# ![@RealAssetsValue Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::396466677.png) @RealAssetsValue Real Assets Value

Real Assets Value posts on X about reit, debt, $rexr, $fvr the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::396466677/interactions)
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- [--] Week [------] +6.90%
- [--] Month [------] +94%
- [--] Months [-------] +7.20%
- [--] Year [-------] +14%

### Mentions: [--] [#](/creator/twitter::396466677/posts_active)
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- [--] Month [--] -45%
- [--] Months [---] +15%
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### Followers: [-----] [#](/creator/twitter::396466677/followers)
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- [--] Week [-----] +0.21%
- [--] Month [-----] +2.20%
- [--] Months [-----] +11%
- [--] Year [-----] +24%

### CreatorRank: [---------] [#](/creator/twitter::396466677/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::396466677/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [cryptocurrencies](/list/cryptocurrencies)  [currencies](/list/currencies)  [countries](/list/countries)  [technology brands](/list/technology-brands)  [travel destinations](/list/travel-destinations)  [celebrities](/list/celebrities)  [social networks](/list/social-networks)  [vc firms](/list/vc-firms) 

**Social topic influence**
[reit](/topic/reit) #81, [debt](/topic/debt), [$rexr](/topic/$rexr), [$fvr](/topic/$fvr) #1, [$cpt](/topic/$cpt) #11, [$are](/topic/$are), [rates](/topic/rates), [in the](/topic/in-the), [$avb](/topic/$avb), [$vre](/topic/$vre)

**Top accounts mentioned or mentioned by**
[@mrneutralman](/creator/undefined) [@rhunterh](/creator/undefined) [@thepupil11](/creator/undefined) [@ellliotttb](/creator/undefined) [@kingdomcapadv](/creator/undefined) [@privateeyecap](/creator/undefined) [@pekwat](/creator/undefined) [@nbeachny](/creator/undefined) [@hedgeyereits](/creator/undefined) [@theweezguy](/creator/undefined) [@dontflytoohigh](/creator/undefined) [@catapultcap](/creator/undefined) [@hybridvigorish](/creator/undefined) [@dailyreitbeat](/creator/undefined) [@grandtokamak](/creator/undefined) [@j264b](/creator/undefined) [@jay21](/creator/undefined) [@fintwitwannabe](/creator/undefined) [@winsteadscap](/creator/undefined) [@andrewrangeley](/creator/undefined)

**Top assets mentioned**
[Rexford Industrial Realty, Inc. (REXR)](/topic/$rexr) [FrontView REIT, Inc. (FVR)](/topic/$fvr) [Camden Property Trust (CPT)](/topic/$cpt) [Alexandria Real Estate Equities Inc (ARE)](/topic/$are) [Autonomous Virtual Beings (AVB)](/topic/$avb) [Mid-America Apartment Communities Inc (MAA)](/topic/$maa) [Blackstone, Inc. (BX)](/topic/$bx) [Terreno Realty Corporation (TRNO)](/topic/$trno) [Prologis Inc (PLD)](/topic/$pld) [Equity Residential (EQR)](/topic/$eqr) [UDR, Inc. (UDR)](/topic/$udr) [Ethlas (ELS)](/topic/$els) [Apartment Investment and Management Company (AIV)](/topic/$aiv) [Regency Centers Corp (REG)](/topic/$reg) [SITE Centers Corp. Common Shares (SITC)](/topic/$sitc) [Apartment Income REIT Corp. (AIRC)](/topic/$airc) [Elme Communities (ELME)](/topic/$elme) [Earth [--] Essence (ESS)](/topic/$ess) [Independence Realty Trust Inc. (IRT)](/topic/$irt) [Highwoods Properties Inc. (HIW)](/topic/$hiw) [Sui (SUI)](/topic/$sui) [Phillips Edison & Company, Inc. (PECO)](/topic/$peco) [Kilroy Realty Corp. (KRC)](/topic/$krc) [SBA Communications Corporation (SBAC)](/topic/$sbac) [NetSTREIT Corp. (NTST)](/topic/$ntst) [PEAKDEFI (PEAK)](/topic/$peak) [Equinix Inc (EQIX)](/topic/$eqix) [WELL3 (WELL)](/topic/$well) [First Industrial Realty Trust, Inc. (FR)](/topic/$fr) [Boston Properties, Inc. (BXP)](/topic/$bxp) [BRIXMOR PROPERTY GROUP INC. (BRX)](/topic/$brx)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@thepupil11 @hybridvigorish Worth $20 a share if MF @ 4% cap. The leverage is real. Question is whether $12.5 per share base case somewhere around $7 downside $20 upside is a risk reward I'm comfortable with and at what size. Haven't decided yet"  
[X Link](https://x.com/RealAssetsValue/status/1385164341335400448)  2021-04-22T09:31Z [----] followers, [--] engagements


"@thepupil11 @hybridvigorish Some fodder for the upside case more evidence of those fabled sub [--] cap sunbelt MF sales from $BRG presentation and $NXRT has their value add portfolio trading around a [---] cap as well at $50 a share"  
[X Link](https://x.com/RealAssetsValue/status/1385165279462789121)  2021-04-22T09:35Z [----] followers, [--] engagements


"$EGP buying a CA industrial portfolio (85% SF Bay Area / 15% Sacramento) for $415m / $245 PSF 4.1% cap rate on annualized NOI. I imagine the Tulloch family have done extremely well here"  
[X Link](https://x.com/RealAssetsValue/status/1532701129947041792)  2022-06-03T12:30Z [----] followers, [--] engagements


"$FR - with a lower portfolio quality than $PLD or $DRE interesting to see how their leasing compares. Great quarter with 4.3m sq ft leased at 27% cash rent growth. Q2 accelerated vs. Q1 in both level of activity and rent spreads"  
[X Link](https://x.com/RealAssetsValue/status/1550247300777136128)  2022-07-21T22:32Z [----] followers, [--] engagements


"So far cash rich Big Pharma stepping into the capital markets gap for smaller biotech firms that are tenants for life sciences RE / $ARE. Fears around weak capital markets undermining tenant demand have led to repricing of biz in public markets"  
[X Link](https://x.com/RealAssetsValue/status/1560263047179952128)  2022-08-18T13:51Z [----] followers, [--] engagements


"Anyone hearing any M&A chatter on $INDT Up 4% at the close on well above average volume. To be fair its very illiquid so tends to bounce around so probably nothing"  
[X Link](https://x.com/RealAssetsValue/status/1570871059066523652)  2022-09-16T20:23Z [----] followers, [--] engagements


"$SGRO trading update out - industrial market in UK & EU now remains strong now despite uncertain macro future. Occupancy edged up by +10 bps to 96.7% and +22% uplift in rents at review / renewals. +6m LfL rent growth in the Q is a 10% growth rate and pre-letting remains strong"  
[X Link](https://x.com/RealAssetsValue/status/1583107031828860928)  2022-10-20T14:45Z [----] followers, [--] engagements


"2022 is a wrap so time to share unaudited / potentially erroneous returns and YE holdings for my listed real estate portfolio. Bleeding stemmed in Q4 with a 4.5% return but down -24.5% for the year underperforming S&P [---] TR -18.1% and EPRA / NAREIT Global RE index -23.6%"  
[X Link](https://x.com/RealAssetsValue/status/1610310870680358912)  2023-01-03T16:23Z [----] followers, [----] engagements


"Couple of small but narrative-defying trades coming out - a few points do not a line make but interesting: [--]. $BX buying Midtown ATL 2004-vintage MF at $280k / unit. [--]. Foreign buyer for new SoMa building in SF for $940 PSF [--]. [----] vintage MF in Ventura CA trade for $450k / unit"  
[X Link](https://x.com/RealAssetsValue/status/1625263215952404480)  2023-02-13T22:38Z [----] followers, 13.4K engagements


"@HedgeyeREITs I'm curious why $STAG over $LXP in terms of 2nd tier industrial REITs $LXP appears to have newer / higher-quality assets and is in better markets but higher leverage (1 turn of EBITDA) a failed sale stymied by management questionable development model w/ merchant builders"  
[X Link](https://x.com/RealAssetsValue/status/1633860746424745987)  2023-03-09T16:02Z [----] followers, [---] engagements


"Lot's of bleeding in REIT-land today especially on the west coast: $ARE -7% $KRC -6% $BXP -5% $AAT -5% $ESS -4% while US10yr yield -20bps Fear of start-up failure / contagion story from SVB Recession confirmed Capitulation on office REITs"  
[X Link](https://x.com/RealAssetsValue/status/1634260776864321536)  2023-03-10T18:31Z [----] followers, [----] engagements


"@thepupil11 I also get the same figures. Since I'm skeptical I have much analytical edge across the "blue chip" multifamily REITs I've taken a basket approach as each has their trade offs with 2% in $MAA $CPT $IRT $AVB $ESS and $UDR as all look undemanding / cheap vs. private markets"  
[X Link](https://x.com/RealAssetsValue/status/1640801399767453697)  2023-03-28T19:41Z [----] followers, [----] engagements


"$BX back on the UK industrial M&A train announcing deal to take Industrials REIT - multi-let industrial in the UK - private at [----] per share a slight premium to Sep '22 NAV of [----] / share. 5.4% NIY and [--] PSF. Rent growth + mark to market opportunity make it interesting"  
[X Link](https://x.com/RealAssetsValue/status/1643772476563001349)  2023-04-06T00:27Z [----] followers, [----] engagements


"Tale of [--] markets (3 assets) in LA: -50% occ. San Fernando Valley property sold for $47m / $750 PSF owner-occupier - $BX sold Santa Ana / OC asset for $82m / $145 PSF 36% below '14 acq. price -LaSalle also sold in Santa Ana for $25m / $115 PSF 55% less than '19 acq. price"  
[X Link](https://x.com/RealAssetsValue/status/1646346905734238208)  2023-04-13T02:57Z [----] followers, [----] engagements


"Back of the envelope valuation for the $REG merger / acq. of $UBP indicates 7.3% implied cap rate and $300 PSF for their portfolio. Jives with low 7s mgmt commentary. $REG issuing stock at high 6% implied cap rate and $325 PSF 15x FFO and 16x-19x AFFO 1/4"  
[X Link](https://x.com/RealAssetsValue/status/1659303081472040970)  2023-05-18T21:00Z [----] followers, [----] engagements


"$REG management claim both entities are trading at a discount to NAV today. Q1 and LQA NOI for Regency a little high due to lease termination fees and CAPEX looks light at 7% of NOI so implied cap rate and FFO / AFFO ranges due to those two variables 2/4"  
[X Link](https://x.com/RealAssetsValue/status/1659303083317559296)  2023-05-18T21:00Z [----] followers, [---] engagements


"Feels like a decent deal for $REG. Reasonable price for good assets in high-barrier markets. Will be accretive and due to low leverage at both entities doesn't create balance sheet issues. Will be interesting to see the background to the merger if other bidders were there 3/4"  
[X Link](https://x.com/RealAssetsValue/status/1659303085087531009)  2023-05-18T21:00Z [----] followers, [---] engagements


"Inventrust - $IVT - is an interesting small-cap grocery anchored retail REIT focused on US sunbelt markets. Trades at 8% implied cap rate and $210 PSF high teens AFFO multiple ($21 per share today). I estimate NAV of $27 per share based on a 6.5% implied cap rate / $250 PSF 1/"  
[X Link](https://x.com/RealAssetsValue/status/1663268354755526656)  2023-05-29T19:37Z [----] followers, 12K engagements


"@office_bull $REG which is top of the grocery anchored quality range trades in the mid 6s implied cap. Most are in that 7%-8% range and higher for non grocery anchored - $SITC and $WSR closer to 9s. I think set up for $IVT is better than $KIM $BRX etc. but implied valuations are similar"  
[X Link](https://x.com/RealAssetsValue/status/1663521903322218497)  2023-05-30T12:25Z [----] followers, [---] engagements


"Pretty decent looking non-core sales from $HIW at first glance - small at $40m across two assets but at a 6.5% cap rate. Digging deeper I think Riverbirch is a MOB so probably doing most of the work from a cap rate perspective https://s23.q4cdn.com/319093197/files/doc_news/2023/05NewFolder/pr-23-10-hiw-sells-40m-of-non-core-assets.pdf https://s23.q4cdn.com/319093197/files/doc_news/2023/05NewFolder/pr-23-10-hiw-sells-40m-of-non-core-assets.pdf"  
[X Link](https://x.com/RealAssetsValue/status/1664089271781711873)  2023-06-01T01:59Z [----] followers, [----] engagements


"$AVB out with an operating update leading up to REITWeek - rental growth outperforming expectations New England and Metro NY / NJ leading the way with Q2 tracking ahead of Q1. Charlotte notably weak like-term effective rent growth negative thus far in Q2"  
[X Link](https://x.com/RealAssetsValue/status/1665722779038105601)  2023-06-05T14:10Z [----] followers, [----] engagements


"$AIRC announced two significant joint ventures covering [----] units. Priced at a TTM NOI cap rate of 5.6% and $340k per unit. Not a lot of detail on portfolio but looks roughly representative albeit ave. monthly rent of $2460 lower than $2770 for full portfolio"  
[X Link](https://x.com/RealAssetsValue/status/1666102302426513408)  2023-06-06T15:18Z [----] followers, [----] engagements


"@OnlyAssets Great color thanks for adding context. Makes sense given their (and $EQR) strategy of focusing on high end product in their "expansion markets". Definitely not representative of the Charlotte / other sunbelt markets overall"  
[X Link](https://x.com/RealAssetsValue/status/1666459599333912580)  2023-06-07T14:58Z [----] followers, [--] engagements


"@KonekoResearch @Mr_Neutral_Man @HedgeyeREITs Very helpful and tracks actually - infill guys $REXR and $TRNO down the most and have the largest SoCal exposure"  
[X Link](https://x.com/RealAssetsValue/status/1667241232337367040)  2023-06-09T18:44Z [----] followers, [---] engagements


"In a sign of how bad sentiment is getting $ARE continue to issue a press release for each major transaction in this case selling a Cambridgeport / Waltham portfolio at a 5.2% cap rate / $850 PSF. Far from their best assets - Mem Drive is old 2/3 of Waltham are conversions"  
[X Link](https://x.com/RealAssetsValue/status/1671245230358634498)  2023-06-20T19:54Z [----] followers, [----] engagements


"Another $ARE deal and PR - San Diego UTC asset leased to Takeda and delivered in [----] recapped (new JV partner in for 70% of asset replacing a 50% JV parter) at 4.5% cap rate on Q2 [----] annualized NOI / $980 PSF"  
[X Link](https://x.com/RealAssetsValue/status/1671952261545689090)  2023-06-29T20:10Z [----] followers, [----] engagements


"@jay_21_ @DonutShorts Yup according to the $PLD PR anyway"  
[X Link](https://x.com/RealAssetsValue/status/1673318249579048960)  2023-06-26T13:12Z [----] followers, [---] engagements


"More $ARE sales - dev site for 286k building sold to Boston Childrens for $155m ($540 PSF) who will fund their pro rata share of development costs (whether 100% sale or JV not disclosed) and [---] Grove St in Newton - office with lab redev potential - sold for $177.5m ($350 PSF) 1/"  
[X Link](https://x.com/RealAssetsValue/status/1674496493909323777)  2023-06-29T19:14Z [----] followers, [----] engagements


"$ARE acquired [---] Grove for $235m in [----] so valuation there declined 25%. It is a vanilla office building that was a potential conversion opportunity - there are a bunch of covered land plays / potential office redevelopments in the portfolio which $ARE doesn't break out 2/"  
[X Link](https://x.com/RealAssetsValue/status/1674496495796760576)  2023-06-29T19:14Z [----] followers, [---] engagements


"That being said happy to see $ARE to sell these non-core assets and take their lumps in order to recycle capital into the development pipeline which is a much better use of capital. So far the capital markets still look pretty open for life sci RE. 3/3"  
[X Link](https://x.com/RealAssetsValue/status/1674496497382203392)  2023-06-29T19:14Z [----] followers, [---] engagements


"Another US MF JV $UDR forming a 51/49 JV with LaSalle. $510m implies $385k per unit / "low 5% effective forward yield". Seed portfolio is suburban mix of coastal markets feels pretty representative of UDR portfolio. $UDR trades at a 5.6% LQA NOI cap rate / $350k per unit 1/ $AIRC announced two significant joint ventures covering [----] units. Priced at a TTM NOI cap rate of 5.6% and $340k per unit. Not a lot of detail on portfolio but looks roughly representative albeit ave. monthly rent of $2460 lower than $2770 for full portfolio https://t.co/DOoYRUkhP3 $AIRC announced two significant joint"  
[X Link](https://x.com/RealAssetsValue/status/1674835217624993793)  2023-06-30T17:40Z [----] followers, [----] engagements


"Listed RE portfolio returned 7.9% in Q2 it was best to be mostly lucky and little good - 6.7% contribution from $PKST which I traded twice for a 2x return on low SD % of capital. As always not audited probably wrong for my own learning purposes do your own DD etc. 1/"  
[X Link](https://x.com/RealAssetsValue/status/1675605515236433920)  2023-07-02T20:41Z [----] followers, [----] engagements


"Spending time looking at consolidation targets in the UK and Sweden where all the news for economy and property sector seems to be bad. Need to redeploy capital so would love to hear what people are finding attractive currently 3/3"  
[X Link](https://x.com/RealAssetsValue/status/1675605518658981888)  2023-07-02T20:41Z [----] followers, [----] engagements


"@stocksonnets Not cheap. I have it at a 3.6% cap on LQA and 4% based on a rough and optimistic est of [----] Cash NOI (20% growth over 2022). I est trades at a 15%-20% premium to NAV - but execution good markets strong BS in great shape and are creating value at a healthy clip"  
[X Link](https://x.com/RealAssetsValue/status/1675892128097132545)  2023-07-03T15:39Z [----] followers, [---] engagements


"@stocksonnets I am interested in the valuation gap that has emerged between $TRNO and $REXR due to the perceived weakening of the SoCal market lots of commentary around this at NAREIT I heard. Historically these two coastal REITs have traded in lockstep but now a bit of a cap rate divergence"  
[X Link](https://x.com/RealAssetsValue/status/1675892521589952512)  2023-07-03T15:41Z [----] followers, [---] engagements


"@GrandTokamak He is indeed Nexpoint sponsors and externally managed [--] REITs $nxrt $nref and $nxdt"  
[X Link](https://x.com/RealAssetsValue/status/1675934719681130499)  2023-07-03T18:29Z [----] followers, [---] engagements


"@HedgeyeREITs @Hedgeye What changed I think I recall you being pretty negative on $avb and the need to fund the dev pipeline"  
[X Link](https://x.com/RealAssetsValue/status/1676910641825693696)  2023-07-06T11:07Z [----] followers, [---] engagements


"@maxwellhouse99 $ELS - well managed and reasonably capitalised mobile home rv parks and marinas in the US"  
[X Link](https://x.com/RealAssetsValue/status/1677354731914633224)  2023-07-07T16:31Z [----] followers, [----] engagements


"@blondesnmoney @benbakhshi Can't see the tweet you're replying to but yeah that's one of the big risks with this one. The thesis is that survival as a going concern is in everyone's - including RMR's - interest here"  
[X Link](https://x.com/RealAssetsValue/status/1684070475604049920)  2023-07-26T07:07Z [----] followers, [--] engagements


"@ScroogeRE Generalist flows out of real estate equities could be at least a contributing factor to why a lot of these stocks look relatively inexpensive if not downright cheap BX / STWD buying public over private would indicate that they see relative value too. A factor beyond just rates"  
[X Link](https://x.com/RealAssetsValue/status/1694280862706065776)  2023-08-23T09:30Z [----] followers, [--] engagements


"@J264B @MattLasky @DailyREITBeat Given this transaction what other public hospitality companies are worth digging into also paging resident hospitality expert @somehotelguy"  
[X Link](https://x.com/RealAssetsValue/status/1696157583537491983)  2023-08-28T13:47Z [----] followers, [---] engagements


"From Q2 earnings $UDR U/C to acquire Dallas / Austin portfolio at $230k/unit and 4.5% cap rate albeit low-cost assumable debt improved pricing "by [--] bps". See operational upside. Portfolio not too dissimilar to that of BSR / $HOM.U which trades at mid 6% cap and $170k/unit Another US MF JV $UDR forming a 51/49 JV with LaSalle. $510m implies $385k per unit / "low 5% effective forward yield". Seed portfolio is suburban mix of coastal markets feels pretty representative of UDR portfolio. $UDR trades at a 5.6% LQA NOI cap rate / $350k per unit 1/ https://t.co/p2Vzoi5du4 Another US MF JV $UDR"  
[X Link](https://x.com/RealAssetsValue/status/1696258775827534016)  2023-08-28T20:29Z [----] followers, [----] engagements


"@Ramrulez Portfolio $UDR acq has [--] year w.a. age. Assets BSR acq after their IPO - so [----] - [----] - was a w.a. [--] years at the time (now [--] - [--] years older). Those assets all in Dallas/Austin/Houston and represent 7k/8.6k units in portfolio. Overall w.a. age is 10-15 years for BSR"  
[X Link](https://x.com/RealAssetsValue/status/1696261577970741522)  2023-08-28T20:40Z [----] followers, [---] engagements


"@willis_cap @pekwat @WaterworldCapi1 I don't think that's right - it looks to me that MF REITs have outperformed CPI by 50-70 bps over the last [--] years. Charts below are from the $ELS presentation (not MF but they have long time series) and I see a average for CPI since '98 of 2.5% from https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913- https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913-"  
[X Link](https://x.com/RealAssetsValue/status/1696510476216049719)  2023-08-29T13:09Z [----] followers, [---] engagements


"@J264B @MattLasky @DailyREITBeat @somehotelguy Based on my back of the envelope working this deal for $HT looks like a 10.5% cap rate / $360k per key and reflects a 8.3x FFO multiple. 10% cap a fair valuation estimate for current good quality hotel REITs today"  
[X Link](https://x.com/RealAssetsValue/status/1696543150850887822)  2023-08-29T15:19Z [----] followers, [--] engagements


"@chrisinmontreal @KonekoResearch @WinnipegNews Problem is they need a LOT more cash to pay off that debenture let alone the $350m credit facilities in '24 (assumes they can refi mortgages). With the benefit of hindsight hard not to think delevering would have been better use of capital than share repurchases"  
[X Link](https://x.com/RealAssetsValue/status/1696951097208820110)  2023-08-30T18:20Z [----] followers, [---] engagements


"While there has obviously been a big move in rates from YE [----] to now I think I have to eat a little humble pie on my [--] Ravinia valuation when U/W APTS. A reminder that its easy to end up too aggressive putting a cap rate / price PSF on shaky numbers when valuing REITs. Don't Believe Your Lying Eyes. This office building was in the misc pile from the APTS acquisition. CoStar puts purchase price at $355m sale at $175m purchaser Estein USA assumes $115m loan https://t.co/vVQBcWtvFU Don't Believe Your Lying Eyes. This office building was in the misc pile from the APTS acquisition. CoStar puts"  
[X Link](https://x.com/RealAssetsValue/status/1697251598010053026)  2023-08-31T14:14Z [----] followers, [----] engagements


"Going forward I think rent growth from Haus25 and market rent growth across the portfolio will largely be eaten up by interest rate swaps and refinancing at higher rates in '24. I think they'll have to cash-in refi some of those assets. '23 maturities are OK though. 2/"  
[X Link](https://x.com/RealAssetsValue/status/1697662674622984583)  2023-09-01T17:28Z [----] followers, [---] engagements


"Credit to mgmt on executing on their plan in a tough environment. They got a lot of criticism for not selling to Kushner but shares have traded over the offer price recently. Don't love the choice to reinstate dividend but REIT / income investors want it I suppose 3/3"  
[X Link](https://x.com/RealAssetsValue/status/1697662675981873575)  2023-09-01T17:28Z [----] followers, [---] engagements


"Data from JLL on UK industrial capital markets. Rents continue to rise (JLL est. +1.8% in Q2) and cap rates stable. Greater London assets getting sold at 3%-4% NIYs that stabilize to 5% - 6% [---] - [---] PSF. See some softening in secondary/tertiary due to interest rates"  
[X Link](https://x.com/RealAssetsValue/status/1699084124638552251)  2023-09-05T15:36Z [----] followers, [----] engagements


"@mtccap Effectively YTD - there was a big move after the Truss Mini Budget fiasco and spike in rates and since then things have been more stable (outside of office which continues to slip). This (quickly-found) chart gives a sense of recent UK yield trajectories"  
[X Link](https://x.com/RealAssetsValue/status/1699102614405763361)  2023-09-05T16:50Z [----] followers, [--] engagements


"@RecoveryTrade The big MF REITs tend to cull assets out of the bottom quality quartile/decile of their portfolio. Quality can mean a lot of things - in this case I'd guess future capital requirements are high due to the age and thus forward IRR low plus they're OK with reducing SoCal exposure"  
[X Link](https://x.com/RealAssetsValue/status/1699103473533419603)  2023-09-05T16:53Z [----] followers, [--] engagements


"Operating updates out from $AVB and $EQR today: -SS rev on track / ahead of budget -Occupancy improving despite renewal % down -East Coast markets Sunbelt West Coast -Rental growth expected to moderate but $AVB renewal offers going out at rent increase 5%"  
[X Link](https://x.com/RealAssetsValue/status/1699789802319782082)  2023-09-07T14:20Z [----] followers, [----] engagements


"@stressed_assets BSR REIT $HOM.U - Texas Triangle (DFW AUS HOU) multifam listed in Canada at a 6.5% implied cap rate / $165k a unit founding families have stepped back from mgmt but own 40%. Reasonable $700m market cap / $1.4bn EV take private candidate"  
[X Link](https://x.com/RealAssetsValue/status/1701418641260990837)  2023-09-12T02:13Z [----] followers, [---] engagements


"@J264B Also a class action against Datacomp $ELS $SUI and other large MHC owners announced last week. Hoping someone smarter than I can educate me on the merits of these claims"  
[X Link](https://x.com/RealAssetsValue/status/1701586373562581438)  2023-09-12T13:19Z [----] followers, [---] engagements


"Listed real estate has underperformed and is effectively as unloved as during the GFC"  
[X Link](https://x.com/RealAssetsValue/status/1703450811605324099)  2023-09-17T16:48Z [----] followers, 28.2K engagements


"Green Street see additional 10% downside in private markets. Public market saying decline has further to go and so do credit markets where spreads are below LT averages"  
[X Link](https://x.com/RealAssetsValue/status/1703450817636798725)  2023-09-17T16:48Z [----] followers, [---] engagements


"GS see public RE markets as fairly priced. Cheap relative to equity markets as have not participated in much of the run-up this year but still expensive vs. credit markets"  
[X Link](https://x.com/RealAssetsValue/status/1703450820765761588)  2023-09-17T16:48Z [----] followers, [---] engagements


"A friend working at a real estate investment shop but with interests in transitioning towards equities / credit in the future (VP level position) has asked me whether a CFA or CAIA is better for their career progression - thoughts"  
[X Link](https://x.com/RealAssetsValue/status/1703570911431979461)  2023-09-18T00:45Z [----] followers, [----] engagements


"@gilmourkh @kab604 @ClarkSquareCap They have done decent size deals through issuing stock which is how Nordika became a major shareholder. But I agree apart from Blackstone who have been a big buyer of assets from Corem especially not a strong cash bid given rates. Could make sense for Catena to take them out"  
[X Link](https://x.com/RealAssetsValue/status/1704107942088167925)  2023-09-19T12:19Z [----] followers, [--] engagements


"Fannie Mae came out with a MHC report this month some interesting facts: [---] MHCs representing [---] sites U/C in the US() -Near [--] net new sites added since GFC () -Rent growth continuing at 7% y-on-y broadly age- restricted and sunbelt locations are outperforming"  
[X Link](https://x.com/RealAssetsValue/status/1706392074394694053)  2023-09-25T19:35Z [----] followers, [----] engagements


"The financial gravity of interest rates affecting MHC despite strong fundamentals. Cap rates have ticked up to just over 5% for institutional quality and price per lot declined slights to just over $75k. Link:"  
[X Link](https://x.com/RealAssetsValue/status/1706392076303130866)  2023-09-25T19:35Z [----] followers, [--] engagements


"@Refinedman2 I own $ELS. I think they have the best assets and have been the best (albeit conservative) capital allocators. I put $SUI in my too hard pile due to the big bets on international and marinas but smarter people than I have bought after it got a lot cheaper than $ELS"  
[X Link](https://x.com/RealAssetsValue/status/1706463357367169452)  2023-09-26T00:19Z [----] followers, [--] engagements


"@nopain_n0gain86 @rhunterh Perhaps I should have specified RE BadCo spins with a plan of liquidation from the jump and less than egregious management / incentives"  
[X Link](https://x.com/RealAssetsValue/status/1706670520169615736)  2023-09-26T14:02Z [----] followers, [--] engagements


"@stocksonnets @AltaFoxCapital Makes these kind of strategies more interesting for an investor much worse place to build an investment management business - albeit likely more cyclical than structural I.e. if HF / REITs / etc. outperform capital flows come back and the relationship reverses"  
[X Link](https://x.com/RealAssetsValue/status/1707390954053746846)  2023-09-28T13:44Z [----] followers, [--] engagements


"$CTO demonstrating there is a bid for net lease office selling General Dynamics leased asset with 6yr WALT for a 7.2% cap rate / $285 PSF. Breakeven on the acq. in [----] and this property in Reston down the road from data center alley and 5yr old building"  
[X Link](https://x.com/RealAssetsValue/status/1708945881653780798)  2023-10-02T20:43Z [----] followers, [----] engagements


"Already out of date after the start to this week but listed RE 13F for Q3. Portfolio down -5.5% in the quarter and at 4% YTD. Probably about flat or slightly down YTD after the last two bruising days for RE stocks. Not inv. advice do your own DD etc. 1/"  
[X Link](https://x.com/RealAssetsValue/status/1709328865238061356)  2023-10-03T22:05Z [----] followers, [----] engagements


"3 new positions - all with industrial as part of the thesis. $REXR got attractive IMO due to concerns around SoCal fundamentals which will likely impact ST market rent growth. Logistea is a microcap Swedish industrial PropCo that recapitalized its BS through a rights issue 2/"  
[X Link](https://x.com/RealAssetsValue/status/1709328866802626848)  2023-10-03T22:05Z [----] followers, [---] engagements


"Re-established a position in $PKST on valuation and we see more evidence around sales of net lease office properties (3rd time the charm). Added to research / trackers in the UK (Palace Picton Helios Tower) and new ones in $ELME $RRR.UN amd $PEAK 3/"  
[X Link](https://x.com/RealAssetsValue/status/1709328868006355047)  2023-10-03T22:05Z [----] followers, [---] engagements


"@ScroogeRE The non-recourse debt + Hawaii portfolio make it interesting - worth 2-3x current share price alone. $RMR incentives are to close EV / GAV gap and get incentive fees in [--] years now they've reset. Most obvious way to screw minority shareholders is a big dilutive equity raise"  
[X Link](https://x.com/RealAssetsValue/status/1709378334453346719)  2023-10-04T01:22Z [----] followers, [--] engagements


"@HedgeyeREITs I suppose it has come in handy and to be fair this may be the shortest and least bombastic $ARE press release title I have seen in a while"  
[X Link](https://x.com/RealAssetsValue/status/1710028435894984722)  2023-10-05T20:25Z [----] followers, [---] engagements


"Far from a needle-mover but not too shabby of a sale from $TRNO"  
[X Link](https://x.com/RealAssetsValue/status/1710030404554531143)  2023-10-05T20:33Z [----] followers, [---] engagements


"1031 sale of office property in Summerlin Las Vegas for $305 PSF. Built in [----] sits on [---] acres fully leased to Wyndham Vacation Ownership and Realty One Group"  
[X Link](https://x.com/RealAssetsValue/status/1710287205376135221)  2023-10-06T13:33Z [----] followers, [---] engagements


"Hmmm develop MF to 6.5% - 7.0% cap rates today or buy MF REITs at the same price Timely data for @DieHardCapital pitch on the recent @YetAnotherValue podcast. Piggy backing off Zachs tweet. This map of target multifamily UT YoC based on market is fresh off the press. 6.50%+ in most areas to get equity/debt partners interested. https://t.co/jRHUQxBmPt Piggy backing off Zachs tweet. This map of target multifamily UT YoC based on market is fresh off the press. 6.50%+ in most areas to get equity/debt partners interested. https://t.co/jRHUQxBmPt"  
[X Link](https://x.com/RealAssetsValue/status/1711533953931252108)  2023-10-10T00:07Z [----] followers, [----] engagements


"$TRNO operating and capital markets update out today. Solid leasing - 500k sq ft leased on track to exceed [----] expiries. Cash rents +50% excluding [--] fixed rate renewal in Q3. Potentially a slight decel. with YTD cash rents +60% but could be mix TBD. 1/"  
[X Link](https://x.com/RealAssetsValue/status/1711763085516571037)  2023-10-10T15:18Z [----] followers, [---] engagements


"Continued to raise equity through ATM $60/share. Shares O/S up 10% this year including the Feb. offering. Consistent with a 10%+ premium to my NAV estimate which is $55 per share. Given debt rates provides cost of capital advantage vs. leveraged buyers / developers 3/3"  
[X Link](https://x.com/RealAssetsValue/status/1711763089341693969)  2023-10-10T15:18Z [----] followers, [---] engagements


"@rclaca $ELS"  
[X Link](https://x.com/RealAssetsValue/status/1714085353051570607)  2023-10-17T01:06Z [----] followers, [---] engagements


"Just to prove that the US office market meltdown isn't monolithic here's another recent comp - Sandy Springs ATL Metro mostly vacant sold out of foreclosure for. $190 PSF"  
[X Link](https://x.com/RealAssetsValue/status/1714105686311702640)  2023-10-17T02:26Z [----] followers, [----] engagements


"@rhunterh @jay_21_ You gotta respect Chanos and they seem to have a legitimate point around maint. CAPEX intensivity but it is starting to feel a little $TSLAQ example: calling to have an outage @ an $EQIX DC in Singapore investigated I don't pretend to know the space well tho and no position"  
[X Link](https://x.com/RealAssetsValue/status/1714744996660682780)  2023-10-18T20:47Z [----] followers, [----] engagements


"@rhunterh That's a good example. There's a lot of these setups - markets with strong fundamentals pre-COVID that got a big COVID boost leading to large supply response and wobble in demand (which could get worse). Sunbelt MF and life science are [--] other examples. 1/"  
[X Link](https://x.com/RealAssetsValue/status/1715090769411809656)  2023-10-19T19:41Z [----] followers, [---] engagements


"@rhunterh So what to do about these sectors / REITs Wait for capital cycle to play out Focus on biggest / best capitalized Take view on if risk sufficiently priced in I see $REXR trading at a 5% cap / $265 PSF with 50% rent MtM that could 2x FFO/share. Good bet or sucker's bet 2/"  
[X Link](https://x.com/RealAssetsValue/status/1715091764350951791)  2023-10-19T19:45Z [----] followers, [---] engagements


"@dontflytoohigh Not that I particularly have my finger on the pulse but I would not have guessed that HH equity allocations are effectively at all time highs. Wow"  
[X Link](https://x.com/RealAssetsValue/status/1716067925394592068)  2023-10-22T12:24Z [----] followers, [--] engagements


"@TheWeezGuy @HedgeyeREITs @Mr_Neutral_Man @thepupil11 @PrivateEyeCap @fintwit_wannabe @rhunterh @fortworthchris $PLD did buy that portfolio which also incl. ATL DFW etc. at a 4% cap / 5.75% on market rents in June. I'd guess better sub-markets in LA / Orange County lower than that range but that's probably fair for market-rent inland empire. $REXR Q3 acq. in the low 5s / 6% stab"  
[X Link](https://x.com/RealAssetsValue/status/1716904150792130575)  2023-10-24T19:47Z [----] followers, [---] engagements


"@TheWeezGuy @HedgeyeREITs @Mr_Neutral_Man @thepupil11 @PrivateEyeCap @fintwit_wannabe @rhunterh @fortworthchris A 6% market-rented cap rate is consistent with the $PLD commentary that they are underwriting to a 9% - 9.5% unlevered IRR in this environment. But @seanpatward is the man in the arena help us understand the nuances"  
[X Link](https://x.com/RealAssetsValue/status/1716905368717279290)  2023-10-24T19:51Z [----] followers, [--] engagements


"@rhunterh Notably all acquisitions were in sunbelt markets. Meanwhile implied price / unit for sunbelt / mixed REITs (the ones I follow more closely someone else can do the others): MAA: $180k per unit (7.2% cap on LQA NOI) CPT: $200k per unit (8.1% cap) BSR: $155k per unit (6.8% cap)"  
[X Link](https://x.com/RealAssetsValue/status/1719745141932450039)  2023-11-01T15:56Z [----] followers, [---] engagements


"@rhunterh Correct - I was listing out the value per unit / implied cap rate for the REITs overall based on where the shares trade today. IMO sunbelt apartments very clearly much cheaper in the public market than the private market"  
[X Link](https://x.com/RealAssetsValue/status/1719746428606521632)  2023-11-01T16:01Z [----] followers, [---] engagements


"@GrandTokamak This looks like the implied cap rates / GAV discounts are before the post earnings leg down Is that accurate For example $CPT now at an implied 8% cap by my math $MAA at 7.2%"  
[X Link](https://x.com/RealAssetsValue/status/1720039137103728687)  2023-11-02T11:24Z [----] followers, [---] engagements


"@GrandTokamak Interesting to see theyre not seeing much difference in cap rates between REITs with a coastal or sunbelt focus. This is despite implied cap rates diverging pretty significantly after earnings. $AVB and $ESS trading at a 6% implied cap rate by my math today for example"  
[X Link](https://x.com/RealAssetsValue/status/1720039787174809851)  2023-11-02T11:26Z [----] followers, [---] engagements


"@PythiaR I didn't realize $AMH was founded by B. Wayne Hughes of Public Storage fame"  
[X Link](https://x.com/RealAssetsValue/status/1722347341288501264)  2023-11-08T20:16Z [----] followers, [---] engagements


"@34Radi Large dividends development pipeline they do loans lots of unconsolidated JVs issued a bunch of preferred stock this year lots of cash but no operating cash flow. One of the mortgage REITs (I don't know them well) or $KW"  
[X Link](https://x.com/RealAssetsValue/status/1723109810919321859)  2023-11-10T22:46Z [----] followers, [---] engagements


"@dopamine_uptake I worry the "solution" here will be to merge with Tritax Eurobox given Tritax are 60% owned by ABRDN. Wouldn't be much of an improvement for shareholders as $EBOX.L also trades at a wide discount to NAV and has higher leverage"  
[X Link](https://x.com/RealAssetsValue/status/1729476294709010440)  2023-11-28T12:24Z [----] followers, [---] engagements


"@fintwit_wannabe @Trader_Jew I've found that $ARE and $KRC are perennial cap interest utilizers (or offenders) if you want to look at how it can provide a boost to FFO / AFFO metrics"  
[X Link](https://x.com/RealAssetsValue/status/1729582952013529497)  2023-11-28T19:28Z [----] followers, [---] engagements


"What are the best / most interesting things written on how to think about risk in real estate investing @rhunterh @thepupil11 @Mr_Neutral_Man (aka RE Howard Marks) - any good winter reading to share"  
[X Link](https://x.com/RealAssetsValue/status/1729604020895994342)  2023-11-28T20:51Z [----] followers, [----] engagements


"@GrandTokamak @rhunterh @thepupil11 @Mr_Neutral_Man @dividends_reit REITAS post some useful public info when looking at a specific name often the Singapore IBanks have their reports not paywalled - I am sure someone there has a good comp sheet but I don't know who unfortunately"  
[X Link](https://x.com/RealAssetsValue/status/1730595584430485580)  2023-12-01T14:31Z [----] followers, [---] engagements


"@winsteadscap Thanks. I think Fibra Prologis has the best portfolio. However they don't participate in the development economics which go to the mothership (and are v attractive today - develop at 10% YoC vs. market cap rates of 6%-7%)"  
[X Link](https://x.com/RealAssetsValue/status/1730636491359965673)  2023-12-01T17:14Z [----] followers, [---] engagements


"@nopain_n0gain86 @fintwit_wannabe @Mr_Neutral_Man @HedgeyeREITs Sometimes but not always. For example I see $ELME at a 7.5% cap today @ $13.80 per share. Vs. $CPT / $MAA doesn't feel exceptionally attractive today. $VRE at a 5.8% cap at $15.20 / share valuing the non-MF assets @ BV. $NXRT I don't have up-to-date figures"  
[X Link](https://x.com/RealAssetsValue/status/1731788212710805843)  2023-12-04T21:30Z [----] followers, [---] engagements


"@PerrySolem I appreciate different submarkets will have a material impact on rents and values but I also don't think that trade implies nothing for another midrise apt building by the same developer [--] miles away. Or for the REIT that owns it & trades at an implied $190k pre unit / 7% cap"  
[X Link](https://x.com/RealAssetsValue/status/1731866235862708652)  2023-12-05T02:41Z [----] followers, [--] engagements


"@rhunterh @thepupil11 @Mr_Neutral_Man @HawkinsEntrekin @PrivateEyeCap @stocksonnets"  
[X Link](https://x.com/RealAssetsValue/status/1733204867395592398)  2023-12-08T19:20Z [----] followers, [---] engagements


"@DailyREITBeat This is sensible as I assume this is the minimum payable to preserve reit status and they should preserve cash for debt pay downs & capex as they execute the liquidation plan. I wonder how it will be received by investors"  
[X Link](https://x.com/RealAssetsValue/status/1733254749279924328)  2023-12-08T22:38Z [----] followers, [---] engagements


"@TheWeezGuy While not super cheap good price for the quality of portfolio. Trades at a 7% cap vs. $REG @ 5.9% cap & $PECO @ 6.3% cap. If rent growth exp. hold up and cost of debt capital comes down a bit not IMO a REIT or PE player could pay a 6% cap for this portfolio $30.50 per share"  
[X Link](https://x.com/RealAssetsValue/status/1734231873650298901)  2023-12-11T15:21Z [----] followers, [--] engagements


"@nyhedge @MickEnglewood I always struggle with externally managed REIT M&A without a catalyst or clear evidence the manager is taking action to benefit external shareholders at the detriment to their fee stream. Do you have a view on that here"  
[X Link](https://x.com/RealAssetsValue/status/1734251227964207559)  2023-12-11T16:38Z [----] followers, [--] engagements


"@nyhedge @MickEnglewood Undeniably cheap ($80k per unit / 9% impl. cap rate) but not sure the incentives work for Dream / Pauls to close gap to NAV. My BoE NAV is $12.60 per share which would deliver gains of $26m based on the 4.2m units they own. 1/"  
[X Link](https://x.com/RealAssetsValue/status/1734324554406011212)  2023-12-11T21:29Z [----] followers, [--] engagements


"@nyhedge @MickEnglewood I compare this to the $2m of ann. fees they charge to the REIT with the potential for addl. fees from CAPEX new acquisitions incentive payments with a bit of FFO growth etc. The AM fee terms aren't connected to the share price / TSR. Do you look at this differently 2/"  
[X Link](https://x.com/RealAssetsValue/status/1734326066003484830)  2023-12-11T21:35Z [----] followers, [--] engagements


"Suburban office sale out of bankrupt Silver Star REIT - Westway One in Irving TX sold for $12.5m / $75 PSF. Reportedly last valued at $20.6m so down 40%"  
[X Link](https://x.com/RealAssetsValue/status/1735074775519658102)  2023-12-13T23:10Z [----] followers, [----] engagements


"@Trader_Jew @aryal1994 @rhunterh @Mr_Neutral_Man @fintwit_wannabe @HedgeyeREITs @verdadcap Doesn't solve the smoothing effect of appraisal based valuations for private funds but the NCREIF ODCE index is the most common US core fund benchmark has [--] constituents some data goes back to late 70s"  
[X Link](https://x.com/RealAssetsValue/status/1735727360941387813)  2023-12-15T18:23Z [----] followers, [--] engagements


"Suburban net lease office trade near the RTP in Durham NC. Hines acquiring IBM campus through SLB. Highlight future development potential. Don't know the lease term / NOI so no cap rate but $66m $85 PSF and $450k per acre"  
[X Link](https://x.com/RealAssetsValue/status/1737220100904849879)  2023-12-19T21:15Z [----] followers, [----] engagements


"@rhunterh I will add a parlay - one of the MF REITs will do this in a JV with SWF capital. 51/49 JV for tax efficiency purposes"  
[X Link](https://x.com/RealAssetsValue/status/1737275403943768476)  2023-12-20T00:55Z [----] followers, [----] engagements


"@Mr_Neutral_Man @Wghhn123 @rhunterh I dont know much about this but why short US to hedge your German MF which IMO have very different dynamics instead of Swedish MF - more similar dynamics (high leverage regulated rents) Or what about $ERE.UN - Holland MF listed in Canada"  
[X Link](https://x.com/RealAssetsValue/status/1738755484767662577)  2023-12-24T02:56Z [----] followers, [---] engagements


"@Mr_Neutral_Man @Wghhn123 @rhunterh And if I had to pick a US MF reit to short for a short term (less than a quarter) hold I think Id pick $CPT - like it long term but in markets with near term demand decelerating faster than others"  
[X Link](https://x.com/RealAssetsValue/status/1738756063279657051)  2023-12-24T02:58Z [----] followers, [---] engagements


"@Mr_Neutral_Man @Wghhn123 @rhunterh I agree but if I had to guess (and thankfully I dont have to do so with my money) Id guess their assets see more S/T rent impact from new supply which could feed into sentiment and price impact. To be clear I am long $CPT but trying to see the other perspective"  
[X Link](https://x.com/RealAssetsValue/status/1738773377685258496)  2023-12-24T04:07Z [----] followers, [---] engagements


"Year-end returns holdings thoughts. Not inv. advice unaudited DYODD etc. 2023: +21.5% 2022: -24.5% 2021: 45.7% Rollercoaster year for listed RE. Outperformed REIT index but shy of S&P the last [--] years. Still working towards HWM in [----]. 1/"  
[X Link](https://x.com/anyuser/status/1741152361534345364)  2023-12-30T17:40Z [--] followers, [----] engagements


"Largest detractors were mostly office ( $CIO $JBGS $KRC $ARE). Being stubborn based on "cheap" office / life science valuations was definitely a mistake this year. Sold a bunch earlier in the year and sold $DEI as val hit my NAV estimate in Dec. 4/"  
[X Link](https://x.com/RealAssetsValue/status/1741152368404705502)  2023-12-30T17:40Z [----] followers, [---] engagements


"So why continue to own $ARE and $JBGS I think $ARE is best positioned player in life sci RE sector going through textbook capital cycle. Biggest assumption is WFH is not an existential threat to usage of lab space. 5/"  
[X Link](https://x.com/RealAssetsValue/status/1741152370141057319)  2023-12-30T17:40Z [----] followers, [---] engagements


"@jnrbos Yes and definitely taking their medicine on some of these. Sold the S Boston site at a 50% loss vs. what they paid in [----]. They definitely got ahead of their skis on their COVID-era underwriting. Made money on [---] Mem / Waltham though which is nice to see"  
[X Link](https://x.com/RealAssetsValue/status/1742994254664802652)  2024-01-04T19:39Z [----] followers, [--] engagements


"Investment grade REITs out here making hay while the sun shines: $CPT - $400m of 10yr 4.90% notes $MAA - $350m of 10yr 5.00% notes $SUI - $500m of 5yr 5.50% notes 100-150 bps spread to 10/5yr. Capital remains available and reasonably affordable for resi inv grade REITs"  
[X Link](https://x.com/RealAssetsValue/status/1743040078396412393)  2024-01-04T22:41Z [----] followers, 14.3K engagements


"@valuepurist Clearly not that shite at $950 PSF. Non-core relative to best locations in the Boston MSA and not in their campuses / clusters. Neither of the operating assets were developed by $ARE I believe acquired from others (MITIMCo in Cambridgeport idk in Waltham)"  
[X Link](https://x.com/RealAssetsValue/status/1743122911748059537)  2024-01-05T04:11Z [----] followers, [---] engagements


"@valuepurist I agree theyre selling in a buyers market. Doing so to fund their dev pipeline. Management guilty of pro cyclical behaviour. I believe these assets are lower quality than most of their portfolio based on looking at them not their commentary but agree with your general point"  
[X Link](https://x.com/anyuser/status/1743255898875675123)  2024-01-05T12:59Z [--] followers, [--] engagements


"@valuepurist Has been a tough run in REITs as they've basically traded on rates the last [--] months"  
[X Link](https://x.com/anyuser/status/1743286998121558278)  2024-01-05T15:03Z [--] followers, [--] engagements


"@catapultcap How do you think about the CAPEX required to achieve current rents at renewal or when an asset needs to be retenanted Do you assume that any assets are sold vacant Do you worry about the KBR Tower exposure (14% of ABR 70s vintage high-rise in Houston 6.25yrs of WALT)"  
[X Link](https://x.com/RealAssetsValue/status/1743475470501359706)  2024-01-06T03:31Z [----] followers, [----] engagements


"@TheWeezGuy @GrandTokamak @pekwat @catapultcap $100 PSF based on PF Q3 numbers (I haven't adjusted share count for the dividend or included assumed retained cash flow etc.). A 16% cap on today's NOI is $19.50 per share"  
[X Link](https://x.com/RealAssetsValue/status/1743476704671076773)  2024-01-06T03:36Z [----] followers, [--] engagements


"@kingdomcapadv @GrandTokamak @pekwat @catapultcap Maybe I'm misreading this but that's $115m of cumulative CF through [----] vs. a $285m market cap today Also the BCBSM deal pushes a bunch of expiring ABR into this year (and extends some ABR for additional [--] years)"  
[X Link](https://x.com/anyuser/status/1743478460536832288)  2024-01-06T03:43Z [--] followers, [--] engagements


"@jay_21_ @EllliotttB Also many folk use caps for prepayment or refinancing flexibility no And 100% endorse so many REITs burying the term on cape in the footnotes"  
[X Link](https://x.com/anyuser/status/1744110011574329654)  2024-01-07T21:33Z [--] followers, [---] engagements


"Another investment grade REIT out in the unsecured market. $REG - $400m of 10yr 5.25% notes. Sufficient to address all [----] maturities. Investment grade REITs out here making hay while the sun shines: $CPT - $400m of 10yr 4.90% notes $MAA - $350m of 10yr 5.00% notes $SUI - $500m of 5yr 5.50% notes 100-150 bps spread to 10/5yr. Capital remains available and reasonably affordable for resi inv grade REITs. Investment grade REITs out here making hay while the sun shines: $CPT - $400m of 10yr 4.90% notes $MAA - $350m of 10yr 5.00% notes $SUI - $500m of 5yr 5.50% notes 100-150 bps spread to 10/5yr."  
[X Link](https://x.com/RealAssetsValue/status/1744481980744626379)  2024-01-08T22:11Z [----] followers, [----] engagements


"$O - $1.25 bn of notes [---] w.a. tenor 4.99% coupon $BRX - $400m of 10yr 5.5% notes $KRC - $400m of 12yr 6.25% notes (even inv grade office REITs can access the debt market)"  
[X Link](https://x.com/RealAssetsValue/status/1744855866723938363)  2024-01-09T22:57Z [----] followers, [---] engagements


"@fundamatica Same. Feels like a clear cost of capital advantage for big / inv grade reits vs everyone else. I dont think big PE can get secured on similar terms"  
[X Link](https://x.com/RealAssetsValue/status/1744875053177569333)  2024-01-10T00:13Z [----] followers, [--] engagements


"@rhunterh @Mr_Neutral_Man @atnissly Likely some of the returns since the 90s is due to this. Anecdotally we have the stories of Zell and Sternlicht building their platforms in a fragmented non-institutional garden apartment market. [----] val metrics similar to [----] despite very different environments"  
[X Link](https://x.com/RealAssetsValue/status/1745120126641336578)  2024-01-10T16:27Z [----] followers, [---] engagements


"@rhunterh @Mr_Neutral_Man @atnissly Post-COVID valution was an outlier for $MAA- some deserved (rent growth) some not (animal spirits). Since the GFC 15x FFO seems to have been the average which is right around where it trades today albeit near-term environment probably worse today than it was in '15/'16"  
[X Link](https://x.com/RealAssetsValue/status/1745120764502642697)  2024-01-10T16:29Z [----] followers, [---] engagements


"@catapultcap Company has stated that debt is non-recourse. I was skeptical as their presentation showed their share of unconsolidated JV debt in their debt / EBITDA calc but I have seen no evidence to the contrary (i.e. that the debt is recourse)"  
[X Link](https://x.com/RealAssetsValue/status/1745157182574752115)  2024-01-10T18:54Z [----] followers, [--] engagements


"@catapultcap JV partners (Workspace and GIC) recently contributed capital to fund a new interest rate cap - $PKST did not participate and were diluted. Have fully written off value of their interest in JV"  
[X Link](https://x.com/anyuser/status/1745157504726700271)  2024-01-10T18:55Z [--] followers, [--] engagements


"@catapultcap At Q2 (reports w/ [--] quarter lag) JV had $1.07bn of debt and $130m of Ann. NOI so a 12% debt yield. 8.6m sq ft so $125 of debt PSF. Ann. FFO is $20m before CAPEX I believe lender has a cash sweep"  
[X Link](https://x.com/RealAssetsValue/status/1745158533677563983)  2024-01-10T18:59Z [----] followers, [--] engagements


"@kingdomcapadv @catapultcap A 30% cap rate on today's NOI could get you to that basis or it may not. @catapultcap's analysis doesn't account for that CAPEX explicitly but builds it into the 16% cap rate assumed for the terminal value which may be conservative enough but maybe not"  
[X Link](https://x.com/RealAssetsValue/status/1745164826429538461)  2024-01-10T19:24Z [----] followers, [--] engagements


"@kingdomcapadv @catapultcap Here's a stab at U/W CAPEX for [-----] Woodloch. Assumptions could be wrong I don't have deep insight into Houston so pls correct me but indicate that $40 PSF as a reasonable "residual" value. A 55% cap rate on today's ABR but IMO the residual PSF is a more important number"  
[X Link](https://x.com/RealAssetsValue/status/1745171922210390164)  2024-01-10T19:53Z [----] followers, [---] engagements


"@kingdomcapadv @catapultcap Not sure if there are any office RE experts left on twitter but @EllliotttB might know if these numbers are in the ballpark or way off (or might know who would know)"  
[X Link](https://x.com/RealAssetsValue/status/1745172145179652472)  2024-01-10T19:53Z [----] followers, [--] engagements


"@kingdomcapadv @catapultcap @EllliotttB Office REITs typically report CAPEX on a per year of term basis to bridge gross and effective rent. For example $HIW below. CAPEX was 18% of base rent / 37% of NOI over last [--] Qs. Apologies if I'm preaching to the choir I'm finding it useful to think through the numbers again"  
[X Link](https://x.com/anyuser/status/1745174113046434066)  2024-01-10T20:01Z [--] followers, [---] engagements


"@kingdomcapadv @catapultcap Chart is for Class A so not a direct comp but TIs are the line ($68 PSF) [--] = months of free rent. Many assumptions to make and conservatism in one area can build in a sufficient buffer. I highlighted CAPEX as this is a classic area where even prof. RE investors underestimate"  
[X Link](https://x.com/RealAssetsValue/status/1745177346997424580)  2024-01-10T20:14Z [----] followers, [--] engagements


"Torrey Pines lab space JV by $PEAK at 5.3% cap rate / $1275 PSF. Spicy price but pretty much as Class A as you can get - great location brand new construction 10+ years to $BMY subsidiary. Still a bid for best in class lab space"  
[X Link](https://x.com/RealAssetsValue/status/1745228690428973214)  2024-01-10T23:38Z [----] followers, [----] engagements


"@kingdomcapadv @catapultcap Definitely - this is the chief reason I started looking at these net lease office REITs. There can be real land value in alternative use (industrial & multifamily) albeit both those development markets have cooled over the last year"  
[X Link](https://x.com/RealAssetsValue/status/1745264031164674459)  2024-01-11T01:59Z [----] followers, [--] engagements


"Constantly bemused that the Chairman of $ARE replies to every request for comment by bisnow but I found this response which was definitely just a [--] word email quite funny to imagine the intrepid reporter opening and reading"  
[X Link](https://x.com/RealAssetsValue/status/1745873206328557991)  2024-01-12T18:19Z [----] followers, [----] engagements


"$KRG out with a 10yr unsecured bond issuance of $350m @ 5.50%. They compare credit metrics across peers - I've added $IVT which looks like it would achieve inv grade ratings @ S&P / Moody's with a larger EV"  
[X Link](https://x.com/RealAssetsValue/status/1745943584577057023)  2024-01-12T22:59Z [----] followers, [----] engagements


"Short notice trip to London next week - anyone want to catch up to talk real estate / REITs over a beer Tuesday evening"  
[X Link](https://x.com/RealAssetsValue/status/1746597737557008728)  2024-01-14T18:18Z [----] followers, [----] engagements


"$EQR sell an older Orange County property for $127m $410k per unit. REIT trades at an implied value of $380k per unit. Reportedly bought for $4.25m in [----]. Good for a 30x multiple / 13% unleveraged annual appreciation over nearly [--] years"  
[X Link](https://x.com/RealAssetsValue/status/1748087291057160254)  2024-01-18T20:57Z [----] followers, [----] engagements


"@Mr_Neutral_Man @FVR_Capital @PinkPoloShorts @compound248 In fact I'd say more likely (but not very likely) the large-cap REITs make larger portfolio acquisitions including from the non-traded REITs / big PE portfolios than the other way around given current cost and availability of capital"  
[X Link](https://x.com/RealAssetsValue/status/1748093526573793784)  2024-01-18T21:22Z [----] followers, [---] engagements


"And then there were [--] SFR REITs. Blackstone's Opportunity Fund getting off the sidelines $BX a natural acquiror of $TCN given their existing ownership. Congrats on a successful campaign by @JonLitt with a healthy premium Wow Didn't see this one coming. Blackstone $BX and Tricon Residential Inc. $TCN today announced that they have entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust Inc. $BREIT will acquire all Wow Didn't see this one coming. Blackstone $BX and Tricon Residential Inc. $TCN today announced that"  
[X Link](https://x.com/RealAssetsValue/status/1748348828158185734)  2024-01-19T14:16Z [----] followers, [----] engagements


"US [----] Q4 retail figures from CBRE: -Availability - record low -Completions - record low -Net absorption - steady -Rent growth - steady Absent a severe demand shock sector looks primed to do pretty well even through an economic downturn"  
[X Link](https://x.com/RealAssetsValue/status/1748435234016653695)  2024-01-19T20:00Z [----] followers, [----] engagements


"@ShitFund The leverage and maturity wall plus the fact I thought Gary wouldn't sell out of self-interest meant I wasn't interested in owning this even when it got cheap in October (on absolute and relative to $INVH / $AMH terms). Not sure if an error of omission or good decision"  
[X Link](https://x.com/RealAssetsValue/status/1748439763638514049)  2024-01-19T20:18Z [----] followers, [---] engagements


"@Bogfjellmo Some of that is locations - logistea has less urban / no Stockholm area - but agree rents appear reasonable vs. market. And ind. rents in Sweden have just started to grow Also all leases are inflation linked. Biggest issue was overleverage - hence recent dilutive rights issue"  
[X Link](https://x.com/RealAssetsValue/status/1748709813226221631)  2024-01-20T14:11Z [----] followers, [--] engagements


"@rhunterh @Stu_V15 @air_real_estate $reg best in class grocery anchored"  
[X Link](https://x.com/RealAssetsValue/status/1749963609101275559)  2024-01-24T01:13Z [----] followers, [---] engagements


"If @Mr_Neutral_Man is cooking up what they think is an attractive public RE thesis it's a guaranteed banger. Looking forward to hearing about this one. 1) I am working on a publicly traded real estate idea that has 60-100% upside with known catalyst and return of capital in the form of share buyback and potential for large dividends. We're creating a detailed deck. If interested please send an e-mail to HardAsset2023@gmail.com 1) I am working on a publicly traded real estate idea that has 60-100% upside with known catalyst and return of capital in the form of share buyback and potential for"  
[X Link](https://x.com/RealAssetsValue/status/1750248701488984196)  2024-01-24T20:06Z [----] followers, [----] engagements


"@RothCRE If only there were large liquid portfolios of multifamily properties with active development pipelines and debt locked in at 6-7 years at 3% - 4% that could be acquired anywhere between a 6% and 7% cap rate (yes this is a salty REIT investor tweet) @Mr_Neutral_Man @rhunterh"  
[X Link](https://x.com/RealAssetsValue/status/1750283100632809972)  2024-01-24T22:23Z [----] followers, [----] engagements


"@RothCRE @Mr_Neutral_Man @rhunterh It's a good question. Take $CPT as an example - trades at a 7.1% implied cap rate (deducting PM expenses from NOI and development at cost from EV). G&A is [--] bps recurring CAPEX is [--] bps (11% of NOI) and leverage has a positive effect of about [--] bps to get to a 6.1% yield 1/"  
[X Link](https://x.com/RealAssetsValue/status/1750307412924408159)  2024-01-24T23:59Z [----] followers, [---] engagements


"@RothCRE @Mr_Neutral_Man @rhunterh This gets invested by the REIT to (A) reposition assets they own (B) develop properties (Camden has [----] units U/C at a 6% target yield on cost) (C) repurchase shares (D) pay down debt or (E) acquire new properties. If they do an OK job AFFO will grow 3/"  
[X Link](https://x.com/RealAssetsValue/status/1750308220994826594)  2024-01-25T00:02Z [----] followers, [---] engagements


"@RothCRE @Mr_Neutral_Man @rhunterh And since they are required to pay out 90% of taxable income (typically around that 2/3 of AFFO mark for MF REITs) so will the dividend yield so thinking of the return on investment as the current 4.1% dividend yield doesn't factor in that growth 4/4"  
[X Link](https://x.com/RealAssetsValue/status/1750308512255635483)  2024-01-25T00:04Z [----] followers, [---] engagements


"@pekwat @west4thstreet @kingdomcapadv @MachiavelliCap @rhunterh @alluvialcapital I sort of get this - liquidation as a catalyst good - but isn't being on the clock to sell properties in [----] bad given this will probably be one of the worst couple years to sell office properties (financing costs high institutional bid low etc.)"  
[X Link](https://x.com/RealAssetsValue/status/1751663814670418328)  2024-01-28T17:49Z [----] followers, [---] engagements


"@pekwat @west4thstreet @kingdomcapadv @MachiavelliCap @rhunterh @alluvialcapital Even for a more optimistic investor willing to pay up to a 10x unlevered cash flow multiple you have either believe a fair cap rate is 14% or full-cycle CAPEX for office is 20% of NOI per annum. Self storage / multifamily regarded low CAPEX and typically 10%-15% of NOI"  
[X Link](https://x.com/RealAssetsValue/status/1751692039438111065)  2024-01-28T19:41Z [----] followers, [---] engagements


"@pekwat @west4thstreet @kingdomcapadv @MachiavelliCap @rhunterh @alluvialcapital NNN office always hard to evaluate because the CAPEX is lumpy and binary - sometimes you get a renewal with little to no CAPEX sometimes the CAPEX package (TIs rent free LCs) can be worth [--] yrs of a [--] year lease. During the lease term LL doesn't see any spend"  
[X Link](https://x.com/RealAssetsValue/status/1751692504032842020)  2024-01-28T19:43Z [----] followers, [---] engagements


"@thepupil11 @Bsobiecki My guess is worth $135m of gross proceeds to JBGS based on an 8% cap on in-place ARR at a 60% NOI margin (basically fully occupied). No debt on 50/50 JV with PGIM. Would be a big win for $JBGS if they get a halfway decent price. They own 50% in JV with PGIM. No debt. I'd guesstimate price range would be between $365 and $720 PSF $100m - $200m of proceeds for JBGS. My bet is $500 PSF / 8% cap around $135m of JBGS gross proceeds. https://t.co/LLztrU2McX Would be a big win for $JBGS if they get a halfway decent price. They own 50% in JV with PGIM. No debt. I'd guesstimate"  
[X Link](https://x.com/RealAssetsValue/status/1752748204351787060)  2024-01-31T17:38Z [----] followers, [---] engagements


"Cost of debt capital ain't cheap for office @ SOFR +5%. But the fact it exists at all is already feels like an improvement on [----] Just got off a call with an investor to go through their various investment strategies and there was one that caught my attention: They're providing floating rate senior loans secured by office properties. - $10M to $30M loan sizes - 55% LTV - Starting at SOFR+5.00% - Will Just got off a call with an investor to go through their various investment strategies and there was one that caught my attention: They're providing floating rate senior loans secured by office"  
[X Link](https://x.com/RealAssetsValue/status/1752896401749471372)  2024-02-01T03:27Z [----] followers, [----] engagements


"Looking ahead JLL See 15m sq ft delivering in [----] and 12m sq ft in '25. CBRE's data is similar seeing 2/3 of the pipeline delivering in [----]. For major markets available space (before future net absorption) represents 30% - 40% of inventory for major markets 3/"  
[X Link](https://x.com/RealAssetsValue/status/1753082667543716043)  2024-02-01T15:47Z [----] followers, [---] engagements


"That's. Not great. So what do do if you own $ARE the largest US life sciences REIT. Feels like a bit of a battleground stock in REITworld with @JonLitt short. Thesis is WFH will impact life sci as much as office capital cycle and $ARE still valued higher than office REITs 4/"  
[X Link](https://x.com/RealAssetsValue/status/1753082672681714043)  2024-02-01T15:47Z [----] followers, [---] engagements


"Dev pipeline set for '24 at 93% leased ($145m of NOI). Pre-leasing 50% for projects in later years will have to lease in a challenging environment. Target spending $2.25bn on dev in '24 funded by FCF $900m of debt and $1.4bn of non-core asset sales 6/"  
[X Link](https://x.com/RealAssetsValue/status/1753082676209422726)  2024-02-01T15:47Z [----] followers, [--] engagements


"Balance sheet is very strong with no real near-term worries. They're in the market today for a bond offering which I'd expect to be $1bn to repay the line and cover their expected capital needs for '24. 7/"  
[X Link](https://x.com/RealAssetsValue/status/1753082678268620843)  2024-02-01T15:47Z [----] followers, [---] engagements


"The non-core asset sales are where rubber meets the road. In [----] good quality operating assets sold for $1000+ PSF non-core operating properties $850 PSF but properties intended for redevelopment much lower often at 50% impairments to their purchase prices 8/"  
[X Link](https://x.com/RealAssetsValue/status/1753082679929757889)  2024-02-01T15:47Z [----] followers, [---] engagements


"$ARE trades at a low 6% cap rate (valuing their VC investments and committed pipeline at cost) and $650 PSF about a 15x Cash FFO multiple and 18x AFFO. Feels like a goldilocks valuation not too expensive but not too cheap either 9/"  
[X Link](https://x.com/RealAssetsValue/status/1753082682039206243)  2024-02-01T15:47Z [----] followers, [---] engagements


"IMO recent leasing (Cargo Novo Nordisk) indicates life science occupiers are not acting like office. $ARE probably best positioned to take advantage of the challenging market conditions '25 will be the key year - if they lease devs and expiries they'll be in good shape. 10/"  
[X Link](https://x.com/RealAssetsValue/status/1753082683222044774)  2024-02-01T15:47Z [----] followers, [---] engagements


"I'll be watching: -'24 progress against non-core disposals target -Leasing of '25 devs and leasing - if they're not near 90% pre-leased on devs / 10% leased on expiries by Q3/Q4 that will be a warning sign -Debt cost of capital low 5s would be good 6% bad news. 11/11"  
[X Link](https://x.com/RealAssetsValue/status/1753082684358733975)  2024-02-01T15:47Z [----] followers, [---] engagements


"And just like that $ARE raise their target debt capital for the year $1bn - $400m [----] notes @ 5.25% (10yr + 140bps) and $600m of [----] () notes @ 5.625% (30yr + 150bps). Now they have to deliver on the disposal target"  
[X Link](https://x.com/RealAssetsValue/status/1753209422141100089)  2024-02-02T00:11Z [----] followers, [---] engagements


"@TheFreeMaherket @gadawgck I think the buyer pool is thin but it does exist - SWF and other institutional buyers who invest unlevered. See the recent $peak and $bxp JVs for examples outside of $ARE"  
[X Link](https://x.com/RealAssetsValue/status/1753397723565334870)  2024-02-02T12:39Z [----] followers, [---] engagements


"@PremintG @thepupil11 $CPT DC / HOU exposure was good to them in Q4 - Markets with more supply / less rent growth pre-COVID - less of a post-COVID boost (it's capital cycles all the way down). SoCal mixed. $MAA ATL / Nashville exposure will be rough markets where $CPT saw occ. and rev. hit in Q4"  
[X Link](https://x.com/RealAssetsValue/status/1753467045654475137)  2024-02-02T17:14Z [----] followers, [---] engagements


"@AndrewRangeley $PCA.L - micro-cap unsexy UK REIT liquidation. Trades at 20% disc. to my NAV estimate (32% disc. to NAV based on external valuer assumptions). 13% initial yield (cap rate equivalent) and [---] PSF. Should liquidate over the next 12-18 months"  
[X Link](https://x.com/RealAssetsValue/status/1753503112826937422)  2024-02-02T19:38Z [----] followers, [----] engagements


"@pekwat @AndrewRangeley Not always enough. In this case net debt zero so 20% is also disc. to property value. My val. estimate is a 20% disc. to their third-party valuation at Sep '23 and they'd historically sold at prices in-line with those levels so that's the potential upside/margin of safety"  
[X Link](https://x.com/RealAssetsValue/status/1753511360158453768)  2024-02-02T20:11Z [----] followers, [---] engagements


"@pekwat @AndrewRangeley IMO very different than a 20% discount to NAV for an entity early in its liquidation with leverage which could mean your 20% goes away with a 5% - 10% drop in realized sale prices (at 50% - 75% LTV). But I could see the view that's not a great return given capped upside"  
[X Link](https://x.com/RealAssetsValue/status/1753511789546115336)  2024-02-02T20:12Z [----] followers, [---] engagements


"@pekwat What you don't like REITland talking cap rates in % and cash flow (FFO / AFFO) in multiples (I agree it make like no sense). I vote % yields for everything"  
[X Link](https://x.com/RealAssetsValue/status/1754651115067408707)  2024-02-05T23:40Z [----] followers, [---] engagements


"This is useful context for $CPT's Atlanta sale as while mgmt cited a 5.75% cap rate after CAPEX I estimate a 6.5% nominal cap rate (accounting for prop mgmt fee @ 2.5% of revenue but before CAPEX). Idiosyncratic "issues" would seem to justify an above market cap rate here"  
[X Link](https://x.com/RealAssetsValue/status/1755271223997534638)  2024-02-07T16:44Z [----] followers, [----] engagements


"$HIW commentary on office dispositions - Ramparts at Brentwood (suburban Nashville) sold in December for $32m $240 PSF - a low 9% cap rate"  
[X Link](https://x.com/RealAssetsValue/status/1755291644818063533)  2024-02-07T18:05Z [----] followers, [----] engagements


"@dopamine_uptake From one pocket of abrdn fee earning capital to another (albeit they only own 60% of tritax). Consolidation continues but IMO benefits of scale from these NAV for NAV mergers between externally managed REITs are very dubious"  
[X Link](https://x.com/RealAssetsValue/status/1757016132777635900)  2024-02-12T12:17Z [----] followers, [---] engagements


"@yenoms Also interesting they've preserved REIT status through providing their cash to a subs. REIT gives them [--] month runway before they'd lose it or need another solution. A soft catalyst to liquidate if they can't find anything to do"  
[X Link](https://x.com/RealAssetsValue/status/1757426535651250468)  2024-02-13T15:28Z [----] followers, [---] engagements


"@yenoms While from one perspective it is frustrating to see them sit on a cash pile for so long their discipline arguably looks like the right call so far. See $ILPT / $MNR. They get some leeway in my book especially when market ascribes no value to office properties or their team"  
[X Link](https://x.com/RealAssetsValue/status/1757427142445412385)  2024-02-13T15:30Z [----] followers, [---] engagements


"Listed RE focused 13-Fs for those interested in this tiny corner of public markets. All info obviously stale but interesting to get a view of what these investors like and don't like (with a [--] week delay of course). Let me know what other portfolios are worth following 1/"  
[X Link](https://x.com/RealAssetsValue/status/1758164706152292583)  2024-02-15T16:21Z [----] followers, 16.1K engagements


"Long Pond Notable buys: $MAA $WPC / $NLOP $VICI Notable sells: $EXR $CUBE $REXR $IRT Top 5: $CPT $JBGS $MAA $WPC $SAFE Bought sunbelt MF liked the WPC/NLOP spin mostly seller of self-storage and industrial. Liked net lease sold some SAFE 2/"  
[X Link](https://x.com/RealAssetsValue/status/1758164707414798613)  2024-02-15T16:21Z [----] followers, [----] engagements


"Land & Buildings Notable buys: $VICI $ADC $NHI Notable sells: $AIV $REXR $SIX Top 5: $TCN $VTR $AIRC $SUI $SBAC Bought net lease. seems to have given up on AIV and SIX activist campaigns. 3/"  
[X Link](https://x.com/RealAssetsValue/status/1758164708677304729)  2024-02-15T16:21Z [----] followers, [----] engagements


"Conversant Capital Notable buys: $NR $PFSI $REXR Notable sells: $BRDG $BRSP $CRH Top 5: $TH $SNDA $NR $PFSI $DBRG.PrH Sold a bunch of their RE/alts managers. Top positions largely unchanged except sold half of DBRG pref in the quarter. 4/"  
[X Link](https://x.com/RealAssetsValue/status/1758164710048837805)  2024-02-15T16:21Z [----] followers, [----] engagements


"V3 Capital Management Notable buys: $COLD $AIV $O $HR $SUI Notable sells: $IVT Top 5: $FR $AIV $PEAK $CPT $COLD New position in COLD and large increase in AIV. Bought MOBs. Sold sunbelt grocery-anchored in IVT. 5/"  
[X Link](https://x.com/RealAssetsValue/status/1758164711248380307)  2024-02-15T16:21Z [----] followers, [----] engagements


"A couple of names / themes in common: - $REXR polarized - view on valuation or SoCal industrial capital cycle - $AIV also polarized - developer so view on MF cycle - Liked net lease in different forms during the quarter peak rate fears / bet on change in rate env 6/6"  
[X Link](https://x.com/RealAssetsValue/status/1758164712603172975)  2024-02-15T16:21Z [----] followers, [----] engagements


"These recent aggregates deals by $MLM look to be at 14x EBITDA and $2.5 per ton of provable reserves. Is this right Any view on what pricing is for royalties / leases vs. these deals for operating assets @lhamtil and @rhunterh tagging you guys as you've written on the space. Would love to see background on this deal. VMC / Blue Water have history back to VMCs '07 purchase of Florida Rock. Baker fam still present in VMC mgmt. + Blue Water was the beneficiary of VMC having to divest quarries to close Aggregates USA purchase from SPO Partners in [--]. Would love to see background on this deal. VMC"  
[X Link](https://x.com/RealAssetsValue/status/1758525184758145054)  2024-02-16T16:14Z [----] followers, 11.8K engagements


"@winsteadscap Seems like a no brainer relative value trade to me. Plus you get some of the potential development upside through the MF REITs own development pipeline and their ability to scooping up projects in lease-up"  
[X Link](https://x.com/RealAssetsValue/status/1758664464533242222)  2024-02-17T01:27Z [----] followers, [---] engagements


"@stressed_assets The groups growing (sunbelt - $CUZ $HIW) aren't all that cheap but there are a couple of groups that are selling and deleveraging or repositioning portfolios. Plans not as explicit as $NLOP so more trust in management required but can get confidence based on past actions"  
[X Link](https://x.com/RealAssetsValue/status/1760102817832796184)  2024-02-21T00:43Z [----] followers, [---] engagements


"@stressed_assets Not being coy for its own sake but all are small and illiquid and not all have reported Q4 yet so not trying to hype names as I own some of these and am considering adding"  
[X Link](https://x.com/RealAssetsValue/status/1760103377227129127)  2024-02-21T00:45Z [----] followers, [---] engagements


"$EQC - The most boring idea in REIT-land is very cheap again - 3% discount to (net) cash. I estimate a 15% discount to liquidation NAV valuing (challenged) office at $200 PSF / 10% cap. Potential upside if they find a deal I assume buying back shares in the interim"  
[X Link](https://x.com/RealAssetsValue/status/1760688721354178747)  2024-02-22T15:31Z [----] followers, 14.8K engagements


"@EllliotttB There is Have you heard about the guy who's tokenized like $52m of real estate"  
[X Link](https://x.com/RealAssetsValue/status/1761100694310789231)  2024-02-23T18:48Z [----] followers, [---] engagements


"@RecoveryTrade From here Id say market cap rates are up somewhat and they sold [--] Harborside for less than I had it marked so definitely happy with the decision from val. POV. Leverage will still be high after noncore assets are sold so will be a slog unless rates fall"  
[X Link](https://x.com/RealAssetsValue/status/1762100215987785847)  2024-02-26T13:00Z [----] followers, [--] engagements


"@yenoms This opp. exists because people think: [--]. You get all the downside of REITs with the upside of cash [--]. Management discipline = grift I think investor fatigue is drives these perceptions (and creates an opportunity) but [--] is valid in the S/T so not a great cash equivalent IMO"  
[X Link](https://x.com/RealAssetsValue/status/1762190443385643231)  2024-02-26T18:58Z [----] followers, [--] engagements


"ULI article (albeit rest is extremely boring don't recommend reading): 4/4"  
[X Link](https://x.com/RealAssetsValue/status/1762583903208882341)  2024-02-27T21:02Z [----] followers, [---] engagements


"@EllliotttB I think most of $PLD fund assets are "drop-downs" - assets developed on BS and contributed/bought by funds. Offer market yield to LPs and development profit to $PLD. Recycling capital math makes sense with 12-18 month dev timeframe but not 3-4 years to dev. & stabilize MF"  
[X Link](https://x.com/RealAssetsValue/status/1763234187409006680)  2024-02-29T16:06Z [----] followers, [---] engagements


"@EllliotttB This could be why the JV / fund model is common elsewhere for industrial - see Segro and VGP in Europe"  
[X Link](https://x.com/RealAssetsValue/status/1763234381986938990)  2024-02-29T16:06Z [----] followers, [---] engagements


"@EllliotttB But doesn't address why $AVB doesn't just launch an open-ended multi fund with 10% co-invest and buy value-add deals stabilize to core hold forever - ROIC with fees would be pretty solid"  
[X Link](https://x.com/RealAssetsValue/status/1763234976349270295)  2024-02-29T16:09Z [----] followers, [---] engagements


"@retaox $SBAC almost (just a hair over 15x 2024e AFFO)"  
[X Link](https://x.com/RealAssetsValue/status/1763419118214983838)  2024-03-01T04:20Z [----] followers, [---] engagements


"@J264B Pitching the [--] major REITs that trade at large premiums to NAV jumping on that data Center / senior housing narrative train in a big way"  
[X Link](https://x.com/RealAssetsValue/status/1763575103269580951)  2024-03-01T14:40Z [----] followers, [---] engagements


"@Trader_Jew @rhunterh Value the office as you like but I think worth $200 PSF which implies about $20.40 NAV so just over a 10% discount today. Net cash / share of $18.80. Something like a MSD / LDD liquidation IRR depending on your view on office values ST rates and how long they take"  
[X Link](https://x.com/RealAssetsValue/status/1767922368884728110)  2024-03-13T14:35Z [----] followers, [--] engagements


"@Trader_Jew @rhunterh Depends on your R/R profile but I'm not unhappy with the liquidation IRR profile + some optionality if you think they could find an attractive RE deal in this env. that delivers LT returns with little downside given you're paying = net cash"  
[X Link](https://x.com/RealAssetsValue/status/1767930742217039962)  2024-03-13T15:08Z [----] followers, [---] engagements


"@Trader_Jew @rhunterh In the ST the stock trades with the REIT indices. The benefit Opportunities for shareholders & mgmt to purchase shares at disc. to net cash. The downside The stock will go up or down based on rates RE indices etc. so not really a subsitute for cash ST fixed income etc"  
[X Link](https://x.com/RealAssetsValue/status/1767931402916430176)  2024-03-13T15:11Z [----] followers, [---] engagements

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