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Another Day In REIT Paradise: Management Matters

Feb. 11, 2021 9:59 AM ETCIO, CIO.PR.A, SPG, SPG.PR.J, UDR2 Comments
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  • I’m working hard at my own “lobbying” efforts to promote REITs.
  • One of the ways I’m doing that is by lining up yet another round of CEO interviews – dozens of them, in fact!
  • I spend as much time as possible interviewing key decisionmakers. And, to be honest, that has been part of the secret sauce for my success as a stock picker.

Quote for Today:

“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn


Americans have a bad tendency to make a really big deal out of who their president is. To some degree, that’s understandable. After all, that’s the guy everyone knows, and not just here but the world over.

Whoever he happens to be, he’s our global representative and the one who dominates the news as one bill after another is signed. Those bills might be someone else’s brainchild, but few people could tell you who sponsored theml.

They only know whose presidential administration passed it.

Understandable or not, that focus is rather foolish. It can be downright crucial to recognize the supposed little guys at the local levels. They have a lot more power than most people give them credit for.

That’s why millionaires, billionaires, and corporations will pour money into smaller races where their seats are up for grabs.

They know they can make the changes they want city by city at a much faster – and perhaps even more successful – rate than through the slow behemoth that is the United States federal government.

If that sounds nefarious, I have to imagine that sometimes it is. But I don’t think that’s the case with real estate titan Stephen Ross. No. 74 on Forbes’ richest list, he’s known for developing or purchasing $60 billion worth of properties the worldwide.

Probably because of that international business life, he and his wife live in New York. Which is why he donated $1 million to fund political consultant Jeffrey Leb’s campaign to win regional council races.

“The council drives the agenda,” Leb told The Wall Street Journal. That includes on significant real estate-related decisions such as rezonings, interpretations of clean energy, tenant-landlord relationships, and much more.

While Leb himself sounds like he’s more of a big picture-guy who’s concerned about New York City’s overall condition, the list of real estate developers backing him up there are likely much more focused on seeing some industry-specific relief.

And for that, I can’t blame them one bit.

The World According to Commercial Real Estate

For my part, I’m working hard at my own “lobbying” efforts to promote REITs. One of the ways I’m doing that is by lining up yet another round of CEO interviews – dozens of them, in fact! – because as I explained in a recent article:

“As I see it, when I [invest] in a REIT… I am essentially paying for the salaries of the management teams who are running the REIT.

“In other words, they are working for me, and I expect for them to deliver value to me. Or I can easily ‘vote them out’ [of my portfolio] by simply selling my shares.

“That’s why I spend as much time as possible interviewing key decisionmakers. And, to be honest, that has been part of the secret sauce for my success as a stock picker.”

Just like Stephen Ross, who lobbies for advantageous laws that help his company’s real estate empire, I work hard to interact with C-suite management teams to assist me with growing my REIT empire.

That’s not just for me though. My team and I publish all our interviews at iREIT on Alpha, where we maintain a robust database of research articles, tools, spreadsheets, and communications to enable our members to optimize their success.

We’re currently pouring over REIT earnings, always looking to assist our members with valuable clues, such as the news provided by The Daily REITBeat. Today, we’ve got announcements about how:

  • Morgan Stanley upgraded Simon Property Group (SPG) from Equal Weight to Overweight. It also raised its price target on the stock by $37 to $125.
  • Piper Sandler upgraded UDR Inc. (UDR) from Underweight to Neutral and gave it a price target bump as well by $9 to $44.
  • City Office REIT (CIO) completed the sale of its 365,000 square-foot, three-building Cherry Creek property located in Denver, Colorado, for a gross sale price of $95 million before customary closing and transaction costs.

And while there are still some major movers and shakers going on in both the up and down categories – as shown below – perhaps things are starting to quiet down a little bit in the REIT world?

(Source: The Daily REITBeat)

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Analyst's Disclosure: I am/we are long cio, spg, UDR.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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