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Dane Bowler  

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  • Medical Properties Trust Presents 40% Upside As Discount Evaporates [View article]
    Steve,

    Good point about VTR. It could be a year or 2 down the road.
    Dec 31, 2014. 11:22 AM | 1 Like Like |Link to Comment
  • Gladstone Land Has Gotten Cheap On Tax-Loss Selling With 40% Upside [View article]
    Darren,

    LAND has been careful to select mostly assets with water on site. Their most recent acquisition contains 4 wells. I suppose wells can dry up, but LAND will weather the drought better than most.
    Dec 30, 2014. 10:14 AM | 1 Like Like |Link to Comment
  • CorEnergy Is Substantially Undervalued With Upside Of 75% And An 8.5% Yield [View article]
    Kobe,

    Thus far, each equity issuance has been directly tied to an accretive asset purchase.

    the one at the end of 2012 was for the LGS the next one for the Portland Terminal Facility and the most recent for the MoGas acquisition.

    It seems that with each one, FFO/share has gone up.

    I am assuming the company will continue to issue equity given its small market cap, but I believe it will continue to be accretive to the bottom line.

    Thanks for reading and commenting,
    Dane
    Dec 23, 2014. 02:14 PM | Likes Like |Link to Comment
  • CorEnergy Is Substantially Undervalued With Upside Of 75% And An 8.5% Yield [View article]
    Jason,

    thanks for sharing the info. I too tried to reach investor relations to find that out but I didn't get a response. Perhaps I should have tried 5 times as you did instead of only twice.

    Thanks for reading and furthering the discussion,
    Dane
    Dec 23, 2014. 10:51 AM | Likes Like |Link to Comment
  • Active Vs. Passive Management - It's A Good Time To Go Active [View article]
    It was logically supported in the article which is a viable alternative to evidencial reasoning.

    May I also point out that many Seeking Alpha readers are themselves active managers of their own funds.

    I am not telling people to go out and pay an active manager, but rather to think about investment rather than just putting money into a blanket ETF.

    Thanks for reading,
    Dane
    Dec 11, 2014. 01:14 PM | Likes Like |Link to Comment
  • 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 | 1 Like 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 | 4 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
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