Nikolay Pandev/E+ via Getty Images I bought Office Properties Income Trust’s (NASDAQ:OPI) 6.375% Senior Notes due 6/23/2050 (NASDAQ:OPINL) in November on the back of what was then a roughly 40% discount to their $25 liquidation value per note. This security has since continued to dip as market angst over office properties ramped up in response…
MERLIN Properties SOCIMI, S.A. (OTCPK:MRPRF) Q1 2024 Earnings Conference Call May 17, 2024 9:00 AM ET Company Participants Ines Arellano – Investor RelationsIsmael Clemente – Chief Executive Officer Conference Call Participants Ignacio Domínguez – JB CapitalStephanie Dossmann – JefferiesFlorent Laroche – OddoBen Richford – BernsteinThomas Rothaeusler – Deutsche BankFernando Abril – AlantraMarc Mozzi – Bank…
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FG Trade With Medical Properties Trust, Inc. (NYSE:MPW) presenting encouraging earnings for its last quarter, and with investors barely reacting to the news of one of its most important operators, Steward Health Care System, sliding into bankruptcy, I think that we could see substantial upside price movement for the hospital real estate investment trust in…
Adam Gault/OJO Images via Getty Images Before we entered 2024, I issued an interesting piece on Medical Properties Trust (NYSE:MPW) – Medical Properties Trust: Outlining An Optimal Way To Capture Double-Digit Yield – outlining my views on how the investors could play this distressed case in a more risk-averse manner. In my view, going higher…
Wachiwit Introduction I’m sure like myself, other investors are a little impatient waiting for upside in VICI Properties (NYSE:VICI), an experiential REIT that invests primarily on the Las Vegas Strip. They’re the landlord to iconic hotel & casinos like The Venetian, Caesar’s Palace, and MGM Grand to name a few. In it’s short track record,…
PM Images/DigitalVision via Getty Images An Introduction (About SLBs) What’s one of the biggest trends in commercial real estate? The answer is sale-leasebacks, also known as SLB transactions. Realty Income (O), the largest net lease REIT in the world, estimates that the SLB market offers opportunities of more than $1.6 trillion – among S&P 500…
Choice Properties Real Estate Investment Trust (OTC:PPRQF) Q1 2024 Earnings Call Transcript April 25, 2024 9:00 AM ET Company Participants Erin Johnston – Senior Vice President-FinanceRael Diamond – President and Chief Executive OfficerNiall Collins – Chief Operating OfficerMario Barrafato – Chief Financial Officer Conference Call Participants Mark Rothschild – CanaccordMike Markidis – BMO Capital MarketsLorne…
Kawisara Kaewprasert Franklin Street Properties (NYSE:FSP) is a REIT focused on office properties in the U.S. that is currently trading much lower than its book value. In the last couple of months, the company’s stock price experienced a slow decline, making it more attractive for investors. The last time we have covered the company, we…
igoriss EPR Properties (NYSE:EPR) is an entertainment-focused real estate investment trust with a unique portfolio and income opportunities in the experiential market. The REIT has a broad footprint in various entertainment segments and produced high single digit FFO growth in 2023. The company is still seeking to reduce its exposure to movie theaters, which are…
FG Trade The last few weeks have been a really interesting time for shareholders of Medical Properties Trust (NYSE:MPW). The company, which operates as a REIT that owns and leases out medical properties for other firms to run, saw its shares spike after the market closed on April 12th. That move higher, about 12.3% as…
Richard Drury Introduction Healthcare REITs have held strong, more so than their retail peers over the past year. Those like CareTrust REIT (CTRE), Omega Healthcare Investors (OHI), and Sabra Health Care REIT (SBRA) are all in the green. But there is one REIT in the healthcare sector, Healthpeak Properties (NYSE:DOC) whose share price decline double-digits…
MSRPhoto Investment Thesis At first glance, Medical Properties Trust (NYSE:MPW) seems like an undervalued dividend pick. It owns and leases 420 hospitals/clinics under “triple-net” contracts that pass all property-related costs (and responsibilities) to its 54 tenants, allowing it to run an impressive $18.3 billion portfolio with only 131 employees. As a REIT, it distributes most…
bluekite Previous Thesis I last covered Medical Properties Trust, Inc. (NYSE:MPW) back in November in an article titled: Don’t Get Cut Being Greedy When You Should Be Fearful. This was an obvious play on words referencing investors catching a falling knife in the form of MPW. For the record, I was once a shareholder in…
MarsBars Income stocks remain overlooked by the overall market, and that can be a great thing for value investors looking to layer in more capital to generate a solid recurring stream of income. Real estate investment trusts, or REITs, remain a great place for meaningful income generation. It’s no secret that manufactured housing is an…
Marje Investment Thesis UMH Properties, Inc. (NYSE:UMH) is a REIT that focuses on manufactured housing in the United States in the residential space. With 135 manufactured home communities, the REIT has a total of 25,800 homesites located in the eastern and central regions of the United States, namely the eastern or central regions of New…
simonkr What a difference a few months make. Hudson Pacific Properties (NYSE:HPP) back in October was trading close to 52-week lows, had suspended its dividend, and faced an uncertain end date with the actors strike that had broadly shuttered its studio portfolio as it teetered on the edge of violating its stringent debt covenants. The…
Wicki58/iStock via Getty Images Introduction UMH Properties (UMH) focuses on owning and operating manufactured home communities. As of the end of last year, UMH owned and operated 135 manufactured home communities with a total of almost 26,000 developed homesites in several US states. UMH Investor Relations In a previous article, which was published in January…
Eurocommercial Properties N.V. (OTC:ECMPF) Q4 2023 Earnings Conference Call March 22, 2024 6:00 AM ET Company Participants Luca Lucaroni – IR DirectorEvert Jan van Garderen – CEOPeter Mills – CIORoberto Fraticelli – CFO Conference Call Participants Valerie Jacob – Societe GeneraleFrancesca Ferragina – INGSteven Boumans – ABN AMRO ODDOInna Maslova – Banque Degroof PetercamKai Klose…
Sundry Photography Introduction Grand City Properties (OTCPK:GRNNF), or GCP for short, recently suspended its 2023 dividend. As per the press release: “The decision was taken as market uncertainties remain elevated and visibility on the full impact on leverage, transaction markets, valuation as well as on the cost of financing remain limited. GCP’s management believes that…
igoriss Automotive Properties REIT (OTC:APPTF) (TSX:APR.UN:CA) is a Vancouver-based Canadian automotive REIT with 77 income-producing automotive dealerships across Canadian urban centers (as of Dec 31, 2023). Recently the REIT has added a few new properties to its portfolio that have been accretive to its growth. I’m bullish on its prospects as Automotive Properties REIT grows…
Marco VDM Summary Innovative Industrial Properties (NYSE:IIPR) is a specialty REIT focused on the nascent regulated cannabis industry. Its name notwithstanding, IIPR is not a typical industrial REIT. Rather than logistics or distribution facilities, its portfolio consists mainly of industrial-scale greenhouses licensed operators use to grow cannabis. The business exists due to federal laws that…
CreativaImages Instead of an investment thesis I initiated coverage of Medical Properties Trust, Inc. (NYSE:MPW) stock 2 months ago and since then, my strongly bullish view has been successful – MPW is up 23.3% compared to the S&P 500 Index return of 9.36% since January 7th. So basically, my ‘Strong Buy’ call outperformed the broader…
JazzIRT Medical Properties Trust (NYSE:MPW) is managing its poor liquidity position by performing asset sales, a profile that is not sustainable, and a serious liquidity crunch can happen in the coming quarters. As I’ve analyzed in previous articles, I have been bearish on MPW over the past year, due to its fundamental issues that led…
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JHVEPhoto/iStock Editorial via Getty Images Introduction As it has been almost a full year since I last discussed the preferred shares of Summit Hotel Properties (NYSE:INN), the recently reported full-year results are an excellent reason to have another look at the REIT and the safety of its preferred shares. INN Investor Relations As you can…
Jacob Wackerhausen/iStock via Getty Images Introduction I’ll admit when Innovative Industrial Properties (NYSE:IIPR) was the new hot thing on the stock market, I almost bought into the company for the appealing dividend. I watched the stock explode and trade near $300 before crashing back down to earth. I remember saying to myself, I’m glad I…
Dzmitry Dzemidovich Introduction VICI Properties (NYSE:VICI) recently reported their Q4 earnings to close out the year. Despite the challenging economic backdrop, especially for REITs, VICI delivered a strong Q4 and even exceeded my expectations. I’ll actually be traveling to Las Vegas soon, so I felt compelled to give readers an update on my biggest REIT…
MERLIN Properties SOCIMI, S.A. (OTCPK:MRPRF) Q4 2023 Results Conference Call February 29, 2024 9:00 AM ET Company Participants Ines Arellano – Investor Relations Ismael Clemente – Chief Executive Officer Miguel Ollero – Chief Operating Officer Conference Call Participants Celine Huynh – Barclays Stéphanie Dossmann – Jefferies Adam Shapton – Green Street Ferran Barniol – Kepler…
24K-Production Investors in embattled specialized hospital REIT operator Medical Properties Trust, Inc. (NYSE:MPW) were likely stunned the recent release of MPW’s fourth-quarter earnings results didn’t lead to a further downfall in its stock. As a result, the dip-buying momentum following its January selloff seems to have continued in earnest as investors consider whether the “bad…
Vertigo3d Most investors who follow the Healthcare REIT industry know that seniors housing and nursing facilities have been under pressure since 2020 due to the pandemic, and this coupled with higher interest rates have resulted in depressed share prices for many of those REITS. However, I believe this is a case of ‘everyone knows’ as…
COPT Defense Properties (NYSE:CDP) Q4 2023 Earnings Conference Call February 9, 2024 12:00 PM ET Company Participants Venkat Kommineni – VP of IR Steve Budorick – President and CEO Anthony Mifsud – CFO Britt Snider – COO Conference Call Participants Camille Bonnel – Bank of America Blaine Heck – Wells Fargo Michael Griffin – Citi…
EastGroup Properties, Inc. (NYSE:EGP) Q4 2023 Earnings Conference Call February 8, 2024 11:00 AM ET Company Participants Marshall Loeb – President & Chief Executive Officer Keena Frazier – Director of Leasing Statistics Brent Wood – Chief Financial Officer Staci Tyler – Senior Vice President, Chief Accounting Officer & Chief Administrative Officer Conference Call Participants Craig…
Perry Peine/iStock via Getty Images Office REITs are in a battle for their lives, and their investors are faced with a conundrum in picking the winners in an increasingly Darwinistic space. The headwinds are clear; a Fed funds rate at a more than two-decade high and rising office vacancies as work-from-home becomes a perpetual feature…
molchanovdmitry Overview In my previous analysis of EPR Properties (NYSE:EPR), I discussed how I believed some dividend raises were to come. While I still believe that to be true, I would like to revisit EPR and discuss the updated financials. I still like EPR at these levels and the monthly dividend is a great bonus….
mcech Which, by the way, is twice the current quarterly distribution our protagonist is paying. But let’s backtrack a bit. Office Properties Income Trust (NASDAQ:OPI) is one we have covered several times. Our thesis was that of a slowly melting ice-cube. We got that wrong. It was a rapidly melting ice-cube. We had last updated…
Michael Fischer Dear readers, I became quite interested in cannabis REITs last year when their price plummeted as a result of the perfect storm of bad news. A shift in sentiment put the industry largely out of favor and resulted in many operators/tenants struggling to pay rent. Moreover, high interest rates and a tight credit…
LPETTET Introduction When an investor thinks about real estate in Nevada, especially on the Las Vegas Strip, VICI Properties Inc. (VICI) is often the name that comes to mind. The REIT is very popular here on Seeking Alpha, and I’m a big fan of the company myself. I’ve published a few articles on the stock,…
CHUNYIP WONG/iStock via Getty Images Thesis Office Properties Income Trust (NASDAQ:OPI) suffered a 37% decline following the announcement of a dividend cut on Jan-11. However, after examining the OPI portfolio, I believe the company has been oversold. Since the onset of COVID, the stock has witnessed a nearly 90% drop in price, driven by concerns…
ExperienceInteriors Introduction We last covered Allied Properties REIT (TSX:AP.UN:CA) (OTC:APYRF) back in August 2020. It was during the midst of the pandemic and at that time we pointed out that Allied Properties had a strong balance sheet and its dividend was sustainable. It has been about 3.5 years since we last covered this stock, it…
snapphoto My Thesis Medical Properties Trust (NYSE:MPW) stock fell 29% on January 5, 2024, and has fallen more than 70% overall in the past year, according to Seeking Alpha data. This was due to concerns about the management’s transparency, liquidity issues with the trust’s largest tenant, and concerns about the company’s enormous debt-to-equity ratio, which…
Hispanolistic The market can get truly absurd from time to time. Instead of being this efficient machine that many believe it to be, it can create scenarios that logically do not make sense. A great example of this can be seen by looking at what occurred on January 5th. Shares of Medical Properties Trust (NYSE:MPW),…
mikkelwilliam/E+ via Getty Images The last few weeks have been great for “most” of my REIT holding, thanks in large part to the first leg of the so-called REIT Rally, as I explained a few weeks ago, Recent share price weakness in this sector has driven valuations on many of my favorite REITs down to…
stockstudioX/E+ via Getty Images EPR Properties (NYSE:EPR) supplies a well-supported 7% dividend yield to income investors that look for something different in their portfolios. EPR Properties is an entertainment-focused REIT and owns a large portfolio of experiential properties such as theaters, tourist and attraction destinations etc. The REIT was hurt by the COVID-19 pandemic that…
DNY59 High-conviction Medical Properties Trust, Inc. (NYSE:MPW) investors have failed to lift MPW from its doldrums over the past two months since I downgraded the stock to a Hold. The caution is justified, as I reckoned the challenges that hampered MPW’s bullish thesis was more than just a hawkish Fed. I indicated that the market…
Pgiam Innovative Industrial Properties (NYSE:IIPR) has been in the doghouse for over a year at this point. That might change over the coming quarters as the possibility of a federal rescheduling may dramatically improve the credit profile of the tenant roster. In the meantime, IIPR continues to work through the troubled tenants in its portfolio….
Sadeugra/E+ via Getty Images Private Equity Exits Hit Five-year High With Occidental Deal For CrownRock According to Enverus Intelligence Research, public oil companies have spent $30B on private equity-owned acquisitions. That is the highest in 5 years. When Private Equity is jumping ship, the ship is about to sink to the bottom. Either PE is…
MicroStockHub/iStock via Getty Images We previously covered VICI Properties Inc. (NYSE:VICI) in September 2023, discussing its outperformance over the REIT sector median, with the excellent top and bottom lines triggering the consistently raised quarterly dividends thus far. Combined with CPI-tied rental escalator and robust gaming portfolio, we had rated the stock as a Buy then,…
kali9 I want to say upfront: I don’t know if Medical Properties Trust, Inc. (NYSE:MPW) stock has outlined a major bottom in Q4 2023, or if new lows are coming again early next year. I am not making a long-term call on the shares. This article is focusing on what I believe are high odds…
NVS Medical Properties Trust (NYSE:MPW) is a REIT that’s a fallen angel. The reason I refer to it as a fallen angel is that at one point MPW and many similar net lease commercial REITs were seen as the holy grail of yield investing, in that investors believed that they would pay out consistently growing…