tjberko’s Activity

Sat Sep 20

NL

Boards Post

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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Boards Post

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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Boards Post

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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Boards Post

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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Boards Post

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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Boards Post

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

NL

Boards Post

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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Boards Post

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

NL

Boards Post

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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Boards Post

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

NL

Boards Post

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

NL

Boards Post

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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Boards Post

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]

Sun Jul 27

NL

Boards Post

tjberko replied to the Bonds & Fixed Income Investments board. 12:33 AM

Re: buy/write IBKR if interested

No problem. I hope you will decide to buy some UBP-D. As you know, I follow all preferreds and this one has the least downside risk of any preferred out there and yet has a higher yield and a better balance sheet (credit quality) than the most [more]

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Boards Post

tjberko replied to the Bonds & Fixed Income Investments board. 12:05 AM

Re: buy/write IBKR if interested

I see this is callable anytime. What are the chances this could be called in the next 1 or 2 Quarters. I am just too lazy to go through all the financials and would just take your opinion. :)

UBP-D has been callable for over 4 years, [more]

Sat Jul 26

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:34 PM

Re: Ominous Signs For Preferreds & What You Migh

Thanks, Yoda, for your thoughtful comments and for taking the time to write your response.

Yoda writes:
I am not sure I agree that preferreds are mostly correlated to high yield bonds. Traditionally preferreds have been mostly [more]

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 3:08 PM

Re: Ominous Signs For Preferreds & What You Might Do

The preferred TY- should not have been included in my post on preferreds with call risk as it sells below par.

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Boards Post

tjberko posted to the Real Estate Inv. Trusts: REITs board. 3:02 PM

Ominous Signs For Preferreds & What You Might Do

High yield bonds are about the closest thing to preferred stocks. There have been large withdrawals from high yield bond funds of late and these junk bond funds are trading at 3 month lows. Yet preferred stocks seem to defy gravity and they are [more]

Wed Jul 9

NL

Boards Post

tjberko posted to the Real Estate Inv. Trusts: REITs board. 4:42 PM

CWH / SIR

CHICAGO, July 9, 2014 /PRNewswire/ -- CommonWealth REIT (CWH) announced today that it has sold its 22 million shares of Select Income REIT (SIR) for $31.51 per share, to Government Properties Income Trust ("GOV") and Reit Management & [more]

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Boards Stats & Trivia

One star, 50 posts
Board Posts 243
Recs Received 1409
People who have rec'd these posts 132
Recs to Posts Ratio (last 30 days) N/A
Threads Started 47
Threads Started Percentage 19.34 %
Most Frequent Board Real Estate Inv. Trusts: REITs
Very First Post Mispriced Preferred Stock -Screamingly Cheap (7/3/2013)
Percentage of Posts Rec'd 83.54 %
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