Michael Shterk

    Michael Shterk

    GNG Research

    Joined GNG Research May 2026

    About Michael Shterk

    Michael is a senior at the University of Colorado Boulder pursuing a Bachelor’s degree in Economics. He has gained experience in the commercial real estate sector and has developed a strong interest in how macroeconomic trends influence market volatility.

    At GNG, Michael supports public equity research while developing his fundamental analysis skills under the teams mentorship. His combination of real-world industry experience, macroeconomic perspective, and analytical mindset makes him a valuable contributor to the research team.

    Articles

    Two Yielders, One Trap
    • Yield screens conflate VICI (6.4%) and SL Green (~5%) - VICI pays ~75% of AFFO and has raised dividends annually since 2018; SL Green covers only about one third of its interest bill and has cut payouts
    • Use FFO/AFFO not GAAP earnings - Realty Income’s $3.25 distribution vs GAAP-implied payout >200% contrasts with 2026 AFFO guidance $4.41-4.44, implying a sustainable ~73% payout
    Rayonier: Why a Beaten Down Timber REIT May Be Worth Far More Than Its Stock Price Suggests
    • Price at $20.87 vs GNG fair value $33.22, implying a 37.2% discount, GNG rates Strong Buy while GNG quant scores 49.5/100 (Hold) and consensus street upside ~24%
    • Jan 30, 2026 merger with PotlatchDeltic created a 4.1M acre platform with six sawmills, industrial plywood mill and 1.2B board foot lumber capacity, Rayonier holders ~54%, $40M annual synergy target