tjberko’s Activity

Yesterday

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 6:26 PM

Re: Intentions to call UBP-D

$50 oil? We are looking at 2008 scenario for $50 oil. Also, at that price, most shale productions and deep water productions are uneconomical, resulting in production cuts.

In 2008-2009, oil actually got below $40 per barrel. When [more]

Thu Oct 16

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 4:16 PM

RFT

For those looking for high yields on medium term bonds, you might look at RFT (bonds of the REIT RAS). It matures in less than 10 years and has an 8.6% yield to maturity. Like the VNR bonds I mentioned in a previous post, surprisingly this bond [more]

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 2:09 PM

Re: ARPP

To echo Lord XOT, I was also a buyer of LGCYO and LGCYP earlier this weak. The oil preferreds have gotten absolutely crushed as those who own the MILL preferreds well know. I did try some bottom fishing (as a trade) in GST-B and CPE-A, and so far so [more]

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 2:48 AM

Re: REIT Preferreds: Sell today or hold forever

Telegraph, it seems you used Jim Luckett's post, which was primarily about the poor interest rate predictions, to launch an off-topic political rant. I, for one, don't appreciate that kind of post on this board. What keeps this board civil and like a [more]

Sun Sep 28

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 9:01 PM

Re: REIT swoon . . .thank the ETF's

I don't understand blaming ETFs for falling REIT prices. Aren't ETFs simply selling because the people who own REITs through ETFs are selling? Ultimately, prices fall because people are selling. ETFs are simply a conduit for individuals/institutions [more]

Tue Sep 23

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 7:40 PM

Re: REIT preferreds

Yes, Eddie, that was me recommending loading up on preferreds at the end of December. Glad you did well with that trade. Looks like you were smarter than I as I sold out of most of my positions too early but still caught most of the gain. I only have [more]

Sat Sep 20

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:36 AM

Re: NRF Buying Again - Buying NSAM

While tempering his expectations for capital appreciation in NRF shares over the next while, dar reiterated that NRF common -- now priced to yield over 9%, all accounted for as tax-deferred return of capital -- is a compelling buy for [more]

Fri Sep 19

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 6:09 PM

MILL Preferreds

Here is a very bearish article on MILL. The chief, Miller (who the company is named after), recently resigned under pressure. I know there are some on this board who own MILL preferreds, so I thought I'd post the link to the article:

[more]

Thu Sep 18

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 10:55 AM

Re: EPR issuing shares..

I'm long the preferred C. It's selling off today. Why would the issuance of new stock have any effect the company's preferreds?

It is good for the EPR preferreds as it improves EPR's balance sheet.

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 10:47 AM

NRF Buying Again - Buying NSAM

I see that NRF is making another billion dollar acquisition of hotels. Looks like NRF is buying anything they can get their hands on with the likely intent of spinning off these acquisitions off for the benefit of NSAM. I decided to buy NSAM today. [more]

Sun Sep 7

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 6:49 PM

Re: AREEP: Good Yield + Call Option

With the run up in REIT preferreds, my model shows that EPR-E is now the third best value in the REIT preferred space after UBP-D and the AMH preferreds (which are both sort of special situations). EPR-E has a reasonably good balance sheet, a higher [more]

Sat Sep 6

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 12:58 AM

Re: NRF

To play devils advocate regarding NRF:

-- The stock is up from 8.60 to 18.37 in 1 year. Was it that completely mispriced a year ago or is it significantly overpriced now?
-- Until recently NRF was a financial REIT with a book value [more]

Thu Aug 21

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 5:11 PM

Re: Annual Asset class return

Assume we think interest rates will rise in the future. What asset class should we hold now to prepare for that event?

No asset class generally does very well in a rising rate environment, although it depends on why rates are rising. [more]

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 8:03 AM

Re: Annual Asset class return

That is interesting, CM001, but I would point out that we have been in an environment of falling interest rates which is great for REITs, which are leveraged plays on real estate, in terms of their cost of borrowing having fallen a lot and the cap [more]

Fri Aug 8

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 10:45 AM

Re: KIM-pI trades @71.38!

One way that less liquid stocks can trade at surprisingly high prices is when someone is short the stock and forced to cover (buy back the shares) because their broker can no longer borrow the stock for their them. In this case, the broker may well [more]

Tue Aug 5

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:43 PM

Re: NRF to Acquire Griffin-American Healthcare R

I wonder if the preferreds will trade at Health Care REIT yields? NRF's are all over 8% yield.

The other health care REITs generally have good balance sheets, so their preferreds are not trading at low yields simply because they are [more]

Tue Jul 29

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 10:58 PM

Re: $40,000 commission on a trade

Yoda, I am curious. Why do you track every trade on all REIT preferreds? Do you use this information in your own buy and sell decisions? Has it proven helpful?

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:18 AM

Re: Mispricings

Mike,
For my recommendations, you can check my post titled "Ominous Signs For Preferreds & What You Might Do". It is very recent.

Mon Jul 28

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 2:39 PM

Mispricings

Just thought I'd add a few more examples of stocks that are mispriced relative to the same or similar stocks. If you own the following, you should consider selling or swap. This list includes the couple I mentioned in a previous post.

NRF-B [more]

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 2:43 AM

Re: Ominous Signs For Preferreds & What You Migh

How do you explain GAB-G versus GAB-H? They appear to be nearly identical and have the same 5% coupon. But GAB-H last traded at 23.80, while GAB-G traded at 22.90. they are both callable in 2017 about one month apart.

I don't try to [more]

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Boards Stats & Trivia

One star, 50 posts
Board Posts 249
Recs Received 1486
People who have rec'd these posts 156
Recs to Posts Ratio (last 30 days) N/A
Threads Started 48
Threads Started Percentage 19.28 %
Most Frequent Board Real Estate Inv. Trusts: REITs
Very First Post Mispriced Preferred Stock -Screamingly Cheap (7/3/2013)
Percentage of Posts Rec'd 83.94 %
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