1. Realty Income has experienced a significant drop in its stock price, falling over 3% in a day after a few weeks of decline. 2. The valuation gap between Realty Income and its peers has widened. 3. Despite the drop, Realty Income has improved its 2024 guidance and remains capable of delivering sufficient AFFO per share growth and stability to ensure further dividend growth and payment safety.

1. Fannie Mae and Freddie Mac preferred stock prices surged 60-80% following Donald Trump's re-election; 2. FNMAT's price more than doubled post-2016 election, with similar gains expected after the upcoming power swap; 3. Key developments include Trump's new Treasury secretary appointment and potential immediate FHFA chief replacement.

1. Five US REITs have suspended dividends this year; 2. Six other REITs have lowered regular dividend payouts; 3. The activity contrasts with the majority of the US REIT industry that raised dividends in the first three quarters of 2024.

1. The author emphasizes the importance of focusing on the safety of dividends over yield; 2. He discusses the temptation to chase high-yielding stocks and the value of protecting principal; 3. The article mentions iREIT®+HOYA Capital as a resource for in-depth research and analysis on REITs and related investments.

1. VICI reported very consistent Q3/24 earnings, exceeding top and bottom line expectations. 2. VICI's unique business model distinguishes it from other triple-net lease REITs, making it of higher quality. 3. Even with almost no growth, the company appears attractively valued. 4. Assuming aggressive but realistic growth rates, VICI could be undervalued by up to 54%.

1. The Federal Reserve's recent rate cut and projected future cuts signal a positive shift for the REITs sector. 2. The JOLTS Report missed expectations, with job openings falling and layoffs rising, suggesting potential for more rate cuts. 3. REITs benefit from lower borrowing costs and attractive dividend yields, driving investor demand and share prices. 4. Five top Quant-rated REITs with strong factor grades and dividend scores could benefit from the current environment. 5. Seeking Alpha's Quant REIT ratings evaluate REITs using specialized metrics reflecting unique characteristics of property investments.

1. Manhattan's real estate market is improving with a bottom in the lease market; 2. Redeveloping obsolete properties could significantly improve income; 3. Even without redevelopment, the baseline scenario is sustainable for the preferred dividend burden; 4. The current yield on the preferreds implies similar credit risk to typical US home buyers.

1. There are significant valuation gaps among REIT sectors, with some justified by fundamentals and others representing mispricing, providing investment opportunities in undervalued sectors. 2. Hotel and office REITs face significant challenges, including volatile earnings, high costs, and post-COVID demand shifts, making them risky investments despite low multiples. 3. Diversified and retail REITs are undervalued; diversified REITs are misunderstood, and retail REITs have growth potential due to long-term lease roll-ups.

1. REITs have surged by nearly 40% on average; 2. Some specific REITs missed out on this rally; 3. Highlighted two REITs with significant upside potential.

1. Blackstone Mortgage Trust faces ongoing credit quality issues, particularly in its U.S. office segment, leading to under-earned dividends despite a recent 24% cut. 2. The trust's distributable earnings fell short of its reduced dividend, reflecting a strained credit situation and potential for further dividend cuts. 3. Despite these challenges, BXMT trades at a 15% discount to book value, suggesting limited downside risk for risk-seeking investors seeking a 10% yield.

1. AGNC Investment Corporation is a well-managed mortgage REIT poised to benefit from the central bank's recent rate cuts, enhancing its 14% dividend yield. 2. AGNC's Q3 profit exceeded expectations, with a 5% QoQ book value growth, driven by favorable interest rate environments for mortgage-backed securities. 3. Lower borrowing costs and higher valuations of mortgage-backed securities should support AGNC's book value growth and net interest income trajectory.

1. Alpine Income Property Trust, Inc. reported a comprehensive earnings beat for Q3, leading to higher full-year guidance. 2. The REIT's portfolio occupancy decreased, but average rent per square foot increased, and weighted average lease terms extended. 3. The company's loan book income surged, diversifying and smoothing revenue, with operating expenses dropping due to lower impairment provisions. 4. Valuation metrics show Alpine's forward P/FFO and P/AFFO ratios are below sector averages, indicating a favorable investment outlook.

1. The REIT market is currently very volatile, leading to numerous new investment opportunities; 2. The article highlights two of the author's favorite new investments; 3. The author is the President of Leonberg Capital and shares his real-money REIT portfolio.

1. SL Green is on track to lease over 3 million sq ft; 2. Occupancy is expected to climb to 92.5% by the end of the fiscal year; 3. The stock has more growth potential due to successful building modernizations and new asset management ventures.

1. My real estate development background taught me the value of financial statement analysis and identifying durable competitive advantages; 2. Transparency is crucial, and my negative experience with a dishonest business partner led me to prefer REITs over private real estate; 3. Avoid highly specialized properties and focus on 'fungible' assets; 4. Diversification is key, and I now spread investments across various asset classes to mitigate risk and enhance long-term returns.

1. Essential Properties Realty Trust, Inc. (EPRT) demonstrates a solid business model, strong tenant relationships, and prudent management, making it an attractive long-term investment. 2. EPRT's diversified tenant base, long lease durations, and consistent rent escalations ensure steady income and growth, even in challenging economic environments. 3. The company's focus on sale-leaseback deals provides elevated cash yields and supports strong tenant relationships, contributing to a near-perfect occupancy rate.

1. Michael Burry, a renowned contrarian investor, has recently made significant investments in an office REIT. This article reviews his investment and shares insights. 2. Burry is known for his innovative and unprecedented bets against the market. 3. The article discusses Burry's investment strategy and his interest in real estate and Chinese tech companies.

1. Reflecting on past investment mistakes, the author emphasizes the importance of humility and continuous learning in becoming a more intelligent investor. 2. Medical Properties Trust faces significant challenges due to its over-reliance on its largest tenant, Steward, leading to financial instability. 3. Despite management's optimistic communication, MPW's exposure to Steward resulted in unpaid rent, asset sales, and dividend cuts, leading to a Sell rating. 4. The author lacks confidence in the management team and recommends avoiding the stock until further improvements are evident.

1. Zillow's adjusted EBITDA margin is expected to expand to 23% this year and potentially reach 25% by 2025; 2. Assuming a 12% topline growth next year, Zillow's EBITDA could hit $650 million, making its stock priced at 22x forward EBITDA; 3. The valuation presents a fair entry point for new investors, though it's not the most attractive investment currently available.

1. Brookfield Corporation has delivered a 77% total return since the Buy rating in May 2023; 2. The company excels in managing hard assets like infrastructure, real estate, and power generation; 3. Despite impressive returns, shares remain attractive due to robust growth outlook and undemanding valuation.