（原标题：?2026年REITs与房地产服务股票相对价值"分层" Federal(FRT.US)依托资本循环获小摩青 睐） 智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房 地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的 为下调评级，对另外两个则为上调评级。 来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更难实现增长)，并 强调降级数量多也反映其覆盖范 ...

在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更难实现增长)，并 强调降级数量多也反映其覆盖范围内评级分布更"分层"，且评级是相对的。 华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房地产服务类型公司的 投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的为下调评级，对另外 两个则为上调评级。 来自摩根大通的资深分析师安东尼.保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 因此，小摩这一轮最新的针对REITs/房地产服务类股票的集中评级更改，本质上是一次"相对评级+相对 风 ...

对于Public Storage(PSA.US)评级从"增持"下调至"中性"，主要因为该机构对于PSA核心增长率的预期改 善"很可能会被拉得时间线很长，并非一条直线"。 智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房 地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的 为下调评级，对另外两个则为上调评级。 来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更 ...

Group 1 - Kennedy Wilson announced the acquisition of the Toll Brothers Apartment Living platform for $347 million, which includes an in-house development team and interests in completed properties and assets under development [3] - The acquisition also involves managing 20 apartment and student housing properties with over $3 billion in assets under management, as Toll Brothers plans to exit the apartment business [4] - The deal is expected to create a mutually beneficial pipeline of shared deal flow between Kennedy Wilson and Toll Brothers, with both companies referring housing opportunities to each other [5] Group 2 - The sale price of the Toll Brothers Apartment Living platform has increased to $380 million due to ongoing investments, and the closing of the deal has been delayed to the first quarter of 2026 [7] - Toll Brothers reported earnings of $4.58 per diluted share for the quarter, which was slightly below guidance due to the delayed closing of the sale [7] - Following the announcement of the delayed closing, Toll Brothers' stock fell by 4.8% in after-hours trading [7]

Core Viewpoint - Kaskela Law LLC is investigating Kennedy-Wilson Holdings, Inc. to determine if there were violations of securities laws or breaches of fiduciary duties by the company's officers and directors in relation to recent corporate actions [1]. Group 1 - The investigation is being conducted on behalf of Kennedy-Wilson shareholders [1]. - Shareholders are encouraged to contact Kaskela Law LLC for more information regarding their legal rights and options [1]. - Kaskela Law LLC specializes in representing investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis [1].

Revenue and Income - Total segment revenue for the three months ended September 30, 2025, was $116.3 million, compared to $87.2 million in rental revenue[298]. - Rental income decreased to $87.2 million for the three months ended September 30, 2025, down from $97.8 million in 2024, primarily due to asset sales and deconsolidations[305]. - Total revenues for the same property market rate multifamily units increased by 2.1% for the three months ended September 30, 2025, compared to the same period in 2024[302]. - Total segment revenue for the nine months ended September 30, 2025, was $379.8 million, compared to $395.0 million for the same period in 2024[331][332]. - Total revenue for Q3 2025 was $116.4 million, a decrease of 8.7% from $127.5 million in Q3 2024[420]. - Total income from unconsolidated investments for Q3 2025 was $34.5 million, compared to $20.3 million in Q3 2024[422]. Adjusted EBITDA and Performance Metrics - Segment Adjusted EBITDA for the same period was $130.6 million, with $50.9 million from rental and $79.7 million from co-investments[298]. - Adjusted EBITDA is used by management to analyze business performance, excluding non-cash related expenses[15]. - Segment Adjusted EBITDA increased to $130.6 million for the three months ended September 30, 2025, up from $80.5 million in the same period of 2024, reflecting a growth of 62.1%[300]. - Adjusted EBITDA for the three months ended September 30, 2025, was $125.2 million, significantly higher than $66.4 million in 2024, reflecting a year-over-year increase of 88.5%[410]. - Segment Adjusted EBITDA for the nine months ended September 30, 2025, was $392.6 million, compared to $361.9 million for the same period in 2024[331][332]. - Same Property NOI (Net Effective) for the nine months ended September 30, 2025, was $248.4 million, compared to $246.7 million in the same period of 2024[422]. Net Loss and Comprehensive Loss - Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders was $21.2 million for the three months ended September 30, 2025[298]. - GAAP net loss to common shareholders was $77.4 million for the three months ended September 30, 2024, compared to a net loss of $21.2 million for the same period in 2025, indicating a significant improvement[300]. - The company experienced a comprehensive loss of $25.3 million for the three months ended September 30, 2025, compared to a loss of $45.2 million in the same period in 2024[329]. - For the nine months ended September 30, 2025, the net loss was $34.2 million, compared to a net loss of $77.4 million in 2024, indicating a 55.8% improvement[411]. - The company recorded a loss from unconsolidated investments of $34.5 million for the three months ended September 30, 2025, compared to a loss of $20.3 million in 2024[315]. Expenses and Interest - Total segment expenses amounted to $67.4 million, with $47.4 million from rental and $20.0 million from co-investments[298]. - Rental segment expenses included $34.7 million, while compensation and related expenses totaled $19.6 million[298]. - Interest expense decreased to $34.4 million for the three months ended September 30, 2025, down from $41.3 million in 2024, due to a decline in consolidated mortgage balances[311]. - Interest expense decreased to $108.6 million for the nine months ended September 30, 2025, compared to $120.6 million in 2024, due to reduced consolidated mortgage balances[347]. - The company reported interest expense of $182.3 million for the nine months ended September 30, 2025, down from $195.4 million in 2024, representing a decrease of 5.3%[411]. Real Estate and Acquisitions - The company completed $253.1 million in gross real estate acquisitions during the three months ended September 30, 2025, with a 14.1% ownership interest[302]. - The company acquired nine multifamily properties and industrial properties for $682.8 million, with a weighted-average ownership interest of 13.0%[342]. - Gain on sale of real estate, net was a loss of $65.4 million for the nine months ended September 30, 2025, compared to a gain of $112.8 million in the same period in 2024[341]. Cash Flow and Financing Activities - Net cash used in operating activities for the nine months ended September 30, 2025, was $17.5 million, compared to $25.5 million provided in the same period of 2024[384]. - Net cash provided by investing activities for the nine months ended September 30, 2025, was $591.7 million, significantly higher than $258.2 million in 2024[385][386]. - Net cash used in financing activities totaled $413.2 million for the nine months ended September 30, 2025, compared to $237.8 million in 2024[387][388]. - The company repurchased $9.2 million of its common stock under the share repurchase plan during the nine months ended September 30, 2025[387]. - The board of directors authorized an expansion of the share repurchase plan from $250 million to $500 million, with $100.9 million remaining as of September 30, 2025[378]. Debt and Obligations - Total contractual cash obligations amounted to $4,657.8 million, with $444.8 million due in less than one year[389]. - Total borrowings include $2,384.4 million in mortgage debt, $1,800.0 million in senior notes, and $352.5 million in KWE unsecured bonds[389]. - The Company issued $500.0 million of 4.750% senior notes due 2029 and $500.0 million of 5.000% senior notes due 2031, with additional notes issued later[392]. - The Company has $102.3 million outstanding on its Third A&R Facility, with $447.7 million available to be drawn as of September 30, 2025[396]. - The Third A&R Facility has a maturity date of September 12, 2027, with an option to extend by one year[395]. Development Projects - The company is nearing completion of a 10-year development pipeline totaling $5 billion, with 420 multifamily units actively being developed[370]. - The company expects to spend an additional $21.0 million to complete the currently active development project, fully funded with a property-level construction loan[370]. - The company is developing 1,960 affordable and/or age-restricted multifamily units within its VHH platform, expecting no cash equity basis at completion due to the use of property-level debt[371]. - The company has seven unstabilized assets totaling 1.4 million commercial square feet and 150 hotel rooms, with projected costs to complete of $21.3 million[375]. Foreign Currency and Other Income - The company recorded unrealized foreign currency translation gains of $73.0 million for the nine months ended September 30, 2025, driven by the strengthening of the Euro and GBP against the US Dollar[364]. - Other income increased to $0.2 million for the three months ended September 30, 2025, compared to a loss of $8.3 million for the same period in 2024[326].

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.15 per share, an improvement from a loss of $0.56 per share in Q3 of the previous year [12] - Adjusted EBITDA for Q3 totaled $125 million, nearly double the $66 million reported in Q3 of last year, with year-to-date adjusted EBITDA increasing by 6% to $371 million [12] - Investment management fees increased by 8% in the quarter and 23% year-to-date, reflecting growth in the investment management business [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) grew to $31 billion in Q3, an 11% increase year-over-year, while fee-bearing capital rose to $9.7 billion, a 10% increase [5] - The company deployed or committed approximately $900 million in Q3, bringing total capital deployment to $3.5 billion year-to-date [6] - The credit team originated $600 million in new rental housing construction loans in Q3, totaling $2.6 billion for the year [6] Market Data and Key Metrics Changes - The rental housing sector continues to experience a supply-demand imbalance, with strong demand and occupancy rates over 94% [15] - Same-store NOI for the U.S. market-rate portfolio grew by 2.4%, with revenues up 1.3% and expenses down due to favorable property taxes [15] - In Ireland, same-property occupancy increased by 1.7%, leading to revenue and NOI growth of 6% [17] Company Strategy and Development Direction - The company is focused on expanding its investment management platform and monetizing non-core assets, with a pending acquisition of Toll Brothers Apartment Living platform expected to add $5 billion to AUM [9][10] - The strategy includes targeting rental housing, with over 70% of AUM expected to be attributable to this sector [10] - The company aims to capitalize on the structural undersupply of housing, positioning itself to benefit from long-term rental demand [10] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in the cost and availability of capital, with lower borrowing costs supporting higher transaction levels [10] - The company anticipates continued growth in its investment management business while successfully monetizing non-core assets [17] - Management expressed confidence in the strength of rental fundamentals and the ongoing demand for rental housing [10] Other Important Information - The Board of Directors is evaluating a proposal for a potential take-private transaction, with a special committee formed for this purpose [3] - The company has successfully generated $470 million in cash from asset sales year-to-date, exceeding its target of $400 million for the year [9] Q&A Session Summary Question: Cap rates for multifamily in various markets - Management indicated that cap rates vary widely, trading in the high 4s to high 5s, depending on asset age and sub-market conditions [19][20] Question: Impact of government shutdown on affordable multifamily portfolio - Management reported no significant impact from the government shutdown, attributing any NOI weakness to expense-driven factors [25][26] Question: Fundraising and market share - Management noted challenges in capital raising for private equity firms but highlighted success in capital deployment, particularly in Asia and North America [27][28] Question: Loan origination volume in Q3 - Management acknowledged a seasonal slowdown in Q3 origination volumes but emphasized a strong pipeline and continued activity in the loan space [33][35] Question: Growth of the U.K. single-family rental platform - Management reported good growth in the U.K. platform, with nearly 1,300 homes committed and expectations for further acquisitions in Q4 [36][38] Question: U.K. office occupancy decline - Management explained that the decline was due to lease move-outs, with expectations for occupancy to improve as backfills are completed [39][41]

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Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow and the companies that generate it, which leads to value and growth prospects with real potential [1] Company Offerings - Subscribers gain access to a model account with over 50 stocks, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Promotional Offer - A two-week free trial is available for new subscribers, allowing them to explore the services related to oil and gas investments [2]

Core Viewpoint - Banca Mediolanum has revised its forecast for 2025 net interest income to be around the same level as last year's, following an 8% increase in net income for the recent period [1] Financial Performance - The company reported an 8% increase in net income for the recent period, indicating strong financial performance [1] - The updated forecast for 2025 net interest income reflects a positive outlook compared to previous estimates communicated in July [1]