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47	member 1/24/18 2:07PM Sell side analyst positive on OSB pricing in 1H
Forestry equities rise intraday as BofAML analyst George Staphos becomes more positive on the wood and timber sector; sees upside to Oriented Strand Board (OSB) pricing in 1H and upgraded Weyerhaeuser, Louisiana-Pacific. Sees demand growth of 4%-5% for OSB,... login to read the rest view available tags
46	member 1/17/18 2:50PM Re: Re: Re: Re: A dumb question 45
Interesting approach with the four sale leasebacks which I like a lot. Glad to see more restricted shares going out and hoping to see more alignment with total share price when the proxy comes out. The... login to read the rest 1 view available tags
45	member 1/15/18 4:28PM Re: Re: Re: A dumb question 39
Got another one for anybody who can chime in. In the writeup, it is said that "Its efficient, IT enabled logistics platform allows the company to order large, break bulk and deliver smaller quantities to... login to read the rest view available tags
44	member 1/11/18 7:48PM Remaining real estate and valuation?
One other thought / question is that they sold only 4 DCs for proceeds of $100MM leaving BXC owning 33 remaining properties. Does anyone have a sense if these were some of the better properties... login to read the rest view available tags
42	member 1/11/18 12:44PM Re: Re: Recently announced SLB 41
I was planning on reposting...lot of good things have happened. Pretty well have a writeup ready to go, but wanted to wait a few more days until my annual requirement date turns over. I think 5 view available tags
40	member 1/11/18 10:41AM Recently announced SLB
Thoughts on the recent announcement of the SLB? Looks very positive and ahead of schedule, surprised the stock isn't trading higher. I am definitely a buyer here, am I missing something? 3 view available tags
39	member 11/16/17 10:00AM Re: Re: A dumb question 38
gocanucks - I would look at the slides they just posted, which will hopefully answer your question. Page 7 highlights the working capital, which I would expect to show some modest rolloff due to seasonality... login to read the rest view available tags
37	member 11/15/17 7:22PM A dumb question
What real estate do they actually own? And is it real estate you want to own in the long term? Thanks. 1 view available tags
36	member 11/15/17 12:53PM Re: Insiders buying, stock very attractive 35
Good thoughts Banjo. Agree that it's nice to see the insiders step in with a cluster buy and I read the impact to near term real estate monetization similarly. Even so, I don't think some... login to read the rest view available tags
34	member 10/25/17 2:32PM Re: Re: Re: Re: NOLs 33
Agreed straw. And to answer your question below, that looks like a clear error in the original write-up. Much better to use the current numbers of $169M gross federal. Apologies. view available tags
33	member 10/25/17 1:04PM Re: Re: Re: NOLs 29
zipper, You have gone above and beyond on the NOLs and Section 382. Your detail squares with my reading of Section 382. Thank you. view available tags
30	member 10/24/17 11:31PM Re: Re: Re: NOLs 29
any idea why it's stubbornly hanging out at $8? it seemed like it had a decent base and was chugging north of $10 before the deal. i assume it's still flow back from the block that view available tags
27	member 10/23/17 1:59PM Re: Re: Re: Re: Re: Re: Section 382 and NOLs 25
uncleM, your original report state $2bn of NOLs, but I cannot find that number or anything close in past 3 10-K's. Did you mean $200mm in NOLs rather than $2bn? thanks view available tags
26	member 10/23/17 1:43PM NOLs
zipper, The final prospectus language certainly supports your argument. The shrs sold by Cerberus (including greenshoe) are a hair less than 50% of current 9.1mm shrs outstanding, but the shrs sold by other 5% holders in... login to read the rest view available tags
25	member 10/23/17 12:55PM Re: Re: Re: Re: Re: Section 382 and NOLs 21
Good insight here into the NOLs and this comports with my understanding entering the transaction per mgmt. The short of it is, the NOLs would be preserved for use in offsetting all real estate gains... login to read the rest view available tags
20	member 10/19/17 2:08PM Re: Re: Re: Section 382 and NOLs 19
zipper, I am also no tax expert, but I do not understand your answer. I do not understand notion about CoC of debt versus the equity. Why is debt relevant here at all? I did not... login to read the rest view available tags
18	member 10/19/17 11:11AM Re: Section 382 and NOLs 17
I see that Cerberus sold less than their full position. Intentionally to avoid triggering CoC. But now Cerberus still has small position worth several million dollars that they cannot sell for 3 years, right? I am... login to read the rest view available tags
17	member 10/19/17 10:19AM Section 382 and NOLs
Everyone's favorite topic: What happens to NOLs here? Does this trigger a Section 382 CoC? Any explanation would be appreciated. Is the reason they are doing a secondary to avoid triggering a Section 382 CoC? Thanks view available tags
15	member 10/17/17 4:54PM Insider commitments
Do you know if any insiders have made a commitment to participate in the offering and by what magnitude? If not, what do you think of current alignment? Thanks on advance. view available tags
13	member 10/17/17 10:37AM Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Picking up the thread 12
Zipper - Thanks for the helpful updates. All of that foots with everything I've learned from mgmt in my discussions with them. They have continued to state that Cerberus became very hands off after they... login to read the rest view available tags
10	member 9/15/17 9:17AM Re: Re: Re: Re: Re: Re: Re: Picking up the thread 9
Interesting tidbit on the management hint. Makes sense. Also, it was nice to get confirmation that all their DCs etc were spared by the storm and are fully operational. 1 view available tags
8	member 9/05/17 4:29PM Re: Re: Re: Re: Re: Picking up the thread 7
Agree on both accounts. A near term sale seems unlikely and I think it's a short term question mark for shares as it's tough to handicap the process of how the shares get moved. On... login to read the rest 1 view available tags
6	member 5/09/17 1:10PM Re: Re: Re: Picking up the thread 5
Good points Banjo. Curious to hear your take on 1Q. I initially thought the 2.1% same-center topline was a pretty big disappointment vs SF starts +6 and some expectation for a couple points worth of... login to read the rest view available tags
2	member 8/25/16 10:26AM Re: Great idea - probably even better today - thoughts on refi? 1
Banjo - Apologies for the delay on replying, but I haven't been paying a ton of attention to the board on this one as it hasn't gotten a whole lot of attention (probably b/c of... login to read the rest view available tags

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			2016	2017
Price:	39.20	EPS	1.58	1.78
Shares Out. (in M):	32	P/E	24.8	22.0
Market Cap (in $M):	1,224	P/FCF	10.3	19.2
Net Debt (in $M):	36	EBIT	95	106
TEV (in $M):	1,260	TEV/EBIT	13.6	12.1
Borrow Cost:	General Collateral

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