KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) announced today that it plans to release its financial results for the third quarter 2020 on Monday, October 26, 2020, after the closing of trading on the New York Stock Exchange.

A conference call to discuss KREF’s financial results will be held on Tuesday, October 27, 2020 at 10:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KREF’s website at http://www.kkrreit.com/investor-relations/events-and-presentations. A slide presentation containing supplemental information may also be accessed through this website in advance of the call.

A replay of the live broadcast will be available on KREF’s website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 10148123, beginning approximately two hours after the broadcast.

About KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201012005490/en/

Contacts

MEDIA:
Kristi Huller or Cara Major
(212) 750-8300
[email protected]

INVESTOR RELATIONS:
Michael Shapiro
(646) 901-5920
[email protected]

Source Article

This article was coproduced with Dividend Sensei.

At iREIT on Alpha and Dividend Kings, we continue to screen for value, and one sector that is appealing to us these days is the banking sector.

A few days ago we decided to write on Texas-based Cullen/Frost Bankers (CFR) in which we explained that the bank has “the highest yield in the last 20 years despite Treasury bonds trading near all-time lows. From a risk-adjusted perspective, Cullen/Frost is providing investors the best spread over government bonds in at least 25 years.

Cullen/Frost is now yielding 4.1% with a P/E of 14.1x (normal is 16x).

Today we’re focusing on another deeply-discounted bank with a long track record of reliability and predictability.

Source

As we write this, the market is recovering off its recent pullback. And while many companies are recovering quickly, plenty of great deals remain available.

In that light, we’re highlighting The Bank of Nova Scotia (BNS). It’s a 6.4%-yielding blue-chip with a strong economic recovery expected in 2021 and beyond.

That’s why Dividend Kings just bought into it for a fifth time in our Phoenix Portfolio – and we plan to buy it one final time next week. That will still put us ahead of three major catalysts that should propel it and its stock to impressive levels.

The bank already is a one-stop-shop for companies, governments, institutions, and high-net-worth individuals – from traditional banking services to global market underwriting (equity and bonds) to asset management.

We’re talking about:

  • $1.2 trillion in assets
  • $768 billion in low-cost deposits
  • 95,000 global employees
  • 2,905 branches
  • 8,793 ATMs.

Scotiabank has proven impressive in the past already, as evidenced by its total returns since 1996, featured below.

(Source: Portfolio Visualizer)

Over the last 24 years, it has delivered 12.5% compound annual growth rate

SAN FRANCISCO (AP) — Homeless moms who were evicted earlier this year from a vacant San Francisco Bay Area house they occupied say a community land trust has purchased the property and will turn it into transitional housing for other mothers experiencing homelessness.

Members of the activist group, Moms 4 Housing, announced Friday that the three-bedroom home in West Oakland was purchased by the Oakland Community Land Trust from a real estate investment company. The property requires extensive renovation for habitation, the group said.

The land trust purchased the property for $587,500 and closed in May, but the pandemic and planning for repairs delayed a public celebration . The land trust is a nonprofit organization that holds property for the benefit of low-income residents.

Steve King, executive director of the trust, says the house requires extensive repairs, including a new roof and windows. He said his group will work with Moms 4 Housing to figure out a transitional housing program for the property. Money to buy and refurbish the house came from donations and does not include city money, he said.


“We’re excited to be part of it and definitely excited to get the rehab started and finished so the house can be used,” he said.

The group caused a national sensation last year when the moms and their children moved into the empty house in November, partly to protest the methods of speculators who they claim snap up distressed homes and leave them empty despite California’s severe housing shortage and growing numbers of homeless people. They said mothers and children should not be homeless when housing is available.

They were evicted at dawn in January, surrounded by supporters on watch. Video showed one deputy slamming a battering ram against the house’s front door.

The group received widespread support, including

LONDON — When the coronavirus pandemic closed workplaces earlier this year, businesses effectively went from having one or more locations to having as many offices as they did employees, as staff worked from home.

For software company Splunk, this effectively meant going from 35 offices to more than 6,000 “overnight,” according to the firm’s Chief Technical Adviser James Hodge. Having so many people working at home has meant a more trusting style of leadership is necessary, Hodge told CNBC’s “Squawk Box Europe” on Monday.

“The first few months (of the pandemic) were incredibly challenging, I think a lot of us ended up working incredibly long hours. If I just take Splunk as an example, we’ve spent a long time communicating with our employees, understanding what the impact’s like,” Hodge described.

“There’s been some brilliant parts about it to give people flexibility, but … on the other side, we do need to be completely aware of where the additional pressures are going,” he added.

While some governments have encouraged office-based employees to go back to their workplaces, many are still working from home. Splunk is training managers to understand employees’ wellbeing and other needs, Hodge said, and has put in place measures such as prohibiting video calls on Friday afternoons.

“The real big key about it is trust. We went from 35 office locations to over 6,000 office locations overnight. People are our greatest asset and we’ve got to put the trust in them to be able to go and flex their work around and understand their needs and just adapt,” Hodge said.

Having people work from home also means businesses will be able to recruit from a wider talent pool, Hodge added.

More from Our New Future:

Companies will have to ‘seduce’ staff to go back to the office, real

Thesis

Washington Real Estate Investment Trust (WRE) (“WashREIT”) has exposure to an extremely stable market in the Washington DC metro area. Its properties cover ground in downtown DC, northern Virginia, and Maryland suburbs. The diversified REIT boasts multifamily, office, and retail holdings.

Management has de-risked its portfolio by transitioning to lower-cap rate, lower-risk, and higher-growth suburban multifamily properties. Capital recycling from high-cap rate to lower-cap rate properties has resulted in a short-term decrease in core funds from operations per share and an underperforming stock price. However, the company is well-positioned for the long term with a suburban multifamily focus.

The sector and market focus position the company to benefit from population and employment migration to the region, as well as a continued housing shortage. WashREIT is undervalued due to its diversified nature and recent core FFO per share declines. Suburban office is stable, and retail makes a small portion of the total NOI for the company. WashREIT is a value at current prices given its relatively low valuation and growth prospects.

Recent Company Actions

Since CEO Paul McDermott joined in 2013, the company has made significant strides to simplify its focus. By reducing its exposure to retail and office, WashREIT has increased its multifamily exposure from 19% to 48% of its total portfolio.

Sector Q4 2013 Q2 2020
Office 56% 46%
Multifamily 19% 48%
Retail 25% 6%

(Source: Company Filings)

Given that multifamily properties sell for much lower cap rates than office and retail, this strategy has been dilutive for WashREIT on an FFO per share basis. While the company generated $1.70 in FFO per share in 2013, this number dropped to $.77 per share through Q2 2020 ($1.54 per share annualized).

However, FFO per share is a poor cash flow metric for REITs with retail and office properties. Leasing