Company Strategy & Fundamentals - PotlatchDeltic has the highest direct leverage to lumber prices among timber REITs[4] - The company's strategy leverages favorable fundamentals in US housing, including housing starts, building permits, and existing home sales[4] - Timberlands provide stability, capturing incremental land value and offering working forest benefits[4] Timberlands Segment - PotlatchDeltic owns 1.9 million acres of high-quality timberlands[6,7] - The company plants approximately 25 million seedlings every year, managing timberlands on a long-term sustainable basis[7] - The company has 86 million tons of merchantable timber inventory, with 64% being sawlogs[11,12] - In Idaho, sawlogs represent 90% of the harvest volume, and about 70% of sawlog prices are indexed to lumber prices[16] Wood Products Segment - PotlatchDeltic ranks as a top-10 lumber producer in the U S with 1 2 billion board feet of capacity[6,20] - Lumber shipments have increased by 60% in six years due to high-return capital projects and acquisitions[20] Real Estate Segment - The company has identified approximately 210,000 rural acres for sale at a premium to timberland value[23] - The company owns a 4,800-acre master-plan community in Little Rock, Arkansas, with approximately 65% of residential lots sold and 54% of commercial acres sold[23] Capital Allocation - Returning cash to shareholders through a sustainable and growing dividend is a key capital allocation strategy[25] - The company repurchased $25 million of shares in the first half of 2019 at $37 per share[28] - The dividend per share has increased by 29% since 2012, reaching $1.60 in 2019[27]

Financial Performance - Total reported revenue increased by 100% year-over-year, reaching $3384 million in Q1 2019 compared to $3099 million in Q1 2018[5, 7] - US Media revenue increased by 92% year-over-year, from $2263 million in Q1 2018 to $2362 million in Q1 2019[10] - Billboard revenue in US Media increased by 44% year-over-year, from $2263 million to $2362 million[10] - Transit & Other revenue in US Media increased by 222% year-over-year, from $836 million to $1022 million[10] - Adjusted OIBDA increased by 69% year-over-year[5] - AFFO increased by 29% year-over-year[5] Revenue Breakdown - Local revenue increased by 123% year-over-year, reaching $2025 million in Q1 2019[13] - National revenue increased by 49% year-over-year, reaching $1359 million in Q1 2019[13] - Digital revenue accounted for 171% of total revenue in Q1 2019, amounting to $636 million[54] Expenses and Profitability - Adjusted OIBDA margin was 280% in Q1 2019[66] - Billboard lease expenses increased by 69% year-over-year, from $63 million to $65 million[26]

U S Media Performance - U S Media reported revenue increased by 11 7% [8] - U S Media Adj OIBDA increased by 8 5% [8] - U S Media AFFO increased by 7 2% [8] - Total U S Media revenue increased from $379 7 million in 3Q18 to $422 7 million in 3Q19, an increase of 11 7% [10] - Billboard revenue increased by 7 9% from $271 3 million in 3Q18 to $292 8 million in 3Q19 [14] - Transit & Other revenue increased by 19 8% from $108 4 million in 3Q18 to $129 9 million in 3Q19 [14] - Local revenue increased by 12 2% from $204 2 million in 3Q18 to $229 1 million in 3Q19 [16] - National revenue increased by 10 4% from $175 5 million in 3Q18 to $193 6 million in 3Q19 [16] Digital Revenue - Digital revenue mix increased from 18% to 20% year-over-year [19] - Billboard digital revenue increased by 20 2% year-over-year [25] - Transit & Other digital revenue increased by 17 6% year-over-year [25]

Core Viewpoint - New York Mortgage Trust, Inc. is set to report its financial results for the second quarter of 2025 on July 30, 2025, with a conference call scheduled for July 31, 2025 [1][2]. Company Overview - New York Mortgage Trust, Inc. is a Maryland corporation that operates as a real estate investment trust (REIT) for federal income tax purposes [3]. - The company is internally managed and focuses on acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets [3].

Key Takeaways Realty Income owns 15,600 global net lease assets and has raised dividends for 30 consecutive years. Regency Centers operates 480 U.S. grocery-anchored centers with more than 96% same-property lease rates. O delivers a 5.61% dividend yield with 98.5% occupancy, while REG offers a lower yield.In the current market landscape, where economic uncertainty and evolving retail dynamics challenge investors, real estate investment trusts (REITs) with exposure to necessity-based retail are increasingl ...

Core Insights - Lamar Advertising (LAMR) has acquired Verde Outdoor assets, adding over 1,500 billboard faces, including 80 digital displays, across 10 states in key markets [1][9] - The acquisition was executed as an Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction, marking a first in the billboard industry [2] - Verde Outdoor owners will receive dividends equivalent to Lamar's common stock and can convert their units into cash or shares of Class A common stock [3] Company Overview - Lamar holds a significant national presence in outdoor advertising and is a leading provider of logo signs in the U.S. [4] - The acquisition emphasizes Lamar's strategy to enhance its digital platform through acquisitions and technological advancements in the out-of-home (OOH) advertising sector [4] - The company has expanded its digital network to approximately 5,100 displays, positioning itself to leverage growing programmatic advertising channels [5] Market Performance - Over the past three months, Lamar's shares have increased by 7.4%, slightly trailing the industry's growth of 7.8% [6]

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in AZN over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I own sha ...

Core Insights - Lamar Advertising Company has completed its first-ever UPREIT transaction in the billboard industry by acquiring Verde Outdoor's assets [1][5] - The acquisition adds over 1,500 billboard faces, including 80 digital displays, across 10 states, enhancing Lamar's market presence in the Midwest, Southeast, and Mid-Atlantic regions [2] Company Overview - Verde Outdoor was established in 2021 and has rapidly expanded through strategic acquisitions and organic development, particularly in Sioux City, Charleston, Savannah, Hudson Valley, and the Mid-Atlantic [3] - The transaction involved Verde contributing its assets to Lamar Advertising Limited Partnership, with Verde's owners receiving common units of Lamar LP that track the value of Lamar's Class A common stock [4] Transaction Structure - The UPREIT structure allows Lamar to issue partnership units to billboard owners on a tax-deferred basis, facilitating acquisitions [5] - The CEO of Lamar highlighted the significance of this deal and expressed optimism about using the UPREIT structure for future acquisitions [6]

Core Viewpoint - The S&P 500 index is near all-time highs with a yield of approximately 1.3%, making it challenging for dividend investors to find high-yield stocks. However, W.P. Carey, with a yield of 5.8%, presents an attractive opportunity for those willing to invest when others are selling [1]. Company Overview - W.P. Carey is a net lease real estate investment trust (REIT) that primarily owns single-tenant properties, where tenants are responsible for most property-level expenses. It ranks second in the net lease REIT sector with a market cap of $13 billion, following Realty Income at $50 billion and ahead of NNN REIT at $8 billion [2]. - Net lease REITs are generally considered stable income stocks, with their business driven by sale/leaseback deals. However, higher interest rates have negatively impacted their profitability and ability to secure new deals, leading to a decline in W.P. Carey's stock, which is down about 30% from its 2019 highs [4]. Dividend Performance - W.P. Carey cut its dividend in 2023, while its peers, NNN REIT and Realty Income, have consistently increased their dividends for 36 and 30 years, respectively. Despite the cut, W.P. Carey has resumed increasing its dividend quarterly since then, indicating a recovery [5][7]. - The company’s focus has shifted away from the troubled office sector to more lucrative industrial, warehouse, and retail properties, which has improved its portfolio [7][8]. Growth Potential - The exit from the office sector has provided W.P. Carey with cash to invest in new properties, which is expected to enhance growth in the coming years. The company’s last dividend increase was over 3% year-over-year, compared to Realty Income's 0.2% increase [9][10]. - W.P. Carey incorporates inflation-linked rent escalators in its leases, which supports growth and differentiates it from peers that are less aggressive in this regard [10]. Investment Consideration - Investors often overlook W.P. Carey in favor of Realty Income or NNN REIT, but the company’s strong dividend growth history and differentiated property focus on industrial and warehouse assets make it a compelling addition to a net lease portfolio [11][12].

Core Insights - Extra Space Storage Inc. (EXR) has experienced a share price increase of 15.5% over the past three months, outperforming its industry average of 10.3% and its peers like Public Storage (PSA) and National Storage Affiliates Trust (NSA) [1][8] - The company has demonstrated strong fundamentals, with a solid long-term outlook, but current valuations and macroeconomic uncertainties suggest a "Hold" stance may be prudent [2][18] - Extra Space Storage has increased its dividend six times in the past five years, with a five-year annualized dividend growth rate of 12.61% [3] Financial Performance - In Q1 2025, EXR reported core funds from operations (FFO) per share of $2.00, exceeding the Zacks Consensus Estimate of $1.96, and reflecting a 2% increase from the prior year [4][8] - Same-store occupancy was reported at 93.4%, indicating strong operational performance [4][8] Strategic Growth - The company acquired 12 operating stores for $153.8 million in Q1 2025 and added 113 stores to its third-party management platform [5] - EXR's focus on improving its balance sheet includes reducing secured debt and increasing the size of its unencumbered asset pool, with 78.8% of total debt being fixed-rate as of March 31, 2025 [6][9] Market Dynamics - Demand for self-storage is supported by lifestyle changes such as downsizing and remote work, contributing to strong occupancy rates [6] - The self-storage asset class is characterized by low capital expenditure requirements and high operating margins, making it resilient during economic downturns [6] Valuation Concerns - Despite solid fundamentals, EXR's stock is trading at a forward price-to-FFO multiple of approximately 18.38X, which is higher than its industry peers [12][13] - The stock's valuation has become stretched after its recent performance, leading to caution for new investors [12][18] Revenue Growth Challenges - The company anticipates challenges in revenue growth due to new customer price sensitivity, projecting negative growth in same-store revenues for the full year 2025 [16] - Same-store net operating income (NOI) is expected to range from negative 3.00% to 0.25% growth [16] Investment Outlook - Extra Space Storage is viewed as a sector leader with strong cash flows and an attractive dividend, but the recent rally has priced in much of the near-term upside [17][18] - Investors are advised to maintain their positions while monitoring upcoming earnings and macroeconomic developments, with new investors potentially waiting for a pullback before entering [18]