Key Information - Man Group PLC disclosed a position in Tritax Big Box REIT plc, holding 24,992,624 relevant securities, representing 1.01% of the total [1] - The disclosure also includes interests in cash-settled derivatives amounting to 12,303,612 (0.50%) and stock-settled derivatives of 37,296,236 (1.50%) [3] - The date of the position held is July 10, 2024, and the disclosure was made on July 11, 2024 [1][16] Positions - The total interests and short positions disclosed include: - Relevant securities owned: 24,992,624 (1.01%) - Cash-settled derivatives: 12,303,612 (0.50%) with short positions of 719,600 (0.03%) - Stock-settled derivatives: 37,296,236 (1.50%) with short positions of 719,600 (0.03%) [3] Dealings - The company has reduced its long position in cash-settled derivatives through multiple transactions, with the largest being 847,207 units at a price of 1.4367 [9] - Additional reductions in long positions include transactions of 262,066 units at 1.4324, 91,159 units at 1.4320, and several smaller transactions [9] Other Information - There are no indemnity or other dealing arrangements disclosed that may influence the dealings in relevant securities [13] - No agreements or understandings relating to options or derivatives affecting voting rights or future acquisitions/disposals of relevant securities were reported [15]

The board of UK landlord Warehouse REIT has recommended shareholders accept an increased offer for the company made by Blackstone that topped a proposal by rival Tritax Big Box REIT https://t.co/8yA7vLfrr6 ...

Core Viewpoint - Investors often focus on high dividend yields without considering the long-term sustainability of those yields, leading to potential misvaluations in stocks like AGNC Investment Corp, ARMOUR Residential, and Orchid Island Capital [1][2] Company Analysis - AGNC Investment Corp trades at a significant premium to its tangible book value, attracting investors primarily due to its high yield, which is not a thorough research approach [2][18] - The earnings of AGNC appear strong due to existing hedges from low interest rates, but these hedges are expiring, leading to an increase in the cost of funds [3][8] - Even if the Federal Reserve cuts interest rates, AGNC's cost of funds is expected to rise because most of its funding costs are locked in through swaps [4][5] - AGNC's hedge portfolio includes a substantial amount of interest rate swaps, with $47.8 billion in long positions, which are crucial for managing interest expenses [7][8] - The yield on AGNC's assets is increasing, but the cost of funds is rising faster, resulting in a declining net interest spread and lower coverage ratio for dividends compared to two years ago [11][14] Comparative Analysis - ARMOUR Residential and Orchid Island Capital are seen as less favorable compared to AGNC, with similar risks but poorer decision-making and performance [14][19] - Preferred shares and baby bonds in the sector are viewed as more stable investment options, offering yields of 9% to 10% without the volatility associated with common shares [16][17] Market Sentiment - AGNC's current price reflects a large premium over its tangible book value, which is unusual and may indicate potential future declines in share price and dividends [18] - ARMOUR Residential and Orchid Island Capital are trading close to their book values, which is considered expensive given their historical performance and frequent losses [19]

Core Insights - Orchid Island Capital, Inc. (ORC) estimates a net loss of 29 cents per share for Q2 2025, primarily due to losses on residential mortgage-backed securities (RMBS) and derivative instruments [1][9] - The estimated book value per share is $7.21, reflecting a 15.9% year-over-year decline, with a negative total return on equity of 4.7% as of June 30, 2025 [2][9] Financial Performance - As of June 30, 2025, Orchid's RMBS portfolio value is estimated at $6.9 million, indicating a challenging quarter due to net realized and unrealized losses [3][9] - Over the past three months, ORC shares have increased by 18.6%, outperforming the industry growth of 14% [7] Competitive Landscape - AGNC Investment focuses on leveraged investments in Agency RMBS, with a portfolio value of $70.5 billion as of March 31, 2025, and a tangible net book value of $8.25 per share [5] - Annaly Capital Management primarily invests in Agency mortgage-backed securities, holding $75 billion in Agency MBS as of March 31, 2025, with a book value per share of $19.02 [6] Valuation Metrics - Orchid trades at a forward price-to-tangible (P/TB) ratio of 1.03X, which is above the industry average of 1X [10] - The Zacks Consensus Estimate for ORC's earnings in 2025 and 2026 suggests significant year-over-year increases of 394.4% and 24.5%, respectively [13]

Group 1 - Four Corners Property Trust (FCPT) announced the acquisition of LongHorn Steakhouse property for $2.5 million, emphasizing its expansion and diversification efforts to support future revenue growth [1][6] - The property is situated in a high-traffic area in Michigan and was acquired at a 6.5% cap rate on rent, under a long-term triple-net lease [1][6] - FCPT's strategy includes structuring a portfolio resilient to various economic cycles, although it may face challenges due to elevated interest rates impacting borrowing costs [3] Group 2 - FCPT has a history of acquisitions, including the recent purchase of four Cheddar's Scratch Kitchen properties for $14.7 million [2] - In the past six months, FCPT's shares have increased by 1.9%, while the industry has seen an 8.8% rise [3] - Other better-ranked stocks in the REIT sector include SBA Communications and Omega Healthcare Investors, both currently rated Zacks Rank 2 (Buy) [4]

Key Takeaways FRT bought two Kansas retail centers for $289M amid strong local demographics. FRT sold LA's Hollywood Boulevard retail assets for $69M to unlock value. FRT starts Lot 12, a 258-unit Santana Row project to boost portfolio quality.Federal Realty (FRT) recently announced several transactions supporting its capital deployment strategy. The company has acquired two open-air retail centers in Kansas, sold a non-core asset in Los Angeles and commenced a new residential project at Santana Row. The ...

Top Cannabis Real Estate Stocks for July 2025: REITs with Strong UpsideCannabis REITs are gaining momentum this week as investors seek dividend-paying stocks with long-term growth potential. These companies lease properties to licensed cannabis operators, generating steady income for their shareholders. As the cannabis sector matures, real estate investment trusts provide stability and consistent payouts. The U.S. cannabis market is projected to reach over $45 billion by the end of 2025. Annual growth rates ...

Group 1 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Significant efforts have been made to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - Development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing stock has been a focus [1] - Roberts is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [1] - Active involvement in "thought-leadership" activities supports the development of pan-Baltic capital markets [1]

Core Viewpoint - Veris Residential, Inc. has amended its $500 million credit facility to enhance financial flexibility and reduce borrowing costs, supporting its strategy to sell non-strategic assets and lower leverage [1][3]. Group 1: Credit Facility Details - The amended facility includes a $300 million Revolving Credit Facility and a $200 million delayed-draw Term Loan, with a leverage-based pricing grid for the Revolver, offering spreads from 1.25% to 1.80% over SOFR [2]. - The number of secured properties required in the collateral pool has been reduced from five to two, with the facility maturing in April 2027 and a one-year extension option on the Revolver [2]. Group 2: Financial Impact and Strategy - The amendment results in an initial improvement of 55 basis points in corporate borrowing costs, with potential for further savings as the balance sheet strengthens [3]. - The company aims to complete up to $500 million in non-strategic asset sales, which is part of its multi-pronged optimization strategy to enhance stakeholder value [3]. Group 3: Recent Transactions - Concurrently with the amended facility, Veris Residential completed the $85 million sale of Signature Place, using $80 million of the proceeds to reduce its Term Loan to $120 million [3]. Group 4: Company Overview - Veris Residential, Inc. is a real estate investment trust focused on Class A multifamily properties in the Northeast, utilizing a technology-enabled operating platform to enhance living experiences and community impact [5].

2 Transaction Overview Acquisition Presentation July 12, 2024 Forward Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the anticipated accretion and future rent coverage. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," " ...