Flagstar Financial (FLG) 2025 Conference June 11, 2025 12:15 PM ET Speaker0 Great. Up next, we have Flagstar Financial. I'll read our disclosures. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. The taking of photographs and the use of recording devices is not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. And we are delighted to have with us today Lee Smith, Chief Financial Offi ...

On top of that, e-commerce continues to increase as a percentage of retail sales, and it requires a greater distribution system than physical stores do. For every $1 billion in retail sales, physical retailers need 334,000 square feet of space, while e-commerce retailers need more than a million. As retailers develop their e- commerce businesses more fully, they're becoming even more dependent on Prologis and its systems. As e- commerce retailers race to increase their speed, they also need more centers clo ...

Core Insights - The article highlights the disconnect between the strong operational performance of shopping center REITs and their market pricing, suggesting potential investment opportunities in the sector [1][5][9] Performance Metrics - Shopping center REITs reported high occupancy rates, rising rents, and same-store NOI growth of 3% to 6% over the past six quarters, yet their market performance has been poor [2][5] - As of June 6, 2025, equity REITs had a YTD return of approximately 1.0%, while shopping center REITs significantly lagged behind [5][6] Valuation Comparisons - Shopping center REITs trade at an average AFFO multiple of 16.1x, which is lower than other sectors like Multifamily (17.4x), Manufactured Housing (20.8x), and Industrial (18.0x), indicating potential mispricing [8][9] - The average trading price of shopping center REITs is 81.3% of their consensus Net Asset Value (NAV), compared to 80.8% for Multifamily, 87.8% for Manufactured Housing, and 83.9% for Industrial [9][10] Upside Potential - On average, shopping center REITs are trading at prices that suggest a 20% upside to their 52-week highs, indicating potential for capital appreciation if economic conditions improve [12][13] - Specific companies like Acadia Realty Trust and Brixmor Property Group have notable upside potentials of 34.48% and 19.85% to their 52-week highs, respectively [13] Market Sentiment - Despite high interest rates and poor market performance, companies like Kimco Realty have been actively buying back shares, reflecting confidence in their investment value [14][15]

I want to start with the fact that we are in Los Angeles and there has been a lot of discussion about the protests and some of the military presence. And there's a real question as investors, how much some of these types of political backdrops and social backdrops affect where you invest. And Tim, I'm curious to what degree it really is affecting the flow of investment.I think the primary driver, if you just want to look at Los Angeles of investment here, is, you know, where the economies are very active. R ...

Core Insights - Ryman Hospitality Properties, Inc. has successfully completed the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa for approximately $865 million [1][2]. Company Overview - Ryman Hospitality Properties is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 12,364 rooms and over 3 million square feet of meeting space [3]. Acquisition Details - The JW Marriott Desert Ridge is located on approximately 402 acres in Arizona and features 950 guest rooms, including 81 suites, and about 243,000 square feet of meeting and event space [2]. - The resort includes amenities such as a 28,000-square-foot spa, seven dining options, a 140,000-square-foot water amenity, and two golf courses [2]. - The property has undergone nearly $100 million in capital investments, including renovations and upgrades to various facilities [2].

Dividend Announcement - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for June 2025, payable on July 30, 2025, to shareholders of record as of June 30, 2025, with an ex-dividend date of June 30, 2025 [1][7] Company Overview - Orchid Island Capital, Inc. is a specialty finance company that invests in Agency Residential Mortgage-Backed Securities (RMBS) on a leveraged basis, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [4] Shareholder Distribution Requirements - To qualify as a Real Estate Investment Trust (REIT), the company must distribute at least 90% of its REIT taxable income annually to stockholders, excluding net capital gains [2] Share Count - As of June 10, 2025, the company had 121,210,845 shares of common stock outstanding, an increase from 119,072,481 shares as of May 31, 2025, and 107,786,614 shares as of March 31, 2025 [3] RMBS Portfolio Characteristics - The RMBS portfolio as of May 31, 2025, includes various categories of Agency RMBS, with a total mortgage asset value of $6,413,292, where Fannie Mae and Freddie Mac represent 61.4% and 38.6% of the portfolio, respectively [11][12] Borrowings and Debt Characteristics - The total borrowings of the company amount to $6,138,581, with a weighted average interest rate of 4.47% and a maturity of 29 days as of May 31, 2025 [13]

BELLINGHAM, Wash., June 10, 2025 (GLOBE NEWSWIRE) -- eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), today announced that a record-breaking 757 of its agents and teams have been named among the top real estate professionals in the country, according to the 2025 RealTrends Verified America’s Best List. With fewer than 0.1% of agents qualifying nationwide, inclusion in the RealTrends rankings is a rare achievement ...

Core Insights - Newmark Group, Inc. has arranged a $675 million loan for the refinancing of Independence Plaza, a multifamily property in Manhattan, on behalf of Vornado Realty Trust and Stellar Management [1] - Independence Plaza consists of 1,328 residential units across three 39-story towers, totaling 1.4 million square feet [2] - Vornado Realty Trust is a leading Real Estate Investment Trust with a focus on New York City, managing over 26 million square feet of LEED certified buildings [3] - Stellar Management, founded in 1985, manages over 13,000 apartments and nearly three million square feet of office and retail space, focusing exclusively on New York City [4] - Newmark Group, Inc. generated revenues exceeding $2.8 billion for the twelve months ending March 31, 2025, and operates from 165 offices globally with approximately 8,100 professionals [5]

Wall Street is increasingly interested in bringing private assets to everyday investors. Financial services firm Empower, which oversees 1.8% trillion in 401k accounts for 19 million people, recently announced that it will offer private credit equity and real estate into some of its accounts later on this year. But there are certain issues tied to private assets and mainstream use.According to our very own Bob Pal, private assets can be complex and illquid, meaning they aren't easily bought or sold. These a ...

Core Viewpoint - ARGAN has signed a new lease for a 7,000 sq.m logistics site in Serris, which will serve as a national logistics hub for ZyCOM, a client specializing in telecom distribution, highlighting the company's successful rental management and the relevance of its environmentally friendly Aut0nom® logistics standard [2][5][6]. Company Overview - ARGAN is a leading French real estate company focused on the development and rental of premium warehouses, with a portfolio of approximately 3.7 million sq.m, generating an annual rental income of nearly €205 million as of December 31, 2024 [7][8]. - The company operates under the Aut0nom® label, which signifies carbon-neutral buildings, and has developed 15 such projects across France since 2022 [3][4]. Environmental and Technical Features - The Aut0nom® logistics site in Serris utilizes electric heat pumps and generates its own green energy through a photovoltaic power station, achieving a BREEAM Very Good certification [3][5]. - ZyCOM's Senior Project Manager emphasized the site's technical and environmental qualities, aligning with the company's high environmental ambitions [6]. Financial Performance - ARGAN maintains a 100% occupancy rate across its portfolio of 100 warehouses, reflecting the expertise of its teams in rental management [5]. - The company holds an investment-grade rating of BBB- with a stable outlook from Standard & Poor's, indicating financial solidity [8].