Core Thesis - Starwood Property Trust, Inc. is positioned as a high-yielding REIT primarily for income-focused investors, emphasizing dividends over rapid capital appreciation [2][6] Company Overview - Founded in 2009, Starwood has deployed over $112 billion in capital and currently manages a diversified portfolio worth $29.9 billion, with more than half in commercial loans [3] - The portfolio is geographically diverse, heavily weighted towards multifamily and industrial assets, and structured with floating rate loans to perform across interest rate cycles [3] Financial Performance - Starwood's dividend yield exceeds 10 percent, supported by ongoing distributable earnings and $3.82 per share in excess unrealized distributable earnings from property gains [4] - The company has maintained a stable $0.48 quarterly dividend since 2014, with no cuts, which is notable among mortgage-focused REITs [4] Future Outlook - Management anticipates earnings improvement as interest rates decline and transaction activity increases, backed by strong liquidity [5] - Valuation is assessed through a dividend-based framework, suggesting fair value around the high teens, aligning with the current share price [5]

Core Thesis - UDR, Inc. is viewed positively due to its strong operational performance and attractive valuation compared to peers, despite recent stock price declines [1][3][7] Company Overview - UDR, Inc. is a US-focused apartment REIT that operates primarily in supply-constrained coastal markets, positioning it well for future growth [2] - As of January 13th, UDR's share price was $36.13, with trailing and forward P/E ratios of 82.27 and 55.56 respectively [1] Financial Performance - UDR has delivered solid operating results, showing some of the strongest same-property income growth in its peer group [4] - The company has a current dividend yield of approximately 4.7% and has maintained over twenty years of consecutive dividend growth [5] Valuation and Market Position - UDR's stock trades at the lowest valuation among its peers, with an implied cap rate above 6% and an estimated 30% discount to net asset value [3] - The REIT sector is experiencing a broader mispricing, with public REITs trading at higher implied cap rates compared to private market transactions [6] Future Outlook - As supply pressures ease, rent growth is expected to reaccelerate, enhancing UDR's income profile [5] - The current market conditions, including declining interest rates, may lead to increased interest in income-generating assets, positioning UDR for significant upside potential [7]

Company Overview - Simon Property Group has evolved over 31 years as a public company, originally focusing on Midwest shopping centers and now becoming a global leader in retail real estate [4] - The company operates five distinct retail distribution channels: malls, mills, outlets, international, and digital [4] Conference Highlights - The conference marks the 30th anniversary of the Citi Global Property CEO Conference, showcasing its ongoing significance in the industry [4] - Brian McDade, the CFO, introduced the company and emphasized its growth and evolution over the years [3][4]