$MAA $CPT BofA with "Double Upgrade" of Sunbelt apartment REITs. Sets price targets using a 5.1% implied cap rate

RJ: Recent REIT outperformance as rates come down and increased visibility/optimism for Fed rate cuts in 2H24 is being driven by generalist rotation

Some commentary on the KKR / Quarterra deal that makes sense to me - think it’s a low 5s cap rate with fees / costs driving the cited “low 4s yield”

$BX with a sizeable Euro logistics investment - acquiring 80% of Burstone (South Africa REIT / manager) Euro portfolio (7 countries, mostly WE). ~98% occupied, 5.3yr WALE. Deal quoted at a 5.6% initial yield (5% cap rate on FY24 NOI) and €910 / sqm (€85 PSF)

$IRT the first US MF REIT to ring the register with a significant equity raise, indicating mgmt views they're near fair value. $19.75 / share pricing implies a ~5.5% - 5.8% cap rate (LQA - 2024e), $200k per unit and an ~18x FFO multiple.

Pitch for US MF and SFR REITs gone from discount to NAV story ~12 months ago to growth mode as development opportunities > cost of capital as share prices up, interest rates down... Large REITs broadly trading at NAV.

The sentiments change so quickly in public REITs, but the real estate stays largely the same Look at these $MAA and $CPT price targets They are 60-70% higher than their lows late last year Bill Brewster Andrew Walker

Consolidation of small-cap UK REITs continues with Starwood acquiring #BCPT at a ~9% discount to NAV, a ~5.7% NIY by my rough working. Portfolio diversified in terms of sectors but concentrated in a West End mixed use estate (>20% of portfolio value).

Dear ReTwit and FinTwit, Need some help on understanding the housing market of Fort Myers Why do people pay $4.6 million for a house on 0.9 acre? Saw another $3.7 mm paid for a half an acre. Given how much interest rates have gone up, this price history is kind of

$VTR amends Kindred lease: 1. 27% rent reduction, 5 year extension of lease maturity, equity kicker. Were at 0.80x - 0.89x EBITDARM coverage so wasn't performing. 2. Acquired 5 "performing" LTACH for 8.5% cap rate, 10yr WALT, 2.75% annual rent escalations. Tenant sub inv grade.

Cost of debt capital for European industrial not terrible, at least for well-capitalized groups - $SGRO.L issued €500m of 8yr notes at 3.5%. 6x over-subscribed.

$315k per unit for older, garden-style apartments in inner Boston burbs. More valuable per door than $AIV Boston metro portfolio due to location but not a terrible comp.

$IVT raising $224m of equity (10% of m cap) at $28 per share. Up ~15% YTD and trading at a high 6% implied cap rate / ~16.5x FFO. I like the decision: ~5% disc. to NAV (I est. ~$30) but both new acq. and repaying variable rate debt maturing in Nov @ 7% accretive.