RE:RE:RE:WHY WAS THIS TURD UP SO MUCH TODAY
SNAKEYBOY wrote:
how'd you like the report JAYBANKS?
I have to dive into it some more and either listen to the conference call or read a transcript and see what's being said, but I gotta say I'm not impressed at all... Remember I'm not an accountant or expert on this, I'm just taking into consideration what I understand lol
I have to do a better review of the numbers and compare to last quarter, not just same quarter last year which they do all report which was a bad compareable cause that was the heat of the pandemic major shutdown. The fact they compared things only to that quarter that I noticed is a red flag as they are trying to show good results against very bad ones... the only thing I seen that was compared to last quarter was the increase in % of rents collected, which I mentioned I expected a rise in but not yet back to 100%.
- I seen a loss in occupancy
- the figure in Negative change in fair value seemed higher that normal but I have to look that over on other quarters, also the fact they didn't bold the word 'negative' is a flag considering it's a normal markdown catigory but not fully identifying that way, it looks like the number provided is positive to someone scanning through
- The payout ratio went from 45% last quarter to 56.3% and since the dividend didn't move that means there was less coverage somewhere, that said I have to see if the previous 45% was AFFO or extracted from anouther number, if isn't that's not positive (also no hint towards dividends upcoming, but I would more expect to see that in the conference call rather than this report specifically)
- Debt ratio grew slightly, is that from taking on more debt or less income to cover it
Over the weekend I'll check these numbers more closely and see what's up when I have a clearer mind and see what they have to say. That said these aren't thinks that say there is a major problem, just doesn't look as rosey as the picture they are trying to paint. I'd say this looks to be in the poorer than expected catigory but I dunno if this my take what I can get and run 'poor’. Unfortunately since it doesn't look good, I have to spend more time and see if the flags I see are proper, or if I'm off base. (I'll update on what I look at, and hopefully someone with more knowledge on this can give us a deeper dive)