Twenty Years in the Dark
Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…
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Orphan REITs
Everything we have picked from this writer, newest first.
An Activist Shows Up at $4.27
Erez Asset Management built a 5.8% ESRT stake in five weeks and has discussed a potential strategic review with the company.
An Activist Shows Up at $4.27
Erez Asset Management bought 5.8% of ESRT at $4.27 and urged a potential strategic review of some or all assets.
Sixty Dollars or Nothing
Chiron granted seven executives 195,610 options at a $60 strike, 63% above the market price and above its published valuation range.
The Wall Comes Down One Ticker at a Time
NewLake Capital Partners’ potential NYSE or Nasdaq uplisting contrasts with falling revenue, three vacant properties and an 88% AFFO payout…
Chiron Published Its Own Discount
Chiron now publishes its own discount calculation and has hired a broker to test it.
Chiron Published Its Own Discount
Chiron's investor presentation values its medical portfolio at a 9.4% implied cap rate, versus 7.3% to 7.9% transaction marks, while…
Empire State of Repair (ESRT Q2 2026)
ESRT’s Observatory impairment and accelerating visitation decline weaken its non-office thesis, yet downside valuation cases put shares at…
Earnings Week in the Graveyard
Empire State Realty Trust cut Observatory NOI guidance to $55 million from $87 to $92 million after Q2 NOI fell roughly 50%, reducing Core…
Nobody Owns the Beach: A West Maui Land Company Trading Below Book
Kaanapali Land trades near $31 versus $48.50 book value after a $20 million Lahaina sale, with West Maui land value constrained by lengthy…
The REIT Wall Street Couldn't Touch. Yet.
NewLake Capital Partners’ rent roll gained federal legality and stronger lease guarantees while Cannabist restructuring left rent…
Chiron's $100M Vote of Confidence and 36% Dividend Cut
Chiron Real Estate secured up to $100 million of convertible preferred capital at a $43 conversion price, agreed to buy $422 million of…
The Lease-Up Is Working & and the Capex Tail Is Done
Empire State Realty Trust’s commercial portfolio exceeded 93% leased, lifting core FAD to $33 million as CapEx fell to $22 million in Q1…
The Tag That Outlived the Trust
S&P and Schwab still label a sub-$30 million asset manager as a REIT, more than a decade after its conversion.
The Tag That Outlived the Trust
Bimini Capital Management has been mislabeled a mortgage REIT across major data platforms since it lost REIT status in 2015.
What XRN's New Proxy Reveals: A $3.5M Severance, a Shrinking Board, and a CEO Who Keeps Buying
Chiron Real Estate’s proxy details Jeff Busch’s $3.5 million exit, a six-member board split evenly between independent and non-independent…
Three Transactions in 48 Hours: ESRT Is Reshaping the Portfolio
Empire State Realty Trust bought a vacant $46 million Williamsburg retail property and refinanced 10 Union Square East with a $53.5…
The $55,000 Shell Company That Became a $480M Healthcare REIT
Chiron Real Estate (XRN), a $480 million healthcare REIT, trades at 7.3 times AFFO amid a ticker change, reverse split, dividend cut and…
The REIT Wall Street Can't Touch
NewLake Capital Partners trades at 7.3x AFFO with $23.9 million cash against $7.6 million debt, discounted for its cannabis tenant base.
The Office REIT That Wants to Die (And Pay You on the Way Out)
Net Lease Office Properties has returned $19.39 per share while liquidating W.P.
Empire State of Neglect: Why ESRT Isn't Just an Office REIT
Empire State Realty Trust's $5.34 share price values its observatory, retail and multifamily businesses like NYC office space, despite $90M…
