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#	AUTHOR DATE SUBJECT
27	member 6/06/18 7:35PM Re: SMTA 26
I looked at it briefly, more focused on downside vs. upside (i.e., at what price it would be a no-brainer). Back-of-the-envelope NAV viewpoint (ignoring yield due to the moving pieces)... if you assign an 8.00%... login to read the rest 3 view available tags
25	member 6/06/18 10:56AM Re: Re: Re: Re: Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 23
Yes. That is accurate, I thought you were referring directly to SMTA/SOTP pre-spin. In terms of multiple on that earnings stream, would also note that while duration of the contract is relatively short, there is view available tags
23	member 6/06/18 10:27AM Re: Re: Re: Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 22
I thought ~8c of New SRC's annualized post-spin AFFO per share comes from its management agreement with SMTA as well as dividends from SMTA preferred shares owned by SRC. There is an argument that this... login to read the rest view available tags
22	member 6/06/18 10:18AM Re: Re: Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 21
No; they are already separated. The $0.66-$0.68 is for newSRC only. view available tags
21	member 6/05/18 2:58PM Re: Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 20
Isn't ~8-10c of the ~66-68c related to SMTA so it should be capitalized at a lower multiple (perhaps ~5x?) such that, at SRC's current trading price of ~7.70, the market is implicitly capitalizing the remaining,... login to read the rest -1 view available tags
20	member 6/05/18 2:04PM Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 18
They said on the 1Q18 call that beginning in 3Q18, newSRC would target a 75% payout ratio, so paying the $0.18 in 2Q was expected. Based on $0.66-$0.68 annual AFFO run-rate guidance and 75% payout... login to read the rest 1 view available tags
19	member 6/05/18 2:03PM Re: Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 18
I agree - i don't see how they get there. the "annualized" reference in the press release was odd. I think $0.65x75% (+/-) is more likely, in accordance with Path III - at least until view available tags
18	member 6/05/18 1:26PM Re: SRC Announced Dividend per share - $0.18 (Annualized $0.72) 17
Do you see any reason to think this is the new regular level of dividend? $0.72 would imply $0.96 AFFO - nearly 50% higher than Path III. Buybacks can't get you there. Occam's razor would view available tags
17	member 6/05/18 7:59AM SRC Announced Dividend per share - $0.18 (Annualized $0.72)
This must imply a lot of share buybacks since the Path III write up view available tags
16	member 2/23/18 9:25AM Re: Re: Taxable spin? 14
12-31-17 10K confirms spin will be treated as taxable distribution to Spirit stockholders. view available tags
15	member 2/08/18 2:01PM Re: Anyone still looking/leverage at spinco 12
Hi cnm3d, RemainCo will own the unlevered ShopKo properties, it will own equity in the Master Trust (which is a bankruptcy remote vehicle) and it will owe a $150m preferred that is owned by RemainCo. ShopKo... login to read the rest view available tags
14	member 2/08/18 2:00PM Re: Taxable spin? 13
I believe they have said that the transaction will be taxable during investor meetings, however I can't find it in my notes so I am not 100% sure. view available tags
11	member 11/02/17 11:56AM Q3 Results
Spirit posted strong results and raised full year AFFO guidance by 3.7%. In its earnings press release the company commented that the spin-off is on track and that "no single tenant issue will prevent the... login to read the rest 1 view available tags
10	member 10/19/17 5:54PM Re: Re: Thoughts on debtwire report? 9
The debt and EBTIDA numbers had been mentioned in prior debtwire articles. There also had been rumours that Sun Capital is running a sale process so the only news in this article was the word... login to read the rest 2 view available tags
9	member 10/19/17 5:09PM Re: Thoughts on debtwire report? 8
Apparently Shopko has been put up for sale by Sun Capital - wonder how this affects the timing of the spinoff esp if they don't find a buyer and end up going through ch 11 view available tags
8	member 10/19/17 3:38PM Thoughts on debtwire report?
. 1 view available tags
7	member 10/16/17 2:17PM Master Trust A
Thank you. What are the pros and cons of this Master Trust structure? Can capital get called due to asset impairments or material adverse event or other reason? view available tags
6	member 10/12/17 10:33AM Re: spinco 5
The company will have its own CEO but will be externally managed by RemainCo. All the debt will be within the Master Trust and there will be no debt on the ShopKo properties. 20% of... login to read the rest 2 view available tags
5	member 10/11/17 8:42PM spinco
good writeup. I am curious for more details on what you think the game plan will be for the spinco. Looks like a real dumpster fire. Thanks. 1 view available tags
4	member 10/11/17 10:43AM Re: Re: Shopko 2
The spin is expected to occur in H1 2018. $1,348m of SpinCo's debt is already in place, the company expects to raise another $300m to $500m at SpinCo before the separation. So most of the 1 view available tags
3	member 10/11/17 10:43AM Re: Shopko 1
Thanks for the question. Our biggest concern in regards to the ShopKo properties (not Spirit) would be Sun Capital handing in the keys resulting in a full liquidation of all ShopKo stores due to Spirit's... login to read the rest view available tags
1	member 10/10/17 2:43PM Shopko
Would love to get some additional detail on the positive datapoints on Shopko that you uncovered through your diligence. Great work on the thesis, think RemainCo looks a lot like N / OOO and not view available tags

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			2014	2015
Price:	39.83	EPS	$1.90	$2.88
Shares Out. (in M):	76	P/E	20.9x	13.8x
Market Cap (in $M):	3,027	P/FCF	0.0x	0.0x
Net Debt (in $M):	323	EBIT	250	340
TEV (in $M):	3,350	TEV/EBIT	13.4x	9.8x

Description

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