NAMCO REALTY

Namco Realty: Why Same-Asset Metrics Mislead in a Buy-Improve-Outparcel Model

Same-asset metrics tell only part of Namco’s story. In 2025 they exposed weakness in the mature base, but they missed the main economics of the year, capital recycling through acquisitions, asset sales, and outparcel monetization.

Follow-up

Namco Realty: How NOI and AFFO Rose While FFO Was Cut

In 2025 Namco's FFO turned into a metric that mixed property operations with a currency and financing layer. NOI, AFFO and operating cash flow all rose, but FFO was cut because it kept about $97.6 million of FX and hedge expense from shekel bonds and shekel cash inside the numbe…

Follow-up

Namco Realty: Do 529 Fifth and 587 Fifth Really Carry Series Z?

Series Z comes with a strong legal security package, but economically it is still mostly exposure to 529 Fifth, alongside the much smaller leasehold 587 Fifth and a framework amount that has not yet become recurring income.

Namco Realty in 2025: NOI Is Already Up, But the Proof Still Sits in Refinancing and Office Lease-Up

Namco has already built a larger NOI base, but after the Series C refinancing the key test moved to whether 529 Fifth and 587 Fifth can convert appraised value and collateral into more stable NOI and cleaner debt coverage.