Hedgeye Cartoon of the Day: In a Barrel
Hedgeye REITs Chart of the Day: You Sure There is No Recession?
Source: Hedgeye Macro Team
Quote of the Quad 4: "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 Freedman on “The Call,” 9.27.2022
WEEKLY VALUATION HANDBOOK PDF LINK
UPCOMING EVENTS:
6.15.23 - Active Short Digital Realty (DLR)
Ticker: MPW
Company Names: Active Short Medical Properties (Dis)Trust
Subsector: Future Restructuring Candidates
Headline: Moody's affirms MPW's ratings, revises outlook to "negative" from "stable"
- On Friday, 6.2.23, Moody's affirmed MPW's corporate family rating ("CFR") at Ba1, but revised the rating outlook down to "negative."
- "The outlook for the ratings was revised to negative from stable reflecting governance considerations including MPT's high financial leverage and challenges related to one of the REIT's large tenant exposures. The negative outlook also reflects MPT's weakened access to the public capital markets as the REIT has seen a steep rise in its capital costs that is hindering the REIT's ability to execute on its strategy of financing hospital real estate investments. Liquidity is adequate through 2024, but its cost of refinancing large amounts of debt coming due in 2025 is another consideration."
- "Key credit challenges include MPT's high financial leverage, large tenant concentrations and weak access to the public capital markets. The REIT's net debt/EBITDA rose to a high of 8.1x for first-quarter 2023 (on a last quarter annualized, or "LQA" basis). MPT's leverage will decline with asset sales recently closed and under contract, including its AUD$1.2 billion Australian portfolio sale, as well as resumption of partial rent payments from Prospect, but will remain high for the existing rating category."
- A few comments from Hedgeye:
- Moody's makes the error of using GAAP EBITDA inclusive of non-cash revenue, which (again) is highly inappropriate for MPW specifically given its relatively long lease/loan terms, degree of non-cash revenue that is orders of magnitude higher than other REITs, and terrible underlying tenant credit. Leverage on an LQA basis using cash EBITDA is closer to ~9.5x, and will likely remain above ~8.5x for the foreseeable future given MPW's cash burn.
- When we first started analyzing MPW in early-2022, leverage on our preferred metric was an estimated ~8.5-9.5x (estimated because the disclosure is so horrible), meaning MPW has NOT meaningfully de-leveraged relative to cash flow over the last year. The issue here is that the dilutive nature of the Prime + Prospect + CommonSpirit/Steward transactions more than offset any leverage reduction from selling Healthscope in Australia. Additionally MPW is selling Healthscope at a loss and generating no excess proceeds, given that it levered the portfolio up ~100% using the AUD term loan that is being repaid. As we have written previously, given the capital intensity of the business + high leverage + MPW's non-covered and unsustainable dividend payout, the company will very likely have to borrow an incremental ~$800-900+ million through the end of 2024. Leverage is not coming down.
- We would make an argument that, not only is liquidity NOT adequate, it is actually becoming a very acute issue for MPW. Because of the need to borrow secularly, absent a dividend reduction or equity raise, liquidity is worsening as MPW has been and will likely continue to borrow on the RCF.
- We obviously agree with Moody's conclusions on cost of capital and refinancing issues.
- Prospect stopped paying rent in 4Q22, not in early-2023 as the Moody's note claims. Despite Prospect not paying this rent, it was included in MPW's 4Q22 AFFO calculation as we suspected. This came one quarter after changing the AFFO definition gradually over the preceding three quarters = horrible earnings quality.
- It is possible that Steward is the largest concern now on a forward-looking basis, given that it was just required by the Chancery Court of Delaware to post a ~$26 million bond for a judgment awarded to Tenet. Tenet successfully convinced the court that Steward's financial condition is so dire that there was no guarantee that Tenet would receive its judgment after the appeal process. MPW has obviously continued to lend money to Steward, including ~$28 million in 4Q22 (after telling investors and analysts they had not done so, based on our conversations with several of those investors) and another ~$50 million "advanced" in 1Q23. MPW also did not receive the full ~$150 million "mandatory" prepayment from Steward's sale of the Utah OpCos to CommonSpirit, related to the loan in originated in 2Q22. We continue to believe that Steward (~25%+ of MPW's annual cash EBITDA) is actually or effectively insolvent, and being kept alive only through MPW's support.
- We continue to be of the view that MPW needs to (1) execute one or a series of follow-on equity raises and (2) cut the dividend to begin repairing the balance sheet. We do not believe it can handle another large tenant failure.
- We will have a list of questions for institutional subs before NAREIT meetings this week.
Ticker: REXR
Company Name: Rexford Industrial
Subsector: Industrial / Logistics
Headline: Stock only works if market rent growth continues to compound at double-digits for foreseeable future; we are not confident
- NAREIT deck link HERE.
- We have stayed away from REXR for awhile in Quad 4, as the company's premium valuation is totally contingent on maintaining its above-peer growth profile and the Southern CA infill logistics markets remaining the best in the country. Any slight RoC deceleration could cause some pretty reflexive downside as we saw with PLD in early-2022. While we like the platform and REXR as a TAIL idea, we think the near-term risk is far too skewed to the downside.
- For example, broker CBRE projects market rent growth of +15% for comparable assets within REXR's submarkets, compared to +5% blended for all of the U.S. REXR is very clearly priced based on that assumption both occurring but also continuing.
- With that said supply risk is definitely the lowest for REXR among the industrial REITs which, all else the same, supports rent growth. It's potential changes on the margin for demand that we are worried about, especially in Quad 4 and given what we are very clearly seeing with the U.S. consumer right now.
- We estimate guidance implies roughly +7% compounded "internal" NOI growth over the next two years from rolling expiring leases to market rents and embedded rent escalators. This excludes growth from recent acquisitions and redevelopment activities.
Ticker: ESS
Company Name: Essex Property Trust
Subsector: Apartments / Multifamily
Headline: Several "mixed signals," but looking for any signs on a RoC inflection along with the rest of MF
- NAREIT deck link HERE.
- "New lease rents and occupancy have rebounded in May after the Company’s strategic use of concessions to favor occupancy in April."
- "The impact of concessions have resulted in modest new lease growth to start the second quarter..."
- Blended new lease rates decelerated -80bps sequentially 2QTD vs. 1Q23 and ESS lost -10bps of economic occupancy (1Q is typically the weakest seasonally, so not great for RoC).
- "The ending of eviction moratoria in all of Essex markets is expected to result in an ~170 bps improvement in gross delinquency in 2023; however, depleted Emergency Rental Assistance (“ERA”) funds will result in net delinquency of ~2% of scheduled rent." - this is also a concern for Active Short INVH and why we had been modeling much higher bad debt y/y. At some point higher bad debt/lower occupancy as delinquent units are re-tenanted will become a RoC tailwind for ESS.
Ticker: AMH
Company Name: Active Short AMH
Subsector: Single-Family Rentals (SFR)
Headline: SFR growth positive while RoC still decelerating; think its at least a relative short pair vs. MF
- NAREIT deck link HERE.
- Blended spreads down -180bps y/y 2QTD; with the portfolio occupied ~97.1% (down -20bps y/y) the change in renewal lease rates, which are always more important, take on a few extra % points of the blend and are down -10bps sequentially and -80bps y/y.
- Remains a RoC short idea for now, but getting closer to the later innings on this one.
- We continue to prefer AMH to peer INVH in almost every respect but cannot fight the macro, the RoC profile or the fact that these names remain highly correlated with each other.
- At the same time we prefer seasoned multifamily, particularly the coastal-focused REITs, which offer +100bps positive cap rate / unlevered yield spreads.
Ticker: CPT
Company Name: Camden Property Trust
Subsector: Apartments / Multifamily
Headline: Early signs of RoC bottoming?
- NAREIT deck link HERE.
- Blended lease rates accelerated in April & May from 1Q23 despite toughening base effects; signed new leases +2.7% in April and +3.6% in May vs. +1.8% in 1Q23, signed renewals +6% in April and May vs. +6.7%.
- Occupancy also improved by +10-20bps vs. 1Q23 heading into peak leasing.
- Atlanta, Austin, Phoenix and Dallas all trending sub-3.5% on lease spreads.
- CPT expects new MF starts to begin to decline this year with peak deliveries in 2024 - given that MF developments take ~12-16 months to lease up and stabilize, we think we are still a few quarters away from trough RoC for the Sunbelt-oriented MF REITs.
- As we we have written before, we prefer and are growing more bullish earlier on EQR, UDR, AVB (but not yet ESS) given coastal exposure which has less new supply impact.
Figure 1: Updated Hedgeye REITs Position Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 2: Hedgeye REITs Sentiment Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 3: REITs Style Factor Performance
Source: Company Reports, FactSet, Hedgeye
Prior Notes:
6.2.23 - REITS WEEKLY VALUATION HANDBOOK | 6.2.23
6.1.23 - THE (DIS)TRUST SERIES | VOL. LXXI | ANOTHER TENANT FILES BK WITHIN A YEAR OF SLB | 6.1.23 | (MPW)
5.31.23 - REITS DAILY BRIEF | UHAL DELAYS 2023 10-K FILING | 5.31.23 (UHAL, MPW)
5.29.23 - SUNDAY NIGHT REIT READ | QUI TAM JOINT DISCOVERY PLAN FILED | 5.29.23 | (INVH)
5.26.23 - REITS WEEKLY VALUATION HANDBOOK | 5.26.23
5.26.23 - REITS DAILY BRIEF | SBAC OUR FAVORITE TAIL LONG IDEA | 5.26.23 (SBAC, BXP)
5.24.23 - THE (DIS)TRUST SERIES | VOL. LXX | MORE PROSPECT RESTRUCTURING DETAILS EMERGE | 5.24.23 (MPW)
5.23.23 - THE (DIS)TRUST SERIES | VOL. LXIX | ARTICLE FROM TAP ON MPW & STEWARD | 5.23.23 (MPW)
5.23.23 - REITS DAILY BRIEF | UHAL MOVES EARNINGS + DEBT REFERENCE POINT | 5.23.23 (UHAL, AMT, DLR, MPW)
5.22.23 - SUNDAY NIGHT REIT READ | ADDING DLR TO ACTIVE SHORT LIST | 5.22.23 | (DLR, OFC, MPW)
5.19.23 - REITS WEEKLY VALUATION HANDBOOK | 5.19.23
5.18.23 - THE (DIS)TRUST SERIES | VOL. LXVII| | SEC WHISTLEBLOWER CASE FILED IN MALTA ORDEAL | 5.18.23 (MPW)
5.17.23 - REITS DAILY BRIEF | UPDATING AMH ESTIMATES + PRIME DOWNGRADED | 5.17.23 (AMH, MPW)
5.16.23 - REITS DAILY BRIEF | UPDATING INVH ESTIMATES | 5.16.23 (CPT, INVH)
5.14.23 - SUNDAY NIGHT REIT READ | FLORIDA IMMIGRATION BILL's IMPACT ON CONSTRUCTION | 5.14.23 | (JOE)
5.12.23 - REITS WEEKLY VALUATION HANDBOOK | 5.12.23
5.11.23 - REITS DAILY BRIEF | QUI TAM SETTLEMENT INCOMING? | 5.11.23 (INVH)
5.11.23 - THE (DIS)TRUST SERIES | VOL. LXVII | 1Q23 10-Q REVIEW + FULL CASH FLOW MODEL | 5.11.23 (MPW)
5.9.23 - REITS DAILY BRIEF | REMOVING EPR FROM ACTIVE SHORT LIST | 5.9.23 (EPR)
5.7.23 - SUNDAY NIGHT REIT READ | NOTES FROM THE ABR CALL + ADDING A PILE OF CASH | 5.7.23 | (ABR, EQC, SLG)
5.6.23 - THE (DIS)TRUST SERIES | VOL. LXVI | COMING IN OVER THE TOP... | 5.6.23 (MPW)
5.5.23 - AMH 1Q23 RESULTS | 5.5.23 (AMH)
5.4.23 - REITS DAILY BRIEF | INVH FILES TO DISMISS IMPLEADER CLAIMS | 5.4.23 (INVH)
5.4.23 - PSA 1Q23 RESULTS | 5.4.23 (PSA)
5.23.23 - REITS DAILY BRIEF | INVH 1Q23 RESULTS + COMMONSPIRIT DEAL CLOSED | 5.2.23 (INVH, MPW, NSA, JOE)
4.28.23 - THE (DIS)TRUST SERIES | VOL. LXV | 1Q23 REVIEW + 2023 PROXY REVIEW | 4.28.23 (MPW)
4.27.23 - REITS DAILY BRIEF | VNO DIVIDEND SUSPENSION + JOE ROC DECELERATION AS EXPECTED | 4.27.23 (VNO, JOE)
4.26.23 - THE (DIS)TRUST SERIES | VOL. LXIV | GET SOME USEFUL INFO, ALONG WITH 1Q23 EARNINGS | 4.26.23 (MPW)
4.24.23 - REITS DAILY BRIEF | CBRE OFFICE SUBLEASE STATS | 4.24.23 (OFFICE)
4.20.23 - THE (DIS)TRUST SERIES | VOL. LXII | NO, WE HAVEN'T FORGOTTEN YOU - 1Q23 PREVIEW | 4.20.23 (MPW)
4.20.23 - REITS WEEKLY VALUATION HANDBOOK | 4.20.23
4.18.23 - REITS DAILY BRIEF | ABR LAWSUIT REVEALS POTENTIAL GOVERNANCE ISSUES | 4.18.23 (ABR, PLD)
4.17.23 - REITS DAILY BRIEF | APARTMENT RENT TRACKER + ANOTHER ABR SPONSOR ISSUE? | 4.17.23 (MF, ABR, MPW)
4.16.23 - SUNDAY NIGHT REIT READ | UPDATING SFR MODELS | 4.16.23 | (AMH, INVH, WY)
4.14.23 - REITS WEEKLY VALUATION HANDBOOK | 4.14.23
4.13.23 - REITS DAILY BRIEF | UPDATED BLACK BOOK CALENDAR INVITES | 4.13.23 (JOE, SBAC)
4.9.23 - SUNDAY NIGHT REIT READ | ADDING NSA TO ACTIVE LONG LIST | 4.9.23 | (NSA, MPW)
4.7.23 - THE (DIS)TRUST SERIES | VOL. LXI | NO DAYS OFF... THE ONLY EASY DAY WAS YESTERDAY | 4.7.23 (MPW)
4.6.23 - REITS WEEKLY VALUATION HANDBOOK | 4.6.23
4.5.23 - REITS DAILY BRIEF | ABR SPONSOR COVERAGE + INVH IMPLEADER RESPONSE | 4.5.23 (ABR, INVH)
4.5.23 - THE (DIS)TRUST SERIES | VOL. LX | SENATOR SENDS LETTER TO MPW & OTHERS | 4.5.23 (MPW)
4.4.23 - REITS DAILY BRIEF | SELF-STORAGE ESTIMATES | 4.4.23 (PSA, CUBE)
4.3.23 - THE (DIS)TRUST SERIES | VOL. LVIV | LAWSUIT CHECK POINTS TO MORE STEWARD UNPAID BILLS | 4.3.23 (MPW)
4.3.23 - REITS DAILY BRIEF | SIMILAR ROC STORY, BUT MOVING CUBE TO DMZ | 4.3.23 (CUBE, EXR, LSI, PSA, UHAL)
4.2.23 - SUNDAY NIGHT REIT READ | UPDATING STORAGE NUMBERS | 4.2.23 | (CUBE, EXR, PSA)
3.31.23 - REITS DAILY BRIEF | A FEW NEWS ITEMS BEFORE THE WEEKEND | 3.31.23 (WY, PGRE)
3.31.23 - REITS WEEKLY VALUATION HANDBOOK | 3.31.23
3.30.23 - REITS DAILY BRIEF | STANDARD "SIDE SHOW" IN QUI TAM CASE | 3.30.23 (INVH)
3.29.23 - REITS DAILY BRIEF | HEALTHSCOPE SALE DETAILS EMERGING | 3.29.23 (MPW, ABR)
3.26.23 - SUNDAY NIGHT REIT READ | GOOD TIMES ALL AROUND | 3.26.23 | (ABR, MPW, NTST)
3.24.23 - REITS WEEKLY VALUATION HANDBOOK | 3.24.23
3.23.23 - REITS DAILY BRIEF | POSITION MONITOR UPDATE - MOVING NTST TO DMZ | 3.23.23 (NTST)
3.23.23 - REITS DAILY BRIEF | POSITION MONITOR UPDATE - MOVING NTST TO DMZ | 3.23.23 (NTST)
3.21.23 - REITS DAILY BRIEF | UPDATE ON ABR - WORSE THAN WE FIRST PUBLISHED | 3.22.23 (ABR, SLG)
3.21.23 - SAVE THE DATE | BLACK BOOK PRESENTATION - ACTIVE SHORT ST. JOE CO. | 4.6.23 | (JOE)
3.19.23 - SUNDAY NIGHT REIT READ | SHORT ARBOR - BV DEGRADATION COMING | 3.19.23 | (ABR, SLG, VNO)
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
