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Comments (35)

Greenhorn Investor profile picture
@Brad Thomas Thank you for the article. I've begun looking at REITs more closely so this is very helpful. Thanks!
Brad Thomas profile picture
Washington Prime: Another One Bites The Dust

birder 4000 profile picture
IRM is my largest holding currently. It seems I am more optimistic about the company than the rest of Wall Street. CCI is my 2nd largest holding. It has actually grown into that.
Brad Thomas profile picture
@birder 4000 Nice job... we're interviewing IRM's next week at iREIT on Alpha... come join us .... 20% off during our March madness promo... All the best - Brad
Coach Baker profile picture
Brad, very interesting. I am dumbfounded. Figured you to be more "Go Big or Go Home." I appreciate the conservatism in the pillar approach and must admit it is far more sound than the other. Thanks
Brad - I am a little confused by your comments on dividend growth for REG. One paragraph says, "We expect to see the dividend increase again in 2021, based on analyst growth estimates." Yet just below, another paragraph says, "A dividend increase is not likely in 2021"
Brad Thomas profile picture
@greatgatoruf Thank you - that was a typo... I just submitted an edit (disclosure: my proof reader is on vacation this week)
I cant believe AMT is $202 . I mean, where does 181,000 towers go? We need them and will need them more every year. I think they got over bought but now I think it is more in line. It might go down a little more but there comes a time where all the sudden, , , everyone scoops it up and up with the price too. .2.3% is not half bad divies neither.
Brad Thomas profile picture
@ihookem ...we'll begin to back up the truck....and you will hear the wheels in the parking lot when shares hit $200 tomorrow :)
Thanks Brad. Added DLR and AMT this morning, and was accumulating IRM sub $27 a while back. Sathers’ podcasts have been a staple on my road trips and I always refer back to his margin of safety philosophy. Can’t wait to listen in on your podcasts in the future.
Brad Thomas profile picture
@quicktwo9 Thank you.... I'm excited to launch the podcast and commence the virtual book tour!
Boris J profile picture
Hi Brad: I will be 50 this year and am looking to retire at 60. I'm long-term buy & hold, but obviously don't have 40 years. Is there any addendum to the Sather letter that you would advise based on my situation as it applies to REITs?
Looking forward to that podcast, Brad!!
@Brad Thomas how about CCI?
Brad Thomas profile picture
@steve20 We have been buying AMT on weakness, CCI down too, but AMT is a screaming buy and very close to strong buy levels... come visit us at iREIT on Alpha ....
Thanks Brad, would love to see your take on how UNIT is progressing.
Brad Thomas profile picture
@Mawyai Come visit us at iREIT ... Thank you
The Franchise profile picture
Well after 10 months, I finally purchased DLR today. It was well worth the wait.
Brad Thomas profile picture
@The Franchise Nice job.... we are interviewing management soon for iREIT members.... just interviewed PLYM CEO and STORE is tomorrow.... come join us during March Madness (20% off).... All the best
@The Franchise Same here @ 126.90, DLR ex div date is imminent 3/12/2021, yield is circa 3.5%.
I've owned DOC and IRM for about 5 years now. I'm holding steady with both stocks, collecting the dividend for income. I'm surprised neither has had much growth during that time. A bit of growth from both would be icing on the cake.
Brad Thomas profile picture
@gary 15 We featured IRM this month on iREIT -- come check under the hood :) All the best
Dustin Olley profile picture
Wowza! AMT has a 100 iQ score?! I've been adding with it's latest weakness. This is quite the affirmation.

Brad Thomas profile picture
@Dustin Olley I just published a deep dive on AMT for iREIT....come visit us ....we are getting close to backing up the truck on that position.... B
IRM was formerly a strong buy. Is it just a buy now? Thanks for your articles. Very good info.
Brad Thomas profile picture
As I just told iREIT on Alpha members,

Apollo Funds to Acquire The Venetian Resort and Sands Expo and Convention Center

$VICI doing sale-leaseback ...CFO of VICI,

" The Venetian is one of the most coveted properties in Las Vegas and a premier destination for gaming, business and leisure alike. We are thrilled to add The Venetian to our roster of best-in-class assets and believe the property is positioned to benefit from a rebound in Las Vegas under Apollo’s leadership. We look forward to what we expect will be a mutually beneficial and productive relationship with Apollo.”


(I plan to interview VICI management next week)
Brad Thomas profile picture
@javatina2003 That is the feature REIT in our newsletter this month...come visit us at iREIT on Alpha...
@Brad Thomas Would that be a yes or a no, since it is not listed at the end of the article? Thanks.
Brad Thomas profile picture
@Basil6 I own IRM.... a lot of it...sorry if I did not include in the disclaimer.... All the best
Income4ever aka Cyclenut profile picture
Good stuff Brad...

Nice pickup by VICI.... they seem to be on a very focused mission to grow than thru quality acquisition at that.
Brad Thomas profile picture
@Income4ever aka Cyclenut Good job.... I plan to interview the CEO next week.... we have interviews this week with PLYM, HTA, STOR, and BRMK. Come visit us at iREIT on Alpha (March Madness 20% off)... All the best
MaskedMan2016 profile picture
Good morning Brad.
Thanks for sharing again.
Something that got my attention... you use last 5 years p/affo for « fair value » for IRM and last 3 years for AMT. Could you explain further why you choose different timeframes?
Brad Thomas profile picture
@MaskedMan2016 AMT's 5-year A?FFO multiple is around 21x....I'm publishing a deep dive on AMT this morning for iREIT on Alpha members. Shares are getting closer to a strong buy ;) All the best - Brad
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