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  • Fly High With 12% Yields From PHI's B2/BB Rated Bonds, Maturing March 2019  [View article]
    Thanks for mentioning this bond issue. While the company does have some risk, they are in very good financial shape. Their current ratio is fantastic and they have a fair amount of cash and short-term investments. It is probably worth picking up a few of these bonds and holding until maturity.
    Feb 7, 2016. 10:16 AM | 1 Like Like |Link to Comment
  • Realty Income: Sell And Double Your Dividend Income - Here's How  [View article]
    Dane, nice article on O and some worthy alternatives. O is a fantastic company, but is trading well above fair value. Lexington and Omega are great alternatives, but GOOD has too much leverage for me. However, there are other great alternatives in the sector now. It is a great time to sell winners and purchase REITs that are trading at much lower values.

    Appreciate the great article and all of the comments on the board.
    Feb 7, 2016. 12:50 AM | Likes Like |Link to Comment
  • Realty Income: Sell And Double Your Dividend Income - Here's How  [View article]
    Is there any way that Seeking Alpha will allow me to make a negative "like" to this post? I'm just not sure how an article on REITs can be compared in any way to GOOG.
    Feb 7, 2016. 12:33 AM | Likes Like |Link to Comment
  • Mall Wars: The Tale Of The SWAN And The Ugly Duckling  [View article]
    For other investors looking at WPG, their H shares with a coupon rate are also an investment worth looking at. Coupon rate of 7.5%. They closed a little above par at 25.16 today.
    Feb 3, 2016. 09:52 PM | Likes Like |Link to Comment
  • Mall Wars: The Tale Of The SWAN And The Ugly Duckling  [View article]
    Good article on malls, but I still believe that CBL still has value. While I do not own the common shares, an investment on their preferred D shares is clearly worth looking at. Coupon rate is 7.38% and shares closed at 23.68 today.
    Feb 3, 2016. 09:37 PM | 1 Like Like |Link to Comment
  • Mr. Buffett, You Picked The Wrong Blue Light Special  [View article]
    For investors looking for income, WPG is clearly the "Blue Light Special" today. FFO are expected at $1.80 the next year, which means they are trading at 5x FFO. Debt of WPG is rated Baa3 and is still investment grade. Buyers of shares this week could be rewarded if the price climbs back to fair value in the mid-teens in the next 12-24 months.
    Jan 28, 2016. 09:34 PM | 1 Like Like |Link to Comment
  • Mr. Buffett, You Picked The Wrong Blue Light Special  [View article]
    WB is not making many of the stock decisions now and is past his prime. You are right that the team of Ted/Todd are making many of the investment decisions for the company now. Overall, the investment is less than 1/10th of 1% of the holdings for the company.
    Jan 22, 2016. 10:22 PM | Likes Like |Link to Comment
  • Bluerock Residential - I'll Take 8% Rather Than 10%  [View article]
    Great article on the reasons for owning the preferred stock as compared to the preferred. The apartment sector is clearly overvalued right now and investors purchasing the common stock may see a dividend cut in the future. The "step-up" and "put" options on the preferred are very unique and clearly give the preferred stock more value. I've been long the preferred now for a little while and have a limit order to purchase more when the prices dips to $25.10 due to market volatility.
    Dec 31, 2015. 08:20 PM | 1 Like Like |Link to Comment
  • WP Glimcher Is Risky But Incredibly Cheap Too  [View article]
    lesson1:

    WPG preferred stock is a great buy at the current level. However, the common stock of WPG looks incredibly cheap and looks like a better value at the current price. The Fortune Teller had a nice post on the preferred.

    At $12 per share, the preferred was probably a better option. But at current price levels, I like the common stock better. WPG should do about $1.80 in FFO the next year, so the dividend at $1.00 per share looks well covered. While I really like the preferred in my retirement account, the common stock dividend is only partially taxable due to depreciation, plus the upside on the common looks great.

    The days of SHLD and JCP may be limited, but hopefully a slow closure of their stores allows the company to repurpose those locations. Their rent is way, way below market value.
    Dec 9, 2015. 09:12 PM | Likes Like |Link to Comment
  • WP Glimcher Is Risky But Incredibly Cheap Too  [View article]
    Mr. Lucky, thanks for the update on this topic. Generally, senior unsecured debt is two steps above the preferred. Since the senior unsecured was downgraded to Baa3, the preferred should be rated Ba2. It was upgraded to Ba1 when Glimcher was bought by WPG, but should now be downgraded to Ba2 when Moody's downgraded the senior unsecured debt.

    The preferred is actually an old issuance by Glimcher. I bought after the merger, when the H shares were upgraded due to the better credit ratings of WPG.
    Dec 8, 2015. 10:43 PM | Likes Like |Link to Comment
  • Buy The Fear With REITs  [View article]
    High quality REITs should be in demand for income investors during the next several years. However, REITs look cheap at the present time.

    A great way to play some of the REIT sector is to purchase their preferred stock. You can still get a yield of 7%+ with some of these, with minimal downside risk. While the common dividend can be cut, cumulative preferreds should hold their value.
    Dec 8, 2015. 10:19 PM | 1 Like Like |Link to Comment
  • WP Glimcher Is Risky But Incredibly Cheap Too  [View article]
    Great to see another investor picking up preferred shares of WPG on the cheap today, as volume was heavy. Preferreds are normally rated two steps below debt, so they are probably not rated Baa3 at the present time - but still a great investment.
    Dec 8, 2015. 10:14 PM | Likes Like |Link to Comment
  • WP Glimcher Is Risky But Incredibly Cheap Too  [View article]
    Brad - according to my records, it currently yields 7.37%, but goes ex-dividend on about 12/29/15 and investors collect about .44 cents for the quarter. Callable on 8/10/17. The high on the shares today was 25.45 - so it is basically trading at par. Coupon rate is 7.5%

    It's thinly traded, but I pick up shares on down days. Plus, if investors remember, during the Great Recession, only one major REIT ( I don't count the hotel REITs) filed for Chapter 11. GGP recovered and all dividends were paid on their preferred stock.

    The preferred is just another good way to invest in the company. I own shares of the common and preferred, but most of my investment is in the preferred shares. However, I am going to buy more common in the next few weeks.

    Thanks for the article.
    Dec 7, 2015. 10:07 PM | Likes Like |Link to Comment
  • WP Glimcher Is Risky But Incredibly Cheap Too  [View article]
    Thanks for a fair update on WPG. I'm long their common shares, but really like their Preferred H shares as well. While I would consider the company a little riskier than some other REITs, their exposure to Sears and JCP does not really concern me that much.

    Rents for both of those companies are well below fair market value and I have seen a few malls that have gotten rid of those tenants, and picked up newer and more popular stores such as Dick's Sporting Goods. AFFO is still well above the current dividend, although the company may need to use some funds to update some of those properties.
    Dec 7, 2015. 09:03 PM | 1 Like Like |Link to Comment
  • Is WP Glimcher A Sucker-Yield REIT?  [View article]
    While I would not overload my portfolio with WPG, the current share price is an incredible value at the present time. You now have a company trading a little over 5x FFO.

    Just like the old Calvin & Hobbes cartoon - There's Treasure Everywhere!
    Dec 2, 2015. 09:29 PM | 1 Like Like |Link to Comment
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