Congressional Leaders Propose Mass Eviction of Working Families
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Senator Jeff Merkley (Democrat - Oregon) and Representative Adam Smith (Democrat - Washington) have proposed a piece of housing legislation which would inevitably force the eviction of hundreds of thousands of working families in the United States. Dubbed the “End Hedge Fund Control of American Homes Act of 2023”, legislation
Multifamily REITs: Cap rates, Per Door, Expected 4 year IRR
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Thought I'd throw this up here in case people are interested. Methodology/Assumptions: * Cap Rate uses current expected NOI and deducts 'Property Management Expenses'. * Given the wall of supply hitting the sunbelt over the next 12-18 months, but relatively limited new supply in coastal markets, 2024 implied cap rates are
What's does one do after losing a lot of weight? Buy ALL new clothes!!
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GLP-1 weigtht loss drugs like Ozempic have been a top story in financial news over the past few weeks wreaking havoc on shares of food and medical device companies. Stock market participants believe major changes are afoot in American consumption patterns and are voting with their wallets. While the verdict
Shopping Center REITs
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Broadly speaking, I believe there have been several meaningful positive changes which have occurred over the past several years in the shopping center REIT space which are currently under appreciated by investors. Positive changes include: -Portfolio rationalization (moving up the average household income/density curve) - Below I show the
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
