Univar + Brenntag back of the envelope
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Late last week it was reported that the global leader in chemical distribution Brenntag (BNR.GR) is considering an acquisition of the number two player Univar (UNVR). While I think BNR could pay $45 per share, fund the deal almost entirely in debt, and have the transaction be nicely accretive,
Multifamily REITs ALL raising guidance in 2Q....
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In short, results are good...very good. AVB CPT ESS MAA and UDR all increased guidance. Rental growth remains very strong in July and renewals sent out for Aug-Oct have large rental increases. This means that 2023 will be another very good year as 2022 rental increases have a full
Buying apartment buildings below pre-COVID prices
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Back where we started nearly 2 years ago -> While rents have increased significantly and private apartment values have soared, the apartment REITs are again selling at a significant discount to the value of their assets. A combination of interest rate and recession fears have lead to a selloff across
Other things I've done (pt. 2) - Towers
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Welcome to the wonderful work of economically resilient communications infrastructure assets. During the Jan/Feb selloff I was able to purchase shares of American Tower (AMT), a global operator of cellphone towers, at a reasonably attractive price. Cell towers house critical piece of the communications landscape and cell tower REITs
Things I don't much like that I've nibbled on
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While 1Q22 allowed me many opportunities to buy high quality businesses at attractive prices, over the past week I've done a little bit of dumpster diving. In no particular order: KB Homes (KBH) & M/I Homes (MHO)- While I've owned many building products companies over the years, I don't
Some other things I've done this Quarter (part 1)
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In no particular order: * Significantly reduced exposure to Kilroy Realty (KRC) which I've written about repeatedly [https://www.privateeyecapital.com/tag/krc/]. The company continues to successfully execute life sciences development and is building NAV per share. I continue to think this is the best of the office REIT bunch
Offprice retail is on sale -TJX ROST BURL
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First of all I apologize for the title. Seriously. I've made an investment into the three off-price retail leaders TJX, ROST, and BURL.While many (most?) apparel retailers have been disastrous long term investments, off price retailers TJX and ROST have been structural winners/disruptors (moreso than online retailers like
Buying the STORe
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I've taken a position in Store Capital (STOR). I'd previously Tweeted about this position but figured I write a bit more about why I think this triple net lease REIT is an attractive opportunity for long term investors. STOR shares have been hit as: -Co-founder/Chairman CEO Chris Volk departed
