yodaorange’s Activity

Sat Aug 20

NL

Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 6:20 PM

Re: Bond Bubble

LaKitKat asked: "Is anybody here buying bonds or other debt?"

KitKat, yes we are selectively buying bonds and other debt in a fashion. The point to consider is IF and it is a big IF, long term rates went up 2% instantaneously, [more]

Mon Aug 15

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 2:05 AM

MAA to buy PPS

From WSJ:

Real-estate investment trust MAA is nearing a deal to buy Post Properties Inc. for about $4 billion, bringing together two major apartment owners who have benefited from a boom in rental demand.

Post investors are to get [more]

Sat Aug 13

NL

Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 10:44 PM

Re: The "O" valuation debate.....

I read Brad's article comparing O's FFO yield to the US Treasury 10 year. REIT common yields are most often compared to Moody's Corporate Baa rates. The largest difference between the two occurred during the 2008 credit crisis. US [more]

NL

Boards Post

yodaorange posted to the Macro Economic Trends and Risks board. 4:19 PM

Rare financial fact with high certainty

We deal with a large amount of uncertainty in the financial markets. Forecasts of interest rates and equity values are fairly close to random events. If you banished financial forecasters that were grossly wrong to Siberia, CNBC would broadcast all [more]

Wed Aug 10

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Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 6:24 PM

Questionable Quality REITS

PSA recently floated a new preferred (PSA-pD) with the first sub 5.0% coupon which is an all time low for REITS. Many other REITS have floated new issues with proportionally lower coupons.

Along with all of these new issues with low yields, [more]

Tue Aug 9

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 8:40 PM

Sell New Rexford Preferred

I have previously posted that a winning strategy for 2016 has been to buy newly issued REIT preferreds ASAP. In many cases, we REITsters have been able to buy the issues on the Pink Sheets before they start trading on the NYSE. We have had [more]

Recommendation

yodaorange recommended brucedoe's post on the Macro Economic Trends and Risks board. 3:53 PM

Re: There's something so wrong here

Wed Aug 3

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 12:09 AM

Another classs learns about callability

Owning REIT preferreds is kind of like going to school. There is a new class of students every semester that has to learn the subject matter.

Today's lesson was on the callability of preferreds. It was taught by Vornado. They decided to [more]

Sun Jul 31

Recommendation

yodaorange recommended notehound's post on the Macro Economic Trends and Risks board. 12:05 PM

Re: Ireland's Courts Set an Example

Fri Jul 29

NL

Boards Post

yodaorange posted to the Macro Economic Trends and Risks board. 10:01 PM

Insane Buyers of Chicago School Bonds

Yoda is suffering from a temporary lack of diplomacy. It is not politically correct to call anyone insane for any reason. We will make an exception for the new buyers of Chicago school bonds. The Chicago school system is suffering from chronic [more]

NL

Boards Post

yodaorange replied to the Saul's Investing Discussions board. 5:32 PM

Re: OT - What age to take Social Security?

For a given set of assumptions, there is an exact answer that maximizes the present value of SS benefits. There is NO reason to speculate. You can change the assumptions and get a different recommendation. SS “Claiming Strategies” is complex enough [more]

Thu Jul 28

NL

Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 1:19 AM

Re: COHEN AND STEERS REIT & PREF INCOME FUND I

A few comments regarding RNP:

1) RNP is like a sleeper sofa. You can buy a bed or you can buy a sofa. A sleeper sofa is not as good a sofa as a standalone sofa. A sleeper sofa is not as good a bed as a standalone bed.

2) RNP is a [more]

Mon Jul 25

NL

Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 9:54 PM

Re: Preferred Financial Physics

Jim said: I think a lot of what's driving your physics is not analogous to zero coupon bond physics but rather the interaction of higher coupon and call risk

Jim, I agree there is some interaction with call risk, but I do not [more]

Sun Jul 24

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 9:52 PM

Preferred Financial Physics

With the recent issue of PSA-pD @ 4.95% coupon yield, I thought it was time to review a bit of Financial Physics. Yoda failed this class last time around and sure hopes to pass this time. Like the laws of real physics, there are laws of financial [more]

Fri Jul 22

NL

Boards Post

yodaorange posted to the Macro Economic Trends and Risks board. 10:13 PM

How Singapore is tops in math

I suspect that most METARites would agree about the importance of education. A more highly educated population is an important component of improved productivity. And we all know that improved productivity is the key to an increasing standard of [more]

Thu Jul 21

NL

Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 9:50 AM

Re: PSA-D

You can buy all of the PSA-pd that you want at 24.95 to 24.96. Started trading today on the NYSE with its final ticker. PSAPRD or PSA-pD or PSA pD depending on which brokerage you use.

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Boards Post

yodaorange posted to the Macro Economic Trends and Risks board. 2:23 AM

Ugly year for CALPERS

The California Public Employees’ Retirement System aka CALPERS released their investment returns for the year ending June 30th, 2016. The overall return was +0.61% versus an assumed return of 7.5%. The returns for both the last 10 and 15 years are [more]

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Boards Post

yodaorange replied to the Real Estate Inv. Trusts: REITs board. 1:03 AM

Re: REIT Preferreds: To Infinity and Beyond!

Jim asked: "Why does anyone hold DFT C in preference to the new PSA D?"

Jim, my guess is that many investors buying these issues do not understand yield to first call. They are desperately seeking yield and only see the current [more]

Wed Jul 20

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 9:09 PM

REIT Preferreds: To Infinity and Beyond!

I have been out of touch for a while, but notice several posts about the current state of REIT preferred yields. There are two main themes for what has “worked” in 2016. One mathematical fact underlies both of these themes. It is: yields are headed [more]

Fri Jul 15

NL

Boards Post

yodaorange posted to the Real Estate Inv. Trusts: REITs board. 2:36 AM

A non-traded REIT preferred?

Investment News has a writeup on Preferred Apartment Communities (APTS), which trades on the NYSE. I was not aware they have a non-traded REIT preferred they offer. My first impression is negative, in part because the preferred shares pay a 7% sales [more]

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Boards Stats & Trivia

Big red star, 1000 posts Feste Award Nominee! Feste Award Winner! Old School Fool
Board Posts 2658
Recs Received 37578
People who have rec'd these posts 1169
Recs to Posts Ratio (last 30 days) N/A
Threads Started 1467
Threads Started Percentage 55.19 %
Most Frequent Board Real Estate Inv. Trusts: REITs
Very First Post REITs Racing to Bankruptcy (8/31/2009)
Percentage of Posts Rec'd 95.52 %
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