comlb
Lieutenant
Posts: 68
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REITs
Aug 23, 2022 13:41:14 GMT
Post by comlb on Aug 23, 2022 13:41:14 GMT
this probably deserves its own ongoing thread here. And the yields are not bad in REITland today.
Anyone finding anything good?
The Net Lease REITs like Realty Income, National Retail Properties are over 4% and Store Capital, Spirit Realty, and Postal Realty are well over that.
Also some specialty REITs like Lamar billboards (an old Josh Peters pick) are over 4%
Any one else looking at REITs finding anything interesting?
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REITs
Aug 23, 2022 14:59:29 GMT
Post by steadyeddy on Aug 23, 2022 14:59:29 GMT
The only REIT position I hold is a closed end fund RQI. Whenever it dips I throw a few more dollars into and simply not worry about selling it. Only time will tell if that is a good idea or not ......🤷♂️
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Post by johnsmith on Aug 23, 2022 15:58:53 GMT
this probably deserves its own ongoing thread here. And the yields are not bad in REITland today.
Anyone finding anything good?
The Net Lease REITs like Realty Income, National Retail Properties are over 4% and Store Capital, Spirit Realty, and Postal Realty are well over that.
Also some specialty REITs like Lamar billboards (an old Josh Peters pick) are over 4%
Any one else looking at REITs finding anything interesting?
ARE
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REITs
Aug 23, 2022 18:36:18 GMT
Post by bb2 on Aug 23, 2022 18:36:18 GMT
Strong Buys from Brad Thomas' REIT letter, with % safety based on price below his fair value.
Alexandria Real Estate ARE 16% CareTrust REIT CTRE 20% Physicians Realty DOC 15% Medical Properties MPW 34% Omega Healthcare Investors OHI 17% Essential Properties Realty EPRT 22% NetStreit NTST 22% Spirit Realty Capital SRC 31% Store Capital STOR 9 16% Brandywine Realty BDN 16% Boston Properties BXP 23% Highwoods Properties HIW 31% Kilroy Realty KRC 23% Piedmont O!ce Realty PDM 21% Federal Realty Investment FRT 17% Prologis PLD 18% Tanger Factory Outlet Centers SKT 15% Simon Property Group SPG 37% Safehold SAFE 45% VICI Properties VICI 16%
Not sure I agree with all his valuations. He's loved SPG from $170 to $60 and now whatever it is. 106. And MPW is one I've never liked and one he's loved since $26. His FV is 23 now. You can find his take on MPW on SA but you might need a sub. I don't have one.
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Post by alvinthechipmunk on Aug 24, 2022 0:33:38 GMT
I own only Postal REIT. PSTL. I figure the P.O. will never default on payments. My sources show not a GREAT deal of upside until the target-price is reached, but there's still room to run.
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Post by johnsmith on Aug 24, 2022 1:12:27 GMT
comlb , my recommendations: - stay away from Office REITs, occupancy is very low and rents are going down. - find reits with good managements. - stay away from retail reits too (SKT, PREIT) - Some reits I stay away from because they make me nauseous like GEO. REITs are very sensitive to interest rates. Interest rates / Inflation go up, Reits go down; and vice versa.
oh and IMO Brad Thomas doesn't know reits. So take his views with massive doses of salt.
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Post by mnfish on Aug 24, 2022 11:51:55 GMT
Wells Advisors rates Real Estate as Unfavorable.
However, some sector REITs are better. Industrial, Self Storage, Single Family, Apartments, Infrastructure(cell towers)
Worst is Retail and Office No single stocks mentioned
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Post by bobfl on Aug 24, 2022 16:04:12 GMT
psb-z, psb-y, psb-x All (bbb), now owned by Blackstone after the recent purchase of the company. Paying over 6.8% (today, Aug 24).
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REITs
Sept 8, 2022 19:55:17 GMT
Post by bobfl on Sept 8, 2022 19:55:17 GMT
psb-z, psb-y, psb-x All (bbb), now owned by Blackstone after the recent purchase of the company. Paying over 6.8% (today, Aug 24). With all the controversy after Blackstone bought it and possible downgrades and delisting, I sold.
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REITs
Sept 9, 2022 12:22:07 GMT
Post by johnsmith on Sept 9, 2022 12:22:07 GMT
psb-z, psb-y, psb-x All (bbb), now owned by Blackstone after the recent purchase of the company. Paying over 6.8% (today, Aug 24). With all the controversy after Blackstone bought it and possible downgrades and delisting, I sold.
What was the controversy?
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REITs
Sept 9, 2022 12:26:04 GMT
Post by bugman on Sept 9, 2022 12:26:04 GMT
I'm looking at newly issued AGCGV. 7.75% par yield.
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REITs
Sept 9, 2022 19:14:01 GMT
Post by bb2 on Sept 9, 2022 19:14:01 GMT
Grey Market : AGCVG. How the heck did you learn about this? Be careful.
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REITs
Sept 10, 2022 8:16:27 GMT
Post by bugman on Sept 10, 2022 8:16:27 GMT
Grey Market : AGCVG. How the heck did you learn about this? Be careful. A recommendation from Systematic Income (ADS Analytics). Took a small position (2%). Never big chunks in these.
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bruno
Lieutenant
Posts: 57
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REITs
Sept 10, 2022 15:49:04 GMT
Post by bruno on Sept 10, 2022 15:49:04 GMT
I own only Postal REIT. PSTL. I figure the P.O. will never default on payments. My sources show not a GREAT deal of upside until the target-price is reached, but there's still room to run. I was thinking the same thing about DEA. EASTERLY GOVERNMENT PROPERTIES INC. I dont see much growth but a 5.8% Dividend Yield.
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REITs
Sept 10, 2022 17:15:32 GMT
Post by bb2 on Sept 10, 2022 17:15:32 GMT
johnsmith - "oh and IMO Brad Thomas doesn't know reits. So take his views with massive doses of salt."
Can you flesh this out some? REITS are his business, (so I think he knows REITs), so maybe you have followed him and seen that his picks don't pan out? IE, you don't like his analysis? "Massive doses" implies a substantial disdain.
I get his letter and he maintains numerous large portfolios, each with different levels of risk, which I use as a starting point. He for sure needs an editor, or a better editor, in that his calls on a single REIT can change from month to month, back and forth.
Edit: As I mentioned in my prior post where I referenced Brad, I certainly don't always agree with him, so I'm not saying salt is not required. Just wanted to know why you made the statement using the language you used. I emailed him about his long wrong position on MPW, to which I never got a response but shortly after he published an SA piece about MPW. I still disagree with him. UBA has been another example of where we've disagreed and there are more. I've owned UBA several times over the years. I never follow a letter author exactly or even remotely so.
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bruno
Lieutenant
Posts: 57
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REITs
Sept 11, 2022 19:58:54 GMT
Post by bruno on Sept 11, 2022 19:58:54 GMT
I had a person tell me he thought you got K1 from REITS? I have not found that but read they are taxed different. Any experts on REITS? Thanks in advance..
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REITs
Sept 11, 2022 20:02:37 GMT
via mobile
Post by Capital on Sept 11, 2022 20:02:37 GMT
I had a person tell me he thought you got K1 from REITS? I have not found that but read they are taxed different. Any experts on REITS? Thanks in advance.. REITs specifically issue a Form 1099-DIV never a K-1
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REITs
Sept 11, 2022 20:21:52 GMT
Post by bb2 on Sept 11, 2022 20:21:52 GMT
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REITs
Sept 11, 2022 20:31:48 GMT
Post by yogibearbull on Sept 11, 2022 20:31:48 GMT
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bruno
Lieutenant
Posts: 57
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REITs
Sept 12, 2022 1:02:42 GMT
Post by bruno on Sept 12, 2022 1:02:42 GMT
THANK YOU for all the replies.
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REITs
Sept 12, 2022 12:22:51 GMT
Post by johnsmith on Sept 12, 2022 12:22:51 GMT
johnsmith - "oh and IMO Brad Thomas doesn't know reits. So take his views with massive doses of salt." Can you flesh this out some? REITS are his business, (so I think he knows REITs), so maybe you have followed him and seen that his picks don't pan out? IE, you don't like his analysis? "Massive doses" implies a substantial disdain. I get his letter and he maintains numerous large portfolios, each with different levels of risk, which I use as a starting point. He for sure needs an editor, or a better editor, in that his calls on a single REIT can change from month to month, back and forth. Edit: As I mentioned in my prior post where I referenced Brad, I certainly don't always agree with him, so I'm not saying salt is not required. Just wanted to know why you made the statement using the language you used. I emailed him about his long wrong position on MPW, to which I never got a response but shortly after he published an SA piece about MPW. I still disagree with him. UBA has been another example of where we've disagreed and there are more. I've owned UBA several times over the years. I never follow a letter author exactly or even remotely so.
IMO - I think Brad, when I was using SA, was producing anywhere from 3 - 5 articles a day (quite impossible if one deos a decent job of looking at the details). This was a long time ago. He was mostly acting like a stenographer and copy pasting REIT presentations and presenting them as his articles. There was 0 value add.
In addition to this, I think BT lucked out, as interest rates were going down, there were tail winds to the whole sector and fed support for asset prices in general. BT himself didn't actually bring anything to the table, he simply rode the coat tails of a favourable environment. Not only that, there were times when the information provided was actually detrimental to the people who trusted his opinion.
I had a run in with another "author" - where I asked them, the information they provided did not deal with the debt side of the stock they were touting. They refused to post a message on the comment section; they did however privately message me and say that is not what they did. I replied saying - "how can one assess a firm without looking at the liabilities section" and never got a reply.
I was such a huge trouble maker to Brad and his articles, pointing out mistakes and stuff that was not considered, that SA actually to this day, always has someone moderate my messages. SA didn't like it that I was pointing out obvious flaws in the articles that BT and other authors were posting about REITs.
IMO - Brad does a piss poor job, doesn't care about the people who look at him for considered information and is mostly out there to make a buck for himself. I wouldn't trust him at all.
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REITs
Sept 12, 2022 18:40:53 GMT
Post by johnsmith on Sept 12, 2022 18:40:53 GMT
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Post by bb2 on Sept 12, 2022 23:16:39 GMT
Thanks for the color, johnsmith. I find the letter mildly useful; long lists of REITs serve as a place of discovery. Never read him on SA but assuming it's the same.
Yea, I've got a few architect friends who do biz in SF. They're busy still but for how long? Maybe converting all that office space to pot growing ops. (A specialty one friend has.)
SF financil district is pretty quiet. Got a seat for an Irish coffee at Buena Vista no prob the other day. Mario's was almost empty. Vesuvio's too but busy when we left.
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REITs
Sept 13, 2022 11:33:58 GMT
Post by johnsmith on Sept 13, 2022 11:33:58 GMT
Thanks for the color, johnsmith. I find the letter mildly useful; long lists of REITs serve as a place of discovery. Never read him on SA but assuming it's the same. Yea, I've got a few architect friends who do biz in SF. They're busy still but for how long? Maybe converting all that office space to pot growing ops. (A specialty one friend has.) SF financil district is pretty quiet. Got a seat for an Irish coffee at Buena Vista no prob the other day. Mario's was almost empty. Vesuvio's too but busy when we left.
no need to spend your money on a long lists of REITs!
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REITs
Oct 12, 2022 20:01:02 GMT
Post by steelpony10 on Oct 12, 2022 20:01:02 GMT
fitaxguy.com/what-are-section-199a-dividends/ Maybe REIT investors know this already. But REIT dividends are considered 199a dividends now as of 2017? Maybe box 5 on a 1099-DIV. This could be an advantage when compared to individual investments with a similar yield. My interest made me choose VTI over VOO because this tax benefit could make this a better core holding for us and maybe help dampen it’s volatility compared to VOO.
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REITs
Oct 12, 2022 20:45:45 GMT
Post by ECE Prof on Oct 12, 2022 20:45:45 GMT
fitaxguy.com/what-are-section-199a-dividends/ Maybe REIT investors know this already. But REIT dividends are considered 199a dividends now as of 2017? Maybe box 5 on a 1099-DIV. This could be an advantage when compared to individual investments with a similar yield. My interest made me choose VTI over VOO because this tax benefit could make this a better core holding for us and maybe help dampen it’s volatility compared to VOO. Yes, VTI has this 199(a) part (Kevin Brady's tax cut) because it was introduced as a special favor to Trump and Brady himself due to Real Estate investments. But, it is not much a difference because VOO pays a slightly more dividends than VTI does. So, there is a wash-out.
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REITs
Oct 12, 2022 20:55:04 GMT
Post by steelpony10 on Oct 12, 2022 20:55:04 GMT
ECE Prof , Maybe it’s a slight advantage in a taxable account with investments having similar yields. I see your point. REITS comprise 3-4% of VTI’s holdings. I just ran across that site researching tax advantaged investments.
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REITs
Oct 12, 2022 21:46:05 GMT
Post by ECE Prof on Oct 12, 2022 21:46:05 GMT
ECE Prof , Maybe it’s a slight advantage in a taxable account with investments having similar yields. I see your point. REITS comprise 3-4% of VTI’s holdings. I just ran across that site researching tax advantaged investments. I know it. Furthermore, I use that fact in my tax estimation every year. I have a column in my spreadsheet for 199(a) dividends. Besides, I also have another tax benefit from "Kevin Brady," called "business tax cut of $30" every year because I am in a rental business. I forgot the exact name for this tax cut. This $30 comes right out of the taxes, not from the taxable income. My effective rate is normally about 1.2-1.5% because I do not have RMD. Besides, our taxable SS income is only 50-60% of the total, not 85% as most people have. It is all tax planning. With proper tax planning, you can earn a minimum of 20% on some of your income by not paying taxes.
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Post by bobfl on Oct 29, 2022 21:35:00 GMT
With all the controversy after Blackstone bought it and possible downgrades and delisting, I sold.
What was the controversy?
1. Blackstone buys it and could load debt on it dropping the credit rating. 2. Blackstone say they will delist if they buy it up at a super discount. Now they can buy up PSB-PZ for $12.61 and get it off the market. So it dropped like heck. Yielding 9.66% I, personally, am glad I got out before it dropped. Do I blame Blackstone for buying the debt back at a 50% discount? No, I would do the same if I bought a house and then could buy the mortgage back at a 50% discount.
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REITs
Mar 16, 2023 0:23:29 GMT
Post by johnsmith on Mar 16, 2023 0:23:29 GMT
Strong Buys from Brad Thomas' REIT letter, with % safety based on price below his fair value. Alexandria Real Estate ARE 16% Not sure I agree with all his valuations. He's loved SPG from $170 to $60 and now whatever it is. 106. And MPW is one I've never liked and one he's loved since $26. His FV is 23 now. You can find his take on MPW on SA but you might need a sub. I don't have one. ARE is now around $126 a share.
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