RESENDING - THE (DIS)TRUST SERIES | VOLUME CXVI | UPDATE: TRACKING THE KEY ISSUES | 12.24.23 | (MPW)

Hedgeye REITs Cartoon of the Day: Finally Leaving the Cave

 

 

Quote of Quad 4: "The fundamental problem here is that you have entire business models and capital structures that have been built up over the past decade that were just based off of zero percent or very low levels of interest rates and now with rates and spreads where they are, and continue to go, the math just doesn’t work.” - Andrew Freedman on “The Call,” 9.27.2022

Relevant Presentations:

REIT Status Deck (MPW) - LINK 

Prospect Rent Deferral Questions (MPW) - PDF LINK *WE TOLD YOU OVER THE TARGET*

Overview of Priory Tenant Relationship (MPW) - Replay LINK

Prospect Restructuring Agreement Deck (MPW) - LINK *BOMBS AWAY!* 

Actual Prospect Restructuring Agreement (MPW) - LINK

RCF Covenant Work (MPW) - LINK

Ticker: MPW

Company Name: Active Short Medical Properties (Dis)Trust 

Subsector: Liability Management Customers / Liquidating Trusts / Regional Airlines

Headline: Let's get weird! Stock dividends? + RCF covenant work + recapping the Prospect 2022 rent/deferral issue + Ernest's 2022 financials  

• We are going to update/add to/subtract from this piece once per week on a rolling basis. This list may prove useful to new parties to the situation looking to get up to speed, as well as a recap of everything that has happened since Hedgeye began closely following the company. This represents a subset of nearly ~2 years of work. New items are denoted in green. There's something here for everyone! MPW's equity is worthless, it just happens to still have a price.
• Steward Health:
• Days Since Steward Financials Disclosure Requirement from SEC: 140
  
• MPW NAV Analysis by Operator/Portfolio (New):
• Can be found HERE. We estimate ~7.1 billion of saleable/financeable value for the wholly-owned consolidated real estate assets. We ascribe de-minimis value to the UJVs, and think the OpCo stakes are more or less worthless. We believe this estimate could be generous, especially when viewed against a reasonable timeframe to sell and monetize the assets. 
• We generally received feedback that the prior ~7.7 billion was too high, particularly on the "other" consolidated assets.
• Changes versus last version: We believe that we previously ascribed too high a value to Circle and that our in-place cash rent estimate was too high. We believe the Circle portfolio is worth closer to ~1-1.1 billion versus a ~2 billion carrying value. We also broke out Ernest after obtaining and examining the audited 2022 financials for "Epoch Acquisition, Inc." HERE. It appears that Ernest's corporate EBITDAR coverage was ~1.5x in 2022, and practically all of that cash rent was due to MPW. MPW last reported TTM Ernest corporate EBITDAR coverage at 2.0x with 3Q22 on a one-quarter lag. Ernest accounts for ~5% of MPW's revenues. 
• The question we receive most often these days, particularly from bondholders, is "what are the assets worth?" This obviously matters ahead of the large maturity wall in 1Q25. We attempt to estimate that here.
• First, and to be clear, we do not think this figure can be calculated with any precision. We doubt the company can value its own assets.
• We are highly-confident of two things, however: (1) MPW very significantly overpaid, paying effectively real estate cap rates/multiples for OpCo cash flows, and (2) the assets are worth less than the debt.
• Reasons the exercise is so difficult: lack of hospital square footage, lack of accurate OpCo financials and profitability, no terminal value for the real estate as a higher-and-better use, lack of transaction comps, no publicly-traded peers, non-transparent MPW reporting, and unclear cash flow profiles among others.
• We believe the fatal error here is viewing MPW as an asset-based loan. MPW is a cash flow loan until the leases are appropriately re-sized. And cash flows are collapsing...
• This will be an ongoing exercise. We welcome any and all feedback.
• DOJ Lawsuit: The DoJ recently sued Steward HERE, accusing the company of fraudulently over-billing CMS/Medicare. Senior-level Steward executives were implicated. An FBI agent provided a quote. MPW was not a named defendant.  
• ProLink Healthcare ("ProLink") v. Steward Health Care: Filed HERE on 12.13.23 in the Superior Court for the Commonwealth of MA with a very large unpaid amount due from Steward.
• Alleged Damages: ~45.7 million.
• First, MPW gets a mention in the complaint - "...Steward - which is backed by an Alabama-based real estate investment trust, Medical Properties Trust, Inc.,..."
• A services agreement entered into on 4.1.20 contracted ProLink to provide Steward with healthcare staffing services across all of Steward's markets. Steward agreed to make timely payment of invoices withing 60 days.  
• The contract was terminated in October 2023. ProLink claims it fully performed under the agreement.
• Beginning in late-2021 and early-2022, ProLink alleges Steward billing personnel became non-responsive and failed to pay certain invoices.   
• ProLink believed that Steward would make payments following the sale of the Utah hospital OpCos to CommonSpirit in May 2023. Steward did not and "became or remained financially unable" to make significant payments to ProLink on its total accounts receivable."
• Steward did not dispute the invoices, and ProLink's counsel demanded payments. 
• ProLink terminated services with Steward at the end of the contract.
• Same patterns...
• MPW Guaranteeing Steward Payables?: See HERE for a UCC filing made by CME Corp. on 4.19.23. CME is a medical equipment and services company, and a vendor to Steward. MPW is listed as a debtor, in addition to Steward. Does this mean MPW is guaranteeing Steward's payables/the vendor's receivables? It appears that the vendor can enforce claims against MPW for these payments, i.e. Steward's payables are also MPW's payables and MPW has balance sheet risk. How common is this across Steward's other vendor relationships, and also MPW's other tenants? This could be a big deal. We will continue down this rabbit hole...
• Did MPW Make a 4Q23 Loan? (New): On 11.10.23 MPW, via MPT Sycamore OpCo, filed a UCC "continuation" in Texas. This was done one day after the 3Q23 10-Q was filed with the SEC. The last time MPW did this was on 4.28.22, the day of the 1Q22 earnings call, which was also the date that we believe MPW funded the ~150 million term loan facility to Steward for working capital support. Recall that MPW management told investors at the November 2023 NAREIT that they could likely have to extend more support to Steward. We believe Steward attempts at raising additional ABL funds, over and above what has been disclosed, may have proved unsuccessful. We believe MPW very likely made another loan/advance of significant size in 4Q23.  
  
• 4Q23 Rent: Based on MPW's 3Q23 10-Q filing + NAREIT commentary + commentary at a competitor LevFin conference, it appears that Steward has paid <15% of contractual 4Q23 cash rent due to MPW. MPW did not mention late payments in the 3Q23 earnings release or on the call. MPW disclosed in the 10-Q that Steward was late on a portion of September rent (later paid) + October rent, and that they expected to receive the remaining October rent by mid-November. At NAREIT they disclosed that ~40% of the October rent was the amount paid on time. At the end of November at a LevFin conference Hamner disclosed "some payments," but that most of the ~60% from October remained unpaid and Seward had missed the target to become current again. This implies November was not paid as well. There have been no updates from the company since then.
• FY 2023 Rent: Based on simple math, it appears that Steward has paid just ~20% of cash rent on a net basis for MPW's consolidated assets for all of 2023. We estimate ~192 million due annually based on HERE, or ~48 million per quarter and ~16 million per month due on the 12th of each month. The facts:
• 1Q23: MPW advanced ~50 million to Steward for "working capital support" and secured by Steward's business interruption insurance receivables, even though those proceeds are very much in doubt. 
• 2Q23: MPW credited back ~50 million to Steward as a rent deferral and expressed as an A/R build. This was not discussed on the 2Q23 call, vaguely referenced in the 10-Q in relation to Norwood, and later disclosed verbally to sell-side analysts without an 8-K filing. This Steward rent was included in reported "NFFO" and "AFFO" earnings. 
• 3Q23: MPW lent Steward ~40 million on an unsecured basis for "working capital support." This was part of the now-infamous "ABL refinancing," with the loan suspiciously classified and re-classified multiple times. See HERE, HERE and HERE.
• 4Q23: See above.
• Look at these numbers. See how they are close to the ~48 million quarterly cash rent owed?
• As we said in early-2022, Steward (1) is effectively insolvent, (2) cannot afford its rent obligations, and (3) cannot exist without the support of MPW's balance sheet leaving (4) MPW as the effective equity owner of Steward. These two entities are effectively (or actually?) just one entity, and we think should be consolidated. MPW owns and controls the operator. 
• Management also commented at NAREIT that "there is no market" and "we do not think they would sell," in response to whether or not they would sell any Steward hospitals.
• Based on U.S. CPI, we estimate Steward's cash rent obligation will escalate ~3-3.5% for 2024.
• Prospect Medical Holdings 2022 Rent & Deferrals (New):
• We believe that MPW very actively and deliberately misled investors throughout 2022 on the status of Prospect's contractual rent + interest. Prospect at the time was MPW's 2nd-largest U.S. tenant, accounting for >10% of annual cash rent + interest. We believe that we detected a 2022 10-K disclosure issue that could reasonably be considered fraudulent, barring a sufficient explanation which has yet to be provided by the company. The disclosure for sure did not provide investors or analysts with an accurate or useful portrayal of the facts. This belief is more than reasonable, and is supported by MPW's own reported financials and disclosures + other documents. Our work on the issue can be found HERE, HERE and HERE.
• The company did not react well to us raising this specific issue. At the same time, they also did not (1) issue to us a call for retraction, (2) contact us to correct the record, (3) issue any public response or (4) name us in any new or existing legal complaint. We regard the explanations provided thus far to investors to be nowhere near satisfactory. We remain confident in our work and believe the FACTS and patterns below speak for themselves. We believe the burden falls on management to offer a better explanation. We believe they hope time + short memories will make these issues go away. Not so long as we are around, we can guarantee you that.   
• (1): Throughout 2022 we observed a massive increase in accrued but unpaid cash rent + interest via an A/R build on MPW's balance sheet HERE. MPW continued reporting higher AFFO unburdened by rent deferrals, causing a very large divergence between AFFO and cash from operations (CFO) on the statement of cash flows HERE. These metrics had previously been tightly correlated with each other. Something was clearly wrong. Which tenants were not paying? We suspected Steward and/or Prospect at the time.
• (2): In late-2022, we observed a gradual change in MPW's definition of AFFO HERE with a summary HERE. We believe this change was very important, as MPW booked Prospect rent as financing lease income rather than rental revenue. It also opened the door for certain one-time non-cash items to potentially be included in AFFO. We raised this concern with investors. Our understanding is that MPW management downplayed these concerns at the time, and insisted there was no change to AFFO reporting. We disagreed, as no definitional changes occur without intent or intense review.
• (3): On a date that will likely live in REIT infamy, on 8.3.22 MPW reported 2Q22 results. On the call CFO Steve Hamner three times denied making a "bridge" loan to Prospect. See Figure 1 below. Six days later MPW filed its 10-Q and disclosed it had originated a ~100 million mortgage loan to Prospect during 2Q22. This loan had not been previously disclosed anywhere. Later, a UCC and property deed search revealed the ~100 million had actually been advanced on an unsecured basis in May 2022 (!!), and was later "papered" as a mortgage upsize to Foothill Regional nearly ~3 months later on 7.26.22, or 8 days before 2Q22 earnings. Steve Hamner signed the deed amendment on 7.18.22. We consider this fact pattern to evidence a deliberate effort at deception. See HERE. On the exact same day that the unsecured loan advances were "papered" as a mortgage upsize, we now know from HERE that there were restructuring discussions ongoing involving MPW - the Second Amendment to the TRS Loan dated 7.6.22 made reference to a "Master Restructuring Agreement." 
• (4): Prospect essentially failed in 4Q22 and underwent an out-of-court restructuring. MPW did not disclose this at any point during 4Q22, including at the November 2022 NAREIT conference. MPW first disclosed HERE with 4Q22 results in February 2022 that its investments in Prospect were being restructured. MPW moved Prospect to cash accounting beginning 1.1.23, meaning rent would only be recorded when actually received. This last part is important. 
• (5): On 3.1.23 MPW filed its 2022 10-K report with the SEC HERE. In it management wrote "Until the 2022 fourth quarter, Prospect was current on its rent and interest obligations under the various agreements." This implied one quarter or less of accrued/recorded but unpaid rent + interest for all of 2022, or ~33-34 million.
• (6): On 5.23.23, MPW announced its version of the Prospect restructuring. In the release HERE, it explicitly noted "... accrued rent and interest of approximately 56 million... expected to be recovered through equity interests in the managed care business."  ~56 million is more than ~33-34 million, implying more than one quarter of accrued/recorded but unpaid rent + interest from 2022. Rent + interest could only be accrued and recorded prior to Prospect being moved to cash accounting on 1.1.23, aka in 2022. This was clearly and observably inconsistent with the language in the 10-K, leading us to explore the issue further. 
• (7): Following disastrous 2Q23 results, on 8.9.23 MPW filed its 10-Q report HERE. Management wrote the following: "... but Prospect continued to remain current with respect to contractual rent and interest payments until the fourth quarter of 2022," and "This non-controlling ownership interest was received in exchange for unpaid rent and interest through December 2022, previously unrecorded rent and interest revenue in 2023 totaling approximately 68 million..." Why quantify the 2023 unrecorded amount under cash accounting, but not the recorded but unpaid amount from 2022 literally right next to it? This did not make any sense to us and was a "red flag," and appeared like an effort to obfuscate. We believed at the time (and still do to this day) that Prospect likely stopped paying MPW well-before 4Q22. MPW also included ~0.11/share of non-cash PHP equity in AFFO in the quarter, despite the transaction not being approved/earned (relevant to AFFO definition changes above).
• (8): On 9.9.23 we wrote about all of this HERE for the first time. We posited that Prospect stopped paying earlier in 3Q22. The following Tuesday, 9.12.23, we tweeted our thoughts HERE.
• (9): On 9.14.22 in our view the company responded to our work. That's all we will say about this for now.
• (10): On 11.1.23, after falling further down this rabbit hole, we obtained a copy of the fully-executed 5.23.23 Prospect Restructuring Agreement HERE via a records request with the California DMHC. The agreement illuminated several things, most importantly that MPW was attempting to satisfy ~194 million of outstanding accrued and deferred rent + interest obligations from Prospect. This figure was obviously well-above what we had first estimated, masked by the "marketability discount" used on MPW's balance sheet, and indicated Prospect had stopped paying some time in early-2022. We believe Prospect very likely paid essentially no rent + interest to MPW during 2022, in addition to receiving ~100 million of loan support from its landlord.  
• (11): Finally, MPW was forced to admit unconvincingly in private to analysts and investors that its lease agreements allowed for unusually large deferrals to tenants. So while perhaps compliant with the agreements, Prospect was for sure not current on its rent + interest obligations as stated in the 2022 10-K. "Current" implies paying. Why were these amounts included in AFFO, despite remaining unpaid? Why was none of this disclosed to investors throughout 2022 for a material tenant exposure? How is this not a 10-K disclosure issue? Does this call into question the "strength" of MPW's lease agreements with all of its tenants? What will the auditors think? What will regulators think? How can you trust these guys? 
• Prospect CA Hospitals:
• Re-commenced paying ~90% of contractual cash rent (~3.3 million) in September as expected. This should not be a surprise at all, and to our minds is also questionable as "earnings." MPW advanced Prospect ~50 million via a now-forgiven convertible loan in 1Q23, as well as ~75 million via a delayed draw term loan which we believe is now likely fully-drawn. That combined ~125 million in liquidity equals nearly ~3 years of contractual cash rent owed back from the CA hospitals. It excludes the ~100 million advanced to Prospect last year. More of the same...
• PHP Holdings ("PHPH"):
• There are so many issues here. 
• First, it remains an open question as to whether or not this equity transfer transaction has or should have occurred. The WSJ was the first to report it HERE. We received our most recent info request from the DMHC on 12.7.23. As of that date the equity transfer still had not been approved.
• Second, how does MPW not own ~100% of PHPH's equity? It is supposed to be receiving a ~49% minority equity and non-controlling interest in the entity. The restructuring agreement clearly indicates MPW received ~721 million of total consideration for past obligations. At a ~1 billion gross enterprise valuation for PHP argued for by MPW (that we DO NOT believe, see HERE) less ~375 million of third-party debt on the PhysicianCo = ~625 million of PHP equity vs. the ~721 million "received" by MPW. Looks like ~100% to us...
• Third, about that ~375 million of third-party financing. MPW claimed HERE that it would "..be used to provide Prospect’s hospital operations with liquidity and capitalize its managed care business for continued growth and value creation in a vibrant market for such businesses." We believe this was a misrepresentation of the facts and economics of the situation. We strongly believe that (1) in reality, the lenders were entering PHPH at an attractive basis should Prospect file and they be forced to take the keys, (2) the interest rate being charged is in the low-double digit range, and (3) the lenders may have a "blanket lien" on all of PHPH's collateral including the health plan. From their perspective this may have been a potential or quasi "loan to own" scenario where they clip ~12-13% along the way and look like heroes. Moreover and perhaps more importantly, this seriously calls into question MPW's stated/claimed ~1 billion gross valuation for PHPH. It is more than reasonable to believe, based on the above + Apollo's recent deal, that PHPH is worth far less than ~1 billion and, perhaps, only slightly above the debt.  
• Prospect CT (New):
• There was a new CT Insider article published HERE on 12.22.23.
• MPW removed the expectation in the 3Q23 10-Q filing (blackline HERE) that the transaction with Yale would close in 2023. The deal had originally been contemplated to close in 3Q23 as per the restructuring agreement. MPW expected cash proceeds of ~355 million which now seems very much in doubt. Prospect began paying rent again on these assets in 4Q, clearly indicating that these hospitals were not part of any "future deferrals."
• The latest HERE and HERE is that confidential negotiations are ongoing between Prospect and Yale, and that Yale has requested a purchase price reduction of some undisclosed amount. 
• MPW desperately needs this transaction to close and to bring some proceeds in the door, and effectively has paired off its stranded ~300 million AUD TL debt maturing May 2024 against these assets. 
• Absent a separate capital raise, if this deal is cancelled/meaningfully delayed/re-traded significantly lower we believe MPW could run out of available liquidity by Spring 2024.  
• We currently model this transaction to close in 1Q24 including cash upfront of ~150 million which is our estimate, plus an "earnout" payment valued at ~200 million tied to the performance of the hospital to get to ~350 million + any residual from PHP equity which is very much up in the air.   
• To be clear, this would be a VERY bad outcome for MPW. 
• The first filing was recently made in the CON docket since April 2023. Aside from being sad, how does this ECHN pension obligation affect any purchase price adjustments to the final transaction? We believe potential working capital adjustments are already approaching ~100 million. 
• MPW's RCF Covenants (New): Given MPW's recent actions and obvious leverage issues, we reviewed the covenants under MPW's RCF agreement. We focus on the Total Leverage Ratio and Tangible Net Worth maintenance covenants. Our findings and conclusions can be found HERE. In summary, MPW has a very narrow path to walk in order to survive long-term.
• Dividends (New): We expect MPW to begin paying dividends partially in shares of common stock beginning with the 1Q24 declaration. We assume ~80% of the current 0.15/share quarterly distribution paid in stock, which will obviously dilute the equity but at the same time preserve capital in the structure. We estimate this could increase the outstanding share count by a HSD number by year-end 2024. MPW does not disclose taxable income (of course), and so this is just an estimate and is subject to change. The bigger point is that the cash dividend should be cut to the maximum extent possible immediately. 
• Cash Flows (New):
• Again, this is a VERY difficult exercise. Our updated cash flow and liquidity forecasts are presented HERE. All of the key assumptions are itemized. We use a cash sweep mechanism and any red highlighting is meant to denote when RCF capacity could run out.
• New items: (1) stock dividends beginning with the 1Q24 declaration and (2) ~500 million of proceeds from an assumed 1Q24 secured financing of Circle (40-50% LTV, ~9% coupon) to retire the 2024 AUD and GBP TLs.
• We estimate a ~15-20 million net negative hit to annual cash flow going forward from the debt financings. It is very hard to estimate the precise cash savings from any move to stock dividends, but we assume ~80% here. These items would not provide enough liquidity through year-end 2024 to address the 1Q25 maturity wall. 
• Weighing all of the puts and takes, we believe MPW will likely end 2023 with ~400-450 million of available liquidity. We assume a ~250 million minimum cash balance and think the year-end RCF balance will be ~1.7 billion after additional 4Q23 draws.
• Absent a capital raise, we believe MPW will run out of available liquidity by 2Q24. That is the math. If Steward non-payment of rent continues into 1H24 and/or they file, then all bets are off and it's likely "game over."
• MPW must raise external capital NOW. The fact that it has not executed a secured debt deal yet is equal parts head-scratching, terrifying and potentially indicative of an irrational actor. We would expect the company to capitulate soon and ultimately secure the Circle portfolio. 
• MPW's Debt & Liquidity:
• The remaining ~440 million of GBP 2.55% unsecured notes matured and were paid off using MPW's RCF three weeks ago. The next maturity is the said ~300 million of AUD TL debt maturing in May. 
• Inclusive of the 4Q Healthscope sale and absent any capital raise, we estimate MPW's year-end available liquidity at ~400-450 million with ~1.7 billion drawn on the RCF. 
• Under the best case and circumstances, we believe MPW must raise at least ~2 billion of external capital through mid-2024 so as to be able to address the ~1.4 billion maturity wall in 1Q25.  
• We target 1H24 as these maturities will be viewed as "current" from the perspective of the ratings agencies around March-April 2024. MPW cannot just announce a deal; we believe they need closed proceeds in the door by then or will face additional potential credit rating downgrades. SPGR downgraded their issuer rating two notches deeper into junk two weeks ago, and Moody's followed suit with a one notch downgrade last week.
• We estimate MPW's pro forma adj. net debt-to-EBITDA above ~9x. 
• Asset Sales:
• We estimate, on a weighted average basis, that MPW's consolidated assets would be priced at a >10% cap rate and are "worth" ~7.1 billion gross, aka significantly below MPW's carrying value on the balance sheet as well as the ~11.1 billion of pro forma net debt. This estimate may be generous. They are worth even less on an NPV basis given the extremely thin market for this asset class and likely extended time to sell. 
• Within that bucket there are some marketable assets - the ones that get mentioned the most are the (1) CommonSpirit Utah assets (we estimate ~1-1.2 billion), (2) Circle Health (we estimate ~1-1.1 billion) and (3) the UC Health FSERs (we estimate ~100 million). After that the "adverse selection" problem sets in hard and the quality, marketability and cash flow profiles of the remaining assets falls off quickly.
• In our view the question isn't whether these assets can sell or not, the questions are (1) at what price, (2) what would any impairment be vis-a-vis MPW's debt covenants, and (3) what is the timing to close?
• The follow-on question would be: What is left for MPW's remaining debt + equity after any such sale? This is the adverse selection problem - MPW would be left more exposed to inferior assets, including Steward, and its cash flow profile would be materially impaired going forward. 
• MPW needs proceeds in the door NOW, and may not have the ability to wait or deal with any delays such as was seen with Healthscope and obviously Prospect. 
• Secured Financing:
• MPW may need to issue a "low-hundred millions" amount of secured mortgage notes just to buy time. We estimate a rate ~8-10% as likely on any such deal. As we said the key variable here is time, and MPW needs capital in the door. This may be the most likely way to achieve that.
• There are obviously trade-offs here - depending on what is financed, which would likely be toward the higher-end of the quality spectrum, it would limit MPW's ability to subsequently sell those assets. It would also impair the recoveries on the longer-dated bonds and, therefore, the equity.
• It's all about buying time and "kicking the can" right now...
• Undisclosed SEC Investigation (New): Third-party research firm Disclosure Insight has been tracking signals of undisclosed SEC investigative activity since 2.7.22. Enforcement proceedings were confirmed as "ongoing" two times since then, most recently in March 2023. The latest signal on 11.30.23 suggested an SEC probe remains ongoing, but has not yet been confirmed by DI.   
• Senate Investigation:
• See HERE.  
• The letter addressed to MPW is HERE. 
• Key Quote: "Despite MPT’s ongoing assurances that it would cooperate with Senator Grassley and the investigation, MPT has hidden behind Lifepoint to provide relevant documents and information on its behalf and has repeatedly failed to provide its own full and complete answers, including documents, in response to his March 17 letter."
• Global HQ Construction:
• See HERE.
• Is this a good use of shareholder (or bondholder...) capital? 
• As we said, we will add to this list as needed and update weekly. Please let us know if you think we are missing anything, but these seem to us to be the key issues running in parallel right now. 

Figure 1: There's No Place Like Home, There's No Place Like Home... 

Source: FactSet, Hedgeye 

Please e-mail with any questions.

Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs

Prior Notes:

12.22.23 - REITS WEEKLY VALUATION HANDBOOK | 12.22.23

12.20.23 - THE (DIS)TRUST SERIES | VOLUME CXV | UPDATE: TRACKING THE KEY ISSUES | 12.20.23 | (MPW)

12.19.23 - "THE OTHER PROSPECT" SERIES | VOL. II | "NT 10-Ks" PILING UP | 12.19.23 | (PSEC)

12.18.23 - THE (DIS)TRUST SERIES | VOLUME CXIV | THE FBI & DOJ HAVE ENTERED THE CHAT... | 12.18.23 | (MPW)

12.18.23 - SUNDAY NIGHT REIT READ (A DAY LATE) | COLD IN MUCH BETTER SHAPE... | 12.18.23 | (COLD, MPW)

12.15.23 - REITS WEEKLY VALUATION HANDBOOK | 12.15.23

12.15.23 - THE (DIS)TRUST SERIES | VOLUME CXVIII | UPDATE: TRACKING THE KEY ISSUES | 12.15.23 | (MPW)

12.15.23 - REITS DAILY BRIEF | BUY PROLOGIS | 12.15.23 | (PLD, MPW)

12.13.23 - THE (DIS)TRUST SERIES | VOLUME CXVII | UPDATE: TRACKING THE KEY ISSUES | 12.13.23 | (MPW)

12.11.23 - THE (DIS)TRUST SERIES | VOLUME CXVI | CAN'T MAKE IT UP... | 12.11.23 | (MPW)

12.10.23 - SUNDAY NIGHT REIT READ | UPDATING OUR DLR MODEL FOR JVS | 12.10.23 | (DLR)

12.8.23 - REITS DAILY BRIEF | THE DLR DEVLP'T JV IS A TRADE-OFF | 12.8.23 | (DLR)

12.8.23 - THE (DIS)TRUST SERIES | VOLUME CXV | TRACKING WHERE THE KEY ISSUES STAND | 12.8.23 | (MPW)

12.7.23 - THE (DIS)TRUST SERIES | VOLUME CXIV | ARTICLES + LETTERS ON SENATE INVESTIGATION | 12.7.23 | (MPW)

12.7.23 - "THE OTHER PROSPECT" SERIES | VOL. I | PSEC'S PGX MARKS APPEAR "AGGRESSIVE" | 12.7.23 | (PSEC)

12.6.23 - THE (DIS)TRUST SERIES | VOLUME CXIII | CIRCULATING NBC ARTICLE | 12.6.23 | (MPW)

12.5.23 - REITS DAILY BRIEF | UPDATING OUR MAA MODEL | 12.5.23 | (MAA)

12.4.23 - REITS DAILY BRIEF | APT. RENT 2ND DERIVATIVE APPEARS TURNING... | 12.4.23 | (APARTMENTS)

12.1.23 - REITS DAILY BRIEF | UPDATING OUR CPT MODEL | 12.1.23 | (CPT)

12.1.23 - REITS WEEKLY VALUATION HANDBOOK | 12.1.23

11.30.23 - THE (DIS)TRUST SERIES | VOLUME CXII | PUBLIC FILING ON STEWARD ABL PARTICIPATION | 11.30.23 | (MPW)

11.30.23 - REMINDER: THE REITS SHOW - TODAY, 11.30.23 @ 11AM ET

11.29.23 - REPLAY | BLACK BOOK - NEW ACTIVE SHORT PROSPECT CAPITAL CORP. (PSEC)

11.29.23 - THE (DIS)TRUST SERIES | VOLUME CXI | FLASH: IMPORTANT CONFERENCE FEEDBACK | 11.29.23 | (MPW)

11.29.23 - REITS DAILY BRIEF | LARGE MECHANICS LIEN SHOWS UP IN MA | 11.29.23 | (MPW)

11.26.23 - SUNDAY NIGHT REIT READ | A FEW INITIAL THOUGHTS ON "THE OTHER PROSPECT" | 11.26.23 | (PSEC, MPW)

11.17.23 - INVITE | BLACK BOOK - NEW ACTIVE SHORT PROSPECT CAPITAL CORP. (PSEC)

11.17.23 - CIRCULATING YESTERDAY'S CT MIRROR ARTICLE ON PROSPECT CT/YALE SITUATION | 11.17.23 | (MPW)

11.17.23 - REITS WEEKLY VALUATION HANDBOOK | 11.17.23

11.16.23 - REPLAY: THE REITS SHOW - THURSDAY, 11.16.23 @ 11AM ET

11.16.23 - THE (DIS)TRUST SERIES | VOLUME CX | UPDATING LIQUIDITY FORECASTS | 11.16.23 | (MPW)

11.14.23 - THE (DIS)TRUST SERIES | VOLUME CIX | SOMETHING NEEDS TO BE ANSWERED CLEARLY... | 11.14.23 | (MPW)

11.14.23 - REITS DAILY BRIEF | UHAL 2Q24 REVIEW + MPW NAREIT QUESTIONS LIST | 11.14.23 | (UHAL, MPW)

11.13.23 - EVENT | BB - NEW ACTIVE SHORT PROSPECT CAPITAL CORP. (PSEC) | WEDNESDAY, 11.29.23 @ 10AM ET

11.13.23 - REITS DAILY BRIEF | DLR 3Q23 10-Q REVIEW + IMPORTANT TENET LETTER | 11.13.23 | (DLR, MPW)

11.12.23 - THE (DIS)TRUST SERIES | VOLUME CVIII | PROSPECT NOT "CURRENT" THROUGHOUT 2022 | 11.12.23 | (MPW)

11.11.23 - REPLAY: THE REITS SHOW - TODAY, 11.9.23 @ 11AM ET

11.10.23 - THE (DIS)TRUST SERIES | VOLUME CVII | FULL 3Q23 10-Q REVIEW | 11.10.23

11.8.23 - THE (DIS)TRUST SERIES | VOLUME CV | WHAT'S BASIS FOR ~1 BILLION GROSS FOR PHPH? | 11.8.23 | (MPW)

11.8.23 - REITS DAILY BRIEF | EXR 3Q23 RESULTS | 11.8.23 | (EXR)

11.7.23 - REMINDER: THE REITS SHOW - THURSDAY, 11.9 @ 11AM ET

11.7.23 - REITS DAILY BRIEF | APARTMENT RENT TRACKER + MPW 10-Q QUESTIONS | 11.7.23 | (APARTMENTS, MPW)

11.6.23 - REITS DAILY BRIEF | ABR 3Q23 10-Q & OTHER NOTES | 11.6.23 | (ABR)

11.5.23 - SUNDAY NIGHT REIT READ | WE SEE AVB AS THE "FASTEST HORSE" IN MF | 11.5.23 | (AVB, IRM, DLR, MPW)

11.3.23 - REITS DAILY BRIEF | MORE 3Q23 RESULTS | 11.3.23 | (AMH, SBAC)

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)