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Rubicon Associates

 
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  • An Appetizing REIT With 9% Icing On The Cake [View article]
    The most difficult part of the company is the CDO book (and the return/cash flow assumptions) and the private equity portfolio. Both are interesting and have been additive, but both are hard to get your arms around in terms of value (now and going forward).

    Admittedly, I wish the company would take the equity reit components and bring them to a FFO/AFFO basis rather than stopping at NOI (which can help create a NAV, but does not easily facilitate comparison to the various sectors).
    Dec 9, 2014. 01:45 PM | 2 Likes Like |Link to Comment
  • An Appetizing REIT With 9% Icing On The Cake [View article]
    If you are referring to me with the nerve comment, you didn't hit a nerve, just thought your comment needed clarity. buy recommendations are what they are. Those are the firms that cover it. Maybe Fido uses some other firms as yet unknown. I don't understand the "dog" comment. It has outperformed your two referenced mREITs with ease. I didn't write the article, I have just followed the company for years. Don't feel bad, you are not the first misinformed commentor I have called out.
    Dec 9, 2014. 01:40 PM | 13 Likes Like |Link to Comment
  • An Appetizing REIT With 9% Icing On The Cake [View article]
    FBR - Outperform
    Deutsche - buy
    UBS - buy
    JMP - outperform
    KBW - market perform
    AI and EARN are mREITs, NRF has outperformed them across virtually all time periods.
    Dec 9, 2014. 10:10 AM | 4 Likes Like |Link to Comment
  • An Appetizing REIT With 9% Icing On The Cake [View article]
    AI and EARN are both mREITs. NRF is 80% equity REIT. The comparison is not valid. If it were, NRF has laid waste to the majority of the mREITs - EARN and AI included.
    Dec 9, 2014. 09:39 AM | 8 Likes Like |Link to Comment
  • An Appetizing REIT With 9% Icing On The Cake [View article]
    NRF will team up with experienced folks (healthcare being the biggest example) to help source and manage the assets.
    Dec 9, 2014. 09:34 AM | Likes Like |Link to Comment
  • An Appetizing REIT With 9% Icing On The Cake [View article]
    For CRE debt, it depends where you fall in the tranche stack. The "equity slices" control the deal in a default. As well, there are servicing agreements that dictate how the special servicer will do its job - forgiveness, restructuring, liquidation... NRF does list "deconsolidated" assets that underly their CDO debt, which they can control. Most mREITs wouldn't take delivery of the property as they are only a fractional owner of the debt. Agency mREITs (housing) will never have the ability to be own-to-renters. I guess the bottom line is that unless the REIT is the singular lender on the property, they will not come to possess the property - and even then, most are not equipped to deal with it.
    Dec 9, 2014. 08:59 AM | 5 Likes Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Speaking for myself, absolutely no insult taken. Had I not written it myself (I don't normally use caps and give my teenage daughter flack for just such offenses), I would absolutely agree with the teenage girl comment.
    Nov 6, 2014. 03:19 PM | 1 Like Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    You will note AIG reps are no longer selling their products. Not affiliated. And I left out the emoticons. ;-)
    Nov 6, 2014. 01:49 PM | 1 Like Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Rats, I told Brad. And no, you are banned from DGI. Sorry, there had to be consequences.
    Nov 6, 2014. 01:46 PM | Likes Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Gratian, I agree that Nick will probably be gone. However, recusing yourself in a meeting (and therefore the minutes) does not mean back channels and other indirect means weren't present.
    Nov 6, 2014. 01:42 PM | 2 Likes Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    I apologize for not seeing another article in these pages focused on the Chairman, but do not apologize for this "pointless" article. For reasons mentioned earlier, I thought it might call out what may be obvious but is rarely stated (think the sell side will say it and risk IB business?).
    Nov 6, 2014. 01:39 PM | 1 Like Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Without Nick, there would be no ARCP. With Nick, it can't go forward. If for no other reason than to show the company will be beyond reproach.
    Nov 6, 2014. 01:31 PM | 1 Like Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Given the number of shareholders, I will venture to guess that one or two have not yet opined.
    Nov 6, 2014. 01:29 PM | 2 Likes Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    I hope not. My intention wasn't to merely write another article about an accounting misstatement, but rather to focus on a significant issue I believe will need to be addressed for this company to move forward. If you believe this was a waste of your time, I don't know what to say other than you compounded that waste by taking the time to comment.

    Further, if SA can be used as a bully pulpit (yes, these REITs do read the articles - trust me, I have heard from them) to make a valid point, then I will use it as such.
    Nov 6, 2014. 01:28 PM | 2 Likes Like |Link to Comment
  • American Realty Capital - Enough Already, Thoughts From A Shareholder [View article]
    Absolutely. That is a terrific point. I consider myself a value investor, which entails certain risks. O will provide that stability of income and growth that many are looking for. I am looking for both income and appreciation and believe this is the better choice for that type of mandate.
    Nov 6, 2014. 01:21 PM | Likes Like |Link to Comment
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