This is from yesterday morning and I assume everyone has seen it...if not...
This adds another 50 cents per share? Talk about no respect. Sounds like this is somehow excluded from the REIT rules of 90% earnings distribution. And now looks like we're gonna break below 19 again. Hmm. Wonder what the next spark could be to boost the share price again. Thoughts?
Gotcha...the real estate that has not been monetized...but has appreciated in value. Ivan has stressed that before, their ability to get capital appreciation, but then monetize it (i.e., sell it). Thanks for the clarification.
The equity Kickers that do not get reported, was the Broadway property as an example. They owned it free and clear after the sale of the building next to it sold for more than the purchase price of both properties. When they refinanced and sold part of there stake it was just recently reported. That is what I mean by unreported earnings. Owning property free and clear, like 2% stake in associated press building and air rights, that are not added into the book value. Prime outlets another example.
What were they trading at when they went public. This company is a steal at 27.65. I wish I could get a look at Ivan Kaufman's investment portfolio. They predicted the credit crunch. I do not agree with the hotel deal they just made ( 100,000 a hotel room). But maybe with the tanking U.S. dollar and two fold increase in tourism they make a bundle off of that too. The equity kickers are huge on that deal.
I sold 1,000 shares yesterday at 18.83, took 5 minutes, because I wanted to buy puts on APA. Love the company, but 75 to 104 was too fast. I put in an order to sell 30 puts at the price I paid for 50 hoping to keep the 20 as an equity kicker so to speak. When I got home and saw them trading at 3.60 when I paid 1.60 I said the hell with it and sold. My point is, these guys made so much money and get no respect. Hell with it, they sell out. It has been prearranged. Just what I would do, if I were in their shoes.
That $7.00 figure is the amount received since they went public...and impressive without doubt.
"We have received over $220 million in cash distributions from our equity kickers since transitioning to a public company, adding nearly $7 per share to our economic book value."
Do those get reported as earnings? I thought they did and that's how they managed last qtr's stellar number. I saw one kicker this past qtr for 0.50/share and the most recent was for about 1.60/shr but that's for the current qtr. And the buyout sounds good! ;)