The triple-net REITs own properties leased primarily to single tenants in separate buildings who pay for all maintenance expenses, property taxes and insurance.
The second is that merely adding a website on to an existing business is not enough: the whole business needs to be redesigned around the cost-saving, communication-easing properties of the net.
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Mr. Hegarty said the company is considering selling its 48 stand-alone nursing-home properties, which account for 4% of its net operating income and about 12% of the total number of properties Senior Housing owns.
My properties still sell below net tangible assets per share, a plus.
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Properties are valued by discounting net cash flow or the cash available to owners after all expenses have been deducted from leasing income.
Shares of Equity Residential and AvalonBay trade at 4% and 1% discounts, respectively, to their net asset values, or what their properties would fetch if sold.
ProLogis has bested the others in the appreciation of its properties' worth, called net asset value, and in growth of earnings, whose REIT version is known as adjusted funds from operations (AFFO): net income plus depreciation, minus one-time items and maintenance outlays (see table).
"We see a stabilizing trend in the ultra-luxury segment, as high-net-worth buyers pursue the very best properties at opportunistic price points, " says Bill Fandel of Peaks Real Estate Sotheby's International Realty, who handled the sale of the Bootjack Ranch, via an e-mail.
Silver Bay intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.
These properties, including Goldman Sachs, still sell at or below net tangible assets per share.
The second-generation triumvirate have pulled this off by emulating Larry Tisch's strengths: picking undervalued properties, avoiding debt and caring more about cash accumulation than net income.
"We cannot even predict what kinds of emergent properties would appear when animals begin interacting as part of a brain-net, " he said.
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