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Richard Woon

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  • Yongye International: Risky Business [View article]
    Nice call on XIN way back in the day!
    Mar 28 07:39 PM | Likes Like |Link to Comment
  • American Campus Communities: Debt Covenants and Dividends, Part II [View article]
    1) The debt covenant has become irrelevant now that they have met the FFO number required by it. It was only useful to try and forecast a possible dividend cut.

    2) I'm only trading the stock so that's all I care about.

    3) That has been the thinking. Until now, I saw very little evidence of synergies. This quarter they were able to cut costs significantly. I can only give them props for that.

    4) That's the basis of my short position - they paid too much. However, I was looking for a catalyst to send the stock lower. I was hoping that would be a dividend cut. I know they have not taken enough of a hit in this area. Give their dorms a 33% haircut and see what you get?
    Apr 29 12:41 PM | Likes Like |Link to Comment
  • Why I'm Covering My Short Against iShares Barclays 20+ Year Treasury Bond [View article]
    I agree with you. Why fight the Fed & China? My buddy, Mr. Volatility, thinks that they might yank the 30 and funnel demand to the 10.

    www.tradethepicture.co.../
    Apr 29 01:12 AM | 1 Like Like |Link to Comment
  • American Campus Communities: Debt Covenants and Dividends, Part II [View article]
    I've spent some more time reviewing the press release. Although I stated in my article that I would get bullish on the stock if they blew-out the quarter, I just can't do it after looking over the numbers. I still believe the stock is fundamentally overpriced. I'll wait for the conference call for more info.
    Apr 29 01:07 AM | Likes Like |Link to Comment
  • American Campus Communities: Debt Covenants and Dividends, Part II [View article]
    ACC just released their earnings and FFOM was $18,503,000. Thus, assumption #1 failed and ACC blew-out the quarter. They accomplished this on slightly lower revenue and much lower operating expenses. They were able to cut both operating and non-operating expenses significantly.

    I congratulate the management team on a quarter well-done.
    Apr 28 06:28 PM | Likes Like |Link to Comment
  • American Campus Communities: Debt Covenants and Dividends, Part II [View article]
    I still believe that FFO is a faulty metric. However, ACC's debt covenants are based on FFO (FFOM to be exact). Therefore, for debt covenant/dividend analysis, I have to use those metrics.

    As a measure of a REITs financial strength and earnings, I still believe it is a metric that is based on a faulty assumption as we now know that real estate does decrease in value.
    Apr 28 05:22 PM | Likes Like |Link to Comment
  • How the Fed Will Ease Rates [View article]
    All road lead to Rome.
    Apr 28 02:33 PM | Likes Like |Link to Comment
  • Open Letter to SEC: Wall Street's REIT Bait-and-Switch [View article]
    They have to pay 90% of taxable income - big difference since many of the REITs are losers with no taxable income. They BORROW to pay their dividends and hide their actions behind confusion in the REIT taxation law and the Fallacy of FFO.


    On Apr 22 11:59 AM jimmy46 wrote:

    > Read any REIT ANNUAL report:
    > because they have to pay out 90% of profits every year they
    >
    > HAVE TO GO TO THE CREDIT & EQUITY MARKETS EVERY YEAR FOR NEW
    > CAPITAL.
    >
    > Recently the SEC said they could pay up to 90% of those dividends
    > in stock,
    >
    > BUT THAT DIDN'T AFFECT THE DEBT ALREADY ON THE BOOKS.
    >
    > ALL THE REITs you mentioned have debt more than 5x market cap. <br/>They
    > need to rebalance their balance sheets.
    >
    > It's tough for the existing stockholders, but necessary.
    Apr 23 05:06 PM | Likes Like |Link to Comment
  • Why I'm Shorting Commercial Real Estate [View article]
    The REITs are headed to ZERO
    Apr 23 05:02 PM | 2 Likes Like |Link to Comment
  • What to Short When the Rally Dies [View article]
    Short the weak sisters... the REITs!

    I like ACC, ARE, KRC, PLD, HCP, VTR
    Apr 22 01:43 AM | Likes Like |Link to Comment
  • Wall Street Already Back to Its Criminal Ways? [View article]
    Sakwa and the gang run the Churn & Burn well. Last year they had a ProLogis report with a BUY rating titled "Perception Becomes Reality."

    Here is a link to the report at tradethepicture:

    www.tradethepicture.co.../

    I like your style.
    Apr 9 02:12 AM | Likes Like |Link to Comment
  • Gingerly Stepping Back into Commercial Real Estate Shorts [View article]
    Look at ACC. It's my candidate for "Short of the Year"
    Apr 9 02:01 AM | Likes Like |Link to Comment
  • Most Major REITs Should Maintain Investment Grade Status [View article]
    Obviously, CreditSights is as incompetent as Moody's, S&P and all the other FRAUDS.
    Apr 9 02:00 AM | Likes Like |Link to Comment
  • ProLogis Jumps on Equity Offering Bandwagon [View article]
    I'm watching the afterhours action and it looks like the bulk of the volume took place lower than the close. I love how the powers that be try and run them up on low volume after hours or in the final ticks of the day. Even when the suckers get diluted they can be fooled into believing its good for them.

    Apr 8 12:41 AM | Likes Like |Link to Comment
  • American Campus Communities: Debt Covenants and Dividend Cuts [View article]
    I wonder who is bookrunning and underwriting the mixed securities offering?
    Apr 7 10:58 PM | Likes Like |Link to Comment
COMMENTS STATS
24 Comments
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