Seeking Alpha

Brad Thomas

 
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  • EPR Is A Unique Net Lease Brand I Would Like To Own
    Editors' Pick • Mon, Mar. 31 ADC, AMC, ARCP 39 Comments

    Summary

    • It seems that many of the Triple Net REITs are chasing down the same properties and the lines are beginning to get blurred as it relates to brand differentiation.
    • EPR does not contend directly with most Triple Net REITs and as a result, the company has been able to source new investments with less competition.
    • ARCP's overhang has definitely impacted my decision to buy EPR and I would like to see some movement in ARCP’s share price before I gain more Net Lease exposure.
  • Intelligent REIT Investors Must Stay Focused On Dividend Dependability
    Editors' Pick • Mon, Mar. 31 CMO, DLR, ELS 33 Comments

    Summary

    • It's important to recognize that many investors purchase REIT shares for dependable and reliable income - a durable revenue stream that can be relied upon over a series of years.
    • Capstead has had to endure a highly unpredictable dividend history, and investors have had to tolerate a very inconsistent revenue model.
    • Reinvesting dividends can allow you to "super-size" your portfolio - something like owning shares in a free ATM machine.
  • It's A Prime Time To Buy Ashford Prime
    Wed, Mar. 26 AHT, AHP 7 Comments

    Summary

    • Ashford Trust continues to hold an approximately 19% interest in Ashford Prime, so growth and positive performance from Ashford Prime will be realized by Trust investors through that ownership position.
    • Ashford Trust investors hold the shares of AHP they received in the spin-off, then they will benefit from any positive performance at Prime.
    • Ashford Prime seems attractive, since listing last November the shares have fallen by around 28% to a close of $15.14.
  • Should An Intelligent REIT Investor Buy CapStead Mortgage?
    Tue, Mar. 25 CMO 64 Comments

    Summary

    • The risk that Capstead takes on their books is spread risk - the risk that ARM spreads will change and impact book value.
    • Given my knowledge of the mREIT sector, I believe that CapStead is a speculative operation and based upon the earnings history, the dividend record has been considerably volatile.
    • CapStead’s common dividend yield of 10.48% does not compensate for the higher risk that impedes the dependability of the dividend stream.
  • Can Brixmor Get Shelf Space Like Tony The Tiger?
    Editors' Pick • Mon, Mar. 24 ARCP, BX, HLT 5 Comments

    Summary

    • One of the key differentiators for Brixmor is the opportunity to capitalize on the company’s significant near-term lease rollover by stepping up below market rents.
    • For Brixmor, it’s clear that this is an internal growth story. The investment thesis is to continue to deliver NOI growth without significant capital.
    • This is a more speculative bet than I generally recommend; however, I believe that the management team has the experience to move the needle and get more shelf space.
  • Is Equity Residential A Fortress REIT Brand To Buy Now?
    Editors' Pick • Mon, Mar. 24 EQR 16 Comments

    Summary

    • Sam Zell insists that every investor “should dig deeper into a company before investing. It’s not enough to know sales and profit margins”.
    • I do not see a “margin of safety” in Equity Residential.
    • As a value investor, my primary goal is to preserve capital, and I’ll wait on a better day to own EQR.
  • Blackstone's Private Equity Model Is Hitting All Cylinders
    Editors' Pick • Fri, Mar. 21 BX 96 Comments

    Summary

    • Since January 2009, Blackstone has returned over 948%.
    • Blackstone has a tremendous amount of "dry powder" available to employ that will drive growth and earnings.
    • During the fourth quarter of 2013, Blackstone attracted gross asset inflows totaling $17 billion and $60 billion for the year.
  • How Does An Intelligent Investor Navigate Mortgage REIT Risk?
    Wed, Mar. 19 AGNC, JNJ, NLY 55 Comments

    Summary

    • My view of a dividend champion has been consistent and that definition is based upon the premise of durable dividend payments.
    • Finding an attractive dividend-paying stock is just one part of the puzzle, buying them is another.
    • Mortgage REITs are playing an important role in helping provide capital for commercial and residential real estate in the recovery ahead.
  • Sam Zell Owns Equity Lifestyle, Should I?
    Tue, Mar. 18 SUI, UMH, ELS 3 Comments

    Summary

    • When compared with the broader Multifamily sector, ELS has outperformed the larger peer group based on historic Same Store NOI growth.
    • ELS has a much better dividend growth record with average 3-year dividend growth of 17% and average 5-year dividend growth of 24%.
    • I would recommend the ELS-C 6.75% Preferred Issue that’s trading at $23.62 with a current yield of 7.13%.
  • ARCenters - You Have To Think Anyway, So Why Not Think Big
    Mon, Mar. 17 ARCP 185 Comments

    Summary

    • ARCP intends to unlock value by creating a leading shopping center REIT via a strategic spinoff.
    • ARCP intends to focus ARCP’s strategy as a pure-play net lease REIT.
    • ARCP intends to improve credit profile.
  • Maybe This Triple Net REIT Will Get Your Spirits Up
    Tue, Mar. 11 SRC 17 Comments

    Summary

    • Since listing on September 2012, Spirit’s shares have increased by approximately 34.4%.
    • Over the last 90 days, most REITs have outperformed and Spirit’s shares have climbed by around 7.2% during that time period.
    • Spirit closed at $10.59 with a current dividend yield of 6.28%.
  • A Value Investor Explains Why He Owns Digital Realty
    Editors' Pick • Mon, Mar. 10 DLR 65 Comments

    Summary

    • Value investors have learned over time that the way to win the game is to focus on both price and value – that is, paying less.
    • As I have watched all of the drama unfolding with Digital (over the course of months), I have never questioned the company’s fundamentals.
    • Digital’s fourth quarter results exceeded expectations and the 10%+ beat consensus in the latest quarter ($1.26/share vs. $1.14/share) and that should propel momentum during the year.
  • Tanger Outlets: Nobody Does It Better
    Editors' Pick • Fri, Mar. 7 CBL, GGP, GRT 45 Comments

    Summary

    • In the new age of retailing, it’s becoming quite clear that the most sustainable companies will have to be experts in all business lines – full price, discount, and e-commerce.
    • Although Tanger is not the largest mall REIT based on size, the company does flex considerable muscle when it comes to its “fortress” balance sheet.
    • I’m sticking with my “sleep well at night” BUY price of $32.00.
  • Super-Size Your Dividend Portfolio With More ROIC
    Thu, Mar. 6 ROIC 20 Comments

    Summary

    • A dividend increase represents a commitment by a company that its shareholders are important, and the message is plain and simple: you can count on the income.
    • Oftentimes, insiders also have insight into marketing, improving industry conditions, and the potential for future financial transactions that may improve the health of the business.
    • My initial acquisition price was $13.60 per share, and I have been pleased with the results – shares are up around 9.9% (closed at $14.98).
  • Is American Realty Capital A Monster Or A Machine?
    Editors' Pick • Mon, Mar. 3 O, WPC, NNN 135 Comments
  • Is Omega Healthcare's Risk In Government-Based Income Overstated?
    Editors' Pick • Fri, Feb. 28 OHI 55 Comments
  • Up Close With This Pure Play Hospital REIT CEO
    Thu, Feb. 27 MPW 56 Comments
  • Chatham Lodging Trust: I May Be Adding SALSA To This Hotel REIT That Pays Dividends Monthly
       • Tue, Feb. 25 CSG, CHSP, EPR 32 Comments
  • Why I Sleep Well At Night Owning This Blue Chip Health Care REIT
    Editors' Pick • Tue, Feb. 25 VTR 47 Comments
  • A Preferred Bond Replacement Strategy For Intelligent REIT Investors
    Mon, Feb. 24 CDR, EPR, FCH 51 Comments
  • Why Is Risk Management Essential For This MOB REIT?
    Editors' Pick • Sat, Feb. 22 HTA 57 Comments
  • What's The Secret Sauce That Makes STAG A Smokin' Hot REIT?
    Editors' Pick • Wed, Feb. 19 STAG 34 Comments
  • 12 REITs That Pay Monthly Dividends And 1 Great One That Does Too
    Tue, Feb. 18 ARCP, ARR, CLDT 157 Comments
  • It's Time To Dissect This Pure Play Health Care REIT
    Mon, Feb. 17 AVIV, DOC, HCN 45 Comments
  • Mr. Market Is Starting To Spread The Love For This Small Cap REIT
    Editors' Pick • Mon, Feb. 17 AMRE, BRX, DDR 14 Comments
  • The REIT Answer For Darden Is Its Coveted Real Estate Portfolio
    Editors' Pick • Fri, Feb. 14 ARCP, AZO, COLE 51 Comments
  • Could 2014 Be The Year For The Mid-Cap REITs?
    Editors' Pick • Wed, Feb. 12 ARCP, BMR, BRE 74 Comments
  • Sam Zell Thinks Most REITs Aren't Relevant, Except His Of Course
    Editors' Pick • Tue, Feb. 11 AVIV, AXE, CVA 83 Comments
  • A Premium Healthcare REIT That Delivers Something Special
    Editors' Pick • Mon, Feb. 10 AVIV, DOC, HCN 68 Comments
  • Mr. Market Cannot Be Relied Upon To Provide Dependable REIT Income
    Fri, Feb. 7 ESS, FRT, GOOD 43 Comments
  • Gladstone Commercial: It's Too GOOD To Be True
       • Wed, Feb. 5 DCT, DRE, EGP 67 Comments
  • No Margin Of Safety In Amazon, But What About An Amazon Landlord?
    Editors' Pick • Mon, Feb. 3 ADC, AMZN, ARCP 61 Comments