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Dane Bowler  

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  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Jason,

    Thanks for reading
    Apr 3, 2015. 10:01 AM | Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    23681003,

    Earnings are rather meaningless for a REIT due to depreciation which is generally not a real expense for REITs as properties tend to maintain value or even appreciate over time.

    CIO is strongly positive in cashflow.
    Apr 3, 2015. 10:00 AM | 4 Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    alexkeywest,

    I suspect the special dividend was related to IPOing as a REIT. In order to maintain compliance with tax laws, REITs have to pay out most of their earnings and for freshly IPOed companies this backdates to earnings from previous years.
    Apr 3, 2015. 09:59 AM | 2 Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Jefegordo,

    FFO is funds from operations. It is the metric upon which REITs are typically valued such that P/FFO for a REIT is like price/earnings for most companies. As REITs have large property portfolios, depreciation can distort earnings. FFO corrects for that among other things to give a more accurate representation of cashflows.

    Hope this helps, and thanks for reading
    Apr 3, 2015. 09:58 AM | 7 Likes Like |Link to Comment
  • A Sustainable And Growing 8% Yield Is Driving NorthStar Realty Finance's Outperformance [View article]
    For those of you who still own NRF or are still interested in the stock, I want to provide a quick update.

    NRF is a very different company now with new opportunities and new risks. With the spin-off of NorthStar Asset Management (NSAM), NRF lost its growth arm as the asset management business is growing rapidly. It did, however, take NRF yet another step closer to being an equity REIT.

    If NRF can successfully be seen by the market as an equity REIT, it could see some multiple expansion as eREITs tend to trade at substantially higher multiples than mREITs.

    In addition to this opportunity, a new risk has arisen. NRF is now externally managed by NSAM which makes money based on assets under management. This incentivises them to grow for the sake of growth, so NRF investors will have to watch carefully for dilution.

    I am still long NRF, and cautiously bullish.
    Apr 2, 2015. 10:41 AM | 1 Like Like |Link to Comment
  • Rampant Mispricing Makes Specialty REITs An Interesting Space [View article]
    Its good to be back. Only 2 more months till I finish my MBA then i can write more frequently. MPW is still very cheap in my opinion
    Mar 27, 2015. 10:33 AM | 2 Likes Like |Link to Comment
  • Rampant Mispricing Makes Specialty REITs An Interesting Space [View article]
    Stanford,

    Thanks for reading
    Mar 27, 2015. 10:31 AM | Likes Like |Link to Comment
  • Bluerock Residential Growth REIT Gets Unusually Cheap On Temporary Events: 55% Upside [View article]
    It seems there are many comments about the "dilutive" secondary offering, so I feel the need to address this as a broader issue.

    secondary offerings are not by nature accretive or dilutive. The effect on the bottom line is ultimately determined by the risk adjusted investment rate as compared to the cost of capital.

    Hope this helps, and thanks for reading
    Jan 18, 2015. 08:52 PM | 2 Likes Like |Link to Comment
  • Bluerock Residential Growth REIT Gets Unusually Cheap On Temporary Events: 55% Upside [View article]
    tpcork,

    If you read carefully, I specifically said that the development "preferred to own" strategy such as what they did with TC was NOT true value creation.

    They are trading away upfront risk through the preferred in exchange for sacrificing upside in the event it is successful. Based on your comment it seems you agree with what I said.

    In terms of the "speculative statements" that you bring up, I would be happy to address them if you can phrase them in a way that isn't just blanket criticism.

    Thanks for reading and lets keep the eristic tone to a minimum please
    Jan 18, 2015. 08:49 PM | 1 Like Like |Link to Comment
  • Bluerock Residential Growth REIT Gets Unusually Cheap On Temporary Events: 55% Upside [View article]
    galicia and rob,

    I personally own both, so I can't really say either is better. The difference comes in the risk.

    BRG is relatively higher risk higher reward, so pick your poison
    Jan 18, 2015. 08:35 PM | Likes Like |Link to Comment
  • RAIT Financial Gets Extra Cheap On Misplaced Panic Creating 28% Near-Term Upside [View article]
    CAD is cash available for distribution.

    Thanks for reading
    Jan 10, 2015. 09:48 PM | 1 Like Like |Link to Comment
  • RAIT Financial Gets Extra Cheap On Misplaced Panic Creating 28% Near-Term Upside [View article]
    dblee1,

    I don't know that it is conclusive that the employees were doing "naughty things". No criminal charges were filed.

    While I tend to dislike most G&A type charges of any kind, the size of the severance packages was within the normal range for senior executives.
    Jan 9, 2015. 04:13 PM | Likes Like |Link to Comment
  • RAIT Financial Gets Extra Cheap On Misplaced Panic Creating 28% Near-Term Upside [View article]
    Fish,

    I don't trade options, so your opinion on that matter is probably better than mine.

    I just own the common.
    Jan 9, 2015. 03:45 PM | 2 Likes Like |Link to Comment
  • RAIT Financial Gets Extra Cheap On Misplaced Panic Creating 28% Near-Term Upside [View article]
    Energy,

    You are absolutely right. They are referring to the adjusted book value. In my opinion, GAAP book is nearly meaningless for a company like RAS.
    Jan 9, 2015. 03:42 PM | 2 Likes Like |Link to Comment
  • Misunderstood RAIT Financial Offers Hidden Upside [View article]
    Sam,

    Nice article, and I agree with your judgement that cashflows matter more than book value in this case. 1 question did arise in reading your article and I'm hoping you can clear it up for me.

    Why are you not comfortable with adding depreciation back into book value? Given that the value of most real estate assets has risen over the past years, the undepreciated book value seems more appropriate and might STILL be undervaluing the true liquidation value of these properties.

    it seems odd to add back in for an mREIT, but RAS is actually part eREIT.

    Thank again for the timely article,
    Dane
    Jan 8, 2015. 01:34 PM | 2 Likes Like |Link to Comment
COMMENTS STATS
650 Comments
414 Likes