- Investors Real Estate Trust (IRET -12.8%) has about 35% downside to $4.40 per share fair value, says Jonathan Litt's Land and Buildings. Among the negative catalysts are its exposure to energy-exposed markets (particularly North Dakota), and a highly leveraged balance sheet.
- Apartment rents are down 50% in some of the company's markets, says Litt. His team figures the dividend needs to be cut by 50% and earnings estimates by 15% or more.
- Land and Buildings, of course, is notable for its activism on the long side. This looks to be its first instance of publicly going short.
- Presentation slides