+ Watch AMH
on My Watchlist
Sohn Conference 2014 pitch by John Khoury. Long Pond Capital: currently 2.7% FCF yield, but with 45% net leverage get 7.0% FCF yield. Founder and management own $1B of the stock. Unlevered now, so limited downside if they are wrong.
An idea from John Khoury of Long Pond Capital. AMH is not using much leverage like other REITS do. If it were to lever up 45% and trade at a multiple that's in line with apartment REITs there is 40% upside plus a long runway for growth in the home rental sector. Jason
Leases are just to pay taxes and interest to government and banks, who both want their cut of the rental gold. Location appreciation is then free to be extracted by us. That is how you win at Monopoly.
An early jump on a Slaughter watch list pick.
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