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27	member 3/17/14 7:59PM RE: RE: CreditGuy and Katana 26
Katana, what do you think has triple digit upside? When you're done buying please let us know :) I'm serious. Straw, I agree with you - I think retail was expecting higher dividend. Co. claims their... login to read the rest view available tags
25	member 3/17/14 11:50AM CreditGuy and Katana
Any thoughts on the numbers and dividend? I think they made a mistake on the dividend. Like it or not, all these REITs/MLPs have a Ponzi-scheme element to them (pay high dividend to raise money in... login to read the rest view available tags
24	member 12/31/13 10:38PM RE: RE: Author Exit Recommendation 23
Great call. I think this idea continues to work. Almost a double in the past year. Gordon and Ben "get it." Compass Point raised their price target today to $7.50. I see the larger firms... login to read the rest view available tags
23	member 12/21/13 9:10AM RE: Author Exit Recommendation 22
At yesterday's close, the stock is up 40% since write-up 4 months ago. The VNQ REIT etf is unchanged over same period. The news flow has been about as I expected in terms of deal flow... login to read the rest view available tags
21	member 11/25/13 2:19PM RE: RE: Taking some profits . . . 20
Katana, True enough on the European story, but it will cloud the results as they ramp up fixed costs before investing, and it will possibly delay the upside as a result. I am not as bullish as view available tags
19	member 11/25/13 10:48AM Taking some profits . . .
At $5.30, GPT is up 30% with the VNQ total return nearly flat. I must confess that I do not know the reason for the recent 15% jump. The President bought $100k of shrs . .... login to read the rest view available tags
16	member 10/08/13 11:56AM RE: RE: RE: Thoughts on Private Placement 15
Further thoughts: The overall news is bullish as they move forward on their business plan. With the $130mm pipeline and the additional capacity they have available, they will be able to further overcome their overhead. Management stated... login to read the rest view available tags
15	member 10/07/13 8:45PM RE: RE: Thoughts on Private Placement 14
katana, I am listening to call now, and it answers most of my questions. However, I am still not sure why they did not move faster on the pfd dvds to be be S-3 eligible and... login to read the rest view available tags
13	member 10/07/13 10:20AM Thoughts on Private Placement
When the initial press release appeared on Friday, I found it very odd that they would raise $50mm under those (crappy) terms. I didn't necessarily find it bearish, just odd. They gave no reason for... login to read the rest view available tags
10	member 8/27/13 3:49PM RE: RE: RE: RE: RE: I would still short this 9
on #2, you are double counting the unpaid pref dvds. you cannot both subtract them from the net cash and add them in the cost of financing. I agree that it is "sophistry" to simply... login to read the rest view available tags
9	member 8/27/13 12:50PM RE: RE: RE: RE: I would still short this 8
I think you're making two mistakes in calculating the real average interest expense: 1) your numerator for interest expense is too low because it does not consider the cost of match-funding the assets and liabilities of... login to read the rest view available tags
8	member 8/27/13 11:43AM RE: RE: RE: I would still short this 7
But they have locked in long term funding at significantly below 5%. On the $273mm of debt/pfd outstanding, they pay $13.7mm (actually, I thiink they pay $13.5-13.6 mm). That is where I came up with... login to read the rest view available tags
7	member 8/26/13 8:39PM RE: RE: I would still short this 6
You can replicate my interest and pref cost by using the 8.125% int rate on the pref and a 5% rate on the mtg debt, which may be a bit low once it is swapped view available tags
6	member 8/26/13 3:35PM RE: I would still short this 2
you have $15mm of interest + pfd on $238mm of debt/pfd (but NOT counting the $35mm of unpaid pfd dvds because you subtract from net cash). This is 6.3% WACC on debt and pfd. If... login to read the rest view available tags
5	member 8/26/13 3:01PM RE: Reach for yield? 1
Several answers - I do not disagree with frothiness of TNL space or REITs in general -- and why I recommend thinking of as a long-short idea. - I do not think they are sacrificing quality in... login to read the rest view available tags
2	member 8/23/13 12:06PM I would still short this
IMO your scenarios are overgenerous. There remains real downside. Let's look at scenario 1 and use what I see as more reasonable numbers: NOI: 32.7AM: 4.0 SG&A -13.1Interest -15FFO: 8.6ARCP Mult: 12xValue 103.2 Net Cash & Other after... login to read the rest view available tags

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			2012	2013
Price:	17.56	EPS	$2.81	$2.73
Shares Out. (in M):	51	P/E	6.3x	6.4x
Market Cap (in $M):	897	P/FCF	6.3x	6.4x
Net Debt (in $M):	166	EBIT	0	0
TEV (in $M):	1,063	TEV/EBIT	0.0x	0.0x

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