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Author: yodaorange Big red star, 1000 posts Feste Award Nominee! Feste Award Winner! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77093  
Subject: REIT annual sales Date: 3/17/2011 10:42 PM
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This is part 2 that goes with the WAY OT post
about the hospital revenues produced by
a single doctor.

As I have looked through all of the Q4 2010
and full year 2010 earnings reports, one point
kept sticking out in my mind. That is how small
on a revenue basis many of the REITs are that
we talk about on this board. We all understand that 
REITS by their nature are very capital intensive.
They have to own hundreds of millions to billions
of dollars in properties to make the company
viable. From the list of REITS and CRE companies
in my database, the median last 12 month sales
is $242 million. 57/183 or 31% of them have
less than $100 million in annual sales. On an absolute
basis, this is a pretty small number these days.

Intuitively it is a little hard for me to understand
how a REIT with less than $100 million in sales
can adequately cover its overheard. I have the "General &
Administrative" numbers in my database, but did not include
them here.

Closely related to this is the ratio of Market Capitalization
to Annual Sales aka Price to Sales Ratio.

Pre dotcom bubble, pre REITs, any number greater than 2.0
was a broad sign of irrational exuberance. Clearly that
does not work with REITS, since the median ratio
is 5.2. There are BofB REITS that stand out with
high PSR's like PSA, HCP, AVB , HCN and O.

There are some that standout with low PSR's. I am sure
there is good justification for these based on other
metrics like P/NAV and/or P/AFFO.

So you say, Yoda what the heck does this have to do
with the doctors and the hospitals? Simple, although
it is apples and oranges. Those 10 doctors that
generate $124 million in annual hospital revenue
makes them larger than 66 of the publicly traded
REITS that we sometimes discuss. 

I have an unproven suspicion that this data would
help identify under or over valued REITS. It is on
my tall list of growing projects to work on . . . 

Thanks,

Yodaorange





company				ticker	Type	Last 12	Market		Price to
 						month 	Cap		Sales
						sales			Ratio

Eastern Light Capital, Incorpo	ELC	Mort	0.2	1.7		8.5
Income Opportunity Realty Inve	IOT	Prop	0.3	15.4		51.3
Pittsburgh & West Virginia Rai	PW	Prop	0.9	14.6		16.2
Vestin Realty Mortgage I Inc.	VRTA	Mort	1.2	8.8		7.3
Roberts Realty Investors, Inc.	RPI	Prop	2.0	20.7		10.4
Vestin Realty Mortgage II, Inc	VRTB	Mort	2.6	21.8		8.4
AMEN Properties, Inc		AMEN	Prop	3.3	16.8		5.1
FFP Partners, L.P.		XXFPL	Prop	3.9	0.0		0.0
Presidential Realty Corporatio	PDL.B	Mort	4.6	5.7		1.2
Gyrodyne Company of America, I	GYRO	Prop	5.5	98.7		17.9
Blue Ridge Real Estate Co	BLRGZ	Prop	5.9	24.6		4.2
Bimini Capital Managment, Inc.	BMNM	Mort	6.8	8.8		1.3
BRT Realty Trust		BRT	Mort	8.7	91.4		10.5
Royal Invest International Cor	RIIC	Prop	8.9	13.5		1.5
HMG/Courtland Properties	HMG	Prop	9.8	5.3		0.5
Care Investment Trust Inc.	CVTR	Mort	15.1	165.1		10.9
InnSuites Hospitality Trust	IHT	Prop	15.6	11.1		0.7
PMC Commercial Trust		PCC	Mort	15.9	94.0		5.9
Retail Opportunity Investments	ROIC	Prop	16.3	461.5		28.3
Excel Trust, Inc.		EXL	Prop	17.5	192.3		11.0
Horizon Group Properties, Inc.	HGPI	Prop	17.7	1.2		0.1
New York Mortgage Trust, Inc.	NYMT	Mort	19.9	66.4		3.3
Crexus Investment Corp		CXS	Mort	20.7	237.4		11.5
Maxus Realty Trust, Inc.	MRTI	Prop	21.3	12.6		0.6
Colony Financial, Inc.		CLNY	Mort	27.4	365.6		13.3
Universal Health Realty Income	UHT	Prop	28.9	494.0		17.1
UMH Properties, Inc		UMH	Prop	32.3	133.8		4.1
Apollo Commercial Real Est. Fi	ARI	Mort	32.5	298.6		9.2
American Spectrum Realty, Inc.	AQQ	Prop	36.2	54.3		1.5
Agree Realty Corporation	ADC	Prop	37.7	234.7		6.2
Two Harbors Investment Corp	TWO	Mort	40.1	456.4		11.4
One Liberty Properties, Inc.	OLP	Prop	41.1	218.8		5.3
Gladstone Commercial Corporati	GOOD	Prop	41.9	178.4		4.3
First Real Estate Investment T	FREVS	Prop	44.1	113.9		2.6
PennyMac Mortgage Investment T	PMT	Mort	44.1	528.6		12.0
Hudson Pacific Properties Inc	HPP	Prop	46.5	335.0		7.2
Monmouth R.E. Inv. Corp.	MNR	Prop	46.6	286.7		6.2
NTS Realty Holdings LP		NLP	Prop	47.2	38.1		0.8
Dynex Capital, Inc.		DX	Mort	48.8	421.2		8.6
American Mortgage Acceptance C	AMOAQ	Mort	52.8	0.0		0.0
Winthrop Realty Trust		FUR	Prop	55.4	331.7		6.0
Pebblebrook Hotel Trust		PEB	Prop	57.8	863.8		14.9
Sabra Health Care REIT Inc	SBRA	Prop	61.4	442.8		7.2
Pacific Office Properties Trus	PCE	Prop	72.8	9.0		0.1
CoreSite Realty Corp		COR	Prop	73.9	300.5		4.1
LTC Properties, Inc.		LTC	Prop	74.3	757.1		10.2
Origen Financial, Inc.		ORGN	Mort	74.7	49.8		0.7
MHI Hospitality Corporation	MDH	Prop	77.4	25.1		0.3
National Health Investors Inc	NHI	Prop	78.4	1,328.0		16.9
Supertel Hospitality Inc.	SPPR	Prop	85.8	42.2		0.5
Campus Crest Communities Inc	CCG	Prop	87.5	352.5		4.0
ECC Capital Corporation		ECRO	Mort	87.7	8.9		0.1
Getty Realty Corp.		GTY	Prop	88.3	759.7		8.6
Urstadt Biddle Properties Inc.	UBA	Prop	89.1	533.8		6.0
Starwood Property Trust, Inc.	STWD	Mort	93.5	1,659.3		17.7
Arbor Realty Trust, Inc.	ABR	Mort	99.1	145.7		1.5
Mission West Properties, Inc.	MSW	Prop	99.4	147.2		1.5
Kite Realty Group Trust		KRG	Prop	101.4	326.2		3.2
Resource Capital Corp.		RSO	Mort	103.9	406.3		3.9
Summit Hotel Properties, Inc.	INN	Prop	104.8	370.0		3.5
NovaStar Financial Inc.		NOVS	Mort	108.0	3.7		0.0
Government Properties Income T	GOV	Prop	116.8	1,077.3		9.2
Education Realty Trust, Inc.	EDR	Prop	119.6	562.2		4.7
Ramco-Gershenson Properties Tr	RPT	Prop	119.8	502.6		4.2
Franklin Street Properties Cor	FSP	Prop	123.1	1,209.3		9.8
Medical Properties Trust, Inc.	MPW	Prop	123.7	1,286.0		10.4
Deerfield Capital Corp.		DFR	Mort	128.1	65.1		0.5
Invesco Mortgage Capital Inc	IVR	Mort	134.2	1,155.5		8.6
First Potomac Realty Trust	FPO	Prop	140.0	766.8		5.5
Transcontinental Realty Invest	TCI	Prop	141.3	31.7		0.2
Acadia Realty Trust		AKR	Prop	152.0	775.8		5.1
Associated Estates Realty Corp	AEC	Prop	153.7	660.4		4.3
Cedar Shopping Centers Inc	CDR	Prop	157.2	384.0		2.4
Capital Trust, Inc.		CT	Mort	161.0	58.3		0.4
Saul Centers, Inc.		BFS	Prop	163.5	828.4		5.1
CapLease, Inc.			LSE	Prop	166.4	323.2		1.9
Inland Real Estate Corporation	IRC	Prop	167.0	833.1		5.0
American Realty Investors, Inc	ARL	Prop	168.1	38.5		0.2
EastGroup Properties Inc.	EGP	Prop	173.1	1,184.9		6.8
Walter Investment Management C	WAC	Mort	180.9	517.3		2.9
Cogdell Spencer Inc.		CSA	Prop	185.2	304.8		1.6
Sovran Self Storage, Inc.	SSS	Prop	192.1	1,098.1		5.7
Capstead Mortgage Corporation	CMO	Mort	199.8	947.4		4.7
Anthracite Capital Inc.		ACPIQ	Mort	207.5	0.2		0.0
U-Store-It Trust		YSI	Prop	216.8	1,036.0		4.8
Anworth Mortgage Asset Corpora	ANH	Mort	219.8	859.6		3.9
Cousins Properties Inc		CUZ	Prop	228.5	851.9		3.7
National Retail Properties, In	NNN	Prop	229.1	2,150.9		9.4
Redwood Trust, Inc.		RWT	Mort	230.1	1,279.0		5.6
DCT Industrial Trust Inc.	DCT	Prop	239.4	1,293.3		5.4
Alexander's, Inc.		ALX	Prop	241.4	2,003.4		8.3
DuPont Fabros Technology, Inc.	DFT	Prop	242.5	1,398.7		5.8
Investors Real Estate Trust	IRET	Prop	243.6	750.5		3.1
RAIT Financial Trust		RAS	Mort	244.6	352.8		1.4
American Capital Agency Corp.	AGNC	Mort	253.0	2,757.6		10.9
Parkway Properties, Inc.	PKY	Prop	256.3	367.2		1.4
Omega Healthcare Investors, In	OHI	Prop	258.3	2,289.4		8.9
Healthcare Realty Trust Incorp	HR	Prop	258.4	1,588.1		6.1
Sun Communities, Inc.		SUI	Prop	262.4	711.4		2.7
Hatteras Financial Corp.	HTS	Mort	265.0	1,778.6		6.7
W. P. Carey & Co. LLC		WPC	Prop	273.9	1,347.9		4.9
Glimcher Realty Trust		GRT	Prop	274.8	912.9		3.3
Tanger Factory Outlet Centers	SKT	Prop	276.3	2,141.1		7.7
PS Business Parks, Inc.		PSB	Prop	279.1	1,514.4		5.4
Extra Space Storage, Inc.	EXR	Prop	281.5	1,758.2		6.2
Hersha Hospitality Trust	HT	Prop	282.8	1,064.7		3.8
Post Properties, Inc.		PPS	Prop	285.1	1,842.1		6.5
Equity One, Inc.		EQY	Prop	285.3	1,951.0		6.8
First Industrial Realty Trust,	FR	Prop	288.5	884.1		3.1
Washington Real Estate Investm	WRE	Prop	298.0	1,998.6		6.7
Newcastle Investment Corp.	NCT	Mort	300.3	434.8		1.4
Kilroy Realty Corporation	KRC	Prop	302.0	2,009.8		6.7
Entertainment Properties Trust	EPR	Prop	313.1	2,173.8		6.9
Senior Housing Properties Trus	SNH	Prop	340.2	3,242.8		9.5
BRE Properties, Inc.		BRE	Prop	342.0	2,970.5		8.7
Lexington Realty Trust		LXP	Prop	342.9	1,364.4		4.0
American Campus Communities, I	ACC	Prop	345.0	2,154.7		6.2
Realty Income Corp		O	Prop	345.0	4,101.6		11.9
Colonial Properties Trust	CLP	Prop	367.0	1,538.4		4.2
BioMed Realty Trust, Inc.	BMR	Prop	386.4	2,283.2		5.9
MFA Financial, Inc.		MFA	Mort	391.3	2,320.8		5.9
Mid-America Apartment		MAA	Prop	402.2	2,230.3		5.5
Essex Property Trust, Inc.	ESS	Prop	415.7	3,821.6		9.2
Boardwalk REIT (USA)		BOWFF	Prop	428.3	2,236.5		5.2
Nationwide Health Properties I	NHP	Prop	439.3	5,171.3		11.8
MPG Office Trust, Inc.		MPG	Prop	446.4	181.9		0.4
Northstar Realty Finance Corp.	NRF	Mort	453.7	409.8		0.9
Pennsylvania R.E.I.T.		PEI	Prop	455.6	781.1		1.7
Highwoods Properties, Inc.	HIW	Prop	463.3	2,473.8		5.3
Regency Centers Corporation	REG	Prop	486.8	3,617.8		7.4
Alexandria Real Estate Equitie	ARE	Prop	487.3	4,427.9		9.1
Equity Lifestyle Properties, I	ELS	Prop	491.7	1,784.3		3.6
Home Properties, Inc.		HME	Prop	516.6	2,145.7		4.2
Potlatch Corporation		PCH	Prop	539.4	1,508.1		2.8
Federal Realty Inv. Trust	FRT	Prop	544.7	5,101.5		9.4
Weingarten Realty Investors	WRI	Prop	554.7	3,107.2		5.6
Corporate Office Properties Tr	OFC	Prop	564.5	2,379.0		4.2
Brandywine Realty Trust		BDN	Prop	566.9	1,703.8		3.0
Douglas Emmett, Inc.		DEI	Prop	570.8	2,296.5		4.0
iStar Financial Inc.		SFI	Mort	575.3	1,023.3		1.8
Piedmont Office Realty Trust,	PDM	Prop	588.8	3,237.3		5.5
LaSalle Hotel Properties	LHO	Prop	600.4	2,000.6		3.3
Camden Property Trust		CPT	Prop	610.4	3,918.2		6.4
DiamondRock Hospitality Compan	DRH	Prop	624.4	1,878.6		3.0
Gramercy Capital Corp.		GKK	Mort	631.2	236.2		0.4
AMB Property Corporation	AMB	Prop	633.5	6,037.7		9.5
CapitalSource, Inc.		CSE	Mort	639.6	2,412.2		3.8
Sunstone Hotel Investors, Inc	SHO	Prop	643.1	1,246.1		1.9
UDR, Inc.			UDR	Prop	646.6	4,327.0		6.7
Taubman Centers, Inc.		TCO	Prop	654.6	2,951.2		4.5
Health Care REIT, Inc.		HCN	Prop	680.5	8,974.9		13.2
Strategic Hotels & Resorts Inc	BEE	Prop	686.3	917.5		1.3
Liberty Property Trust		LRY	Prop	746.8	3,775.0		5.1
Chimera Investment Corporation	CIM	Mort	755.4	4,385.5		5.8
Macerich Company, The		MAC	Prop	758.6	6,229.4		8.2
Mack-Cali Realty Corp.		CLI	Prop	787.5	2,954.8		3.8
CommonWealth REIT		CWH	Prop	793.4	1,936.2		2.4
Developers Diversified Realty	DDR	Prop	803.1	3,790.4		4.7
Ashford Hospitality Trust, Inc	AHT	Prop	841.4	598.4		0.7
Kimco Realty Corporation	KIM	Prop	849.5	7,668.4		9.0
Digital Realty Trust, Inc.	DLR	Prop	865.4	5,195.8		6.0
AvalonBay Communities, Inc.	AVB	Prop	895.3	10,022.1	11.2
ProLogis			PLD	Prop	909.2	9,109.9		10.0
FelCor Lodging Trust Incorpora	FCH	Prop	928.3	687.8		0.7
Ventas, Inc.			VTR	Prop	1,016.9	8,541.9		8.4
IMPAC Mortgage Holdings, Inc	IMH	Mort	1,031.7	22.1		0.0
CBL & Associates Properties, I	CBL	Prop	1,071.8	2,684.0		2.5
Hospitality Properties Trust	HPT	Prop	1,085.5	2,802.2		2.6
SL Green Realty Corp.		SLG	Prop	1,101.2	5,750.1		5.2
Apartment Investment and Manag	AIV	Prop	1,144.9	2,900.1		2.5
Plum Creek Timber Co. Inc.	PCL	Prop	1,190.0	6,679.4		5.6
HCP, Inc.			HCP	Prop	1,255.1	13,976.0	11.1
Rayonier Inc.			RYN	Prop	1,315.2	4,861.1		3.7
Duke Realty Corporation		DRE	Prop	1,393.6	3,452.0		2.5
Boston Properties, Inc.		BXP	Prop	1,550.8	13,257.2	8.5
Public Storage			PSA	Prop	1,646.7	19,141.6	11.6
Equity Residential		EQR	Prop	1,995.5	16,044.5	8.0
Annaly Capital Management, Inc	NLY	Mort	2,683.1	14,354.4	5.3
Vornado Realty Trust		VNO	Prop	2,779.7	16,307.3	5.9
General Growth Properties, Inc	GGP	Prop	2,823.5	19,554.3	6.9
Simon Property Group, Inc	SPG	Prop	3,957.6	31,206.4	7.9
Host Hotels & Resorts, Inc.	HST	Prop	4,437.0	11,926.9	2.7
Weyerhaeuser Company		WY	Prop	6,552.0	12,677.6	1.9
					
Chatham Lodging Trust		CLDT	Prop	NA	220.9		NA
Urstadt Biddle 			UBP	Prop	NA	NA		NA
Cominar				CMLEF	Prop	NA	NA		NA
JER Investors Trust Inc.	JERT	Mort	NA	NA		NA
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