Hedgeye Cartoon of the Day: Wizards & Unicorns
Hedgeye REITs Chart of the Weekend: SPX Reaction vs. Fed Funds Rate
Source: Hedgeye Macro Team
It is 3.19.23, and Active Short MPW is overvalued by... whatever the current share price is. Believe us yet?
REIT VALUATION HANDBOOK LINK
Quote of the Quarter: "The fundamental problem here is that you have entire business models and capital structures that have been built up over the past decade that were just based off of zero percent or very low levels of interest rates and now with rates and spreads where they are, and continue to go, the math just doesn’t work.” - Andrew Friedman on “The Call,” 9.27.2022
Ticker: PGRE, VNO
Company Name: Paramount Group, Vornado
Subsector: Gateway Office
Headline: Taking some office risk off the table, moving PGRE & VNO to the sidelines
- We are removing Paramount Group (PGRE) and Vornado (VNO) from the Active Short list and moving to the DMZ.
- PGRE has offered a +29.6% TSR on the short side since we added at ~$6.11/share on 12.3.22, and the short has outperformed the XLRE by +2,240bps. CEO Albert Behler has been uncharacteristically acquiring shares in the open market, and although Monarch Alternative Investment has taken its position down by ~33%, the firm remains a top-5 holder and has previously submitted an offer. While PGRE remains excessively levered it uses only secured property-level debt, and so does not share the entity-level risk of SLG & VNO. Similar to SLG below with Credit Suisse, First Republic and SVB Securities are a major overhang on the stock and total just under ~8.5% of ABR.
- VNO has offered a +41.7% TSR on the short side since we added at ~$24.34/share also on 12.3.22, and the short has outperformed the XLRE by +3,417bps. The short has worked and the math is no longer making a lot of sense to us with a low-double digit implied net effective cap rate.
- SLG remains on the Active Short list. We continue to see the reduced dividend payout as still too high, and think SLG carries the most existential risk among the three mentioned here. Expect CS exposure at 11 Madison to remain an overhang.
- We also re-ordered the priority of our longs/shorts on the Position Monitor. We still think MPW is heading lower, most likely meaningfully so (it's "worth" no more than $3/share under a "best case" scenario), but the reality is that it has fallen 60%+ since we added last April so the risk/reward has naturally shifted. It is REALLY hard to find a REIT with that much potential downside and to have it realized with 12 months, so need to be rational in our ordering of ideas.
Ticker: ABR
Company Name: New Active Short Arbor Realty Trust
Subsector: Commercial mREITs
Headline: Aped into MF originations at ridiculous terms, now comes the BV degradation
- We are adding Arbor Realty Trust (ABR) to the Active Short list. This is our first step into the mREIT world as this seems like an obvious one. We see at least ~25% further downside from current levels, even after the recent drawdown and excluding any outright defaults. We think there is meaningful risk here that ABR may have to convert a sizeable portion of its bridge loan portfolio to preferred or common equity stakes upon maturity, and a very high probability of ongoing BV erosion over the next ~2 years as the book rolls.
- Arbor was a very aggressive originator of balance sheet MF bridge loans through the pandemic, originating loans at very high LTVs / low underwritten cap rates that will likely need to be refinanced at materially adverse terms as they roll.
- Assuming a +150bp cap rate expansion vs. origination on average, when applied to reasonable in-place NOIs and combined with high leverage, this very likely wipes out the equity to at least some of the sponsors and implies loan impairments to ABR today. A few select larger balance loans from the 2021 CLO, which together comprise ~30% of the asset pool, and associated LTVs as per Morningstar, for example:
- Lynchburg Portfolio: $41mm UPB, stabilized LTV 77.8%
- Commuter Portfolio: $40mm UPB, stabilized LTV 83.7%
- Kathryn at Grand Park: $40mm UPB, stabilized LTV 85%
- Maxwell at Grand Park: $40mm UPB, stabilized LTV 87%
- Peppertree Apartments: $20.7mm UPB, stabilized LTV 80%
- Moreover, upon maturity of this large portfolio of bridge loans that need to be taken out with permanent / stabilized debt, the terms of the refinancings will likely be so onerous relative to origination (lower LTVs, structurally higher cap rates, higher interest rates for at least a time if not throughout, minimum DSCR tests) that ABR will see both book value erosion and the need to convert some of its positions to equity stakes.
- We estimate at least ~$1.6 billion (~$8.60/share) of impairments to ABR's book equity over the next two years, or ~$7.40/share on a PV basis for nearly ~50% of ABR's current BV (see Figure 1 below).
- Applying a 1x multiple to "adjusted book" implies ~$8.40/share, or ~25% below current levels and excluding dividends. This is before any outright defaults or other issues, and would likely be worse if bridge loan positions are converted to equity (warranting a lower equity multiple).
- Before we go any further, and this MUST be mentioned upfront, we started taking a look at ABR a few weeks back, and since then Ningi Research came over the top with VERY serious allegations. We have no view on their position and so are "punting" on that part of the ABR story, specifically any issues around the Lexford portfolio. Rather we are approaching ABR strictly from a value / underwriting / credit perspective and think there is still very significant downside from here resulting from aggressive MF balance sheet originations since 4Q20.
- On our math ABR originated roughly ~$16.3 billion of balance sheet loans since 4Q20, with essentially all of the current ~$14.5 billion portfolio consisting of shorter-term bridge loans and ~91% of the book sitting in the multifamily subsector. Current stats:
- Wtd. Avg. LTV: ~76%
- Wtd. Avg. Maturity: ~20.6 months (~38 months w/ extension options)
- If we (1) assume cash-in refinancings on each bridge loan vintage since 4Q20 using ~28 months (2.25 years) to refinancing, (2) a ~1.25x minimum DSCR as per Fannie/Freddie, (3) 30-year amortization (shorter obviously makes things materially worse), (4) a sliding-scale of average refinancing interest rates and (5) reasonable NOI growth since origination using recent growth rates, then most of ABR's book of bridge loans will be underwater upon maturity. The changes in interest rates and stabilized cap rates vs. origination are killers in this case.
- Assuming ~1x P/BV applied to a revised ABR equity from the PV of these impairments only = $8.40/share of equity value, or ~25% downside from current levels. A discounted 0.9x multiple would imply ~32% downside, and so on.
- We suspect the situation could very likely be worse than the scenarios outlined above and below in Figure 1, especially if anything Ningi is saying is remotely true.
Figure 1: ABR Cash-In Refinancing and Impairment Assumptions:
Source: Company Reports, Morningstar, Hedgeye Estimates
Figure 2: Updated Hedgeye REITs Position Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 3: Hedgeye REITs Sentiment Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 4: REITs Style Factor Performance
Source: Company Reports, FactSet, Hedgeye
Prior Notes:
3.18.23 - REITS WEEKLY VALUATION HANDBOOK | 3.18.23
3.16.23 - REITS DAILY BRIEF | GOING BACK TO THE SECURITIZATIONS... | 3.16.23 (INVH)
3.15.23 - THE (DIS)TRUST SERIES | VOL. LVII | WHY A COMP CONSULTANT AS SENIOR ADVISOR TO CEO? | 3.15.23 (MPW)
3.15.23 - REITS DAILY BRIEF | TREMORS IN MREIT LAND | 3.15.23 (ABR, BRT, AMT, SBAC)
3.11.23 - SUNDAY NIGHT REIT READ | COMPLETING THE SBAC PIVOT | 3.11.23 (SBAC, MPW)
3.10.23 - REITS WEEKLY VALUATION HANDBOOK | 3.10.23
3.9.23 - THE (DIS)TRUST SERIES | VOL. LVI | "PROSPECT NEUTRAL" = "PROSPECT ZERO?" | 3.9.23 (MPW)
3.7.23 - THE (DIS)TRUST SERIES | VOL. LV | ANOTHER EXEC DEPARTURE AT STEWARD? | 3.7.23 (MPW)
3.6.23 - REITS DAILY BRIEF | MORE RESI CONFERENCE THOUGHTS... | 3.6.23 (AVB, ESS, INVH)
3.5.23 - SUNDAY NIGHT REIT READ | A FEW PRESENTATION CALL-OUTS | 3.5.23 | (MAA, CPT, EXR/LSI/PSA)
3.3.23 - REITS WEEKLY VALUATION HANDBOOK | 3.3.23
3.2.23 - REITS DAILY BRIEF | REMOVING RADI FROM ACTIVE LONG LIST | 3.2.23 (RADI, INVH)
3.2.23 - THE (DIS)TRUST SERIES | VOL. LIV | 2022 10-K FILING REVIEW | 3.2.23 (MPW)
3.1.23 - REITS DAILY BRIEF | THOUGHTS FOLLOWING AMC'S 4Q22 RESULTS | 3.1.23 (EPR)
2.28.23 - CORRECTION: REITS DAILY BRIEF | RADI SALE SAGA FINALLY CONCLUDING? | 2.28.23 (RADI)
2.27.23 - THE (DIS)TRUST SERIES | VOL. LIII | STOP WASTING OUR TIME | 2.27.23 (MPW)
2.26.23 - SUNDAY NIGHT REIT READ | EPR 4Q22 CALL NOTES | 2.26.23 | (EPR)
2.26.23 - THE (DIS)TRUST SERIES | VOL. LII | "FRAUD" IN MALTA | 2.26.23 (MPW)
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 XXXII | CIRCULATING THE CBS REPORT ON PROSPECT | 12.6.22 (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
11.14.22 - 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)
9.18.22 - SUNDAY NIGHT REIT READ | SFR MODELING ASSUMPTIONS | 9.18.22 (AMH, INVH, TCN)
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
8.5.22 - PSA MISSED OUR TOP-LINE ON 2Q | 8.5.22 | (PSA)
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
