This quarter was the most-covered I’ve seen in years. (Is that an early top indication?)
There were write-ups on mREITs from nearly a dozen firms. I’ve had the pleasure of reading coverage from Deutsche, BankAmerica Merrill, Wunderlich, Credit Suisse, Citi, Stern Agee, KBW, JMP, and Jeffries. No doubt I’ve left one or two out. A special thanks to readers who forwarded reports. Keep ‘em coming.
Not since Friedman Billings and Ramsey shocked the equity world by being number one IPO underwriter (virtually all mREITs) has there been as much interest in the sector.
Before summarizing my thoughts on the several dozen equity research pieces I’ve read and handful of calls I’ve listened in on, I’d like to reiterate the basic economics of this business and the state of the financial union.