Brad Thomas
Founder & Lead Analyst of Wide Moat Research
Strawberry Fields REIT is the VICI of healthcare REITs, and its discount to peers is irrational. It trades at 9.5 times versus 12–15 times for peers despite 150 skilled nursing assets, 100% rent collection for more than eight straight years and the sector's lowest payout ratio. It has delivered 26% annualized returns since listing. x.com
Welltower's risk/reward looks poor at almost 70 times forward earnings, even though senior-housing demand is rising while supply is not. x.com
The strong senior-housing tailwind means Brookdale and Sonida probably both work. Brookdale is overlevered with poor older assets, while Sonida is too expensive. x.com x.com
Brookdale Senior Living has more upside than other senior housing names, largely because of its leverage, and is cheap because near-term numbers disappoint. Those numbers are getting back on track. @thecontracap counters that the new CEO over-promised near term and results look messy. x.com x.com x.com
