My REIT Theory Articles
The author curates an index of his REIT‑focused newsletters, separating the most critical pieces from supplemental ones. The flagship articles dissect how equity REITs grow earnings, expose pitfalls in SEC filings, and challenge conventional WACC‑based valuation. Additional posts explore negative spread dynamics, cash‑versus‑leverage investing, and nuanced capital‑expenditure analysis. Together, the collection offers a systematic framework for assessing REIT cash earnings and dividend sustainability.
Checking In on SILA Realty Trust
Six quarters after its IPO, SILA Realty Trust reports mixed results. The health‑care REIT maintains a low 30% debt‑to‑gross‑assets ratio and 2.2% average rent escalators, while its weighted‑average lease term extends to ten years by 2025. However, a high dividend,...
Trade Alert: More Defense
The author recommends adding a defensive real‑estate investment trust (REIT) to offset the volatility caused by AI hype and geopolitical tensions. The focus is on Rexford Industrial (REXR), which the writer revisited after a May analysis. REXR is positioned to...
RPD Looks at Simon Property Group
RPD revisits Simon Property Group after the REIT’s share price climbed from about $160 to near $200, defying his earlier skepticism about forward earnings growth. He highlights SPG’s strong credit profile—an A‑ rating, $9.1 billion in liquidity against $35 billion of debt,...
Brief Note: NNN REIT Annual Report
In this episode the host reviews NNN REIT’s latest annual report, updating on the fund’s performance since the previous quarterly analyses. The discussion highlights that tenant issues observed in 2024 appear to be isolated rather than systemic, and the REIT’s...