The latest issue of the Net Lease Observer covers two topics. First, the Form S-1 filing from popular net lease tenant EquipmentShare as it moves toward an initial public offering and NASDAQ listing.
The company’s “OWN program” represents a financing structure of leasing equipment which it in turn rents to construction companies and other end users, all from its leased branch real estate. Either I’m dense (not impossible), or the OWN Program is the exact opposite of owning anything…
Subprime loans. Tranches. (Duck quacking).
It’s pretty confusing, right?
Does it make your feel bored? Or stupid?
Well, it’s supposed to.
Wall Street loves to use confusing terms to make you think only they can do what they do.
Or, even better, for you to just leave them the f*** alone.
-The Big Short (2015 film)
Second, coverage includes a look at dividend payout ratios across the sector and the valuation techniques for REIT/funds. Many investors view dividend yield as a significant metric - we put forward a case for earnings yield as the more important intrinsic value determinant.
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