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Dane Bowler  

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  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    Brad,

    thanks for reading. I enjoyed your WP Glimcher article today
    May 28, 2015. 10:07 AM | Likes Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    nyugrad,

    I suspect you are right that the investor base is very old. However, I disagree on the advice their brokers will give them.

    Brokers are incentivized to transact as frequently as possible as that is where they earn fees. Many brokers will be eager to roll their client's money into something else.
    May 28, 2015. 10:06 AM | Likes Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    nishtu,

    My NAV was based on RevPAR and using a cap rate similar to companies of similar RevPAR. While the timing may have been opportunistic as you mentioned, non-traded REITs have a tendency to just buy whatever is available without being selective.

    Hope this helps,
    May 28, 2015. 10:02 AM | 1 Like Like |Link to Comment
  • Apple Hospitality REIT Is A Prime Short Target With A Highly Catalyzed Drop To Proper Valuation [View article]
    Layup,

    Well, they would be buying overpriced stock (in my opinion) so that would make it look even worse.
    May 27, 2015. 04:23 PM | Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Foster,

    Thank you for the response.

    I am interested in your analysis on orlando. What leads you to believe it is becoming overbuilt? Further color would be greatly appreciated.

    Thanks for furthering the discussion
    Apr 5, 2015. 12:53 PM | Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    rotorite,

    A majority of that 30% is not from rent increases, but rather an increase in number of properties as the $110mm of liquidity gets invested.

    Hope this helps
    Apr 5, 2015. 11:57 AM | 1 Like Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Philip,

    I agree completely on SOHO. Very undervalued
    Apr 5, 2015. 11:54 AM | Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Funny you should mention it.

    FYI if you look in the section titled risks and concerns, one of the bullet points is leverage/
    Apr 5, 2015. 11:21 AM | Likes Like |Link to Comment
  • City Office REIT Has 55% Upside Fueled By Rapid Growth And Deep Undervaluation [View article]
    Berloe,

    I share your concerns about external management incentives, which is why corporate governance is so important. While the blocking of the Maryland Unsolicited Takeover Act was a big step in the right direction, we should definately keep a watchful eye.

    Thanks for reading
    Apr 3, 2015. 11:35 AM | 2 Likes Like |Link to Comment
  • 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
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