I think it is more NG/NGL this week, Chesapeake concerns, other NG like SWN all crashing. add to that tax selling season, if you have a big gain in FB to offset, these big losers are easy targets. most midstream pipeline companies are really just utilities and would not be surprised if Buffett or someone else does not go after one soon. they are all being drawn down and there are good ones w great cash flow, most are still raising their dist, some 2-3 times this year! long NTG and CBA, which has been somewhat painful as well. GLTA. Bea
wage pressure picking up on the low end, shortages of skilled workers, construction workers etc. , rents rising a lot.. WIW/WIA need to merge, consolidate and do share buybacks w these discounts. lack of tip income making payouts ROC now.. . holding a small position. I see LM auth a lot of buybacks in it's CEF's like BWG, CBA and others at disc to NAV. tough year in most CEF's. would not be surprised to see 2016 be a year of hedgies going after these funds more to force action. I want my $12 NAV now! lol.. glta Bea
bot a little PCI today at 18.24. I think 2016 will be the year hedge funds target these cef's for huge discounts and consolidation to make up for their abysmal 2015. I see LM got the hint, doing 10% buybacks in many funds w disc to NAV. also expect to see some merging of funds (not this one of course) to cut expenses and keep AUM. oh well, interesting year in CEF's!
this reminds me of Chi Chi's early on and that did not end well, of course that was HepA, more serious than e coli, but this food safety and reputation we are talking about. just when you thought it was safe, they pull you back in... Bea
I saw that, a lot of the LM managed CEFs included in the announcement. Also they declared distributions to be the same at .13/mo for the next 3 mo, dec/jan/feb. it also said 100% of 2015f/y dist thru 10/31 were from income. year end is often a great time to add to positions, especially w market volatility now and big discounts, interest rate/forex flux. Bea
dist maintained, good mgmt. w Principal Life folks,, smattering of reits, CMBS gains may be lower but they seem to be navigating well, nav is still pretty good near $20ish. w yr end tax selling and int rate gitters, may add a little soon. glta. Bea
I lucked into a little irt at 7.13 in what I consider the tradestreet/merger madness, collected 2 monthlies and it is back to over $8. I know pfd has a little more security than common, but I can see IRT going to 9ish again and they might even raise div to .0625, which would be .75 from .72yr, after a few more months and assuming they sell OK properties etc. so I am long a small IRT and like that, dripping in, would add more if it got back under 7.25 in interest rate and reit hateration madness. glta.
my watchlist these days is mostly CA reits and us income CEF's,, a few CA industrials w good bal sheets, otherwise hard to find values in income space imo. Bea
did anyone listen to the conf call? was it sugar and nice or realistic assessment? thanx.
I also like that there is no roc coming out and they adjusted dist to match income.. the Alaskan oil frack bonds for private company that bot pioneers AK assets are interesting,, AK govt is very friendly to the mgmt. looking to boost oil production, especially in light of declining bp production and rds arctic pullback. Babson is of course massmutual which is a very conservative company. I am sure their agents push some of this to investment clients where appropriate.. cef tax selling w int rate uncertainty may give another good op before year end to add. not long but may add a little soon.. Bea
from dividend yield hunter website,,,,
Bluerock Residential Growth REIT has priced a new preferred offering with a number of interesting and attractive features.
Bluerock (ticker:BRG) is a apartment REIT which also does a bit of specialty financing for others. They came public in March, 2014 and so far to date have performed excellently.
The new preferred offering has a tasty 8.25% yield and has the typical 5 year optional redemption feature as it is officially perpetual.
The features we like and essentially turn the issue from a perpetual issue to a 'Term Preferred' issue is that beginning in 2022 holders may 'put' the shares back to the company for $25/share plus accrued dividends. If you 'put' the shares the company has the option to pay you cash or common shares or any combination.
Additionally these shares have a penalty rate beginning in 2022 as well. The coupon will rise to 10.25% in 2022 and by 50 cents/share on each anniversary date to a maximum coupon of 14%.
3rd q wasn't bad, retiring debs means an extra .03CA yr interest savings, debt down, rent renewals ok w slight decrease in rents on ofc/retail but incr in industrial base. if mkt vol continues, will increase my modest 2% of portfolio to about 5%.. 172m units outstanding, 4mil unit buyback announced 8/2015, none purchased yet as of 10/31.. still think it is a very ripe takeover target at 4-5$sh higher than it is now, w distribution that seems to be secure, no real debt refi's coming etc.
back on my radar watchlist again after selling out from last recovery a few years ago .. still paying .06mo CA, .72yrCA/ merger w Canexus should provide some boost, of course an industrial type name in energy dist, chems, construction. chart says $10CA has to hold or going lower, div should provide some support. most of the stocks in my watchlist are CA or US cef's.. recently bot some cmlef, cominar, mgmt. seems to finally get it on that reit w little energy area exposure etc. glta.
interesting article on seeking alpo today about WIA, WIW,, probably some tax loss selling going on now as well, holding and dripping in w monthlies..still like the disc to nav, another WA fund is doing a share buy back. they should consolidate these funds and maybe also Gates or his minions will force some action. many CEF's have recovered w market, especially PIMCO discounts narrowing.. Bea
who knows, I sold for a nice tax loss. at least i'll get some of my money back w tax offsets.. not sure there are enuf assets left to satisfy debenture and line of credit debt even if o/ng go way up. it is a shame as the Wyoming assets and joint venture w Devon seem to be finally something worth writing about. if they had gone full in on WY instead of Eagle Ford, there might be some value here, wildcatting under the guise of a "trust" sad mess.
slow dilution. mostly montreal/quebec/Toronto area assets, very little o/ng exposure, small burn w Target closings in CA, as a long term holding seems a good time to add small amt. they are also cutting debt where possible, sold a bldg. in montreal paying down some debt, did a lot of low cost refi. still think this would be a great easy buy for Brookfield or someone at about $3bCA...
there probably will be tax loss selling starting but dist held at .08, will probably add little, I think hedgies will soon be attracted to large CEF discounts and income, most are down this year, they need to show some gains soon,, Gundlach, EV and others have been pretty positive on discounts. sentiment seems to be turning. sticking a limit to buy order in at 8.65 next week, might pay a small yr end too. less leverage than most CEF's.
small but growing production is coming to CA via the Utah/Uinta shale play, a growing asset and profitable for CPG, CA/US producer, and others even at these low prices and transport costs. adding a little ROYT here dissolve not a threat for many years of $45. perpetual royalty interest has substantial value. long a small CPG and some permian w NDRO at this time as well.
apparently Brad Thomas the REIT "guru" is going to write an article soon after analyzing RAS/IRT, not sure if it leaked? maybe that is why it went down/ his stuff is usually on SA,, who knows. still long IRT, w probably add if market volatility sends it under 7. Bea
and to continue your thot, someone could come along and buyout- IRT at say 9-10sh, there will be more consolidation in the apt biz, rates will stay low for much longer, rents going up, builders can't get labor to build entry priced homes (Meridian ceo comments) or find decent lots to build them on.. Yellen laughed off housing in her comments after the announcement, it is not a focus for her. the realities are,, kids have to rent drowning in debt and low entry wages,, parents can sell out to 1st time buyers or rental home buyers and rent apt's to downsize, the American home dream myth is just that, housing is dead for at least a generation and won't see 1m starts for another 10yrs. economies of scale to be had by combining w another apt REIT, someone will come along soon. the properties are in good states.. volatility has given us many gifts so far, expect more Bea