Group 1 - The company reported strong operational performance with increasing demand in core markets, leading to heightened leasing activity and rising occupancy rates [1] - Total in-store customer spending during the Christmas quarter remained consistent with the previous year, with grocery spending rising by 6.2% compared to the same quarter last year [1] - Non-Food discount sales grew by 7.2%, while Food & Beverage and Health & Beauty segments increased by 4% and 2.4% respectively, despite a decline in Value Fashion by 1.1% [1] Group 2 - As of April 1, 2026, new ratable values across the portfolio are expected to increase by 7%, but this will be offset by an 11% reduction in rates payable for tenants due to a recently announced discount for retail, hospitality, and leisure properties [2] - The company has been disciplined in capital recycling, improving portfolio quality, and strengthening its financial position, having disposed of one retail park in Northern Ireland and one shopping center in Hemel Hempstead for a total of GBP 12.6 million [2] - A further retail park in Dumfries was exchanged for GBP 26.5 million following the execution of a value-enhancing business plan [2]

Core Viewpoint - Real estate mogul Grant Cardone argues that buying a home is not a smart investment and suggests renting instead, advocating for investing in cash-flowing real estate properties [4][5]. Group 1: Homeownership Costs - The median monthly ownership costs for U.S. homeowners with a mortgage increased by approximately 4% from 2024 to 2025, with homeowners spending over 20% of their income on additional homeownership costs [2][3]. - Ongoing costs associated with homeownership include property taxes, insurance premiums, repairs, and maintenance, which can accumulate significantly even after the mortgage is paid off [3][4]. Group 2: Investment Alternatives - Cardone recommends investing in various types of real estate that generate cash flow, such as retail, storage, apartment buildings, and farmland, rather than purchasing a home to live in [5][18]. - Investment platforms like Arrived allow individuals to invest in shares of vacation and rental properties, providing a passive income stream without the responsibilities of being a landlord [6][7]. Group 3: Multifamily Investment Opportunities - Cardone suggests starting with multifamily investment properties, recommending a minimum of 32 units to mitigate the impact of vacancies [8]. - Lightstone DIRECT offers accredited investors direct access to institutional-quality multifamily opportunities, enhancing transparency and control while reducing fees [10][11]. Group 4: Farmland as an Investment - U.S. farmland values have increased, averaging $4,350 per acre in 2025, a 4.3% rise from 2024, making it a potentially resilient long-term investment [19][20]. - Publicly traded REITs and platforms like FarmTogether provide opportunities for investors to participate in agricultural land investments without direct ownership [21][22].

Core Insights - ShopOne has entered the Texas market by acquiring the Beltway South shopping centre in Houston, marking its expansion into the US Southwest [1][3] - The acquisition was made in partnership with Pantheon and an undisclosed institutional investor, highlighting a strategic move to enhance its portfolio [1][5] Group 1: Acquisition Details - The Beltway South shopping centre features 114,099 square feet of retail space and is anchored by a refurbished Kroger supermarket [1] - Current tenants include national brands such as Petco, CATO, Subway, and State Farm, along with local service providers and restaurants [2] Group 2: Market Positioning - The surrounding area of the shopping centre is characterized by high population density and stable household incomes, providing convenient access for local residents [2] - ShopOne now operates 23 grocery-anchored shopping centres, aligning its strategy with convenience-led retail assets in expanding markets [3] Group 3: Strategic Vision - ShopOne Centres' CEO Chris Reed emphasized the alignment of the Kroger anchor and tenant mix with the company's strategy to invest in retail centres that meet essential consumer needs [4] - The company focuses on managing grocery-anchored neighbourhood centres through joint ventures, with growth driven by leasing activity and redevelopment strategies [4]

Core Viewpoint - CTO Realty Growth, Inc. has reported significant transaction activities for the year 2025, including new leases and investment activities, indicating a strong performance in high-growth markets [1][7]. Leasing Update - The company executed three new leases at The Collection at Forsyth, totaling approximately 12,000 square feet, with lease terms ranging from 5 to 15 years, increasing the Center's leased occupancy to 93% [2][3]. Property Overview - The Collection at Forsyth is a 561,000-square-foot outdoor lifestyle center located in a rapidly growing area of Atlanta, featuring a mix of national retailers, local boutiques, restaurants, fitness concepts, and entertainment venues [3]. Investment Activity - For the full year 2025, the company reported total investment activity of $165.9 million with a weighted average initial cash yield of 9.0%. This includes the acquisition of two shopping center properties for $144.9 million at a yield of 8.7% and $21.0 million in structured investment commitments at a yield of 10.7% [7]. Disposition Activity - The company also reported disposition activity totaling $85.1 million for the year, with a weighted average exit cash rate in the mid-5% range [7].

Core Viewpoint - Tanger Properties Limited Partnership intends to offer $200 million aggregate principal amount of Exchangeable Senior Notes due 2031 in a private placement, subject to market conditions and other factors [1]. Group 1: Company Overview - Tanger® is a leading owner and operator of outlet and open-air retail shopping destinations [1]. Group 2: Financial Details - The offering consists of Exchangeable Senior Notes with a due date in 2031, indicating a long-term financing strategy [1].

Core Viewpoint - Ascencio has announced the acquisition of the Horizon Provence retail park in Monteux, France, for €22.8 million excluding VAT, aligning with its strategic focus on retail assets in attractive locations [1][6]. Group 1: Acquisition Details - The retail park covers an area of over 12,000 m² and consists of around twenty retail units, primarily featuring food retailers, which aligns with Ascencio's strategy [2][6]. - The acquisition is financed entirely through borrowings using available secured credit lines, and it is in line with the market value determined by an independent valuer [5]. Group 2: Location and Accessibility - The retail park is situated in a rapidly growing residential and tourist area in the Provence-Alpes-Côte d'Azur region, benefiting from high visibility and accessibility along the main road connecting Avignon to Carpentras [3]. - Its proximity to leisure parks and hotel complexes enhances its attractiveness as a retail complex [3]. Group 3: Sustainability Features - The asset is located near soft mobility hubs and has received BREEAM certification, indicating its sustainability credentials [4]. - It is equipped with 8 charging stations, nearly 1,500 m of photovoltaic panels, and around 1,000 m of shading systems [4]. Group 4: Financial Impact - The acquisition is expected to have an immediate positive annual impact of €0.07 on Ascencio's EPRA Earnings per share and will result in an increase of approximately 1.7% in its EPRA LTV ratio [5]. Group 5: Strategic Alignment - The transaction aligns with Ascencio's strategy of focusing on retail assets in suburban areas with a strong commercial mix centered around food retailers [6]. - The integration of Horizon Provence exemplifies Ascencio's selective and disciplined growth strategy aimed at creating long-term value [6].

Core Insights - Supermarket Income Real Estate Investment Trust (SUPR) has acquired three established supermarkets in the UK for a total of £97.6 million, enhancing its grocery portfolio [1] - The acquisitions are aligned with SUPR's strategy of targeting resilient grocery locations with strong covenant strength, secured at an average net initial yield of 5.5% [1] Acquisition Details - The largest acquisition is a Tesco store in Aylesbury, Buckinghamshire, purchased for £56.3 million, featuring a petrol station and Click & Collect facilities, with 11 years remaining on the lease [2] - A Sainsbury's store in Sale, Greater Manchester, was acquired for £33.8 million, with 16 years remaining on the lease [3] - A Waitrose supermarket in Frimley, Surrey, was acquired for £7.6 million, operating for over 25 years and including home delivery and Click & Collect facilities [4] Financial Overview - The acquisitions were funded through existing debt facilities, with an expected loan-to-value ratio of around 43% and a weighted average unexpired lease term of 12 years [5] - Exposure to investment-grade tenants has increased to 75%, reinforcing the defensive nature of the portfolio [5] Strategic Outlook - The CEO of SUPR highlighted that these deals mark a "transformational year" for the business, with approximately £400 million of capital expected to be recycled into acquisitions [6] - The company anticipates further growth opportunities as it aims to solidify its position as a leading landlord to grocery tenants [7]

Core Viewpoint - CTO Realty Growth, Inc. has signed an anchor lease with a national retailer, achieving 100% leased occupancy at Marketplace at Seminole Towne Center in Orlando, Florida [1][2][3] Group 1: Lease Details - The new lease covers 48,000 square feet, consolidating 34,000 square feet previously occupied by Big Lots, along with 9,000 square feet of small shop space and 5,000 square feet of new expansion space [2] - The lease has an initial term of 10 years, with the tenant expected to open in early 2027 [2] Group 2: Company Performance and Strategy - The execution of this lease resolves seven out of ten vacant anchor spaces, presenting a mark-to-market releasing opportunity to generate net operating income (NOI) growth [3] - The company is negotiating leases with several prospective tenants and aims for a 40% to 60% positive cash leasing spread across all ten anchor spaces [3] Group 3: Property Overview - Marketplace at Seminole Towne Center spans 320,000 square feet across 41 acres, strategically located along I-4 and SR 417, just over 20 miles north of downtown Orlando [3] - The center is anchored by national retailers such as Target, Burlington, Marshalls, Boot Barn, and Ross Dress for Less, providing high foot traffic and strong visibility [3]

16 December 2025 Estimate Change Property/Real Estate Real Estate: 2026 Outlook Valerie Jacob +44 20 7762 4885 valerie.jacob@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Nikita Talwar +44 20 7676 8785 nikita.talwar@bernsteinsg.com Specialist Sales Sara Bellenda +44 20 7762 1867 sara.bellenda@bernsteinsg.com Whilst the recovery in asset values is well underway this has not yet been rewarded in the listed sector overall, although there have been some large divergences in stock ...

Core Viewpoint - CTO Realty Growth, Inc. has successfully sold the Shops at Legacy North for $78.0 million, reflecting strong market demand and effective leasing strategies [1][2]. Group 1: Transaction Details - The Shops at Legacy North, a 243,000-square-foot mixed-use lifestyle center in Dallas, Texas, was sold for $78.0 million, which translates to $321 per square foot [1]. - The transaction was completed at an approximate low-5% exit cash cap rate, allowing the company to recycle capital into higher-yielding opportunities [2]. Group 2: Financial Strategy - The net proceeds from the sale will be utilized as part of a Section 1031 like-kind exchange, retroactively funding the recent acquisition of Pompano Citi Centre [2]. - Year-to-date disposition volume for the company stands at $85.1 million, including the Shops at Legacy North, with a weighted average exit cash cap rate of mid-5% [3]. Group 3: Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality open-air shopping centers primarily located in high-growth markets in the Southeast and Southwest United States [4].