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Kinder Morgan Energy Partners Message Board

dar200 263 posts  |  Last Activity: Nov 25, 2015 6:54 PM Member since: Nov 16, 1998
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  • Reply to

    Tax on NRE Distribution

    by harry9510 Nov 25, 2015 6:40 PM
    dar200 dar200 Nov 25, 2015 6:54 PM Flag

    Contact management and DEMAND guidance on percent roc.

    FMV could be 11.41, the close on 11/2 OR could be 11.535 using the IRS method. What percentage is return of capital MUST come from NRF.

    Beat on them every day for tax guidance. They know within 5% either way what pct is roc right now, but they won't tell us.

    You're only alternative is to assume 100% nonqualified dividend.

    All should flood nrf for tax guidance before the end of the year. DEMAND tax guidance. NOW!!!

  • No question in my mind: NRE buyback announcement was not a bluff like NSAM was. I suspect the buyback got some help today from covering shorts.

    At 11/13 settlement date (11/10 trade date) there were 3.784 million NRE short, about 6% of shares/units out.

    IMO, if NRE presses its buyback hard enough, it will stampede lots of shorts into covering.

    Let's see, with average volume a little better than 1 million per day, NRE can buy back in the neighborhood of 250,000 per day, imo, enough to #$%$ the shorts into covering. This could be fun to watch.

  • Reply to

    NRE just announced

    by rmnew2fl Nov 24, 2015 4:18 PM
    dar200 dar200 Nov 24, 2015 5:02 PM Flag

    Illustration of effect of buyback on IV board.

  • Reply to

    Calling all drip investors

    by dar200 Nov 20, 2015 9:06 AM
    dar200 dar200 Nov 24, 2015 9:42 AM Flag

    AMTD finally posted on NSAM . Post was after the close on 11/23.

    NSAM: 13.7119

  • dar200 dar200 Nov 23, 2015 5:11 PM Flag

    Ameritrade also screwed up dripping a dividend from cash instead, posted today when they got the cash last Friday. IMO, they are just stealing interest.

    I called. Rep was reading......they buy drip shares at random beginning on the business day after the pay date, which is today. Where's the drip shares? Rep says his script does not say when their purchases end. More BS.

  • Reply to

    NRE Dividend

    by cwebjohn Nov 23, 2015 4:25 PM
    dar200 dar200 Nov 23, 2015 4:28 PM Flag

    The bod must be exhausted. They each got 200 grand worth of stock on 11/2 and it took them 3 weeks to declare a dividend.

    NEW YORK, Nov. 23, 2015 /PRNewswire/ -- NorthStar Realty Europe Corp. (NRE) ("NorthStar Realty Europe") today announced that its Board of Directors has declared a cash dividend of $0.15 per share of common stock, payable with respect to the quarter ended September 30, 2015. The dividend is expected to be paid on December 11, 2015 to shareholders of record as of the close of business on December 7, 2015. NorthStar Realty Europe's common shares will begin trading ex-dividend on December 3, 2015.

  • Director Piasecki just exercised his only vested options in full several years before they expired.

    He exercised on 1,000 at 14.95 which would have expired on 7/29/19 and on 500 at 17.20 which would have expired on 7/18/18.

    He's biting the bullet to pay income taxes this year on the spread between strike and fmv instead of deferring that tax liability until the year of expiration. Lots of factors influence early cost today vs tax cost in 2018 or 2019, time value, commencing the dividend, possible loss carryovers and who knows what else.

    Whatever the factors considered, he obviously thinks he is better off exercising today and putting his capital at risk, than by waiting until the year of exercise. An expectation of a higher market price (causing more income taxes) is one reason to exercise early.

    Can't tell how positive a signal this for the stock price, but I know very early exercise is never a negative signal.

  • Reply to

    The most despised management award

    by dar200 Nov 20, 2015 11:07 AM
    dar200 dar200 Nov 20, 2015 2:56 PM Flag

    Hell no. The business is sound, all three of them. Could not agree more about lost trust difficult, if ever, to regain.

  • Goes to NRF. Every equity reit I watch is green today, EXCEPT NRF.
    VNQ up over 1%, NRF down almost 2%.

    Greed, sneakiness and withholding transparency (imo) has earned deserved contempt in the marketplace. Stock is selling for 65% of NAV. Paper ballot on compensation did not prevail, so vote with your feet. It is going to be a long road back.

  • Fidelity bought drip shares last Tuesday. Prices I paid to drip:



    All posted before market open on Friday.

    If you dripped this Qs dividend, please name your broker, when posted to your account and the price you paid per drip share to FOUR decimal places.

  • Reply to

    NRE Valuations

    by mattmateuchi Nov 19, 2015 4:12 PM
    dar200 dar200 Nov 19, 2015 6:44 PM Flag

    I did not suggest they paid 50 cents on the dollar. You were the one who suggested they overpaid. I disagreed and told you why. Maybe you can tell us why you think they overpaid for Europe.

  • Reply to

    NRE Valuations

    by mattmateuchi Nov 19, 2015 4:12 PM
    dar200 dar200 Nov 19, 2015 5:12 PM Flag

    Too much, but lately I have been selling nsam to buy more nre, a wash on group exposure.

  • Reply to

    NRE Valuations

    by mattmateuchi Nov 19, 2015 4:12 PM
    dar200 dar200 Nov 19, 2015 4:52 PM Flag

    I disagree. All but the tower were under contract or closed prior to the ECB announcing its QE program which caused property cap rates to drop. Hence the same noi commands a higher price in the marketplace.

    The multi-country, multi-currency 1.1 billion portfolio was bought from a fund which was under government order to liquidate.....hardly a seller with no compulsion to sell. There are very few players (of those with interest) who could pull off the complexity and financing.

    Imagine someone needing to sell their house because they were moving to another state in two weeks. They ask 500K for their house. On the same day they get one offer for 497 contingent upon the buyer getting a 95% FHA mortgage with closing in 60 to 90 days. The other offer is for 485, all cash, no mortgage contingency, with closing as soon as the lawyers can get the paperwork done. Which one does the seller take?

    Management openly bragged at conference calls about how much their properties have appreciated. Granted it is peanuts, buy they are under contract to sell 18 million of properties at 40% over their allocated cost. They are forming joint ventures on three of their portfolios. Such deals are, in effect, selling minority pieces of the properties. They are therefore external markers of value. Under gaap, nre has to book its interest in the JV at fair value which means they recognize financial statement (not tax) gain upon formation of the JV. Thus, an external marker of value will exist and percentage gain can be calculated (if not disclosed by management) on these property portfolios.

    NRF disclosed their estimate of NAV per share. I see no reason why NRE will not do the same. My reasoned estimate is in the very low 20s.

  • dar200 dar200 Nov 19, 2015 2:45 PM Flag

    "Official" drip price on etp website is not correct due to lack of precision. When they calculate how many new units you are going to get ( rounded to 1,000th of a unit), they divide cash by discount price to 4 decimal places. On the website they round to the nearest penny (two decimal places).

  • dar200 dar200 Nov 19, 2015 2:38 PM Flag

    Check the math on the entry. Also, take your cash distribution and divide by 38.2014. Does the result match Fidelity units? If not, you have to call.

    40.21203 is the pre-discount average of the highs and lows for 5 days ending 11/13.

    Fidelity grosses up the cash dividend for tax lot accounting purposes, which is correct as a matter of law.

    Say your cash distribution was 1,000.00. Fidelity divides by 95% = 1052.63 reduction in basis of the distributing units.. Then 1052.63 / 40.21203 = 26.177 units = tax cost of drip units. That is the same result as 1,000 / 38.2014 = 26.177 units.

  • dar200 dar200 Nov 19, 2015 1:25 PM Flag

    Fidelity posted drip shares within the past hour at 38.2014 per unit, the correct discount drip price.

    This means the drip administrator has released the drip shares. Since it is done electronically, all brokers receive them at the same time. If they do not show in your account it is the slowness of your broker, not the drip administrator.

  • dar200 dar200 Nov 19, 2015 1:19 PM Flag

    Give AMTD overnight to record the drip. If it was cash it would have showed in your account Tuesday.

  • Reply to

    Discount drip price

    by dar200 Nov 14, 2015 10:33 AM
    dar200 dar200 Nov 19, 2015 1:11 PM Flag

    Fidelity just posted my drip shares @ 38.2014, same as I calculated.

    Anybody who drips etp and pays more than the above price is getting screwed by the broker for not participating in the discount drip.

  • dar200 dar200 Nov 18, 2015 2:19 PM Flag

    How much did Schwab charge you for the drip units, to 4 decimal places please? Take the cash dollars you would have received had you not dripped and divide by the number of drip units you got.

  • dar200 dar200 Nov 18, 2015 2:16 PM Flag

    For those participating in the discount drip program, it takes 2 to 4 business days after the pay date (11/16) for the drip administrator to release the new unts to the brokerage houses. They should appear by tomorrow.