Reitnut’s Activity

Sun Jul 20

NL

Boards Post

Reitnut replied to the Real Estate Inv. Trusts: REITs board. 8:18 PM

Re: Block Party Musings

JK, you could sure be right. There are many headwinds facing us, which could keep interest rates and bond yields quite low for a long time. I am always looking over my shoulder for a reversal, but I don't see anything worrisome on the horizon. And [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 8:10 PM

Re: A Few Thoughts on Bond Yields

Thanks much for the good wishes, LuckyDog. If you'd like me to send you a picture of the pups, send me an email and I will respond.

R.

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Boards Post

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

Re: A Few Thoughts on Bond Yields

What are some good quality equity REITs selling at "very modest estimated NAV premiums"?

Here is just a very partial list:

Apartments: Every one of them except ESS are still trading at NAV discounts or very modest [more]

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 5:44 PM

Block Party Musings

Here's another cut and paste job from a recent Block Party post on SLN Financial's website...

Ralph


What if Janet Yellen, fearing a bubble induced by easy money, closed the stock market for the rest of the year? Well, REIT [more]

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 5:39 PM

A Few Thoughts on Bond Yields

Bond yields are low everywhere, from government debt to junk bonds. Portuguese 10-year bonds are yielding only 3.7%, while the Merrill Lynch High Yield Constrained bond index yields just 4.98%. Germany’s 10-year government bonds yield 1.2%. These [more]

Sun Jul 6

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:26 PM

Re: NRF & NSAM

NRF has always been an interesting REIT, and has been more difficult to understand than quantum physics. Investors are, essentially, buying David Hamamoto, who owns 1.6MM shares and who is sort of a real estate rocket scientist - perhaps even a mad [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:09 PM

Re: Pick One Exercise

I would like to suggest two, one a pfd and the other a REIT common.

CORpA seems to always trade at a discount relative to other REIT pfds, for no good reason. At a time when quality pfd names yield just over 6%, e.g., the PSAs, KIMs, PSBs [more]

Sun Jun 29

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:50 PM

Re: Hotels, anyone?

If the economy is about to flower from here (a big IF), hospitality REITs probably might be a good segment to invest in now

I agree. Based on my observations, the hotel industry has another two years of good growth ahead of it. I [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:37 PM

Re: Are Analyst Earning Projections Really "

We should keep in mind that FFO is almost meaningless, as it adds back real estate depreciation to GAAP net income but ignores the very real cost of capital expenditures that are necessary to keep commercial properties attractive and competitive. [more]

Sun Jun 22

NL

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 6:56 PM

Avoiding Trolls

Here is a post I did a few weeks ago for SNL's "Block Party." Most of you are aware of the dangers noted below, but thought I'd post it anyway - as all of us have been snagged at one time or another by the "Trolls" [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:42 PM

Re: ROIC - issuing 12.5 shares

Maybe Ralph can add his expertise in explaining some of the inner workings of this process

I don't think there is any magic in this process. ROIC was offering a fairly large number of shares in relationship to its shares previously [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:29 PM

Re: Regarding RPT-D

Or is there something about the forced conversion that might be harmful to the preferred shareholders?

No, not really. As you point out, holders must keep in mind that the premium in the pfd will erode over time. We are just trading a [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:22 PM

Re: ROIC

I know all that, but I'm curious WHY roic pays out a higher percentage of AFFO per share and if it is sustainable.

There are lots of reasons why some REITs' payout ratios are higher than others. Lower payout ratios tend to be [more]

Sun Jun 8

NL

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 7:57 PM

A Few Good 4%-ers

Despite REITs hitting highs, there are still some pretty good REITs out there with 4% yields, good growth prospects and selling at very modest NAV premiums (even small discounts). Here are four 4%-ers I'm looking to add to at very close to current [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:37 PM

Re: ROIC

I'd be curious to know if you have an opinion on why they are able to distribute far more dividends than other REITS relative to their NAV premium. 3/5ths of the 2013 dividend was return of capital.

Dividend rates are a function of [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:30 PM

Re: I think I've got it!

Very nice post, Jabez1. You note:

As you might expect, if KO yielded 4% and grew at 6.5%, the situation changes, as would the preferred if it had more yield and some shot a little upside. Also time (which is in short supply for me) [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:20 PM

Re: Reit preferreds

The question is are we expecting the long-term interest rates to raise?

That is, of course, the $64K question. But much, too, depends on the extent of any such rise. Just my personal opinion, of course, but bond yields (i.e., [more]

NL

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:09 PM

Re: VTR is acquiring

These two recently announced acquisitions haven't been popular with investors, judging by their reaction. While I would like to be a contrarian here, as I really like VTR, I must agree with them. Here are the negatives, in my mind:

1. For an [more]

Sun Jun 1

NL

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 8:56 PM

The Essential REIT

Dear Friends: I have tried, in this “poem,” to not only create rhymes but also to make some observations about conditions in today’s commercial real estate and REIT markets. But only you can judge whether I have been successful in this quixotic [more]

NL

Boards Post

Reitnut replied to the Real Estate Inv. Trusts: REITs board. 8:52 PM

Re: ROIC

With all due respect for the writer of this Seeking Alpha blog post, and certainly acknowledging that ROIC is a very fine REIT, capable of creating lots of value (and is one of my largest REIT positions), I think that this "analysis" is [more]

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Very First Post Re: Where's REITNut? (8/24/1999)
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