Hedgeye REITs Cartoon of the Day: Bear Reaper
Hedgeye REITs Daily Chart: ISM Still Contracting
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.”
Recent Presentations:
Black Book: Active Short Digital Realty (DLR) - Replay LINK
REIT Status Deck (MPW) - LINK
1-Page "Cheat Sheet" (MPW) - PDF LINK
Prospect Rent Deferral Questions (MPW) - PDF LINK *WE TOLD YOU OVER THE TARGET*
Black Book: Active Short Iron Mountain (IRM) - Replay LINK
Overview of Priory Relationship (MPW) - Replay LINK
Prospect Restructuring Agreement Deck (MPW) - LINK *BOMBS AWAY!*
Actual Prospect Restructuring Agreement (MPW) - LINK
Ticker: AMH
Company Name: Active Long AMH
Subsector: Single-Family Rentals (SFR)
Headline: Much better print than Active Short INVH; we think AMH is the "faster horse" from here
- 3Q23 Core FFO ~0.41/share in-line with both Hedgeye and FactSet. It looks like AMH sold some assets out of the same-store pool, so despite delivering better SSRev and lower SSExp, all in SSNOI dollars came in just +$177k better than our model. This was the 6th straight quarter of sequential SSNOI growth deceleration.
- Non-SS NOI: +0.01 on higher revenues ( + ).
- Lower G&A + higher Interest Expenses offset each other.
- It looks like lower Other Income + lower add-backs for stock-based compensation, which AMH adds back for Core FFO purposes, made up the delta.
- All in all a very "down the middle quarter," where Core FFO dollars beat our number by just +1.6 million.
- To us the big story was lack of a similar late-year increase to FY23 guided SSExp growth as seen with INVH, driven by a catch up to property taxes for under-accrual throughout the year. Quite the opposite - AMH actually lowered SSExp growth -25bps at the midpoint ( + ), which makes INVH look even worse at forecasting its business. Recall both names were hit with similar late-year tax catch-ups in FY22 driven by different states, and it appears that just INVH got bitten by Florida and Georgia again this year. This facilitated a move from +4.75% to +5% at the midpoint for FY23 SSNOI guidance ( + ).
- On the concept of "faster horse," AMH's decision to warehouse land and lots years ago is looking increasingly prudent as INVH pivots harder towards BTR to play catch up. We are riding with the "operators" over a TAIL duration, not the "financial engineers." We view AMH as in a position to control its "external" growth pipeline by developing on-balance sheet and delivering into the operating portfolio to match demand levels, without having to raise significant capital to do so given that the majority of the cost (the land) is already acquired at a much lower basis than current market. INVH is now running to catch up to AMH on this strategy, after winning the 2019-2022 race to raise in-place rents (on older assets with more deferred capex) faster.
- We want to hear additional details on AMH's plans for dealing with the 4Q24 securitization maturities, but are not concerned at this point.
- Bad debt levels up +45bps in the SS pool y/y is way better than we though versus earlier in FY23, and probably has a lot to do with having de minimis exposure to CA.
Figure 1: AMH 3Q23 Variances
Source: Company Reports, Hedgeye
Ticker: SBAC
Company Name: Active Long SBA Communications
Subsector: Towers
Headline: Not that bad at all; we don't think RoC gets materially worse until FY25, so decent place to "hide out"
- 3Q23 Core AFFO at 3.33/share was +2.5% better than FactSet consensus ( + ) and a whopping -0.50/share lower than our number, but all on higher taxes (-0.67/share) than we had modeled. All of the above-the-line metrics were higher than we modeled. Domestic TCF, which is the overwhelming majority of the number, was +4% higher than our model ( + ), G&A lower by a penny ( + ), and interest income + interest expense +0.05/share better ( + ). All while SBAC raised FY23 guidance on a CC basis ( + ), so we have to say a "pretty good" quarter before we hear FY24 expectations which have obviously been jawboned lower.
- 3Q23 AFFO Variances:
- Domestic TCF: +0.14
- Development NOI: +0.01
- G&A: -0.01
- Interest Income: +0.02
- Interest Expense: +0.03
- Company-Defined Recurring Capex: -0.02
- JV Adjustments: +0.01
- Taxes: -0.67 (oof, juuuusssst a bit outside!)
- + other / rounding
- 3Q23 Revenue Growth Variances:
- Domestic Organic Growth (~75% of revenue): +120bps, on +210bps of escalations + enhancements, churn -90bps worse
- Int'l Revenue Growth: +150bps
- Stepping back, for as bad as sentiment had become (and as much as SBAC has "talked down" its own business), the fact that the FY23 outlook for leasing revenue, TCF, company-reported EBITDA, AFFO, AFFO per share were all increased + SBAC bought back ~100 million of stock (similar to NSA, we agree this company should) should be taken as relative positives ( + ).
- Conference Call Notes:
- The new AT&T MLA was the primary driver for the "material" incremental domestic leasing activity q/q. Ex-AT&T activity was "similar" to 2Q23 and obviously down y/y.
- Sprint churn for FY23 still at ~29 million, FY24 currently estimated at ~30 million (high-end of last quarter's ~25-30 million) ( - ).
- Including repayments subsequent to quarter-end, SBAC has ~285 million outstanding on the RCF (@ at ~6.5% rate) with reported leverage in the mid-6x range ( + ).
- We had hoped that SBAC would execute on this authorization with expectations reset materially lower, and the company repurchased ~100 million or ~20% of the remaining availability under the ~1 billion repurchase authorization in the quarter ( + ). SBAC is in that very small bucket of REITs who should be considering buying back shares given its FCF profile. This activity was executed at prices ~45% below prior-peak.
- Not targeting an IG rating necessarily, but approaching IG levels apparently per the ratings agencies, and we think still has flexibility to acquire additional shares + grow the dividend as contemplated. Mid-6x leverage is very appropriate for this business and much lower than when we first started following the company in mid-2022.
- Domestic organic growth rate over several years - Stoops thinks "mid-single-digits" domestically, excluding Sprint churn. Very in-line with our modeling assumptions.
Figure 2: SBAC 3Q23 Variances
Source: Company Reports, Hedgeye
Figure 3: Updated Hedgeye REITs Position Monitor (Can't Buy a Win on the Long Side...)
Source: Company Reports, Hedgeye Estimates
Please e-mail with any questions.
Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs
Prior Notes:
11.2.23 - REPLAY: THE REITS SHOW - THURSDAY, 11/2 @ 11AM ET
11.2.23 - REITS DAILY BRIEF | NSA 3Q23 REVIEW + NEW REALPAGE LAWSUIT | 11.2.23 | (NSA, MULTIFAMILY)
11.1.23 - THE (DIS)TRUST SERIES | VOLUME CIV | DID PROSPECT PAY ANY RENT IN 2022? | 11.1.23 | (MPW)
11.1.23 - REITS DAILY BRIEF | PSA 3Q23 REVIEW + DOC TO "DMZ" | 11.1.23 | (PSA, DOC)
10.31.23 - THE (DIS)TRUST SERIES | VOLUME CIII | DID PROSPECT PAY ANY RENT IN 2022? | 10.31.23 | (MPW)
10.30.23 - REITS DAILY BRIEF | MERGER MONDAY | 10.30.23 (DOC, HR)
10.29.23 - SUNDAY NIGHT REIT READ | 3Q23 WAS THE WORST JOE QTR SINCE THE SHORT REC | 10.29.23 | (JOE, MPW)
10.29.23 - THE (DIS)TRUST SERIES | VOLUME CII | BACK DOWN THE PROSPECT RABBIT HOLE | 10.29.23 | (MPW)
10.28.23 - REITS DAILY BRIEF | DLR 3Q23 RESULTS | 10.28.23 (DLR)
10.27.23 - THE (DIS)TRUST SERIES | FLASH UPDATE | KEY QUESTION (FOR NOW) COMING OUT OF 3Q23 | 10.27.23 | (MPW)
10.26.23 - THE (DIS)TRUST SERIES | FLASH | KEY QUESTION (FOR NOW) COMING OUT OF 3Q23 | 10.26.23 | (MPW)
10.26.23 - THE (DIS)TRUST SERIES | VOLUME CI | 3Q23 RESULTS FIRST IMPRESSIONS | 10.26.23 | (MPW)
10.25.23 - REITS DAILY BRIEF PART II | INVH 3Q23 TAX MESS + ANOTHER YALE ARTICLE | 10.25.23 (INVH, MPW)
10.25.23 - REITS DAILY BRIEF | DLR 3Q23 EARNINGS PREVIEW | 10.25.23 (DLR, MPW)
10.24.23 - REITS DAILY BRIEF | REXR 10-Q REVIEW/UPDATE + MPW 3Q23 PREVIEW | 10.24.23 (REXR, MPW)
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)
