Seeking Alpha
  • Steven Reiman
    Bought more $GPT
    8/13/13
    Reply (21)
    • henhill69: gud move
      8/13/13
    • EJT: Steve, confused by Brads article and conf call and what multiple the company really is trading on a ffo basis assuming they hit eoy target
      8/13/13
    • EJT: Love to get your thoughts if you could inbox me!
      8/13/13
    • TFCAB: I have a large position in GPT.......i dont understand the price action. I guess that's why they call it a random walk.
      8/15/13
    • TFCAB: IMO; Great 2nd chance to either start or build up a position.
      8/15/13
    • Steven Reiman: The price action is due to rates rising...AFFO multiples will compress as they rise...it is an issue with REITs
      8/15/13
    • The_Hammer: leveraged entities are impacted by refinancing risk due to rising interest rates
      8/15/13
    • Steven Reiman: to the extent that assets don't match liabilities....which to your point, GPT's do not. So far, the mortgages have been shorter duration
      8/15/13
    • The_Hammer: why did they use shorter duration mtgs when rates were at record lows?
      8/15/13
    • Steven Reiman: Commercial mortgages are generally shorter duration as a rule. Also it should be noted that the BAC floating note matures next year
      8/15/13
    • Steven Reiman: That is going to need to be rolled
      8/15/13
    • TFCAB: THanks for the detail steven
      8/15/13
    • Scal80: How low will this go? Looking for a re-entry point...
      8/15/13
    • Steven Reiman: If I knew that I would be a lot richer than I am now. My guess for AFFO once the capital is fully deployed is around ~20M
      8/15/13
    • Wilson Wang: I'm betting that dividend will be 0.30 a share. At a 5% yield, you are looking at $6.
      8/16/13
    • Steven Reiman: 60M shares, $.30 a share equates to $18M distributed to shareholders...even if we don't start there, we will get there pretty quick
      8/16/13
    • The_Hammer: what about the amount due preferred holders?
      8/16/13
    • Steven Reiman: That's already taken into account. If you want to see the detailed breakout, please reference my article on GPT...it's a bit dated but
      8/16/13
    • Steven Reiman: high level it should give you an idea of how I'm coming up with the estimate.
      8/16/13
    • futureguy: I wish your article was still available to non pro users
      8/16/13
    • Wilson Wang: Steve's article in one sentence: $GPT is undervalued with a nice margin of safety embedded.
      8/17/13