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  • 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
  • American Realty: Schorsch Falls, AFFO Rises [View article]
    The steps to make ARCP very profitable are not complicated:
    1. Get rid of NS and all his minions.
    2. Cut all ties with NS and RCS.
    3. Hire competent replacements.
    4. Release the corrected financial info in January.
    5. Sell or spin-off Cole Capital and the non-traded REITs.
    6. Sell appreciated properties and buy back stock.
    Dec 16, 2014. 08:22 AM | 11 Likes Like |Link to Comment
  • American Realty Capital Properties: Some Good News And Some Bad News [View article]
    I'm glad that Kay is gone too.

    He was involved in the "sale" of Cole Capital to RCAP which was not in ARCP's best interest.

    I've seen him in the video interviews that Brad Thomas does and Kay does not
    compare well to many of the other CEO's.

    When the tide goes on in January, we'll see who's clothed, right?
    Dec 15, 2014. 08:45 PM | 1 Like Like |Link to Comment
  • American Realty Capital Properties' Dividend: What We Know, What We Might Know, And What We Can't Know [View article]
    One of the good things about being an older investor is that I have seen this all
    before and have seen it work out very well with the right management.

    So that is the whole question for me. Are Kay and the current board of directors up to the challenge?

    We'll know a lot more about the company and about them very shortly.
    Nov 24, 2014. 02:02 PM | 1 Like Like |Link to Comment
  • Update: American Realty Capital Properties - Filing Issues Not Going To Help The Stock [View article]
    I click on the article for the comments and here's mine:

    Blackstone bought the multi-tenant properties from ARCP and went through the books very thoroughly and didn't find any problems.

    It's hard for me to believe that ARCP keeps 2 sets of books.

    Tripled down on ARCP at the bottom! (I hope )
    Nov 21, 2014. 07:29 AM | Likes Like |Link to Comment
  • American Realty Capital Properties: The REIT Strikes First On The Lawsuit Front [View article]
    Just think, only 46 more days to January 5!
    Nov 20, 2014. 07:37 AM | 2 Likes Like |Link to Comment
  • American Realty Capital Properties Looks More Like American Express After The Salad Oil Scandal Than The Next Enron [View article]
    sale of selected assets with buy-back of shares is an obvious move by Kay. hard to beat that return on invested capital.
    Nov 18, 2014. 09:21 AM | 1 Like Like |Link to Comment