Guido Mieth/DigitalVision via Getty Images Introduction Simon Property Group ( SPG ) is one of the largest REITs on the planet, owning high-quality real estate predominantly in the mall category. It is currently navigating a significant leadership transition following the passing of its longtime CEO. SPG is rated a "Buy," standing at an attractive valuation that already implies a solid margin of s...
Guido Mieth/DigitalVision via Getty Images Introduction Simon Property Group ( SPG ) is one of the largest REITs on the planet, owning high-quality real estate predominantly in the mall category. It is currently navigating a significant leadership transition following the passing of its longtime CEO. SPG is rated a "Buy," standing at an attractive valuation that already implies a solid margin of safety, with potential to continue compounding, especially once the near-term macro pressure fades. It pays an attractive and well-covered dividend that’s been rapidly ramping up following the pandemic cut. Solid Foundation Proves Its Resilience Simon Property Group IR SPG’s Q4 and 2025 were solid overall, with a recent miss on the market’s FFO expectations despite a beat on revenue, while their Real Estate FFO grew to $4.81 billion in 2025, for a solid 4% increase on a per-share level. Meanwhile, the FAD stands at $4.24 billion, which is very close to my estimated AFFO when considering the straight-line rent, recurring CAPEX, and leasing commissions. For 2026, SPG estimates Real Estate FFO per diluted share between $13 to $13.25, meaning a solid increase of 3.1% while advancing on their leasing and redevelopment activities, with a development and redevelopment pipeline that's now above $4 billion. Unfortunately, a couple of weeks ago, the company announced that its President, Chairman, and CEO David Simon passed away at only 64 after battling cancer. His son, Eli Simon, was named CEO and President as a result, hopefully carrying over his father’s legacy through this great company that he led as CEO for over 30 years now. Before this, he was the COO, Executive VP, Chief Investment Officer, and a Director, so it’s not like he’s a stranger to the business, which is why I doubt we’d see major changes. Ultimately, this management team (not just David Simon) is one of the company’s main advantages. This allowed them to develop a very strong portfolio that allowed them to recover ...
asbe/iStock via Getty Images In early January, I reiterated my buy rating on Applied Digital Corporation ( APLD ) citing strengthening fundamentals, a brightening outlook, and a valuation that was more or less reasonable given their long term growth targets. As shown in the rating history chart below, the stock has taken a significant pullback since then as markets have mainly gone risk-off. The d...
asbe/iStock via Getty Images In early January, I reiterated my buy rating on Applied Digital Corporation ( APLD ) citing strengthening fundamentals, a brightening outlook, and a valuation that was more or less reasonable given their long term growth targets. As shown in the rating history chart below, the stock has taken a significant pullback since then as markets have mainly gone risk-off. The data center company reported their latest earnings just yesterday (April 8th) and so I believe it is a good time to provide an update and see whether the bull thesis is still going strong. Seeking Alpha Below, it is shown that Q3 was a bit of a mixed quarter for the company. While growth remained in triple digit territory, the company failed to secure new leases in the quarter. Applied Digital's new senior note offering also adds to an already aggressive debt load and so there may be leverage risks. While Nvidia's disposal of their shares is another thing for investors to think about, it should be mentioned that the company is pushing ahead with Delta Forge 1 and that they have reiterated their five year NOI target. Even though it is hard to justify the valuation with the near term financials, the long term outlook makes the price tag much more reasonable. Despite emerging risks, the overall growth story still seems intact and so I have decided to reiterate my buy rating. Growth Remains Strong Seeking Alpha For today's earnings review, let's start with a look at the company's top line numbers. For their FY2026 Q3, Applied Digital generated total revenues of $126.6 million, up 139% YoY. While growth did slow from the previous quarter's 250% increase , investors should note that the company's revenues can be a little erratic based on when capacity is delivered for tenants. The current triple digit growth could still be indicative of good demand as they stated that YoY top line increases for Q3 were driven by their HPC Hosting Business. Lastly, they were able to beat top line e...
The dollar index (DXY00 ) today is down by -0.26%. Today's report showing a smaller-than-expected increase in US March consumer prices is weighing on the dollar. Also, today's stock rally has reduced liquidity demand for the dollar. In addition, hopes that this weekend's negotiations between the US and Iran will...
The dollar index (DXY00 ) today is down by -0.26%. Today's report showing a smaller-than-expected increase in US March consumer prices is weighing on the dollar. Also, today's stock rally has reduced liquidity demand for the dollar. In addition, hopes that this weekend's negotiations between the US and Iran will...
patpitchaya/iStock via Getty Images Introduction Back when I last covered Modiv Industrial ( MDV ), I highlighted their long weighted average lease term, ongoing asset recycling activity and resilient single-tenant net-lease manufacturing industrial portfolio, offering an attractive and well-covered monthly dividend yield. With the company’s management remaining committed to delivering value for s...
patpitchaya/iStock via Getty Images Introduction Back when I last covered Modiv Industrial ( MDV ), I highlighted their long weighted average lease term, ongoing asset recycling activity and resilient single-tenant net-lease manufacturing industrial portfolio, offering an attractive and well-covered monthly dividend yield. With the company’s management remaining committed to delivering value for shareholders even through a potential sale or partial sale of the business in the near-term if their organic activities don’t close the valuation gap, I’m upgrading Modiv to a Strong Buy, backed by great management, strong fundamentals and an attractive monthly dividend yield, recently placing an order to add. Transformation Accelerates - With a Deadline Modiv Industrial IR Despite missing the market’s Q4 estimates , MDV’s 2025 was solid overall, with the AFFO growing 15% to $17.238 million, for a 2.985% increase on a per share basis, proving some solid resilience in this tough environment. The company’s transformation is expected to continue in 2026, targeting 100% exposure to manufacturing properties, estimating that they have about 12 to 15 properties that would still fit their recycling program. Note that IRS rules prevent them from more than 7 separate property transactions in a single calendar year currently - without seeking exemptive relief - which is why they believe they should be able to reach this target within 24 months, aiming at divesting their remaining legacy retail and office properties. This marks a massive transformation from ~50% office, ~40% industrial and ~10% in retail over half a decade ago. However, thinking about it over the longer-term, once this transformation is over and, as the CEO says, they “will have become the best version of Modiv” they can without issuing capital, it’s going to be very interesting to see where the company will be heading, especially if we see a recovery in market sentiment that allows them to issue stock at better rates. ...
Claude Mythos’s apparent superhuman hacking abilities are alarming experts as the Trump administration remains blinded by hostility In June 2024, a cyber-attack on a pathology services company caused chaos across London’s hospitals. More than 10,000 appointments were cancelled. Blood shortages followed and delays to blood tests led to a patient’s death . Lethal cyber-attacks like this are thankful...
Claude Mythos’s apparent superhuman hacking abilities are alarming experts as the Trump administration remains blinded by hostility In June 2024, a cyber-attack on a pathology services company caused chaos across London’s hospitals. More than 10,000 appointments were cancelled. Blood shortages followed and delays to blood tests led to a patient’s death . Lethal cyber-attacks like this are thankfully rare. But a new AI release could change that – plunging us into a terrifying new world of chaos and disruption to the digital systems that we rely on. Shakeel Hashim is the editor of Transformer , a publication about the power and politics of transformative AI Continue reading...
Restaurants have a habit of going in and out of favor. For example, coffee giant Starbucks (NASDAQ: SBUX) struggled to retain customers in fiscal 2025, with same-store sales down 2%. However, in the first quarter of fiscal 2026, it turned things around with a 4% increase in same-store sales. Sales are the top-line number that most investors look at, but when it comes to restaurants , same-store sa...
Restaurants have a habit of going in and out of favor. For example, coffee giant Starbucks (NASDAQ: SBUX) struggled to retain customers in fiscal 2025, with same-store sales down 2%. However, in the first quarter of fiscal 2026, it turned things around with a 4% increase in same-store sales. Sales are the top-line number that most investors look at, but when it comes to restaurants , same-store sales tell you more about the business. This is why Starbucks' competitor, Dutch Bros (NYSE: BROS) , is shining right now. Here's what you need to know and what you need to watch for as the tiny restaurant chain continues to expand. Dutch Bros increased its store count by 16% in 2025. That helped to drive the company's revenues higher by a huge 29%. But the real strength of the business showed up in its same-store sales, which rose in every quarter of the year. Same store sales were higher by 5.6% for the full period, ending the year with a huge 7.7% advance in the fourth quarter. Continue reading
GE Aerospace's Defense & Propulsion unit gains traction with strong contracts, rising backlog and margin expansion-supporting continued growth momentum.
GE Aerospace's Defense & Propulsion unit gains traction with strong contracts, rising backlog and margin expansion-supporting continued growth momentum.