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Rubicon Associates

 
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  • Bank Of America - New Preferred Stock Issuance [View article]
    Believe they are just trying to boost capital for B3 and US regulators.
    Jan 22, 2015. 10:37 AM | Likes Like |Link to Comment
  • Bank Of America - New Preferred Stock Issuance [View article]
    I have been calling it dead money for a while. The share price can change - traders market, trade on headlines and hope - but this does not change the outlook.
    Jan 22, 2015. 10:36 AM | Likes Like |Link to Comment
  • Bank Of America - New Preferred Stock Issuance [View article]
    You don't have to be bankrupt to defer the dividend (thnk of C and RBS), this is the nature of preferred stock.
    Jan 22, 2015. 10:34 AM | Likes Like |Link to Comment
  • Bank Of America - New Preferred Stock Issuance [View article]
    If you look at the stability of the business, the credit metrics of the business, the outlook of the business...these should be reflected in the share price. As their metrics and outlook are worse than most of their peers, I would want a premium versus those peers. If the outlook were rosy, this would be reflected in the share price and therefore demand less of a premium. Valuation should occur across the capital structure.
    Jan 22, 2015. 10:32 AM | Likes Like |Link to Comment
  • Bank Of America - New Preferred Stock Issuance [View article]
    Stripped yield is used more for existing preferred. Essentially, it takes the accrued interest out of the price (preferred prices include accrued) and calculates the yield using the "clean" price. It facilitates comparison between issues with differing amounts of accrued built into the price.
    Jan 22, 2015. 10:28 AM | 1 Like Like |Link to Comment
  • Associated Estates - Fairly Valued, Forget The Noise [View article]
    I agree that shareholders shouldn't pay a significantly above market G&A, but until it is broken down further and a plan can be put in place to accomplish this, it has to stand. Its current cost structure warrants the inclusion. Management is fully aware of their "outlier" status on G&A and has every incentive to bring it down. Perhaps it is due to the development pipeline (20% for a smaller REIT can be tough) and will settle lower when development recedes. Until such time as a path lower can be found (a sale to AIMCO?????) or forced cost curtailment, I felt the NAV should reflect the cost structure. Great point, thanks for adding it.
    Jan 2, 2015. 03:37 PM | Likes Like |Link to Comment
  • Associated Estates - Fairly Valued, Forget The Noise [View article]
    Absolutely get your point. When your shareholders are being told one value, it is always good to get an "independent" third party valuation.
    Jan 2, 2015. 03:31 PM | Likes Like |Link to Comment
  • 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 | 14 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
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