Category Archives: Real Estate

Bluegreen Vacations Holding Corp. (BVH) 22Q1 Update

2022 first quarter net income from continuing operations attributable to shareholders was $16.0 million or $0.76 per diluted share, compared with 21Q1’s $3.1 million or $0.16 per share.  Revenues improved to $195.1 million from $146.4 million.

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DHC 22Q1 Update

22Q1 In Line with Expectations.  Maintaining Performance Rating and Price Target. 22Q1 GAAP earnings were $1.01 per share and normalized FFO –$0.09 per share, in line with my expectations of $1.04 and –$0.06.  Excluding a $327.8 million gain on the … Continue reading

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The Drivers of Large Cap Stock Performance in 2021

Estimated Returns by Sectors, Industry Groups and Industries Large cap stocks, as measured by the Lark Research Large Cap index (the “Index”) which currently mirrors the S&P 500, turned in another impressive performance in 2021.  The Index posted a price … Continue reading

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Toll Brothers (TOL) 21Q4 Update

Toll Brothers reported stronger-than anticipated fiscal 21Q4 results that once again exceeded my and the consensus estimates.  Its diluted earnings per share were $3.02, up 95% from $1.55 in 20Q4.  My estimate was $2.51 and the consensus estimate was $2.50.

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DHC 21Q3 Results

Diversified Healthcare Trust (DHC) reported 21Q3 normalized FFO of –$0.04 per share, compared with 21Q2’s $0.05.  The loss came despite a 40 bp improvement in SHOP occupancy.  Operating costs remain high and senior living operators are discounting resident rates more … Continue reading

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21Q3 Housing Market Update

The housing market has been quite strong since shortly after the onset of the pandemic, fueled by low interest rates, pent-up demand and a strong desire among urban apartment dwellers to escape the coronavirus.  New home sales from May 2020 … Continue reading

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DHC 21Q2 Update

Progress on Strategic Repositioning; Performance in Line with Expectations; Upgrading Performance Rating; Maintaining Price Target of ~$7.50. DHC reported 21Q2 normalized funds from operations (FFO) of $12.2 million or $0.05 per share, lower than 20Q2’s $0.25, due mostly to a … Continue reading

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Bluegreen Vacations Holding Corp. Stands to Gain as Domestic Travel Improves

On May 5, 2021, Bluegreen Vacations Holding Corporation (BVH), formerly known as BBX Capital Corporation, completed the acquisition of the 7% publicly-traded ownership stake of Bluegreen Vacations Corporation (BXG) that it did not already own through a statutory short-form merger … Continue reading

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Five Star and DHC Restructure Their Agreement

On April 9, Five Star and DHC announced a restructuring of their management agreement whereby DHC will transition the management of 108 smaller senior living communities (SLCs) with a total of 7,500 units to other operators by the end of … Continue reading

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Vaccinations Raise Visibility of a Bottom in Occupancy for DHC

Diversified Healthcare Trust reported 2020 fourth quarter normalized funds from operations (FFO) (my definition) of $15.1 million or $0.06 per share, slightly better than 20Q3, but well below 19Q4.  The results were modestly better than I anticipated with lower operating … Continue reading

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