tjberko’s Activity

Yesterday

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 12:53 AM

RFT

I haven't posted much lately as I am very busy with the startup of a new charitable program, but I thought that RFT was worth taking a bit of time to write about. Some day I will post about this charitable program, as I am very excited about [more]

Tue Dec 16

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Boards Post

tjberko posted to the Real Estate Inv. Trusts: REITs board. 8:31 PM

LGCYO vs LGCYP Preferreds

I am trying to find the reason why LGCYP trades significantly above LGCYO even though they pay the same dividend. I read the prospecti and the only difference I can find between LGCYP or LGCYO (besides call date) is in the Change of Control [more]

Thu Nov 6

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

Re: SB-B and SB-D

Thanks, Anne. I'm sure that has a lot to do with it. I will look further into that.

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tjberko posted to the Real Estate Inv. Trusts: REITs board. 11:35 AM

SB-B and SB-D

Can anyone find a reason that SB-B last trade was at 26.01 while SB-D was at 21.40? They appear to me to be identical in dividend and preference (safety). This kind of mispricing is really extreme. Any ideas?

Mon Nov 3

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Boards Post

tjberko replied to the Real Estate Inv. Trusts: REITs board. 11:22 AM

Re: ARCP: Files "Non-Reliance" on fin

The number $8 billion is meaningless. ARCP is a large REIT. There are REITs with less a lot less than $8 billion of equity ahead of the preferred that are safer than ARCP.

That's a pretty sweeping statement. $8 Billion equity is [more]

Sun Nov 2

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 5:52 PM

Re: ARCP: Files "Non-Reliance" on fin

The growth is astronomical on all metrics, not just debt.

Debt grew much more quickly than assets at ARCP. ARCP actually had low debt to asset levels before it started its acquisition binge. Debt to asset levels are now much higher, [more]

Wed Oct 29

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tjberko replied to the Real Estate Inv. Trusts: REITs board. 10:34 PM

Re: ARCP: Files "Non-Reliance" on fin

When a company goes on the acquisition rampage like ARCP, they can lose control of things. They don't have time to due the proper due diligence, nor take the time to integrate the new acquisition before making another acquisition, and these were [more]

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

PSA-O

Just think that it is interesting that PSA-O has a negative 4.4% yield to call. I just shorted it at 26.45. There are only .86 left in dividend payments before it is callable and it is highly likely be called as the highest coupon PSA preferred out [more]

Thu Oct 23

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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 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]

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Boards Stats & Trivia

Two stars, 250 posts
Board Posts 257
Recs Received 1537
People who have rec'd these posts 156
Recs to Posts Ratio (last 30 days) N/A
Threads Started 52
Threads Started Percentage 20.23 %
Most Frequent Board Real Estate Inv. Trusts: REITs
Very First Post Mispriced Preferred Stock -Screamingly Cheap (7/3/2013)
Percentage of Posts Rec'd 83.66 %
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