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Dane Bowler

 
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  • SOHO Is A Small-Cap REIT That Looks Really Cheap [View article]
    Implied Value,

    I echo your sentiments on selling a legacy asset. It would be far superior to issuing equity.

    SOHO does have an ATM in place with which to issue equity, but they have so far been very conservative in using it. If memory serves, only ~17,000 shares were issued in Q3.

    Hopefully management will recognize the deep value of their shares and not use them as currency.
    Nov 18, 2014. 04:01 PM | Likes Like |Link to Comment
  • SOHO Is A Small-Cap REIT That Looks Really Cheap [View article]
    Brad,

    Its great to have you writing on SOHO as this company gets way too little media attention. I would like to add one point about SOHO's leverage.

    SOHO is not as levered as the balance sheet makes it appear. While its assets are book valued at $300mm, they are worth substantially more than that based on their profitability.

    If valued at a 7% LTM cap rate, they are worth about $412mm and on the latest earnings call, an asset value of $500mm was suggested. If we use these asset values, the leverage ratio does not seem so high.

    It merely looks absurdly levered because many of their hotels have been held long enough that accounting depreciation has taken book value substantially below realizable value.

    I am long SOHO with a price target of $12

    Thanks for the article,
    Dane
    Nov 17, 2014. 10:51 AM | 3 Likes Like |Link to Comment
  • REIT Valuation Part 3: Residential [View article]
    hingroyield,

    ELS actually is on the chart, but it is easy to miss as there are so many in there. Thanks for reading
    Sep 3, 2014. 02:51 PM | Likes Like |Link to Comment
  • 9% Yield And 50% Upside At Bluerock Residential Growth REIT [View article]
    jgrever,

    There is a table in the article answering your question. It is mostly fixed rate mortgage debt
    Sep 3, 2014. 11:35 AM | 1 Like Like |Link to Comment
  • 9% Yield And 50% Upside At Bluerock Residential Growth REIT [View article]
    jeff,

    The dividend is not covered because they are still ramping up. There is alot of money left from the IPO to invest and they are on pace to cover the dividend. FactSet projects 2015 FFO of $1.31 which fully covers the dividend.

    It is fairly common for new REITs to have a ramp up period, particularly those with alternative strategies such as development.
    Sep 3, 2014. 09:43 AM | 3 Likes Like |Link to Comment
  • REIT Valuation Part 3: Residential [View article]
    mdwork and steve,

    I just submitted an article on BRG. It should be up in a day or two. Hopefully it answers your questions.

    Steve it has a map of their property locations, so it should give an idea as to geographic distribution.
    Aug 29, 2014. 05:30 PM | 1 Like Like |Link to Comment
  • Sotherly Hotels Still Has Room To Run [View article]
    I am in SOHO and not AHT presently.
    Aug 29, 2014. 05:28 PM | Likes Like |Link to Comment
  • REIT Valuations Part 2: Industrial [View article]
    Steve,

    Congrats on the timely entry into STAG. I would agree with you in the sense that it is less overvalued than its peers. Hopefully they can maintain their niche without too many new entrants.
    Aug 26, 2014. 01:11 PM | Likes Like |Link to Comment
  • Unrecognized Quality Presents 48% Upside At Brixmor Properties [View article]
    Berloe,

    I echo your sentiments on Blackstone, but it should be noted that they are not selling because they find BRX weak. They are selling because that is how they take their initial investment full cycle.

    Thanks for reading, and good to hear from you Berloe
    Aug 12, 2014. 04:42 PM | 2 Likes Like |Link to Comment
  • Unrecognized Quality Presents 48% Upside At Brixmor Properties [View article]
    Crimsonbey,

    It may have been excessive in the past, but their debt load is within the normal healthy range for a REIT. The well-structured and reasonably safe balance sheet is one of the reasons BRX was able to get an investment grade rating.
    Aug 12, 2014. 04:37 PM | Likes Like |Link to Comment
  • Unrecognized Quality Presents 48% Upside At Brixmor Properties [View article]
    mjtroll,

    While there is something to be said for buying at the low end of the range, I would caution that strategy here.

    As BRX is so new, it may not be to its range yet. Fundamentally speaking, I don't see a reason that it will reliably dip before it gets closer to its intrinsic value. Perhaps some noise will provide a good entry point, but in my opinion there is substantial risk of missing the boat.
    Aug 11, 2014. 04:14 PM | Likes Like |Link to Comment
  • Unrecognized Quality Presents 48% Upside At Brixmor Properties [View article]
    Justin,

    BRX's big grocery tenants are Kroger, Publix and Walmart.

    Hope this helps and thanks for reading
    Aug 11, 2014. 04:11 PM | Likes Like |Link to Comment
  • An 8.6% Yielding REIT Preferred With Upside From Pareto Superior Pricing [View article]
    galicianova,

    They are differently safe. NRF is a more teniored underlying company, but now that it is spinning off divisions, the equity base beneath the preferred is shrinking. Similar magnitude of risk in my opinion, but different concerns.
    Aug 10, 2014. 05:51 PM | 2 Likes Like |Link to Comment
  • REIT Conversions Offer Valuable Clues As To The Strength Of This Bedrock Asset Class [View article]
    Brad,

    Thank you for the article as it exemplifies why Seeking Alpha is such a great platform. Between our articles, readers can get both sides of the issue and make an informed decision for themselves.

    I always welcome counter-arguments to my articles, especially when done in a professional and respectful tone as you have here.

    Enjoy the weekend,
    Dane
    Aug 8, 2014. 03:27 PM | 3 Likes Like |Link to Comment
  • Independence Realty Trust's 7.4% Yield Is Worth A Look Here [View article]
    Bgraham,

    Josh will likely have an opinion on this too, but i'll jump in with my view.

    I have met with Scott Schaeffer and he strikes me as an honest man. Thus far, management has not done anything that seems like a conflict of interest, but it is always good to keep a skeptical eye on these things.
    Aug 4, 2014. 05:09 PM | 2 Likes Like |Link to Comment
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596 Comments
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