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Dane Bowler

 
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  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    John,

    Thanks for the color on a potential reason for the low trading prices.

    I agree that NRF common is strong right now. Since raising their dividend and reporting a very strong quarter the price dropped. Both cheaper and better than it used to be.
    Aug 13 08:04 PM | 1 Like Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    earl,

    I agree completely. I am rather confused as to how it can trade so cheaply
    Aug 13 06:38 PM | Likes Like |Link to Comment
  • Medical Properties Trust Will Rise As It Proves Resilient In A Challenging Environment [View article]
    Rom,

    OHI i the ideal balance stock for MPW. its SNFs go well with MPWs hospital portfolio and it has a very compelling valuation.
    Aug 11 10:15 PM | 1 Like Like |Link to Comment
  • Medical Properties Trust Will Rise As It Proves Resilient In A Challenging Environment [View article]
    Paul,

    Well, MPW has arguably the most profitable operators of any of the healthcare REITs as shown by their EBITDAR ratios. Even with medicare cuts and other turmoil, it seem the operators would be incented to renew.
    Aug 10 11:29 AM | 1 Like Like |Link to Comment
  • Medical Properties Trust Will Rise As It Proves Resilient In A Challenging Environment [View article]
    richjoy,

    Well MPWs are almost all CPI+X% based which means its a REAL increase regardless of inflation of deflation.

    Some of the other healthcare REIT contracts also involve escalators, but much of MPW's are not included in GAAP straight line rent as they have no floor or ceiling. Thus, these are in ADDITION to the GAAP rent rather than a component of it.
    Aug 10 11:27 AM | 3 Likes Like |Link to Comment
  • Disproportionate Sell-Off Of REIT Preferreds Creates Substantial Opportunity [View article]
    Well the price drop was consequent to them paying a dividend yesterday. NRF-c seems the best at the moment, but again, each is a strong preferred stock.
    Aug 9 05:43 PM | Likes Like |Link to Comment
  • Medical Properties Trust Will Rise As It Proves Resilient In A Challenging Environment [View article]
    Paul,

    Good questions. I will try my best to answer them

    1) relative valuation: MPW trades around 11.2X the 2014 FFO estimate. According to SNL Financial, the average healthcare REIT goes for around 16X forward FFO, but the average was closer to 17X prior to the recent panic. MPW is the 2nd cheapest healthcare REIT with only OHI being cheaper.

    Again based on SNL Financial's figures, the average equity REIT of any sector trades at 15.6X forward FFO. Thus, MPW is cheap within its sector and compared to REITs as a whole.

    2) in terms of price correlation with other hospitals, MPW may continue to move with them in the short run, but it should diverge in the long-run. I suspect a short term correlation as the nominal similarities tend to be the driving force of temporary behavior. However, in the long run, MPW's fundamentally different risk and reward profile will likely cause divergence.

    3) the dividend: As stated in the article MPW's payout ratio was dangerously high until recently. It is now in their target range of just under 80%. Given the expected FFO/share increases in the coming years, I would anticipate the dividend to be raised proportionally to maintain approximately an 80% payout.

    Thank you for the well-informed questions and I hope this helps
    Aug 9 11:12 AM | 2 Likes Like |Link to Comment
  • Emergent Mispricing From The Indiscriminate REIT Sell-Off [View article]
    Galicia,

    In my opinion, the two are quite close. Each has strengths over the other and either one seems to be a good investment at the moment.
    Aug 8 10:39 AM | Likes Like |Link to Comment
  • The Strongest REIT Opportunity Of This Earnings Season: Omega Healthcare [View article]
    Berloe,

    Thanks for sharing.

    While I believe that OHI is well-sheltered from that sort of turmoil, your warning is well received and we would all be wise to consider it.
    Aug 6 09:08 PM | 3 Likes Like |Link to Comment
  • Emergent Mispricing From The Indiscriminate REIT Sell-Off [View article]
    Kumash,

    ARCP has gotten very cheap and I think it is a strong stock at the moment. I wouldn't compare it to VTR and HCP so much as the business is extremely different, but it certainly a better value than O or NNN.
    Aug 6 08:57 PM | Likes Like |Link to Comment
  • Emergent Mispricing From The Indiscriminate REIT Sell-Off [View article]
    I think the most pressing concern for most investors is about leasing rates. Will the next leasing cycle be renewals, rollups or rolldowns?

    It'll be an interesting interview and I look forward to seeing it. Please keep us posted.
    Aug 6 11:16 AM | Likes Like |Link to Comment
  • A Sustainable And Growing 8% Yield Is Driving NorthStar Realty Finance's Outperformance [View article]
    galicianova,

    Since the NRF-B came up, none of the NRF preferreds are outrageous opportunities, but they are still decent buys.

    Either the common or the preferreds are fairly strong total return plays at the moment in my opinion.
    Aug 6 11:10 AM | 1 Like Like |Link to Comment
  • The Strongest REIT Opportunity Of This Earnings Season: Omega Healthcare [View article]
    DH56,

    Grats on the $21 shares and I think you were wise to add under $30
    Aug 6 10:17 AM | 1 Like Like |Link to Comment
  • Emergent Mispricing From The Indiscriminate REIT Sell-Off [View article]
    Brad,

    I agree on HCP. I was debating on whether to write about that or VTR as both got cheap, but in the end I feel Debbie Cafaro is the tie breaker.
    Aug 6 10:13 AM | Likes Like |Link to Comment
  • The Strongest REIT Opportunity Of This Earnings Season: Omega Healthcare [View article]
    I am long MPW as I feel it is undervalued. It's hospital portfolio compliments the SNF concentration of OHI quite nicely so one could certainly be long both.

    In my opinion, HTA is still a bit too pricey.
    Aug 6 10:11 AM | 2 Likes Like |Link to Comment
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