I have read your posts on different REITs, and I appreciate your insight. Thank you for your posts. I am looking at a company that is a Real Estate company, but not a REIT called Forest City FCEa and FCEb. Do you think that it trades at a bigger discount to its intrinsic value than it would if were organized as a REIT? Most investors want the dividends, but I would be willing to trade the certainty of a big yield for long term capital gains. The company is leveraged quite a bit (non recourse), but seems to have good quality assets and a nice development pipeline. I am having trouble finding a market value for their assets. Have you ever looked at this company? I own another similar company LNR which trades at a nice discout to its intrinsic value which I have been happy with. Thanks for all you good posts.
Two very good companies you have singled out and that, incombination with VNO almost makes me think you are reading from the books of MJW (Marty Whittman of the Third Avenue Funds). If not, you should be. His books are wonderful reads (it takes a few readings ill admit) and his quarterly reports are wonderful !!!
Take a peak at the Third Ave Real Estate Fund...10% in LNR, 10% in Forrest City and 5% in VNO. REOCs are their bias, and for good reason.
I think that although not under Whitmsn's wing, its an excellent fund (with significant overlap in the real estate hokldings of the TAVFX for a vote fo confidence.)