Core Viewpoint - Ryman Hospitality Properties has declared a second quarter cash dividend of $1.15 per share, to be paid on July 15, 2025, to stockholders of record as of June 30, 2025 [1] Group 1: Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust (REIT) specializing in upscale convention center resorts and entertainment experiences [2] - The company owns five of the top seven largest non-gaming convention center hotels in the U.S., including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center, with a total of 11,414 rooms and over 3 million square feet of meeting space [2] - Ryman Hospitality Properties has a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [2]

Core Viewpoint - Whitestone REIT has announced the acquisition of the San Clemente shopping center in Austin, Texas, which is strategically located near major technology campuses and complements its existing retail presence in the area [1][2]. Acquisition Details - The San Clemente shopping center spans 31,832 square feet and is anchored by a restaurant, enhancing Whitestone's portfolio in Austin, which now includes five neighborhood shopping centers [1]. - The acquisition is positioned to leverage the strong market dynamics and existing retailer relationships to drive long-term growth [2]. Market Dynamics - San Clemente is located in an affluent submarket with an average home value of nearly $1.5 million and an average household income exceeding $280,000 [5]. - The area has seen no new retail development in the last seven years due to strict development restrictions, despite having less than 40% of Austin's average square retail feet per person [5]. - The center benefits from high traffic, with over 55,000 vehicles per day, and will gain from the completion of the Loop 360 project [5]. Community and Tenant Mix - The shopping center serves upscale neighborhoods such as Davenport Ranch, Westlake, Rob Roy, and Barton Creek, which are characterized by a robust job market and upwardly mobile families [6]. - The tenant mix includes local favorites like Fresa's, Iron Fitness, and Greenlake Energy, which align with Whitestone's community-focused strategy [8]. Strategic Growth - Whitestone's acquisition strategy is complemented by strong organic growth, as evidenced by its recent first-quarter earnings report [8].

Financial Highlights - First Quarter Funds From Operations (FFO) was $0.17 per diluted share[5] - First Quarter Normalized FFO was $0.25 per diluted share[5] - Weighted Average Portfolio Occupancy as of March 31, 2025, was 95.7%[5] - Average Base Rent (ABR) in Mixed-Use Communities was 58.0%[5] - Multifamily Occupancy was 95.0%[5] - First Quarter Retail Lease Renewal Spread Increase, GAAP, was 11.0%[5] - First Quarter Office Lease Renewal Spread Increase, GAAP, was 23.3%[5] - Net Operating Income (NOI) to be Added by the End of 2025 By Delivery of Development Pipeline is approximately $4.5 million[5] 2025 Outlook - Property Portfolio NOI is projected to be between $172.2 million and $175.8 million[7] - Construction Segment Profit is expected to range from $4.8 million to $6.8 million[7] - Normalized FFO per Diluted Share is guided to be between $1.00 and $1.10[7] Debt and Leverage - As of March 31, 2025, Fixed-Rate Debt accounted for 100.0% of the total debt portfolio, with a weighted average interest rate of 4.2% and a maturity of 3.0 years[27] - Stabilized Portfolio Debt / Stabilized Portfolio Adjusted EBITDAre was 5.4x[26] - Net Debt/Total Adjusted EBITDAre was 7.1x[26]

Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for May 2025, payable on June 27, 2025, to shareholders of record on May 30, 2025, with an ex-dividend date of May 30, 2025 [1] - The company intends to make regular monthly cash distributions to its common stockholders, adhering to the requirement of distributing at least 90% of its REIT taxable income annually to qualify as a real estate investment trust [2] - As of May 7, 2025, the company had 109,219,994 shares of common stock outstanding, an increase from 108,823,792 shares as of April 30, 2025 [3] RMBS Portfolio Characteristics - Orchid Island Capital focuses on investing in Agency RMBS, including traditional pass-through Agency RMBS and structured Agency RMBS [4] - The RMBS portfolio as of April 30, 2025, includes various fixed-rate mortgage-backed securities with a total face value of $6,205,247 thousand and a fair value of $6,173,059 thousand, representing 99.75% of the portfolio [6][11] - The portfolio is primarily composed of assets from Fannie Mae (61.1%) and Freddie Mac (38.9%) [11] RMBS Valuation Characteristics - The weighted average coupon rate for the RMBS portfolio is 5.40%, with a weighted average maturity of 22 months [6] - The portfolio's sensitivity to interest rate changes is modeled, indicating potential impacts on net income based on shifts in interest rates [6] Borrowings and Counterparty Exposure - As of April 30, 2025, total borrowings amounted to $5,816,599 thousand, with the average debt rate at 4.47% [14] - The company has significant exposure to various counterparties, with J.P. Morgan Securities LLC being the largest at $358,603 thousand [14]

Core Points - Regency Centers Corporation announced quarterly cash dividends on its common stock and preferred stocks [1][4] - The company is a leading owner, operator, and developer of shopping centers in suburban areas [2] - Regency Centers is a self-administered and self-managed real estate investment trust (REIT) and a member of the S&P 500 Index [2] Dividend Details - The quarterly cash dividend on common stock is set at $0.705 per share, payable on July 2, 2025, to shareholders of record as of June 11, 2025 [4] - The quarterly cash dividend on Series A preferred stock is $0.390625 per share, payable on July 31, 2025, to shareholders of record as of July 16, 2025 [4] - The quarterly cash dividend on Series B preferred stock is $0.367200 per share, also payable on July 31, 2025, to shareholders of record as of July 16, 2025 [4]

Company Overview - Sunrise Realty Trust (SUNS) is an institutional lender focused on commercial real estate projects in the Southern United States[12] - The management team has structured over $21 billion in CRE and credit transactions[12] - SUNS targets a portfolio net internal rate of return (IRR) in the low-teens[12] Portfolio Composition - As of May 1, 2025, total current commitments were approximately $352 million[52] - Residential assets comprise approximately 71% of the portfolio[52] - Approximately 88% of the portfolio consists of senior loans[55] - Approximately 12% of the portfolio consists of subordinate loans[55] - The portfolio's weighted average yield to maturity is approximately 12.1%[51] Market Opportunity - The company sourced approximately $47.6 billion of CRE deals since October 2023, pursuing approximately 1.5% of deals sourced[13] - The company has an active pipeline of approximately $800 million[13] - Over $2 trillion in CRE loans maturing by the end of 2027 create opportunity for SUNS to scale quickly[13] Financial Performance (Q1 2025) - Net income for the three months ended March 31, 2025, was $3099437, or $027 per common share[62] - Distributable earnings for the three months ended March 31, 2025, were $3460706, or $031 per basic weighted average share[63]

Core Viewpoint - Lamar Advertising Company has acquired Premier Outdoor Media's assets, enhancing its presence in the Northeast Corridor and expanding its digital out-of-home (OOH) advertising capabilities [1][3][4]. Company Overview - Lamar Advertising Company is a leader in the OOH advertising industry, operating over 360,000 displays across North America, including approximately 5,000 digital billboards, making it the largest digital OOH network in the United States [4]. - Premier Outdoor Media, founded in 2018, became the largest independent digital OOH network in the Philadelphia Designated Market Area, growing its digital display count by over 500% under the leadership of Dominick Vastino and Sean Corbett [2][4]. Strategic Acquisition - The acquisition adds nearly 200 billboard faces, including 45 digital units, in key markets such as New Jersey, Delaware, Maryland, Pennsylvania, and New York, reinforcing Lamar's competitive edge in densely populated areas [1][3]. - Sean Reilly, CEO of Lamar, emphasized that this acquisition aligns with the company's strategy of adding high-quality, REIT-qualified assets to its portfolio [3]. Market Position and Growth Strategy - The transaction reflects Lamar's focus on scaling its digital OOH capabilities and acquiring regionally dominant networks that align with its REIT structure [4]. - As digital OOH continues to grow faster than traditional media, Lamar's expanded presence in the Northeast positions it to capture increasing advertiser demand [5]. Financial Outlook - Lamar is scheduled to report its first-quarter 2025 results on May 8, 2025, with the Zacks Consensus Estimate for funds from operations (FFO) per share at $1.54 on revenues of $508.9 million [5].

Group 1 - Gladstone Land (NASDAQ: LAND) is a specialized REIT focusing on farmland, experiencing significant price fluctuations during the pandemic, with shares rising from $10 in 2020 to around $40 at their peak [1] - The investing group "Value In Corporate Events" provides members with opportunities to capitalize on major corporate events such as IPOs, mergers & acquisitions, and earnings reports, covering 10 major events a month [1]

Financial Performance - Net income per diluted share increased from $0.71 in Q1 2024 to $0.74 in Q1 2025[8] - NAREIT FFO per diluted share increased from $1.10 in Q1 2024 to $1.14 in Q1 2025[8] - Funds Available for Distribution (FAD) increased by 9.9% from $50.975 million in Q1 2024 to $56.001 million in Q1 2025[8] - Lease revenue excluding straight-line, lease amortization, and escrow reimbursement revenue of $65.3 million increased 8.0% compared to Q1 2024[11] SHOP Performance - SHOP NOI increased by 4.9% to $3.1 million in Q1 2025 compared to the prior year period[11] - SHOP NOI margin was 22.1% in Q1 2025, a decrease of 10 bps compared to the prior year period[11] - Average SHOP occupancy increased by 390 bps year-over-year to 89.2% in Q1 2025[11] - The company continues to estimate 12%-15% NOI growth for SHOP in 2025[11, 21] Balance Sheet and Investments - Net Debt to Adjusted EBITDA was 4.1x, at the low end of the company's target range of 4.0x – 5.0x[11] - The company announced 2025 YTD investments totaling $174.9 million at an average initial yield of approximately 8.2%[11] - The company is evaluating a pipeline of investment opportunities valued at approximately $264 million[11]

The Buy Thesis - UMH Properties (NYSE:UMH) presents a compelling investment opportunity with a combination of value and growth, featuring over five years of double-digit organic growth while trading at a significant discount to net asset value (NAV) [1] - The current trading multiple of UMH is 17.5X forward AFFO, which is notably lower than its peers in the manufactured housing sector [1] Manufactured Housing's Growth Cycle - The manufactured housing sector has experienced positive same-store net operating income (NOI) growth for over 27 consecutive years, a remarkable achievement in real estate [11] - UMH's same-store NOI has averaged just over 10% annually for the past decade, outperforming peers [11] - The sector's growth has persisted through various economic downturns, including the tech bubble, the Great Financial Crisis, and COVID-19 [11] Supply Constraints - The growth in manufactured housing is sustained by regulatory constraints that limit new supply, preventing the typical negative feedback mechanisms seen in other real estate sectors [12] - Unlike other sectors where overbuilding can cool growth, manufactured housing benefits from a capped supply due to regulatory hurdles [12] Sector Valuation - Peers of UMH, such as Equity LifeStyle Properties (ELS) and Sun Communities (SUI), trade at higher multiples of 23.4X and 22.3X 2026 estimated AFFO, respectively [15] - The market is currently undervaluing UMH, which trades at only 16.9X 2026 AFFO due to recent market sell-offs and delayed recognition of some assets [17][19] Growth Pipeline and Future Potential - UMH has a substantial growth pipeline with 3,300 vacant sites ready for occupancy and 9,600 land plots available for development [45] - The company has been acquiring communities at low occupancy, which allows for significant upside potential as these assets are improved and stabilized [41][42] - The anticipated same-store NOI growth is expected to remain in the 8%-12% range, driven by rental rate increases and occupancy growth [45] AFFO/share Dynamics - The disparity between same-store NOI growth and AFFO/share growth is attributed to equity issuance, which has doubled the share count over the past five years [22] - Deleveraging efforts have reduced debt to gross properties from over 60% to under 40%, which, while dilutive in the short term, enhances liquidity and reduces risk [33][36] - The time delay in realizing cash flows from new investments contributes to the slower AFFO/share growth compared to same-store NOI growth [38] Market Mispricing - The market is currently not fully recognizing the future growth potential of UMH's non-cash-flowing assets, which could lead to a significant revaluation as these assets begin to generate income [44] - With a fair value estimated to be approximately 30% above the current share price, there is potential for substantial gains as the market adjusts [47] Risks - UMH is somewhat insulated from supply chain disruptions due to its inventory of approximately 500 homes, but long-term supply issues could impact growth [49] - Regulatory changes could potentially introduce new competition, affecting the favorable growth dynamics of the manufactured housing sector [51]