Property Cash Flows, Not Skyline Promises

Start with free-cash-flow yield and EV/EBIT, not dividend yield; for REITs, reconcile cash flow after recurring property spending and use AFFO and asset value as additional checks. The October 6 retreat in Treasury yields supplies a potential refinancing and valuation catalyst, but renewed inflation, weaker occupancy and excessive leverage remain the downside risks. This equal-weight basket combines seven property owners or homebuilders with three liquid operating-property exposures—HD, MCD and WMT—which each exceed $1 billion in supplied daily dollar volume. Current valuation ratios and insider purchases are not supplied, so this is a cash-flow-focused thematic selection, not a claim that every holding clears my deep-value thresholds. Catalysts: - 2026-10-06 Cooler Treasury yields help S&P 500 achieve its first close above 7,800 (https://www.cnbc.com/2026/10/05/stock-market-today-live-updates.html) Launch basket (equal weight): HD, MCD, WMT, SPG, O, PLD, PSA, DHI, LEN Rules: 1. Equal weights; cash at most 5%. 2. No inverse, leveraged or volatility ETFs. 3. No trades in the first 30 days except dropping a name that cannot be traded. 4. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.