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  • Spirits Are High In This Crowded Popularity Contest  [View article]
    Any upside to them getting Shopko concentration down below 10%? It seems they have created some magic tricks selling those down at 7% caps.
    Jun 1, 2015. 04:27 PM | Likes Like |Link to Comment
  • Spirit Realty Capital, Inc. Does Not Deserve Your Investment Dollar  [View article]
    SRC's management is the best in the business. This article is a written by someone who has no clue about how REIT's are valued and how their performance is analyzed.
    May 8, 2015. 10:29 AM | 1 Like Like |Link to Comment
  • Should You Buy American Realty Capital Properties Instead Of Realty Income?  [View article]
    The comp set used is odd. SRC, WPC?
    Aug 20, 2014. 12:29 AM | Likes Like |Link to Comment
  • Schorsch Hooks A Big Lobster  [View article]
    A deal turned down by the other big net lease REIT's due to terrible same stores sales. They also wouldn't have done a ton of leaseholds (where if the tenant defaults, ARCP will not only not get rent, but will owe ground rent to the ground landlord). I guess when you raise a ton of money, you need to put it out - no matter how dumb the deal. They better hope the private equity LBO can work a turnaround. Otherwise this could kill ARCP.
    May 16, 2014. 11:19 AM | 4 Likes Like |Link to Comment
  • Will Spirit Become The Next Target For Stay Puft Marshmallow Man?  [View article]
    Looking forward to more reports. I liked SRC for a lot of the reasons you point out, but wow - you came up with 10 times more reasons to like them. Unless we have another major housing crisis, 84 Lumber doesn't scare me. And having lived in Wisconsin, Shopko doesn't scare me, so I was their target investor!!! Awesome article again Brad. Did you see ARCT hired a banker to be COO? I think that means more deals to come, too. Thanks Brad.
    Oct 30, 2013. 09:14 AM | Likes Like |Link to Comment
  • Will Spirit Become The Next Target For Stay Puft Marshmallow Man?  [View article]
    Cole III fought SRC for Cole II and lost advisor519. SRC had the upper hand because they were already publicly traded at the time.
    Oct 30, 2013. 09:09 AM | Likes Like |Link to Comment
  • American Realty (ARCP +0.4%) withdraws its $9.7B proposal to buy Cole Credit Property Trust III after the latter twice rebuffed ARCP's approaches. That was despite the company raising its bid to $12.50/share in cash or $13.59 in stock from $12 in cash or stock. ARCP is also backing out after Cole Credit completed a merger with its external adviser, Cole Holdings. (PR[View news story]
    Scary to think their leadership pursued this as long as they did. Hope they don't come across any iceburgs that rely on their leaders to steer around in the future.
    Apr 13, 2013. 10:05 PM | Likes Like |Link to Comment
  • The Triple-Net Playground Is Getting Highly Disruptive But Agree Realty Is Still A Perfect Kid  [View article]
    93% occupancy in '11?! That's unheard of in NNN - did they have a big bankruptcy? I think these guys are on okay small player, but their stock barely trades, which makes it tough to get out if anything negative happens.
    Apr 11, 2013. 09:32 AM | 2 Likes Like |Link to Comment
  • American Realty Capital Properties Announces $37.8 Million of Recent Acquisitions 
    Not the volume I was hoping for ... seems that they will have trouble doing high volume like O and Cole.
    Apr 10, 2013. 05:36 PM | Likes Like
  • Cole Credit Property Trust: The Best Advice I Can Offer Is To Ignore The REIT-Land Bully  [View article]
    Nice article. Cole should run and ARCP holders should question their management team. If ARCP pulled this off, it'd result in an unsustainable capital structure. Bad deal for both Cole and ARCP - glad to see Cole isnt taking their offer seriously.
    Apr 9, 2013. 02:05 PM | Likes Like |Link to Comment
  • If Mispriced REIT Risk Is Getting You Nervous, Check Out The Preferreds  [View article]
    Great article, I've always thought preferred stock for REIT's didn't get enough attention.
    Apr 9, 2013. 01:59 PM | Likes Like |Link to Comment
  • Regardless Of The Non-Traded REIT Noise, Defense Always Wins  [View article]
    Another nice article. I was starting to think about switching from NNN to O with how they've switched places in terms of yield, but I noticed that their former number 1 tenant isn't even in their top 15 anymore! Did O lose that much rent on Ryan's or did they sell them? Still may switch to O though NNN has stuck to their unit level strategy better. Looks like Cole and Schorsch are really fighting over money raising than Cole 3. Maybe I'm too cynical. Thanks for helping us sort thru all of this stuff ... crazy times!
    Mar 26, 2013. 04:23 AM | Likes Like |Link to Comment
  • It's March Madness: Nothing But Net For This Cinderella REIT  [View article]
    Looks like one of the old Princeton teams ... slow it down and stay in the game. Almost every successful net lease REIT has grown over time. It's interesting how this sleepy REIT has done okay while reducing the number of properties. Nice article Brad.
    Mar 26, 2013. 03:57 AM | Likes Like |Link to Comment
  • Seeking Alpha In Cole Holdings Corporation  [View article]
    Same portfolio as Cole II only you get dilluted with a declining fee stream. Seems good for the manager, but bad for Cole III holders. Did the Cole III shareholders get to vote on this? Cole III is a good portfolio, but I don't. like paying for a declining fee stream. Schorsch is eating their lunch and taking that fee stream's market share.
    So Cole will have 1 team, but multiple Office & Industrial REITs, Cole III, Cole IV (a retail REIT), an NAV REIT (buys the same stuff as Cole III), and likely to start Cole V within a year - and they all need acquisitions. So if they get a great power center deal acquisition lined up with better than market pricing, which REIT gets the power center?
    Too messy, too much self dealing, in my opinion. I'd stick to NNN, O, SRC, and WPC.
    Mar 13, 2013. 09:30 PM | 1 Like Like |Link to Comment
  • Pick A Healthy Triple-Net REIT And Don't Buy This Lemon  [View article]
    Thanks Brad - so it looks like they increased the asset management fee (based on purchase price) and decreased the acquisition fee.
    Feb 20, 2013. 05:01 AM | Likes Like |Link to Comment