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Kinder Morgan Energy Partners Message Board

dar200 268 posts  |  Last Activity: 9 hours ago Member since: Nov 16, 1998
  • Reply to

    NRE descended into the nines today, now at $10.

    by jridley17 Nov 18, 2015 11:20 AM
    dar200 dar200 Nov 18, 2015 11:39 AM Flag

    Yup, and I bought another 13,882 NRE at well under 10. See my post today on IV board about WSJ article.

    This lazy, lemming market cannot connect the dots.

  • Reply to

    Fidelity bought drip shares today

    by dar200 Nov 17, 2015 4:33 PM
    dar200 dar200 Nov 17, 2015 6:18 PM Flag

    No therefore no.

  • So the buy settles Friday, the pay day. Other brokers will buy on Friday. Ameritrade and Schwab will buy next Monday. I will post the usual drip survey Friday morning.

  • Reply to

    New Seeking Alpha

    by rmnew2fl Nov 17, 2015 1:12 PM
    dar200 dar200 Nov 17, 2015 2:56 PM Flag

    Typical SA copy & paste job. A shallow piece of work for those too lazy to read the supplement itself. Nevertheless, there are many lazy lemmings and some are too busy at day jobs and families to spend the time on stock research. Thus the article served a purpose.

  • Reply to

    Flatline at 18

    by dar200 Nov 16, 2015 11:05 AM
    dar200 dar200 Nov 17, 2015 11:00 AM Flag

    Right on script with the step move-ups. Don't have a clue how much is buyback vs NAV buying vs short covering. Nice to see the price momo up (from the bottom of a canyon) for a welcome change.

  • This clipped from an 8-K just filed by SUI:

    "Attached as Exhibit 99.1, and incorporated by reference, to this report is an investor presentation of Sun Communities, Inc. that will be used at REITWorld:
    NAREIT's Annual Convention for All Things REIT on November 17, 2015."

    Hmmmm, Northstar presents at the June meeting in New York. I wonder why they are not presenting at this one. I suppose they's been too busy trashing the price of all things Northstar.

  • Reply to

    Refugee possible impact on NRE

    by rmnew2fl Nov 14, 2015 7:33 AM
    dar200 dar200 Nov 16, 2015 1:43 PM Flag

    The simple way to solve the problem is to not admit any healthy muslim male between the ages of 11 and 65.
    Yeah, yeah, the bleeding hearts will scream we're breaking up families and that's cruel.........they's scream that until a healthy male muslim kills one of their family members. Then the tune will change. Families can self select. Don't want the male separated? Then don't apply to come to the U.S

    Same with sending ground forces. Public opinion is against it until a "Paris" happens in Washington, New York, Chicago, etc. Same with Germany. No will to fight.......until terror strikes in their homeland.

    Now is the time for the civilized world to ante-up to wipe these terrorists out. Think Russia is happy to have ISIS take down an airplane with over 200 Russians on it? Iran will let Russia cross their territory to get to Iraq.
    The arab countries go into Syria from Jordan. France, Germany and the UK go in from Turkey. We contribute and lead. The civilized world can't come up with 150,000 combat troops to wipe out 40,000 terrorists?

    The only thing these monsters understand is a gun. That's what it is going to take. IMO, the sooner the world figures that out, the better.

  • Reply to

    NSAM management fee

    by mattmateuchi Nov 16, 2015 12:04 PM
    dar200 dar200 Nov 16, 2015 1:19 PM Flag

    One is a backward-looking number and the other is a forward looking number. Total gibberish is the result of comparing them.

  • Reply to

    NSAM management fee

    by mattmateuchi Nov 16, 2015 12:04 PM
    dar200 dar200 Nov 16, 2015 12:33 PM Flag

    I just can't bring myself to reply to such an off-the-wall question. Compare apples to apples properly and maybe I'll respond.

    BTW, the manager of the office building in which my office was got 7% of base rents as the management fee of a single building.

  • Looks like NRF is playing rope-a-dope at 18.00, seeing how many shares they can gather up to a little over 18.00, say 18.05. Then they back off picking up shares as sellers chase a falling bid to about 17.95 and then pick off the ask back up to 18.05. Rinse and repeat until the selling stops.

    Then buy up to 18.40 or so and do the same thing. Then to 18.80 and so on.

    If NRF is really steps in (instead of hollow talk), sooner or later the shorts will believe the buyback is real and substantial and start covering. The other thing we need is for the tutes to stop the wholesale dumping. For that, they gotta believe the dividend is sustainable. It is, and the buybacks make it more so, but one has to do some number crunching to understand how buybacks increase nav per share and cad per share.

    I linked an article published this morning on this on the IV board under "I'm not alone". Naturally, I did a similar illustration over the weekend posted under "Effect of NRF buybacks"

  • Reply to

    They broke the mold

    by dar200 Nov 13, 2015 6:48 PM
    dar200 dar200 Nov 16, 2015 8:54 AM Flag

    Close but no cigar.

    First subtract the preferred stock equity (939) and then subtract the noncontrolling interest equity (441) and then you get common equity of 3.841 billion. Divide this by 191 million shares currently outstanding and you get 20.11 which is 69% of 29.07.

  • Reply to

    They broke the mold

    by dar200 Nov 13, 2015 6:48 PM
    dar200 dar200 Nov 15, 2015 9:47 AM Flag

    It's only nsam's profit that is being sucked out of NRF, not the gross fee because nsam pays expenses (mostly compensation) which would otherwise be paid by nrf if the management were done internally (meaning on consolidated financial statements).

  • Reply to

    They broke the mold

    by dar200 Nov 13, 2015 6:48 PM
    dar200 dar200 Nov 14, 2015 12:40 PM Flag

    Your hope is realized. You are wrong. Give me your numbers that caused you to make that statement and I'll tell you what you did wrong.

  • Got the right week this time. The average of the daily highs and lows for the 5 trading days ending yesterday is 40.21203. Thus 95% = 38.2014, the discount drip price.

  • NRF finally put into print what they thought NAV per share was for NRF. I'm sure it took a huge amount of discussion to overcome the lawyers objecting to putting out anything which was not historical fact. You can't prove an estimate. You can only disclose your methodology, which they did. The reason lawyers don't like this for their clients is that hindsight might prove the estimate comes the lawsuit.

    But NRF broke the mold with NRF. they did it. They put into print their estimate of fair market values of their properties.
    Anybody and everybody can evaluate whether they agree with the estimate. Only transactional hindsight will be proof positive.

    Here's the point of this post: IMO, they will do the same with NRE whenever they get around to communicating some facts and their opinions on value.

    Point of this post?

    Nrf at 17.50 = 60% of 29.
    NRE at 10 = 45% of 22.

    NRE is the table pounder until they release info on NAV.

  • Reply to

    NRF--NAV = 29.07 per share

    by dar200 Nov 13, 2015 4:19 PM
    dar200 dar200 Nov 13, 2015 4:26 PM Flag

    See my second post on this on the IV board for a copy & paste of the footnote explaining nav.

  • Page 12 of financial supplement just posted.

    Wow, they finally told the world what they think their assets are worth.

    Hope they do the same with NRE.

  • Reply to

    Common vs preferred

    by mattmateuchi Nov 13, 2015 1:31 PM
    dar200 dar200 Nov 13, 2015 2:40 PM Flag

    I don't think I used the word, "foolish", and I also said some people rationally disagree with me about the relative risk of preferred vs common. I think there is little difference in a going broke scenario, because a guy like Hamo will not go broke a little bit. If Hamo goes down, he will go down in flames where unsecured creditors will not get 100% on the dollar. All stockholders get wiped out.

    In any event, the current relative price drop is significant to those who have to sell or want to sell. In such a case, yes sir, preferred has been "safer" than common over the last 8 months. But interim changes is price are meaningless unless unless sold. I was talking an infinitely long term. My reason was and still is, all the upside is with common and, at the time, preferred was at or above par. Now the yield on common is approaching double that of preferred.

    Preferred is the better investment if NRF fails. Common is the better investment if NRF does not fail, all in my opinion. If anything, the switch to common case is even stronger with the disparity in price declines.

  • Reply to

    How much is a $500m....

    by lunco Nov 12, 2015 7:32 PM
    dar200 dar200 Nov 12, 2015 8:21 PM Flag

    NO. No gain or loss is recognized for tax purposes on a corporation trading its own stock. Buy back for 17 and later sell for 24 = no gain for tax purposes.

  • dar200 by dar200 Nov 12, 2015 4:54 PM Flag

    NRF has about 382 million in original cost of the multifamily portfolio. A sale at 500 million gives them a 30.9% profit on cost. Taxable income will be considerably higher due to depreciation.

    There is just under 250 million of debt on the apartments, so a sale for 500 nets them about 250 in cash.

    Hmmm, 250 million / 18.00 per share (averaging up) = 13.88 million shares.