April 2019 NBS Price Data in Leading Chinese Cities

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK - only published in Chinese this month).  The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal.  It is still useful to monitor trends … Continue reading April 2019 NBS Price Data in Leading Chinese Cities

Artis REIT: Delivering Value Faster Than Expected

Artis 5/10 unit price is a 28% discount to IFRS Net Asset Value of $15.55/unit Artis trades at 8.5 X 2019 FFO, well below the 14X average for Canadian REITs and 19X average for US REITs The strategic initiatives announced in November 2018 have been aggressively implemented and a new Special Committee will consider further … Continue reading Artis REIT: Delivering Value Faster Than Expected

Colony Credit Disappointed the Skeptics For a Change

Key points from 1Q19 results (Press Release, Financial Supplement, and Conference Call): Undepreciated Book Value was $21.68 at 3/31/19.  BVPS fell by $0.13 from 12/31, but  the company generated a positive shareholder return with $0.425 of dividend payments. "Core Earnings" of $0.38/share included some small non-recurring benefits.  Management suggested the quarter-end earnings run rate was … Continue reading Colony Credit Disappointed the Skeptics For a Change