Hedgeye REITs Cartoon of the Day: Lurking Giant
Hedgeye REITs Chart of the Day: HE Core Asset Allocations Fade the Banks
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.”
Supplemental Items:
Black Book: Active Short Digital Realty (DLR) - Replay LINK
MPW REIT Status Deck - LINK
MPW 1-Page "Cheat Sheet" - PDF LINK
MPW Prospect Rent Deferral Questions - PDF LINK
Black Book: Active Short Iron Mountain (IRM) - Replay LINK
Overview of Priory Relationship (MPW) - Replay LINK
Ticker: REXR
Company Name: Active Short Rexford Industrial
Subsector: Industrial / Logistics
Headline: Fishing out some key points from the 10-Q + updating our model; below Street + RoC decel
- This has been topical for investors recently - REXR has no interest rate swap maturities until June 2025, so hedges in place will not burn off and impact 2024 results in this case.
- REXR expected at quarter-end to settle the remaining ~8.1 million shares available under the May 2023 forward offering through 8.11.24 at a net forward sale price of ~$55.41/share for ~$448.8 million of cash proceeds. ~4.6 million shares were sold in October for ~$256.1 million. We assume the remaining shares are sold through year-end 2024 in roughly equal amounts per quarter. We do not think that REXR will let that capital priced >$55/share go undrawn.
- Again as a serial developer/redeveloper, we agree with the concept of REXR including capitalized interest and opex in recurring capex for AFFO purposes. We wish that DLR would do the same...
- We are still having trouble seeing how REXR gets to current FY24 consensus estimates per FactSet. We model +5% cash SSNOI next year + an aggressive +$1 billion of acquisition activity + ratable issuance under the May 2023 equity forward and we are coming up ~3-5% below the Street. We have Core FFO growth decelerating from +12% this year to +9% next year, and we think it could very likely be lower under lower acquisition activity and/or as assets are sold and recycled.
Figure 1: REXR Post-3Q23 Model Update
Source: Company Reports, FactSet, Hedgeye
Ticker: MPW
Company Name: Active Short Medical Properties (Dis)Trust
Subsector: B-Tranche Triple-Net Hospital WholeCos / Likely "Liability Management" Customers
Headline: 3Q23 earnings preview
- Here we are, it's that time again, folks! The show goes on! Admit it.... even if you disagree, you still have to watch!
- If we had to handicap this one, we would guess probably more of the same - we think management is "all in" on the gaslighting, may try to huck up a "Hail Mary" pass to buy themselves more time, and probably will not disclose up front what is really happening beneath the surface with MPW itself or their largest operators. Perhaps we are just naturally skeptical on this one, but we think that is well-deserved. As always, the 10-Q is way more important than the ER or the earnings call and requires a very close read. The call is pure entertainment value at this point, so grab some popcorn! Remember, while MPW was out here booking "Bullsh*t PHP Equity as Rent" (which we still have as a line item in our variance table because its amazing) and calling it "AFFO," Ed Aldag was also out here telling you that hospitals will never go away! We agree, btw, but that doesn't mean that MPW's equity will not go away. It will, eventually. We do not understand why any investor would take management's statements at face value anymore. They have (or should have) no credibility remaining after the last ~1.5 years.
- That "Hail Mary" may take the form of a small asset sale under LOI or under contract, although candidly we do not know for sure. The UC Health FSERS portfolio seems like a probable candidate for a relatively easy execution, but would note that the size of any deal there would be nowhere near big enough to solve or even begin to address MPW's real underlying issues. MPW will no doubt try to extrapolate that cap rate across the portfolio and claim "it validates our underwriting blah blah...," but we all know (or should know) at this point that would be inappropriate. We do not think a large asset sale (Circle?) is likely to be announced at this point, given the time it takes to underwrite such a transaction and (clearly) the length of time it takes to close one. See Healthscope, which is arguably the company's biggest "win" over the past year. It just closed!
- Earlier this week we took a close look at Priory and all the related issues there. There are many. We think MPW massively overpaid (~2x?) for the real estate, and that the Priory OpCo side of the Priory-Median tie up is effectively worthless. MPW effectively capitalized the entire WholeCo - it was not a real estate deal. Priory represents "more of the same" along with Steward, Prospect, Pipeline, Ernest, Capella, Alecto, Watsonville, LifePoint, SchionHealth, Vibra, Adeptus, etc. It is basically a "smaller Steward," but in the U.K.
- We continue to believe a secured debt deal is the most likely liability management action under the timeframe we are talking about. Assuming all goes well and Yale CT closes as contemplated (we think it gets re-traded lower or Yale exercises the MAC clause), MPW must still come up with ~$1.5 billion of capital before 1Q25, or the company will likely run out of liquidity be year-end 2024. Realistically this must be solved by mid-year 2024, or the path to survivability will become even narrower than it is now. All of the options are very meaningfully dilutive. If Yale does not close or is significantly delayed, all bets are off. We think under that scenario MPW may run out of available liquidity by mid-2024 absent a capital raise. The Yale transaction is the single most important near-term catalyst, in our view, and we think should be thought of as paired off against the now-stranded ~$300 million AUD TL due May 2024.
- Speaking of earnings, the reported metrics candidly don't matter and have no bearing whatsoever on economic realty. We are modeling AFFO of ~$0.28/share (see Figure 2 below) vs. ~$0.27/share consensus, but honestly who cares? All that matters is cash flow, which recall fell off a cliff with 2Q23 results. We will not know these figures until the 10-Q is released. Last quarter it was due to rent credits back to Steward.
- We look for OCF to recover back to ~$130-140 million following last quarter's ~50% sequential drop. This is the single most important metric to look for, along with any incremental MPW RCF draws which are obviously related. MPW itself said that "cash cannot be engineered or manipulated." As MPW has shown via definitional changes, booking uncollected rent as AFFO, and running the PHP equity through the 2Q23 P&L, their "NFFO" and AFFO can be manipulated.
- If OCF does not recover, it will be indicative of more effective loans or advances granted to Steward and other operators.
- To be clear, we fully expect MPW to have loaned or advanced more money to at least Steward. We think it is also possible that MPW participated in an incremental Steward funding round after selling a portion of its ABL participation. The question to our minds is: "Was it done during 3Q23, or immediately following close of the quarter so as to 'window dress' once more and buy more time?"
- Investors MUST monitor and factor in the impacts of "capex."
- Our cash flow forecasts are contained in Figure 4 below.
- Our full question list ahead of 3Q23 results from the Priory deck is in Figure 3 below.
- We are particularly interested in THIS line of questioning, and whether one or more of these issues warrants a restatement. While the approval of the PHP equity transfer garnered the most attention, perhaps rightfully so, we think the potential disclosure issues around Prospect's unpaid 2022 rent + interest may be more important.
- Note: We believe that investors who remain short this name are likely thinking about this evolving through 1Q25, given the maturity wall there. We think this quarter is a "wild card." And again, following the ~75% drawdown we moved MPW to the bottom of the pecking order keeping risk management in mind. We continue to believe the equity is actually or effectively worthless. The only question is the path and timing towards that endpoint.
Figure 2: Hedgeye 3Q23 NFFO/AFFO Estimates (Who Cares? - Only CF Matters)
Source: Company Reports, FactSet, Hedgeye Estimates
Figure 3: Hedgeye's Questions List for the Earnings Call (From Priory Deck)
Source: Company Reports, Hedgeye
Figure 4: Current Hedgeye MPW Cash Flow Forecasts
Source: Company Reports, Hedgeye Estimates
Figure 5: Updated Hedgeye REITs Position Monitor
Source: Company Reports, FactSet, Hedgeye Estimates
Prior Notes:
10.23.23 - THE (DIS)TRUST SERIES | FLASH CALL REPLAY | WTF IS GOING ON W/ PRIORY? | 10.23.23 | (MPW)
10.20.23 - REITS WEEKLY VALUATION HANDBOOK | 10.20.23
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
11.15.22 - 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
