Hedgeye Cartoon of the Weekend: Riding Up Front
Hedgeye REITs Chart of the Weekend: VIX Breakout
Source: Hedgeye Macro Team
Quote of Quad 3: As Henry Ford once said, “it is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Presentation Library:
Black Book: Active Short St. Joe - Replay LINK
Black Book: Active Short Digital Realty (DLR) - Replay LINK
Active Short MPW REIT Status Deck - LINK
Active Short MPW Prospect Rent Deferrals - LINK *IMPORTANT! WE THINK OVER THE TARGET*
Active Short MPW 1-Page "Cheat Sheet" - LINK
Black Book: Active Short Digital Realty (DLR) - Replay LINK
Weekly Valuation Handbook - LINK
Tickers: PLD, REXR
Company Names: Active Long Prologis, Active Short Rexford Industrial
Subsector: Industrial / Logistics
Headline: Our key takeaways from the two earnings calls last week, still updating models
Prologis (PLD):
- We view PLD as a "relative" winner only and want to own it over a TAIL duration.
- This kind of says it all: "...growing supply translating to increased market vacancy, continued moderation of demand and market rent growth that will slow until the low levels of new starts drive reduced availability over time... What's incremental to our forecast is that continued hawkish posture from central banks and the impact it's had on rates is delaying decision making and willingness to take expansion space early."
- "We saw market rents grow roughly 60 basis points during the quarter, the slower pace embedded in our forecast. In combination with the strong build of in-place rents, our lease mark-to-market recalculates to +62% as of September." This is down from +66% and +68% in 2Q/1Q23, respectively.
- "At the macro level, our expectations for the U.S. are for completions to outpace net absorption by a cumulative 150 million to 200 million square feet over the next three quarters. Then over the subsequent three quarters, we see that trend reversing with demand exceeding supply and recovering to net 75 million to 125 million square feet."
- "Rents across our Southern California submarkets declined approximately -2% as it continues to adjust to higher levels of vacancy." This appeared to be a reference more to Inland Empire versus LA.
- Data Centers:
- The BTS strategy is to convert as many land sites as possible with exposure to power under a "highest and best use" strategy.
- Lots of inbound demand and expect DC BTS to be a significant portion of volume.
- Key point here, and we thought this was so when PLD talked about "development margins" being better than traditional industrial, implying the completed assets would be monetized: "How we financed our business is by disposing of real estate that was non-strategic to us, logistics real estate. And we've done a lot of dispositions. You can think of the data center strategy as a way of funding our growth. That's where the growth capital is going to come from. We are not, at the moment, interested in being in that business in terms of long-term ownership."
- I.e., "We are happy to build them for you and earn a nice spread on doing so while monetizing our land bank, but let running them by someone else's problem," in our view.
- 2023 U.S. market rate growth is trending towards the low-end of the +7% to +9% range provided in the previous quarter, with an update on full year performance coming with the analyst day in December.
- Important to remember that utilization data is not a leading indicator, or even coincident indicator, rather a lagging indicator primarily driven by higher retail sales. We as a firm would disagree with the idea of the "resilient consumer," at least on a forward-looking basis given much of it was driven by the "G" in the GDP formula + pull-forward credit spending.
Rexford (REXR):
- "Normalize" is the key word of the call. And that's the genesis of the (at least) relative short recommendation - the submarket can both remain among the "strongest" in the U.S., while are the same time showing the most dramatic "normalization."
- "Port traffic may also be on track toward normalization, following the resolution of the dockworkers contract, with the most recent LA Long Beach port activity reflecting a 20% increase month-over-month and the second highest volumes in the past 12 months, while in contrast, the East and Gulf Coast ports experienced a decrease in activity."
- Sequential decline in market rents - "In regard to market rents, we observed +3% year-over-year market rent growth for highly functional product comparable in quality to the Rexford portfolio, impacted by a -1% sequential decline quarter-over-quarter. Interestingly, the -1% decline was principally driven by larger buildings." We have to think about that large building/small building split comment. Observably, as we have shown HERE, REXR's net effective rents on new leases have not been growing for some time.
- Value-add and repositioning assets are expected to contribute +$71 million of incremental NOI over the next two years, while an (assumed to be unchanged) +56% GAAP MTM would generate +$77 million of incremental straight-lined NOI/Core FFO (~$0.37/share). The in-place cash MTM is +33%. We are less sure versus early-2023 that those MTM figures don't have some additional compression forthcoming.
- Interesting CFO comment - "Only about 20% of the buildings that contributed to negative absorption and the overall market is what we would deem to be kind of higher quality, higher functional type buildings. So said another way, 80% of the product that's hitting the market in terms of the negative net absorption throughout the year doesn't directly compete with Rexford." Its interesting, but again unclear as to whether that rules out impacting overall market rent growth trends, especially in a weaker macro.
- REXR said it will disclose disclose the spread between sale cap rates and reinvestment cap rates when it starts closing on planned dispositions.
Tickers: Several
Company Names: Several
Subsector: Anything Triple-Net (NNN, Healthcare, Select Industrial, Gaming, etc.)
Headline: VICI (not covered by us) transaction indicative for specialty net-lease underwriting
- Last week VICI announced the ~$433 million SLB of 38 bowling centers operated by Bowlero. The company filed a presentation with several interesting points.
- First, the transaction indicates a rough "market" acquisition cap rate (~7.3%) for specialty, single-use, net-leased real estate between a well-capitalized operator/tenant in Bowlero (~2.7x net leverage before leases) and an established publicly-traded landlord. Initial term is 25 years with 6 5-year extensions, and the lease contains annual escalators at the greater of +2% of CPI subject to a +2.5% cap.
- Second, it indicates a target/required initial corporate EBITDAR rent coverage level (>3x) for a business with ~30-35% EBITDA margins, ~45%+ property-level EBTIDAR margins (!!!), ~$140 million of Hedgeye-estimated after-tax cash flow (not just GAAP earnings) to re-invest in the business, and capex able to be handled by the operator, Bowlero. On the FCF front we are talking about ~$425 million of corporate EBITDAR, less ~$40 million of estimated taxes, less ~$131 million of annual cash rent, less ~$112 million of interest cost = ~$140 million.
- Third, accretion by VICI is measured by AFFO as opposed to FFO or "Core/Normalized FFO," given the long-term lease structure.
- Fourth, we imagine that bowling centers (often attached to or contained within retail centers) would be relatively easy to repurpose under a catastrophic scenario for the tenant, i.e. investors have a more definable terminal value estimate as opposed to relying on another operator to take over the existing or strike a new lease.
- You can probably already tell where we are going with this...
- This is a very interesting read-across for some of the consumer entertainment properties owned by EPR, and setting the movie theater portfolio on the side.
- Question: What does this mean for the portfolio of MPW? With its meaningless coverages, operators hemorrhaging cash flow, high-single to mid-single-digit operator EBITDAR margins, etc. We think either (1) the cap rate needs to be adjusted meaningfully higher (as we are seeing and have written about), and/or definitely (2) a lower, sustainable rent level/higher coverage permitting positive cash flow MUST be underwritten. #2 combined with applying a "market" cap rate will definitionally result in a higher cap rate on MPW's in-place above-market/unsustainable cash rent. In MPW's case we think easily in the low-double-digits.
- In general if a publicly-traded net lease landlord cannot (or will not) provide this information for large tenant relationships, that landlord should NOT be in the "investable" category, in our view.
- Realty Income (O), which we recently took off the long side, at least gave us something to work with when it acquired Bellagio.
Figure 1: Select Snips from VICI/Bowlero Deck
Source: Company Reports, Hedgeye
Figure 2: Hedgeye REITs Position Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 3: Hedgeye REITs Sentiment Monitor
Source: Company Reports, FactSet, Hedgeye
Figure 4: REIT Style Factor Performance
Source: Company Reports, FactSet, Hedgeye
Prior Notes:
10.22.23 - THE (DIS)TRUST SERIES | FLASH CALL | WTF IS GOING ON W/ PRIORY? | (MPW)
10.20.23 - REITS WEEKLY VALUATION HANDBOOK | 10.20.23
10.19.23 - REPLAY: THE REITS SHOW - THURSDAY, 10/19 @ 11AM ET
10.19.23 - THE (DIS)TRUST SERIES | VOL. LXXXXX | NO "OLD WALL" GASLIGHTING ALLOWED HERE | 10.19.23 (MPW)
10.18.23 - REITS DAILY BRIEF | REXR 3Q23 RESULTS | 10.18.23 (REXR)
10.18.23 - REITS DAILY BRIEF | INVH SETTLEMENT COMING? + YALE/PROSPECT UPDATE | 10.18.23 (INVH, MPW)
10.17.23 - THE (DIS)TRUST SERIES | VOL. LXXXXIX | YALE REQUESTING CT PRICE REDUCTION? | 10.17.23 (MPW)
10.16.23 - REITS DAILY BRIEF | JOE IS TRADING >2x OUR NAV HEADING INTO QUAD 3 | 10.16.23 (JOE)
10.15.23 - SUNDAY NIGHT REIT READ | IRM CASH CONVERSION + COLD TO DMZ | 10.15.23 | (COLD, IRM, MPW)
10.13.23 - REITS WEEKLY VALUATION HANDBOOK | 10.13.23
10.12.23 - REITS DAILY BRIEF | PLD PRE-3Q23 EXPECTATIONS; QUARTER SHOULD BE "QUIET" | 10.12.23 (PLD)
10.11.23 - THE (DIS)TRUST SERIES | VOL. LXXXXVIII | MPW IS BURNING CASH AT AN ALARMING RATE | 10.11.23 (MPW)
10.10.23 - THE (DIS)TRUST SERIES | VOL. LXXXXVII | WHAT DOES A CAP RATE EVEN MEAN FOR MPW? | 10.10.23 (MPW)
10.10.23 - REITS DAILY BRIEF | 3Q23 MANHATTAN OFFICE STATS | 10.10.23 (ABR, PLD, TRNO, NYC OFFICE)
10.8.23 - SUNDAY NIGHT REIT READ | FEEDBACK POINTS ON IRM SHORT | 10.8.23 | (IRM, SFR, BIG "G")
10.6.23 - REITS WEEKLY VALUATION HANDBOOK | 10.6.23
10.4.23 - THE (DIS)TRUST SERIES | VOL. LXXXXVI | TENET REQUESTING FINAL JUDGMENT/SECURITY | 10.4.23
10.3.23 - REITS DAILY BRIEF | IRM BLACK BOOK REPLAY + DID YOU KNOW? | 10.3.23 (IRM)
9.30.23 - SUNDAY NIGHT REIT READ | APARTMENT RENTS + STORAGE + MPW CF FORECASTS | 9.30.23 | (MF, STORAGE, MPW)
9.29.23 - THE (DIS)TRUST SERIES | VOL. LXXXXV | ANOTHER ARTICLE ON PROSPECT CT/YALE TRANSACTION | 9.29.23
9.29.23 - REITS WEEKLY VALUATION HANDBOOK | 9.29.23
9.28.23 - [BONUS] REITS DAILY BRIEF | 4Q MACRO THEMES | 9.28.23
9.28.23 - REITS DAILY BRIEF | THURSDAY MUSINGS ON IRM & MPW | 9.28.23 (IRM, MPW)
9.27.23 - UPDATED EVENT INVITE | NEW ACTIVE SHORT IRON MOUNTAIN BLACK BOOK | (IRM)
9.25.23 - THE (DIS)TRUST SERIES | VOL. LXXXXIV | MORE QUESTIONS ABOUT PROSPECT RESTRUCTURING | 9.25.23 (MPW)
9.24.23 - SUNDAY NIGHT REIT READ | ADD'L MACRO SLIDES - CREDIT | 9.24.23
9.23.23 - THE (DIS)TRUST SERIES | VOL. LXXXXIII | AGAIN, THE WHOLE THING JUST STINKS... | 9.23.23 (MPW)
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
11.14.22 - 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
