Reitnut

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 7:27 PM

Is It Different This Time?

Here's that SNL blog post (Block Party) for anyone who might be interested. It ponders whether the recent investor preference for higher-yielding stocks of companies with very solid and stable cash flows, such as REITs, telecoms, and consumer [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:15 PM

Re: REITs on Fire

Thoughts on current valuations and the real estate cycle over the next 12-18 months, i.e. will rents be going up and vacancies going down.

Yes and yes, assuming a continual slow recovery in the US economy. The issue, of course, is a [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:03 PM

Re: Mom's being told to buy nontraded REIT

I wasn't going to add my two cents to the ample number of posts that have been critical of non-public REITs. However, as "my name has been taken in vain" on this thread, let me just summarize my strong dislike for this type of investment [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:51 PM

Re: Valuation conundrum

The "peak oil" advocates are now probably wearing bags over their heads; the theory sounded plausible to me back then (though the little I knew about it came from the Matthew Simmons book), and perhaps the theory might have more staying [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:41 PM

Re: NYTimes on Data Centers

Jim, thanks for the interesting post on data centers. Green Street is maintaining its belief that the cap ex issue, while significant, was much overstated by the hedge fund that is shorting DLR. And it's certainly true that some data centers are [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:41 PM

Re: Vornado warns of bubble: net seller

It is always smart to listen to wise investors such as Steve Roth. However, it's also a good idea not to take them as Gospel. Mr. Roth's most recent investment mistake was JCP. Earlier, he came within a whisker of buying Equity Office Properties near [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:18 PM

Re: DLR: A Short speaks

Thanks for the interesting post, Nittanyfan. I didn't think that there was anything really new in the Highfields assessment, and DLR management went public with a response a day or so later.

There is little doubt that the business is [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:58 PM

Re: ROIC Reports Solid First Quarter 2013 Result

At the risk of sounding like a cheerleader for ROIC (still, along with VTR, my largest REIT positions), I think the way the warrants are playing out is the best possible outcome for ROIC and its shareholders.

This "gradual warrant [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:45 PM

Re: REITs beat private real estate by 5%/year

The topic of institutional direct ownership of real estate vs. REIT investing is one that's been kicked around for a long time, and recent studies, including that cited by Yoda, tend to prove that most investors can do better with REITs than buying [more]

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 7:07 PM

SPG Q1

The largest equity REIT, Simon Property Group (SPG) reported Q1 results on Friday. And they were outstanding.

FFO, at $2.05, was up 12.6% and 5 cents above first call estimates. SS NOI grew by 4.8%, also better than expected. Tenant sales [more]

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 6:47 PM

Show Me the Money

As I do from time to time, I am copying and pasting a fairly recent blog post I wrote for SNL's "Block Party".

Ralph

Nobody should invest in stocks exclusively for current yield; if that is one’s objective, bonds [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:38 PM

Re: BDCs on Barrons

Further to Yoda's points...there certainly is substantial risk in every BDC, as he shows. I wouldn't put capital into any of these unless I am willing to risk a substantial part of it. As I said, I invested a little bit in each of the four, but will [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:33 PM

Re: BDCs on Barrons

Comments welcome. I might take a small stake in one of these.

I, too, read this story with interest. I don't pretend to understand these companies, but there ARE similarities to M-REITs. I suspect that the key factor that will drive [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:25 PM

Re: Everybody wants to be a REIT

NAREIT was sufficiently concerned about these recent developments, i.e., the issue of M-REITs being "destabilizers," the new entrants to REITville from "non-traditional" forms of real estate, and even the future tax status of [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 5:55 PM

Re: CWH- Gamblers special

Trying to catch up with unread posts over the past three weeks...thanks for the excellent write-up, Yoda. I very much agree with your assessment. I do NOT own any CWH, and don't plan to. I suspect that the current stock price reflects the risk that [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:18 PM

Re: DDRKL & DGLRP

I own a bit of the DLR common stock, with a yield of 4.6%. Certainly it's not really fair to compare the common yield to the pfd yield, but a spread of 130 bps seems a bit narrow. I will watch this one, hoping to buy at a yield of 6.25% (but will it [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:12 PM

Re: Apartment vacancy hits 10yr low

Thanks, Yoda, for posting this...as some of you know, I have been a big fan of the apartment REITs for some time, but it's been painful over the past 12-15 months as they've been underperformers. That often happens in the world of equities when a [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:57 PM

Re: mREITs: What am I missing?

My biggest issue with M-REITs is that most of them use huge amounts of debt leverage to generate the kinds of incomes and dividends that they are promising to investors. You cannot buy 4% agency paper and obtain 10% yields without doing that. And, [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:41 PM

Re: PICK ONE -Information Sharing

Perhaps a major issue with this thread is that it's unclear - at least to me - what risk level we are prepared to accept. Another one is, is "risk" defined by volatility, or by a permanent impairment of one's capital. Related to this is the [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:38 PM

Re: Secret of REITNUT's Success Revealed

I am flattered, Jim, that you would relate this to me. In any event, I do find this interesting. Human beings are, indeed, complex creatures.

I hope you will forgive me a quick personal reflection...

I was fortunate in having begun [more]