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Our High Yield REIT Portfolio Heading Into The 2nd Quarter

Published Fri, 05 Apr 2019 09:32:53 -0400 on Seeking Alpha

2CHYP, our high yield REIT portfolio, commenced trading on 7/1/16 making this our 11 th quarterly update. It is actively managed with an aim to maximize total returns. We firmly believe that active stock selection and diligent trading can generate higher returns over the long run.
There are many principles driving the asset selection that goes into our 2CHYP portfolio, but this update will focus attention on the concept of buying assets for far less than they are worth. Let us begin by digging into this concept and follow with details and analytics of the full 2CHYP portfolio heading into the 2nd quarter.
The value of an asset
Assets have value and I think just about every market participant would agree on a rough methodology for calculating the value of assets. The value of an asset is related to some combination of the magnitude of future cashflow the asset generates and the cost of replacing the asset. There is some subjectivity as future cashflows are uncertain so rather than an exact number, the value of an asset can better be described as a range. Different analysts with different outlooks will come up with different numbers, but generally their estimates will all fall within a fairly tight range.
Thus, I would posit that valuing a single asset is more science than art, it merely has error bars to account for different judgements as to what the future holds. Valuing a stock, however, seems to be a very different process. Rather than a tight range of values,... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CBL & ASSOCIATES PROPERTIES 0.92   0.0 -0.95 0.30 27.52
WP GLIMCHER 3.55   11.4 0.31 1.00 26.74
CORECIVIC 16.63   11.6 1.43 1.76 9.99
MACERICH 32.95   47.1 0.70 3.00 8.92
IRON MOUNTAIN 30.54   25.2 1.21 2.44 7.99
RLJ LODGING TRUST 17.14   17.8 0.96 1.32 7.55
GLADSTONE COMMERCIAL 21.00   700.0 0.03 1.50 7.03
UMH PROPERTIES 12.44   0.0 -0.63 0.72 5.78
WEYERHAEUSER 25.10   100.4 0.25 1.36 5.28
STAG INDUSTRIAL 30.67   50.3 0.61 1.43 4.65


Older articles featuring Cbl & Associates Properties (CBL):
Washington Prime Group: Why A Dividend Cut Is Very Likely
Our High Yield REIT Portfolio: Q2 2019 Update
CBL Properties Declares Preferred Stock Dividends
Washington Prime: Why I'm Short This 18% Yielder
Dividends By The Numbers For March 2019 And 2019-Q1
Deep Value And 18.5% Yield From Washington Prime
Tanger Factory Outlet Centers: What Does A Complete And Unbiased Analysis Yield?
Our 'Top Preferred Stock Pick', 9% Yield And Big Upside, From Pennsylvania REIT
CBL Properties Declares Common Stock Dividend and Preferred Stock Dividend
3 Yield Trap REITs To Avoid Like The Plague