Group 1 - Alluvial Capital Management's fund rose 15.5% in Q3 2025, with year-to-date returns at 33.6%, marking the third-best quarterly result in its 9-year history [1] - CBL & Associates Properties, Inc. (NYSE:CBL) experienced a one-month return of -4.08% and a 52-week gain of 9.82%, closing at $29.42 per share with a market capitalization of $910.05 million on October 28, 2025 [2] - CBL & Associates Properties, Inc. is upgrading its mall portfolio by selling weaker class C properties and refinancing agreements to reduce interest costs, which strengthens its financial position and cash flow for distributions and investments [3] Group 2 - CBL & Associates Properties, Inc. is not among the 30 most popular stocks among hedge funds, with 24 hedge fund portfolios holding the stock at the end of Q2 2025, an increase from 23 in the previous quarter [4] - While CBL is acknowledged for its investment potential, certain AI stocks are considered to offer greater upside potential and less downside risk [4] - Alluvial Capital Management's views on CBL were also discussed in the previous quarter, indicating ongoing interest in the company's performance [5]

Core Viewpoint - The real estate sector is seen as attractive for income investors, especially with expectations of upcoming interest rate cuts by the Federal Reserve [1] Group 1: Real Estate Sector Performance - The Dow Jones U.S. Real Estate Capped Index has a trailing 12-month dividend yield of 2.32%, which is approximately double that of a basic S&P 500 ETF, but still not particularly high [2] - The NEOS Real Estate High Income ETF (IYRI), launched in January, has shown strong performance with assets under management totaling $136.4 million and an impressive yield of 11.71% [3] Group 2: Investment Strategy - IYRI operates as a covered call ETF, allowing for potential upside participation if real estate investment trusts (REITs) rally, particularly around the Federal Reserve's meeting on October 29 [4] - Unlike traditional REIT ETFs, IYRI is less dependent on Federal Reserve actions, which is beneficial given the uncertainty of the Fed's decisions [5] Group 3: REIT Market Dynamics - In the third quarter of 2025, U.S. REITs raised a total of $21.3 billion through secondary debt and equity offerings, with $14.0 billion from debt, $6.6 billion from common equity, and $740 million from preferred equity [6] - REITs are sensitive to interest rates, but IYRI's structure mitigates this sensitivity, potentially positioning it favorably if the Fed acts as anticipated [7] - Lower interest rates are crucial for enhancing REIT performance by reducing borrowing costs, increasing property values, and strengthening dividend-paying models, with historical data showing REITs outperforming broader U.S. stocks following Fed easing cycles [8]

Company Overview - Tanger Inc. is a real estate investment trust (REIT) that owns and operates outlet and open-air shopping centers in the U.S. and Canada [1] Earnings Expectations - The company is set to report its Q3 2025 earnings on November 4, with Wall Street analysts expecting an EPS of $0.39, down from $0.54 in the prior-year period [2] - Quarterly revenue is anticipated to reach $138.45 million, an increase from $133 million a year earlier [2] Historical Stock Performance - Ten years ago, Tanger's stock traded at approximately $35.73 per share; an investment of $10,000 would have allowed the purchase of roughly 280 shares [3] - Currently, shares trade at $33.22, indicating a decline in investment value to $9,298 due to stock price depreciation [3] Dividend Analysis - Tanger's current dividend yield is 3.52%, with approximately $12.16 paid in dividends per share over the last 10 years, totaling $3,403 from dividends alone [4] - The total value of a $10,000 investment made 10 years ago, combining stock value and dividends, would be $12,701, resulting in a total return of 27.01% [5] Comparative Performance - The total return of 27.01% over the past decade is significantly lower than the S&P 500 total return of 287% for the same period [5] Analyst Ratings - Tanger has a consensus rating of "Buy" with a price target of $33.57, suggesting around 1% potential upside from the current stock price based on the ratings of 14 analysts [6] Recent Financial Performance - In Q2 2025, Tanger reported FFO of $0.58, exceeding the consensus estimate of $0.56, and revenues of $140.69 million, surpassing the consensus of $131.14 million [7] - CEO Stephen Yalof expressed satisfaction with the strong financial and operating results and an increase in full-year guidance, emphasizing the focus on acquiring new customers through strategic leasing and marketing [8]

Core Viewpoint - The market is not considered a bubble despite widespread speculation and concern among investors [1]. Group 1 - The analyst has been actively discussing market conditions and addressing the question of whether the current market situation constitutes a bubble [1]. - There is a strong emphasis on the belief that the current market dynamics do not reflect a bubble scenario [1].

Group 1 - Ladder Capital (NYSE: LADR) exceeded Wall Street's consensus EPS estimates for the third fiscal quarter, driven by strong loan originations and growth in its commercial loan portfolio [1] - The company experienced sequential growth in the size of its portfolio [1]

Group 1 - Ladder Capital (NYSE: LADR) exceeded Wall Street's consensus EPS estimates for the third fiscal quarter, driven by strong loan originations and growth in its commercial loan portfolio [1] - The company experienced sequential growth in the size of its portfolio [1]

Core Insights - Retired investors may face challenges if their portfolios generate insufficient income, leading to rapid depletion of retirement savings [1] Group 1: Investment Opportunities - Enterprise Products Partners (NYSE: EPD) offers a forward distribution yield just below 7%, with a strong track record of increasing distributions for 28 consecutive years, including a recent hike of 3.8% year over year [4][5] - The company operates over 50,000 miles of pipeline and holds an A- credit rating, indicating a solid underlying business [6] - Demand for natural gas is expected to rise, particularly due to new data centers for AI applications, positioning Enterprise to benefit from this trend [7] Group 2: Realty Income - Realty Income (NYSE: O) provides an attractive forward dividend yield of around 5.4% and pays dividends monthly, enhancing its appeal to retirees [8] - The company has increased its dividend for 30 consecutive years and has a compound annual growth rate of 4.2% since its NYSE listing in 1994 [10]

Core Insights - Regency Centers (NASDAQ: REG) has underperformed in the equity market over the past year, missing out on significant market rallies [1] - The company recently reported strong financial results, raised its guidance, and increased its dividend, which may enhance investor confidence [1] Financial Performance - Regency Centers reported solid results, indicating a positive turnaround in its financial performance [1] - The company has raised its guidance, suggesting an optimistic outlook for future earnings [1] - An increase in the dividend may attract more investors and improve the stock's appeal [1]

Core Insights - Regency Centers (NASDAQ: REG) has underperformed in the equity market over the past year, missing out on significant market rallies [1] - The company recently reported strong financial results, raised its guidance, and increased its dividend, which may enhance investor confidence [1] Financial Performance - Regency Centers reported solid results, indicating a positive turnaround in its financial performance [1] - The company has raised its guidance, suggesting an optimistic outlook for future earnings [1] - An increase in the dividend may attract more investors and improve the stock's appeal [1]

Core Insights - Highwoods Properties reported a revenue of $201.77 million for the quarter ended September 2025, reflecting a decrease of 1.3% year-over-year [1] - The company's EPS was $0.86, significantly higher than $0.14 in the same quarter last year, indicating strong earnings growth [1] - The reported revenue fell short of the Zacks Consensus Estimate of $203.38 million, resulting in a surprise of -0.79% [1] Revenue Breakdown - Lease termination fees, net, were reported at $0.59 million, exceeding the average estimate of $0.53 million, marking a year-over-year increase of 217.9% [4] - Contractual rents, net, totaled $168.46 million, below the estimated $171.79 million, representing a decline of 4.2% compared to the previous year [4] - Other miscellaneous operating revenues were $13.87 million, surpassing the average estimate of $11.3 million, with a year-over-year increase of 36% [4] - Cost recoveries billed under lease arrangements, net, were $14.93 million, lower than the estimated $16.36 million, reflecting an 8% decrease year-over-year [4] - Straight-line rental income, net, was reported at $3.93 million, exceeding the estimate of $3.6 million, with a significant year-over-year increase of 108.4% [4] Stock Performance - Highwoods Properties' shares have returned -5.3% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]