tjberko’s Activity

Tue Mar 24

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:52 AM

Re: selling some REIT commons

There are some very good parking places for money if you wish to stay on the sidelines for sometime.

HPP-B - last trade 25.72, callable 12/10/15, will pay over 4% for something that you hold for 8 months and then gets called. Excellent [more]

Fri Mar 13

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 2:30 PM

Re: OT: Trading in your underpants

Trading has definitely become more difficult in the last few years for me. I don't believe the algorithms used by HFTs (high frequency traders) need to be all that complex and they don't even need their speed advantage. The HFTs simply front run [more]

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:24 AM

Re: On Que: PSA-pO Called

Since you were short on the first ex-date today, at a minimum you will pay the regular dividend out. If you cover the short before the 2nd ex date, it will be interesting to see if they debit you for the 6.6 cents.

The 6.6 cents [more]

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 12:42 AM

Re: On Que: PSA-pO Called

Sorry Yoda, I did not see your second post before I made my previous post. But I believe you are incorrect in your second post when you say:

However, I think they automatically pay this to the shareholders of record as of yesterday 3/11. [more]

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 12:34 AM

Re: On Que: PSA-pO Called

just as we all expected PSA called this for 4/15/15. Please note that I do NOT think PSA pays interest from 4/1 through 4/15.

They will pay accrued interest from 4/1 through 4/15. They must given that their Q1 payout will only be [more]

Thu Mar 12

NL

Boards Post

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

Re: return of capital question

I agree about the IRS. It is surprising how well the IRS does considering the constant budget cuts they are faced with. If they manage to get through complexities that the Affordable Care Act put on them, it will be quite amazing. The advanced tax [more]

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 3:17 PM

Re: return of capital question

they do not list return of capital, but they do list nondividend distributions

Return of capital and nondividend distributions are the same thing. A couple years ago, it seems the category name was changed from Return of Capital to [more]

Thu Mar 5

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 5:12 PM

Re: NRF and NSAM

I am not saying that Hamatomo is corrupt like the Portnoys, but you have the same conflict of interest. Every time NRF does an acquisition, NSAM is a big beneficiary, so Hamatomo has an inherent interest in seeing NRF make acquisitions and the more [more]

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 1:27 PM

Re: NRF and NSAM

In the end, IMHO, it is cash flow (CAD) that matters and presently NRF beats NASM, .44 vs .27. This can be justified if you assume NASM will grow much faster. But I don't see where the exceptional growth is coming from. If the growth is [more]

Wed Mar 4

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 1:44 PM

Re: Fixed Income Ideas

Duration, I don't like BDC's (Business Development Comapanies) themselves as investments, but because they must keep leverage below 50%, the bonds issued by BDCs would seem to be a very good source of shorter term bonds with much higher yields than [more]

Tue Mar 3

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 3:11 PM

Re: Fixed Income Ideas

Duration,

Welcome aboard. I, for one, trade bonds, although not nearly to the extent that I trade preferred stocks, but I welcome your posts. It takes work to dig into an individual bond to see how they fit into the debt structure of the [more]

Mon Mar 2

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 3:14 PM

Re: Fixed income ideas? (OT)

I see "VNR Finance Corp" on my Interactive Broker platform. This is where I do my bond trading. Maybe it is in error. I have not checked any further than that as I have no interest in owning the bond.

Sun Mar 1

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 7:02 PM

Re: READ this before buying REIT preferreds

You can use a bond calculator program to compute YTFC (yield to first call). Simply put the call date in where it asks for "maturity date" and plug in the call price (generally 25) where it asks for "face value".
Here is one [more]

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 2:50 PM

Re: Anyone like these preferrerds or REITs

PSA-O yields 6.875% at "par" and is 4 points above the REIT yield. The actual yield at $25.58 is 6.72%.

PSA-O is callable in 6 weeks at $25, so it actually has a negative yield if it is called, which it almost certainly [more]

Fri Feb 27

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 4:57 PM

Re: Fixed income ideas? (OT)

I do agree with those selling out of the VNR preferreds. BBEPP also. I would run from these. They are highly risky without paying a very high yield, and a yield that is unqualified at that. When oil was lower, VNRBP traded down to $15.75. Now it is [more]

Mon Feb 16

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 8:32 PM

Re: Poll: Yield Difference for new Preferred..

Generally when a REIT issues a new preferred, the underwriter takes 75 cents per share and the REIT only gets $24.25 per share. So the REIT immediately loses 3% when it calls a preferred at $25 and issues a new one receiving only $24.25. They would [more]

Mon Feb 2

NL

Boards Post

tjberko posted to the Real Estate Inv. Trusts: REITs board. 6:31 PM

CORR-A

I know there are some owners of CORR on this board. I'm surprised nobody mentioned the IPO of a preferred issued by CORR. I was buying in the gray market, but now it is trading under its permanent symbol - CORR-A.

Sun Feb 1

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 4:44 PM

Re: Roth 401K

I have no expertise in taxes, but I haven't been able to contribute to a Roth because my income is too high. It seems to me that your income is also too high to contribute to a Roth.

I faintly recall that there are significant tax [more]

Tue Jan 27

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 12:47 AM

Re: Poll: Yield to First Call Selling Point

what do you pay for the borrow and in finance charges?

On these particular positions I pay no borrow or finance charges. I have many brokerage accounts and I have been fortunate to be able to short these where there are no finance [more]

Mon Jan 26

NL

Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:20 PM

Re: Poll: Yield to First Call Selling Point

I don't think you can ask the question at what YTFC you would sell a preferred stock. There is such a variety of quality in the preferred space. A PSA preferred you might hold onto at 4.5% while an RAS you might exit at 7%. It also depends on how [more]

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Boards Stats & Trivia

Two stars, 250 posts
Board Posts 284
Recs Received 1735
People who have rec'd these posts 168
Recs to Posts Ratio (last 30 days) 11.90
Threads Started 53
Threads Started Percentage 18.66 %
Most Frequent Board Real Estate Inv. Trusts: REITs
Very First Post Mispriced Preferred Stock -Screamingly Cheap (7/3/2013)
Percentage of Posts Rec'd 83.80 %
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