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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (60285)	1/9/2018 8:18:13 PM
From: E_K_S	Read Replies (1) of 78702

Omega Healthcare Investors, Inc. (OHI)- small Buy @ $26.75/share - 9.9% div CatchMark Timber Trust, Inc. (CTT) - starter position Buy @ $13.25/share Omega Healthcare Investors, Inc. (OHI) at/near 5 year low.; Price/Book 1.5, 9.8$ div yield large short interest due to expectations of further write downs due to bad/marginal tenants - Market is wondering if this is an industry/sector event or just that OHI needs to weed out marginal tenants? OHI had compound annual growth rates of more than 20% in its real estate. 10.4% Divdend CAGR '03-'17. 74% div coverage if company meets 2017 target of $3.43/share for 2017. CatchMark Timber Trust, Inc. (CTT) has been on my Buy list since they completed a secondary at $12.50/share late last year. I like the sector as an Ag play and at the time a 5% div payer. Decided to pay up to start a tracking position when I compared the other two timber REITs WY & RYN. I probably paid at the upper end of the value range but will buy more if/when this sells back to $12.25/share. My one best 2018-2019 AG value idea Select Harvests Limited (SHVTF) - Thinly trade Australian Almond grower Selling 1.17x BV; Just re-capitalized selling 21 mln shares at $4.20/share in June 2017 net debt/equity =53% (7 yr historical avg @ 50%) Acquired new acreage w/ mature producing trees, extra acreage for new planting along w/ water rights 10yr price range $1.25/share - $9.40/share commodity price of Almonds impact margins; 2017 was a bad price year for Almond prices Management is setting table for growth in production/yield in out years Gramercy Property Trust (GPT) 1.4x Price/Book EU exposure to industrial/Office REIT Big transition to Industrial properties (may benefit from new tax legislation) 5.63% div trading close to 52wk low A Growth REIT At A Cheap Price, 5.6% Yield, And 30% Upside Gramercy is currently being offered at a low 12.5 times FFO compared to industry peer at 22 times. EKS

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