Oneida buys MAC 77.21: This leads me to believe the dip in GOOD's market price is almost entirely related to the REIT being lumped in with external managers, and therefore, has substantial upside as the alignment becomes apparent to the market.

As an NNN REIT, cash flows are naturally steady, and are made even steadier by strong diversification by property type and tenant. Fundamentally, it is among the safest stocks you can buy. Farmland should trade closer to 20-25X due to the zero maintenance cost nature of ownership and the tendency to appreciate over time. As it stands today, LAND is trading at just 16 times 2016 FFO, which is quite low for the asset class. If we look at the actual fundamentals, LAND has grown its asset base substantially, but more importantly, it has grown FFO on a per share basis, which, again, is the number one sign of aligned management.


Alina:
The higher dividend paid out during 2013 was a special dividend related to becoming a public REIT, and was simply to comply with tax laws.

Fallon:
We see this discount as unjustified, and believe there is an opportunity in buying at current prices.

Gwyn:
The rest of the discount, in my opinion, is related to CORR being externally managed, and it is being unfairly lumped in with RMR.

Suzan:
Some of the discount is likely attributable to the present uncertainty of energy prices, so there is concern that reduced profitability of their tenants will spill over to affect rent payments.

Tinisha:
CORR is now trading at less than 6X normalized FFO and a dividend yield well over 10%. This represents an enormous discount to the REIT and its triple-net lease (NNN) peers.

Jude:
So far, all decisions seem to be well aligned with shareholders.

Opal:
It is only buying assets that have a return sufficient to be accretive to shareholders.

Elicia:
With an enormous pipeline and only 1 or 2 transactions a year, we believe CORR is passing on a large portion of acquisitions.

Sherill:
Since that time, 100% of transactions have been demonstrably accretive to FFO on a per share basis.

Marcela:
Shareholders voted for REIT, so CORR issued the equity necessary to make a transaction substantial enough to qualify legally for REIT tax exemption.

Macerich Company (NYSE:MAC)
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