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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 1.09   0.0 -0.95 0.30 24.59
WP GLIMCHER 4.56   14.7 0.31 1.00 20.49
CORECIVIC 22.16   15.5 1.43 1.76 7.97
IRON MOUNTAIN 31.62   26.1 1.21 2.44 7.62
MACERICH 40.65   58.1 0.70 3.00 7.19
RLJ LODGING TRUST 18.37   19.1 0.96 1.32 7.03
GLADSTONE COMMERCIAL 21.54   718.0 0.03 1.50 6.93
WEYERHAEUSER 23.46   93.8 0.25 1.36 5.59
UMH PROPERTIES 13.25   0.0 -0.63 0.72 5.48
STAG INDUSTRIAL 29.24   47.9 0.61 1.43 4.83


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