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Energy Transfer Partners, L.P. Message Board

dar200 285 posts  |  Last Activity: 20 hours ago Member since: Nov 16, 1998
  • dar200 by dar200 Feb 18, 2015 6:45 PM Flag

    Since gladstone waives enough fees to leave enough affo to cover the dividend, as required by loan agreements, the measure of progress is not the bottom line because that is controlled by fee waivers.

    In 2013 the incentive fee was 4.201 million and 3.457 was waived. Thus gladstone kept 744K.
    In 2014 the incentive fee was 4.305 and 3.013 was waived. gladstone kept 1.292 million, an improvement of 548K, a little better than 3.1 cents per 2014 share.

    PLUS, the finally got rid of a money-draining vacant building. Thus, absent new vacancies, 2015 should be substantially better than 2014. But don't expect a dividend increase until fee waivers are zero. On the other hand, gladstone has demonstrated he will eat as much in fees as necessary to maintain the dividend.

  • dar200 dar200 Feb 18, 2015 6:34 PM Flag

    This from press release announcing current distribution:

    "ETP expects to release earnings for the fourth quarter of 2014 on Wednesday, February 18, 2015, after the market closes."

    Now after 6:30 pm. Very poor execution, imo.

  • Reply to

    NSAM March 22.50 calls now in the money

    by dar200 Feb 18, 2015 2:31 PM
    dar200 dar200 Feb 18, 2015 3:40 PM Flag

    I am an options second grader, just a little above kindergarten.

    I will sell covered calls ONLY when I am more than willing to sell the underlying stock at the strike price. When I do so, I do not anticipate any "pop events". With NRF, the next spinoff announcement will be a pop event. I would not want to leave too much on the table in such an event.

    I think market moving news will be out for both at earnings and shortly thereafter.

  • Not by much, but in the money. I expect to hold past earnings and the new presentation and possibly a nrf offering which will add a boost.

    I expect a creep-up to earnings.

    I expect 23 cent cad vs Yahoo estimate of 20. Revenue will also beat. Both beats due to much higher than expected fundraising for nontraded reits, especially Healthcare. Plus, incremental cad will be a higher percentage of incremental revenue (as I define it using net commissions) than 3Q.

    Market has never had a straight-up forward estimate of cad for a whole year. I expect Hamo's midpoint will be about 1.10 vs 1.09 on Yahoo and Hamo always lowballs the first two estimates.

    I expect a NRF offering after earnings are announced. The Europe office deal should require about 300 million and the upcoming common dividend will be over 120 million. Don't know when Hamo will need cash for the next big deal, but I expect it will be pretty soon. A NRF offering is an automatic boost to NSAM.

    If all goes as I think it will, NSAM will be 24 before these options expire (I hope). If the spread does not narrow a lot, I will exercise my options and immediately sell the underlying shares. Two 7.95 commissions is a helluva lot cheaper than the spread.

  • Reply to

    Building a retirement portfolio

    by inward1000 Feb 18, 2015 11:05 AM
    dar200 dar200 Feb 18, 2015 1:38 PM Flag

    You think you don't own bonds? Yes you do. You own bonds which never have to be paid off.

    Unless your preferreds are participating or convertible, your dividend will NEVER increase. Unless they are puttable, the company never has to pay you back. If they are callable and not convertible, the price of the preferred will never be much more than the call price.

    Eventually, inflation will erode the purchasing power of the dividend and the principal.......just like bonds.

  • Reply to

    Dividend Date

    by billshelley Feb 18, 2015 9:25 AM
    dar200 dar200 Feb 18, 2015 10:07 AM Flag

    Hamo knows.

  • Reply to

    Discount drip price

    by dar200 Feb 7, 2015 2:38 PM
    dar200 dar200 Feb 17, 2015 2:43 PM Flag

    Fidelity just posted my discount drip shares at exactly 56.2664.

  • Cohen & Steers has become a believer in SUI. Last 6/30, they owned 620,000 shares. At 9/30, it was 3.8 million. At 12/31 it was 4.1 million.

    Kind of a confidence booster to have experts in REITS make such a big move in 6 months.

  • Reply to

    Dividend

    by empire29_lake Feb 11, 2015 5:55 PM
    dar200 dar200 Feb 13, 2015 1:58 PM Flag

    Having trouble differentiating the calendar from the 3 year statute of limitations? The period in which IRS can normally challenge is 3 years. 3 years from April is the same as 3 years from October. The challenge period is not extended by an extension. It merely spans different parts of the calendar.

    Furthermore, I did not suggest never filing or overpaying tax. The time to file with a notice of inconsistent position is when extension time runs out in October.

  • Reply to

    Dividend

    by empire29_lake Feb 11, 2015 5:55 PM
    dar200 dar200 Feb 13, 2015 9:20 AM Flag

    Wrong. Extensions do not extend the "legal period", which is normally 3 years. If a return is filed on or before April 15, the 3 year period begins on April 15. If a return is filed on Oct 10, the 3 year period begins on Oct 10.
    The "legal period" is 3 years in either case and thus not extended.

    As to filing with an explanation as to why the tax return differs from a 1099, that is as stupid as can be. It invites a question, if not an audit, from IRS OR it involves filing amended tax returns when the correct info is obtained. Getting an extension is a helluva lot cheaper than preparing amended returns, or worse, answering an IRS challenge to your position since the 1099 is presumed to be correct until a corrected 1099 is received by IRS from the sender.

  • Reply to

    Discount drip price

    by dar200 Feb 7, 2015 2:38 PM
    dar200 dar200 Feb 12, 2015 4:16 PM Flag

    The average of the intraday highs and lows for the 5 trading days ending today is 59.2278. Thus, 95% = 56.2664 for the discount drip price. That's nice, almost 3 bucks below today's close.

  • Reply to

    Dividend

    by empire29_lake Feb 11, 2015 5:55 PM
    dar200 dar200 Feb 12, 2015 2:23 PM Flag

    I disagree about extensions inviting (or causing) inquiries. They do not.

  • Reply to

    nrf still not in rmz

    by octopusink Feb 11, 2015 5:08 PM
    dar200 dar200 Feb 12, 2015 1:31 PM Flag

    IMO, too much of the equity business was purchased within the last 5 years which means it is unlikely to qualify for a tax free (actually deferred) spinoff. The mortgage business is "old and cold" and the parent has been in the real estate rental business for well over 5 years. Thus a distribution of stock containing the mortgage business is an easy tax free transaction, just like NSAM.

    Names can easily be changed without tax consequences. The existing NRF can be renamed Northstar Equity REIT and NEWCO can be renamed Northstar Mortgage REIT. Furthermore, it makes no difference which business (equity vs mortgage) is the one which leaves the existing corporate/partnership structure when the object is to separate the mortgage business from the equity business.

  • Reply to

    Dividend

    by empire29_lake Feb 11, 2015 5:55 PM
    dar200 dar200 Feb 12, 2015 1:15 PM Flag

    Which is one of the reasons why you should always get an extension of time to file

  • Reply to

    nrf still not in rmz

    by octopusink Feb 11, 2015 5:08 PM
    dar200 dar200 Feb 12, 2015 10:12 AM Flag

    Thanks for looking that up. It was a good buying opp today(when down over 1%) because index crybabies are selling. NRF guaranteed inclusion (imo) with May rebalance since MSCI can see it historically when the 10-K is filed. Probability goes from 90% to 99% if spinoff of mortgage business is announced with earnings.

    Also, market does not have a clue how good to nrf the rxr-blackstone deal is, if it closes as presented in today's WSJ. I know it's real good relative to nrf's purchase price for about 30% ownership of rxr, but I can't (yet) quantify it for lack of necessary details.

  • Reply to

    NRF or NSAM quandry

    by hsterniac Feb 11, 2015 9:09 AM
    dar200 dar200 Feb 11, 2015 9:45 AM Flag

    30 was reduced to 29 by the robber shares.

    Other than spinoff pops, nrf is now a slow growth annuity.

    NSAM cad per share growth rate, percentage-wise, will be 3 to 5 times that of nrf over next 3 to 5 years.

    1k of each means you'll be half right.

  • Reply to

    Secret press release

    by dar200 Feb 10, 2015 9:28 PM
    dar200 dar200 Feb 11, 2015 9:38 AM Flag

    It's a secret.

  • See IV board.

  • Reply to

    Income 2 supplement 15

    by dar200 Feb 10, 2015 10:00 AM
    dar200 dar200 Feb 10, 2015 3:08 PM Flag

    We only got 2 to 3.5 inches. It did not hinder my drive to work in the least since I no longer drive to an office.
    About 20 miles north got another 10 inches to a foot. Boston, about 60 miles to the north and a little bit east got almost 2 feet on top of the prior accumulations. They are sinking under snow. Cold too. I'm doing my part to use up the natural gas surplus.

  • Reply to

    Discount drip price

    by dar200 Feb 7, 2015 2:38 PM
    dar200 dar200 Feb 10, 2015 10:12 AM Flag

    Who's your broker? All the broker has to do is enroll your shares in the plan with the drip agent.

    My units are held by Fidelity. They automatically enrolled. I did not have to ask them to do so. Same with Ameritrade.

ETP
55.94Mar 26 4:04 PMEDT