Takeaway: Just going to keep hammering the math... someone has to do it!

Hedgeye Cartoon of the Day: "Plato's Cave" REIT

THE (DIS)TRUST SERIES | VOL. XLIX | PUTTING ALL THE MOVING PARTS TOGETHER, AGAIN | 2.16.23 (MPW) - MPW Platos Cave  

It is 2.16.23, and Active Short MPW is overvalued by approximately... whatever the current share price is. Believe us yet?

Running MPW "Cheat Sheet" 

Ticker: MPW

Company Name: Active Short Medical Properties (Dis)Trust

Subsector: NNN Hospitals (We think? Maybe? Possibly?)

Headline: There are so many moving pieces here, we will keep track for subs    

  • Our Conclusions: (1) Active Short MPW paid a price AGAIN in the form of a ~15% rent cut on its best assets to secure a liquidity injection into it's largest tenant Steward, (2) MPW remains over-exposed to a clearly distressed/insolvent Steward at ~20% of cash EBITDA, (3) all of the contemplated transactions, if and when closed and taken together, are significantly dilutive and do not de-lever MPW in any meaningful way, (4) MPW's return profile does not improve at all and actually gets a little worse on the margin, as it continues to earn 5.5-6% unlevered cash-on-cash yields for the foreseeable future, (5) again, the dividend appears to us to be unsustainable and very much at-risk, and finally (6) the swapping out of CommonSpirit for Steward at ~7% of MPW's pro forma cash EBITDA is credit positive on the margin.
  • With all of that said, similar to the HCA deal and Prospect CT/PA deals, it is possible that some or all of these contemplated transactions do not close and MPW is back to square one.
  • We believe the rent reduction is the "price of admission" for MPW's management team to secure a clearly much-needed liquidity injection into Steward. We would not want to pay that price if we were a shareholder. Also an interesting thought experiment - if the best Steward assets required this degree of rent reduction, what does that mean for the balance of the rent MPW derives from a RemainCo portfolio of much lower quality?
  • MPW and/or Steward told a sell-side analyst last night that "the enterprise value of the Centura transaction is similar to the previous HCA transaction..." which was pegged by MPW last year at an estimated ~$800-850 million. Well we found and published CommonSpirit's financials which disclosed a gross purchase price of ~$685 million, which was more in-line with our ~$600-700 million expectation and represents a ~15% haircut to the HCA price negotiated in mid-2021. We do not consider $685 million to be "similar" to ~$800 million, as it represents a significant re-trade and also results in less proceeds to Steward. So more playing "fast and loose with the facts" at best, in our view. We continue to think Steward has no excess cash proceeds after taxes and debt repayment to MPW and the ABL lenders. A PDF of the financial statements can be found HERE.
  • We lay out all the moving parts in Figure 1 below, with MPW currently trading at an implied ~14.5x cash EBITDA multiple. We have and continue to believe that number should be closer to ~10x, but pick your own number. What is the upside/downside here? Leverage ticks down by ~0.4x turns, but note that any (foolish, in our view) incremental share repurchase activity would drive that number back towards the starting point.
  • Also in Figure 1 below, notice the impact on pro forma dividend coverage. And again, we cannot stress this enough, these figures exclude MPW's recurring "capex" burden which averages to $200-300 million per year. If you believe these numbers as we do, MPW is burning cash.  
  • Finally, and we thought about this deeply last night, we fail to see any positive catalysts on the horizon. The list was (1) Steward ABL extension, (2) Utah sale, (3) Pipeline resolution (that was actually a negative, and (4) Prospect resolution (that is a restructuring, and will also be a negative). 

Figure 1: Tracking All of MPW's Moving Parts

THE (DIS)TRUST SERIES | VOL. XLIX | PUTTING ALL THE MOVING PARTS TOGETHER, AGAIN | 2.16.23 (MPW) - Capture9

Source: Company Reports, Hedgeye Estimates 

Prior Notes:

2.15.23 - THE (DIS)TRUST SERIES | VOL. XLVIII | COMMONSPIRIT DISCLOSED THE PURCHASE PRICE | 2.15.23 (MPW)

2.15.23 - REITS DAILY BRIEF | INVH EARNINGS + MPW FOLLOW-UP | 2.15.23 (INVH, MPW)

2.15.23 - THE (DIS)TRUST SERIES | VOL. XLVI | NO-NONSENSE TAKE ON STEWARD UTAH | 2.15.23 (MPW)

2.13.23 - THE (DIS)TRUST SERIES | VOL. XLV | TOO MUCH V'CNCY IN BIRMINGHAM... SO BUILD A HQ | 2.13.23 (MPW)

2.12.23 - SUNDAY NIGHT REIT READ | NEW ACTIVE SHORT ST. JOE COMPANY | 2.12.23 | (JOE, IRT, DOC)

2.10.23 - REITS DAILY BRIEF | UPDATED CPT NUMBERS + REGAL LEASE NEGOTIATIONS | 2.10.23 (CPT, EPR, O)

2.9.23 - THE (DIS)TRUST SERIES | VOL. XLIV | ALL OF YOUR MODELS ARE BROKEN... | 2.9.23 (MPW)

2.9.23 - UHAL 3Q23 RESULTS | U-MISS'ED THE QUARTER | 2.9.23 (UHAL)

2.8.23 - REITS DAILY BRIEF | ESS 4Q RESULTS + UHAL + POSITION MONITOR UPDATES | 2.8.23 (ESS, IRT, UHAL)

2.7.23 - REITS DAILY BRIEF | STORAGE DEAL + UDR RESULTS + INVH CLASS ACTION | 2.7.23 (LSI, PSA, INVH, UDR)

2.5.23 - SUNDAY NIGHT REIT READ | WHO BLINKS FIRST? WE THINK SELLERS AS WELL | 2.5.23 | (CPT, EPR, MPW)

2.3.23 - REITS WEEKLY VALUATION HANDBOOK | 2.3.23

2.3.23 - CPT 4Q22 RESULTS | OUTRIGHT MISS ON THE QUARTER AND FY23 GUIDE | 2.3.23 (CPT)

2.3.23 - THE (DIS)TRUST SERIES | VOL. XLIII | CHERNOBYL IS REBUILDING | 2.3.23 (MPW)

2.2.23 - MAA 4Q22 RESULTS | MIXED BAG, BUT WE LEAN SLIGHT "MISS" ON FY23 GUIDE VS. EXPECTATIONS | (MAA)

2.1.23 - THE (DIS)TRUST SERIES | VOL. XLII FLASH | STEWARD'S PRESIDENT DEPARTING | 2.1.23 (MPW)

2.1.23 - REITS DAILY BRIEF | SFR "PRICING POWER" NARRATIVE TO BE TESTED | 2.1.23 (AMH, INVH, TCN)

1.31.23 - REITS DAILY BRIEF | INVH CFO DEPARTURE + ADDING AMH TO ACTIVE SHORT LIST | 1.31.23 (AMH, INVH)

1.29.23 - SUNDAY NIGHT REIT READ | "RENTER BILL OF RIGHTS" + STEWARD WTF | 1.29.23 | (APARTMENTS, SFR, MPW)

1.27.23 - REITS WEEKLY VALUATION HANDBOOK | 1.27.23

1.27.23 - THE (DIS)TRUST SERIES | VOL. XLI | REBUTTING THE SHASTA REBUTTAL | 1.27.23 (MPW)

1.26.23 - REITS DAILY BRIEF | RADI SALE PROCESS CONCLUDING NEXT MONTH? | 1.26.23 (EPR/AMC, RADI, SLG)

1.22.23 - SUNDAY NIGHT REIT READ | POTENTIAL FY23 BEATS & MISSES | 1.22.23 (AMH, CUBE, INVH, IRM, MPW, STAG)

1.20.23 - REITS WEEKLY VALUATION HANDBOOK | 1.20.23

1.20.23 - REITS DAILY BRIEF | OUR NOTES FROM THE PLD CALL | 1.20.23 (PLD)

1.20.23 - THE (DIS)TRUST SERIES | VOL. XXXX | PROSPECT CROZER MIGHT BE A TOTAL LOSS | 1.20.23 (MPW)

1.16.23 - MONDAY NIGHT REIT READ | MULTIFAMILY UNDERWRITING + EPR + PIPELINE | 1.16.23 (EPR, APARTMENTS, MPW)

1.13.23 - THE (DIS)TRUST SERIES | VOL. XXXIX | PIPELINE HEALTH IS SIMPLY INCREDIBLE | 1.13.23 (MPW)

1.13.23 - REITS WEEKLY VALUATION HANDBOOK | 1.13.23

1.13.23 - REITS DAILY BRIEF | UPDATING SFR #s FOR HIGHER NC PROPERTY TAXES | 1.13.23 (AMH, INVH)

1.12.23 - REITS DAILY BRIEF | POSITION MONITOR UPDATES | 1.12.23 (AMT, HIW, MAA, NSA, SBAC, VTR)

1.10.23 - REITS DAILY BRIEF | ADDING/REMOVING CUBE/SBAC TO ACTIVE SHORT LIST | 1.10.23 (CUBE, EXR, SBAC, WPC)

1.8.23 - SUNDAY NIGHT REIT READ | SD WHISTLEBLOWER CASE ACTIVITY + EPR FEEDBACK | 1.8.23 (INVH, EPR, MPW)

1.7.23 - THE (DIS)TRUST SERIES | VOL. XXXVIII | ADD'L STEWARD VENDOR COMPLAINTS | 1.7.23 (MPW)

1.6.23 - REITS WEEKLY VALUATION HANDBOOK | 1.6.23

1.6.23 - EVENT REPLAY | NEW ACTIVE SHORT EPR PROPERTIES BLACK BOOK | 1.6.23 (EPR)

1.4.23 - THE (DIS)TRUST SERIES | VOLUME XXXVII | ARTICLE ON "PONZI HOSPITALS" | 1.4.23 (MPW)

1.4.23 - FLASH | JUDGE DENIES INVH'S MTD | 1.4.23 (INVH)

1.3.23 - REITS DAILY BRIEF | INITIAL THOUGHTS ON EPR | 1.3.23 (EPR)

1.1.23 - EVENT INVITE UPDATE | EPR PROPERTIES (EPR) BLACK BOOK | THURSDAY, 1/5 @ 12:30 PM ET

12.30.22 - REITS WEEKLY VALUATION HANDBOOK | 12.30.22

12.26.22 - MONDAY NIGHT REIT READ | MPW "CHEAT SHEET" | 12.26.22 (EPR, MPW)

12.23.22 - REITS WEEKLY VALUATION HANDBOOK | 12.23.22

12.22.22 - THE (DIS)TRUST SERIES | VOLUME XXXVI | STEWARD ABL EXTENSION + OUR QUESTIONS | 12.22.22 (MPW)

12.22.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 12.22.22 (EPR)

12.20.22 - REITS DAILY BRIEF | 12.20.22 (CUBE, EXR, LSI, NSA, PSA, MPW)

12.18.22 - SUNDAY NIGHT REIT READ | TAKING AN "L" ON HR | 12.18.22 (HR, DOC)

12.16.22 - THE (DIS)TRUST SERIES | VOLUME XXXV | GOAL POSTS TORN DOWN? | 12.16.22 (MPW)

12.16.22 - REITS WEEKLY VALUATION HANDBOOK | 12.16.22

12.15.22 - REITS DAILY BRIEF | FLORIDA REINSURANCE BILL + MPW/STEWARD WTF? | 12.15.22 (AMH, INVH, TCN, MPW)

12.14.22 - REITS DAILY BRIEF | RENT CONTROL MEASURES + CEO CHANGE AT DLR | 12.14.22 (APARTMENTS, DLR)

12.14.22 - THE (DIS)TRUST SERIES | VOLUME XXXIV | GOALPOSTS CONSTANTLY MOVING... | 12.14.22 (MPW)

12.12.22 - THE (DIS)TRUST SERIES | VOLUME XXXIII | PIPELINE AUCTION CALLED OFF | 12.12.22 (MPW)

12.11.22 - SUNDAY NIGHT REIT READ | APARTMENT ITEMS + BREIT/SREIT + MPW MUSINGS | 12.11.22 (APARTMENTS, MPW)

12.9.22 - REITS WEEKLY VALUATION HANDBOOK | 12.9.22

12.9.22 - REITS DAILY BRIEF | INVH TAKES OUT 2018-1 SECURITIZATION | 12.9.22 (INVH)

12.6.22 - THE (DIS)TRUST SERIES | VOLUME XXXI | THE STEWARD ABL SAGA CONTINUES | 12.6.22 (MPW)

12.6.22 - THE (DIS)TRUST SERIES | VOLUME XXXII | CIRCULATING THE CBS REPORT ON PROSPECT | 12.6.22 (MPW)

12.4.22 - SUNDAY NIGHT REIT READ | WINTER IS HERE (AGAIN) | 12.4.22 (COLD, PGRE, VNO, AMH, INVH, TCN, MPW)

12.2.22 - REITS WEEKLY VALUATION HANDBOOK | 12.2.22

12.1.22 - REITS DAILY BRIEF | EQT "IN DISCUSSIONS" TO ACQUIRE RADI? | 12.1.22 (RADI)

11.29.22 - REITS DAILY BRIEF | HEALTHSCOPE PUSHED BACK + INDT BID | 11.29.22 (MPW, INDT)

11.28.22 - THE (DIS)TRUST SERIES | VOLUME XXX | PIPELINE BK UPDATE + STOCK IS NOT "CHEAP" | 11.28.22 (MPW)

11.27.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR + VAL HANDBOOK | 11.27.22 (DLR, EQIX, HR, DOC, SBAC, MPW)

11.22.22 - REITS DAILY BRIEF | RESI NEWS ITEMS | 11.22.22

11.20.22 - SUNDAY NIGHT REIT READ | UHAL NUMBERS + POSITION MONITOR UPDATE | 11.20.22 (UHAL)

11.19.22 - THE (DIS)TRUST SERIES | VOLUME XXIX | UPON FURTHER REVIEW... | 11.19.22 (MPW)

11.18.22 - REITS WEEKLY VALUATION HANDBOOK | 11.18.22

11.16.22 - REITS DAILY BRIEF | NOTES FROM NAREIT DAY #1 | 11.16.22

11.15.22 - THE (DIS)TRUST SERIES | VOLUME XXVIII | IMPORTANT UPDATES FROM CMAX | 11.15.22 (MPW)

11.14.22 - THE (DIS)TRUST SERIES | VOLUME XXVII | HEALTHSCOPE PORTFOLIO SALE UPDATE | 11.14.22 (MPW)

11.13.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR UPDATE | 11.13.22 (IRM, PGRE)

11.11.22 - REITS WEEKLY VALUATION HANDBOOK | 11.11.22

11.9.22 - THE (DIS)TRUST SERIES | 3Q22 10-Q REVIEW | 11.9.22 (MPW)

11.9.22 - RADI 3Q22 RESULTS | 11.9.22

11.7.22 - THE (DIS)TRUST SERIES | HEADING BACK TO CHERNOBYL... | 11.7.22 (MPW)

11.6.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR UPDATE + SBAC REVIEW | 11.6.22 (ADC, O, NTST, SBAC)

11.5.22 - THE (DIS)TRUST SERIES | VOLUME XXIV | OPERATIONS SUSPENDED AT DCMH | 11.5.22 (MPW)

11.4.22 - REITS DAILY BRIEF | SOME FOLLOW UP ITEMS, INCLUDING ON INVH | 11.4.22

11.4.22 - REITS WEEKLY VALUATION HANDBOOK | 11.4.22

11.3.22 - AMH 3Q22 RESULTS | MORE PROPERTY TAX MEDICINE | 11.3.22

11.3.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 11.3.22

11.2.22 - LSI 3Q22 RESULTS | LSI TO THE RESCUE? | 11.2.22 (LSI)

11.2.22 - REITS DAILY BRIEF | OCTOBER APARTMENT RENT TRACKER | 11.2.22

11.2.22 - EXR 3Q22 RESULTS | OOF | 11.2.22 (EXR)

11.2.22 - PSA 3Q22 RESULTS | 11.2.22 (PSA)

11.1.22 - THE (DIS)TRUST SERIES | VOLUME XXIII | REAL-TIME LOOK AT TEXARKANA | 11.1.22 (MPW)

11.1.22 - THE (DIS)TRUST SERIES | VOLUME XXII | PIPELINE UNSECURED CREDITOR OBJECTION | 11.1.22 (MPW)

10.31.22 - REITS DAILY BRIEF | WE MADE A MISTAKE - ADJUSTING INVH NUMBERS | 10.31.22 (INVH)

10.31.22 - THE (DIS)TRUST SERIES | VOLUME XXI | PIPELINE BK UPDATE | 10.31.22 (MPW)

10.30.22 - SUNDAY NIGHT REIT READ | UPDATED INVH MODEL ASSUMPTIONS | 10.30.22 (INVH, MPW)

10.28.22 - THE (DIS)TRUST SERIES | VOLUME XX | BACK TO THAT DRY HOLE IN TX... | 10.28.22 (MPW)

10.28.22 - REITS WEEKLY VALUATION HANDBOOK | 10.28.22

10.28.22 - STAG 3Q22 RESULTS | 10.28.22 (STAG)

10.27.22 - INVH POST-3Q22 CALL THOUGHTS | 10.27.22 (INVH)

10.26.22 - MAA 3Q22 RESULTS | 10.27.22 (MAA)

10.26.22 - INVH 3Q22 RESULTS | PERHAPS THE WORST QTR IN RECENT MEMORY FOR A "BLUE CHIP" | 10.26.22 (INVH)

10.26.22 - THE (DIS)TRUST SERIES | VOLUME XIX | 3Q22 PREVIEW | 10.26.22 (MPW)

10.26.22 - EQR 3Q22 RESULTS | ANOTHER DECEL IN LEASING SPREADS | 10.26.22 (EQR)

10.25.22 - REITS DAILY BRIEF | THOUGHTS ON NXRT'S 3Q22 | 10.25.22 (NXRT)

10.25.22 - THE (DIS)TRUST SERIES | VOLUME XVIII | I'M THE CAPTAIN NOW... | (MPW)

10.25.22 - THE (DIS)TRUST SERIES | VOLUME XVII | THAT'S SOME EXPENSIVE GRASS! | (MPW)

10.23.22 - SUNDAY NIGHT REIT READ | LOT'S TO READ ON SFR | 10.23.22 (VRE, AMH, INVH, TCN, MPW, SBAC)

10.21.22 - REITS WEEKLY VALUATION HANDBOOK | 10.21.22

10.21.22 - REITS DAILY BRIEF | THC NEGATIVE READ ACROSS FOR STEWARD ET AL | 10.21.22 (MPW)

10.20.22 - REITS CLIENT ALERT | 10.20.22 (MPW)

10.20.22 - REITS DAILY BRIEF | 3Q22 EARNINGS NOTES | 10.20.22 (REXR, CCI)

10.19.22 - CLARIFICATION ON MAA PORTION OF PRIOR NOTE | 10.19.22 (MAA)

10.19.22 - REITS DAILY BRIEF | NOTES FROM PLD'S 3Q + SUDDEN MAA CHANGE | 10.19.22 (PLD, MAA, MPW)

10.17.22 - REITS DAILY BRIEF | ELS MISS + SFR CONSIDERATIONS AROUND QUARTERRA | 10.18.22 (ELS, AMH, INVH, TCN)

10.16.22 - SUNDAY NIGHT REIT READ | ADDING STAG TO ACTIVE LONG LIST | 10.16.22 (STAG, MPW)

10.15.22 - THE (DIS)TRUST SERIES | VOLUME XV | RESPONDING TO CEO INTERVIEW | (MPW)

10.14.22 - REITS WEEKLY VALUATION HANDBOOK | 10.14.22

10.11.22 - REITS DAILY BRIEF | 10.11.22 (CPT, INVH, MPW)

10.10.22 - THE (DIS)TRUST SERIES | VOLUME XIV | WE CALL YOUR BLUFF | (MPW)

10.10.22 - THE (DIS)TRUST SERIES | VOLUME XIII | HEALTHSCOPE SALE WOULD LIKELY BE DILUTIVE | (MPW)

10.9.22 - SUNDAY NIGHT REIT READ | 10.9.22 (RE FUND FLOWS, MPW, VNO)

10.7.22 - REITS WEEKLY VALUATION HANDBOOK | 10.7.22

10.7.22 - THE (DIS)TRUST SERIES | VOLUME XII | WHAT EXACTLY IS "CREF?" | (MPW)

10.6.22 - THE (DIS)TRUST SERIES | VOLUME XI | PROSPECT BUYING BACK CT HOSPITALS FROM MPW | (MPW)

10.5.22 - REITS DAILY BRIEF | FACEBOOK TERMINATING 225 PARK AVE LEASE | 10.5.22 (GATEWAY OFFICE, MAA)

10.4.22 - REITS DAILY BRIEF | WHERE ARE INVH'S + SUI'S IAN UPDATES? | 10.4.22 (INVH, SUI, MPW)

10.3.22 - THE (DIS)TRUST SERIES | VOLUME X | TAKEAWAYS FROM INITIAL PIPELINE FILINGS | (MPW)

10.3.22 - FLASH | THE (DIS)TRUST SERIES | VOLUME IX | MPW's ~#12 TENANT FILES IN BK COURT | (MPW)

10.3.22 - SUNDAY NIGHT REIT READ (ON MONDAY MORNING) | 10.3.22 (SBAC, WY)

10.1.22 - REITS WEEKLY VALUATION HANDBOOK | 10.1.22

9.30.22 - FLASH | (DIS)TRUST SERIES | VOLUME VIII - DID STEWARD JUST BLOW UP? | (MPW)

9.30.22 - THE (DIS)TRUST SERIES | VOLUME VII - NOTHING TO SAY? | (MPW)

9.29.22 - REITS DAILY BRIEF | DIVVY HOMES LAYOFFS / GENERAL EXTERNAL GROWTH SLOWDOW | 9.29.22 (AMH, INVH, TCN)

9.28.22 - REITS DAILY BRIEF | WEN STEWARD CREDIT FACILITY? | 9.28.22 (MPW, APARTMENTS)

9.28.22 - THE (DIS)TRUST SERIES | VOLUME VI - A FAMILY AFFAIR (MPW)

9.26.22 - REITS DAILY BRIEF | IAN MUCH MORE THREATENING | 9.26.22 (ELS, SUI, AMH, INVH)

9.25.22 - SUNDAY NIGHT REIT READ | TS IAN SWINGING WEST | 9.25.22 (RESIDENTIAL)

9.23.22 - THE (DIS)TRUST SERIES | VOLUME V - THE CURIOUS CASE OF DISAPPEARING WORK EXPERIENCE | 9.23.22

9.23.22 - REITS WEEKLY VALUATION HANDBOOK | 9.23.22

9.20.22 - THE (DIS)TRUST SERIES | VOLUME IV - SO... ABOUT THAT ~$335 MILLION LOAN | 9.20.22 (MPW)

9.18.22 - THE (DIS)TRUST SERIES | VOLUME III - I'M ON A BOAT! | 9.18.22 (MPW)

9.16.22 - REITS WEEKLY VALUATION HANDBOOK & POSITION MONITOR UPDATE | 9.16.22 (STOR)

9.15.22 - THE (DIS)TRUST SERIES | VOLUME 2 - WHATS A WHISTLEBLOWER TO DO? | 9.15.22 (MPW)

9.15.22 - THE (DIS)TRUST SERIES | VOLUME 1 - SEMC NLRB COMPLAINT | 9.15.22 (MPW)

9.14.22 - REITS DAILY BRIEF | 9.14.22 (CPT, MAA, NXRT)

9.13.22 - REITS DAILY BRIEF | RESIDENTIAL UPDATES FLOODING IN | 9.13.22 (AMH, INVH)

9.9.22 - REITS WEEKLY VALUATION HANDBOOK | 9.9.22

9.7.22 - REITS DAILY BRIEF PART II | WHAT REALLY HAPPENED W/ WATSONVILLE? | 9.7.22 (MPW)

9.7.22 - REITS DAILY BRIEF | LOOK AT RENT CONTROL MEASURES ON THE NOV BALLOT | 9.7.22 (RESIDENTIAL)

9.5.22 - MONDAY NIGHT REIT READ | INVH ADDED TO S&P 500 + MORE MPW THOUGHTS | 9.5.22 (INVH, MPW)

9.2.22 - REITS WEEKLY VALUATION HANDBOOK | 9.2.22

9.1.22 - REITS DAILY BRIEF PART II | PROBABILITY UP THAT COMPLAINT GOES MULTI-STATE | 9.1.22 (INVH)

9.1.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATES | 9.1.22 (EQR, PGRE)

8.30.22 - REITS DAILY BRIEF | THOUGHTS ON SPRINGSTONE/LIFEPOINT TRANSACTION | 8.30.22 (MPW)

8.29.22 - REITS DAILY BRIEF | POST-SBAC BLACK BOOK FEEDBACK | 8.29.22 (SBAC, MPW)

8.27.22 - SATURDAY NIGHT REIT READ | IS MPW ACTUALLY A RURAL DVLPM'T BANK? | 8.27.22 (MPW)

8.26.22 - REITS WEEKLY VALUATION HANDBOOK + MPW NARRATIVE SHIFT! | 8.26.22 (MPW)

8.25.22 - REITS DAILY BRIEF | FULL SBAC SHORT DECK + REPLAY | 8.25.22 (SBAC)

8.21.22 - SUNDAY NIGHT REIT READ | REAL-TIME LOOK AT TRIPLE-NET CREDIT RISK IMPACTS | 8.21.22 | (EPR, MPW)

8.19.22 - REITS DAILY BRIEF | PROSPECT STILL HOLDING THE CROZER BAG | 8.19.22 (MPW)

8.19.22 - REITS WEEKLY VALUATION HANDBOOK | 8.19.22

8.16.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 8.16.22 (SBAC)

8.14.22 - SUNDAY NIGHT REIT READ | WHY ARE MPW's COVERAGES SERIALLY REVISED DOWN? | 8.14.22 (MPW)

8.12.22 - REITS DAILY BRIEF | RADI MODEL / NAV UPDATE | 8.12.22

8.12.22 - REITS WEEKLY VALUATION HANDBOOK | 8.12.22

8.9.22 - FOLLOW-UP THOUGHTS TO MPW'S 2Q22 RESULTS & CALL | 8.9.22 | (MPW)

8.8.22 - REITS DAILY BRIEF | APARTMENT RENT TRACKER | 8.8.22

8.8.22 - G&A-DRIVEN "MISS," BUT DEPLOYED MORE CAPITAL THAN WE MODELED | 8.8.22 | (RADI)

8.8.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 8.8.22

8.7.22 - SUNDAY NIGHT REIT READ | STYLE FACTOR PERFORMANCE | 8.7.22

8.4.22 - ANOTHER HIGH-QUALITY TOP-LINE DRIVEN BEAT-AND-RAISE IN STORAGE | 8.4.22 | (LSI)

8.3.22 - HIGH-QUALITY F1Q23 BEAT OUT OF UHAL, BUT WE THINK OVER-EARNING | 8.3.22 | (UHAL)

8.3.22 - INITIAL THOUGHTS ON MPW'S 2Q RESULTS | 8.3.22 | (MPW)

8.2.22 - EXR KEEPS CRUSHING EXPECTATIONS, JUST STANDING ASIDE | 8.2.22 | (EXR)

8.1.22 - INVH MODEL UPDATE - HITTING PEAK MARGINS | 8.1.22 | (INVH)

7.31.22 - SUNDAY NIGHT REIT READ | STEWARD TRYING TO "STIFF" ITS VENDORS? | 7.31.22 | (MPW)

7.29.22 - CPT 2Q22 RESULTS IN-LINE | 7.29.22 | (CPT)

7.28.22 - EVENT REPLAY | MPW's EQUITY IS WORTHLESS | 7.28.22 | (MPW)

7.28.22 - INVH IS "STAGFLATION REIT" | 7.28.22 | (INVH 2Q22 RESULTS)

7.26.22 - HIGH QUALITY 2Q22 BEAT OUT OF EQR | 7.26.22 | (EQR)

7.26.22 - REITS DAILY BRIEF | 7.26.22 | (NXRT 2Q22 RESULTS)

7.25.22 - EVENT INVITE | MEDICAL PROPERTIES TRUST (MPW) FLASH CALL | THURSDAY, 7/28 @ 10:00AM ET

7.24.22 - SUNDAY NIGHT REIT READ | 7.24.22 | (NXRT, POSITION MONITOR CHANGES)

7.22.22 - REITS WEEKLY VALUATION HANDBOOK | 7.22.22

7.21.22 - REITS DAILY BRIEF | (MPW, REXR 2Q22 RESULTS)

7.19.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 7.19.22 | (INVH, PLD)

7.18.22 - IS MPW RUNNING AFOUL OF SEC TOPIC 2, SECTION 2340? | 7.18.22 | (MPW)

7.17.22 - SUNDAY NIGHT REIT READ | 7.17.22 | (FINANCIAL STRAIN INDEX)

7.16.22 - CORRECTION: IS MPW MANAGEMENT GETTING DESPERATE? | 7.16.22 | (MPW)

7.15.22 - REITS WEEKLY VALUATION HANDBOOK | 7.15.22

7.14.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 7.14.22 | (AVB, CTRE, IHS TCN)

7.13.22 - SELL INVITATION HOMES | 7.13.22 | (INVH)

7.10.22 - SUNDAY NIGHT REIT READ | 7.10.22 | (HR, HTA, INVH)

7.8.22 - REITS WEEKLY VALUATION HANDBOOK | 7.8.22

7.8.22 - REITS DAILY BRIEF | 7.8.22 | (INVH - TWO CITIES OPPOSE MOTION TO DISMISS, STILL MORE MPW)

7.6.22 - REITS DAILY BRIEF | 7.6.22 | (STEWARD'S LIQUIDITY & MPW'S OPTIONS)

7.3.22 - SUNDAY NIGHT REIT READ | 7.3.22 | (HR, HTA, WELL, MPW, NXRT)

7.1.22 - REITS WEEKLY VALUATION HANDBOOK | 7.1.22

6.30.22 - REITS DAILY BRIEF | 6.30.22 | (APARTMENT RENTS, MPW)

6.28.22 - REITS DAILY BRIEF | 6.28.22 | (INVH) | PLAINTIFF FILES RESPONSE

6.26.22 - SUNDAY NIGHT REIT READ | 6.26.22 | (COLD)

6.24.22 - REITS WEEKLY VALUATION HANDBOOK | 6.24.22

6.23.22 - REITS DAILY BRIEF | 6.23.22 | (PGRE)

6.22.22 - REITS DAILY BRIEF | 6.22.22 | (PGRE)

6.20.22 - REITS DAILY BRIEF | 6.20.22 | (POSITION MONITOR UPDATE)

6.17.22 - REITS DAILY BRIEF | 6.17.22 | (MPW - MORE BAD NEWS)

6.17.22 - REITS WEEKLY VALUATION HANDBOOK | 6.17.22

6.16.22 - REITS DAILY BRIEF | 6.16.22 | EXPLORING MPW'S PRIORY TRANSACTION (MPW)

6.12.22 - SUNDAY NIGHT REIT READ | 6.12.22 | (FR, PGRE, NXRT)

6.10.22 - REITS WEEKLY VALUATION HANDBOOK | 6.10.22

6.8.22 - REITS DAILY BRIEF | 6.8.22 | (NAREIT, POSITION MONITOR UPDATE)

6.6.22 - REITS DAILY BRIEF | 6.6.22 | (MPW)

6.5.22 - SUNDAY NIGHT REIT READ | 6.5.22 | (JUNE NAREIT PRESENTATIONS HITTING)

6.3.22 - REITS WEEKLY VALUATION HANDBOOK | 6.3.22

6.3.22 - REITS DAILY BRIEF | 6.3.22 | (ANOTHER ONE ON MPW)

6.2.22 - REITS DAILY BRIEF | 6.2.22 | (MPW)

6.1.22 - REITS DAILY BRIEF | 6.1.22 | (CPT TO BEST IDEA SHORT LIST)

5.30.22 - SUNDAY NIGHT REIT READ (ON MONDAY) | 5.30.22 | (UHAL, FIRST WEEKLY VALUATION HANDBOOK)

5.26.22 - UHAL F4Q22 RESULTS - BIG OOF ON DIY | 5.26.22 | (UHAL)

5.25.22 - REITS DAILY BRIEF | 5.25.22 | (MPW MUST LIVE ON ANOTHER PLANET)

5.24.22 - REITS DAILY BRIEF | 5.24.22 | (REMOVING COLD FROM BEST IDEA SHORT)

5.22.22 - SUNDAY NIGHT REIT READ | 5.22.22 | (OFC, STYLE FACTORS)

5.20.22 - REITS DAILY BRIEF | 5.20.22 | (MPW)

5.18.22 - REITS DAILY BRIEF | 5.18.22 | (POSITION MONITOR UPDATE)

5.17.22 - REITS DAILY BRIEF | 5.17.22 | (MPW)

5.16.22 - SUNDAY NIGHT REIT READ, A LITTLE LATE | 5.16.22 | (CUBE, PSA, EXR, LSI, UHAL)

5.12.22 - REITS DAILY BRIEF | 5.12.22 | (APARTMENT RENT TRACKER)

5.10.22 - RADI 1Q22 RESULTS | TIMING IMPACT DRAG; POTENTIAL DEAL ALL THAT MATTERS | 5.10.22 | (RADI)

5.8.22 - SUNDAY NIGHT REIT READ | 5.8.22 | (RADI)

5.6.22 - COLD 1Q22 RESULTS | SETTING UP ANOTHER GUIDANCE CUT? | 5.6.22 | (COLD)

5.5.22 - REITS DAILY BRIEF | 5.5.22 | (HR/HTA/WELL, LSI, NSA)

5.4.22 - REITS DAILY BRIEF | 5.4.22 | (EXR/PSA 1Q22 RESULTS)

5.3.22 - REITS DAILY BRIEF | 5.3.22 | (HR, HTA)

5.1.22 - SUNDAY NIGHT REIT READ | 5.1.22 | (AMH, MPW)

4.29.22 - MPW HEARING FOOTSTEPS? | 4.29.22 | (MPW)

4.28.22 - AVB 1Q22 RESULTS | BIG BEAT DIDN'T HAPPEN, BUT FY22 OUTLOOK RAISED | 4.28.22 | (AVB)

4.27.22 - INVH 1Q22 RESULTS | ROC ROLLING OVER EVERYWHERE | 4.27.22 | (INVH, AMH)

4.26.22 - EQR 1Q22 RESULTS | DISAPPOINTING QUARTER | 4.26.22 | (EQR)

4.26.22 - REITS DAILY BRIEF | 4.26.22 | (AVB 1Q22 PREVIEW)

4.25.22 - REITS DAILY BRIEF | 4.25.22 | (EQR 1Q22 PREVIEW)

4.24.22 - SUNDAY NIGHT REIT READ | 4.24.22 | (AMH, INVH, TCN)

4.22.22 - EVENT REPLAY: MPW BEST IDEA SHORT BLACK BOOK (MPW)

4.21.22 - REITS DAILY BRIEF - LATE EDITION | 4.21.22 | (MPW)

4.19.22 - REITS DAILY BRIEF | 4.19.22 | (PLD 1Q22 RESULTS)

4.17.22 - SUNDAY NIGHT REIT READ | 4.17.22 | (MPW)

4.13.22 - REITS DAILY BRIEF | 4.13.22 | (OFFICE UTILIZATION)

4.12.22 - EVENT INVITE | MEDICAL PROPERTIES TRUST (MPW) BLACK BOOK | THURSDAY, 4/21 @ 10:00AM ET

4.10.22 - SUNDAY NIGHT REIT READ | 4.10.22 | (MACRO STYLE FACTORS)

4.8.22 - REITS DAILY BRIEF | 4.8.22 | (PLD)

4.7.22 - REITS DAILY BRIEF | 4.7.22 | (OFFICE UTILIZATION, PGRE)

4.5.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 4.5.22 | (AMH, MAA, MPW)

4.3.22 - SUNDAY NIGHT REIT READ | 4.3.22 | (CXW)

4.1.22 - REITS DAILY BRIEF | 4.1.22 | (CPT, INVH)

3.31.22 - REITS DAILY BRIEF | 3.31.22 | (APARTMENT RENT TRACKER)

3.30.22 - REITS DAILY BRIEF | SELF-STORAGE ASSUMPTIONS | 3.30.22 | (CUBE, EXR, LSI, NSA, PSA)

3.27.22 - SUNDAY NIGHT REIT READ | 3.27.22 | (CXW, INVH, ONL, WE)

3.22.22 - REITS DAILY BRIEF | PGRE REJECTS MONARCH OFFER | 3.22.22 | (PGRE)

3.20.22 - SUNDAY NIGHT REIT READ | 3.20.22 | (INVH)

3.18.22 - REITS DAILY BRIEF | COLD REMAINS TOP SHORT IDEA | 3.18.22 | (COLD)

3.16.22 - REITS DAILY BRIEF | SFR ASSUMPTIONS SHEET | 3.16.22 | (AMH, INVH)

3.15.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.15.22 | (SUI)

3.13.22 - SUNDAY NIGHT REIT READ | 3.13.22 | (INVH)

3.11.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.11.22 | (WE)

3.9.22 - REITS DAILY BRIEF | 3.9.22 | (OFFICE UTILIZATION)

3.8.22 - REITS DAILY BRIEF | 3.8.22 | (APARTMENT RENT TRACKER, AMH, INVH, TCN, ILPT)

3.6.22 - SUNDAY NIGHT REIT READ | 3.6.22 | (WE)

3.4.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.4.22 | (WE)

3.4.22 - REITS DAILY BRIEF | 3.4.22 | (RADI MODEL UPDATE)

3.1.22 - REITS DAILY BRIEF | 3.1.22 | (WE)

3.1.22 - FOLLOWING UP W/ ADDITIONAL THOUGHTS ON HR | 2.28.22 | (HR, HTA)

2.28.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.28.22 | (HR, HTA)

2.27.22 - SUNDAY NIGHT REIT READ | 2.27.22 | (HR, HTA)

2.26.22 - UPDATE FOLLOWING MONARCH BID | POSITION MONITOR UPDATE | 2.26.22 | (PGRE)

2.24.22 - REITS DAILY BRIEF | 2.24.22 | (COLD 4Q21 RESULTS)

2.24.22 - UPDATE ON INVH COURT CASE | 2.24.22 | (INVH)

2.24.22 - REITS DAILY BRIEF | 2.24.22 | (PGRE)

2.23.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.23.22 | (INVH, COLD)

2.20.22 - SUNDAY NIGHT REIT READ (A LITTLE EARLY FOR FUN!) | 2.20.22 | (INVH SHORT)

2.17.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.17.22 | (INVH)

2.16.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.16.22 | (UHAL)

2.15.22 - INVH 4Q21 RESULTS | JUST NOT ENOUGH | 2.15.22 | (INVH)

2.13.22 - SUNDAY NIGHT REIT READ - SUPER BOWL EDITION | 2.13.22 | (UHAL)

2.11.22 - REITS DAILY BRIEF | 2.11.22 | (OFC 4Q21 RESULTS)

2.10.22 - REITS DAILY BRIEF | 2.10.22 | (REXR 4Q21 FOLLOW-UP)

2.9.22 - REXR'S FY22 OUTLOOK DISAPPOINTING | 2.9.22 | (REXR)

2.9.22 - REITS DAILY BRIEF | 2.9.22 | (EGP)

2.8.22 - REITS DAILY BRIEF | 2.8.22 | (REXR, APARTMENT RENT TRACKER)

2.6.22 - SUNDAY NIGHT REIT READ | 2.6.22 | (RADI)

2.4.22 - EVENT REPLAY | RADIUS GLOBAL INFRASRUCTURE (RADI) BLACK BOOK

2.2.22 - AVB FY22 GUIDANCE CONSERVATIVE | 2.2.22 | (AVB)

2.1.22 - EQR 4Q21 EARNINGS BEAT | 2.1.22 | (EQR)

1.31.22 - POSITION MONITOR UPDATE | 1.31.22 | (O, NNN, WY, CUBE, LSI)

1.30.22 - SUNDAY NIGHT REIT READ | 1.30.22 (AVB, EQR, WE)

1.27.22 - EVENT INVITE | RADIUS GLOBAL INFRASRUCTURE (RADI) BLACK BOOK | FRIDAY, 2/4 @ 10:00AM ET

1.27.22 - REITS DAILY BRIEF | 1.27.22 | (OFC)

1.26.22: REITS DAILY BRIEF PART II | 1.26.22 | (RADI)

1.26.22 - REITS DAILY BRIEF | 1.26.22 | (COLD)

1.25.22 - REITS DAILY BRIEF | 1.25.22 | (APARTMENTS, OFFICE UTILIZATION)

1.25.22 - Will $MSTR Be Forced To Sell Their Bitcoin? (Bonus)

1.23.22 - SUNDAY NIGHT REIT READ | 1.23.22

1.22.22 - REITS DAILY BRIEF | 1.21.22 | (COLD)

1.21.22 - REITS DAILY BRIEF | 1.19.22 | (AMH, WE)

1.19.22 - REITS DAILY BRIEF | 1.19.22 | (PLD, COLD)

1.17.22 - MONDAY NIGHT HOLIDAY REIT READ | 1.17.22 (RADI, PLD)

1.12.22 - REITS DAILY BRIEF | 1.12.22 | (APARTMENT RENT TRACKER)

1.11.22 - REITS DAILY BRIEF | 1.11.22 | (POSITION MONITOR UPDATE)

1.10.22 - REITS DAILY BRIEF | 1.10.22 | (WE, REXR)

1.9.22 - SUNDAY NIGHT REIT READ | 1.9.22

1.6.22 - REITS DAILY BRIEF | 1.6.22 | (PSA, POSITION MONITOR)

1.5.22 - ESRT <--> PGRE: A WIN-WIN ALL AROUND? | 1.5.22 | (ESRT, PGRE)

1.4.22 - REITS DAILY BRIEF | 1.4.22 | (PGRE)

1.3.22 - REITS DAILY BRIEF | 1.3.22 | (POSITION MONITOR UPDATE, PGRE)

12.29.21 - REITS DAILY BRIEF | 12.29.21 | (Position Monitor, TCN, DLR, EQIX, ELS, SUI)

12.23.21 - REITS DAILY BRIEF | 12.23.21 | (AVB, CPT, EQR, MAA)

12.21.21 - REITS DAILY BRIEF | 12.21.21 | (BRG, U.S. OFFICE UTILIZATION)

12.19.21 - SUNDAY NIGHT REIT READ | 12.19.21 | (PSA)

12.17.21 - REITS DAILY BRIEF | 12.17.21 | (Storage, Manhattan Office)

12.16.21 - REITS DAILY BRIEF | 12.16.21 | (FR)

12.15.21 - EVENT REPLAY | FIRESIDE CHAT W/ WEWORK CEO SANDEEP MATHRANI

12.14.21 - REITS DAILY BRIEF | 12.14.21 | (U.S. OFFICE UTILIZATION)

12.12.21 - SUNDAY NIGHT REIT READ | 12.12.21 | (WE)

12.11.21 - EVENT REMINDER | FIRESIDE CHAT W/ WEWORK CEO SANDEEP MATHRANI

12.10.21 - REITS DAILY BRIEF | 12.10.21 | (ESRT)

12.8.21 - REITS DAILY BRIEF | 12.8.21 | (APARTMENT RENT TRACKER, U.S. OFFICE UTILIZATION)

12.7.21 - REITS DAILY BRIEF | 12.7.21 | (SLG)

12.6.21 - REITS DAILY BRIEF | 12.6.21 | (WE NOVEMBER OPERATIONS UPDATE)

12.5.21 - SUNDAY NIGHT REIT READ | 12.5.21 | (PGRE, EGP, PLYM, MAA, CPT, O, EPR)

12.2.21 - REITS DAILY BRIEF | 12.2.21 | (WE)

12.1.21 - IGNORE CNBC RE: WEWORK RESTATEMENT | 12.1.21 | (WE)

12.1.21 - REITS DAILY BRIEF | 12.1.21 | (U.S. OFFICE UTILIZATION, WE)

11.30.21 - REITS DAILY BRIEF | 11.30.21 | (AMH)

11.28.21 - SUNDAY NIGHT REIT READ | 11.28.21 | (COLD)

11.23.21 - REITS DAILY BRIEF | 11.23.21 | (U.S. OFFICE UTILIZATION, WE)

11.21.21 - SUNDAY NIGHT REIT READ | 11.21.21 | (WE)

11.19.21 - REITS DAILY BRIEF | 11.19.21 | (CUBE)

11.17.21 - REITS DAILY BRIEF | 11.17.21 | (STYLE FACTOR WORK)

11.16.21 - REITS DAILY BRIEF | 11.16.21 | (U.S. OFFICE UTILIZATION)

11.15.21 - CUBE ANNOUNCES STABILIZED ACQUISITION | 11.15.21

11.15.21 - REITS DAILY BRIEF | 11.15.21 | (WE, ILPT)

11.14.21 - SUNDAY NIGHT REIT READ | 11.14.21 | (CUBE, EXR, LSI, NSA)

11.11.21 - REITS DAILY BRIEF | 11.11.21 | (LSI, NYC CBD OFFICE)

11.10.21 - REITS DAILY BRIEF | 11.10.21 | (UHAL, CONE, COR, NSA, PSA)

11.9.21 - REITS DAILY BRIEF | 11.9.21 | (U.S. OFFICE UTILIZATION, SFR)

11.7.21 - SUNDAY NIGHT REIT READ | 11.7.21 | (APARTMENT RENTAL RATE TRACKER, POSITION MONITOR UPDATE)

11.4.21 - REIT RECAP | 11.4.21 | AMH 3Q21 RESULTS

11.4.21 - REIT RECAP | 11.4.21 | CUBE 3Q21 RESULTS

11.4.21 - REITS DAILY BRIEF | 11.4.21 | (COLD, IRM, EARNINGS SURPRISE MONITOR)

11.3.21 - REITS DAILY BRIEF | 11.2.21 | (LSI, POSITION MONITOR UPDATE)

11.2.21 - REITS DAILY BRIEF | 11.2.21 | (PSA, U.S. OFFICE UTILIZATION)

11.1.21 - REIT RECAP | 11.1.21 | PSA 3Q21 RESULTS

10.31.21 - SUNDAY NIGHT REIT READ | 10.31.21 | (3Q21 EARNINGS SURPRISES, POSITION MONITOR)

10.28.21 - REIT RECAP | 10.28.21 | CPT 3Q21 RESULTS

10.28.21 - REITS DAILY BRIEF | 10.28.21 | (EXR)

10.28.21 - REIT RECAP | 10/28/21 | INVH 3Q21 RESULTS

10.28.21 - REIT RECAP | 10/27/21 | AVB 3Q21 RESULTS

10.27.21 - REITS DAILY BRIEF | 10.27.21 | (3Q21 Earnings, AVB, EXR, Office)

10.26.21 - REIT RECAP | 10/26/21 | EXR 3Q21 RESULTS

10.26.21 - REITS DAILY BRIEF | 10.26.21 | (EQR, REXR)

10.25.21 - SUNDAY NIGHT REIT READ | 10.24.21 | (POSITION MONITOR)

10.21.21. - REIT RECAP | 10/21/21 | REXR 3Q21 RESULTS

10.20.21 - REITS DAILY BRIEF | 10.20.21 | (EGP, PLYM, REXR, ILPT)

10.19.21 - VIDEO | American Homes 4 Rent (AMH) Thesis

10.19.21 - REITS DAILY BRIEF | 10.19.21 | (COLD, SLG, VNO, AMH, U.S. Office Utilization)

10.18.21 - REITS DAILY BRIEF | 10.18.21 | (PLD)

10.17.21 - SUNDAY NIGHT REIT READ | 10.17.21 | (PLD, POSITION MONITOR)

10.15.21 - REIT RECAP | 10/15/21 | PLD 3Q21 RESULTS

10.13.21 - REITS DAILY BRIEF | 10.13.21 | (PLD)

10.10.21 - SUNDAY NIGHT REIT READ | 10.10.21 | (POSITION MONITOR UPDATE)

10.8.21 - BLACK BOOK ROUND-UP | AMERCO (UHAL)

10.7.21 - BEST IDEA ROUND-UP | AMERICOLD REALTY TRUST (COLD)

Please e-mail with any questions.

Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs