mg0516 Posted October 5, 2015 Share Posted October 5, 2015 REIT w/10% yield. 90%+ private pay comprised of senior housing properties. Spinoff 11/2014. Stock hit from shareholder unfriendly equity raise, over leveraged (but manageable) and misaligned incentives with Fortress as external management. Reflected in stock prices with large peers trading > 16x AFFO, >14x for mid peers and SNR <10. Activist Levin Capital just took stake with goal of aligning incentive structure of Wes Edens (one of new Bucks owners) and Fortress. 10% yield while you wait for the equity to re-rate... Link to comment Share on other sites More sharing options...
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