Sold all APTS, bought more of CEQP-P & CXW
Sold all my APTS holding, a large position for me.
Was a poor investment, down 12%, but up a little after
distributions, but could have made much more in just VNQ.
Really like(d) and impressed with their strategy with offering
private placement preferreds for almost unlimited funding and
doing developer loans with purchase options. Then they pivoted
to grocery stores when apartment cap rates fell to low.
Nimble, smart management.
However, all the rewards went to management. And now they indicated
they may internalize and charge the highest amount allowed.
I want to be out before the next conference call, when they may announce
a definite (and costly) internalization plan.
Might consider getting back into them after internalization and when/if management incentives are aligned with shareholders.
Parked most of the cash from selling into CEPQ-P holdings, which went from a 3% position to a 7% position. Will look for somewhere else though, as I have too much and oil&gas, want CEQP-P to be only a 4% position.
Also bought more CXW, which is now a 4% position.