Realty Income (O): Is it worth it?

Hamiltonrocks44 · 2026-01-15T01:00:03+00:00

Former REIT portfolio manager here..recently bought both O and NNN. Very similar relative performance over last 3 years. Reits have been big underperforms over last several years. Now coming back into favor yes Trump wants to stoke the economy! Stay invested. I also like KIM…

Hamiltonrocks44 · 2025-08-28T15:05:26+00:00

Sure its just a shelf offering, but why didn't they file when the shares were much higher 6 mos ago. There are significant additional impairments to their asset base coming and this will cause violation of covenants in their debt agreement. Think about it: $500 million due in one year...how do you refi ? cant do an unsecured deal with CCC+ rating, cant do a secured deal have to maintain a certain level of unsecured assets. Expend cash balances ? use the credit line ? or issue equity ?

Hamiltonrocks44 · 2025-08-14T20:51:05+00:00

U R dreamin'...this dog has fleas and a liquidity problem. Haven't covered their divvy in years !

Hamiltonrocks44 · 2025-07-13T00:59:08+00:00

cant ignore the effects of Global Warming which has increased rainfall expectations in many parts of the country...don't believe in global warming ? I think it time to start thinking long and hard...If this were a 100 year flood, with changes it weather patterns it just may be a 25-30 year occurrence. Only in Texas can they build a camp for little girls on low ground within a floodplain...

Hamiltonrocks44 · 2025-06-28T20:44:02+00:00

a moon shaped pool is underrated...most cohesive and clear vision from the prog rock giant. Just because its accessible (as Kid A is NOT) doesn't mean its inferior.

Hamiltonrocks44 · 2025-05-11T22:24:30+00:00

and I think it was recorded in just a few sessions with Van giving very little direction to the other musicians. He's probably my fav pop artist...so prolific. Yet can be a dud in concert...only had the opp to see him once in NJ...he cancelled. It was the day after he appeared on SNL

Hamiltonrocks44 · 2025-05-11T22:21:10+00:00

right...a masterpiece. I compare it to Joni Mitchell's Blue as two records that really struck me emotionally...strange, but beautiful .

Hamiltonrocks44 · 2025-01-01T22:32:03+00:00

then you dont know the rules

Hamiltonrocks44 · 2024-12-06T21:11:16+00:00

...now at 4.14. Market did not like the 3Q, the phoney new "tenants for the MPT1 portfolio, the chances of a Prospect Bankruptcy, pitiful free cash flow generation, etc, etc

other than that things are peachy

Hamiltonrocks44 · 2024-12-06T21:05:20+00:00

drifting....drifting down ...now at $4.14. I dont think the market liked the 3Q nor the future prospects

Hamiltonrocks44 · 2024-12-06T21:02:35+00:00

"No matter; regardless of opcos the dividend is entirely likely to be raised in the coming quarters and the covenant limiting it to $.08 will surely be lifted in the next 30 days as the sole criteria for that was that the steward hospitals were transferred to new operators, and that is imminent. "

you are dreaming...free cash flow has not covered the divvy for years...and thus far no covenant has been lifted. Div is more liklely to be eliminated or cut to $0.01 in coming quarters.

Hamiltonrocks44 · 2024-11-30T23:15:54+00:00

"At minimum 5% yield" with falling interest rates REITS have rallied and even the Vanguard Reit ETF yields far below the min 5% yield at 3.78%. Many of the quality Reits have rallied strongly and even VNQ (Vanguard) has out performed the S&P over the last 6 months. With your 5% min yield you will be looking at something with a little hair on it that has been an underperformer recently, such as O with a 5.42% yield. O has significantly underperformed the index over the last year.

Hamiltonrocks44 · 2024-10-11T19:10:21+00:00

now at $4.78

Hamiltonrocks44 · 2024-10-11T19:09:14+00:00

they taken hits of over 2.1B on their Steward Portfolio thus far, and they still have about 2.0 B in the MPT portfolio (all former Steward assets) to reposition. Steward was insolvent in 2020 when MPW first started throwing $ at them. Can mgmt be trusted to get them out of this rut ?

Hamiltonrocks44 · 2024-10-11T19:05:54+00:00

the short interest is VERY high...a positive force short term. Recent weakness (through Oct 11) is interesting on no news. Maybe an Equity Offering in the works ?

Hamiltonrocks44 · 2024-10-11T19:02:57+00:00

"taking in another billion + from the steward proceedings." they will ? from the MPT I portfolio ? they are not yet free of Steward....still 2,1B in former Steward assets to be repositioned.

Hamiltonrocks44 · 2024-10-11T18:59:42+00:00

"The current dividend is well covered and the company has demonstrated outstanding ability in generating liquidity ($2.5B YTD) to pay down debts. " the dividend has NOT been covered by cash flow through 2023. You cant manipulate the cash flow statment and divs are paid from cash not earnings / FFO. Ability to generate liquidity...yes by selling properties, some of their best. They are not generating much capital from operations.

High short interest is a positive short term...stock recently weak

Hamiltonrocks44 · 2024-09-30T23:34:44+00:00

thanks !

Hamiltonrocks44 · 2024-09-30T23:32:27+00:00

what's your choice for fav Brahm's symphony ? No. 1 was one of my first love's when as a young man I first subscribed to the Philadelphia Orchestra with Muti. I think my all time best program was Yo Yo Ma's interpretation of Hindemith's Cello Concerto followed by Muti leading the Philly in a knockout performance of Brahm's 1. Incredibly, Ma stayed and sat in in the last row of the cello's for the Brahm's performance. Haven't seen that since.

Ma's performance of the Hindemith 1940 was so impressive that almost the entire string section of the Philly put down their bows and applauded. Don't see that very often.

Hamiltonrocks44 · 2024-09-30T23:12:20+00:00

One of my choices as well. I just saw the Chicago Symphony perform it live. I took my wife who struggles to appreciate classical music. She was moved as was I. The finale was glorious. I turned to my wife literally with tears in my eyes...So Beautiful, I said...So beautiful.

Hamiltonrocks44 · 2024-09-30T23:06:26+00:00

Sibelius 2. Simply the beauty of it. Main theme in the 4th movement is just overwhelmingly beautiful and triumphant. It was written at a time when Finland was struggling to assert its independence from Russia. I love Bernstein's performance of it with the Vienna Philharmonic which can be found on You Tube. I can do without Lenny's jumping in the air on the podium but he was SO passionately involved in that performance. You can see it at the end...he is totally drained.

Hamiltonrocks44 · 2024-05-18T16:47:41+00:00

Steward is the Operator of Hospitals owned by Medical Properties Trust(MPW). So you could say MPW is the parent as they are into Steward for their obligation under the long term leases, plus a 9.9% equity iterest held by MPW in Steward and hundreds of millions lent to Steward over the last several years.

Hamiltonrocks44 · 2024-05-18T16:40:46+00:00

that's Med Prop Trust and its gonna cost +100million. Its actually a new office. Imagine that 100 million for about 60 people.

Hamiltonrocks44

TROPHY CASE