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Farmland Partners: Maintaining A $16.25 Price Target (~50% Upside)
- Farmland Partners is a farmland REIT that has been beat up in the market.
- A slew of somewhat misguided concerns have adversely affected its market price.
- Fundamental strength and strong capital deployment are poised to break these concerns and bring its price closer to fundamental value.
Fiduciary Discipline At Hersha Hospitality Sets Them Apart
- Hotels are performing well in 2014, with expectations to stay strong for many years.
- Hersha has performed a series of accretive acquisitions and dispositions that set them apart from competition.
- HT remains cheap on an NAV and P/FFO basis, especially considering its quality.
Unrecognized Quality Presents 48% Upside At Brixmor Properties
- Brixmor is a grocery anchored shopping center REIT that recently came public.
- At current prices it is deeply undervalued relative to its quality.
- We anticipate that internal growth, careful strategy, dissipation of misconceptions and a reduced cost of capital will create up to 48% upside.
The Ease Of REIT Conversion Portends Danger For REITs
- Companies with substantial property portfolios are finding ways to take advantage of REIT tax law.
- As conversions become more frequent, REITs will be at risk of losing acquisition pipelines and could face increased reform pressure.
- Investors need to know how to position themselves to avoid these risks while maintaining exposure to the upside of REITs.
Preferred Apartment Communities Nearly Doubles Its Assets Overnight
- Preferred Apartment Communities just announced a large acquisition.
- Our analysis suggests that it could be accretive to the bottom line.
- APTS could have 30% upside if the financing is well executed.
Underreaction To Recent News Makes Arbor Realty An Opportunity
- Arbor Realty announced the termination of a $58mm liability.
- The market response to the favorable news was underwhelming.
- Arbor Realty is opportunistic, trading at a deep discount to fundamental value.
An 8.6% Yielding REIT Preferred With Upside From Pareto Superior Pricing
- RSO-B has an 8.6% yield and trades at a meaningful discount to par.
- RSO-B is cheaper and higher yielding than RSO-A with the same risk.
- A return to normalized pricing could provide material outperformance.
Sotherly Hotels Still Has Room To Run
- SOHO has tripled over the past 3 years but remains cheap.
- Strong fundamentals justify a substantially higher trading multiple.
- We see SOHO as having 65% upside as it continues to grow FFO/share.
A Behavioral Overreaction Makes Select Income Realty An Opportunity
- CommonWealth sold its Select Income Shares to Government Properties.
- The exchange of shares had no fundamental impact on SIR yet its market price dropped ~4%.
- SIR is opportunistically priced for investors who wish to capture the reversal of the overreaction.
RAIT Financial's Asset Management Capabilities Could Unlock Material Value
- RAIT Financial's asset management branch is undervalued by the market.
- While presently small, it has the potential to grow substantially as Independence Realty Trust grows.
- If IRT can continue to grow, RAS's asset management contract with them could be worth as much as $2.55/share.
An Office And Industrial REIT Positioned To Deliver Alpha - Chambers Street Properties
- Chambers Street Properties trades at a substantial discount to its intrinsic value.
- It provides exposure to the fundamentally desirable office and industrial REIT sectors at a cheaper price than is otherwise available.
- Strong properties and tenants along with an oversized dividend should result in extra returns for CSG investors as its multiple expands.
Farmland Is The Next Big Thing In REITs
- Farmland Partners has become cheap on exaggerated fears of conflicted interest.
- An accretive acquisition pipeline along with internal rental rate growth should catalyze returns.
- Farmland Partners should trade at a high resting FFO multiple due to the characteristics of its underlying assets.
3 Warnings For Those Seeking Demand Growth Stories
- Demand growth trends can really move stocks but are often dangerous.
- Recent history has given us excellent examples of this danger.
- Investors need to know what to look for to differentiate the winners from the traps.
Lexington Realty Trust Is Deeply Undervalued With 30% Upside Potential Within A Year
- At 10X FFO, LXP is severely undervalued.
- A strong asset portfolio and investment pipeline could fuel FFO/share growth.
- Annual dividend raises will fuel investor interest and potentially capital appreciation.
Macro Scale REIT Valuation: Is The Sector Becoming Too Expensive?
- REITs have performed well in 2014, leading many to believe they are too expensive.
- Both price and P/FFO are within normal historical ranges for REITs and seem appropriate for fundamentals.
- Opportunity remains within certain subsets of REITs: small cap and value.
American Realty Capital Properties: Rapid Growth At A Cheap Price
- Enormous transaction volume has left shareholders confused and largely on the sidelines.
- Analysis reveals these transactions to be fundamentally accretive.
- Equity issuance associated with the transactions dropped market price to highly opportunistic levels.
A Prominent Sector Headwind Stifles The Growth Of Sabra Healthcare
- Sabra's rapid growth rate is slowing.
- Non-traded REIT money is compressing acquisition cap rates.
- Compressed spreads limit the volume of accretive growth available to Sabra.
Armada Hoffler: Developing A Path To Outperformance
- Armada Hoffler is presently undervalued consequent to a variety of temporary negative catalysts. As these catalysts expire, we expect the FFO multiple to improve.
- It is positioned to grow FFO/share through a large (relative to its market cap) pipeline of accretive development opportunities.
- The combination of FFO/share growth with FFO multiple expansion could generate material capital gains.
- Unanticipated Growth May Catalyze Independence Realty Trust's Outperformance
- An Accretive Acquisition Makes CorEnergy A Near-Term Buy Opportunity
- Deep Value And Near-Term Catalysts Position Winthrop For Outperformance
- My 2014 Diversified REIT Portfolio Designed For Outperformance
- REIT Tax Loss Selling Creates Opportunity
- The Impending Dividend Cut Makes Gladstone Land A Prime Short Opportunity
- Ventas: Get Blue Chip Quality Without Paying For It
- Ashford Hospitality Presents A Potential 40% Upside Catalyzed By Impending Spin-Off
- CBL & Associates Is Poised To Profit On J.C. Penney's Potential Demise
- A Puzzling 15mm Share Issuance Sends Summit Hotels Plunging
- Weyerhaeuser Is Irrationally Cheap With Powerful Catalysts
- 8%-Plus Yielding REIT Preferreds Part 2: The Best Of The Best
- 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1
- Excessive G&A: Implications And Opportunity For One Liberty Properties