Core Insights - The article discusses the stability and high yields of real estate investment trusts (REITs) compared to growth stocks, highlighting their lower volatility and diverse investment opportunities in real estate sectors [1]. Group 1: Digital Realty Trust - Digital Realty Trust is a leader in the data center sector, serving over 5,000 customers across more than 300 data centers, facilitating web hosting, data storage, and cloud computing [5]. - The company has a market capitalization of $53 billion, with a current share price of $152.89 and a dividend yield of 3.19% [6]. - Despite a 14% decline in share value this year, Digital Realty Trust has reported double-digit revenue growth and rising margins, with a significant $18.2 billion in debt being managed through cash flow generation [7]. - The company closed the third quarter with an $852 million backlog and has consistently raised its forecasts for revenue and adjusted EBITDA for 2025 [8]. Group 2: Welltower - Welltower is a healthcare REIT that owns over 2,000 senior and wellness housing communities, having tripled its stock value over the past five years [9]. - The current market capitalization is $131 billion, with a share price of $190.47 and a dividend yield of 1.6% [10]. - Revenue surged by over 30% year-over-year in the third quarter, with operating income rising 59% to $293.1 million, driven by strong gains in residential fees and rental income [11]. Group 3: Rexford Industrial Realty - Rexford Industrial Realty focuses on industrial properties in Southern California, boasting high net profit margins around 30% and a 96.8% occupancy rate across its portfolio [12][13]. - The current market capitalization is $9.6 billion, with a share price of $41.13 and a dividend yield of 4.15% [13]. - The stock is currently about 10% below its 52-week high but has increased by approximately 7% year-to-date, indicating resilience in its key locations [14]. - Although it does not have a history of outperforming the S&P 500, Rexford offers a high yield and has reliable long-term tenants [15].

Core Viewpoint - Rexford Industrial has experienced a significant stock price decline, losing half its value, which has resulted in an attractive dividend yield of 4.2% [1] - The decline is primarily attributed to investor sentiment rather than fundamental business issues, as the company continues to grow albeit at a slower pace [2][5] Business Performance - The pandemic-driven shift to online shopping increased demand for warehouse space, benefiting Rexford's industrial assets [4] - Rexford focuses exclusively on industrial properties in Southern California, a strategic location for goods coming from Asia, which has historically supported strong performance [4][7] - Despite the stock price drop, Rexford's business fundamentals remain strong, with new leases signed at rates 25.6% higher than expiring leases and renewal rates up 26.5% [6][8] Market Dynamics - Southern California's industrial real estate market has lower vacancy rates and high barriers to entry, making it a favorable environment for Rexford [7] - The company has slightly increased its full-year adjusted funds from operations (FFO) outlook, indicating ongoing business strength [7] Investment Perspective - The current dividend yield of 4.3% is backed by over a decade of dividend growth, presenting a compelling investment opportunity [8] - The company is viewed as misunderstood by Wall Street, with a strong foundation for continued success in a desirable property market [9][10] - The significant price decline may present a contrarian investment opportunity for long-term holders, despite current market trends favoring other sectors like artificial intelligence [11]

Core Insights - Dividend investors often focus on well-known companies like Pepsi, Johnson & Johnson, and Procter & Gamble, but this approach overlooks numerous other opportunities that may offer better returns [1][2] - There are lesser-known dividend stocks that operate in stable industries, consistently raise their payouts, and outperform larger, more popular dividend stocks [2][4] - The current market volatility has prompted investors to seek companies that can grow without relying on ideal market conditions, making these under-the-radar dividend stocks appealing for their stability and potential upside [4][5] Company Summaries - **Rexford Industrial Realty**: Operates industrial properties in Southern California, the largest supply-constrained industrial market in the U.S. The company has achieved a compound growth rate of 16% in funds from operations over the past five years, nearly double that of its peers. The stock yields 4.21%, with an annual return of $1.72 per share, and has increased dividends for 12 consecutive years [8][9] - **Automatic Data Processing (ADP)**: Known for payroll and HR services, ADP has raised its dividends for 51 years. The stock yields 2.60% with an annual dividend of $6.80. The company maintains a moderate payout ratio, indicating potential for future increases, and benefits from predictable cash flow due to high client retention [11][12][13] - **Williams Sonoma**: A well-known retail name that has successfully navigated supply chain challenges and changing consumer habits. The company has a consistent dividend growth supported by strong operating cash flow. The stock yields 1.49% with an annual dividend of $2.64 and a payout ratio of 27.98%, making it an attractive option for investors [15][16]

Group 1 - The real estate investment trust (REIT) sector valuations have significantly decreased, attracting interest from activist investment firms and private equity companies [2] - Leonberg Capital, led by Jussi Askola, specializes in consulting hedge funds, family offices, and private equity firms on REIT investing, showcasing a strong focus on value-oriented strategies [3] - The investment group High Yield Landlord, associated with Jussi Askola, offers real-time insights into REIT portfolios, including buy/sell alerts and direct access to analysts [3]

Core Insights - Companies with a strong history of dividend payments and increases are attractive to income-focused investors, with Philip Morris, Rexford Industrial Realty, and Agree Realty being notable examples [1] Philip Morris - Philip Morris International Inc. has raised its dividends for 17 consecutive years, with the latest increase on Sept. 19 raising the quarterly payout from $1.35 to $1.47 per share, resulting in an annual figure of $5.88 per share [3] - The current dividend yield for Philip Morris is 3.77% [3] - The company's annual revenue as of Sept. 30 is $39.99 billion, with Q3 2025 revenues reported at $10.85 billion and EPS of $2.24, both exceeding consensus estimates [3] Rexford Industrial Realty - Rexford Industrial Realty Inc. has increased its dividends for 12 consecutive years, with a recent 3% increase on Feb. 5 to $0.43 per share, equating to an annual figure of $1.72 per share [5] - The company maintained its dividend payout at the same level in the latest announcement on Oct. 13, with a current dividend yield of 4.21% [5] - The annual revenue as of Sept. 30 is $997.93 million, with Q3 2025 revenues of $246.76 million, which missed the consensus estimate of $249.71 million, while EPS of $0.60 exceeded the consensus of $0.42 [6] Agree Realty - Agree Realty Corp. is a real estate investment trust focused on acquiring and developing properties leased to leading omnichannel retail tenants [7]

Core Insights - Land & Buildings Investment Management, LLC has completely liquidated its stake in Rexford Industrial Realty, selling all 561,113 shares for an estimated value of $19,958,789, which previously accounted for 3.98% of the fund's assets under management [2][3][4] Company Overview - Rexford Industrial Realty, Inc. is a leading industrial REIT focused on infill markets across Southern California, generating revenue primarily through rental income from its diversified portfolio of industrial real estate properties [9][11] - As of November 24, 2025, Rexford shares were priced at $40.84, reflecting a year-to-date performance of 5.6% and a current dividend yield of 4.19% [4][5] Fund Holdings - After the sale of Rexford shares, Land & Buildings Investment Management's total reported U.S. equity holdings stood at approximately $544.91 million across 22 positions, with Rexford now representing 0% of the portfolio [3][4] - The fund's top holdings post-sale include AHR ($48.4 million, 8.9% of AUM), SPG ($38.70 million, 7.1% of AUM), and others [8] Market Context - The move to sell Rexford Industrial Realty indicates a significant shift in Land & Buildings Investment Management's real estate allocation, especially given the previous size of the position [10] - Rexford remains a strong player in the industrial REIT sector, benefiting from a market characterized by tight supply and consistent demand for infill space in Southern California [10]

Core Viewpoint - Rexford Industrial Realty, Inc. has announced a leadership succession plan, appointing Laura Clark as the new CEO effective April 1, 2026, succeeding co-CEOs Michael Frankel and Howard Schwimmer, who will remain on the Board until the 2026 Annual Meeting of Shareholders [1][3]. Leadership Transition - Laura Clark, currently the Chief Operating Officer, will take over as CEO, marking a significant transition in the company's leadership [1]. - The Board of Directors has expressed confidence in Clark's ability to lead the company, citing her strategic vision and operational excellence [3]. - Frankel and Schwimmer, co-founders of Rexford Industrial, have overseen substantial growth, expanding the company's portfolio from 5.5 million square feet at the time of the 2013 IPO to 51 million square feet today, with an equity market capitalization increase from $406 million to nearly $10 billion [3]. Laura Clark's Background - Laura Clark has over two decades of experience in finance and operations within the real estate industry, having joined Rexford Industrial as CFO in 2020 and becoming COO in 2024 [2][5]. - Prior to Rexford, she held leadership roles at Regency Centers and various institutions in real estate capital markets and investment management [2][6]. Company Overview - Rexford Industrial focuses on investing in and operating industrial properties in Southern California, a key market characterized by high demand and low supply [7]. - As of September 30, 2025, the company’s portfolio includes 420 properties with approximately 50.9 million rentable square feet [7].

Core Insights - Rexford Industrial Realty, Inc. is implementing a reformed capital allocation strategy focused on maximizing risk-adjusted returns and enhancing shareholder value through various initiatives [2][3] - The company is undergoing a leadership transition with Laura Clark set to become CEO on April 1, 2026, as part of a succession plan [5] - Rexford Industrial is committed to reducing general and administrative (G&A) expenses, targeting net savings of $20 million to $25 million in 2026 [3] Capital Allocation Strategy - The company aims to maximize returns through a programmatic disposition strategy, focusing on high-yielding repositioning projects and share repurchases [2] - Future investment opportunities will be benchmarked against risk-adjusted returns from share repurchases, ensuring alignment with current market dynamics [2] - A disciplined balance sheet management approach is being adopted, targeting a leverage ratio of 4.0x to 4.5x on a Net Debt to EBITDA basis [2] Cost Management - Rexford Industrial has implemented several cost-reduction initiatives, including a reduction in force and organizational restructuring, to achieve significant G&A savings [3] - The projected G&A for 2026 is expected to be between $57 million and $62 million, aiming to reduce G&A as a percentage of revenues below the peer average of 6.2% [3] Board of Directors Updates - The company plans to add a new independent director to its Board by the end of 2025, following constructive engagement with Elliott Investment Management [4] - The Board will consist of seven directors after the upcoming 2026 Annual Meeting, with the retirement of current Co-CEOs and the addition of Laura Clark [4] Leadership Transition - Laura Clark, currently COO, will succeed the outgoing Co-CEOs, Howard Schwimmer and Michael Frankel, effective April 1, 2026 [5] - The leadership transition is part of a broader strategy to enhance operational efficiency and governance [5] Company Overview - Rexford Industrial focuses on investing in and operating industrial properties in Southern California, a high-demand market with limited supply [7] - As of September 30, 2025, the company’s portfolio includes 420 properties with approximately 50.9 million rentable square feet [7]

Core Insights - The article discusses the activities of an investment group led by Denislav Iliev, focusing on identifying mispriced investments in fixed-income and closed-end funds [2] Group 1: Company Overview - Denislav Iliev has over 15 years of experience in day trading and leads a team of 40 analysts [2] - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] Group 2: Services Offered - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [2] - Active investors are invited to join on a free trial to engage with the community and ask questions [1]

Core Insights - Rexford (REXR) is highlighted as a top investment choice in the industrial REIT sector, boasting 420 properties and over 50 million square feet of rentable space [1] - The company raised its guidance for Core FFO per diluted share in its Q3 earnings report, indicating a solid quarter [2][4] Updated Guidance - REXR updated its guidance for Same Property Portfolio Cash NOI Growth from 2.5% to 4%, reflecting a significant increase [4] - The new guidance for annualized figures shows a Cash NOI of $533.353 million with a growth of 2.5%, compared to the old guidance of 4% growth [4] Leasing Activity - REXR reported a record leasing activity of 3.3 million square feet in Q3, a substantial increase from 1.7 million square feet in the previous quarter [9] - The net effective leasing spreads were reported at 26.1%, while cash leasing spreads were at 10.3%, marking a strong performance [9] Financial Management - The company reduced its net interest expense guidance from $107 million to $105 million, contributing to improved financial metrics [6] - REXR repurchased $150 million worth of shares at an average price of $38.62, representing about 1.65% of the weighted-average shares outstanding [15] Overall Performance - REXR's strong performance in leasing and increased cash NOI guidance indicate robust fundamentals, positioning the company favorably in the market despite macroeconomic challenges [17] - The management's conservative balance sheet strategy and proactive share repurchase actions reflect confidence in the company's valuation and growth potential [16]