Sansert Sangsakawrat/iStock via Getty Images Green bond issuance by US equity real estate investment trusts subsided in the first half of 2025, according to an S&P Global Market Intelligence analysis. Datacenter REIT Equinix Inc. (EQIX) was the sole ...

Core Viewpoint - The S&P 500 is experiencing a rally, leading to a decline in its dividend yield, which is currently around 1.2%, nearing a record low. Despite this, there are still attractive dividend-paying stocks available for yield-seeking investors [1]. Group 1: ExxonMobil - ExxonMobil has a strong track record of increasing its dividend for 42 consecutive years, outperforming its peers in the oil sector [4]. - The company benefits from an integrated business model with low-cost, high-margin assets, allowing for resilient cash flows and a fortress balance sheet with the lowest leverage ratio among its peers [5]. - ExxonMobil's 2030 plan aims to boost earnings by $20 billion and cash flow by $30 billion, supporting future dividend increases [6]. Group 2: Johnson & Johnson - Johnson & Johnson has a AAA credit rating and a net debt of $13.5 billion, which is manageable given its $380 billion market cap and $20 billion in free cash flow last year, easily covering its $11.8 billion dividend [7]. - The company has raised its dividend for 63 consecutive years, qualifying it as a Dividend King [8]. - Johnson & Johnson invests heavily in growth, spending $17 billion on R&D and securing over $30 billion in M&A deals last year, positioning it to continue increasing its 3.3% dividend yield [9]. Group 3: Essex Property Trust - Essex Property Trust is a major apartment owner focused on West Coast markets, benefiting from strong demand for rental housing [10]. - The REIT has increased its dividend for 31 consecutive years, with a cumulative increase of 516% since its IPO in 1994, currently yielding 3.6% [11]. - The company maintains a strong investment-grade balance sheet, allowing for continued expansion through acquisitions and development projects, enhancing its ability to increase dividends [12]. Group 4: High-Quality Dividend Stocks - ExxonMobil, Johnson & Johnson, and Essex Property Trust are highlighted as high-quality, high-yielding dividend stocks with yields above 3% and potential for further growth, making them attractive options for investors [13].

Core Insights - Prologis reported Q2 2025 core FFO of $1.46 per share and occupancy at 95.1%, exceeding internal forecasts despite market challenges [1] - The company raised its core FFO guidance for FY2025 to $5.75–$5.85 per share, an increase of $0.45 at the midpoint, and development start guidance to $2.25–$2.75 billion for 2025 [1][9] Development and Leasing Activity - First-half development starts reached a record $1.1 billion, with nearly 65% of new starts in Q2 2025 being build-to-suit projects [3][4] - The leasing pipeline increased by 19% year over year, totaling 130 million square feet, with strong demand for larger deals and activity from third-party logistics providers [5][6] Market Position and Future Outlook - Despite a U.S. vacancy rate of 7.4%, supply constraints persist, with a market-to-replacement-cost rent spread exceeding 20%, indicating potential for future cash flow uplift [7][8] - Management projects same-store NOI growth of 3.75%–4.25% net effective and 4.25%–4.75% cash for 2025, with rent changes for new and renewing leases expected to average in the low to mid-50% range [9]

NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed a $450 million refinancing of PENN 11, a 1.2 million square foot Manhattan office building located in THE PENN DISTRICT. The five-year interest only loan matures in August 2030 and has a fixed rate of 6.35%. Vornado paid down by $50 million the prior $500 million loan that bore interest at a rate of SOFR plus 2.06% (swapped to fixed at an all-in rate of 6.28%) and was scheduled to mature in Octo ...

Financial and Operating Highlights - The company reported a net loss attributable to common stockholders of $11.1 million, or $0.16 per share, for Q2 2025, compared to a net loss of $2.2 million, or $0.04 per share, for the same quarter in 2024 [5][6] - Funds from operations (FFO) for Q2 2025 were $124.5 million, or $1.63 per share, down from $143.9 million, or $2.05 per share, in Q2 2024 [8][9] - Same-store cash net operating income (NOI) decreased by 1.0% for Q2 2025 compared to the same period in 2024 [11] - Manhattan same-store office occupancy was 91.4% as of June 30, 2025, with expectations to increase to 93.2% by December 31, 2025 [15] Investing Highlights - The company signed 46 Manhattan office leases totaling 541,721 square feet in Q2 2025, with an average rent of $90.03 per rentable square foot [13] - The commercial mortgage investment in 522 Fifth Avenue was repaid for $200.0 million, generating net proceeds of $196.6 million [16] - The company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million, generating net proceeds of $3.2 million [17] Financing Highlights - An affiliate of the company and a joint venture partner acquired the debt encumbering 1552-1560 Broadway for $63.0 million, which had a total debt claim of $219.5 million [20] Special Servicing and Asset Management Highlights - The company's special servicing business increased by $1.3 billion in active assignments, totaling $6.1 billion, with an additional $10.5 billion designated for special servicing on non-active assets [21] Earnings Guidance - The company increased its 2025 earnings guidance range for FFO per share to $5.65 to $5.95, reflecting incremental income from its debt and preferred equity portfolio [23]

Company Announcement - ACRES Commercial Realty Corp. will release its second quarter 2025 results on July 30, 2025, after market close [1] - A live conference call is scheduled for July 31, 2025, at 10:00 a.m. Eastern Time [1] Conference Call Details - The conference call can be accessed by dialing 1-800-267-6316 for U.S. domestic or 1-203-518-9783 for international calls, using Conference ID ACRES [2] - A replay of the conference call will be available until August 14, 2025, through the company's website and by phone [2] Company Overview - ACRES Commercial Realty Corp. is a real estate investment trust focused on originating, holding, and managing commercial real estate mortgage loans [3] - The company may also hold equity investments in commercial real estate properties through direct ownership and joint ventures [3] - It is externally managed by ACRES Capital, LLC, which specializes in middle market commercial real estate lending across various property types in top U.S. markets [3]

Core Viewpoint - Invesco Mortgage Capital Inc. is set to announce its second quarter 2025 results on July 24, 2025, with a subsequent conference call scheduled for July 25, 2025, at 9:00 a.m. ET [1] Company Information - Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on investing in, financing, and managing mortgage-backed securities and other mortgage-related assets [3] - The company is externally managed and advised by Invesco Advisers, Inc., a wholly-owned subsidiary of Invesco Ltd., which is a leading independent global investment management firm [3] Conference Call Details - A presentation will be available on the company's website prior to the conference call [2] - Participants can join the call using the North America Toll-Free number 888-982-7409 or the International Toll number 1-212-287-1625, with the passcode "Invesco" [2] - An audio replay of the call will be available until August 8, 2025 [2]

Core Viewpoint - Regency Centers Corp. (REG) is positioned for long-term growth due to its premium portfolio of grocery-anchored shopping centers, strategic acquisitions, and a strong development pipeline [1][5]. Group 1: Financial Performance and Estimates - The Zacks Consensus Estimate for REG's 2025 funds from operations (FFO) per share has increased to $4.54 over the past three months [2]. - Shares of REG have decreased by 3.1% in the last three months, while the industry has seen a smaller decline of 0.7% [2]. Group 2: Operational Strengths - Regency's shopping centers are located in affluent suburban areas, attracting high-spending consumers and top grocers [3]. - The company experienced a 4% growth in same-property net operating income in Q1 2025, driven by embedded rent escalators [3]. Group 3: Tenant Base and Market Position - REG has a strong tenant base with industry-leading grocers such as Publix, Kroger, and Amazon/Whole Foods, with over 80% of its centers being grocery-anchored [4]. - Six of the top ten tenants are high-performing grocers, enhancing the stability of rental revenue [4]. Group 4: Strategic Expansion - REG is actively pursuing acquisitions and development projects to enhance its portfolio, demonstrating prudent financial management [5][7]. - In Q1 2025, REG acquired Brentwood Place Shopping Center for approximately $119 million and made additional purchases totaling around $14 million [8]. Group 5: Development Projects - As of March 31, 2025, REG has ongoing development projects with estimated net costs of around $499 million [9]. - The company aims to replicate its successful development execution from 2024 in 2025 [9]. Group 6: Balance Sheet and Credit Ratings - Regency maintains a strong balance sheet with nearly $1.2 billion in capacity under its revolving credit facility and approximately $78.5 million in cash [10]. - S&P Global Ratings upgraded REG's credit rating to 'A-' with a stable outlook, enhancing lender confidence [10]. Group 7: Dividend Policy - REG is committed to increasing shareholder wealth through solid dividend payouts, with a recent increase of 5.2% in its quarterly cash dividend to 70.5 cents [10]. - The company has achieved a compound annual growth rate (CAGR) of 3.7% in dividends from 2014 to Q4 2024, with three increases in the last five years [10].

Core Insights - Prologis, Inc. (PLD) reported second-quarter 2025 core funds from operations (FFO) per share of $1.46, exceeding the Zacks Consensus Estimate of $1.41 and up from $1.34 in the same quarter last year [1][11] - The company's shares rose over 3% in early trading, reflecting positive investor sentiment driven by increased rental revenues and strong leasing activity, despite high interest expenses [2] Financial Performance - Prologis generated rental revenues of $2.04 billion, surpassing the Zacks Consensus Estimate of $2 billion and increasing from $1.85 billion year-over-year [3] - Total revenues reached $2.18 billion, up from $2 billion in the prior year [3] - The average occupancy level in Prologis' owned and managed portfolio was 94.9%, unchanged from the previous quarter but down from 96.1% year-over-year [5] Leasing and Occupancy - In the quarter, 51.2 million square feet of leases commenced, with a retention level of 74.9% [4] - Prologis' share of net effective rent change was 53.4%, with cash rent change at 34.8% [5] Development and Acquisitions - The company reported building acquisitions of $335 million with a weighted average stabilized cap rate of 5.7% [6] - Development stabilization totaled $192 million, with 5.3% being built to suit, while development starts amounted to $846 million, with 62.7% being built to suit [6] Interest Expenses and Liquidity - Interest expenses increased by 20.9% year-over-year to $251.9 million [7] - Prologis ended the quarter with cash and cash equivalents of $1.07 billion, up from $671.1 million at the end of the previous quarter, and total liquidity of $7.1 billion [8] 2025 Guidance - The company narrowed its 2025 core FFO per share guidance to $5.75-$5.80 from a previous range of $5.65-$5.81, with the Zacks Consensus Estimate at $5.70 [12] - Average occupancy guidance was revised to 94.75%-95.25% from 94.5%-95.5% [12] - Capital deployment outlook for development starts was increased to $2.25-$2.75 billion from $1.50-$2.00 billion [13]

Innovative Industrial (NYSE:IIPR) is an industrial REIT focused on growing facilities and other real estate infrastructure of the legal marijuana supply chain. We have been bearish on the company for quite a while, writing multiple bear reports here, here and here. We believed IIPR’s leases involved a sort of loan baked in as both purchase price and rental rates were well above market rates. Thus as tenants either defaulted or leases expired, we thought they would have to mark rents back down to market and ...