REIT Signal Desk

Coreshares-only

IYR iShares U.S. Real Estate ETF

Yahoo Finance chart · often 15-min delayed

96.20

+1.61%

Volume / 20d

4718542 / 6156307.1

52w

92.45 – 108.17

RSI

42.4

20-DMA

96.72

ATR

1.29

20d vol

13.2%

β VNQ

0.99

β TLT

0.52

In book

yes

12-month thesis

Corestub, not a thesis

A hold memo is not a 20-DMA blurb. Recs quote the falsifier. Invalidation is occupancy, trade-outs, refinancing wall, or private-market cap rates — not a close below the average. Two-sentence default is a stub until you write it.

Lots

0/1 long-term

FIFO. Long-term clock is 365d from opened. Wash-sale window is 30d after a sale — warn, not a hard block. Not tax advice.

Name	Qty	Cost	Opened	Days	LT on	Clock	Source
IYR	236.00	98.10	2026-04-07	197	2027-04-07	168d to LT	seed

REIT operating & capital structure

no public print

Research and recs use the figure the company actually printed. AFFO stays n/a unless the release says AFFO. Core FFO, Nareit FFO, and FFOA are labeled as such. Your cap, your NAV, and your refi spread stay blank — those are not filings. REIT dividends are mostly ordinary income in a taxable account. Basis and holding period still matter. Not tax advice.

FFO / sh

n/a

Not printed as AFFO

FFO yield

n/a

FFO payout

n/a

Occupancy

n/a

SSNOI growth

n/a

Trade-out

n/a

blended lags

Implied cap

n/a

Cap ex-dev

n/a

NAV premium

n/a

Your NAV is not set. Peer-cap NAV and the +50bp NAV are in the cap path. Neither one is written here.

Net debt

n/a

Net debt / EBITDA

n/a

% floating

n/a

Div yield (Yahoo)

n/a

Leverage quintile vs MF peers

n/a

Implied cap vs peers

n/a

n/a — NOI dollars were not printed, so there is no cap.

Duration gap

n/a — need % floating or weighted-average maturity

Cap rates +50bp

n/a

n/a — need implied cap (printed NOI, filing net debt, and a matching equity value).

Occupancy −200bp

n/a

n/a — need occupancy snapshot.

Rates +100bp on floating debt

n/a

n/a — need % floating, net debt, and market cap.

Per door

NOI / door

n/a

units n/a

Net debt / door

n/a

Equity / door

n/a

n/a — per-door comps stay inside one apartment layer.

NAV bridge

Equity value

n/a

NAV / sh

n/a

Premium

n/a

n/a — Your cap is not set. Do not default a cap. Same-store NOI is not set. Do not substitute total NOI — that would cap development income and also add dev at cost.

12-month bridge

Trade-out

New lease

n/a

Renewal

n/a

Blended

n/a

Refi

Interest / yr

n/a

Cents / sh

n/a

AFFO/sh − interest

n/a

n/a — The filing did not print a 24-month maturity wall. Interest only, no principal, no fees.

Fundamentals

Sector

n/a

Mkt cap

n/a

Total debt

n/a

Cash

n/a

D/E

n/a

Div yield

n/a

Div / sh

1.86

Yahoo β

n/a

P/B

n/a

PE (often n/a for REITs)

25.9

FCF

n/a

Crowd (labeled sentiment)

X silent on this name this cycle — still tradable if the setup is clean.

HOLDIYRiShares U.S. Real Estate ETFconv 2/5positioncorestub thesisshares-onlyThin

Size

$0 · 0.0% · 0 sh

Last / 20-DMA

96.20 / 96.72

ATR stop / stretch

94.14 / 99.28

Risk contrib

0.0%

Why now

Sleeve: Core (working range 50–60%, now 52.8%). The range is a prior. HOLD is not a fill just because the range is open.
No edge large enough to pay spread and tax. Cash is a position — standing still is a decision.
No live X scan in this cycle — judgment is market/fundamental only.
Tape (context, not invalidation): last 96.19 vs 20-DMA 96.72, 20-day vol 13.2%, β(VNQ) 0.99, β(TLT) 0.52. A DMA is not the falsifier.

Invalidation

Invalidation is a broken print vs the falsifier, not a 3% down day. Risk budget, not a REIT print.

Crowd: no X read this cycle

Model: stub card — tape is context · agree

Shares-only at this size — overlay refused. ATM spread/mid 183% > 10% — 5–10 lot is not workable. Shares only. Borrow n/a (never invented).

Falsifier (stub): Risk budget, not a REIT print.

Sources: yahoo · Daily OHLCV window (Yahoo when live, factor snapshot on seed) · Fundamentals snapshot · X scan not run · Yahoo options · delayed · as of 2026-10-09T20:20:14.917Z

Liquidity at this size

shares-onlyetfborrow n/a

ATM spread/mid 183% > 10% — 5–10 lot is not workable. Shares only.

US listed ETF.

ATM spread/mid 182.6% · OI 119 · 10-lot $96,000. Thresholds: spread/mid > 10% → shares-only; ATM OI < 50 or 10-lot notional > $250,000 → not a 10-lot. Missing bid/ask is unknown, not a block.

PM memo

DECISION: HOLD IYR · conviction 2/5 · position.

Facts vs price vs crowd
· Last 96.19 (+1.61%) on Yahoo Finance chart · often 15-min delayed. Volume 4718542 vs 20d avg 6156307.1.
· Tape: 20-DMA 96.72, 20d vol 13.2%, β(VNQ) 0.99, β(TLT) 0.52. DMA is context, not invalidation.
· Yahoo snapshot: mcap n/a, debt n/a, div yield n/a. FFO/AFFO/occupancy/NAV are n/a until entered — never invented. REIT dividends are mostly ordinary income. Not tax advice.
· No X read. Silence is allowed — a clean setup does not require virality.

What matters
· Sleeve: Core (working range 50–60%, now 52.8%). The range is a prior. HOLD is not a fill just because the range is open.
· No edge large enough to pay spread and tax. Cash is a position — standing still is a decision.
· No live X scan in this cycle — judgment is market/fundamental only.
· Tape (context, not invalidation): last 96.19 vs 20-DMA 96.72, 20-day vol 13.2%, β(VNQ) 0.99, β(TLT) 0.52. A DMA is not the falsifier.

Invalidation
· Invalidation is a broken print vs the falsifier, not a 3% down day. Risk budget, not a REIT print.

This is a research note, not financial advice. Data may be delayed or wrong.

Prints · IYR

REIT prints are SSNOI, occupancy, guidance, and cap-rate commentary — not a reason to dump a 12-month name. Dates are a cached research snapshot, not a live IR feed. Yahoo earnings stay on Research. The 1–5 chips are an occupancy/supply debate snapshot, not a live occupancy print.

No dated prints in the window.

Add a dated print

Manual snapshot only. Occupancy / SSNOI / cap-rate commentary — not a live IR feed.