basis of $210 PSF. Not pre-leased.
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Update, exit recommendation (with a big caveat), and retrospective on the rollercoaster ride that has been $ELME Will we get a crack at a juicy stub at the end of Oct or will mgmt just disappoint us again? substack.com/@realassetsvalu…
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SoCal Inland Empire logistics getting $200 PSF in construction financing - are we so back?
Commercial Observer
@commobserverOct 1
Apollo Provides $131M Construction Loan for Brookfield’s California Logistics Center trib.al/bZebH2i

Brookfield Secures $131M Construction Loan From Apollo

The debt will finance the development of a 664,859-square-foot industrial facility.

commercialobserver.com
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I sold out of $ASLI.L late last week as the discount to liquidation value has become small enough on a % and € basis that it felt like time to move on, despite the last property sale being imminent (according to management). More here: substack.com/@realassetsvalu…
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$BRX + Everview / ADIA acquiring Slate Grocery REIT (Canadian listed, US properties). -US grocery-anchored retail, sunbelt geographies, "meh" quality -Pricing: ~7.25% cap rate, ~$155 PSF @KonekoResearch called this one right last week around strat review shenanigans (that dip!)
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$IRT all-share acquisition of $CSR is outcome of strategic review. Implies ~$61 per share (IRT @ $16), +15% vs. yesterday's close but a take under vs. historic trading prices. IRT gets a 2027 FFO/share boost in exchange for taking on brain damage of selling down non-core assets.
Real Assets Value@RealAssetsValueApr 10
Replying to @Mr_Neutral_Man @DavidBrail @robbiehendricks
$CSR is the MF REIT rorschach test - I look at the portfolio and can't see anyone who'd want to buy the whole thing! The new vintage Denver/Boulder/Salt Lake look good LT but TBH rent/income is not that low. Trades at a ~7% cap rate now - not much of a spread to $CPT / $UDR!
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At $16 per share, IRT effectively selling at 6.6% implied cap rate / $180k per unit and buying CSR at 7% cap rate / $180k per unit. Expected G&A synergies of $19m vs. $21m $CSR 2026 G&A guidance drives a lot of the accretion.
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