THE (DIS)TRUST SERIES | VOL. LII | "FRAUD" IN MALTA | 2.26.23 (MPW)

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

  

It is 2.26.23, and Active Short MPW is overvalued by approximately... whatever the current share price is. It's never too late... 

Running MPW "Cheat Sheet" 

Ticker: MPW

Company Name: Active Short Medical Properties (Dis)Trust

Subsector: "B" Tranche Triple-Net Hospital "WholeCos" 

Headline: Maltese judge determined Steward behaved "fraudulently," suggested actions "possibly criminal"    

• Upfront Facts / Conclusions:
• On Friday, 2.24.23, a Maltese Court unwound the 99-year hospital concession granted to Vitals Global Healthcare ("Vitals") and acquired by Steward Health U.S. ("Steward") in 2016. The concession now resides within Steward International ("SHCI") owned by MPW's "International Joint Venture" ("Int'l JV") with Steward CEO, Ralph De La Torre ("RDLT"). All property was ordered returned to the Maltese Government.
• Gozo General Hospital, St Luke's Hospital and Karin Grech should be returned to the Maltese government within three months, the judge ruled.
• Active Short MPW has a ~$231 million UPB loan outstanding to the Int'l JV and owns a 49% equity stake in the entity. We believe MPW's investment should be impaired. 
• Steward remains MPW's largest tenant comprising an estimated ~20-22% of MPW's cash EBITDA pro forma for the pending sale and re-tenanting of five Utah hospitals. 
• The judge in the case explicitly stated that SHCI (and perhaps Steward itself, although not 100% clear) had behaved "fraudulently," described Steward as "totally reprehensible," and stated that its actions were "possibly criminal." Importantly, the deal to transfer the concession occurred before SHCI was supposedly acquired out of Steward into the Int'l JV.
• Steward said in a statement that the allegations made in the judgment were "outrageous" and would be contested "locally and abroad."
• At a minimum SHCI was found to have committed fraud in Malta, a fact. While Steward and SHCI are supposed to be separate legal entities, several observable facts would lead a reasonable person to conclude they are actually the same entity with shared services, employees and facilities. The fraud, as determined by the court, factually occurred while SHCI was still a part of Steward. Steward's CEO RDLT owns a 51% controlling interest in SHCI, a fact. We will let the readers perform their own deductive reasoning...     
• First, we hope that everyone is having a great weekend! For those who have followed us on this MPW saga over the past year, you probably noticed that we were relatively quiet on MPW's Int'l JV and the related corruption scandal involving Steward Malta. Some of you may have heard us say something to the effect of "Yea... outside of the ~$200 million channeled to Steward from MPW, we're leaving that one alone / saving it for the end. We really don't want to have our car blown up." We wish we were kidding about that, it's a really sad story. However, we think it's getting close to the end, so let's dig in. Wish us luck! Also at the bottom of this note is background on the mechanics of the MPW transaction forming the Int'l JV. 
• Also and to be clear, Activist Short Seller Viceroy Research (separate from and unaffiliated with Hedgeye) is going hard down the corruption, fraud and criminality rabbit hole. We just want to present the situation as we see it and to point out interesting / concerning observable facts. As you can imagine, we think it all stinks and introduces very material risk to the situation. 
• Ms. Caruana Galizia, who was murdered via a car bomb in 2017, investigated and was highly critical of former Maltese PM Joseph Muscat and his wife, whose government signed the original concession deal with the previously unknown Vitals. Less than two years later, Vitals sold the concession to Steward. Steward had set up a Maltese entity in November 2016 (one month after MPW closed its first investment with Steward, btw) after former Vitals CEO Armin Ernst left the company, joined Steward and convinced Steward to acquire Vitals in Malta. Ernst remains the CEO and President of SHCI, and as of 2.25.23 at 7:20pm ET was still listed on the leadership page.
• Muscat later resigned as PM over the handling of the murder case, and a judicial inquiry found that the Maltese state had created a "climate of impunity that allowed Galizia to be killed." 
• For the past five years a legal battle waged after opposition leader Adrian Delia filed a court case in 2018 in a bid to cancel and unwind the 99-year concession awarded to Vitals and ultimately sold to Steward. Delia argued that Steward had not fulfilled its contractual obligations under the deal. On Friday, 2.24.23 the court struck down the deal and ordered that all property be returned to the government. Some comments from the judge:
• The judge suggested that Steward's actions were "possibly criminal," resulting from "fraud by Steward to change an agreement entered into through fraud by its predecessor." 
• The judge described Steward's actions as "solely blackmail and unjustified enrichment."
• "Machinations which were solely intended to corrupt the selection... at the expense of the Government of Malta." 
• If all of that was not concerning enough, this is what we see now:
• As of 2.25.23 Steward, which is supposed to be a separate legal entity from SHCI, was still listing Maltese operations on its website and vice versa (see Figures 1 & 2 below). = Shared services between Steward & SHCI?
• SHCI CEO and President Armin Ernst, who we previously pointed out was listed on the Steward U.S. website as an executive, had his profile removed as of Friday, 2.24.23, concurrently with the Maltese court decision (see Figures 3 & 4 below). = Shared employees between Steward & SHCI?
• Michael Crowley, who we previously pointed out was an employee of Steward and is currently listed on the leadership page of CREF, is also listed on the leadership page of SHCI as SVP of "Global Corporate Real Estate and Facilities." Aka "CREF." = Shared employees among Steward, SHCI & CREF?
• Separately, Crowley's LinkedIn page no longer shows him as working at CREF or SHCI, rather as VP of RE and Facilities at Tufts and that he departed Steward in 2014. What? Who does this guy actually work for? As shown below, he appeared with MPW investors in December 2022 as a Steward employee! 
• CREF shares office locations with Steward and SHCI. = Shared services and facilities among Steward, SHCI & CREF?
• And perhaps most importantly, in December 2022 Michael Crowley and Joshua Putter (and HERE)attended and led an investor property tour for MPW of its five Steward-operated Miami hospitals recently acquired from Tenet. = Shared employees, services and facilities between and among Steward, SHCI & CREF (this time acting on behalf of MPW)? 
• Hedgeye Questions: Are Steward U.S., SHCI and CREF really just one big entity based on shared services, employees and facilities? And, given that a Maltese Court determined Steward acted fraudulently... Fair and reasonable questions we think. The Maltese judicial system is using "fraud" and "criminal" in its opinions, not Hedgeye. 

Figure 1: Steward Malta Listed on Steward U.S. Website

 

Source: https://www.steward.org/network/hospitals/international, Hedgeye

Figure 2: And Vice Versa

 

Source: https://www.stewardmalta.org/?_gl=1*tpnr6q*_ga*NDcwMDQwMzkuMTY3NDc0NDY3MQ..*_ga_VEL77B998P*MTY3NzM3NzE5Ny4zNi4wLjE2NzczNzcxOTcuNjAuMC4w, Hedgeye

Figure 3: Steward U.S. Leadership Page on 2.24.23

 

Source: https://www.steward.org/about/leadership, Hedgeye

Figure 4: Steward U.S. Leadership Page on 1.29.23

 

Source: Hedgeye

 

Background on MPW's "International Joint Venture:"

• The Int'l JV was formed in Mid-May 2020 between MPW and RDLT to “invest in select international hospitals.” Upon its formation the JV purchased rights and “existing assets,” although it remains unclear what tangible assets were actually there, related to all “present and future international opportunities previously owned by Steward U.S.” In it’s 2020 10-K report MPW strangely wrote the venture was formed “for strategic, regulatory and risk management purposes.” We see several RED FLAGS here:
  • To the best of our knowledge MPW provided 100% of the capital to the JV in the form of a ~$205 million acquisition loan, yet received just a 49% minority equity interest in the entity = asymmetric risk being born by MPW’s shareholders. We could probably stop right there as this alone makes no sense and is terrible capital allocation. Why would a public REIT management team do this?
  • A ~51% majority interest in the JV was effectively “given away” to RDLT, the CEO of MPW’s largest tenant, Steward Health, without any capital commitment from RDLT to the best of our knowledge.  Why would a public REIT management team do this? MPW later in January 2021 originated a separate personal loan to RDLT, again providing 100% of the capital for RDLT to buy out prior owner Cerberus’ convertible note and take control of Steward. Within three months RDLT declared a ~$111 million dividend out of Steward, of which ~$100 million flowed primarily to himself and ~$11 million was paid to MPW for its 9.9% stake.  Again, why would a public REIT management team facilitate such a give-away? Do they work for RDLT, or for the shareholders?
  • The JV entity then purchased the above referenced “rights and assets” with a book value of ~$27 million for ~$200 million, i.e. ~7.4x book value for nothing tangible. What?
  • Effectively, this transaction moved ~$200 million of liquidity from MPW to its largest tenant Steward Health via a third-party entity. Similar to other straight loans, equity and “capex” investments, our belief is that this was in essence a working capital loan from MPW to an insolvent Steward, some or all of which was used to pay Steward’s rent back to MPW. 
  • The 7.5% interest rate loan had been PIK’ing / accruing principal up to ~$231 million through 4Q22, leading us to believe that the entity likely does not have sufficient (or any?) cash flow with which to service that debt and is likely itself effectively insolvent. 
  • We believe that, if the entity is insolvent, MPW would likely be the “new equity” of the JV given that it provided 100% of the capital. Question: Does that mean MPW owns >9.9% of Steward? Think about that one for a second, and what the implications are...
  • We believe, at the very least, MPW's ~$231 million investment in the Int'l JV should be immediately impaired. 

Prior Notes:

2.24.23 - REITS WEEKLY VALUATION HANDBOOK | 2.24.23

2.24.23 - AMH 4Q22 RESULTS | DISAPPOINTING FY23 GUIDE SHOULDN'T BE A SURPRISE... | 2.24.23 (AMH)

2.24.23 - THE (DIS)TRUST SERIES | VOL. LI | MPW'S EQUITY REMAINS WORTHLESS | 2.24.23 (MPW)

2.23.23 - EPR 4Q22 RESULTS | BETTER 4Q, BUT NO FY23 OUTLOOK THE FOCUS | 2.23.23 (EPR)

2.22.23 - THE (DIS)TRUST SERIES | VOL. L | NEW FILINGS IN TENET/STEWARD LITIGATION | 2.22.23 (MPW)

2.21.23 - REITS DAILY BRIEF | PSA 4Q22 + INVH CASE + OFFICE LOANS | 2.22.23 (PSA, INVH, OFFICE)

2.21.23 - NXRT 4Q22 RESULTS | MOVING TO SHORT BENCH | 2.21.23 (NXRT)

2.20.23 - MONDAY NIGHT REIT READ | NXRT 4Q + STAG MODEL + MIKE PAPA WHISKEY | 2.20.23 | (NXRT, STAG, MPW)

2.17.23 - REITS WEEKLY VALUATION HANDBOOK | 2.17.23

2.16.23 - COLD 4Q22 RESULTS | 2.16.23 (COLD)

2.16.23 - STAG 4Q22 RESULTS | THINK THE FY23 GUIDE IS CONSERVATIVE | 2.16.23 (STAG)

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

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