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Workinhard

Workinhard
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  • 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 | 6 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
  • My Rationale For Selecting STAG For The Long Haul [View article]
    As long as STAG can continue to add properties and grow they will look ok, but they own a lot of properties in secondary markets that will be tough to re-lease when they expire. It may be one to be in for a little ride , but be careful buying this one for the long haul. A better option at this posit in time is WPC , similar yield but better mgmt.
    Jun 4, 2015. 11:18 AM | 2 Likes Like |Link to Comment
  • KCAP Financial: What Comes Next? [View article]
    It's a shame these guys can't get their act together as I would like to add another internally managed BDC to my list.
    May 19, 2015. 01:32 PM | 1 Like Like |Link to Comment
  • Northstar Is Far From An Intelligent REIT Alternative [View article]
    Brad, NRF is definitely a bit more complicated than your average reit, and I have no issues with your decision to not invest. I have followed NRF for the last 8 years and they have a very good mgmt team that is able to take advantage of opportunities in many different areas. My one concern right now is the mgmt may be getting a little greedy and talking a bit too much out of the company.

    Longer term though, I see NSAM / NRF making the decision to start spinning out various specialized reits that will be managed by NSAM. So NSAM should do well over the longer term, but the reits they spin out will likely trade at a discount to reflect the external mgmt issue. But I still think the spin outs will create value for shareholders over the medium term. I think the way to play this is to own both NRF & NSAM.

    So I will hold for now.
    May 18, 2015. 11:01 AM | 5 Likes Like |Link to Comment
  • Fifth Street Finance: What Comes Next? [View article]
    Only BDC's I am considering at this point are two internally managed ones - MAIN & TCAP. They sell at a premium to BV and as a result can raise equity that is accretive to share value. I am holding off any purchases now as I think they will sell off along with other BDC's but they are on the buy list at some point.
    May 12, 2015. 10:44 AM | 2 Likes Like |Link to Comment
  • Is Lexington Realty's 7.5% Yield Too Good To Be True? [View article]
    Brad - these guys would be a good candidate for a one on one with mgmt, to get their thoughts. I am also curious if any of your industry contacts have given you any thoughts on LXP because I am in a similar position as you are - on the surface everything looks like LXP is a value buy here but in the back of my mind I am wondering what I am missing? It can't just be the general selloff in REIT'S that is causing this underperformance.

    The only things I can think of are 1) the development pipeline and the funding risks and 2) the dispositions of vacant properties. On this second point, I guess the worry is that as LXP has leases expire, if the buildings are not in good markets, the leasing opportunities are limited and they may be in a situation where over time they keep disposing of properties that become vacant.

    Fyi - this is part of the concerns I have with the NNN lease reits like LXP, CSG, STAG, etc that have large industrial / commercial properties in secondary markets. LXP has some of this concern migrated by the long lease terms they have.
    May 12, 2015. 10:35 AM | 2 Likes Like |Link to Comment
  • Stress Test For Dividend Growth Investors [View article]
    This is why I believe investors should have some fixed income component to their portfolio (gov't, munis, high yield, convertibles, pfds, CD's, etc) to provide a steadier income for the portfolio as a whole and help an investor resist the urge to sell stocks at the lows (which is what many all stock investors are tempted to do). I know a few friends who were spooked out of the markets in '08-'09 and went to all cash and /or CD's are are still waiting to get back in to stocks.
    May 10, 2015. 12:11 PM | 10 Likes Like |Link to Comment
COMMENTS STATS
247 Comments
666 Likes