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Strategies & Market Trends : Value Investing
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To: Elroy who wrote (66683)2/26/2021 9:08:41 AM
From: Madharry  Read Replies (1) of 78778
 
the conference call from starwood was illuminating to say the least. If Sternlicht is not a genius he is close to one. He has the pulse on all things real estate and is generous with his thoughts and opinions. They have very little exposure to new york and san francisco office space which is really hit the worst. their exposure in hotels almost all leisure or low priced extended stay which are actually doing well. He discussed each real estate segment at length. That may have been the best conference call I have listened to in a long while.
It left me wondering whether i should increase my already large position in Starwood. An 8.6% distribution might not be a good as a 14% distribution but its still more than adequate. I also listened to the LADR conference call which was not quite as upbeat. they raised lots of cash and are now deploying it in opportune situations but carefully. Meanwhile the company continue to sell at a discount to book and pays a decent dividend.I dont know that they will deploy capital fast enough to pay the same distribution in 2021 but I feel good that they are careful about how they deploy the capital.

Yesterdays market weakness was surprising to me in the context of how much liquidity there is and dividends paid by most companies paying dividend relative to the 10 year. Pfizer for example pays a 4.5% dividend that would be preferable to a 10year bond paying 3% let alone one paying 1.6%.
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