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#	AUTHOR DATE SUBJECT
25	member 6/20/21 11:00PM Re: Re: Re: Re: Re: Bear Thesis 24
I don't see how you get to 7x AFFO. There are 44-45mm shares/units outstanding. You are probably not counting the units. view available tags
24	member 3/17/21 8:50AM Re: Re: Re: Re: Bear Thesis 23
NY REIT focused on non-luxury multi-family and office space with good leases trading at a 6 cap. No debt maturities for a few years out. Significant insider ownership. Good cash on BS-repurchased shares. Trading at... login to read the rest 1 view available tags
23	member 12/08/20 2:03PM Re: Re: Re: Bear Thesis 22
sure - on alignment/governance, we are in a clear minority position here. Not much cash flow, and a lot flows to management. They probably also have tax sensitivities that differ from minority investors. Not saying they... login to read the rest 1 view available tags
22	member 12/07/20 7:00PM Re: Re: Bear Thesis 21
Blaueskobalt, Didn't realize that you posted. Could you expand on 2 and 4? 2 - Is it a function of communications? Not actually having raised the dividend? I was at a NAREIT conference where one of... login to read the rest 1 view available tags
21	member 12/01/20 12:34PM Re: Bear Thesis 20
Quick glance bear thesis: Looks like EV is down ~10% over the past year...for resi & office in NYC, that seems like not nearly enough? At least not relative to peers These guys have had enough time... login to read the rest view available tags
20	member 11/30/20 2:33PM Bear Thesis
What is the bear thesis here? The obvious thing that stands out is that occupancy and rent is down quite a bit. The rent stabilized assets are holding up much better. The market rate/luxury apartments... login to read the rest view available tags
18	member 7/20/20 2:06PM Re: Re: Re: and i forgot AMZN and GOOG 17
north of 15x debt/ebitda? as I recall you viewed the shopping reits as leveraged at less than half that I do recognize these are non recourse mortgages, which is why I'm ok w a small position here, 1 view available tags
16	member 7/20/20 1:28PM Re: and i forgot AMZN and GOOG 15
Good stuff (IMO). But these guys are very, very, leveraged, so my question is partly do they get the play the long game (which I think was your point). I think there's a lot of evidence... login to read the rest 1 view available tags
13	member 7/20/20 11:23AM NYC
any more thoughts on NYC market IRT CLPR? Have been hearing anecdotally that many tenants will be getting rent reductions on renewal, although I believe many of CLPR units are already somewhat below mkt? seems there's... login to read the rest 2 view available tags
11	member 5/19/20 4:51PM Re: Re: Move Today? 10
I saw the insider buying but felt that refi of Flatbush was way more positive news. It's odd that the price moves this sharply today versus the earnings. 1 view available tags
9	member 5/19/20 2:33PM Move Today?
Any news to justify the 15% move today? view available tags
7	member 4/15/20 9:02PM Thoughts today
Byronval, obviously a few things have changed since your write-up. What do you think of the situation today? Thank you very much. view available tags
5	member 12/16/19 2:19PM Re: Re: A few questions 4
Thank you very much for a very in-depth and useful reply. view available tags
4	member 12/16/19 2:08PM Re: A few questions 2
a. Yes, they are in compliance b. Everything but Clover House. Clover wasn't eligible (wasnt available on that street) and then there was a moratorium in installations. Has been lifted and they are applying to switch... login to read the rest view available tags
3	member 12/16/19 1:47PM Re: Questions 1
I believe they went public because they believed that given their capital allocation skills/track record that they could trade at or above NAV. This would allow them to do accretive equity raises over time &... login to read the rest view available tags
2	member 12/13/19 7:56PM A few questions
Byronval, thank you for the idea. I have a few questions, if you do not mind: a) There is a new natural gas testing requirement in the city starting in 2020. Do you know whehter their... login to read the rest 2 view available tags
1	member 12/13/19 7:02PM Questions
Hi Byron, Thanks for the writeup. I have looked at this before, and I agree that it's interesting. Here are a couple points that have held me back (in addition to the liquidity): why did they go public? ... login to read the rest view available tags

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			2013	2014
Price:	32.60	EPS	$1.75	$2.08
Shares Out. (in M):	39	P/E	18.6X	15.7X
Market Cap (in $M):	1,270	P/FCF	17.0X	15.0X
Net Debt (in $M):	110	EBIT	112	128
TEV (in $M):	1,380	TEV/EBIT	12.3X	10.8X
Borrow Cost:	NA

Description

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