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Dane Bowler  

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  • My 2Q 2013 Diversified REIT Portfolio Designed For Outperformance [View article]
    well its not as good of a value as it used to be due to the huge capital apprecaition, but they have continually impressed me with their acquisitions
    Apr 10, 2013. 12:36 AM | Likes Like |Link to Comment
  • My 2Q 2013 Diversified REIT Portfolio Designed For Outperformance [View article]
    Cheesecake,

    Here is the focus article on WSR
    http://seekingalpha.co...

    It is getting rather outdated unfortunately, but I intend to write another piece on Whitestone soon.
    Apr 9, 2013. 05:55 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs Part 2: CapLease Evades The Pure-Play Premium [View article]
    junction,

    While I too dislike the issuance of equity at such low prices, the offering under $5 was accretive mathematically because they were able to obtain such a high cap rate. If they could make the $5 issuance accretive I suspect they will have no trouble making th $6 issuance accretive.
    Apr 9, 2013. 05:53 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs Part 2: CapLease Evades The Pure-Play Premium [View article]
    alschroed,

    Thank you for the kind words and you bring up a good point about the FFO payout. Of the three companies, LSE definitely has the most room for dividend growth.
    Apr 9, 2013. 10:21 AM | Likes Like |Link to Comment
  • Cole Credit Property Trust: The Best Advice I Can Offer Is To Ignore The REIT-Land Bully [View article]
    Nice article Brad,

    Also, thank you for the professionalism in the citation of my work. I appreciate the links.

    Dane
    Apr 8, 2013. 09:31 AM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    alschroed,

    Thank you for the data. There is no question that STAG has been growing the fastest. What I'm more concerned about is how much it can grow going forward. It should also be noted that its per share growth was far smaller than that as a majority of its acquisitions were funded through share issuance.
    Apr 7, 2013. 12:20 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    winforme,

    In my opinion, anything under a 15 FFO multiple would be a desirable entry price for stag. This could happen in either of 2 scenarios.
    1) the price remains stagnant while continued growth brings its ffo/share sufficiently high
    2) the price drops in the near-term creating an opportune entry point.
    Apr 6, 2013. 10:34 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    Diesel,

    STAGs map is intentional. Its acquisition strategy specifically targets secondary markets.

    Thanks for reading
    Apr 6, 2013. 12:12 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    Larry,

    Thank you for the kind words
    Apr 6, 2013. 12:01 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    Bruce,

    It is an interesting point, and indeed there are some that pay a true return of capital in a ponzi scheme fashion. STAG, LSE and LXP fully pay their dividend from FFO. Thus none of the dividend is at a loss to the company. Even if some of it is classified as a "return of capital" that is an elective accounting choice. The more important figure to look at is FFO payout ratio. As long as it is below 100% it is not a true return of capital.

    These are rough figures off the top of my head, but I believe STAG's FFO payout is about 90% and LSE's is around 60%.
    Apr 6, 2013. 11:58 AM | 1 Like Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    alschroed,

    Well the operating expense for all 3 of those companies is very distorted. These are triple net REITs which means that the tenants pay a majority of operating expenses. As such those incurred by the REIT are very minimal. Perhaps LXP's is higher due to an accounting choice or slightly different contract wording with their tenants. I don't think property operating expenses are too material of a concern here.

    I hope this helps to clear it up and thanks for commenting
    Apr 5, 2013. 09:12 PM | 1 Like Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    Bruce,

    Well, to be honest the distrubution to meed legal requirements is rarely the impetus for REIT dividends. It is very common for REITs, even successful ones to operate with negative earnings because they get to deduct depreciation.

    STAG's dividend is very much elective as is that of LSE and LXP.
    Apr 5, 2013. 09:09 PM | 1 Like Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    They are extrapolated from revenue.
    Apr 5, 2013. 08:34 PM | Likes Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    MNR trades at a 16.87 price to 2013 FFO. It, however, does not appear to be growing FFO on a per share basis.

    LXP and LSE are not traditionally considered industrial, but a large portion of their revenues comes from industrial properties triple net leased.
    Apr 5, 2013. 07:14 PM | 1 Like Like |Link to Comment
  • Investing In Industrial REITs, Part 1: Is Stag Industrial's Valuation Justifiable? [View article]
    u065071,

    I think yield is sought after at the moment so that is potentially a reason for stags valuation. However, the companies I am recommending instead of STAG, in parts 2 and 3 of this series, LSE and LXP respectively, also have big dividends. They just come with a far cheaper valuation.

    In terms of MNR you ask for the comparable numbers. I'm happy to provide them but I don't know which numbers you are referring to.

    Apr 5, 2013. 06:16 PM | 1 Like Like |Link to Comment
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