The presentation provided little new info for any regular readers of this board. I learned one or two new things.
1. JMP will start formal coverage soon. Great news for longs.
2. The apartment complex that IRT bought was not from RAS as RAS now has 8,500 units under management.
3. He has reiterated all in one statement what he stated piecemeal in the past......"we are match funded, so we are not taking any interest or maturity risk. (always nice to hear).
4. Scott is preparing for inflation ahead.
5. Steve Delaney really likes the company.
Lets Me Start With I Don,t Care That Ur Putting A Postive Spin On Almost Everything U Say About Ras & Irt. All I Said Was That Irt Had Properties In The Flood Areas Nothing More Nothing Less. I Put That Out There So Everyone Can See It, & Make Up There Mind. Now The Question I,ll Ask Is It True Or Not.
With the new property 11.1% of it's properties, 11.1% of IRT's properties are in Colorado. It is the smallest development that IRT owns. (164 units). that's less than 8% of the units IRT maanges. The complex is located in Henderson, CO, which did have some flooded roads. Aerial photo graphs suggest, however, that the complex and surrounding streets were not flooded.
Hard to know, or course, unless IRT says something specific about the property, and that apparently didn't happen today. I'll worry about it more if I hear specific information from RAS.
They have one building there. I did. That is what insurance is for. The problem isn't now............the problem is the second time around the insurance prices can go through the roof...........just ask anyone hit buy Sandy that is trying to renew policies right now.