No mention of IRT--I know it might not be great news, but you should still deal with it. No further discussion of expected dividend policy. Based upon prior calls, i would expect the dividend to be rising significantly-- current rate would equal less than 33 % of AFFO to common holders. Even with the preferreds considered, we should be looking at .13 to .14 per quarter going forward. But we don't know because there was no discussion. I still believe strongly in the company, but the call stunk, i just hope it was not on purpse to avoid something.
I agree with you that the CC was light on info.
During the Q&A they only provided underhand pitches........nothing hard. IRT should have been addressed.............still, I'm looking forward to that increasing dividend:-)
The CC was thick with information. It just wasn't the information you wanted to see.
I agree that discussion of the the dividend would be a good thing, but of course they can't say much beyond what they say in 3Q when the board makes the ultimate decision, and the information from the the 3Q call was both pretty explicit AND reconfirmed on this call when the answer about the payout ratio was answered (e.g. so far thinking seems to be about the same).
I personally would have liked a more detailed view of RAS bridge loan securitization plans. On the other hand, without being specific, it was indicated that they expected to close the first securitization of bridge loans by late 2Q.
Discussion of IRT would have been useful. My take is that lack of discussion is an indication that nothing has changed; that they are simply developing it at a pace that is consistent with sales. It may be that Salmon was separated to reduce costs. That would not be inconsistent with letting it develop at its own pace. We were informed that IRT grew by another property during 4Q. That is consistent with ongoing slow growth. I agree that more discussion of it would have been particularly helpful given Jack's resignation, but I strongly suspect that if RAS had made any decisions that involved treating IRT differently, something would have been said. There will be a 10K for IRT not long after the 10K for RAS comes out, so we'll have a chance to see what is happening with it.
I was happy with the call overall, but I do wish they'd handled these three areas more explicitly.