Core Viewpoint - Equity LifeStyle Properties, Inc. is set to release its fourth quarter 2025 earnings on January 28, 2026, with a conference call scheduled for January 29, 2026, to discuss the results [1]. Company Overview - The company is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,341 sites as of September 30, 2025 [6]. Conference Call Details - The conference call will be available via live audio webcast and replay on the company's website, specifically in the Investor Relations section under Events [2]. - Interested parties must register at least fifteen minutes prior to the call to receive dial-in details [2].

Core Viewpoint - Piedmont Realty Trust has announced the tax treatment of its 2025 common stock dividends, advising shareholders to consult their personal tax advisors for specific tax implications [1]. Dividend Information - The company declared dividends of $0.125 per share for two payment dates: January 2, 2025, and March 14, 2025 [2]. Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company, focusing on delivering exceptional office environments [3]. - The company owns, manages, develops, and operates approximately 16 million square feet of Class A properties across major U.S. Sunbelt markets [3]. - Piedmont Realty Trust is recognized for its hospitality-driven approach and commitment to enhancing workplace experiences through its "Piedmont PLACEs" [3].

Core Viewpoint - Two Harbors Investment Corp (TWO) will release its financial results for the quarter ended December 31, 2025, after market close on February 2, 2026, and will host a conference call on February 3, 2026, at 9:00 a.m. ET to discuss these results [1]. Group 1 - The financial results will be available through a live webcast on the company's website, with a replay accessible approximately four hours after the live call [2]. - To participate in the teleconference, interested parties should call toll-free (800) 330-6710 about 10 minutes before the start time and provide the Conference Code 1408684 [3]. - TWO is a real estate investment trust (REIT) focused on mortgage servicing rights, residential mortgage-backed securities, and other financial assets, headquartered in St. Louis Park, MN [4].

Core Viewpoint - Net Lease Office Properties (NYSE: NLOP) announced the sale of three office properties for approximately $130.6 million and declared a special cash distribution of $6.75 per common share, totaling around $100 million, payable on February 17, 2026 [1][2]. Group 1: Financial Highlights - The special cash distribution of $6.75 per share is intended for shareholders of record as of January 30, 2026 [1]. - The total gross proceeds from the sale of the properties amounted to approximately $130.6 million [2]. - The properties sold include KBR, Inc. in Houston, TX for $66 million, Google, LLC in Venice, CA for $39.6 million, and Northrop Grumman Systems Corporation in Plymouth, MN for $25 million [3]. Group 2: Property Details - The total square footage of the sold properties is approximately 1,323,805 square feet [3]. - KBR, Inc. had an annual base rent (ABR) of $21,288,000 at the time of sale [3]. - Google, LLC had an ABR of $3,018,000, while Northrop Grumman Systems Corporation had an ABR of $2,679,000 [3]. Group 3: Company Overview - Net Lease Office Properties is a publicly traded real estate investment trust (REIT) that focuses on high-quality, single-tenant office properties leased to corporate tenants across various industries in the U.S. [4].

Core Viewpoint - Dream Industrial REIT announced a monthly distribution of 5.833 cents per Unit for January 2026, which annualizes to 70 cents, payable on February 13, 2026, to unitholders of record as of January 30, 2026 [1] Group 1: Company Overview - Dream Industrial REIT is an owner, manager, and operator of a global portfolio of diversified industrial properties [2] - As of September 30, 2025, the REIT manages a portfolio of 340 industrial assets (552 buildings) totaling approximately 73.2 million square feet of gross leasable area across Canada, Europe, and the U.S. [2] - The objective of Dream Industrial REIT is to deliver strong total returns to unitholders through secure distributions and growth in net asset value and cash flow per unit, supported by a high-quality portfolio and an investment-grade balance sheet [2]

Core Viewpoint - Dream Office REIT announced a monthly distribution of 8.333 cents per REIT Unit, Series A, which annualizes to $1.00, payable on February 13, 2026 [1] Company Overview - Dream Office REIT is an unincorporated, open-ended real estate investment trust [1] - The company is a premier office landlord in downtown Toronto, managing over 4.0 million square feet of owned and managed properties [1] - The investment portfolio consists of high-quality assets located in irreplaceable locations within one of the finest office markets globally [1]

Core Viewpoint - A class action lawsuit has been filed against Alexandria Real Estate Equities, Inc. and certain senior executives for securities fraud following a significant stock drop due to potential violations of federal securities laws [1]. Company Overview - Alexandria Real Estate is a real estate investment trust (REIT) focused on tenants in life science industries, including pharmaceutical and biotechnology companies [4]. Financial Performance - Alexandria Real Estate reported lower-than-expected results for Q3 2025, leading to a stock price drop of $14.93 per share, or over 19%, from $77.87 to $62.94 between October 27 and October 28, 2025 [6]. - The company announced a real estate impairment charge of $323.9 million, with $206 million attributed to its Long Island City property, which was deemed not suitable for life science scaling [5][6]. Legal Proceedings - Investors have until January 26, 2026, to request to lead the class action case, which is pending in the U.S. District Court for the Central District of California [3]. - The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Alexandria Real Estate securities [3].

Core Viewpoint - National Healthcare Properties, Inc. has confidentially submitted a draft registration statement for a proposed public offering of its common stock, aiming to use the proceeds for debt repayment, property acquisitions, and general corporate purposes [1][2]. Group 1: Offering Details - The number of shares and the price range for the proposed offering have not yet been determined [2]. - The closing of the offering is contingent upon market conditions, SEC review completion, Nasdaq approval, and other customary conditions [2]. Group 2: Company Overview - National Healthcare Properties, Inc. is a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate, particularly in senior housing and outpatient medical facilities in the United States [4].

Acquisition Details - The company announced the acquisition of a 6,529-square foot retail property in downtown Aspen, Colorado for $10.0 million at an initial cap rate of 8.5% with 1.25% annual escalators [1] - The acquisition was structured as a 50-year absolute triple net master lease with a commercial real estate firm specializing in retail project leasing [1] - The property is located in a desirable retail corridor, benefiting from an average household income of $187,000 within a five-mile radius [1] Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on delivering attractive risk-adjusted returns and dependable cash dividends [2] - The company invests in, owns, and operates a diversified portfolio of single tenant net leased commercial income properties, predominantly leased to high-quality publicly traded and credit-rated tenants [2]

Core Insights - The performance of the Southeastern Small-Cap Fund has been mixed, with the underlying developments of holdings being better than stock price returns, particularly in a challenging market environment [2][3] - The fund's portfolio has a lower percentage of big winners compared to the Russell 2000, with only 15% of its holdings up an average of 30% compared to over 35% of the index's holdings up 70%+ [3] - The fund has maintained a strong position in the mid-range performance category, outperforming the Russell 2000 in that segment [4] - The fund's exposure to decliners was limited, with only 10% of the portfolio in this category, resulting in lower average losses compared to the index [5] Performance Analysis - The fund's average performance in the -20% to +20% return bucket was better than the Russell 2000's 0% return, with key holdings like White Mountains, CNX, and Rayonier contributing positively [4] - The fund's cash position and stable investments like Kodak initially provided safety but later became performance headwinds [6] - The fund's leverage rules have been effective in avoiding pitfalls, and adjustments to the overweight rule have been made to enhance performance [7][8] Notable Contributors - Beclé, a tequila and whiskey manufacturer, was a significant contributor due to its undervaluation and strong market position [9] - GCI Liberty, a communications company in Alaska, benefited from its unique market position and insider support from John Malone [10] - Graham Holdings showed strong performance due to growth in its education and healthcare segments [11] - Mattel has positioned itself well with strong brand power and a robust balance sheet, leading to significant stock repurchases [12] - Oscar Health experienced above-market growth but was exited due to emerging industry risks [14] Notable Detractors - Boston Beer faced challenges due to declining volumes in its major brands, although management is actively addressing these issues [15] - Clearwater Paper struggled with a weak market for solid bleached sulfate paperboard, but management is focusing on share repurchases [16] - Park Hotels & Resorts was impacted by macroeconomic concerns affecting leisure travel, leading to a decision to exit the position [18] Portfolio Activity - The fund made seven new purchases during the year, including GCI Liberty and Beclé, while exiting eight positions, including Kodak and Oscar Health [20][19] Outlook - The fund anticipates continued engagement through research perspectives and podcasts, focusing on quality investments amid market volatility [21] - The fund's strategy emphasizes owning resilient, free cash flow-generating assets to navigate market fluctuations effectively [22]