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Comments (17)

O has always been touted here on SA as bond-like for years. So now STOR because of Buffett is automatically bond-like?
STOR is the new STAG. P/FFO is 2 better for STOR while the dividend yield is more than 1% better. Long.
R. Paul Drake profile picture
While I appreciate the quest for simple analysis, one can go too far ignoring details that matter. In particular, GAAP accounting introduces a lot of accountant's fantasies into actual financial results. Using Book Value for REITs is a bit silly. If you want simple for most of them, use Gross Property. And EPS for REITs is pure fantasy. If you want simple, use NAREIT FFO to represent earnings, or use Cash Flow From Operations. For both aspects, it is GAAP depreciation that is the main culprit in producing distorted numbers.
@R. Paul Drake I agree wholeheartedly on GAAP’s shortcomings when it comes to real estate values. I would add that it’s not only the DEPRECIATION decreasing value, but also the lack of APPRECIATION that would be the case for many assets in a declining cap rate environment.
R. Paul Drake profile picture
@pelican11 Agree completely. But allowing for that is more complicated.
@R. Paul Drake Interestingly, foreign REITs that fall under IFRS accounting standards have it mostly figured out. These REITs mark their assets to market every quarter, utilizing internal modeling, current comps, a rotating schedule of property appraisals and involvement/buy-in from their CPA firm. To where, book value per unit actually has relevance.
I acquired my first $STOR shrs back during the REIT selloff when COVID -19 first started and the panic selling was rampant during those months then. A lot of bargain buying was had by me and many others I'm sure. Those opportunities to buy cheaper shrs at a very ridiculous entry point was a GIFT back then.
Long $STOR, $O, $WPC, $SPG and $FRT. All in my REIT portfolio.
Love the REIT's and the dividends.
Yes I bought my first shrs of all the above during the onset of COVID-19 selloff.
bluescorpion0 profile picture
it will be interesting to see if STOR goes back to pandemic lows, also several other stocks I track.
@scorpion.north why would it go back to pandemic lows. That would mean $15 to $20 per share. Don't see it coming close to that. Unless, of course we have a blow up with Covid.
bluescorpion0 profile picture
@Miles13 well it is a bond equivalent, triple net. what happens to bonds if inflation goes up alot- because of covid response?
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