Core Insights - The article focuses on analyzing Rithm Capital Corp.'s (RITM) recent performance and comparing it with 17 mortgage real estate investment trust (mREIT) peers, highlighting key metrics such as investment composition, leverage, hedging coverage ratio, and economic returns [1][2][3]. Investment Composition and Performance - As of March 31, 2025, RITM's investment portfolio consisted of 21% fixed-rate agency mortgage-backed securities (MBS), 0% variable-rate agency MBS, and 36% allocated to mortgage servicing rights (MSR) investments, with 43% in non-agency MBS and non-MBS holdings [17][18]. - RITM's book value (BV) per share decreased from $12.56 at the end of Q4 2024 to $12.39 at the end of Q1 2025, resulting in a quarterly BV decrease of 1.35% [20][21]. - Despite the minor BV decrease, RITM has managed to grow its BV over the past three years, outperforming most mREIT peers in terms of economic return [21][48]. Leverage and Hedging Coverage - RITM's on-balance sheet leverage ratio was 2.6x, with an at-risk (total) leverage ratio of 1.1x as of March 31, 2025, indicating a slight decrease in on-balance sheet leverage and a slight increase in at-risk leverage compared to the previous quarter [19][49]. - The hedging coverage ratio for RITM was geared towards lower mortgage interest rates, which helped mitigate BV volatility during periods of declining rates [50]. Economic Returns and Valuation - RITM's trailing 24-month economic return was 23.31%, significantly outperforming the average returns of its mREIT peers, which ranged from 2.43% to 20.02% across various classifications [48]. - As of June 6, 2025, RITM's stock price was trading at a 9.64% discount to the estimated current BV of $12.55 per share, suggesting that RITM is slightly undervalued compared to its peers [45][46]. Diversification and Investment Strategy - RITM's investment strategy includes a diverse array of financial investments, which provides natural hedges against market fluctuations, particularly in rising interest rate environments [25][26]. - The company has recently expanded its asset management services and diversified its investment portfolio through acquisitions, including Sculptor Capital Management [27][31].

"今年以来C-REITs上涨幅度较大，主要因底层资产基本面没有明显变化且整体利率与年初相比调整较多 所致。"兴业证券固定收益组首席分析师左大勇表示，"尽管目前行情演绎已较为火热，但是在低利率环 境下，机构欠配情况仍较为明显，考虑到公募REITs兼具股性债性、分红率较高且稳定，因此其对于长 期资本来说是，依旧是性价比较高的配置对象。" 记者也注意到，今年3月中旬以来，或是由于欠配压力导致存量公募REITs投资人惜售，同时债券收益 率陷入震荡行情，使得固收"长债"策略失效，"固收+"投资的诉求激增，进一步催化了REITs的配置需 求。 绿发商业REIT披露的《发售公告》来看，参与网下询价的共有123家网下投资者管理的580个配售对 象，参与报价的份额为初始网下发售份额数量的249.72倍；由于最终定价3.160元／份低于最低报价 3.200元／份，所以123家网下投资者管理的580个配售对象所申报的2622030万份报价均为"有效报价"。 据记者了解，从上述两单产品的报价和定价的维度来看，有86.34%的配售对象就亦庄产园REIT采用了 顶格报价的策略；有90.00%的配售对象就绿发商业REIT采用了顶格报价的策 ...

Core Insights - EPR Properties has been one of the best-performing REITs in 2025, with a year-to-date increase of 28% and a one-year rally of approximately 41% [1] - The recent rally has enabled EPR Properties to reach a new five-year high [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Company Performance - EPR Properties' stock performance reflects significant growth, achieving a 28% increase year-to-date [1] - The stock has experienced a one-year rally of around 41%, indicating strong investor interest and market confidence [1] - The REIT has reached a new five-year high, showcasing its resilience and potential for continued growth [1] Investment Strategy - Pacifica Yield aims to create long-term wealth by investing in undervalued yet high-growth companies [1] - The strategy includes a focus on high-dividend stocks, REITs, and firms in the green energy sector, indicating a diversified investment approach [1]

David A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and private credit. With over 30 years’ experience in investing, David holds a Master of Science (MS) Degree in Finance, with a concentration in Investment Analysis, from Boston University, a Certificate in Financial Planning, and ...

Key Takeaways SHO sold the 252-room Hilton New Orleans St. Charles for $47M, or about $187K per key. Disposition proceeds were fully reinvested into accretive share repurchases amid favorable market conditions. SHO will provide more details on the sale's impact on its 2025 outlook in the Q2 earnings release.Sunstone Hotel Investors, Inc. (SHO) recently sold Hilton New Orleans St. Charles, encompassing 252 rooms for a gross sale price of $47 million, or approximately $187,000 per key.The sale price of the ...

Company Overview - Easterly Government Properties (NYSE: DEA) is a real estate investment trust focused on government and mission-critical properties, with over 90% of its rental income derived from public sector tenants [1] Investment Strategy - The company seeks undervalued stocks with a focus on balancing risk and reward, emphasizing that the best investment ideas are often the simplest and potentially contrarian [1]

Core Insights - Terreno Realty (TRNO) announced the acquisition of an industrial property in Los Angeles for approximately $10 million, with an estimated stabilized cap rate of 6.4% [1][8] - The property, located at 11100 Hindry Avenue, consists of a 34,000 square foot industrial flex building on 1.5 acres, fully leased to four tenants until September 2028, and is strategically positioned near Los Angeles International Airport [2] Company Strategy - TRNO is actively restructuring its portfolio by divesting non-core assets and pursuing value-accretive investments, which is expected to support long-term revenue growth [3][8] - In May 2025, TRNO sold two properties for a total of approximately $114.5 million, and as of May 6, 2025, had acquisitions worth around $49 million under contract and nearly $75.8 million under letters of intent [3][8] Development Projects - As of March 31, 2025, TRNO has five properties under development or redevelopment, which will include eight buildings totaling around 0.8 million square feet, with 48% pre-leased [4] - The company also holds approximately 22.4 acres of land for future developments, with an estimated investment value of around $392.8 million [4] Market Position - TRNO is positioned to enhance its portfolio across six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., which exhibit strong demographic trends and demand for industrial real estate [5] - Despite these expansion efforts, TRNO's shares have only increased by 1.1% year-to-date, underperforming the industry average increase of 3.6% [5]

Key Takeaways HIW secured 750,000 square feet of Q2 leasing through June 2, including 300,000 square feet of new deals. HIW's portfolio focus on high-growth Sun Belt markets is aiding rent growth and leasing strength. HIW sold $146.3M in non-core assets and bought a Class AA tower in Raleigh in early 2025.Highwoods Properties (HIW) shares have rallied 8.3% in the past three months, against the industry’s fall of 0.2%.In early June, HIW announced that it has signed more than 750,000 square feet of second-g ...

Core Insights - Healthpeak Properties, Inc. is a leading healthcare-focused REIT with a national portfolio of 700 properties totaling nearly 50 million square feet [1][3] - The company completed a merger with Physicians Realty Trust in 2024, exceeding first-year synergy targets by over 25% and expecting total synergies to exceed $65 million [4] - Healthpeak recently announced a dividend increase, distinguishing itself in a challenging environment for many REITs due to its strong capital allocation decisions [4] Company Overview - Healthpeak operates in the intersection of real estate and healthcare innovation, focusing on outpatient medical, life sciences, and senior housing [3] - The company is fully integrated and part of the S&P 500, emphasizing its significant market presence [1] Financial Performance - The merger with Physicians Realty Trust has been financially successful, contributing to the company's growth and operational efficiency [4] - Healthpeak's capital allocation strategies have positioned its portfolio, balance sheet, and liquidity favorably, allowing for continued dividend increases [4] Long-term Growth Strategy - The company is aligned with long-term healthcare trends, focusing on delivering mission-critical and irreplaceable healthcare real estate [5]

Core Points - Whitestone REIT has declared a monthly cash dividend of $0.045 per share for the third quarter of 2025, amounting to a quarterly total of $0.135 per share and an annualized total of $0.54 per share [1] - The dividend distribution schedule includes payments in July, August, and September 2025, with record dates and payment dates specified [1] Company Overview - Whitestone REIT is a community-centered real estate investment trust that focuses on acquiring, owning, operating, and developing open-air retail centers in rapidly growing markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio [2] - The company's retail centers are designed to provide convenience, featuring a mix of service-oriented tenants that include restaurants, grocers, health and fitness services, financial services, education, and entertainment [3] - Strong community connections and deep tenant relationships are considered key to the success of the company's current centers and acquisition strategy [3]