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Dane Bowler  

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  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Robert,

    It depends on the structure of the ETF. A closed end ETF would have a fixed number of shares, but most of the ones structured that way are actively managed. A majority of the passive ETFs, such as Vanguard, are open ended where shares are created upon inflows or destroyed upon outflows.

    I hope this clarifies, and thanks for reading
    Jun 18, 2015. 04:17 PM | 1 Like Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Thanks Brad, You too
    Jun 18, 2015. 04:14 PM | 1 Like Like |Link to Comment
  • Ventas Has Gotten Way Too Cheap With 30% Upside On Strong Fundamentals [View article]
    Ronaldo,

    Thanks for reading. There seem to be many opportunities among REITs with the pullback this year.
    Jun 18, 2015. 03:25 PM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    Update continued:

    The aftermath of AHT's acquisition news has been volatile with the stock quickly plummeting to below $8 from roughly $8.60 prior to the announcement. As the dust settled, the market seems to be taking a less negative view with gains of about 3% today. I remain cautiously bullish as the valuation is still extremely cheap and the growth story remains in tact.

    However, there is now more risk than I had anticipated while writing the article. This stock is not for the faint of heart and there is a chance further buying of overpriced assets could spur dilutive stock issuance.
    Jun 16, 2015. 04:13 PM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    That is probably correct. Chatham is not as cheap as the other hotel REITs and I don't see it as materially mispriced.
    Jun 16, 2015. 10:44 AM | 1 Like Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    The risk of investing in AHT right now is very high in my opinion. These acquisitions appear to be quite dilutive and may indicate a new trajectory of misalignment.

    I remain long AHT, but with extreme caution.
    Jun 15, 2015. 03:51 PM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    Factor,

    You are correct that G&A is very high at AHT. It is a factor we are watching very closely.

    Keep in mind, however, that the FFO figures are AFTER G&A so there is room for even better returns if an activist comes in and forces management to cut compensation to a more reasonable level.
    Jun 15, 2015. 10:38 AM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    John,

    Thank you for the comments. I share your frustration with Monty's buying spree at expensive prices.
    Jun 15, 2015. 10:35 AM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    Understanding,

    It could be any number of factors, including the highland buy that you mentioned. I think it is probably the aggregation of everything hitting critical mass where there are just too few people who consider it investable right now
    Jun 15, 2015. 10:30 AM | 1 Like Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    galicianova,

    HT is very strong with arguably the best management among hotel REITs and property level outperformance. I also really like SOHO right now on valuation.
    Jun 15, 2015. 10:28 AM | Likes Like |Link to Comment
  • Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust [View article]
    Update:

    Since writing this article, AHT has issued press releases on 2 new acquisitions. These are quite substantial in size and may affect my thesis. I will analyze these deals and update again with further comments
    Jun 12, 2015. 12:15 PM | 1 Like Like |Link to Comment
  • Rich Valuations And Slow Growth Portend Danger For High-End Apartment REITs [View article]
    aretailguy,

    I've just started looking at NXRT. It seems interesting but I have alot of work to do on it yet.

    Thanks for reading
    May 29, 2015. 10:20 AM | Likes Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    Michael,

    As such a new issue it can take a bit for custodians to "ok" it for shorting. Through E-Trade I have been able to short without any additional costs, but some custodians are still in the review process as it is so new.

    Give it a week and I think it will be available on most platforms.
    May 28, 2015. 10:10 AM | Likes Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    Brad,

    thanks for reading. I enjoyed your WP Glimcher article today
    May 28, 2015. 10:07 AM | Likes Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    nyugrad,

    I suspect you are right that the investor base is very old. However, I disagree on the advice their brokers will give them.

    Brokers are incentivized to transact as frequently as possible as that is where they earn fees. Many brokers will be eager to roll their client's money into something else.
    May 28, 2015. 10:06 AM | Likes Like |Link to Comment
COMMENTS STATS
672 Comments
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