Ewing Morris Announces Successful Completion of its Offer for Units of BTB Real Estate Investment TrustOctober 20, 2025 5:05 PM EDT | Source: Ewing Morris Fleetwood LPToronto, Ontario--(Newsfile Corp. - October 20, 2025) - Ewing Morris, on behalf of investment vehicles and accounts managed by it ("Ewing Morris"), today announced the completion of its all-cash offer (the "Offer") to acquire Units (the "Units") in the capital of BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust ...

Core Viewpoint - Dynex Capital, Inc. is a real estate investment trust (REIT) focused on mortgage-backed securities, aiming to provide returns through dividends and capital appreciation, while facing competition in the REIT sector [1] Financial Performance - On October 20, 2025, Dynex Capital reported earnings per share (EPS) of $0.25, below the Zacks Consensus Estimate of $0.44, but an improvement from a loss of $0.10 per share in the previous year, indicating a positive trend in earnings performance [2][6] - The company's revenue for the quarter was $30.61 million, missing the estimated $33.46 million, yet it achieved a total economic return of $1.23 per common share, representing 10.3% of the beginning book value, suggesting solid investment returns [3][6] Financial Metrics - The price-to-earnings (P/E) ratio is approximately 22.85, and the price-to-sales ratio is about 7.77, indicating how the market values its earnings and revenue respectively [4] - The enterprise value to sales ratio is significantly higher at 43.65, suggesting a premium valuation relative to its sales [4] - The debt-to-equity ratio stands at 5.36, indicating a substantial level of debt compared to equity, while the current ratio of 0.045 suggests potential liquidity challenges [5][6] - Despite these challenges, the earnings yield is approximately 4.38%, indicating a decent return on investment for shareholders [5][6]

Core Insights - Dynex Capital, Inc. is a mortgage real estate investment trust (REIT) that focuses on mortgage-backed securities (MBS) in the U.S. and has been operating since 1987 [1] - The company has a diverse portfolio that includes both agency and non-agency MBS, covering residential and commercial sectors [1] Price Target Trends - The consensus price target for Dynex Capital has increased from $12.92 a year ago to $13.25 in the past month, indicating growing analyst confidence [2] Financial Performance - In Q2 2025, Dynex Capital reported a slight outperformance in book value, aligning closely with projections despite sector volatility [3] - The company experienced a total economic loss of $0.10 per common share, reflecting a 0.8% decline in beginning book value [4] - Dynex Capital's portfolio is valued at $14 billion, with a debt-to-equity ratio of 8.3 and quarter-end liquidity of $891 million, which is 55% of its total equity [4] Strategic Decisions - The management expanded their MBS portfolio and employed prudent hedging strategies, which helped avoid margin calls that affected some peers [3] - Analysts suggest monitoring interest rate changes, economic indicators, and company announcements as these factors could influence Dynex Capital's stock price [5]

Core Insights - VICI Properties Inc. is a real estate investment trust focusing on single-tenant, triple-net leased properties in gaming, hospitality, and entertainment sectors [1] Financial Performance - The company is set to report Q3 2025 earnings on October 30, with analysts expecting EPS of $0.65, an increase from $0.57 in the same period last year [2] - Quarterly revenue is projected to reach $1 billion, up from $964.67 million year-over-year [2] - In Q2 2025, VICI Properties reported FFO of $0.60, exceeding the consensus estimate of $0.59, with revenues also at $1 billion, surpassing the consensus of $990.54 million [3] Growth Metrics - The company experienced a 4.6% increase in quarterly revenue and nearly a 5% rise in quarterly AFFO per share year-over-year, attributed to effective business model flow-through and internal growth from contractual rent escalations [4] - For the full year 2025, VICI expects AFFO per diluted share to be between $2.35 and $2.37 [4] Dividend Information - VICI Properties has a dividend yield of 5.75%, having paid $1.80 per share in dividends over the last 12 months [2] - To generate an income of $100 per month from dividends, an investment of approximately $20,870 is required, based on the current dividend yield [6]

Core Viewpoint - Inflation erodes purchasing power, making it essential to invest money to achieve returns that outpace inflation [1][2][14] Inflation Overview - Singapore's headline inflation rates for 2024, 2023, and 2022 were 2.4%, 4.8%, and 6.1% respectively, with significant contributors being the increase in GST and post-pandemic economic recovery [5] - Between 2014 and 2022, the headline inflation rate was mostly below 1% [5] Investment Strategies - Investing in blue-chip companies like DBS Group can help withstand inflation due to their ability to absorb rising costs and maintain customer loyalty [7] - Consumer goods companies such as Proctor & Gamble are reliable investments during inflationary periods due to the inelastic demand for staple goods [8] - Dividend stocks, particularly real estate investment trusts (REITs) like Capitaland Integrated Commercial Trust, provide predictable income streams and have historically increased rentals during high inflation [9][10] - Commodity-linked stocks, such as Sembcorp Industries, benefit from inflation as they are tied to the real economy and experience increased asset values [10] Diversification and Investment Discipline - Diversification across different sectors is crucial for a balanced investment portfolio [11] - Strategies like dollar cost averaging can mitigate risks associated with market timing [11] - Holding excessive cash is a mistake as it is vulnerable to inflation, while speculative stocks without strong fundamentals pose additional risks [12] - Maintaining a focus on companies with strong fundamentals can help protect and grow wealth against inflation [14]

Core Viewpoint - Four Corners Property Trust (FCPT) has successfully acquired a Heartland Dental property for $3.3 million, indicating the company's ongoing strategy to expand its portfolio of high-quality, net-leased properties [1] Acquisition Details - The acquired property is situated in a highly trafficked corridor in Oklahoma, which is expected to enhance its value and rental income potential [1] - The property operates under a triple net lease, providing a stable income stream for the company [1] - There are approximately four years remaining on the lease term, which adds to the predictability of cash flows from this investment [1]

Core Insights - Chicago Atlantic Real Estate Finance, Inc. announced that its Officers and Directors purchased approximately 54,000 shares valued at around $673,000, increasing their beneficial ownership to about 1,770,000 shares, which represents approximately 8.2% of fully diluted common shares outstanding [1][2] Company Overview - Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage REIT that focuses on originating senior secured loans primarily to state-licensed cannabis operators in limited-license states across the United States [3] - The company has closed over $2.8 billion in credit and equity investments to date and operates offices in Chicago, Miami, New York, and London [3] Management Confidence - The Co-Chief Executive Officer expressed confidence in the company's opportunities and commitment to generating strong risk-adjusted returns for shareholders, emphasizing that purchasing shares in the open market is a demonstration of this confidence [2]

Core Viewpoint - Global Net Lease, Inc. has received an upgrade in its corporate credit rating from Fitch Ratings, moving from BB+ to investment-grade BBB- due to the company's successful execution of strategic initiatives aimed at enhancing long-term value [1][2]. Financial Performance - The upgrade reflects GNL's strategic achievements over the past two years, which include lowering leverage, streamlining operations, and enhancing liquidity [2]. - GNL completed approximately $3 billion in asset dispositions during fiscal years 2024 and 2025, significantly reducing outstanding debt and strengthening the balance sheet [5]. - A notable transaction was the $1.8 billion sale of GNL's multi-tenant retail portfolio in June 2025, transitioning the company to a pure-play single tenant net lease real estate investment trust [5]. Strategic Initiatives - GNL has successfully refinanced its Revolving Credit Facility in August 2025, which improved liquidity, extended the weighted average debt maturity, and lowered the cost of capital [5]. - The company has established a high-quality asset portfolio with a strong and diverse tenant base, primarily consisting of investment-grade tenants, which is expected to generate stable and predictable cash flows [5]. Company Overview - Global Net Lease, Inc. is a publicly traded internally managed real estate investment trust focused on acquiring and managing a global portfolio of income-producing net lease assets across the U.S. and Western and Northern Europe [3].

Core Insights - The earnings season has commenced with three Singapore dividend-paying stocks reporting their latest results, namely Frasers Centrepoint Trust, Keppel DC REIT, and Mapletree Pan Asia Commercial Trust [1][2] Frasers Centrepoint Trust (FCT) - FCT is set to report on 22 October 2025, managing S$7.1 billion in assets across nine suburban malls with a total retail space of 2.7 million square feet [3] - The REIT maintained a high occupancy rate of 99.5% for the first half of FY25, with a year-on-year increase in shopper traffic by 1.0% and tenant sales by 3.3% [4] - FCT achieved a positive rental reversion of 9% for 1H'FY25, up from 7.5% the previous year, indicating strong demand for its properties [4] - Gross revenue rose 7.1% year on year to S$184.4 million, while net property income increased 7.3% to S$133.7 million, with distribution per unit (DPU) edging up 0.5% to S$0.060 [5] - FCT is acquiring Northpoint City South Wing for S$1.133 billion, expected to complete in 2H'FY25, which is anticipated to be DPU-accretive [6] Keppel DC REIT - Keppel DC REIT will report on 24 October 2025, owning 24 data centres across 10 countries with assets under management of approximately S$5.0 billion [7] - The REIT's gross revenue surged 34.4% year on year to S$211.3 million, and net property income jumped 37.8% to S$182.8 million for 1H'25 [8] - DPU rose 12.8% year on year to S$0.05133, reflecting strong operational performance, with a portfolio occupancy of 95.8% [9] - The REIT achieved a remarkable rental reversion of around 51%, including over 50% for a major contract renewal [9] - Keppel DC REIT is acquiring a 98.47% stake in Tokyo Data Centre 3 for approximately S$707 million, which is expected to be 2.8% DPU-accretive on a pro forma 2024 basis [10] Mapletree Pan Asia Commercial Trust (MPACT) - MPACT will report on 23 October 2025, managing S$15.7 billion in assets across 17 retail and commercial properties [12] - VivoCity recorded a rental reversion of 14.7% with tenant sales rising 2.1%, while shopper traffic dipped 1.3% [13] - Festival Walk in Hong Kong saw shopper traffic increase by 7.8% but tenant sales fell by 3.2% [13] - MPACT's DPU decreased by 3.8% year on year, with a portfolio occupancy of 89.3%, down from 94% a year ago [14]

Core Insights - Dividend stocks are essential for a reliable income strategy, but not all dividend payers are equal [1] - Different types of dividend stocks serve various roles in a portfolio, balancing income and growth [1] Group 1: Types of Dividend Stocks - **Dividend Aristocrats**: Companies in the S&P 500 that have increased dividends for at least 25 consecutive years [2] - **Dividend Kings**: Companies that have raised dividends for 50 or more consecutive years, demonstrating strong financial discipline and resilience [4][6] - **Dividend "Zombies"**: Companies that have paid dividends for over a century without interruption, providing consistent income [8][9] - **REITs and BDCs**: Offer high yields, often between 5-10% or more, but with slower growth [10]