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11/03/16 2:00AM
Update?
cablebeach,
Idea is about unchanged (both outright and versus AMH) since posted.
In terms of fundamentals, your thesis seems intact. My favorite measure of these entities is Unlevered FFO less stock comp less stabilized maint capex. In... login to read the rest
How can you build conviction on what RESI's true NAV is? Its not cheap if you use their cost and there's a lot of leverage so if you're off a bit on the value of
Fair points - not sure why you are ascribing beneficence to Sherpo buying RESI - his motivation is not to buy a cheap stock, pondering whether to use precious capital to buy ASPS or RESI,... login to read the rest
RESI is simply not a SFR company. They own a paltry amount of homes and really bad assets as well. They have no credible property management platform either.
becuase they are horrible, venal management that could not care less about shareholders. ASPS is buying RESI shares specifically to thwart shareholders. That's one good and sustainable reason for the discount. If they cared about... login to read the rest
I agree that the whole industry is cheap, however, I am cautious on the market. I like SFR and SBY better than AMH as they focus on allocation of cash, dividends, and ROI. AMH is... login to read the rest
Several points High priced vs low priced homes:
As Kiss alludes to, it is a regional issue. In particular, Califonria skews numbers higher and Florida and Georgia lower. Also and age issue - AMH bought newer homes... login to read the rest
ARPI was recently bought by AMH and SFR and CAH merged and the market has over time rewarded the acquirors stock. Interest rates lower than 2014. Financing market better, particularly the long term securitized... login to read the rest
cable, kiss, issambres,
Right you are about lower end rallying more than higher end homes. Apologies.
I do still have the question about why the other guys shied away from the lower end. I need to review... login to read the rest
I'm not long AMH, but SBY is really cheap here. I love how they sold their Houston portfolio last summer. They have done nothing but smart capital allocation.
The other point you didn't mention but is... login to read the rest
respounce to Cableguy.
Have no horse in race but disagree with your assesment of lower cost homes.
Down here in Florida the high end has slowed markedly whereas the under $250K
quite vibrant- up 10+% y/y,
Jobs and low
cablebeach,
I wrote up a similar thesis almost 2 years ago. And we remain short AMH but closed SBY long quite a while ago. Why do you think SBY can sell now? I continue to believe... login to read the rest
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