no_free_lunch Posted January 19, 2019 Share Posted January 19, 2019 I will keep this brief as I am still learning and this is for notes / feedback. US based apartment reit listed on the tsx. Properties in 'sunbelt' area of the US. Former private company with history back to 90's. Insiders own 51%. Trades at a 5.5% yield and a 7.1% affo yield. Equity is selling for ~75% NAV (my calculation). Net debt to assets somewhere around 45%. Most peers seem to be closer to 60%. They have built their debt to be long dated with average maturity at 11 years. Link to comment Share on other sites More sharing options...
Philbert77 Posted April 13, 2020 Share Posted April 13, 2020 Gonna give this one a bump. I think this opportunity is compelling right now. Apartments for rent in the sunbelt USA. Rents are reasonable, people need a place to live. I think this has to be fairly COVID-19 resilient. Management is well aligned with shareholders. Link to comment Share on other sites More sharing options...
peterHK Posted April 14, 2020 Share Posted April 14, 2020 https://seekingalpha.com/article/4333753-bsr-reit-aligned-management-surfacing-value-for-investors Link to comment Share on other sites More sharing options...
johnny Posted April 14, 2020 Share Posted April 14, 2020 I must be doing something wrong; I see a snapshot of NOI at like ~$53M/yr and an EV of $1.2B. Is 45M units the correct number? Link to comment Share on other sites More sharing options...
Philbert77 Posted April 14, 2020 Share Posted April 14, 2020 They have 22,311,997 units and 22,601,042 Class B units outstanding. NOI was 60 Million in 2019. Link to comment Share on other sites More sharing options...
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