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Dane Bowler  

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  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    Ruk,

    I am not well informed about international REITs so my opinion would be of little use to you.

    Thanks for reading
    Jul 7, 2015. 10:09 AM | Likes Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    jlg5385,

    In general I am not Bullish on mreits. There are some that have gotten opportunistic, but I would not want to be long the group
    Jul 7, 2015. 10:02 AM | Likes Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    Rosh and pendragony,

    Thank you for the kind words
    Jul 7, 2015. 09:55 AM | 1 Like Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    swingfactor,

    I anticipate FFO per share growth to slow because cap rates are low. In previous years REITs were simply acquiring at higher returns which equated to faster growth.

    The faster growth should return as cap rates come back up.
    Jul 6, 2015. 04:36 PM | 1 Like Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    I am still very bullish on and long VTR. It just didnt fit the large discount to NAV idea, so it wasnt mentioned in this particular article
    Jul 6, 2015. 03:01 PM | 3 Likes Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    Darren,

    That is a valid concern, so I would like to share with you why I chose not to look at a longer period of time.

    The short explanation is that REITs prior to the great recession were so different fundamentally that comparison would be very cloudy and in many cases misleading. Leverage was more aggressive, property quality was lower, tenant quality was lower and many of the new REIT sectors did not yet exist.

    For the sake of a more representative comparison, I chose recent history as the fundamentals are closer to where they are now.

    Hope this helps and thanks for reading
    Jul 6, 2015. 02:40 PM | 2 Likes Like |Link to Comment
  • The REIT Bloodbath: Game Plan For 2nd Half [View article]
    Tax Litigator,

    Regarding SOHO, the simple reason that the debt to equity doesnt concern me is that it isn't all that high.

    If one looks at the book value of equity and the book value of debt its leverage is north of 8 to 1. This would appear frightening, and may be the ratio you were looking at. However, we must remember that SOHO's assets have been owned for a very long time so they have depreciated well below their true value.

    I along with many other analysts value their assets around $400-$500 million depending on the cap rate used. Using this asset value, SOHO is only 2X to 3X levered which is well within a normal range for a hotel REIT.

    In brief, SOHO only looks like it has a high D/E because of the depreciation. In reality it is not all that levered.

    Hope this helps, and thanks for reading
    Jul 6, 2015. 02:36 PM | 8 Likes Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    In my opinion, Yes. Higher quality and just as cheap
    Jun 26, 2015. 11:35 AM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    Better entry point.

    The drop is related to a small issuance to fund the purchase of 100% of its joint venture hotel.
    Jun 24, 2015. 09:58 AM | Likes Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Tom,

    I did not mean to imply that they invest in a pool, but rather that they own the assets directly. this is an equity REIT not an mREIT.

    The assets are diversified as they have all 4 of the major healthcare property types, SNFs, senior housing, hospitals and MOBs
    Jun 19, 2015. 11:55 AM | Likes Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Robert,

    Its not just VNQ. Over 20% of Ventas is owned by index funds
    Jun 19, 2015. 09:38 AM | 1 Like Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    mr skeptical,

    Seeking Alpha is a place that welcomes discussion of such topics. If you would like to make an argument as to why hospitals warrant a discount, please enlighten us.
    Jun 18, 2015. 04:42 PM | 8 Likes Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Moatfrog,

    Regarding the management shenanigans that you brought up, that is one of the reasons I like Ventas. Among all REIT management teams they are one of the least likely to take advantage of shareholders as their corporate governance is top notch and quite frankly, Debbie seems like an honest person.
    Jun 18, 2015. 04:27 PM | 1 Like Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    alberto,

    If you are referring to the fact that hospital REITs (MPW as the example) trade at lower multiples you have a valid point.

    That being said, I see no fundamental reason why hospitals should trade at a lower multiple. In my opinion, the only reason they do, it because the asset class is badly misunderstood by the market. Ventas commands enough respect and experience that the market may understand once they explain it.
    Jun 18, 2015. 04:24 PM | Likes Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Glory,

    83% doesn't seem risky to me either, but it may trend down substantially as hospitals become a larger part of their portfolio. With just Ardent, hospitals are still a small fraction.

    Personally, I think there are some benefits to having a higher percent medicare and medicaid.
    Jun 18, 2015. 04:20 PM | Likes Like |Link to Comment
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