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    Merrill Ross

    Managing Director and Senior Research Analyst at Compass Point Research & Trading, LLC

    Merrill Ross is a Managing Director and Senior Research Analyst at Compass Point Research & Trading, LLC, specializing in real estate investment trusts (REITs) with a focus on the apartment, healthcare, industrial, and office sectors. With a track record spanning over 29 years, she covers companies across these REIT sectors and is recognized for her in-depth analysis and industry expertise, though specific performance metrics and rankings are not publicly available. Ross began her sell-side analyst career after earning her B.A. from Barnard College and M.B.A. from Pace University's Lubin School of Business, holding prior analyst roles at Boenning & Scattergood, Wunderlich Securities, FBR Capital Markets, Credit Suisse First Boston, and Salomon Brothers before joining Compass Point in 2019. She is professionally registered with FINRA and has maintained a clean regulatory record over her 35-year tenure in the industry.

    Merrill Ross's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership

    Merrill Ross's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Merrill Ross asked why the company chose a revolver and preferred stock structure for the IQHQ investment rather than making a direct investment in a life sciences property or forming a joint venture. She also requested the current cash yield on the revolver portion of the investment.

    Answer

    Executive Chairman Alan Gold explained that the yields on direct, well-leased life science properties are currently significantly below IIP's cost of capital, making the structured investment in IQHQ a more accretive and opportunistic transaction. He stated that the combined current cash yield on the total investment is north of 10%.

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    Merrill Ross's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Merrill Ross from Compass Point Research & Trading LLC questioned why IIP chose a revolver and preferred stock structure for the IQHQ investment rather than a direct property acquisition or a joint venture. She also asked for the current cash yield on the revolver.

    Answer

    Executive Chairman Alan Gold explained that direct investments in well-leased life science properties would yield significantly below IIP's cost of capital. The chosen structure was more accretive and leveraged IQHQ's operational expertise, creating a secure, high-quality transaction. He confirmed the current cash yield on the combined investment is north of 10%.

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    Merrill Ross's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Merrill Ross of Compass Point Research & Trading LLC asked why IIPR chose a revolver and preferred stock structure for the IQHQ investment instead of a direct property acquisition or JV, and inquired about the investment's cash yield.

    Answer

    Executive Chairman Alan Gold explained that direct acquisitions of quality life science assets would yield significantly less than IIPR's cost of capital. The chosen structure is more accretive and secure, leveraging IQHQ's operational expertise. He confirmed the combined current cash yield on the investment is north of 10%.

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    Merrill Ross's questions to UMH PROPERTIES (UMH) leadership

    Merrill Ross's questions to UMH PROPERTIES (UMH) leadership • Q1 2025

    Question

    Merrill Ross questioned the strategic rationale and return expectations for acquiring a 100% occupied, age-restricted property with no expansion potential. She also asked for clarification on whether rental homes are included in the properties being refinanced with the GSEs.

    Answer

    President and CEO Samuel Landy and EVP and COO Brett Taft explained the acquisition's value lies in its vacancy decontrol feature, which allows rents to be raised to market rates over time as homes turn over, projecting a yield of 6.5% to 7% within five years. EVP and CFO Anna Chew clarified that for the GSE refinancing, the income from the site under the rental home is included, but the value of the physical rental home itself is not currently being financed.

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    Merrill Ross's questions to TWO HARBORS INVESTMENT (TWO) leadership

    Merrill Ross's questions to TWO HARBORS INVESTMENT (TWO) leadership • Q1 2025

    Question

    Merrill Ross of Compass Point Research & Trading, LLC posed three questions: a request for quantification of the company's 'high liquidity,' details on loan recapture versus flow originations, and the strategic rationale for entering the Ginnie Mae market.

    Answer

    CFO William Dellal confirmed high liquidity levels with significant cash and unused borrowing capacity. President and CEO Bill Greenberg addressed the other points, noting that organic recapture is low due to a small refinanceable population (0.5% of the portfolio) but that bulk and flow channels are used to replenish runoff. He explained the Ginnie Mae entry is for diversification, to access a broader market, and to become a more full-service mortgage originator and servicer.

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