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  • Kinder Morgan: 7.3% Yield And 10% Dividend Growth? I'm Buying Again [View article]
    I think they boxed themselves in promising 10% dividend growth. They really can't afford it, and when they eventually don't raise the div 10%, it will disappoint the market.
    Sep 30, 2015. 05:29 PM | Likes Like |Link to Comment
  • The Story Of STAG And Mr. Market [View article]
    Whiteshell - your comment is tied into my comment above and is the reason i am staying away from STAG. Their AFFO numbers have gone down, even though they have been expanding rapidly by buying 100% leased properties, because their older properties coming off lease are not renewing up as well as they had hoped. Once their acquisition spree slows down, or when they are smaller relative to the size of the company, i would expect to see AFFO continue a downward trend.
    Sep 25, 2015. 02:32 PM | 3 Likes Like |Link to Comment
  • The Story Of STAG And Mr. Market [View article]
    Brad - I'm staying away from STAG because I don't like their focus on secondary markets , which are harder to re-lease , and that is reflected in their retention / rollover numbers. STAG will do fine as long as they can keep growing by expanding their portfolio by buying 100% leased properties (note they don't buy vacant properties in their markets to re-position them). But if you look into their 10-K , you will see that the vacancies for older pools of assets are drifting higher. Over time this will be a problem for STAG, especially considering the size and locations of their assets.
    Sep 25, 2015. 12:39 PM | 4 Likes Like |Link to Comment
  • Prospect Capital: This Is All You Need To Know [View article]
    Bottom line with PSEC is I don't trust mgmt
    Sep 24, 2015. 01:53 PM | 35 Likes Like |Link to Comment
  • Designing The Common Stock Portion Of Your Retirement Portfolio: Concentrated Or Diversified, Part 3 [View article]
    Amen to that , seems like it is too often that something , somewhere blows up overnight and is down some huge % , with no opportunity to get out. I prefer to have a similar number of stocks and use many of the modern tools , like FastGraphs and SA, to keep an eye on my portfolio. Many of my holding's I've held for many years and I read the qtly and annual reports as they come out and feel i have a pretty good sense for the businesses as well as mgmt of these companies. But I realize my knowledge is limited vs hedge funds, industry experts and company insiders, that is why I stay diversified, not just among stocks but assets classes as well.

    For example, I've read every report and presentation on Realty Income (O), NNN and J&J for the past 10 years , so it really doesn't take much for me to keep up with them. Not sure how much more i could know about them unless i worked for them fulltime! If i don't understand a sector or can't easily trade it, i use funds of ETF's ( high yield bonds, convertible bonds, some muni's, emerging mkts, both stocks and bonds, etc).
    Sep 22, 2015. 03:32 PM | 2 Likes Like |Link to Comment
  • Gramercy Property Trust Is Poised To Profit [View article]
    I believe mgmt has stated that the combined company will target a dividend payout ratio between GPT's and CSG's so I believe the dividend for CSG after the close with be reduced and switched to quarterly. GPT holders will see a slightly higher dividend as the reduced CSG pymt will still be higher than the current GPT pymt.(taking into account the conversion of GPT shares to CSG shares)
    Sep 16, 2015. 01:48 PM | 3 Likes Like |Link to Comment
  • Where Can I Find Safe Income For Retirement? [View article]
    good advice in general but this is really aimed at those with multi million dollar portfolios , not the average investor.
    Sep 1, 2015. 11:11 PM | 7 Likes Like |Link to Comment
  • Durability Test: W.P. Carey [View article]
    BruceM - i would be interested in Brad's response also. While Brad's report is certainly informative, the majority of the info is pulled right off the company's presentations on their website. Your info is pulled from the 10Q and other financial reports and is important for investors and researchers to review, analyze and comment on because the company will not highlight anything in their presentations that doesn't reflect positively on the company.

    You've asked some good questions and i hope we see a response.
    Aug 17, 2015. 10:02 PM | Likes Like |Link to Comment
  • Vereit: ARCP's New Name And 3 Takeaways From The Q2 Conference Call [View article]
    Slick Nick is no where near VER, so don't let that worry you. In fact , VER will likely have the cleanest set up books around. That said, they do have the legal fee overhang, a likely lower FFO per share next year as they sell assets, and an unchanged dividend for sometime until the turnaround is done.
    Aug 11, 2015. 09:17 PM | 16 Likes Like |Link to Comment
  • Stop Panicking Over New York Mortgage Trust [View article]
    With all the discounts to BV around in other M-reits, NYMT still looks rich.
    Aug 5, 2015. 05:10 PM | 2 Likes Like |Link to Comment
  • Lexington Realty Trust beats by $0.01, beats on revenue [View news story]
    Good qtr, agree with the buyback vs raising the dividend. Trading under 9x est 2015 FFO. Payout ration in the mid 60%.Build to suit properties coming on line over next few quarters. I am sure mgmt is frustrated by the low valuation to their peers. All I would suggest to them is continue to use excess cash flow to pay down debt and buy back stock. At some point it might make sense for a larger company with a higher priced stock to buy them out.
    Aug 4, 2015. 10:29 AM | 1 Like Like |Link to Comment
  • Whitestone REIT Is Now Yielding 8.9% [View article]
    Concern I have in any high yielding reit like this is that the cost of equity is high and that makes it difficult to buy properties that add to FFO on a per share basis. Their leverage is high so they are likely relying more on debt. The only thing I find attractive is the price/FFO.

    If they cut the dividend to a decent payout ratio, I'd have more interest but they are a risky REIT. The properties they buy and fix up were run down for a reason - because they are likely in areas that are not attractive demographically. So while they do fix them up and are able to attract new tenants , I worry that the same issues that allowed then to buy properties cheap will circle back on them and start affecting their smaller tenants.
    Jul 31, 2015. 10:38 AM | 5 Likes Like |Link to Comment
  • KCAP Financial, Inc. Announces Adjournment of Special Meeting and Board Action [View article]
    this would dilute shareholder nav tremendously and benefit only external manager buy allowing them to earn more fees on more assets.
    Jul 20, 2015. 10:33 PM | Likes Like |Link to Comment
  • Mr. Market Is Not Thrilled With This Net Lease Merger, Neither Am I [View article]
    While the initial reaction for both stocks has been down , mainly due to CSG shareholders likely selling, it think CSG (and by default GPT) will drift upwards as the monthly income sellers are replaced by longer term investors who will be happy Dugan is in charge of the combined entity.
    Jul 2, 2015. 06:56 PM | 3 Likes Like |Link to Comment
  • Investing In A Sleep Well At Night REIT Like Warren Buffett [View article]
    Brad - although the trading volume is much lighter and bid offer is wider, for a patient investor, any reason not to own UBP over UBA? Over $2/share cheaper than UBA.
    Jun 19, 2015. 01:17 PM | Likes Like |Link to Comment