Reitnut’s Activity

Yesterday

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

AREEP: Good Yield + Call Option

I’d like to say a few kind words about AREEP, which is an odd duck even among the odd ducks that are preferred stocks. Unlike most pfds, AREEP is convertible into ARE common stock; the conversion price is $100.93 per share. This equates to 0.2477 [more]

Sun Aug 24

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 7:24 PM

A Few Favorites

I'd like to say a few words about my four largest REIT positions. This post would be much too long if I covered each thoroughly, so perhaps use this as a starting point in your research if you are looking to add to (or even taper) REIT positions. [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 6:54 PM

Re: Annual Asset class return

Lots of comments on this thread, and it's an interesting one. Past performance, of course, is no guarantee of future performance - even over 20+ years.

There are two ways to look at REITs' prospective performance. One is from the trader's [more]

Sun Aug 17

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

KIM: A Few Kind Words

Kimco Realty (KIM) is a large-cap shopping center REIT (with an $18 billion portfolio) that's been public since 1992. It was, at one time, a "blue-chip" REIT, but lost that designation in 2008 when some of its non-real estate investments [more]

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Reitnut posted to the Real Estate Inv. Trusts: REITs board. 6:48 PM

COR: Selling Picks to Miners


Not too many posts on REIT commons these days, so I will copy and paste a blog post on it that I did for SNL Financial a couple of weeks ago. Those who like yield (perhaps most of you) will note that the yield on COR is an above-average 4.2%,
[more]

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

Re: NRF dividend announcement

I suspect that NRF common would trade at a higher price if they would significantly slash their debt leverage (although that would reduce FFO to some extent, and perhaps even require a cut in the dividend). Unless and until they do that, NRF will [more]

Sun Aug 3

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

REIT Earnings Season

REITs' "earnings season" is pretty far along and most REITs have reported on Q2 results and offered guidance for the balance of the year. One might think that, based on the recent price action in REIT stocks, operating results and/or [more]

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Reitnut replied to the Real Estate Inv. Trusts: REITs board. 7:06 PM

Re: Suprised no chatter about WIN telco REIT spi

Perhaps REITs such as these should not be regarded as REITs in the normal sense, but rather as a financing device for the company spinning it off. This was the logical conclusion when Dillard's was thinking of doing something similar.

I [more]

Sun Jul 20

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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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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

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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]

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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

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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]

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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

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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]

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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]

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