Core Viewpoint - Security Federal Corporation (SFDL) reported strong year-over-year earnings and revenue growth for the second quarter of 2025, despite a slight decline in stock performance compared to the broader market [1][12] Financial Performance - For the quarter ended June 30, 2025, net income available to common shareholders was $2.4 million, or 75 cents per share, reflecting a 10.9% increase in net income and a 13.6% increase in EPS compared to the same quarter in 2024 [2] - Total revenues increased, with net interest income rising 11.1% to $11.3 million and non-interest income increasing 5.7% to $2.6 million [2] Business Drivers & Income Sources - The improvement in net interest income was driven by a 3.3% increase in total interest income to $19.4 million and a 5.8% reduction in total interest expenses to $8.1 million [3] - Non-interest income growth was supported by a $106,000 increase in rental income and a $62,000 gain on the sale of land [4] Operating Expenses & Profitability - Non-interest expenses rose by $692,000, or 7.2%, to $10.4 million, primarily due to higher salaries, occupancy expenses, and cloud services [5] - Income before taxes increased 27.1% to $3.5 million, while net income available to common shareholders rose 11.6% to $2.4 million after accounting for a 33.8% rise in income tax provision [6] Credit Quality - Non-performing assets decreased to $5.95 million, down from $7.12 million a year earlier, indicating improved credit quality [7] - The allowance for credit losses increased to $14.0 million, or 2.00% of gross loans, up from 1.95% a year ago [7] Balance Sheet & Capital Position - Total assets as of June 30, 2025, were $1.63 billion, a 5.3% year-over-year increase, with deposits growing 11.9% to $1.38 billion [8] - Common equity book value per share increased to $34.02 from $29.08 a year earlier, with strong capital ratios [9] Management Insights - Management attributed earnings growth to effective balance sheet management and investments in future growth, including the acquisition of a multi-tenant property for branch expansion [10] - The acquisition reflects the company's strategy to enhance its regional presence [11]

Core Insights - Curbline Properties reported revenue of $41.4 million for the quarter ended June 2025, showing no change from the same period last year, with an EPS of $0.26 compared to $0 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $38.37 million by 7.9%, and the EPS also surpassed the consensus estimate of $0.24 by 8.33% [1] Revenue Breakdown - Rental income was reported at $41.1 million, exceeding the average estimate of $37.64 million from three analysts [4] - Other income was reported at $0.3 million, which was below the average estimate of $0.52 million from two analysts [4] Stock Performance - Curbline's shares returned +0.6% over the past month, while the Zacks S&P 500 composite increased by +3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - AMREP Corporation experienced strong earnings growth in fiscal 2025 despite a decline in annual revenues, with net income increasing significantly while revenues were impacted by lower other revenues and high-value transactions [2][11]. Financial Performance - Net income surged 90.1% to $12.7 million, or $2.37 per diluted share, compared to $6.7 million, or $1.25 per share, in fiscal 2024 [2]. - Revenues fell 3.3% to $49.7 million from $51.4 million, primarily due to a 61.9% decline in other revenues, which offset a 23.6% increase in home sale revenues [2]. - Fourth-quarter fiscal 2025 net income was $3.9 million, or $0.73 per share, down from $4.1 million, or $0.77 per share, in the previous year [3]. - Fourth-quarter revenues declined 42.8% to $11.2 million from $19.5 million, reflecting reduced high-value transactions [3]. Segmental Breakdown - Land sales for the full fiscal year decreased 4.4% to $25.6 million from $26.8 million, influenced by a reduced volume of high-priced undeveloped land sales [4]. - Home sale revenue rose 23.6% to $21.2 million from $17.2 million, driven by an increase in the number of closings, despite a 10.9% drop in average selling prices [5]. Cost and Margin Analysis - Land sale cost of revenues dropped 28.2% to $12.4 million from $17.2 million, with gross profit margins improving in the land segment to 52% from 36% [6]. - Homebuilding margins compressed to 21% from 25% due to elevated costs and a shift toward smaller homes [6]. Operational Metrics - General and administrative expenses rose 5.9% to $7.3 million, mainly due to expanded homebuilding operations and IT costs [7]. - Interest income surged 97.1% to $1.6 million from $0.8 million, attributed to increased holdings of U.S. government securities [7]. Management Insights - Management noted delays in municipal approvals and utility access affecting construction timelines, leading to a strategic moderation in development projects [8]. - The company ended the year with 88 homes under production, including 28 under contract, indicating an improving sales pipeline [9]. Future Outlook - Management cautioned about a likely decline in developed land sales in fiscal 2026 due to fewer active development projects and infrastructure bottlenecks [14]. - AMREP believes it is well-positioned to handle near-term volatility, supported by year-end cash and equivalents totaling $39.9 million [14][13]. Other Developments - AMREP expanded its leasing strategy, increasing homes under lease to 21 from 10 in the prior year, diversifying revenue sources [15]. - The company terminated its defined benefit pension plan, simplifying its balance sheet and eliminating long-term pension obligations [16].

Core Insights - The S&P 500's dividend yield is declining, nearing 1.2%, which is close to its record low last seen in 2000, resulting in lower dividend income for new investments [1] - Real estate and energy sectors currently offer higher average dividend yields of 3.4%, making them attractive for investors seeking better payouts [2] Energy Sector - Many energy stocks provide higher dividend yields, with Kinder Morgan (KMI) offering above 4% backed by a strong financial profile, including take-or-pay contracts securing 69% of cash flows [6] - Kinder Morgan maintains a conservative payout ratio of 44% of its cash flow from operations in 2025, allowing for substantial excess free cash flow for expansion and consistent dividend increases [6] - Brookfield Renewable (BEPC) yields around 4.5%, supported by stable cash flow from long-term fixed-rate power purchase agreements, with 70% of revenue linked to inflation [7][8] - Brookfield aims to increase its dividend by 5% to 9% annually, having grown its payout at a 6% compound annual rate since 2001 [8] Real Estate Sector - The REIT sector is a strong source of dividend income, with NNN REIT yielding over 5%, focusing on freestanding retail properties secured by triple net leases [10] - NNN REIT has a history of increasing its dividend for 35 consecutive years, supported by a conservative payout strategy [11] - Mid-America Apartment Communities (MAA) has a dividend yield of around 4%, driven by strong rental demand in the Sun Belt region, and has increased its dividend for 15 straight years [12] Investment Opportunities - Despite the overall decline in average dividend yields, energy stocks and REITs present lucrative opportunities for investors seeking higher income streams without incurring additional risk [13]

Group 1: Rental Income and Revenue Growth - In May, EfTEN Real Estate Fund AS reported consolidated rental income of EUR 2,643 thousand, an increase of EUR 33 thousand from April, driven by higher revenue in the logistics segment and contract-based rent increases in the elderly care segment [1] - For the first five months of 2025, the Fund earned EUR 12.9 million in rental income, reflecting a 1.3% increase compared to the same period last year [3] Group 2: Financial Performance Metrics - The Fund's consolidated EBITDA in May was EUR 2,229 thousand, up from EUR 2,183 thousand in April, with adjusted cash flow amounting to EUR 1,148 thousand, an increase of EUR 138 thousand compared to April [2] - Consolidated EBITDA for the year stands at EUR 10.6 million, which is 2.7% lower year-over-year, primarily due to utility costs related to vacant space in the office segment [3] - Consolidated interest expenses decreased by EUR 768 thousand compared to last year, with the weighted average interest rate falling to 4.09% in May [3] Group 3: Portfolio and Asset Valuation - The portfolio vacancy rate decreased to 4.0%, down 0.7 percentage points, mainly due to new lease agreements signed in the office building at Pärnu mnt 102 in Tallinn [2] - As of the end of May, the Fund's net asset value (NAV) per share was EUR 19.7782, and the EPRA NRV was EUR 20.6479, both increasing by 0.7% over the month [4]