NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF†) are investigating the proposed sale of Alexander & Baldwin, Inc. (NYSE: ALEX) to MW Group and funds affiliated with Blackstone Real Estate and DivcoWest. Under the terms of the proposed transaction, shareholders of Alexander will receive $21.20 in cash for each share of Alexander that they own. KSF is seeking to determine whether this consideratio ...

Core Insights - The Heartland Value Fund achieved a return of 2.61% in Q4 2025, underperforming the Russell 2000® Value Index, which returned 3.26% [2] Performance Summary - The performance of the Heartland Value Fund in Q4 2025 was lower than that of the benchmark index, indicating potential challenges faced by the fund during this period [2]

Core Insights - Henkel's management board is in discussions with investment firm Wendel regarding a potential deal involving Stahl [1] Company Summary - Henkel is exploring a potential transaction with Wendel, which is the majority owner of Stahl [1]

Core Insights - Nexus Industrial REIT is a Canadian pure-play industrial REIT that has recently sold its commercial and retail assets to concentrate on enhancing its existing industrial properties [1] Company Strategy - The management's strategic shift indicates a focus on improving operational efficiency and value within the industrial sector [1] Investment Approach - The analysis emphasizes a fundamental approach to evaluating companies, prioritizing those with above-average dividend yields, undervalued assets, or those with turnaround potential [1]

Core Viewpoint - Alexander & Baldwin, Inc. announced the allocation of its 2025 dividend distributions to common shares, detailing the amounts and payment dates for shareholders [1]. Dividend Distribution Summary - The total dividend distribution for 2025 is $1.025 per share, broken down as follows: - $0.225 per share on March 14, 2025, payable on April 7, 2025 [2] - $0.225 per share on June 13, 2025, payable on July 9, 2025 [2] - $0.225 per share on September 12, 2025, payable on October 7, 2025 [2] - $0.350 per share on December 19, 2025, payable on January 8, 2026 [2] - Shareholders will receive IRS Form 1099-DIV from Computershare, the dividend paying agent, for reporting on their 2025 federal income tax returns [2]. Company Overview - Alexander & Baldwin, Inc. is the only publicly traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [4]. - The company owns, operates, and manages approximately 4.0 million square feet of commercial space in Hawai'i, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease assets [4]. - Over its 156-year history, the company has played a leadership role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, residential, and commercial real estate [4].

REIT Performance Overview - REITs finished December 2025 with a total return of -1.48%, underperforming the broader market indices such as the Dow Jones Industrial Average (+0.92%), S&P 500 (+0.06%), and NASDAQ (-0.09%) [1] - The Vanguard Real Estate ETF (VNQ) had a December return of -2.24%, but outperformed the average REIT over the full year with a return of +3.26% compared to -3.57% for the average REIT [1] - The spread between the 2026 FFO multiples of large cap REITs (15.9x) and small cap REITs (12.7x) narrowed, with large caps contracting by 0.3 turns and small caps by 0.1 turns [1] Monthly Performance by Market Capitalization - In December, only small cap REITs had a positive total return of +0.51%, while mid caps (-1.77%), large caps (-2.55%), and micro caps (-3.88%) all finished in the red [3] - For the full year 2025, small cap REITs outperformed large caps by 240 basis points [3] Monthly Performance by Property Type - Half of the REIT property types averaged positive returns in December, with a total return spread of 13.22% between the best (Malls +6.19%, Single Family Housing +5.20%) and worst performing property types (Infrastructure -7.02%, Office -6.79%) [5][6] - The average return for REITs in December was -1.48%, with 9 out of 18 property types showing positive returns [5][6] Year-to-Date Performance by Property Type - For the full year 2025, the worst performing property types included Office (-22.07%), Infrastructure (-20.08%), and Land (-15.77%), all averaging double-digit negative total returns [7] - The top performing property types for the year were Health Care (+25.74%), Advertising (+25.50%), and Malls (+15.56%) [7] FFO Multiples and Valuation Trends - The average P/FFO for the REIT sector decreased from 13.7x to 13.4x during December, with 22.2% of property types experiencing multiple expansion and 72.2% seeing contraction [8] - Data Centers (22x), Land (21x), Manufactured Housing (17.5x), and Shopping Centers (16.5x) had the highest average multiples among REIT property types, while Hotels (7.7x) and Office (8.1x) were the only types with single-digit FFO multiples [8][9] Notable Individual Securities - Paramount Group (PGRE) was acquired by Rithm Capital Corp. for $6.60/share on December 19, marking the end of its trading [10] - Alexander & Baldwin (ALEX) was the best performing REIT in December with a gain of +34.29%, driven by news of its acquisition by Blackstone Real Estate and others for $21.20/share [11] - Fermi (FRMI) experienced the steepest losses in December at -51.49% after a major tenant canceled a $150 million agreement [12] Overall Market Sentiment - 42.04% of REITs had a positive total return in December, while 38.36% were in the black for the full year [13] - The average total return for REITs in 2025 was -3.57%, significantly lower than the +3.70% return for the sector in 2024 [13]

Heartland Advisors, an investment management company, released its “Heartland Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Russell 2000® Value Index generated a return of 3.26% in the fourth quarter, outperforming 2.66% gains for the S&P 500. After the year-end surge, small stocks nearly caught up to large caps in 2025, their greatest performance since the pandemic. Due to an increase in the small-cap stock’s earnings, the investors are acknowledging thei ...

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and real estate-related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy aims to diversify across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] - The REIT Team employs traditional security analysis methods, including research and analytical depth, to inform investment decisions [1] Group 2: Investment Focus - The types of properties the REIT Team invests in include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions [1] - The team also serves as a sub-advisor for the West Loop Realty Fund, which is an open-end investment company [1] Group 3: Company Background - Chilton Capital Management, established in 1996, provides investment advisory services for a range of clients, including registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The firm is independently owned and operated, with additional information available on the SEC's website [1]

Core Insights - Two stocks in the real estate sector are identified as potentially overbought, which may concern momentum-focused investors [1] Group 1: LXP Industrial Trust - LXP Industrial Trust reported in-line third-quarter earnings, with a notable sale of two vacant development projects for a gross sale price of $175 million, representing a 20% premium over the gross book value [6] - The transaction is expected to be approximately 6% accretive to earnings and has reduced leverage to 5.2x net debt to Adjusted EBITDA [6] - The stock gained around 7% over the past month, closing at $50.67 with a 52-week high of $52.52 and an RSI value of 74.1 [6] Group 2: Alexander & Baldwin Inc - Alexander & Baldwin announced plans to go private in a $2.3 billion all-cash deal, emphasizing its long-term vision for commercial real estate in Hawai'i [6] - The stock has increased approximately 33% over the past month, closing at $20.64 with a 52-week high of $21.03 and an RSI value of 73.8 [6]

Core Viewpoint - Alexander & Baldwin, Inc. is transitioning from a public to a private company through a merger agreement, highlighting the value of its commercial real estate assets in Hawai'i [3][5]. Company Overview - ALEX is a significant player in Hawai'i's commercial real estate sector, owning and operating approximately 4 million square feet of commercial space, including 21 retail centers, making it the largest owner in the region [1]. Stock Performance - As of December 10, 2025, ALEX's stock was priced at $20.88, showing a minor difference of -0.14% from the price target of $20.85 set by Industrial Alliance Securities [2]. - The stock has fluctuated between $20.85 and $20.94 on the day, with a market capitalization of about $1.52 billion and a trading volume of 1,650,903 shares [4]. Merger Details - The Investor Group, which includes MW Group, Blackstone Real Estate, and DivcoWest, will acquire all outstanding ALEX shares for $21.20 each in an all-cash deal, valuing the enterprise at approximately $2.3 billion, including debt [3].