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Revision as of 01:47, 2 May 2019

While we think the management at VTR deserves a premium, we are not paying a 50% premium over what we think is fair value of the portfolio.Conclusion While our negatives have been enough incentive to keep us away, we do not think this is a bad stock. On our now very famous scale of 1 10, where 1 would be "Avoid like the bubonic plague" and 10 would be "Buy like this is Apple (NASDAQ:AAPL) in March 2009," we would rate VTR a 5.0. It is not compelling enough to buy, but we can see enough of the overall bullish case for this defensive healthcare REIT to not recommend a sell either.

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iPhone Cases This year on year decline was due to a number of one off factors, including $1 million of license revenue recorded in 2016 with no associated cost, equipment issues owing to third quarter 2017 which impacted our production volumes and the fourth quarter 2017 inventory charge, I just mentioned.Now moving to our expenses. Total operating expenses for the fourth quarter of 2017, including R expenses decreased to $3.4 million from $4.3 million in the prior year period. During the fourth quarter of 2016, the company incurred development expenses related to the launch of the consumer night vision products as well as nonrecurring expenses, associated with the consolidation of the company's administrative operations iPhone Cases..
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