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  • Northstar Is Far From An Intelligent REIT Alternative [View article]
    don't think the three year numbers include the spin of NSAM. They have outperformed everyone in the space
    May 18, 2015. 08:55 AM | 8 Likes Like |Link to Comment
  • Yes Barrons, Third Avenue Is Going To Do Just Fine [View article]
    Returns have not been the same without Whitman. While they have a deep bench of talented individuals, the fund is more eclectic than it used to be.
    May 14, 2015. 10:55 AM | Likes Like |Link to Comment
  • Myth Or Reality: Scrutinizing India's Revised GDP Numbers And Secular Bull Market - Part II [View article]
    Great information and insight on what is a complicated country. Straightforward and on task, a presentation the way they should be, thanks. RA
    May 14, 2015. 07:59 AM | Likes Like |Link to Comment
  • How To Invest In The Indian Stock Market - Part 5 [View article]
    great article. India is one of my larger macro/secular plays. The problem I have always had with India, however, is the pay to play/rampant corruption within the system (Modi cannot force a cultural change), and possibly the largest/slowest bureaucracy on the planet. Foreign investment is necessary, but even Modi changes the rules midstream, which is evidenced by tax policy and IP failings.
    May 14, 2015. 07:52 AM | 1 Like Like |Link to Comment
  • No 'High Wire Act' For Starwood Property Trust [View article]
    NRF is an equity REIT, so not the best comp for STWD. Great article, Brad. Sternlicht is top notch and continues to perform well for investors.
    May 11, 2015. 08:20 AM | 3 Likes Like |Link to Comment
  • Realty Income, Keynes And 5% [View article]
    Actually Rich, the first paragraphs are absolutely necessary. Too many investors make claims like wide most, market doesn't get it, and the ever resounding "but it's realty income". The please don't bash me aren't anything but a way to show the fan base of this stock. A lack of conviction? Hardly. Trying to be somewhat light, perhaps. I have been writing reviews and analysis for institutions for decades, I try to have fun when I can. As for the rates increasing due to economic growth, have you seen growth numbers? They suck. The Fed can speak to the front end of the market, but without QE, the back end (that which matters) is out of their hands. Having long term leases is a plus and a minus - look at the upcoming resets, CPI escalators...
    May 10, 2015. 03:29 PM | 2 Likes Like |Link to Comment
  • Realty Income, Keynes And 5% [View article]
    historic yield is higher. In the last few years you might be right, but do you consider the last few years normal?
    May 10, 2015. 03:18 PM | Likes Like |Link to Comment
  • Realty Income, Keynes And 5% [View article]
    unfortunately, have you noticed rates going up without economic growth or CPI inflation for rent escalators? And the stock price is a reflection of business conditions.
    May 10, 2015. 03:15 PM | 1 Like Like |Link to Comment
  • Colony Financial: 7.125% Is Okay, But I'll Pass On The New Preferred Stock [View article]
    The ticker in the first table was the OTC ticker (prior to being assigned the new ticker. The core criteria (to answer two questions) is a balance between SY and YTC. Yes, if rates go up, the probability of a call with any of these drops, but I try to shoot for a minimum holding period as part of a preferred portfolio when I look at the issues. I am also cognizant that many readers will not buy things at premiums (I am premium agnostic) and are looking for some measure of protection. Ultimately, I try to look at the issue, how it fits a portfolio, how it can be used and whether it is consistent with the folks I have spoken to here.
    May 8, 2015. 09:43 AM | Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]
    Why is 5% a nice opportunity? Relative to what? It can be helpful to have a ruler prior to measuring.
    May 7, 2015. 08:57 AM | 4 Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]
    Brad, not to be a "complainer", and I am not a DIY or whatever investor, I invest for a living, as I have done for more than a couple decades, but here is the flaw in your argument: if investors have priced your solid environment into share prices, and multiples reflect this optimism, then being "overpriced" is not only possible, but probable. Further, as I read all of the comments above talking about yield (is that really how value is measured?), one must be cognizant of rates. I hear many quotes of "the yield is 5%", where does this number come from? Was it "overvalued, until 2010? Will the dividend yield required change as rates rise? Will it increase as fast as rates? An arbitrary yield isn't much of a valuation yardstick, is it? Maybe this is why the DIY investors are always left holding the bag when things change.
    May 7, 2015. 08:55 AM | 5 Likes Like |Link to Comment
  • Rexford: Surf's Up With This Southern California Industrial REIT [View article]
    Results out: My take, strong as expected. NOI, FFO and renewals were strong, should help drive results.
    Reported Recurring Funds From Operations (FFO) of $0.20 per diluted share for the quarter ended March 31, 2015. Adjusting for non-recurring items, FFO was $0.19 per diluted share.

    Total rental revenues of $21.1 million increased 57.0% year-over-year. Property Net Operating Income (NOI) of $15.2 million increased 67.6% year-over-year.
    ·
    Signed new and renewal leases totaling approximately 778,150 square feet. Rental rates on new and renewal leases were 11.6% higher than prior rents on a GAAP basis and 4.5% higher on a cash basis.

    Stabilized Same Property Portfolio occupancy was 94.9%, an increase of 460 basis points year-over-year. Total Same Property Portfolio occupancy was 92.4%, an increase of 210 basis points year-over-year.

    At March 31, 2015, the consolidated portfolio was 89.5% occupied, a decrease of 70 bps year-over-year, inclusive of value-add acquisitions activity.

    Same Property Portfolio NOI increased 7.4% in the first quarter of 2015 compared to the first quarter of 2014, driven by a 4.2% increase in Same Property Portfolio total rental revenue, while Same Property Portfolio operating expenses decreased by 3.4%. Same Property Portfolio Cash NOI increased 7.3% compared to the first quarter 2014.

    During the first quarter 2015, the Company acquired 4 industrial properties, totaling approximately 432,000 square feet, for an aggregate cost of $52.4 million.
    May 6, 2015. 04:21 PM | Likes Like |Link to Comment
  • Rexford: Surf's Up With This Southern California Industrial REIT [View article]
    Company discloses it
    May 6, 2015. 04:17 PM | Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    If you are worried that rates are increasing, it is the time to buy above par, as that implies a higher dividend rate and, therefore, a lower duration. As well, the odds of a call will be reduced.
    May 1, 2015. 03:07 PM | 2 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    AGNCP has a stripped yield of 7.72% (takes out accrued) and a yield-to-call of 5.89%, which isn't that bad (that is the downside of the call and the impact of "above par", which shouldn't drive decisions). You might want to look at AGNCB (7.75% dividend rate) which has a stripped yield of 7.76%, a YTC of 7.73% and is currently below par (when stripping out accrued) at $24.96 (stripped). Similarly, NLYPrC have a stripped yield of 7.59% and a YTC of 7.07%. I like the AGNCB, which were issued last may.
    May 1, 2015. 09:57 AM | 1 Like Like |Link to Comment
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