THE (DIS)TRUST SERIES | VOL. LXXXXIII | AGAIN, THE WHOLE THING JUST STINKS... | 9.23.23 (MPW)

Supplemental Items:

1-Page "Cheat Sheet" - PDF LINK

MPW REIT Status Deck - PDF LINK

Prospect Rent Deferral Deck - PDF LINK *IMPORTANT!!! WE THINK OVER THE TARGET* 

Ticker: MPW

Company Name: Active Short Medical Properties (Dis)Trust

Subsector: B-Tranche Triple Net Hospital WholeCos / Restructuring Candidates

Headline: Back to the center - this has always been about how, and for what purposes, MPW uses its balance sheet

• Subs may have heard us say that we are actually more interested in seeing Steward's 2021 results / cash flow statement, whenever MPW finally files Steward's audited 2022 financials on form 10-K/A per the SEC's orders. Why you ask? Well...   
• Recall that we first wrote about Steward's litigation with Aya Healthcare, Inc. in July 2022 (HERE), within the context of mounting unpaid vendor bills at Steward (~$45 million in this case), spread across multiple counterparties and likely totaling in the hundreds of millions of dollars. We know about >$50 million of unfavorable judgments against Steward since May 2023 in its litigation with Tenet over the 2021 Florida deal.
• There is another important thread here, in our view. This thread resurfaced in motions filed on 9.22.23 in the Steward/Aya litigation (Case # 2184-CV-00513-BLS2 in the Superior Court of the Commonwealth of MA). One that speaks to why Active Short MPW exists in the first place, how MPW's management allocates shareholder capital, what the balance sheet is actually used for, how disclosive the company is, and whether investors can afford to touch MPW with a ten foot pole. We think it would be unwise to do so, as the capital allocation decisions are "dubious" at best, in our view.
• To be clear, Hedgeye has believed and continues to believe that this is one of the most important fact patterns in the MPW story.
• First, the parties are arguing over the planned deposition of Steward's CEO, Ralph de la Torre ("RDLT" returns!), with Steward arguing against and Aya arguing that it is needed. This is more for background / context.
• As document #68 filed in the docket (HERE) clearly shows, Steward is once again fighting disclosure around an event in January 2021 (page 3, see Figure 1 below). What happened in January 2021? Why do they care so much about that not seeing the light of day?
• Later in the same document, Steward makes reference to a "pre-dispute distribution..." See Figure 2 below.
• Recall the following facts & timeline:
• 2020: Steward Health Care System, LLC received ~$441.7 million in pandemic relief funds via the CARES Act PHSSEF + $440.1 million of Medicare Accelerated Payments. 
• 1.7.21: MPW priced ~$711 million follow-on equity offering. 
• 1.8.21: MPW funded the now infamous ~$335 million loan to finance the change the change of control away of Steward away from Cerberus Capital Management in favor of RDLT + other doctors. Precise timing was not disclosed until ~4 months later on 5.10.21.
• 2.4.21: MPW reported 4Q20 results. MPW's reported gross investment in Steward's Texas market (HQ in Dallas) increased by a net +$334 million sequentially. There was no direct reference made to the loan anywhere in the earnings materials. This +$334 million increase was the first clue that the loan existed.   
• 3.21.21: MPW filed its 2020 10-K report, but made no reference to this loan funding related to its largest tenant and did not report it as a subsequent event. 
• 4.29.21: MPW reported 1Q21 results and for the first time disclosed the existence of the loan made to "Steward Health Care System." MPW also disclosed an ~$11 million distribution received from Steward for MPW's 9.9% equity stake, after "some prohibitions" removed to getting at Steward's "tremendous amount of liquidity." This implies ~$100 million of cash distributed out of Steward's cash balance to other equity owners, primarily RDLT. We believe the "prohibitions" mentioned by MPW CFO Steven Hamner likely refer to Cerberus' rights on the board to block any such distribution.
• 5.10.21: MPW filed its 1Q21 10-Q report, and for the first time disclosed the loan was made on 1.8.21, well-before 4Q20 earnings and the 2020 10-K report. 
• May 2021: As Hedgeye found and wrote on 9.18.22 last year, RDLT acquired the 190-foot AMARAL yacht for ~$40 million in May 2021. 
• And here in September 2023, we have Steward's lawyers redacting an event from January 2021 (when the change of control was affected, handing RDLT control of Steward), and arguing that a "pre-dispute distribution" is not relevant.    
• This occurred after Steward received several hundred million dollars of COVID support from the government, after MPW used its balance sheet to effectively facilitate the distribution of cash out of Steward primarily to the CEO of its largest tenant, before Steward ran into acute solvency issues in 2022 forcing additional liquidity support from MPW, before MPW participated in Steward's ABL refinancing, before MPW deferred Steward rent in 2Q23... and BEFORE Steward applied for an "extreme financial hardship" extension with CMS for unpaid AAPP repayments.
• Do you see what is happening here? We wonder if CMS would accept "yacht in lieu of cash" to satisfy those unpaid amounts? 
• Gross...

Figure 1: Page 3 Redaction from Docket #68 

Source: Superior Court of MA 

Figure 2: Reference to "Pre-Dispute Distribution" 

Source: Superior Court of MA 

Prior Notes:

9.22.23 - REITS WEEKLY VALUATION HANDBOOK | 9.22.23

9.21.23 - THE (DIS)TRUST SERIES | VOL. LXXXXII | ARTICLE ON PROSPECT CT/YALE | 9.21.23 (MPW)

9.20.23 - EVENT INVITE | NEW ACTIVE SHORT IRON MOUNTAIN BLACK BOOK | (IRM)

9.20.23 - THE (DIS)TRUST SERIES | VOL. LXXXXI | PROSPECT CT/YALE A 4Q23 EVENT AT BEST | 9.20.23 (MPW)

9.19.23 - REITS DAILY BRIEF | INVH PUBLISHES 3QTD OPERATIONAL UPDATE | 9.19.23 (AMH, INVH)

9.17.23 - SUNDAY NIGHT REIT READ | APARTMENT RENTS + IRM TO SHORT BENCH | 9.17.23 (APARTMENTS, IRM)

9.15.23 - REITS WEEKLY VALUATION HANDBOOK | 9.15.23

9.14.23 - THE (DIS)TRUST SERIES | VOL. LXXXX | DUSTING OFF OUR MPW VALUATION | 9.14.23 (MPW)

9.13.23 - REITS DAILY BRIEF | GATEWAY OFFICE "STUB" EQUITIES | 9.13.23 (HPP, JBGS, DEI)

9.13.23 - REITS DAILY BRIEF | UPDATING: VALUATION IS NOT A CATALYST! | 9.12.23 (UHAL)

9.11.23 - THE (DIS)TRUST SERIES | VOL. LXXXIX | TENET FILES MOTION FOR PARTIAL JUDGMENT UNDER SEAL | (MPW)

9.11.23 - THE (DIS)TRUST SERIES | VOL. LXXXVIII | DID PROSPECT PAY ALL OF ITS 3Q22 RENT + INTEREST? | 9.11.23

9.9.23 - REITS WEEKLY VALUATION HANDBOOK | 9.8.23

9.8.23 - REITS DAILY BRIEF | 3Q MACRO THEMES SELECT SLIDES | 9.8.23

9.7.23 - THE (DIS)TRUST SERIES | VOL. LXXXVII | LIFTING THE CURTAIN ON PRIORY/MEDIAN QUESTIONS | 9.7.23

9.7.23 - REITS DAILY BRIEF | CONFERENCE UPDATES ROLLING IN | 9.7.23 | (AMH, INVH)

9.6.23 - THE (DIS)TRUST SERIES | VOL. LXXXVI | PROSPECT CT WATCH | 9.6.23 (MPW)

9.3.23 - SUNDAY NIGHT REIT READ | ADDING EXR TO ACTIVE LONG, ABR BACK TO SHORT | 9.3.23 (EXR, ABR)

9.2.23 - THE (DIS)TRUST SERIES | VOL. LXXXV | INCREDIBLY PROFOUND ON A FRIDAY BEFORE LABOR DAY | 9.2.23 (MPW)

9.1.23 - REITS WEEKLY VALUATION HANDBOOK | 9.1.23

8.31.23 - REITS DAILY BRIEF | ADDING PLD TO ACTIVE LONG LIST | 8.31.23 (PLD)

8.30.23 - REITS DAILY BRIEF | ADDING ESRT TO ACTIVE SHORT LIST | 8.30.23 (ESRT)

8.29.23 - THE (DIS)TRUST SERIES | VOL. LXXXIV | THE EQUITY IS THE SACRIFICIAL LAMB | 8.29.23 (MPW)

8.29.23 - THE (DIS)TRUST SERIES | VOL. LXXXIII | "OPPORTUNISTIC" | 8.29.23 (MPW)

8.29.23 - REITS DAILY BRIEF | A FEW POINTS ON DLR COMING AWAY FROM 2Q23 | 8.29.23 (DLR)

8.27.23 - SUNDAY NIGHT REIT READ | NARROWING OUR FOCUS IN TRIPLE-NETS | 8.27.23 | (O, EXR, STAG)

8.25.23 - REITS WEEKLY VALUATION HANDBOOK | 8.25.23

8.24.23 - THE (DIS)TRUST SERIES | VOL. LXXXII | ANOTHER UNFAVORABLE STEWARD JUDGMENT? | 8.24.23 (MPW)

8.23.23 - REITS DAILY BRIEF | JULY APARTMENT RENT TRACKER | 8.23.23

8.23.23 - THE (DIS)TRUST SERIES | VOL. LXXXI | THINKING THROUGH THE DIVIDEND REDUCTION | 8.21.23

8.20.23 - SUNDAY NIGHT REIT READ | ADDING PSA TO ACTIVE LONG LIST | 8.20.23 (PSA, MPW, JOE, DLR)

8.19.23 - THE (DIS)TRUST SERIES | VOL. LXXX | MPW CHOSE TO PUT ITSELF OUT OF ITS OWN MISERY | 8.19.23 | (MPW)

8.18.23 - UPDATE: FLASH | MPW SELLS ~$105 MILLION OF STEWARD ABL PARTICIPATION | 8.18.23 | (MPW)

8.18.23 - REITS WEEKLY VALUATION HANDBOOK | 8.18.23

8.17.23 - FLASH | MPW SELLS ~$105 MILLION OF STEWARD ABL PARTICIPATION | 8.17.23 | (MPW)

8.17.23 - REITS DAILY BRIEF | POSITION MONITOR | 8.17.23 | (AMH, INVH)

8.14.23 - REITS DAILY BRIEF | ADDING AMH TO ACTIVE LONG LIST | 8.14.23 | (AMH)

8.13.23 - SUNDAY NIGHT REIT READ | LOOKING FORWARD TO NEW IDEAS | 8.13.23 (STORAGE, MF, TOWERS, MPW)

8.10.23 - UPDATE: THE (DIS)TRUST SERIES | VOL. LXXIX | JUST SHOCKINGLY BAD; 10-Q REVIEW | 8.10.23 | (MPW)

8.8.23 - THE (DIS)TRUST SERIES | VOL. LXXVIII | PUBLISHING OUR VARIANCE TABLE PRE-CALL | 8.8.23 | (MPW)

8.7.23 - REITS DAILY BRIEF | NSA 2Q23 RESULTS REALLY BAD | 8.7.23 | (NSA)

8.6.23 - SUNDAY NIGHT REIT READ | PROSPECT CYBER ATTACK + DLR 10-Q REVIEW & MODEL UPDATE | 8.6.23 (MPW, DLR)

8.6.23 - THE (DIS)TRUST SERIES | VOL. LXXVII | WHAT IS THIS NEWLY-CREATED TRS ENTITY? | 8.6.23 | (MPW)

8.4.23 - REITS DAILY BRIEF | CPT 2Q23 RESULTS RIGHT DOWN THE MIDDLE | 8.4.23 | (CPT)

8.3.23 - REITS DAILY BRIEF | COLD 2Q23 RESULTS | 8.3.23 | (COLD)

8.3.23 - REITS DAILY BRIEF | PSA + KW 2Q23 RESULTS | 8.3.23 | (PSA, KW)

8.1.23 - THE (DIS)TRUST SERIES | VOL. LXXVI | 2Q23 EARNINGS PREVIEW | 8.1.23 | (MPW)

7.31.23 - REITS DAILY BRIEF | SBAC + AVB 2Q23 RESULTS | 7.31.23 | (SBAC, AVB)

7.31.23 - REITS DAILY BRIEF | ADDING KW AS ACTIVE SHORT | 7.31.23 | (KW)

7.30.23 - SUNDAY NIGHT REIT READ | POSITION MONITOR UPDATES + SBAC + AMH | 7.30.23 | (AMH, SBAC, DLR, MPW)

7.28.23 - REITS DAILY BRIEF | TICKING THROUGH JOE'S 2Q23 RESULTS | 7.28.23 | (JOE)

7.27.23 - REITS DAILY BRIEF | INVH + STAG 2Q23 RESULTS | 7.27.23 | (INVH, STAG)

7.26.23 - THE (DIS)TRUST SERIES | VOL. LXXV | THINKING THROUGH "INT'L JV" & REIT STATUS | 7.26.23 | (MPW)

7.25.23 - REITS DAILY BRIEF | NXRT 2Q23 POINTS TO RISING BAD DEBT ISSUES | 7.25.23 | (NXRT)

7.22.23 - SUNDAY NIGHT REIT READ | POSITION MONITOR CHANGES | 7.22.23 | (HR, CTRE, AMH, DLR, MPW)

7.21.23 - REITS WEEKLY VALUATION HANDBOOK | 7.21.23

7.20.23 - REITS DAILY BRIEF | REXR 2Q23 EARNINGS: WE SEE AN INTERESTING TREND | 7.20.23 (REXR)

7.18.23 - REITS DAILY BRIEF | DLR CHICAGO JV FINALLY COMPLETED | 7.18.23 (DLR)

7.17.23 - POSITION MONITOR UPDATE | 7.17.23 | (KW)

7.16.23 - SPECIAL SUNDAY NIGHT REIT READ | IS MPW A REIT? | 7.16.23 | (MPW)

7.14.23 - REITS DAILY BRIEF | SENATE LEGISLATION INTRODUCED TARGETING SFR | 7.14.23 (AMH, INVH, TCN)

7.14.23 - REITS WEEKLY VALUATION HANDBOOK | 7.14.23

7.12.23 - REITS DAILY BRIEF | REMOVING IRM FROM ACTIVE LONG LIST | 7.12.23 (IRM)

7.9.23 - SUNDAY NIGHT REIT READ | A TOUR OF SHORT IDEAS | 7.9.23 | (COLD, DLR, MPW)

7.7.23 - REITS WEEKLY VALUATION HANDBOOK | 7.7.23

7.7.23 - REITS DAILY BRIEF | AGGREGATE RENT ROC DECELERATING, 1ST DERIV. (-) IN JUNE | 7.7.23 (APARTMENTS)

7.4.23 - REITS DAILY BRIEF | ADDING AVB TO ACTIVE LONG LIST | 7.4.23 (AVB)

7.2.23 - SUNDAY NIGHT REIT READ | LONG HUNTING IN MF, BUT NOT THERE YET ON EQR | 7.2.23 | (EQR)

6.30.23 - REITS WEEKLY VALUATION HANDBOOK | 6.30.23

6.29.23 - REITS DAILY BRIEF | INVH ACQUIRING SREIT PORTFOLIO? | 6.29.23 (EPR, INVH)

6.27.23 - REITS DAILY BRIEF | INITIAL FEEDBACK FROM DLR BLACK BOOK | 6.27.23 (DLR, MPW)

6.26.23 - REMINDER | BLACK BOOK - ACTIVE SHORT DIGITAL REALTY @ 10AM ET ON 6.26.23 | (DLR)

6.23.23 - REITS WEEKLY VALUATION HANDBOOK | 6.23.23

6.19.23 - MONDAY NIGHT REIT READ | ADDING REXR TO ACTIVE SHORT LIST | 6.19.23 | (REXR, ABR)

6.16.23 - REITS WEEKLY VALUATION HANDBOOK | 6.16.23

6.13.23 - THE (DIS)TRUST SERIES | VOL. LXXIII | "A MASTERCLASS IN GASLIGHTING"| 6.13.23 | (MPW)

6.13.23 - UPDATE | EVENT INVITE | ACTIVE SHORT DLR BLACK BOOK PRESENTATION | (DLR)

6.12.23 - REITS DAILY BRIEF | STOPPED OUT ON ABR | 6.12.23 (ABR)

6.11.23 - SUNDAY NIGHT REIT READ | UPDATING UHAL NUMBERS FOLLOWING 10-K FILING | 6.11.23 | (UHAL)

6.9.23 - REITS WEEKLY VALUATION HANDBOOK | 6.9.23

6.8.23 - REITS DAILY BRIEF | DLR BOARD LETTER MAKES WAVES AT NAREIT | 6.8.23 (DLR, INVH, TCN, REXR)

6.6.23 - REITS DAILY BRIEF | INVH NAREIT UPDATE NOT GREAT | 6.6.23 (INVH, AMH, AVB, IRT)

6.5.23 - REITS DAILY BRIEF | APARTMENT UPDATES, BOTH EQUITY & DEBT | 6.5.23 (ABR, AVB, EQR, ESS, UDR)

6.4.23 - SUNDAY NIGHT REIT READ | NAREIT DECKS ROLLING OUT | 6.4.23 | (MPW, REXR, ESS, AMH, INVH, CPT)

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

11.15.22 - 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)

 

Please e-mail with any questions.

Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs