Real Assets Value @RealAssetsValue
Trying to build wealth and learn something investing in listed real estate realassetsvalue.substack.com Joined October 2011-
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$PCTN.L - small UK REIT sold their largest (by value) office property for a 4.6% NIY / 1% discount to external valuation. Increases (mostly urban) industrial share and proceeds funding continued share buybacks. I est. NAV £0.97, £1.00 based on valuer est. Trades at ~20% disc.
LT rates up from their lows earlier this month but cost of capital for NNN REITs - both big and small - not looking too shabby: $O secures $800m of ~5yr debt at ~4.4%, lower rate than $550m Nov maturity (4.625%). $NTST secures $450m of ~6yr debt at 4.6% - 4.9%.
Stretch senior MF lending sized at 1.1x - 1.2x ICR and priced at 5yr + low 200s, fixed-rate. At say a 5.5% cap and 6% rate, that's ~75% LTV with 1.2x ICR.
Stretch senior MF lending sized at 1.1x - 1.2x ICR and priced at 5yr + low 200s, fixed-rate. At say a 5.5% cap and 6% rate, that's ~75% LTV with 1.2x ICR.
$WSR took advantage of a rate cut to recast credit facility. Notably: -Term loan + RCF capacity is larger than all debt today -TL refis RCF balance and all other '26 maturities at <5% rate with ~$75m left over for acquisitions. -With SOFR @ ~4.15%, incr. cost of debt is ~5.5%
Found it…
US MF value add fund with $1.1bn recap of a sunbelt portfolio. $1.1bn transaction value for 3,830 units or ~$290k per unit. 65% garden / 35% midrise, average age of 14 years.

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