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RAIT Financial Trust Message Board

  • imjoel00 imjoel00 Sep 25, 2013 4:04 PM Flag

    TREADING WATER ?

    Thats How It Seems To Me. I,m Playing In Other Ponds.Till Ras Shows Some Life. Starting To Feel That Its Wasting My Time. & There Is Alot More Places To Make Easyer Money. Not Happy With Ras Transfering ASSETS To IRT & Not Knowing Value Of Deal, I,d Like To Know What Ras Bought Apt For How Much They Put Into The Complex & What They Sold It To IRT For. If It Was A Sweet Heart Deal & Which One Got The Deal. Just Hopng Its Not A Drain On Ras Assets. To Built Up IRT & Leave Us Out To Dry.

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    • Hoping To Hear From Others On This, K1, GoGo, E & Or Steve, If Ras Sold The Indiana Complex To IRT. How Much Did Ras Paid For It How Much Did They Put Into It,& How Much Did They Sell It T0 IRT, If Anyone Knows I Would Like Too. U See Where I,m Going With This.

      • 3 Replies to imjoel00
      • joe- this property is NICE. Those Hoosiers need big apartments to raise their 10 kids in.
        I know 'cause I'm one myself.

      • Joe,
        I don't think RAS will give sweetheart deals to IRT. I think they will sell properties at a formulaic price so there will be little conflict of interest. Not sure if the Indiana property was actually a RAS property. Several other posters have been kind enough to do the homework and it doesn't appear to be conclusively a RAS property. If it wasn't, it will ultimately eat up about $3 to $4 million of IRT cash as they will finance the rest of the property with longer term debt. In my opinion RAS will sell properties that are very similar to the Indianapolis property......98% occupancy, fully fixed up. That means the only upside for IRT is to try to raise the rents. That is consistent with what RAS has claimed with the properties that they foreclose on................they will try to improve the property and raise the rent roll in order to maximize value.
        RAS is quiet for now as there is little to report. You are getting your nice swings because: 1. they keep raising the dividend. 2. they keep losing big $ on GAAP accounting. 3. They keep reporting new good things like the securitization. 4. they are a REIT and are bundled with the much more aggressive looking Government Mortgage REITS. 5. the FED keeps playing with the idea of tapering while keeping rates low and buying mortgage debt like crazy.
        Two of my points are pro RAS, two are anti RAS, while one is just the crazy land we are all forced to live in. The tension between all of these things is pulling RAS up and down giving you great opportunity to play the swings. I think all of these 5 things will continue for the next 6+ months at a min. It is quiet now, but soon.....soon. That's my prediction.

      • As Davis said, RAS treads water. In my mind, frequently. If you can hit the bottoms some and resell at the tops some, it is a decent play. I think if you are looking for large increases in stock price, RAS may not be the place. I guess it depends on your time frame also, as I think RAS will continue to see higher highs and lower lows, it's just maddening in between. Dividend seems same and rising, obviously, so that is a plus as you get paid to wait. Just that it's been a long wait.

        As to your question, it's one of the things I still don't think RAS is doing well and that is giving info in a timely manner to it's shareholders, but really, that isn't anything new in the REIT arena, is it? I mean, NCT and NRZ are sometimes slow to give the info to shareholders, but at least most of the times they give you the info fairly quickly. Example is the presentation on the new media company. Opposite end of the rainbow is the large some of cash they have been sitting on not really hearing any info about it but seeing quarter over quarter the amount of free cash they have going down. So, what are they doing with it? If you are comfortable with the management and the company you then just hope they are using it to buy up new senior living facilities. If you don't trust management, you think they are just using it to buy koolaid and sour patch kids.

        I am comfortable with the management so I stay in NCT and NRZ. I wasn't for a long time comfortable with RAS and RSO, so I sold my position in them. You just have to decide what you want to do.

    • Looks to me like a direct acquisition, probably based on a loan default, in which the owner had already put in the money.

      That said, "treading water" happens regularly with RAS. That said, ex-div is Tuesday, the current budget impasse should be over by the 15th of October, and RAS should report its 3Q results around the end of October. The price will probably move somewhere along the line.

 
RAS
7.69-0.02(-0.26%)Sep 19 4:14 PMEDT

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