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Dane Bowler

 
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  • A Puzzling 15mm Share Issuance Sends Summit Hotels Plunging [View article]
    constable,

    I agree. There seems to be an overall attitude that equity issuance is dilutive, but this is not always the case. Each issuance must be evaluated individually and the price drops that frequently occur can be big opportunities.
    Sep 17 02:12 PM | Likes Like |Link to Comment
  • A Puzzling 15mm Share Issuance Sends Summit Hotels Plunging [View article]
    galicianova,

    Still long mpw. The fundamentals of most of the REITs have not changed much, only the pricing.
    Sep 14 10:45 AM | 1 Like Like |Link to Comment
  • A Puzzling 15mm Share Issuance Sends Summit Hotels Plunging [View article]
    alschroed,

    Yeah, I'm getting my MBA so i've been too busy to write lately, but once that's over I'll be back.
    Sep 13 08:08 PM | Likes Like |Link to Comment
  • Weyerhaeuser Is Irrationally Cheap With Powerful Catalysts [View article]
    Palladium,

    In terms of the intersegment sales, those can simply be deferred to the broader market and therefore are not lost. Furthermore, you are isolating the sale without including the accretion from the purchase of the timberland. If you look at the overall company, it is clear that earnings are not going to drop by 26.5%.
    Aug 23 09:50 AM | Likes Like |Link to Comment
  • Weyerhaeuser Is Irrationally Cheap With Powerful Catalysts [View article]
    galicia,

    Well, they are very different businesses. If you like the specialty fiber business go with RYN, but as a timber REIT WY might be the way to go.
    Aug 20 02:01 PM | Likes Like |Link to Comment
  • Medical Properties Trust Will Rise As It Proves Resilient In A Challenging Environment [View article]
    Gators,

    All I'm hearing from you are assumptions and emotion. Lets look at the facts.

    As you point out, MPW made a very large acquisition. This needed to be financed and they did a mix of debt and equity to do so. The equity was sold below market price as is typical of equity issuance. What is happening here is extremely standard acquisition behavior and your making it sound like its management diluting shareholders.

    Furthermore, the cap rate on the acquisition was not announced so we cannot say that the offering was accretive or dilutive until we know. However, if the acquisition was above an 8% cap rate, (which basically every healthcare REIT acquisition is) then it would be accretive even with the unfortunate issuance price.

    Yes MPW's price has tanked, but its fundamentals are still sturdy. It HAS proven resilient thus far and any market price fluctuation is just general market panic. PLEASE look at the actual performance of its business, not a panicky REIT market's behavior. If you were of the impression that it was just MPW tanking, take a look at ^RMZ.

    I hope this answers your questions, and thanks for furthering the discussion.
    Aug 17 09:31 AM | Likes Like |Link to Comment
  • The Strongest REIT Opportunity Of This Earnings Season: Omega Healthcare [View article]
    Glen,

    Its fundamentals have not changed. Try not to worry about the noise of the market price.
    Aug 16 06:30 PM | Likes Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    Nick,

    While the discount to par on SLG-I is nice, the coupon is low enough that it will remain that cheap IMO. Thus, one would only get the current yield and no price appreciation.
    Aug 16 09:54 AM | Likes Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    For those of you interested, the 2nd part is now live.

    http://seekingalpha.co...
    Aug 15 02:13 PM | 1 Like Like |Link to Comment
  • 8%-Plus Yielding REIT Preferreds Part 2: The Best Of The Best [View article]
    Rubicon,

    I know you to be an expert on fixed income investment, so that compliment means alot to me. Thank you.
    Aug 15 02:11 PM | 1 Like Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    Robin,

    Yes, these do have long durations, but the principal is somewhat protected by the redemption value. As the underlying securities grow and gain access to cheaper capital, many of these issues will be redeemed for the full $25.

    Given the uncertainty of the redemption date, and the superiority of the dividend over the "risk free" rate, the standard duration equations for bonds or perpetuities simply do not apply. It becomes somewhat of a judgement call.
    Aug 14 11:42 AM | Likes Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    Lunco,

    That is an excellent point. these financial companies are experiencing substantial on paper losses despite strong economic profitability. This topic will be discussed further in part 2 of the article.
    Aug 14 11:34 AM | 1 Like Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    plow,

    They all accrue dividends in the event they are not paid on schedule.
    Aug 14 09:56 AM | 1 Like Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    clark,

    Its not really chasing when the issue is undervalued.
    Aug 13 10:49 PM | Likes Like |Link to Comment
  • 8%+ Yielding REIT Preferreds: The Best Of The Best - Part 1 [View article]
    Thank you Michael, I hope to not disappoint
    Aug 13 10:49 PM | Likes Like |Link to Comment
COMMENTS STATS
594 Comments
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