Yodaorange wrote <<Intuitively it is a little hard for me to understandhow a REIT with less than $100 million in salescan adequately cover its overheard.>>I think that REITs generally have very few employees, e.g. O has 79 employees per Reuter's Investment profile (from Schwab obtained by going to RESEARCH, enter symbol, then go to REPORTS) and LXP has 59 employees. AVB has 1,877. It may be useful to consider sales divided by number of employees (S/Employee) If you did, I would expect that NNN REITs have high S/Employee ratio while for REITS that developed a lot would have a smaller ratio. It may be interesting to compute this ratio for non-REITs also. IMHO, NNN REITs ( like MLP corporations) pass thru a large part of their revenues is passed thru which does not need much oversight, hence you might get a very high S/Employee ratio. Intuitively, IMHO, the business models have a lot to do with the various ratios. Some ratios may not be appropriate when comparing two companies with different ratios. Comments, corrections, bricks welcomeklee12
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