Laacz - I mentioned a while ago that I have an undisclosed real estate position. Well it is not undisclosed any more :-). I bought this at the end of last year for a blended cost of a tad less then 1000$/share. LAACZ despite it's name is basically a self storage LP in disguise as 95% of the assets are real estate, mostly self storage assets. They don't file, except at the OTC website and don't really have a corporate website either, but the info they do provide is pretty good.
otcmarkets.com
For quick metrics:
finance.yahoo.com
What I like about the, is that they trade at a discount (measures by PSR (ha) EV/EBITDA , P/B etc) of about 30-40% to other self storage entities, but even more so are unitholder friendly and have a very astute management. I did a fairly deep dive analysis and even talked about with the controller and came away with a very good impression.
LAACZ self storage business had a delayed recovery, because many of their self storage assets are in market hard hit by the RE crash (Southern CA, Phoenix, Las Vegas), but now that these market take off, LAACZ utilization and finally even rates are picking up and that drops to the botttom line. They raised already their distribution from 11.5$ to 14$ and earnings are roughly up 20%YoY. I still think it's a decent value, if one like RE exposure. This is my largest individual position at more than 10% of my portfolio. |
