Mobile Home Parks - the best business in real estate?
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Having written extensively about the apartment business/REITs, today I write about another residential REIT sub-sector, the mobile home parks (MHPs). While shares are well off their 52 week highs (frankly I'm not sure why - operating results have been very strong, interest rates are low and prospects
Index Weightings Help Explain Why Many Bargains Abound in REIT-land
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I’ve been writing quite a bit about apartment REITs lately. Any time I identify numerous bargains within one specific sector or sub-sector, I’m effectively saying that I am right and the market (stock price) is wrong. With billions of dollars invested and hundreds (if not thousands) of analysts/
Calculating NAV per share
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A REIT's NAV per share (Net Asset Value) is usually significantly higher than its stated accounting book value under US GAAP. I've received a few inquiries on how to calculate the estimated NAV for a REIT and have compiled this quick tutorial. Materials required: Annual/Quarterly
LA is set to BOOM!
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Happy new year - As I’ve mentioned previously, I believe that LA is on the precipice of a large, Hollywood-driven boom (I’m guessing 2H21) as: 1. Working through the backlog of un-produced film & TV from 2020 as COVID shut down production schedules for much of 2020. 2.
Kilroy Realty: The Price is Wrong
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Note: A draft was sent to our FREE Actionable Investment Idea Newsletter [https://www.privateeyecapital.com/signup/] in advance of publication on this website. If you like being in the know and want FREE weekend reading, be sure to sign up NOW [https://www.privateeyecapital.com/signup/]. It's
Don't believe everything that you read over and over again
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Apartment REIT investors have heard two refrains throughout 2020: 1) California is dead (2) Urban areas are dead. To read the news, the death of CA seems a given -after all we lost not only Joe Rogan but Elon Musk and Oracle. Today after hours we have a sizable counterfactual.
Estimated 4 yr IRRs for the Apartment REITs
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As shown below, I've compiled a table showing estimated annualized returns to apartment REIT holders over a 4 year period. The purpose of providing a 4 year IRR guesstimate is to allow for comparison versus investing in private funds or syndication deals (which typically provide forecast IRRs). Key
Back to Basics/ Apartment REIT concepts
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It has been brought to my attention that readers might benefit from a distilled version of the framework/concepts I use in evaluating apartment REITs. Here I discuss: 1. basic supply & demand for apartment markets and discuss how this impacts rents 2. the renter pool in gateway cities vs.
