Core Insights - iREIT+HOYA Capital focuses on income-producing asset classes, aiming for sustainable portfolio income, diversification, and inflation hedging [1][2] - The service provides investment research on various financial instruments, including REITs, ETFs, closed-end funds, preferreds, and dividend champions, targeting dividend yields up to 10% [2] Market Context - Market volatility, such as a 10% drop in the S&P 500, creates opportunities for high-yield stocks, which are considered more defensive investments [2] Investment Strategy - The investment group emphasizes dependable monthly income and portfolio diversification, catering to investors with a medium- to long-term horizon [2]

Core Insights - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment strategy emphasizes high-quality income stocks, particularly those that are defensive in nature, with a medium- to long-term investment horizon [2] Investment Strategy - The investment group iREIT®+HOYA Capital targets dividend yields up to 10% and offers research on various asset classes including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions [2] - The service aims to help investors achieve dependable monthly income and portfolio diversification [2] Market Environment - The current market is described as a "target-rich environment" for income stocks, indicating a favorable landscape for investment opportunities [2]

Financial Data and Key Metrics Changes - The company reported a one-time revenue adjustment of $300,000 from terminating easement rights, which is not expected to recur in the future [13][16] - Overall average rent growth is approximately 2.5% per year based on lease escalations, indicating stable rental income trends [62] Business Line Data and Key Metrics Changes - The company has added another asset to the held-for-sale category, specifically the Clara property, with plans to sell it by early January [19][20] - The Costco property is still in the held-for-sale category, with an expected closing by December 15, pending a demolition permit [20][22] Market Data and Key Metrics Changes - Cap rates for properties being considered are primarily in the seven handles, with some reaching eight, indicating a competitive acquisition environment [30] - The company has observed an increase in acquisition opportunities recently, with a notable uptick in activity over the last week compared to the previous month and a half [24][27] Company Strategy and Development Direction - The company is focusing on systematic asset recycling to fund acquisitions, emphasizing a deliberate approach to selling non-core assets [32][35] - Management is optimistic about the potential for easing in capital markets, which could lead to more favorable conditions for acquisitions in the future [4][8] Management's Comments on Operating Environment and Future Outlook - Management expressed a sense of optimism despite market volatility, noting that the balance sheet is stronger and there is more clarity than a year ago [10][9] - The company is closely monitoring the economic environment, particularly regarding interest rates and their impact on REITs, indicating a cautious but hopeful outlook [4][45] Other Important Information - The company is not currently planning to attend the NAREIT conference, indicating a strategic decision to focus on internal matters rather than external engagements [69] Q&A Session Summary Question: Were there any one-time revenue adjustments in your other property income? - Yes, there was a $300,000 fee for terminating easement rights, which is a one-time event [13][16] Question: Can you provide details on the asset in the held-for-sale bucket? - The Clara property has been formally engaged for sale, with expectations to close by early January [19][20] Question: What are the current cap rates for properties being considered? - Cap rates are mainly in the seven handles, with some reaching eight, indicating a competitive market [30] Question: How does the company view the acquisition opportunities currently? - There has been an increase in acquisition opportunities recently, with more activity observed in the last week [24][27] Question: What is the outlook for same store rental income? - The company does not currently calculate same store rental income but plans to implement it in the future [61][62] Question: When is the Solar property expected to be resolved or sold? - The company anticipates that the property could be taken to market by early first-quarter 2026 [65]

Group 1 - KKR Real Estate Finance Trust Inc. (KREF) was previously rated as a sell due to high yield concerns, and the stock has since declined [1] - The analysis emphasizes caution when investing in high-yield stocks, suggesting a hands-off approach [1] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience focused on generating options income and capital preservation [2] - The Conservative Income Portfolio, managed by Trapping Value and Preferred Stock Trader, includes two income-generating portfolios and a bond ladder [2] - The Covered Calls Portfolio aims for lower volatility income investing while the fixed income portfolio targets high income potential securities that are undervalued [2]

Buy Thesis - Postal Realty (PSTL) is significantly undervalued compared to its growth rate and business model cleanliness, with a warranted AFFO multiple of 18X, suggesting a potential stock price increase of about 50% from the current $15.36 to $23.58 [1][38] Valuation Multiples - As of November 6, 2025, PSTL is trading at various valuation multiples: P/LTM FFO at 12.00, P/NTM FFO at 12.13, P/LTM AFFO at 11.46, and P/NAV at 75.96%, indicating it is trading well below the value of its underlying properties [3][4] - An 11X forward AFFO multiple is typical for REITs facing low growth, high risk, or high debt, none of which apply to Postal Realty, which has shown over 8% annual AFFO/share growth since 2021 [4][7] Market Obscurity - PSTL's low trading multiple is attributed to its obscurity, with a market float of just under $400 million and being the only publicly traded company in its niche of post office leasing [7][8] - The lack of public peers and predecessors has resulted in limited analytical coverage, making it difficult for larger institutions to invest [9][10] Business Model and Growth - Postal Realty has a dominant market share in post office real estate, controlling over 10% of the total addressable market (TAM) [13] - The company has improved its lease negotiation process, resulting in predictable long-term revenue growth with new leases offering 10-year terms and 3% annual rent escalations [21] - PSTL has maintained 100% rent collection and consistent rental income growth despite concerns over government restructuring and budget cuts [22] Acquisition Strategy - In 2025, PSTL successfully sourced over $100 million in acquisitions, demonstrating a robust pipeline for growth [23][25] - The company has a blended cost of capital between 6% and 7%, allowing for healthy acquisition spreads [31] Financial Metrics - PSTL's AFFO/share growth rate is approximately 8% annually, supported by 3% escalators on new leases and strong acquisition performance [26][27] - The company maintains a clean balance sheet with a debt to EBITDA ratio of 5.2X and a fixed charge coverage ratio of 4.2X, indicating favorable financial health [27][36] Summary of Business Strengths - The combination of a strong business model, clean balance sheet, and high growth potential justifies a higher AFFO multiple of about 18X, with an estimated fair value of $23.58 for 2025 AFFO [38]

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and outlook of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice or recommendations for specific securities [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies, which may not be suitable for all investors [2]. - The article notes that past performance of market data does not guarantee future results, indicating the inherent volatility and unpredictability of the real estate market [3].

Core Insights - The market has reached new highs despite recent volatility, but dividend-focused investors may have underperformed [1] Group 1 - The current market conditions indicate a divergence in performance, particularly affecting dividend-focused investors [1]

Group 1 - BRT Apartments Corp. has experienced a decline of approximately 45% in its share value since August 2022, primarily due to anticipated higher refinancing rates and an oversupply in the Sun Belt markets [2] - The Insiders Forum, led by Chief Investment Strategist Bret Jensen, focuses on small and mid-cap stocks that insiders are purchasing, aiming to outperform the Russell 2000 benchmark over time [2] Group 2 - The Insiders Forum portfolio consists of 12-25 top stocks across various sectors that are attractively valued and have seen significant recent insider purchases [2]

Group 1 - BRT Apartments Corp. has experienced a decline of approximately 45% in its share value since August 2022, primarily due to anticipated higher refinancing rates and an oversupply in the Sun Belt markets [2] Group 2 - The Insiders Forum, led by Chief Investment Strategist Bret Jensen, focuses on small and mid-cap stocks that are attractively valued and have seen significant insider purchases [2]

Core Viewpoint - Clipper Realty Inc. held its Q3 2025 earnings call, discussing financial performance and future outlook [2][5]. Financial Performance - The call included discussions on non-GAAP financial measures such as adjusted funds from operations (AFFO), adjusted EBITDA, and net operating income (NOI) [4]. Management Participation - Key management figures participating in the call included David Bistricer (Co-Chairman and CEO), J.J. Bistricer (COO), and Larry Kreider (CFO) [2][5].