Below are press releases from company’s with preferred stock or baby bonds outstanding–or just general news of interest.
FAT BRANDS INC. REPORTS FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS
New York Mortgage Trust Reports Fourth Quarter and Full Year 2022 Results and Reverse Stock Split
Medallion Financial Corp. Reports 2022 Fourth Quarter and Full-Year Results
Freddie Mac Reports Fourth Quarter and Full-Year 2022 Financial Results
CTO Realty Growth Declares Dividends For the First Quarter 2023
Farmland Partners Inc. Reports Fourth Quarter and Full Year 2022 Results
EPR Properties Reports Fourth Quarter and 2022 Year-end Results
Axis Capital Declares Quarterly Dividends
Assured Guaranty Ltd. Raises Quarterly Dividend by 12% to $0.28 per Common Share
THE NECESSITY RETAIL REIT ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS
The concept of “investment grade” tenants has its own special meaning for RTL (and GNL , also ext managed by AR Global. ) It includes “implied investment grade.” IMHO, IIG is a “no obligation” rating and hence is one notch down from the “moral obligation” bond-type rating.
“As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade ratings. Implied investment grade ratings may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default.”
— So hypothetically, if say Ray Dalio, the in-the-news multi billionaire, has a hypothetical disowned penniless son living at Rescue Mission, and the son guarantees a ton of subprime mortgages , voila, the loans are now all investment grade. (A guarantor’s parent right?)
— “Moody’s $864m penalty for ratings in run-up to 2008 financial crisis” – 2017 headline.
I don’t usually read REIT footnotes, but I do read a lot of REIT pumper articles. This makes me wonder what’s under the hood on the companies being touted as holding investment grade investments.
Disclaimer: All investments have risk and may lose value, particularly when you pick the wrong ones.
Just my opinion.
BJ office REITS are in the news. What is next? I have been looking at industrial and grocery anchored REITS but who is to say?
CTO announces earnings after market close today.
I would guess that CTO’s report will be good. It just bumped its divvy up ~5.6%
BJ I did a quick skim of the report for CTO and I didn’t feel it was all that great but I am no CPA , Starting an ATM common stock program and a public offering stock offering in Dec. added 4 million new shares. Net debt to pro forma ? EBITDA was 7.3x
If someone can explain how great this is I would be interested