TGH - Textainer Is Ready To Print Cash After An Expansion Program

• Textainer expanded its fleet from less than 3.8MTEU to in excess of 4.3M TEU in 2021 in a $2B+ expansion program.
• Most new containers were immediately leased out on long-term contracts.
• The capex will be substantially lower in 2022 which will help Textainer to rapidly reduce its net debt.
• Due to rising interest rates, the share price of the preferred shares has come down, and I still like both preferred share issues.
• I have a long position in the Series A and B preferred shares, and I have written out of the money put options on the common shares.

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