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  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    The only thing you have said that I take exception to is the pageviews comment. This is not what I do for a living and, honestly, I am not in it for the money. The amount I get paid would be worth chasing pageviews.
    Aug 20 12:03 PM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    They are setting financial policy (dividends...) based on run rate cash flow. In other words, their cash flow will "catch up" to their financial policy and create a sustainable payout.
    Aug 20 11:59 AM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    Mixing the two is not allowed. Should they, lawsuits would follow.
    Aug 20 11:57 AM | 2 Likes Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    Ok, can't figure out what the heck happened to make the reply so many times and I can't seem to delete (another shortcoming). I apologize.
    Aug 20 11:55 AM | 2 Likes Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    While your comments really don't warrant comment or explanation, try to get past the grammer and spelling and read the article:

    While Realty Income has the history, ARCP seems to have the hunger. This can work for them and against them. Should they continue swallowing whales, there will be a constant "financial catch-up" occurring which will preclude their capital structure from trading at full value.

    I believe that American Realty Capital Properties suffers from a "big game hunting" and "catch up" discount - which is appropriate to some degree. The discount at which the stock is trading is somewhat excessive.

    Lack of a track record? Is this because their IPO was a couple years ago? Does management not have a track record with like assets? Do the assets themselves not have a "track record"?

    Perhaps if you read (instead of just comment) you would understand that I am saying the risks aren't that much different. Just start following Realty Income? Look back in their past (yep, been following them for a decade or so) and see how they cut their teeth. Tell me if their current strategy is consistent with the startegy used to get them the respect they have (they were credit folks underwiting risks and making a heck of a spread).

    That said, thanks for reading and spending the amount of time you have enlightening me with your comments.
    Aug 20 11:51 AM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    While your comments really don't warrant comment or explanation, try to get past the grammer and spelling and read the article:

    While Realty Income has the history, ARCP seems to have the hunger. This can work for them and against them. Should they continue swallowing whales, there will be a constant "financial catch-up" occurring which will preclude their capital structure from trading at full value.

    I believe that American Realty Capital Properties suffers from a "big game hunting" and "catch up" discount - which is appropriate to some degree. The discount at which the stock is trading is somewhat excessive.

    Lack of a track record? Is this because their IPO was a couple years ago? Does management not have a track record with like assets? Do the assets themselves not have a "track record"?

    Perhaps if you read (instead of just comment) you would understand that I am saying the risks aren't that much different. Just start following Realty Income? Look back in their past (yep, been following them for a decade or so) and see how they cut their teeth. Tell me if their current strategy is consistent with the startegy used to get them the respect they have (they were credit folks underwiting risks and making a heck of a spread).

    That said, thanks for reading and spending the amount of time you have enlightening me with your comments.
    Aug 20 11:51 AM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    While you really don't warrant comment or explanation, try to get past the grammer and spelling and read the article:

    While Realty Income has the history, ARCP seems to have the hunger. This can work for them and against them. Should they continue swallowing whales, there will be a constant "financial catch-up" occurring which will preclude their capital structure from trading at full value.

    I believe that American Realty Capital Properties suffers from a "big game hunting" and "catch up" discount - which is appropriate to some degree. The discount at which the stock is trading is somewhat excessive.

    Lack of a track record? Is this because their IPO was a couple years ago? Does management not have a track record with like assets? Do the assets themselves not have a "track record"?

    Perhaps if you read (instead of just comment) you would understand that I am saying the risks aren't that much different. Just start following Realty Income? Look back in their past (yep, been following them for a decade or so) and see how they cut their teeth. Tell me if their current strategy is consistent with the startegy used to get them the respect they have (they were credit folks underwiting risks and making a heck of a spread).

    That said, thanks for reading and spending the amount of time you have enlightening me with your comments.
    Aug 20 11:50 AM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    While you really don't warrant comment or explanation, try to get past the grammer and spelling and read the article:

    While Realty Income has the history, ARCP seems to have the hunger. This can work for them and against them. Should they continue swallowing whales, there will be a constant "financial catch-up" occurring which will preclude their capital structure from trading at full value.

    I believe that American Realty Capital Properties suffers from a "big game hunting" and "catch up" discount - which is appropriate to some degree. The discount at which the stock is trading is somewhat excessive.

    Lack of a track record? Is this because their IPO was a couple years ago? Does management not have a track record with like assets? Do the assets themselves not have a "track record"?

    Perhaps if you read (instead of just comment) you would understand that I am saying the risks aren't that much different. Just start following Realty Income? Look back in their past (yep, been following them for a decade or so) and see how they cut their teeth. Tell me if their current strategy is consistent with the startegy used to get them the respect they have (they were credit folks underwiting risks and making a heck of a spread).

    That said, thanks for reading and spending the amount of time you have enlightening me with your comments.
    Aug 20 11:50 AM | 3 Likes Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    Red Lobster is indeed a risk, at 11% of rents is a risk, a significant one. That said, I would expect that they will be reducing the risk to the portfolio by marketinga decent portion of the locations.
    Aug 20 08:58 AM | 5 Likes Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    Essentially missing the forest for the trees. Thanks for your attention to detail. Note the piece is a comparison between the two largest triple net REITs, how they are not as different as many would make them appear and one can actually serve as a substitute for the other at a cheaper level.
    Aug 20 08:53 AM | 4 Likes Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income? [View article]
    Good thing it wasn't an English homework assignment. I apologize for the two misspellings. Guess it is a good thing I am an analyst/portfolio manager rather than a university perfesser.
    Aug 20 08:46 AM | 19 Likes Like |Link to Comment
  • Western Asset Mortgage Capital Nails The Quarter - Cautious On 18% [View article]
    The date I picked is the date I started writing about it. As I stated: "Since then (8/18/12), the stock's share price has returned -12% (annualized), while the return with reinvested dividends had been 5.6% (annualized)."
    Aug 14 05:01 PM | 1 Like Like |Link to Comment
  • A Few Net Lease REITs To Avoid [View article]
    EQC is not a "traditional" triple net, it is an office REIT and therefore has different risks. Since the ouster of RMR, Zell is transitioning it to be his new "Equity Office" (remember that gem sold to Blackstone?). Better management, but same offices (for now). Some heavy lifting needs to be done a EQC, as occupancy slips and only 63% of space is CBD. Zell can pull it off, but it will take time. At 13x FFO, it could be attractive, but we will have to see what they reinstate the dividend at.
    Aug 13 11:18 AM | 1 Like Like |Link to Comment
  • A Few Net Lease REITs To Avoid [View article]
    Brad, Completely agree on GOV as RMR had to be bounced from Commonwealth (now Equity Commonwealth as Zell rebranded it) due to their "management skills", agree on Getty. Disagree on OLP though. Recall that Realty Income cut their teeth on below investment grade/unrated and story tenants. It wasn't until they decided bigger was they way and turned to IG tenants that this changed. NNN still has a decent slug of below investment grade tenants. The underwriting standards will determine success with OLP (and NNN) as they are not focused on growth at the expense of cap rates. When I wrote up OLP, you were not a fan of their properties (yes, Brad and I know each other pretty well) - shameless article link: http://seekingalpha.co... which may have merit, but I continue to maintain folks should take a look.

    As always, great review and information.
    Aug 13 11:07 AM | 1 Like Like |Link to Comment
  • Western Asset Mortgage Capital Nails The Quarter - Cautious On 18% [View article]
    From WSJ (http://on.wsj.com/1AdJVrN)

    Signs of trouble are emerging in a key part of the financial system. We report
    that banks are pulling back from the so-called repo market—the multitrillion-
    dollar machine that allows hedge funds, investment banks and other financial
    firms to borrow and lend short-term funds. In the first half of the year,
    Goldman Sachs, Barclays, Bank of America and Citigroup cut activity in the
    market by about $86 billion collectively. Some senior bankers have cited
    regulatory requirements that are making repo activity more expensive.
    Aug 13 10:33 AM | Likes Like |Link to Comment
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