I think that mgmt was being conservative in their estimates for TCR props. TCR was way under managed. Since CLP took over TCR props are increasing in occupancy. Keep in mind that CLP has sold off the junk that was in the TCR portfolio at a very nice profit. As to the percentages I agree the % of TCR props should be higher and I think they will but I can only think of ALL of the props as being CLPs. After all we own them.
Isn't same store sales calculated before debt service? If so, that should not affect it. I have owned this stock and one other REIT stock for four years. Typically when a new portfolio is acquired the same store sales numbers on a mismanaged portfolio is much greater than the core properties which we assume has been well managed. Does this say we were able to increase the performance on our own properties in these markets more than we could increase the mismanaged properties? I realize there are variables like markets, property types, etc. Usually we are not given enough information to make good comparisons with these variables but, in this case, that was possible. I am not being critical, I am just not sure I am looking at it correctly. The numbers seem backwards. Until recently someone else has reviewed the information for me so I am just beginning to review. Any help you can give me would be appreciated.