🏢 Office REITs Q3 Preview: Focus on interest rate headwinds, leasing CapEx, debt maturities and paydown ‣ Office REITs kicking off Q3 results, with SL Green (SLG) and Brandywine (BDN) AMC today, with Kilroy Realty (KRC) AMC tomorrow. • Sentiment slightly more bullish versus the sector, with buy-rated consensus 58% (RE Sector 54%), as commentary highlights strengthening fundamentals, flagging Q3 national and metro statistics including occupancy, rent growth, leasing volume, and absorption. • Interest rate headwinds the big area of focus, with recent backup in yields leading to some downgrades, broad target cuts, across the group. Commentary on refinancings, deleveraging, as well as development/construction debt facilities, and impacts to disposition plans, yields. • Leasing CapEx, concessions, also flagged as attention turns to FFO growth versus SSNOI, with tenant incentives having hindered inflections, accelerations, in the bottom-line metric. AI jobs impact also highlighted in terms of additional color around tenant commentary, demand/sizing of space. • Bullish also flagging valuation relative to current (improved) demand backdrop; B/S in better shape, with capital access, terms, more favorable, both in terms of potential equity partners, JV stakes, as well as debt funding. • Bearish seeing rate backup as adding to NT headwinds, pressuring sentiment, and pushing out a sustained recovery in positively trending earnings growth seen as needed in order for a real step-up in market sentiment and pivot towards more constructive views. $SLG $BDN $KRC #OfficeReits# #REITS# #CommercialRealEstaste# #Earnings# #CapEx# #FFO# #SSNOI# #AI# #Leasing# #FinTwit# #REITInvesting# #RealEstate# Gain immediate access to earnings insights with #StreetAccount#:

Noone's talking about both REITS and Utilities (shown here) breaking down sharply this week. ($RSPU) #IBD# charts from @marketsurge detail this violation of its rising 40-week m.a. but relative charts are even worse vs. Equal-weighted SPX, hitting the lowest levels in years I discuss this in greater detail in tonight's report w/ a 10-min video. Hope many enjoyed today's 1 hour market webinar. For those still not on board, go here: Enjoy

Noone's talking about both REITS and Utilities (shown here) breaking down sharply this week. ($RSPU) #IBD# charts from @marketsurge detail this violation of its rising 40-week m.a. but relative charts are even worse vs. Equal-weighted SPX, hitting the lowest levels in years I discuss this in greater detail in tonight's report w/ a 10-min video. Hope many enjoyed today's 1 hour market webinar. For those still not on board, go here: Enjoy

JUST IN: $2B Miller Value Partners slams potential exclusion of Bitcoin treasury exclusions from MSCI. • Could lock out Berkshire, gold miners and REITs. • Rejecting top assets undermines index coverage. They're afraid of Bitcoin reserve companies!

Yes, breadth has been weakening (but not cracking), and we've always said that some early September weakness was likely. To see little stress in HY credit and defensive areas like staples, REITs, and utilities lagging, we remain optimistic about the second half of September.

A stock can't pay you yield in the real world. That's a whole layer of returns, the kind bonds and REITs throw off, that equity holders just never get. Tokenization changes that. Deposit tokenized SPY into a Spiral Stake vault, keep your full upside, and earn stablecoin yield against it. The dividend your growth stock was never built to pay. SPY, NVDA and TSLA vaults live now.