Interview With Dan Joseph, Principal Of Apparent Capital

I recently sat down with Dan Joseph, Principal and Chief Investment Officer of Apparent Capital, to discuss the opportunities he is seeing in today’s REIT market.

Apparent Capital

Dan and I first met at REITweek in New York City during a roundtable discussion with the management team of AH Realty Trust (AHRT), a REIT in which both Apparent Capital and High Yield Landlord are invested. What makes Dan’s perspective particularly interesting is his extensive experience investing in private real estate across several property sectors, combined with his active involvement in the public REIT market.

In this interview, we discuss many individual REITs, current REIT valuations, and where Dan sees the most compelling opportunities at a time when many REITs continue to trade at substantial discounts to the value of their underlying assets.

Here is a list of topics with timestamps for your convenience:

1:10 - Introduction to Dan Joseph

6:15 - Real estate bear market

7:25 - REITs vs. private real estate

10:30 - Dan’s REIT investment strategy. Includes discussions on Seaport Entertainment Group (SEG), American Healthcare REIT (AHR), VICI Properties (VICI), and Simon Property Group (SPG)

14:30 - VICI Properties (VICI)

18:05 - EPR Properties (EPR) and its potential merger with VICI Properties (VICI)

23:04 - Favorite property sector to invest in today. Includes discussions on Welltower (WELL), American Healthcare REIT (AHR), CareTrust REIT (CTRE), Chiron Real Estate (XRN), Simon Property Group (SPG), Macerich (MAC), Cousins Properties (CUZ), AH Realty Trust (AHRT), Public Storage (PSA), Equinix (EQIX), Rexford Industrial Realty (REXR), Prologis (PLD)

33:20 - Senior housing REITs

38:00 - AH Realty Trust (AHRT)

46:00 - Conflicts of interest in the REIT sector

49:30 - Seaport Entertainment Group (SEG)

You can learn more about Apparent Capital by clicking here.

You can also reach out to Dan via email: dan@corridorventures.com

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of all companies held in the CORE PORTFOLIO, RETIREMENT PORTFOLIO, and INTERNATIONAL PORTFOLIO either through stock ownership, options, or other derivatives. We also own a position in FarmTogether. High Yield Landlord® (’HYL’) is managed by Leonberg Research, a subsidiary of Leonberg Capital. All rights are reserved. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. The newsletter is impersonal and subscribers/readers should not make any investment decision without conducting their own due diligence, and consulting their financial advisor about their specific situation. The information is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. The opinions expressed are those of the publisher and are subject to change without notice. We are a team of five analysts, each contributing distinct perspectives. Nonetheless, Jussi Askola, the leader of the service, is responsible for making the final investment decisions and overseeing the portfolio. We do not always agree with each other, and an investment by Jussi should not be taken as an endorsement by other authors. Past performance is no guarantee of future results. Our portfolio performance data is provided by Interactive Brokers and believed to be accurate but its accuracy has not been audited and cannot be guaranteed. Our portfolio may not be perfectly comparable to the relevant index. It is more concentrated and may at times use margin and/or invest in companies that are not typically included in REIT indexes. Finally, High Yield Landlord is not a licensed securities dealer, broker, US investment adviser, or investment bank. We simply share research on the REIT sector.