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  • NorthStar Realty Finance: Management's NAV Estimate Was 68% Higher Than Share Price [View article]
    The spin off of the mgmt arm in retrospect looks like a big mistake and seems like it was an attempt to enrich mgmt. Bottom line - the market doesn't like the conflicts that external managers have and will discount any entity that uses an external manager. NRE , as will anything else they spin out, will trade at a discount to their internally managed peers.

    There is a similar dynamic in the BDC space, with two of the internally managed names (MAIN & TCAP) trading at premiums while the externally manages ones languish at discounts.
    Nov 17, 2015. 12:44 PM | 4 Likes Like |Link to Comment
  • Monmouth Is Better Than 'Good', I Can Have My Cake And Eat It Too [View article]
    MNR is one to keep on the radar, if you can buy it at the lower end of it's range and collect a decent dividend , it's a nice little addition to a portfolio. But at the current time, there are a lot of more attractive REIT's with yields very similar to MNR so i will agree with you that it's not a buy at the current level.

    Will be interesting to see what your take is on Mr Landy, i hear he is an character.
    Nov 17, 2015. 10:41 AM | Likes Like |Link to Comment
  • Is Gladstone Commercial's 10% Yield Too 'Good' To Be True? [View article]
    I was looking at GOOD over the weekend, so your article is timely. I think GOOD is buying in the same secondary markets that STAG is so I would think their might be some comfort on your side from that. What I don't like is the external mgmt fee and the flat FFO growth. But I do have to give them credit for maintaining the dividend and the high occupancy numbers. While this may not be a long term hold, it may have some potential on a sell off in price for a short term income play.
    Nov 16, 2015. 09:59 AM | Likes Like |Link to Comment
  • What Happened With Wal-Mart? [View article]
    I also do a little shopping at AMZN but an reconsidering this, AMZN is slowly destroying communities by putting local retailers out of business, while making billions of dollars for Jeff Bezos and his mgmt team. At least my local retailers, Walmart included, employ people in my area , contribute to the local tax base and support local charities.
    Nov 15, 2015. 11:11 AM | 2 Likes Like |Link to Comment
  • Insiders buy the dip in NorthStar Realty [View news story]
    While part of the issue is probably hedge fund selling, NRF has is warts, including the issue of excessive management compensation. I don't understand why analysts on the CC don't address this issue.

    These was also the comment on the cc by mgmt that "they aren't getting any credit of the dividend , and it feels like they are throwing money out the door". I think this may be spooking people who feel this may mean a dividend cut next year.
    Nov 12, 2015. 11:17 PM | Likes Like |Link to Comment
  • Staking Out Four Corners Property Trust [View article]
    wow - that is a pretty important item you point out for anyone looking at this company. Thanks for posting.
    Nov 12, 2015. 05:02 PM | Likes Like |Link to Comment
  • NorthStar Realty Finance's (NRF) CEO Jonathan Langer on Q3 2015 Results - Earnings Call Transcript [View article]
    Why don't these analyst's ask the hard questions on executive comp, which the market views as excessive.
    Nov 9, 2015. 12:34 PM | 2 Likes Like |Link to Comment
  • It's About Time For This Dark Horse REIT To Make A Run [View article]
    I agree with your thoughts on LXP, and am equally baffled by the valuation. All I can suggest to mgmt is stay the course, be conservative with the payout ratio, reduce debt and be strategic with buys. In the long run, value will win out.
    Nov 6, 2015. 06:22 PM | Likes Like |Link to Comment
  • W.P. Carey Aspires To Be The Low Cost Leader [View article]
    Are they talking about spinning off the asset mgmt arm and having that unit externally manage the net lease portion of WPC? If so, that would be a big negative given the streets view on externally managed reits.
    Nov 5, 2015. 11:40 AM | Likes Like |Link to Comment
  • Retirement Strategy: Harvesting Gains To Increase My Cash Reserves And Income [View article]
    I run a similar strategy but i will also generally have more invested in low or no income stocks or stocks funds (5 - 10%) if i feel they are appropriately valued and can provide me with strong future capital gains , which allows the portfolio to grow and are a source of future funds to invest in higher income stocks. But at the current time, I only have 2% in these type of stocks/funds as i think stocks are in general closer to being overvalued than undervalued.
    Nov 4, 2015. 04:04 PM | Likes Like |Link to Comment
  • I'm Scared Charlie Brown, Spirit Spooks Me [View article]
    Interesting that Green Street Advisors just added Spirit to their holdings in the fund they manage.
    Oct 29, 2015. 12:11 AM | 1 Like Like |Link to Comment
  • Trick Or Treat, Own A Blue Chip REIT [View article]
    SKT one i am watching to add on any weakness, quality mgmt.
    Oct 28, 2015. 11:41 PM | 1 Like Like |Link to Comment
  • FSC - Analyzing The Continued Sell-Off, Opportunity Or Disaster? [View article]
    The issue with FSC , plain and simple, is that the market views management as dishonest and unethical.
    Oct 28, 2015. 10:06 PM | 5 Likes Like |Link to Comment
  • Kinder Morgan -4.5% as plan to move away from equity financing lacks specifics [View news story]
    Taking any executive at his word is risky business.
    Oct 21, 2015. 11:17 PM | 7 Likes Like |Link to Comment
  • Lexington Realty Trust Is A Good Value Stock [View article]
    I remember am analyst question on the last Conf call about a pretty sizable loss LXP was going to be taking on the sale of the Transamerica Tower. Will have to dig into the 10K later but the company metrics from the website obviously don't tell the whole story.

    I think one of the things affecting LXP (and CSG) is that they generally own pretty big office/industrial buildings and as leases expire, and they can't release them, that can hit them pretty hard, vs other triple net lease companies like O or NNN , which generally have smaller , diversified portfolios .

    So while i do agree LXP is cheap, i think the only way to realize the value is if someone bigger buys them.
    Oct 21, 2015. 01:58 PM | 1 Like Like |Link to Comment