Todd Sullivan

Hedge fund manager, long/short equity, value
Todd Sullivan
Hedge fund manager, long/short equity, value
Contributor since: 2007
Company: Rand Strategic Partners
Quick note, any location sold into a JV will be done at a discount to its true open market value (if simply sold by itself). The reason is control, since MAC will not 100% control the properties, their "purchase price" reflects that discount.
Macerich CEO Art Coppola in 2010 (he was selling into a JV in this instance vs buying):
"Again, I mentioned that these joint ventures can be tough deals to make because you’re taking an existing asset and you’re bringing a new partner into an asset that you’ve owned for a while. Also, because of the fact that you’re forming a partnership and you’re not selling an asset, you also want to be very careful about who you do business with, you want to make sure that their yield expectations and their vision for the property itself that you’re talking about matches your yield expectations.
As a consequence, when you sit down and you structure a deal, you end up, again, forming a partnership and not running an auction. If we were to run an auction in terms of doing the joint ventures that we’ve been working on, I’m sure that we could have easily achieved 5% to 10% better pricing, but that’s not the way that you conduct a partnership. We see these partnerships, they’re not one-off transactions."
HHC did not exist.....it was formed from the GGP chapter 11
I am not going to respond to this in a post. I'll only say here that any analysis of CRE properties that uses stated BV as a valuation metric is irrelevant on its face before anyone reads any further. In order to use it, the assumption has to be the properties are only worth their cost to the owners. If that is so,,,,,why build anything? REIT's do not trade on BV or PE, SPG trades 11X BV (41PE), GGP 3X BV (57 PE), TCO trades 11X BV, MAC trades at 3.5X BV (53 PE). Now, some may say HHC is not a REIT but it is will be one soon enough as this glut of operating properties come online. So when buying it, that is what one is looking at......
By any of those comps, $HHC is a steal at current prices...
ty
leave the word but alter it...F%$& for instance. saying what the MSM won't is what makes blogs popular. emotion, humor and a bit of irreverence is the soul of the medium, sterilize it and you effectively neuter it...
unless of course the profanity is just gratuitous....
mick...
maybe do it by market cap rather than share price?
Wiley..
the analogy is the dr. said you have 6 months to live, you sold and gave everything away and lived 6 more years without anything...
pissed at the doc?
On Nov 20 01:07 AM degreenodal wrote:
> If the remission proved temporary, there would not be much to say.
>
>
> Think of a different analogy. Something without a non recourse end.
> A bear market can die, but the stocks exchange stays open. The cancer
> victim succumbs, that's all she wrote.
>
>
> I
>
>
> On Nov 19 06:48 PM willynill wrote:
Peter,
If this you a couple points....I hear you have a "response" coming
no reason to watch a 2006 presentation...I already said that recently you have been "very right"..
the point was for 4-5 years you were very wrong in regards to dow / nasdaq..
you don't get points for yelling "it's 3 o'clock" every hour and then when it is actually 3 o'clock looking around and saying "told you so".
"I would have been right had housing collapsed sooner" you say.....ok...if Kennedy had ducked he'd still be here. What is the point? If a lot of things would have happened differently a lot of things would have ended differently...
It didn't and you weren't..
In regard to the dollar, it is just the opposite...you were very right for a while, before being very wrong now. Problem is that as late as July I believe you were saying the dollar was doomed yet it is up what 25% since then?
The markets in general. The international markets you invest in rode the wave up and now down with the US market, many far worse on the downside now. No idea what your positions are (not listed) but one has to assume you have not "bucked the trend" based on your writings.
Guys like Ackman, Tilson and Paulson, who began going short mortgages (and by-products) in 2005-2006 are the ones "who were right".
There is more but I guess I'll save it for the rebuttal??
On Nov 19 03:11 PM Peter Schiff wrote:
> One last point. I first made my NASDAQ 500 prediction when it hit
> it's high of 5,000 in 2000. Pretty close wouldn't you say. I wonder
> what Todd Sullivan was saying about the NASDAQ back then? I sure
> know what most people were saying in 2000 when I predicted a 90%
> crash in the NASDAQ. I guess I was wrong as it only fell 80% --
> but as i wrote, at the rate it is now falling it might hit 500 yet.
> Of course, adjusted for inflation, its practically there already!
pelican,
the statement you made is not false if you believe it, that is my point...
lehman has lied to investors, they should be the ones being investigated
if cnbc relays the rumor, are they now guilty? it may or may not be true until after the fact...
jim,
technical? no...
fundmantal? i have posted over 50 times on dow giving a multitude of reasons.
read them and if you have any counter arguments, i'd love to hear them
bozak,
nat. gas. when dow goes online in SA they will be paying 40% LESS than marlet prices for nat. gas.
they are also talking to gazprom about a JV
najdorf
the convertable convert sat dow's discretion after 5 years. they can also opt to pay him the interest in cash, shares, or more convertible.
maz,
1.75 was from an email they sent me......
cross:
email me and I will send you one
maz,
1.75 was from an email they sent me......
cross:
email me and I will send you one
ing...
if you go back to 1998, when the "sell" issue was raised in the post, altria has trounced KO's returns....
ing...
if you go back to 1998, when the "sell" issue was raised in the post, altria has trounced KO's returns....
shaffner
apple could just wait and pick up the bbi real estate on the cheap when they start to fail....or need to sell stuff off if they go ahead with the cc buy
shaffner
apple could just wait and pick up the bbi real estate on the cheap when they start to fail....or need to sell stuff off if they go ahead with the cc buy
msf,
"opinion"......... do you know what a "blog" is???
msf,
"opinion"......... do you know what a "blog" is???
msf,
As i have explained multiple times to you before, it means long shld, "none" in other securities listed....
why can't you understand?
msf,
As i have explained multiple times to you before, it means long shld, "none" in other securities listed....
why can't you understand?
thank you for the insult...
the problem with 6% comps is that you are paying 26 times EPS for shares
as for the "no one ever made money", had you shorted it after my first post when I said this would happen you would be sitting on a 30% gain in 3 months
what is your idea of making $$?
PS... i also said this last may here: valueplays.blogspot.co...
the stock was $45 then...
thank you for the insult...
the problem with 6% comps is that you are paying 26 times EPS for shares
as for the "no one ever made money", had you shorted it after my first post when I said this would happen you would be sitting on a 30% gain in 3 months
what is your idea of making $$?
PS... i also said this last may here: valueplays.blogspot.co...
the stock was $45 then...
MSF,
I have owned SHLD for over a and a half
MSF,
I have owned SHLD for over a and a half
mallarde,
a used Hog goes for about 7K
mallarde,
a used Hog goes for about 7K
merrill,
i agree. the point is, why say anything? if he does need more, people will hang him with these statements
no one is buying it anyway
bryan,
1- gap will cost too much
2- buffett will hire from within...sokol
bryan,
1- gap will cost too much
2- buffett will hire from within...sokol
msf,
i do....if you read that i did not, you read it wrong... have owned it for a few years