maybe some of the hedge funds are following the istar-lennar litigation relating to the Maryland land and are aware of some good events relating to settlement. A good result in this litigation could be worth more than $1 a share. I know the trial date was set for some time this month.
There's movement on the development front for one of the largest blank-slate parcels in San Jose, and one result could be a new Costco coming to the southern end of the city.
The City Council on Tuesday approved a memorandum of understanding for the so-called "iStar parcel," a 76-acre site in Edenvale near the intersection of Great Oaks Parkway and Highway 85. (IStar is a large investment firm that owns the property.) The MOU spells out, in broad strokes, how the site would be developed and is the first step in reaching a formal development agreement that would allow construction to commence.
I updated you on the project's progress back in May, before the MOU was hammered out, and not much has changed. We're still talking 260,000 square feet of office, 150,000 square feet of retail and 720 housing units. Also, as noted in my story back then, developers reportedly have a letter of intent with Costco to locate on the site. That store would be just east of the vacant police station on Great Oaks Parkway. The iStar parcel is the remaining piece of the massive Hitachi Global Storage Technologies campus redevelopment.
The whole thing weighs in at about 300 acres along the east side of Cottle Road, where IBM once built hard drives. Hitachi took over that business in the early 2000s, and later decided it didn't need so much land. The city envisioned the area as an "urban village," with a mix of jobs, housing and retail near several mass transit connections.
Today the land to the east of the iStar-owned parcel is under construction, with retail and homes sprouting up. But the iStar site has been stalled as the city and the owner worked to get on the same page. Early proposals several years ago called for housing only on the site, while the city wanted to maintain commercial uses.
The MOU envisions office/R&D on 12 acres and retail occupying 15 acres, with housing taking up 22 acres. One side effect from the development of the site will be money for the San Jose Earthqua
And when they do you won't be able to cover fast enough. I applaud all those with the balls to buy at $1 back when the world crashed, nice pay day coming your way.
Sentiment: Strong Buy
President is selling stock systematically every month. Company is buying back stock with convertible preferred to siphon off profits. With 85 million shares and 99.9% closely held, how does it have an average volume of 700,00 shares a day? I someone churning shares in order to keep the price high?
Hey amehrich, how has the stock price done over the last 24 months? Perhaps your focus is a little narrow?!! I thought total return was the ticket!
By Donna Littlejohn, The Daily Breeze
POSTED: 11/14/13, 5:58 PM PST | UPDATED: 1 WEEK, 1 DAY AGO
Los Angeles After nearly a full day of testimony and discussion Thursday, the city Planning Commission unanimously approved the downsized Ponte Vista housing plan for San Pedro.
The proposal now goes to the Los Angeles City Council.
In a packed meeting room, residents on both sides lined up to speak on what for years has been one of the most contentious issues in the community.
Commissioners directed dozens of questions to staff members and the developer during the course of the 9 a.m. meeting that stretched into midafternoon by the time a vote was taken.
The plan scales down the number of homes to 676 — fewer than recommended by the Planning Commission in 2009, when an earlier proposal was turned down — that will be built on a 61.5-acre parcel of former Navy land.
Commissioners lauded the developer, iStar Financial Inc., for taking into account community concerns in reshaping some parts of the plan.
“I’ve seen and experienced (cases) where developers meet with the community, receive feedback and then they completely ignore it, which is the height of arrogance,” Commissioner Maria G. Cabildo said.
But despite the lower density, the community remains divided, with many who testified Thursday in support of retaining the current R1 zoni
when you bleed money quarter after quarter....
2013 Q4 $-0.41 est
2014 Q1 $-0.48 est
2014 Q2 $-0.37 est
2014 Q3 $-0.29 est
total of $132 million est loss over the next 4 quarters.
where would the dividend money come from? Merrill Lynch at 1.50%? lol
If you look at the real estate asset table in the back of the 10K, there is only 1 land asset in New Jersey, so that must be Asbury Park. Its carried at about $52MM as of the end of 2012. Their total investment is likely lower once the 28 townhomes in VIVE are all closed.
I agree. What concerns me more is that 99.9% of shares are owned by institutions or insiders. That means that there are only about 85,000 shares available for public trade, yet SFI is pretty constant at 770,000 shares traded every day. That means to me that someone on the inside is churning to keep the share price up and make it appear there is a liquid market. I notice that the Pres is selling off quite a few shares every month.
buyback coupled with this debt raise I see your point
buyback by itself, different story
that's what happens when you post off headlines without reading the guts of the story
Ruswise: I also believe that as a general proposition, in a management stock-option rich context, stock buy-backs do very little, if anything at all, to benefit common longs and, therefore, are generally not desirable. However, in this case I think that the share repurchase was a necessary element of, what is for SFI, a very attractive financing package and has been well-employed by management. (1.5% 3-year financing + $17.29 conversion price = Who can complain?) In other words, I believe that, once again, Quad has nailed it.
Disclosure: Long (and added) common & preferred since 2001.
It's true, but the conversion option is a lot longer with the new notes. If you pay 30 cents fro calls every 6 months for 3 years, you're paying $1.80...plus there's no guarantee the calls won't increase in price. And I assume there's call protection (though at 1.5% it doesn't seem like there'll be any calling). If they were priced at par, though, it's still a little bit of a head scratcher.
I'm not sure if it's immaterial or not.
For all I know the share repurchase is an anti-dilutive vis-a-vis share compensation or whatever that adds value to the convert by disarming concerns that the strike price could be undermined.
Obviously it has something to do with the apparently very favorable terms on the convert since it was a linked transaction to the private placement.
Hardly a waste of cash if it enabled this quite favorable debt raise - and effectively lower pay rate, raised strike price or whatever.
The novelty of the linked buyback suggests it is neither immaterial nor a waste of cash.
Hey, it's 2% of shares OS (not including the antidilutive new shares in the convertible). Not a blockbuster deal but every little bit counts.