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.

1. Since the last analysis, Realty Income has delivered a 17.2% return and completed its merger with Spirit Realty Capital. 2. With the transition to a rate-cutting cycle, the company's growth prospects are improving. 3. DCF analysis shows conservative growth estimates, with AFFO indicating sustainable earnings. 4. The article recommends buying Realty Income Corporation at its current stock price due to a projected upside potential of 19.3% and a favorable market environment.

1. High-quality REITs are currently trading at discounts due to a hawkish Fed, offering significant upside potential and strong dividend yields. 2. Agree Realty has transformed its portfolio, boasts solid debt metrics, and offers a well-covered 4.1% dividend yield. 3. Realty Income's diversified portfolio and A-rated balance sheet support its 5.1% dividend yield, with shares trading below normal valuation.

1. Rithm Capital's stock dropped 5% after a secondary offering, presenting a buying opportunity due to strong dividend metrics and business growth. 2. The central bank's recent interest rate cut supports investing in Rithm Capital, which benefits from a diversified mortgage investment portfolio. 3. Despite the stock dilution, RITM's 9% dividend yield and 9% discount to book value make it a compelling investment for passive income investors.

1. The author's investment focus has shifted to income generation, highlighting Ellington Financial's 12% yield despite a recent dividend cut. 2. EFC's dividend reduction and missed earnings expectations lead to a downgrade to Hold. 3. The real estate sector shows signs of recovery with rate cuts, but EFC's future performance depends on economic stability and effective hedging.

1. Medical Properties Trust (MPW) has been facing negative news recently; 2. The company is making progress in releasing some properties, selling others, and paying off debt; 3. Interest rates are dropping, which could be beneficial for the company.

1. REITs continue to offer high yields, exceeding 7% in some cases; 2. Some of these high yielders also pay monthly dividends; 3. The author highlights two of his favorite REITs to buy today.

1. The Fed's aggressive 0.5% rate cut risks devaluing the dollar, potentially spiking inflation and commodity prices, while destabilizing the U.S. financial system. 2. Realty Income's valuation is at risk due to the potential for rising inflation and long-term interest rates, impacting consumer spending and retail property lease demand. 3. The author downgrades Realty Income from Buy to Hold, waiting for better clarity on the direction of the economy and/or a significant price decline to open a better risk-reward entry.

1. The article discusses the focus on selecting robust businesses with stable cash flows for long-term investment. 2. It highlights the potential in the equity REIT segment for finding companies that match these objectives. 3. The author shares two REITs he has purchased with the intention of holding them indefinitely.

1. Medical Properties Trust stock is trading at a significant discount to its book value, suggesting around 50% upside potential. 2. The recent settlement with Steward Health has resolved major issues, allowing MPW to regain control of 23 hospitals and secure new tenants. 3. Book value can increase over time as MPW pays less in dividends, remains profitable on a normalized FFO basis, and benefits from the Federal Reserve's rate cuts.

1. Medical Properties Trust reached a settlement with Steward Health Care, allowing the REIT to lease properties to new tenants, reducing uncertainty and negative sentiment. 2. The REIT's shares soared more than 30% after the settlement, despite a recent 47% dividend cut. 3. Medical Properties is set to control 23 hospitals, with 15 already leased to new tenants, indicating a significant NFFO recovery.

1. Innovative Industrial Properties is a REIT focused on leasing properties to the cannabis industry with an attractive 8.5% dividend yield on preferred shares. 2. The company has improved operating and free cash flow, ensuring dividend sustainability. 3. Despite risks such as call risk on preferred shares and potential common share issuance, the company's strong operating earnings and low leverage make it an interesting investment for income investors.

1. MPW faced uncertainty due to Steward Hospitals' default but has now reached an agreement to own and re-lease the properties; 2. MPW's earnings will bottom out in Q4 but are expected to ramp up through 2025 and 2026 as new operators take over; 3. The dividend is restricted to $0.08/quarter but could increase if property transitions are completed rapidly; expect potential raises by mid-2025.