stc1's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/47163/comments http://seekingalpha.com/article/128753-commercial-real-estate-what-hancock-building-s-50-sales-price-means?source=feed#comment-446984 446984 Tue, 31 Mar 2009 16:01:27 -0400 http://seekingalpha.com/article/128753-commercial-real-estate-what-hancock-building-s-50-sales-price-means?source=feed#comment-446971 446971 Tue, 31 Mar 2009 15:52:35 -0400 http://seekingalpha.com/article/115053-best-in-class-vornado-will-pay-dividend-in-stock?source=feed#comment-357634 357634
Long EPR, DLR, ARE, O common and preferreds hedged with SRS.]]> Fri, 16 Jan 2009 11:10:14 -0500
Long EPR, DLR, ARE, O common and preferreds hedged with SRS.]]> http://seekingalpha.com/article/107715-target-decides-to-let-stock-languish?source=feed#comment-314830 314830
You're first paragraph after the Ackman presentation, Market Value, basically defeats your entire thesis. Target currently owns the real estate. Target has a "market value" today of $32.00 per share, including that real estate. If the market isn't wrong (and it isn't), there isn't any incremental value to be harvested from that real estate by this idiotic TIPREIT structure. Ackman made a poor investment decision. He bought TGT, a discount retailer with maybe 7%-8% annual core earnings growth, at roughly 20x earnings, twice where it's trading today. Financial engineering isn't going to unlock some illusory additional "market value" from the stock.

BTW, there aren't any "comps" for this REIT structure. There are no REITs that own land only. There are no REITs with 100% exposure to a single tenant. And the idea that this is comparable to TIP Treasuries is ludicrous. TIPs are backed by the U.S. Treasury. TIPREIT is backed by a mediocre discount retailer with lots of competition.

If Target wants to raise cash via its real estate, it should seek out a couple of sale/leaseback deals with major triple net REITs. If they're lucky, they'll get some nice 12%-13% money (with CPI escalators) in today's market.

I feel bad for Ackman's investors. Anybody with a clue listening to this presentation must realize the guy's "genius" is laughably overrated.]]> Tue, 25 Nov 2008 14:05:08 -0500
You're first paragraph after the Ackman presentation, Market Value, basically defeats your entire thesis. Target currently owns the real estate. Target has a "market value" today of $32.00 per share, including that real estate. If the market isn't wrong (and it isn't), there isn't any incremental value to be harvested from that real estate by this idiotic TIPREIT structure. Ackman made a poor investment decision. He bought TGT, a discount retailer with maybe 7%-8% annual core earnings growth, at roughly 20x earnings, twice where it's trading today. Financial engineering isn't going to unlock some illusory additional "market value" from the stock.

BTW, there aren't any "comps" for this REIT structure. There are no REITs that own land only. There are no REITs with 100% exposure to a single tenant. And the idea that this is comparable to TIP Treasuries is ludicrous. TIPs are backed by the U.S. Treasury. TIPREIT is backed by a mediocre discount retailer with lots of competition.

If Target wants to raise cash via its real estate, it should seek out a couple of sale/leaseback deals with major triple net REITs. If they're lucky, they'll get some nice 12%-13% money (with CPI escalators) in today's market.

I feel bad for Ackman's investors. Anybody with a clue listening to this presentation must realize the guy's "genius" is laughably overrated.]]> http://seekingalpha.com/article/74348-top-15-dividend-paying-reits?source=feed#comment-158197 158197
Long ARE, EPR, GGP & O]]> Mon, 28 Apr 2008 17:05:38 -0400
Long ARE, EPR, GGP & O]]> http://seekingalpha.com/article/74348-top-15-dividend-paying-reits?source=feed#comment-158161 158161 Mon, 28 Apr 2008 15:51:51 -0400 http://seekingalpha.com/article/74065-reits-an-update?source=feed#comment-157132 157132
P.S. Larry, I'd avoid MPG. It's in serious trouble with the refi of its acquisition debt and will likely be broken up or sold on unattractive terms.]]> Sat, 26 Apr 2008 12:28:16 -0400
P.S. Larry, I'd avoid MPG. It's in serious trouble with the refi of its acquisition debt and will likely be broken up or sold on unattractive terms.]]> http://seekingalpha.com/article/74065-reits-an-update?source=feed#comment-156659 156659
Can you provide the sources for your info, most pertitently, your FFO estimates for the IYR and S&P 500, as well as your yield calc for the IYR. These don't gibe at all with what I have. I am long SRS as well, but more as a hedge for my REIT longs (DLR, ARE, DDR, OFC, EXR, OHI, EPR, SKT, VTR, PLD, GGP, SLG, AHT, SHO, NRF) than as a bet against REITs in general. It seemed from your earlier posts that you recognized that IYR is a pretty poor proxy for REITs in general (which I agree with), yet you keep referring to it as a benchmark. I understand if what yo uhave is proprietary, just want to get an idea of where your analysis is coming from. Thanks.]]> Fri, 25 Apr 2008 12:55:08 -0400
Can you provide the sources for your info, most pertitently, your FFO estimates for the IYR and S&P 500, as well as your yield calc for the IYR. These don't gibe at all with what I have. I am long SRS as well, but more as a hedge for my REIT longs (DLR, ARE, DDR, OFC, EXR, OHI, EPR, SKT, VTR, PLD, GGP, SLG, AHT, SHO, NRF) than as a bet against REITs in general. It seemed from your earlier posts that you recognized that IYR is a pretty poor proxy for REITs in general (which I agree with), yet you keep referring to it as a benchmark. I understand if what yo uhave is proprietary, just want to get an idea of where your analysis is coming from. Thanks.]]> http://seekingalpha.com/article/70784-taubman-centers-are-all-retail-reits-overvalued?source=feed#comment-134744 134744
Taubman has a relatively complex structure for a REIT and it's clear you do not understand very much about this company or this sector. Two TCO properties, Stamford Town Center and Beverly Center, alone are worth in excess of $1.35 billion. I'm hoping (for your sake) that these posts are some sort of April Fool's joke played by Seeking Alpha. If not, I heartily encourage you to short this stock (and REITs in general). I'm always happy to have more idiots in the market. Easy money. Thanks and best of luck.

P.S. You should get in touch with Reggie Middleton. The two of you would make a great team.]]> Tue, 01 Apr 2008 16:31:26 -0400
Taubman has a relatively complex structure for a REIT and it's clear you do not understand very much about this company or this sector. Two TCO properties, Stamford Town Center and Beverly Center, alone are worth in excess of $1.35 billion. I'm hoping (for your sake) that these posts are some sort of April Fool's joke played by Seeking Alpha. If not, I heartily encourage you to short this stock (and REITs in general). I'm always happy to have more idiots in the market. Easy money. Thanks and best of luck.

P.S. You should get in touch with Reggie Middleton. The two of you would make a great team.]]>