1Esri’s Methodology statement: 2024/2029 Esri Updated Demographics report
2Urban Land Institute and PwC’s Emerging Trends in Real Estate 2025 report
Top 10 holdings for MVPA can be accessed here. Holdings are subject to change.
Enterprise value (EV) is a measure of a company’s total value. Net Operating Income (NOI) is a company’s income after operating expenses are deducted, but before income taxes and interest are deducted. Dividend yield is the ratio of a company’s annual dividend compared to its share price. The payout ratio is the proportion of earnings paid out as dividends to shareholders. The net debt-to-EBITDA (earnings before interest depreciation and amortization) ratio is a measurement of leverage, calculated as a company’s interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA. Funds From Operations (FFO) is a non-GAAP financial measure that quantifies the cash generated by a REIT. It’s a performance indicator that’s widely recognized in the REIT sector.
CTO peers from a CTO investor presentation dated August 2024.
The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting https://etf.millervaluefunds.com/mvpa. Read the Prospectus and Summary Prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
Dividends are not guaranteed and may fluctuate.
Diversification cannot assure a profit or protect against loss in a down market.
Miller Value Funds are distributed by Quasar Distributors, LLC.
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