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  • Weighing The Risks Behind New Senior's Whopping 10.9% Dividend Yield [View article]
    a .25% rate increase because the economy is doing so well, followed by gradual increases with a target of 2-4% in several years.

    REITs did business for years with interest rates that high, for example Realty Income, and managed to do quite well.

    Long SNR and VTR.
    Nov 9, 2015. 08:19 AM | 1 Like Like |Link to Comment
  • Reviewing My Decision To Buy CYS Investments [View article]
    Look at the preferreds, CYSPRB, a 7.5% cumulative issue that is redeemable after April 30, 2018.

    Its current price is 21.58 giving a current yield of 8.69%, and a yield to call of 9.5%.

    Long CYSPRB.
    Nov 7, 2015. 09:54 AM | 4 Likes Like |Link to Comment
  • Senior Housing Properties Trust declares $0.39 dividend [View news story]
    second quarter 2015 cash flow from operations = 112,398
    second quarter 2015 dividends paid = 92,655

    coverage = 82% = close enough for me
    once RMR gets its SEC registration and its financials are in the
    public view, then we'll really know what we are dealing with.
    Oct 30, 2015. 01:35 PM | Likes Like |Link to Comment
  • Mortgage REITs: Meat And Potatoes Or Deep Fried Bomb? [View article]

    What about the preferreds of the mREITS? AGNC and NLY have cumulative preferreds that pay over 7%.
    Oct 23, 2015. 11:05 PM | Likes Like |Link to Comment
  • Don't Get Duped By Senior Housing Properties' 9.2% Dividend Yield [View article]
    Brad, Thanks for another well-researched and well-reasoned article.

    SNH bought 17% of RMR for $60.7 million. They issued 2.3 million shares of stock valued at $46.8 million or $20.35 per share and paid the other $13.9 million in cash. The shares are subject to a 10 year lock-up period. So the deal was 77% stock and 23% cash.

    The Portnoys are not stupid. If they run SNH and the other REITs into the ground, their stock loses value too. So they would only hurt themselves. Fair value for SNH is around $22.50, so it is a good buy at current price and yield.

    Private pay senior living and medical office buildings are in the right area for the demographic wave that will reshape our country.

    An anecdote: One of my old friends is a realtor. She told me that she has been helping her old friends sell their homes so they can move into assisted living.
    Oct 12, 2015. 08:17 AM | 13 Likes Like |Link to Comment
  • The Sucker Yield Smack-Down [View article]
    Brad, always enjoy your articles, particularly the provocative titles.

    MPW's FFO for the first 6 months of 2015 was $.58 versus a cash dividend of $.44.

    Keep those articles coming!
    Sep 11, 2015. 07:30 AM | 7 Likes Like |Link to Comment
  • Whitestone REIT Is Now Yielding 10.5% [View article]
    Brad, another informative article. Thanks.

    For the 1st 6 months of 2015, WSR had total cash flow from operations of $14,603 million and paid dividends of $13,351 for a coverage ratio of 91%, according to Yahoo Finance.

    Listen to the conference calls.

    Long WSR.
    Sep 7, 2015. 08:01 AM | 8 Likes Like |Link to Comment
  • Why I Sold These 4 Slow-Growing REITs [View article]
    Stanford, the most important thing about a REIT is the quality of the management team. I suggest that you read the bio's of the CEO and CFO and listen to them on the conference call and make your own value decision about their relative ability. The best management teams produce the best returns.

    There is always a difference.
    Aug 20, 2015. 08:40 AM | Likes Like |Link to Comment
  • Whitestone REIT Is Now Yielding 8.9% [View article]
    Brad, always look forward to reading your articles. Thanks.

    Dan Holeman, CFO, said in the May 6thconference call that the FFO for 2015 would be in the range of $1.25-1.30.

    That should cover the dividend.
    Jul 31, 2015. 08:49 AM | 2 Likes Like |Link to Comment
  • Assessing American Capital Agency's Results For Q2 2015 [View article]
    Thanks Scott. Another very interesting and useful article.
    Jul 30, 2015. 07:46 AM | 2 Likes Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    Brad, great article as usual. What spooked the market and me was the comment
    about even issuing equity in the mid-teens made economic sense.

    Great. Keep on issuing stock at these low levels. Since Butcher has bulked up the G&A he has to keep on buying to justify what he has done.

    The impairment charge also could mean that their vaunted models don't work that well either.
    Jul 29, 2015. 08:03 AM | 13 Likes Like |Link to Comment
  • Durability Test: STAG Industrial [View article]

    Very informative article as usual. Thanks for the explanation of the ROE on the recently issued shares.

    What are the OP units?
    Jul 20, 2015. 07:33 AM | Likes Like |Link to Comment
  • Mr. Market Is Not Thrilled With This Net Lease Merger, Neither Am I [View article]
    The experience and skill of Gordon DuGan and his team will make this work.

    He did it with W.P. Carey, he has done it with GPT and will do it with the larger

    Listen to the conference call and look at the slides for yourselves.

    Long GPT.
    Jul 2, 2015. 09:13 AM | 2 Likes Like |Link to Comment
  • American Realty Capital Properties: Time To Risk A Position? [View article]
    If you look at ARCP's balance sheet, they are carrying about 2 billion dollars worth
    of "goodwill" and intangible assets. So their book value per share for hard assets
    is $7.87. I think they will have to write off more of these intangibles

    With their size of over 4000 properties, it is hard to imagine any significant growth
    from acquisitions. In fact I think they are going to cull the lower performing properties to clean up their balance sheet and get their portfolio to a more manageable size. So the AFFO may go lower before it goes higher.

    I predict that there will be plenty of opportunity to get back on the ARCP train before it leaves the station. The crew has just finished counting the cars and checking the connections.
    May 20, 2015. 08:03 AM | 3 Likes Like |Link to Comment
  • Until There's A Dividend, This REIT Remains A Pig In A Poke [View article]
    The AFFO of .90 for 2014 included some of the properties that they sold, and included part of the Red Lobster properties for only part of the year, so it is not clear to me what the AFFO for 2015 will be.

    Obviously this will affect the dividend.
    Mar 31, 2015. 08:20 AM | 1 Like Like |Link to Comment