Trying to build wealth and learn something investing in listed real estate
Joined October 2011
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2026 Q3 $BSRT earnings:
-Traded down ~6% today, at 5yr lows
-Maintained 2026 guidance
-Trades at ~6.5% implied cap rate, $150k per unit,
-Austin multifamily market "out of the woods"?
More here: substack.com/profile/4108088…
I am extremely stale on the name but they could actually trip the EBITDA covenant on the credit facility?
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$FVR 2026 Q3 earnings highlights pretty brief. What's interesting is how much they've re-rated (see chart in linked note). They've gone from trading at a discount to all net lease peers to a premium to all but industry leader $ADC !
substack.com/@realassetsvalu…
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Some comments from $UDR on Texas markets:
-Dallas remained their strongest sunbelt market
-Austin saw positive NOI growth, blends improving but still negative (-5% to -1%-2%)
Bonus take: SF is still red hot with 9% revenue growth!
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$NLOP Q3 earnings:
-Sold a couple vacant / <1yr WALT properties
-Lease termination payment from APCO, which I think is U/C
-$1.50 distribution Dec 1st
Looks like a 14% - 19% IRR to me over 18 - 24 months.
More here: substack.com/profile/4108088…
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Wrote up $SITC ahead of tomorrow's distribution:
-Stub value of <$0.70 vs. $1.00+ liquidation value
- 25% - 35% ann. return assuming 18-24 month liquidation
-have to be careful around high G&A leakage, wind-down costs
realassetsvalue.substack.com…
Wrote up $BXDC:
-Busted blind pool IPO
-Worst of both worlds: rates up, AI sentiment down
-Discount to cash provides downside protection and could enhance post-deployment returns
-Heads I win, tails I don't lose much?
realassetsvalue.substack.com…
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Logistea AB (LOGI.B) small sale of a development site at book value.
Not material financially, but a nice sign mgmt will be disciplined around capital allocation.
substack.com/@realassetsvalu…
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$ILPT down ~4% on a day REITs are up. FFO/share missing guidance / analyst estimates. Bad, right?
But miss was due to a change in accounting treatment (for part of the RMR tax, their incentive fee).
In fact, portfolio outperformed guidance LfL!
More: substack.com/profile/4108088…
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Some andecdotes from @CushWake Market Matters (one of the better economist-style CRE publications out there):
-Bid-ask spreads widening, retrades increasing due to rates
-Larger price impact on low-yielding deals, less on higher-yielding
-Retrades averaged 3-5% vs. 5-10% asks
Logistea was up ~9% Friday on news M2 (Rutger Arnhult, 2nd largest shareholder ) sold their entire stake.
Most bought by Nordika - who was and still is their largest shareholder. Now 22.6%.
Helps explain how bad price action has been - overhang of a large, motivated seller!
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Was this NYSE action foreseeable and $ELME just didn't give them a heads up or what went on here? Does anyone with more experience on this have a view?
An appropriate end to a liquidation where shareholder communication has been bungled throughout...
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Post distribution, $ELME spread to potential stub value has closed significantly base on pre-market prices. I’m taking the money and running!
