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  • Why I Sold These 4 Slow-Growing REITs [View article]
    Stanford, the most important thing about a REIT is the quality of the management team. I suggest that you read the bio's of the CEO and CFO and listen to them on the conference call and make your own value decision about their relative ability. The best management teams produce the best returns.

    There is always a difference.
    Aug 20, 2015. 08:40 AM | Likes Like |Link to Comment
  • Whitestone REIT Is Now Yielding 8.9% [View article]
    Brad, always look forward to reading your articles. Thanks.

    Dan Holeman, CFO, said in the May 6thconference call that the FFO for 2015 would be in the range of $1.25-1.30.

    That should cover the dividend.
    Jul 31, 2015. 08:49 AM | 2 Likes Like |Link to Comment
  • Assessing American Capital Agency's Results For Q2 2015 [View article]
    Thanks Scott. Another very interesting and useful article.
    Jul 30, 2015. 07:46 AM | 2 Likes Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    Brad, great article as usual. What spooked the market and me was the comment
    about even issuing equity in the mid-teens made economic sense.

    Great. Keep on issuing stock at these low levels. Since Butcher has bulked up the G&A he has to keep on buying to justify what he has done.

    The impairment charge also could mean that their vaunted models don't work that well either.
    Jul 29, 2015. 08:03 AM | 13 Likes Like |Link to Comment
  • Durability Test: STAG Industrial [View article]

    Very informative article as usual. Thanks for the explanation of the ROE on the recently issued shares.

    What are the OP units?
    Jul 20, 2015. 07:33 AM | Likes Like |Link to Comment
  • Mr. Market Is Not Thrilled With This Net Lease Merger, Neither Am I [View article]
    The experience and skill of Gordon DuGan and his team will make this work.

    He did it with W.P. Carey, he has done it with GPT and will do it with the larger

    Listen to the conference call and look at the slides for yourselves.

    Long GPT.
    Jul 2, 2015. 09:13 AM | 2 Likes Like |Link to Comment
  • American Realty Capital Properties: Time To Risk A Position? [View article]
    If you look at ARCP's balance sheet, they are carrying about 2 billion dollars worth
    of "goodwill" and intangible assets. So their book value per share for hard assets
    is $7.87. I think they will have to write off more of these intangibles

    With their size of over 4000 properties, it is hard to imagine any significant growth
    from acquisitions. In fact I think they are going to cull the lower performing properties to clean up their balance sheet and get their portfolio to a more manageable size. So the AFFO may go lower before it goes higher.

    I predict that there will be plenty of opportunity to get back on the ARCP train before it leaves the station. The crew has just finished counting the cars and checking the connections.
    May 20, 2015. 08:03 AM | 3 Likes Like |Link to Comment
  • Until There's A Dividend, This REIT Remains A Pig In A Poke [View article]
    The AFFO of .90 for 2014 included some of the properties that they sold, and included part of the Red Lobster properties for only part of the year, so it is not clear to me what the AFFO for 2015 will be.

    Obviously this will affect the dividend.
    Mar 31, 2015. 08:20 AM | 1 Like Like |Link to Comment
  • Dividends Don't Lie: The Dead Money REITs [View article]

    Always enjoy your articles and learn something too. I also subscribe toyur newsletter, well worth the subscription price.

    WSR's dividend was $1.14 and their AFFO was $1.20 for a coverage ratio of 95%.

    Check out the transcript of the 4th quarter earnings call on Seeking Alpha.

    You are correct in that WSR has not covered the dividend in the past.

    Keep those articles coming!
    Mar 13, 2015. 08:06 AM | 4 Likes Like |Link to Comment
  • American Realty Capital Is Still A Speculative Security Suspended In Animation [View article]
    The ARCP turn-around will take time but it is not conceptually difficult, is it?

    Everyone knows what they need to do.

    Hire a good CEO, reconstitute the board, pay down debt, etc. Business 101.

    As far as finances, not paying $1 per share on 900 million shares saves a lot of money.

    Long ARCP for the long haul.
    Mar 4, 2015. 07:39 AM | 7 Likes Like |Link to Comment
  • Why I Haven't Sold My ARCP Shares... Yet: Part 2 [View article]
    ARCP's turn-around is not rocket science.
    1. Clean up the books - underway with E&Y
    2. Hire top quality management - search underway
    3. Evaluate selling non-core properties - underway with MS
    4. Conserve cash until situation becomes clear - underway
    5. Buy back stock until it becomes fairly price

    Long ARCP
    Jan 9, 2015. 07:47 AM | 15 Likes Like |Link to Comment
  • Healthcare REITs Risk Report: Caution Merited [View article]
    Thanks for the detailed analysis in your article. You make a good case for caution after these spectacular gains.

    Trees don't grow to the sky and reversion to the mean can be very mean.
    Dec 25, 2014. 08:16 AM | 2 Likes Like |Link to Comment
  • Brad Thomas Positions For 2015: Attractive Opportunities Present Themselves In REITs [View article]
    Brad, great article as usual. Thanks to your helpful articles and the many helpful comments that the articles generate, I have been able to supplement my retirement income. Keep them coming!

    Happy Holidays to everyone! Peace on earth to men and women of good will.
    Dec 24, 2014. 07:26 AM | 2 Likes Like |Link to Comment
  • Update: OK, Now We're Cautious On ARCP [View article]
    Yahoo Finance has ARCP's earnings for 2015 at .93 on revenue of 1.47 billion.

    Zack's has ARCP's earnings for 2015 at .92 with a low estimate of .84 and a high of 1.07.

    So this is not Sears or JC Penney's.

    This is turn-around 101.
    Dec 17, 2014. 07:52 AM | 4 Likes Like |Link to Comment
  • More Headaches For Shareholders Of American Realty Capital Properties [View article]
    the core business is potentially very profitable:

    4400 properties with 45% investment grade tenants.

    average lease length 12 years with cap rates over 7% and built in escalators.

    low cost debt, laddered as to maturity.

    surely it is possible to get from here to there without too much more difficulty.
    Dec 16, 2014. 08:48 AM | 14 Likes Like |Link to Comment