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Dane Bowler  

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  • 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
  • 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
COMMENTS STATS
691 Comments
470 Likes