Core Insights - The current market presents a unique opportunity for international deep value investing, with significant discounts in international stocks compared to U.S. equities, particularly in Europe and Asia [2][4][5] Valuation Discrepancies - As of late 2025, international stocks are trading at their steepest discount to U.S. equities in over two decades, with the MSCI EAFE Index at approximately half the forward price-to-earnings multiple of the S&P 500 [2][4] - The deep-value segment of international markets is in the bottom decile of historical valuations, indicating extraordinary cheapness [4][5] Market Dynamics - A decade of U.S. market dominance has led to skepticism towards international markets, despite their current undervaluation [5][6] - The Federal Reserve's interest rate policies have strengthened the dollar, making international assets less attractive, but this creates opportunities as the dollar normalizes [6][7] Investment Strategy - The value factor, which involves buying companies at a discount to their intrinsic worth, has historically delivered superior returns, especially when combined with international diversification [8] - An asset-based approach is crucial for identifying deep value opportunities, focusing on companies trading below the value of their actual assets [9][10] Regional Opportunities - Europe is experiencing a structural change with increased infrastructure and defense spending, creating opportunities in construction materials and industrial sectors [13] - Japan's corporate governance reforms are leading to improved capital allocation and shareholder returns, unlocking previously ignored value [14] - Emerging markets, particularly Brazil and India, present extraordinary value despite current challenges [15] Specific Company Examples - LEG Immobilien SE operates in the German residential housing market, benefiting from a structural housing shortage and maintaining strong financial performance [22][23][24] - Aida Engineering Ltd is positioned to capitalize on the transition to electric vehicles and fuel cell technology, trading at a valuation that reflects stagnation rather than growth [29][34] - KNOT Offshore Partners LP operates specialized shuttle tankers with contracted cash flows, trading at a valuation that suggests significant undervaluation [39][45] Historical Context - Historical patterns indicate that periods of deep value underperformance often precede substantial returns for value investors [20][50] - Current market conditions resemble past cycles where undervalued, fundamentally sound businesses eventually gained recognition [55][58]

Core Insights - Century Communities, Inc. has launched new homes under its Century Complete brand in Valparaiso, Indiana, with prices starting from the mid $300s [1][4] - The company is recognized as a leader in online home sales and has been featured in Newsweek's lists of America's and the World's Most Trustworthy Companies [1][8] - The new community, Timberland Farms, offers modern two-story floor plans with various premium features and is located near several amenities, including Valparaiso University and Indiana Dunes National Park [3][6] Company Overview - Century Communities, Inc. is one of the largest homebuilders in the U.S., operating in 16 states and over 45 markets [8] - The company provides a comprehensive range of services, including home construction, marketing, and sales, as well as mortgage and insurance services through its subsidiaries [8] - The mission of the company is to build attractive, high-quality homes at affordable prices, aiming to provide "A HOME FOR EVERY DREAM" [8] Product Offering - Timberland Farms features two-story floor plans with up to 5 bedrooms and sizes reaching 2,180 square feet [6] - Homes include modern amenities such as quartz countertops, stainless-steel appliances, and luxury wood-look flooring [6] - The community is designed to appeal to a wide range of homebuyers, with options for private studies, flex spaces, and game rooms [2][6] Location and Accessibility - Timberland Farms is situated in a small-town environment with convenient access to urban and outdoor amenities [3] - The community is zoned for the highly rated Duneland School Corporation, enhancing its appeal to families [3] - The location is approximately 20 miles from Gary and 50 miles from Chicago, providing a balance of suburban living with city accessibility [6] Online Homebuying Experience - Century Complete offers an industry-first online homebuying process, allowing buyers to purchase homes 24/7 while still working with local real estate agents [5][11] - The online process includes steps such as filling out a Buy Online form and electronically signing contracts, streamlining the homebuying experience [11]

Core Insights - The choice of floor in a residential building significantly impacts living experience, with specific floors being favored for their unique advantages [1][3]. Group 1: Preferred Floor Selection - A simple formula for selecting a floor is "total number of floors divided by two, plus one," which typically points to the middle-upper section of the building [3]. - Higher floors help avoid noise disturbances from nearby commercial areas, while lower floors may suffer from noise issues [3]. - Low floors can have poor lighting and drying conditions, while very high floors may experience excessive dust due to high air flow [5]. Group 2: Comfort and Convenience Balance - Another guideline suggests choosing floors that are above one-third and below two-thirds of the total number of floors, which generally provides good lighting and air circulation while avoiding humidity issues common in lower floors [7]. - These mid-range floors also offer convenience for daily commuting, making it manageable to walk up in case of elevator failure [7]. Group 3: Floors to Avoid - Top floors are prone to water leakage issues, especially if property management is inadequate, leading to potential long-term problems for residents [11]. - Waistline floors often have smaller window areas, resulting in reduced indoor lighting, and are at risk of water accumulation if waterproofing is not properly managed [11]. - Elevated ground floors, while perceived as a solution to dampness, can be colder due to lack of insulation from below, making them less comfortable than standard second floors [12].

11层的独特魅力：实惠与便捷的结合 首先，11层最吸引人的地方莫过于其价格优势。通常情况下，开发商会将楼盘的中间楼层，例如16层左 右，作为基础定价层。随着楼层的升高，价格也随之攀升，18层至23层往往是整栋楼中最昂贵的"黄金 楼层"。以某31层高层住宅为例，20层的单价高达31003元/平方米，而1楼的最低价为27603元/平方米， 两者相差3400元/平方米，这意味着不同楼层之间的价差可能达到10%。因此，11层相对较低的楼层， 在价格上无疑更具竞争力。 其次，11层的居住便利性不容忽视。回想起童年，住在三四层楼的朋友，只需几步便能奔下楼与小伙伴 玩耍。如今，高楼林立，相比于20层以上的楼层，11层对于家中有老人和小孩的家庭来说，上下楼更加 方便快捷。此外，电梯的可靠性也是一个考量因素。电梯在投入使用5到10年后，是故障的高发期。虽 然不常见，但一旦发生，11层的住户受到的影响远小于高楼层的住户。试想一下，爬22层和爬46层，哪 个更耗费体力？显而易见，较低的楼层在面对电梯意外时，更加从容。 在高耸入云的32层建筑中，选择11层还是23层，这无疑是许多购房者心中的一个"世纪难题"。正如俗语 所说，"一千个 ...

Core Viewpoint - The article emphasizes the importance of being cautious when purchasing real estate, particularly regarding common pitfalls associated with different floor levels in buildings [1]. Group 1: Common Floor Level Traps - The first major trap is low floors adjacent to commercial shops, which can lead to poor living conditions due to noise and pollution [3][7]. - The second trap is the first floor, which often suffers from inadequate lighting and ventilation, making it less desirable for living [6][10]. - The third trap involves top floors without lofts, which can become excessively hot in summer and may have issues with water leakage due to roof exposure [9]. - The final trap is the waistline floor, which can accumulate dust and water, negatively impacting air quality and potentially leading to structural issues [11]. Group 2: Recommendations for Homebuyers - Homebuyers are advised to conduct thorough on-site evaluations and not to rely solely on sales personnel's claims [4][11]. - It is crucial to consider the overall living environment and potential drawbacks of specific floor levels to find a suitable home [10].

Core Insights - Neinor successfully raised €140 million through an accelerated bookbuild offering (ABB) by issuing 8,900,190 new shares at €15.73 per share [1] - Orion, Neinor's largest shareholder, subscribed €100 million, demonstrating long-term commitment and confidence in the company's growth strategy [1] - An additional €40 million was subscribed by existing shareholders, following a previous successful ABB of €229 million in June [1] Company Strategy and Market Position - Spain is highlighted as one of the safest residential markets globally, characterized by structural undersupply, underleveraging, and long-term growth opportunities in a fragmented market [1] - Over the past 2.5 years, Neinor and its strategic partners have closed land acquisitions exceeding €2.7 billion to develop approximately 31,000 housing units targeting opportunistic returns [1] - The acquisition of AEDAS is fully funded, and Neinor plans to use net proceeds to pursue growth opportunities in Build-to-Sell and Alternative Living segments [1] Leadership Commentary - Borja García-Egotxeaga, CEO of Neinor Homes, expressed satisfaction with the transaction outcome and the continued support from Orion and institutional investors, emphasizing the potential for expansion in attractive market segments [1] - Jordi Argemí, Deputy CEO and CFO, noted that the capital raise strengthens Neinor's balance sheet and enhances the capacity to execute on the current pipeline, highlighting strong confidence in the company's strategy and value creation potential [1]

让我们逐一解读这四大原则： 对于许多家庭来说，倾尽所有积蓄，背负数十年房贷购买房产是人生大事。面对高企的房价，如何在有限的预算内挑选到称心如意的房子，成为购房者必须 面对的难题。除了关注地段、楼层、户型和小区环境等因素外，业内人士也总结出"买南、买边、买三、避四"的黄金法则，若能牢记于心，相信能有效避免 选房失误。 最后，避开特定楼层（避四）。这里的"四"指的是四个需要尽量避开的楼层： 底层：底层房屋普遍存在采光差、通风不良的问题，常年阴暗潮湿，容易滋生细菌，地板也需要频繁更换。即使白天也需要开灯，居住舒适度较低。 首先，朝南为佳（买南）。选择朝南的房子，是众多业内人士的首选推荐。原因在于，朝南的房屋拥有得天独厚的优势：充足的采光，让阳光洒满房间，有 效杀菌，保证室内明亮干燥；良好的通风，有助于空气流通，保持室内清新；冬暖夏凉，即使在寒冷的冬季或炎热的夏季，也能拥有相对舒适的居住体验， 大大节省了空调的使用，降低了生活成本，晾晒衣物和被褥也更加方便。如果客厅和卧室都朝南，阳光的眷顾会带来更舒适健康的生活环境。 其次，选择边户（买边）。尽量选择位于楼栋两侧的边户，而非中间户型。边户通常拥有更好的通风和采光条件， ...

Financial Data and Key Metrics Changes - The company reported a normalized FFO growth of 4.6% for Q3 2025, aligning with expectations [3] - Normalized FFO per share was $0.75, consistent with guidance [12] - Full-year normalized FFO guidance is maintained at $3.06 per share, representing an estimated growth rate of 4.9% compared to 2024 [16] Business Line Data and Key Metrics Changes - Core community-based rental income increased by 5.5% for Q3 and year-to-date compared to the same periods in 2024 [12] - Core RV and marina annual base rental income rose by 3.9% for Q3 and year-to-date compared to the same periods last year [13] - Seasonal rent decreased by 7% and transient rent decreased by 8.4% year-to-date [13] Market Data and Key Metrics Changes - The Florida manufactured housing portfolio reached 94% occupancy, with marked market rent increases of 13% for new home buyers [8][9] - Arizona and California markets are 95% occupied, attracting home buyers due to desirable locations and quality amenities [9] - Canadian customer reservations are down approximately 40% compared to the prior year, impacting seasonal and transient revenue [26][60] Company Strategy and Development Direction - The company focuses on expanding its manufactured housing portfolio, expecting to issue rent increase notices to 50% of residents by the end of October 2025, with an average increase of 5.1% [5] - The strategy includes leveraging technology for marketing and customer engagement, targeting RV owners and adapting to evolving customer preferences [4][5] - The company aims to add about 400 to 500 expansion sites in the manufactured housing sector, which is lower than previous years but deemed sustainable [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of property operations and FFO, with expectations for continued growth in 2026 [3][6] - The anticipated rent increases are expected to support long-term revenue growth, with a focus on enhancing resident experience through capital improvements [6] - Management acknowledged challenges from Canadian customer reservations due to political issues but remains optimistic about future bookings as winter approaches [24][60] Other Important Information - The company maintains a strong balance sheet with no secured debt maturing before 2028 and a debt-to-EBITDA ratio of 4.5 times [18][19] - The company has access to over $1 billion in capital from its combined line of credit and ATM programs [19] Q&A Session Summary Question: Can you talk about the process for setting 2026 rent increases? - The process for MH and RV rate increases involves reviewing competitive sets and setting rates during the budget process, with no unusual market behavior noted [21][22] Question: What is the success rate of reaching out to Canadian customers for seasonal reservations? - The company noted that the cold winter season typically drives reservations, and they expect an increase as winter approaches despite current political issues affecting bookings [23][24] Question: Does guidance assume a 40% decline in Canadian bookings? - The guidance reflects a 13.3% decline in combined seasonal and transient revenue, primarily due to lower reservations from Canadian customers [26] Question: What is the outlook for the core FFO guidance range? - The company maintains a $0.10 range for full-year guidance, with no significant changes expected [29] Question: Can you discuss the potential for developing more sites in the MH sector? - The company is looking to add 400 to 500 expansion sites, with a focus on investing in existing properties rather than acquisitions due to limited availability [30][31] Question: How are you managing expenses in light of transient revenue declines? - The company has successfully contained expenses, particularly in payroll, and anticipates some volatility in real estate taxes moving forward [38] Question: How will you backfill missing demand from Canadian customers? - The company is focusing on marketing to U.S. customers and leveraging social media to attract bookings, rather than relying solely on discounted rates [69][70]

Core Insights - Existing-home sales increased by 1.5% compared to the previous month, reaching the highest rate since February [1] Group 1 - The rise in existing-home sales indicates a positive trend in the housing market [1]

Core Insights - U.S. existing home sales reached a seven-month high in September, increasing by 1.5% to an annual rate of 4.06 million units, the highest since February [1][2] - The increase in home sales is attributed to falling mortgage rates and improving housing affordability, despite rising economic uncertainty and a stalled labor market [2][3] Sales Performance - Home sales rose 4.1% year-over-year, with increases noted in the Northeast, South, and West regions, while the Midwest experienced a decline [2] - The average rate for a 30-year fixed mortgage is at a one-year low of 6.27%, down from 7.04% in January, contributing to the rise in sales [2] Economic Context - A government shutdown has delayed the release of official economic data, including the employment report for September, leading to concerns about muted hiring due to economic uncertainty [3] - The shutdown has also affected real estate transactions, particularly in flood-prone areas where necessary insurance is unavailable [4] Inventory and Pricing - The inventory of existing homes increased by 14.0% year-over-year to 1.550 million units, although it remains below pre-pandemic levels [4] - The median existing home price rose by 2.1% year-over-year to $415,200, with current inventory expected to last 4.6 months at the September sales pace [5] Market Dynamics - Properties stayed on the market for an average of 33 days, up from 28 days a year ago, indicating a slight slowdown in sales velocity [6] - First-time buyers represented 30% of sales, an increase from 26% a year ago, though a 40% share is considered necessary for a robust housing market [6]