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Sun Communities Inc. Message Board

dar200 269 posts  |  Last Activity: 12 hours ago Member since: Nov 16, 1998
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  • Reply to

    Bargain of the day

    by dar200 Jan 27, 2015 1:29 PM

    I sold all my KMP shares before I got any KMI. If I wanted more C corp dividends, I have plenty of choices besides KMI.

  • Reply to

    4Q cash cost per pound

    by dar200 Jan 27, 2015 9:51 AM

    Here's Antofagasta:

     Net cash costs were $1.39/lb in Q4 2014, a 2.1% decrease compared with the previous quarter....

  • Reply to

    Bargain of the day

    by dar200 Jan 27, 2015 1:29 PM

    Taxable account only.

    Distributions from a partnership are tax free (not deferred) reductions of basis in the partnership interest. Of course, basis can never be less than zero and, like corporations, distributions in excess of basis are treated as gain from the sale of the asset. However, unlike corporations where each lot is treated separately, the basis of an interest in a partnership is determined as a whole. In addition, a partner's basis in a partnership is increased by the partner's share of partnership debt. Thus a partner can forestall distributions in excess of basis by buying more units.

    I certainly do not want to convert tax free cash flow into ordinary income by accumulating it inside a retirement account other than a roth. Plus there are no issues with unrelated business taxable income (UBTI) in a tax exempt entity.

  • Reply to

    OT--buy SUI under 62.75--OT

    by dar200 Dec 23, 2014 12:04 PM

    Gotta admit, I did not expect 70 until 4Q earnings announced, which will include first est of 2015 affo and maybe an announcement of increased div in April. Even if increase is 5 cents (to 70), 2.80/70 = 4.00% yield ( I expect about 75% tax deferred roc).

    Maybe with much bigger size (Green Courte & pending Berger = 1.5 B), it's yield will go down toward ELS yield (under 3%). 2.80 / 3% = 93.33 price. 2 cent increase = 67 = 2.68 / 3% = 89.33 price.

    3.5% yield = 80 on 2.80 and 76.57 on 2.68. Absent an increase in long rates, I think this is where SUI is heading. Now it is a growing pure play in manufactured housing and RV lot leasing, a very safe, stable business. Market is paying premiums for pure plays. Obviously, SUI is getting noticed.

  • Reply to

    Anyone else smell an SO coming?

    by internet_cpa Jan 26, 2015 3:55 PM
    dar200 dar200 Jan 27, 2015 5:06 PM Flag

    Don't know.
    Help yourself. It's complicated, even for me.
    SUI is a dull, boring jewel. My third largest position (after nsam and nrf). ETP is a close 4th.

  • ETP. Market doesn't like RGP merger. Goes ex div 99.5 cents on 2/4. Tell broker to drip with company plan and get 5% off drip price.

    IMO, an easy 5% on top of dividend in a couple of weeks at any price under 61. Also a great long term hold for the high yield get rich slowly crowd.

  • Reply to

    Anyone else smell an SO coming?

    by internet_cpa Jan 26, 2015 3:55 PM
    dar200 dar200 Jan 27, 2015 1:25 PM Flag

    Slow grow hum drum consistent dividend payers are my cup of tea. Get rich slowly while sleeping easily at night.......just like SUI which happens to be on fire so far this year. More to come, imo, with earnings.

  • This from FCX earnings press release:

    Consolidated unit net cash costs for fourth-quarter 2014 averaged $1.47 per pound of copper for mining operations.......

    I will post scco number when it is released.

  • Reply to

    Anyone else smell an SO coming?

    by internet_cpa Jan 26, 2015 3:55 PM
    dar200 dar200 Jan 26, 2015 4:31 PM Flag

    Won't be until after earnings released, imo. I expect 2/26 or 2/27 for earnings.

    Don't know if they have enough cash to close Europe deal, but I suspect they have borrowing capacity to do it.
    Timing of next offering depends on needs for next deal unless Europe offices puts them deep into lines of credit. I'm sure Hamo doesn't want to sit on a big wad of cash earning nothing like he did a year ago.

    Hamo has to get his cost of capital down first because high prices of commercial real estate on top of nsam skim makes it real hard for new deals to be accretive.

  • Reply to

    41 combined!

    by kenpalley2000 Jan 23, 2015 4:35 PM
    dar200 dar200 Jan 23, 2015 5:03 PM Flag

    41.04 to be precise. At least 51 combined before 12/31, imo, assuming no macro disaster event which causes all markets to crash.

    If nrf announces spinoff of mortgage business with 4Q earnings, most of the 10 climb will be realized before 3/31/15.

  • Blackrock just filed a S13G/A for it group reporting it owned 3.96 million shares at 12/31/14. At 9/30 it owned 1.94 million. That's nice.

  • Reply to

    OT Politics OT

    by rogluther Jan 23, 2015 1:49 PM
    dar200 dar200 Jan 23, 2015 2:53 PM Flag

    And notice he carved himself out, after contributing over 200,000 to EACH of his kids' plans. His proposal only taxes income from new contributions. This also leaves a loophole for the rich as they can contribute the max before the new rule goes into effect whereas the screwed middle class cannot. Socialist pig indeed.

  • Reply to

    O.T. NYSM is up...

    by lunco Jan 23, 2015 11:53 AM
    dar200 dar200 Jan 23, 2015 12:15 PM Flag

    Hmmmmm, NYSM = Not Yet Senile Month? You type as well as I do.

    Nice to see some rebound. Same with FRN. I suspect the nondeal roadshow triggered new tute interest and once one puts pencil to paper, MASN has to come on the radar screen as a growth story.

    End of Feb is not that far away. I'm not likely to sell either (flippers only) until after earnings and new presentation materials. Maybe spinoff of mortgage business announced then. If so, big pop for nrf. First spoonfeed of est 2015 cad from nsam should also cause a pop. March 22.5 nsam calls are a good bet for maximum leverage gamblers, imo, although the spreads are horrible.

  • Reply to

    Billionaire Dividend Stocks

    by txgolfer63 Jan 22, 2015 10:59 AM
    dar200 dar200 Jan 22, 2015 11:47 AM Flag

    When a prostitute becomes a nun, how many years does she have to do nothing but nun things before the world stops seeing her as a prostitute?

  • Reply to

    price strength

    by ruswise Jan 21, 2015 10:03 AM
    dar200 dar200 Jan 22, 2015 11:15 AM Flag

    All the record books will show 19.07 as the all time high to date. However, when the accreted dividend is considered, 18.94 on 9/3 was higher than 19.07 today.

    The Aug ex div was 8/14 and Nov was 11/6.....about 12 weeks apart. 40 cents / 12 weeks = 3.33 cents per week accretion. 9/3 was just shy of 3 weeks from 8/14, so 10 cents of dividend had accreted by then. Thus 18.94 is 10 cents worth of accreted dividend and 18.84 for the stock.

    I expect the next ex date around 2/6......about 13 weeks from 11/6. 40/13 = 3.077 accretion per week. Tomorrow will be 2 weeks from 2/6 so 11 weeks have elapsed from last ex date. 3.077 x 11 = 33.8 cents which rounds to 34. Thus 19.07 = 34 cents of accreted dividend and 18.73 for the stock.

    So, as of now, 18.84 on an ex dividend basis on 9/3 is higher than 18.73 today.

    With high yield stocks, accreted dividends DO make a difference.

  • Reply to

    price strength

    by ruswise Jan 21, 2015 10:03 AM
    dar200 dar200 Jan 21, 2015 10:50 AM Flag

    The non-deal roadshow opened some eyes. Roadshow was 1/13. Look at price (and volume) since in yahoo history.

  • See IV board.

  • I think Green Courte and its big shots on the BOD is good for us retails.

    The group owns a bit over 15% of the stock. With two on the BOD, I suspect some restraint will be exerted against the excessive bonus and stock awards of recent years. It's about time.

  • 2014 dividends were 43.72% tax deferred return of capital and 31.72% ordinary income.

    The balance was taxable gain on the communities sold......24.56% of the 2014 dividend. 72% of the 24.56% is unrecaptured section 1250 gain, which is taxed at a max 25% instead of 15% or 20% for long gains.

    So, about 32% of 2014 taxable income was ordinary income for common shareholders. Preferred, of course, is 100% taxable before any common is taxable. With all the new preferred, which carries out taxable income first, issued in connection with the Green Courte acquisition, I would expect between 75% and 85% of the 2015 common dividend will be return of capital. This assumes no gains from sold communities.

  • dar200 dar200 Jan 16, 2015 1:15 PM Flag

    You got a thumbs up from me for the sentiment expressed, not for your ability to construct a poem.

69.05-0.19(-0.27%)Jan 28 4:04 PMEST

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