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Update For Equity REIT Basket Strategy As Of 5/19/16

|Includes: ACRVF, AHOTF, CBL, DREUF, Medical Properties Trust, Inc. (MPW), NWHUF

REITs have trended down in price since my last update, with those owning nursing homes hit the hardest. Omega Healthcare Investors (NYSE:OHI) closed at $30.87 today, down 11.9% from its 5/4/16 closing price.

The Vanguard REIT ETF has declined by 3.5% over that same period.

I have been reducing slightly my REIT allocation based on my views that interest rates would increase this year. That same opinion has led me to increase my allocation to regional bank stocks.

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This topic was last updated here: Update For Equity REIT Basket Strategy As Of 5/5/16 - South Gent | Seeking Alpha

I discussed reasons for maintaining an allocation to REITs here: Update For Equity REIT Basket Strategy As Of 7/24/15 - South Gent | Seeking Alpha (scroll to "Why Own Equity REITs")

I discussed interest rate cycles and REITs here: Update For REIT Basket Strategy As Of 8/11/15/Interest Rate Cycles And REIT Stock Prices - South Gent | Seeking Alpha (scroll to "Interest Rate Movements and REIT Stocks")

I am tracking realized gains and losses, along with annual dividend payments, here:Gateway Post: Equity REIT Common and Preferred Stock Basket Strategy

Total Net Realized Gain Since September 2013 Inception: +$8,049.26 (of which $1,545.66 has been in equity preferred stocks)

During the life of this basket, I believe that dividend income will swamp realized gains and will generate over 70% of my total return.

All of the Canadian REITs make monthly distributions as does BRG, IRT and STAG. The rest pay quarterly.

I do include REIT cumulative preferred stocks in this basket: Advantages and Disadvantages of REIT Cumulative Equity Preferred Stocks (9/25/2009 Post).

Over the past several weeks, I have reduced my allocation to REITs and increased my allocation to regional banks based on my opinion that increases in inflation will trigger a greater than currently anticipated rise in interest rates.

As I become more concerned about a rise in rates, I will shift money out of REITs into my regional bank basket and vice versa when I believe rates will remain stable at abnormally low levels or decline. I consequently manage these two baskets in tandem as natural, though imperfect, hedges for one another. REIT and Regional Bank Baskets (3/20/2014 Post). I am concerned about directional changes in interest rates, up or down, and the potential decree of directional changes.

REITS performed poorly when the ten year treasury spiked from 1.66% to 3.04% during 2013. The regional bank ETF KRE had a 47.5% total return that year. When interest rates came back down in 2014, KRE had a total return of 1.85% (generated by the dividend payments), whereas the REIT ETF VNQ had a 30.36% total return.

REIT Basket as of 5/19/16:

VNQ Closing Price Today: VNQ: $81.39 -0.92 (-1.12%): Vanguard REIT ETF My basket did better by going down less.

My basket also provides a much higher yield than VNQ. Vanguard has the following statements about yields:

Vanguard - REIT Index Fund disclaimer

The low yield is due to VNQ's weightings in large blue chip REITs that have low yields and currently high FFO multiples.

My basket is probably over 8% unadjusted for ROC. I will calculate the actual basket yield based on a current value when I have some time and desire to do so.

I have linked some Marketwatch pages that show current yields for several of the larger positions:

1,100 Shares Northwest Healthcare Properties Real Estate Investment Trust (NWH.UN:TOR)

800 Shares: Dream Industrial Real Estate Investment Trust (DIR.UN:TOR)

950 Shares: Independence Realty Trust Inc. (NYSEMKT:IRT)

650 Shares: Bluerock Residential Growth REIT (NYSEMKT:BRG)

500 Shares: Cominar Real Estate Investment Trust (CUF.UN:TOR)

450 Shares: New Senior Investment Group (NYSE:SNR)

300 Shares: Omega Healthcare Investors (OHI)

300 Shares: Medical Properties Trust Inc. (NYSE:MPW)

600 Shares: Lexington Realty Trust (NYSE:LXP)

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1. Sold 250 of Remaining 550 MPW:

After the bell today, Medical Properties (MPW) increased its quarterly dividend to $.23 from $.22. Medical Properties Trust, Inc. Increases Quarterly Dividend Five Percent to $0.23 Per Share

I will be discussing selling my higher cost lots for profits below. The remaining shares have a lower average cost per share. A dividend raise consequently raises my current yield.

Five Year Price Chart: MPW Interactive Stock Chart

Over the past five years the share price has been unable to stay over $14 for long. The longest period started in February 2013 and ended in May 2013 when interest rates started to spike and REITs corrected as an asset category. The shares closed at $9.86 on 2/11/16. The closing price on 5/13/16 was $14.32 or about a 45.23% increase over about 3 months. I will sell into that kind of rally particularly when I bought shares on 2/11/16 and still own that lot.

Recent Earnings: Medical Properties Trust (NYSE:MPW) Reports 25% Growth in First Quarter Normalized FFO to $0.35 Per Share ("Normalized Funds from Operations ("FFO") per diluted share was $0.35 in the first quarter, up 25% compared to $0.28 per share reported in the first quarter of 2015")

This report was released prior to the market's open on 5/4/16. The shares closed at $13.57 on 5/3/16 and at $14.11 on 5/4. MPW Historical Prices

I continued to sell my highest cost lots profitably. That approach adds to the total return provided by the dividend and increases my dividend yield for the remaining shares.

Trade Snapshot 1 (satellite taxable account): Sold 100 at $14.32

Profit Snapshot: +$49.68

Prior to this pare, my average cost per share was $12.32 in this account.

I reduced the average cost per share to $11.42 by selling the highest cost lot profitably held in this satellite taxable account.

My most recent purchase in this account was on 2/11/16 at $9.84. Item # 4. Added 50 MPW at $9.84-Satellite Taxable Account:UPDATE For Equity REIT Basket Strategy As Of 2/12/16 - South Gent | Seeking Alpha

Trade Snapshot 2:

Position Before Trade:

Sold Highest Cost 100 Share Lot Held in This Account and Shares Bought with 1 Quarterly Dividend:

Profit Snapshot: +$261.97

Trade Snapshot 3: Eliminated MPW in another Roth IRA Account

Profit Snapshot: +$84.99

I received $65.5 in dividends, bringing the total return up to $150.49 or a 24.14% tax free.

Bought Roth IRA: 50 MPW at $12.33 (10/4/14 Post)

I discussed in my last REIT basket update selling my highest cost lot (101+ shares) held in a Roth IRA account:

Scroll to Item # 2. Sold 100 of 650 MPW at $14 (highest cost lot) Roth IRA)(profit +$17.36)

So I have sold recently 50 shares at $14.31, 100 shares at $14, 100 at $14.32, and 101+ shares at $14.37 in three separate accounts since 5/5/16. I selected the highest cost shares in the two taxable accounts which reduces my taxable profit and lowers my average cost per share. I eliminated my MPW positions in two Roth IRA accounts.

Prior Round Trips:

Sold 100 MPW at $14-Regular IRA (9/13/14 Post)(profit snapshot=$108.27-total return 10% in five months)- Item # 2 Bought Regular IRA-100 MPW at $12.76 (4/18/14 Post)

Item # 6 Sold 100 MPW at $12.25 (1/3/13 Post)(snapshot of profit=$221.08 & total return calculated at $321.08).Item # 3 Bought 100 MPW at $9.9-ROTH IRA (2/13/12 Post)

Total MPW Trading Profits to Date=$743.35

Court Decision:

On 5/12/16, which was the day of my last sell, a Federal District Judge ruled that certain Obamacare funding was unconstitutional. "If her ruling stands, low-income Obamacare customers could see higher co-payments, deductibles and other costs at doctors' offices and hospitals." Some Obamacare Funding Deemed Illegal by D.C. Federal Judge - Bloomberg Politics The ruling applies to subsidies granted in the law to lower premium costs for lower income taxpayers.

John Boehner and other GOP House Representatives who brought the suit argued, so far successfully, that spending to subsidize some costs in the Obamacare plans had not been specifically authorized by Congress. The counter argument is that the spending was "implied" by the law that authorized that subsidy.

Legal decisions on the hot button issues can generally be predicted based on which party appointed a majority of the judges making the decision or the judge for Federal District Court decisions. Collyer's decision was entirely predictable based on her prior rulings in the case and her GOP sponsorship.

The most heavily hit stock was Community Health Systems which serves generally in lower income areas:

Closing Prices 5/12/16:

Community Health Systems, Inc. (NYSE:CYH)
$12.56 Down 1.52(10.80%) 4:01PM EDT

Tenet Healthcare Corp. (NYSE:THC)
$28.41 Down 3.09(9.81%) 4:03PM EDT

HCA Holdings, Inc. (NYSE:HCA)
$77.69 Down 2.56(3.19%) 4:00PM EDT

Health insurance companies were also down:

Aetna Inc. (NYSE:AET)
$108.60 Down 3.66(3.26%)

Anthem, Inc. (NYSE:ANTM)
$136.08 Down 3.49(2.50%)

I do not directly own any of those stocks. Those stocks and others in the same business would be owned by one or more of my healthcare funds.

There was no discernible negative impact on REITs that own hospitals-yet.

Investors have no control over these events, but knowledge about them may or will impact our portfolios. So you just play the cards that are dealt.

When it comes to legal challenges to Obamacare, Republican appointed judges invariably vote to gut this law, with the exception of the Chief Justice who voted with the Democrat appointed Supreme Court judges upholding the "fine" as a "tax."

This latest legal assault on the law will be appealed, probably to the Supreme Court, and it is far too early to make an assessment of what will happen.

I have been paring MPW based on a 50% or so move I last bought shares at $9.84 on 2/11/16.

Scroll to Item # 4. Added 50 MPW at $9.84-Satellite Taxable Account:

UPDATE For Equity REIT Basket Strategy As Of 2/12/16 - South Gent | Seeking Alpha

I will be looking for an opportunity to buy back some of the shares sold this month. The general rules are to buy shares back when the purchase lowers my average cost per share and there have been no material adverse developments.

For the 200 shares held in the Schwab taxable account, the average cost per share is $10.74:

The yield based on the new $.23 quarterly rate at that cost number is about 8.57%.

The average cost per share for the remaining 150 shares (plus shares acquired with dividends) is $11.42:

I have quit reinvesting the dividend.

At the new quarterly dividend rate of $.23 per share, the yield for those shares is currently about 8.06%.

So I have a lower threshold in this account for a possible buy. However, if MPW continues to rally in price, the more likely option in that account would be to sell the remaining highest cost 50 share lot that would lower my average cost per share to $10.8.

2. Bought 30 CCP at $25.6-ROTH IRA: This brings my position up to 80 shares. The other 50 share lot is held in a taxable account.

Given the risks, I am not likely to buy more in the ROTH IRA. The dividend yield became sufficiently large that the risk/reward balance for an IRA purchase tilted slightly in favor of a nibble. I managed the ROTH IRA accounts with capital preservation being more important than tax free income generation.

Trade Snapshot-Roth IRA

Closing Price Day of Purchase: CCP: $25.74 -0.04 (-0.16%)

Company Description: Care Capital Properties (CCP) is a REIT that owns primarily nursing homes. Ventas spun out its nursing home assets last year to create this company.

CCP SEC Filings

10-Q for Q/E 3/31/16

The company summarizes risks starting at page 30 of its 2015 Annual Report: 10-K (For example: "Our level and type of indebtedness could adversely affect our financial condition and, as a result, our operations. . .. Market conditions, including, but not limited to, interest rates and credit spreads, the availability of credit, the actual and perceived state of the real estate markets and public capital markets generally, and unemployment rates, could negatively impact our business, results of operations and financial condition. Our three largest operators account for a meaningful portion of our total revenues, and the failure of any of these operators to meet their obligations to us could materially reduce our revenues and net income. . . Our operators depend on reimbursement from government and other third-party payors; reductions in federal or state government spending, tax reform initiatives or other legislation to address projected operating deficits could have a material adverse effect on our operators' liquidity, financial condition or results of operations, which could affect their ability to meet their obligations to us. . . . Our operators may be adversely affected by increasing healthcare regulation and enforcement." etc and so on)

Borrowings:

Credit Ratings: BBB- Fitch; Baa3 Moody's; BB+ S & P

Dividends: The current quarterly rate is $.57 per share. Dividend History & Information The stock went ex dividend shortly after my purchase.

At that rate, the dividend yield is about 8.9% at a total cost per share of $25.6.

There is room to raise that rate assuming FAD remains stable or increases some.

The two dividend payments made in 2015 were at $.57 per share and each was supported by $.01742 in ROC which is low for a REIT.

The yield has gone up since my purchase to reflect the ex dividend amount and a continued slide in the stock price over and above the dividend per share:

Closing Price 5/19/16: CCP: $24.65 -0.24 (-0.96%): Care Capital Properties

Recent Earnings Report:

"Normalized FFO and NAREIT FFO for the quarter ended March 31, 2015 were $72 million, or $0.86 per diluted common share, and $68 million, or $0.82 per diluted common share, respectively. The decreases in the first quarter of 2016 compared to 2015 are primarily attributable to interest expense, as CCP had no debt prior to the spin-off, partially offset by investments completed in 2015 and contractual rent increases."

"Normalized Funds Available for Distribution ("FAD") for the quarter ended March 31, 2016 was $64 million, or $0.77 per diluted common share, an increase of 6.6 percent compared to the first quarter of 2015. This increase is primarily attributed to a decrease in routine capital expenditures and transaction costs."

The last quarterly dividend was $.57 per share or 74% of funds available for distributions. The dividend is currently well covered by cash flow.

FFO and FAD Calculation:

2016 Guidance:

SEC Filed Press Release

3. Added 100 DIR:CA at C$8.05:

Quote: Dream Industrial Real Estate Investment Trust (DIR.UN:TOR)

Trade Snapshot (CAD $1 Commission):

I also sold $3,000 to buy C$3,885.54. The exchange rate of 1.29518 included IB's $2 commission:

I took this snapshot later in the day which reflects that the USD thereafter declined some in value against the CAD (i.e. 1 USD buying fewer CADs):

With the FED threatening to raise the FF rate at its June meeting, the USD has moved up in value. The USD/CAD is at $1.3098 as of 6:09 P.M. EST on 5/19/16 with the CAD/USD at .7635. So my USDs would now buy slightly more CADs than on 5/10.

I will be buying more CADs using USDs in my IB account to replace the C$20K+ that were converted into USDs near CAD/USD .8 (now close to .7635) as discussed in this recent post. {Scroll to Portfolio Management: Update For Portfolio Positioning And Management As Of 4/29/16 - South Gent | Seeking Alpha) The conversion also included over C$12K in idle funds.

My last substantive discussion of this REIT was here, where I discussed buying 300 "units" at C$8.18:

Company Description: Dream Industrial Real Estate Investment Trust owns 219 "light industrial properties located in primary and secondary markets across Canada totaling approximately 17 million square feet of gross leasable area." Portfolio | Dream Industrial REIT

MARCH 2016 Investor Presentation

I currently own 800 units.

Distributions: This REIT has been paying a monthly distribution of C$.05833 per share. DIR-Apr-19-2016-Dist.pdf

At that rate, the yield at C$8.05 is about 8.69%.

Recent Earnings Report:

SUMMARY:

AFFO AND FFO CALCULATIONS:

4. Sold 50 of 100 CBLPRD at $25.2: I sold my highest cost lot held in my IB account:

Profit Snapshot: +$8.2

Scroll to Item # 2. Bought Back 50 CBLPRD at $25: Bond And Preferred Stock Basket Strategy As Of 9/18/15 - South Gent | Seeking Alpha

Security Description: The CBL & Associates Properties 7.375% Cumulative Preferred Series D is an equity preferred stock issued by the "mall" REIT CBL & Associates Properties (NYSE:CBL) that pays cumulative and non-qualified dividends at the fixed coupon rate of 7.375% on a $25 par value. The dividend yield at a total cost equal to par value would be the coupon rate.

Prospectus

I need to remember to buy this at a discount to par value.

10 Year Chart:

The Near Depression was not kind to equity preferred stocks as a class. I did buy a CBL preferred stock near $10 during the Dark Period.

Last Sell: Sold: 50 CBLPRD at $26.06 in Roth IRA (2/28/15 Post)(profit snapshot $58.98 plus $138.3 in dividends-all tax free in retirement Roth IRA)

What Happened on May 11, 2016:

The retail sector including Mall REITs have taken hits since Macy's reported another dismal quarter yesterday prior to the opening. SEC Filed Press Release

Macy's has had one forgettable year, trading at over $72 last July and closing at $31.21 on 5/12.

M Interactive Stock Chart

Macy's stock has been a value trap, at least up to now. If I saw a light at the end of its Dark Tunnel, I might be tempted to nibble now, but I see nothing that would clearly cure its problems. I do own 1 Macy's Bond which was originally issued by May Department Stores that was acquired many years ago by Macy's: Bought 1 Macy's Bond Maturing in 2030 @ 99.5 (1/10/11 Post)-Bonds Detail. That bond has been coming down in price.

The Mall REITs that house the big box retailers took a hit as well.

The best of the bunch, Simon Property (NYSE:SPG) went from a $213.92 close to $203.24. SPG Historical Prices-Simon Property Group

CBL & Associates Properties Inc. (NYSE:CBL) had a larger percentage decline.

The general theory (or just bear talking points) is that companies like Macy's are relics of the past. Everybody is going to start shopping at Amazon. E-Commerce Retail Sales as a Percent of Total Sales-St. Louis Fed

I have mentioned that shoppers need to compare Amazon's prices to its competitors and then tell me about the alleged savings.

Several retail earnings reports after Macy's release were awful as well:

Kohl's Corporation (NYSE:KSS) reported E.P.S. of $.31, down from $.63 in the year ago quarter. Comparable store sales declined by 3.9%.

Dillards (NYSE:DDS) missed the consensus forecast by $.4 per share .

"Dillard's reported net income for the 13 weeks ended April 30, 2016 of $77.4 million, or $2.17 per share, compared to net income of $109.6 million, or $2.66 per share, for the prior year first quarter."

The consensus E.P.S. was for $2.57. The negative Y-O-Y number is the important metric for this set of numbers IMO. E.P.S. fell $.49 or 18.42% Y-O-Y.

Another important item from the press release was that the decrease occurred after the company bought $58.4M in shares during the quarter. This gets back to the subject discussed in this post under the heading "Stanley Druckenmiller"

My reaction to this tsunami of negative retail earnings reports was to reduced my position in CBLPRD and to buy 2 CBL 5.25% senior unsecured bonds maturing in 2023. FINRA Bond Detail

I discussed that trade here: Scroll to Item # 1. Bought 2 CBL Senior Unsecured bonds ($1,000 par value) at 98.13: Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 5/16/16 - South Gent | Seeking Alpha

Why?

My rationale is that the senior unsecured bond is safer than an equity preferred stock and has a maturity date when I will receive $2K for 2 bonds, making a slight profit (assuming as usual CBL survives to pay the principal amount).

With the equity preferred stock, I have a significant amount of potential downside, as reflected in the chart above, and may never be able to get my original purchase amount out down the road due to a deterioration in CBL's credit risk (certainly possible) and/or a persistent rise in interest rates.

I sacrifice basically 2% per annum in current income for that higher decree of safety and the fixed maturity date.

CBL has continued to slide since those reports.

Closing Price 5/19/16: CBL: $10.11 -0.15 (-1.46%)(intra-day low at $9.98)

May 18, 2016 10.62 10.67 10.11 10.26 1,969,500 10.26
May 17, 2016 10.97 11.00 10.60 10.67 1,567,700 10.67
May 16, 2016 10.95 11.07 10.90 11.04 2,811,700 11.04
May 13, 2016 11.25 11.25 10.84 10.95 2,071,600 10.95
May 12, 2016 11.59 11.72 10.97 11.34 2,206,300 11.34
May 11, 2016 12.15 12.18 11.53 11.56 3,250,800 11.56
May 10, 2016 12.22 12.33 12.15 12.17 995,600 12.17
May 9, 2016 12.18 12.30 12.11 12.19 1,591,800 12.19

CBL Historical Prices

Compare to Macy's

May 18, 2016 30.19 30.61 29.94 30.07 8,337,400 30.07
May 17, 2016 30.75 30.98 30.21 30.40 9,043,500 30.40
May 16, 2016 31.47 31.55 30.50 30.73 7,982,400 30.73
May 13, 2016 31.06 32.37 30.44 31.22 15,935,400 31.22
May 12, 2016 31.21 31.52 30.36 31.21 16,819,400 31.21
May 11, 2016 36.99 36.99 31.35 31.38 35,413,000 31.38
May 10, 2016 37.25 37.83 36.91 36.99 9,530,500 36.99
May 9, 2016 37.06 38.05 36.93 37.74 4,722,000 37.74

Macy's Historical Prices

5. Sold 100 of 150 DLRPRI at $26.38:

Quote: Digital Realty Trust Inc. 6.35% Cumulative Preferred Series I (NYSE:DLR.PI)

Trade Snapshot:

Profit Snapshot:

Last Discussed Here: Scroll to Item # 1. Bought 50 DLRPRI at $24.59-ROTH IRA: Update For Bond And Preferred Stock Basket Strategy As Of 9/10/15 - South Gent | Seeking Alpha

I have a discussion about interest rate risk in that earlier September 2015 post, where I highlight what happened to DLR preferred stocks when the ten year treasury rose from 1.66% to 3.04% back in 2013. Even when interest rates started to come back down, I was still able to buy DLRPRG at $19.95. (Item # 6: March 17, 2014 Post)

I still own that 50 share lot bought in a ROTH IRA mostly due to its tax free income generation when held in that account.

I will just look for an opportunity to buy a DLR preferred back when and if presented with a reasonable risk/reward total return possibility.

Security Description: This security is a fixed coupon preferred stock issued by the REIT Digital Realty Trust Inc. (NYSE:DLR). DLR owns and manages technology related real estate (e.g. data centers)

DLRPRI is an equity preferred stock that pays cumulative and non-qualified dividends at the fixed coupon rate of 6.35% on a $25 par value. DLR has the option to redeem on or after 8/24/2020, so this preferred stock has over four more years of call protection.

Prospectus

This preferred has an investment grade rating of Baa3 from Moody's and a high junk rating of BB+ from S & P.

Miscellaneous:

1. NorthWest Healthcare Properties Real Estate Investment Trust releases first quarter 2016 results ("AFFO per unit for the first quarter of $0.22 or $0.87 on an annualized basis ... strong core portfolio occupancy of 96.1%, led by the international portfolio occupancy of 98.6%. .Core weighted average lease expiry of 10.1 years, underpinned by the international portfolio with a weighted average lease expiry of 15.8 years . . Adjusted net asset value of $10.60/unit ..."); Q1 2016 Results - Earnings Call Transcript | Seeking Alpha

I currently own 1,100 units. Of those units, I own 1,000 in a Fidelity taxable account. Since I have fired that broker for my international trades, I will be looking for an opportunity to sell that lot in its entirety and immediately convert the CAD proceeds into USDs. Fidelity will charge me 1% of the principal amount for that currency conversion and C$19 for the trade. A key consideration will be the CAD/USD conversion rate. I will want that rate to be much higher than it is now: CAD/USD Interactive Chart

My last purchase was just a 100 share starter position in my IB account where I incurred a $1 commission.

Last Discussed: Scroll to 1. Added 100 NWN.UN at C$9.58: Update For Equity REIT Basket Strategy As Of 5/5/16 - South Gent | Seeking Alpha

Quote: Northwest Healthcare Properties Real Estate Investment Trust (NWH.UN:TOR)

2. Agellan Commercial Real Estate Investment Trust Releases First Quarter 2016 Results ("For the three month period ended March 31, 2016, the REIT achieved FFO per Unit of $0.340 and AFFO per Unit of $0.278 compared to $0.310 and $0.237, respectively, for the three month period ended March 31, 2015. The increases in FFO and AFFO represent FFO and AFFO growth of 9.7% and 17.3%, respectively . . the REIT benefited from income generated from its U.S. assets for the three months ended March 31, 2016 due to the increase in the valuation of the United States Dollar ("USD") relative to the CAD compared to the three months ended March 31, 2015.')

Last Discussed Here: Item # 2 Bought 200 ACR_UN:CA at C$9.13 (3/24/14 Post)

Quote: Agellan Commercial Real Estate Investment Trust (ACR.UN:TOR)

3. American Hotel Income Properties REIT LP Reports Record First Quarter 2016 Financial Results ("Funds from operations ("FFO") was up +65.4% to $7.2 million (2015 - $4.4 million) and adjusted funds from operations ("AFFO") was up +72.2% to $6.1 million (2015 - $3.5 million) reflecting the acquisition of 19 hotels comprising approximately 1,800 guestrooms ... For the current quarter, Diluted FFO per Unit was up +16.7% to $0.21 (2015 - $0.18) and Diluted AFFO per Unit was up +20.0% to $0.18 (2015 - $0.15) . . same store revenue per available room ("RevPAR") for the Branded Hotels was up +6.7% led by Virginia, which was up by +16.6%, North Carolina was up by +13.8%, Florida was up by +11.8% and Pittsburgh was up by +3.4%")

Last Discussed Here: Item # 2 Bought: 100 American Hotels at C$10.05 (5/3/14 Post)

Quote American Hotel Income Properties REIT LP (HOT.UN:TOR)

Appendix:

1. Additional Materials for Dream Industrial:

2.MPW-Vanguard Roth IRA History

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sell of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics:ERROR CREEP and the INVESTING PROCESS. Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and family members.

Disclosure: I am/we are long MPW, CBL, DREUF, NWHUF, AHOTF, ACRVF.

Additional disclosure: I own the Dream Industrial, Northwest Healthcare and American Hotel ordinary shares priced in CADs and traded in Toronto. The symbol DREUF is for the ordinary shares priced in USDs and traded in the dark U.S. Grey Market. The symbol NWHUF is for the Northwest Healthcare REIT's ordinary shares priced in USDs and traded in the dark U.S. Grey Market. The USD price American Hotel ordinary shares, AHOTF, is available on the OTCQX market where bid and ask prices are displayed.



www.otcmarkets.com/...