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CBL & Associates Properties Inc. Message Board

davidbdc2001 7 posts  |  Last Activity: Sep 25, 2014 10:31 AM Member since: Nov 12, 2008
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  • Reply to

    Great Acquisition!

    by bosox_pats Sep 24, 2014 7:45 PM
    davidbdc2001 davidbdc2001 Sep 25, 2014 10:31 AM Flag

    $18.75 per BOE

    Not cheap either - which is usually how garage sale stuff works out - seems like a good deal until you get home!!!

    Overpaid compared to other recent E&P transactions!

  • Reply to

    Great Acquisition!

    by bosox_pats Sep 24, 2014 7:45 PM
    davidbdc2001 davidbdc2001 Sep 25, 2014 10:21 AM Flag

    I'm fully aware of the fees we get from the drilling program. But lets be clear - we are raising the same amount that we did back in 2009!!

    Portfolio of properties is BS. The most successful E&P have core acreage that they develop - they learn along the way and outperform in their geography.

    We simply keep buying more and more different assets. No expertise - No geographic concentration. How to develop a strong organization - expertize - etc.

    Given that I own a decent amount - I hate to say it but this underperforming and not going anywhere fast. I like my term - garage sale stuff - that's what we own.

  • Reply to

    Great Acquisition!

    by bosox_pats Sep 24, 2014 7:45 PM
    davidbdc2001 davidbdc2001 Sep 25, 2014 1:12 AM Flag

    Bosox,

    How does this fit with anything we already have?

    We are just a hodgepodge of collected assets.

    Look at the most successful E&P players - they focus and execute. We just seem to go to the garage sale and buy whatever looks nice that day.

    As for raising $200 million this year - well seems to me that THREE years ago they were talking about 200-250!!!

    IMO just more of the same from a deal happy guy that doesn't have a coherent strategy for the organization to execute.

  • Reply to

    Why the bounce today?

    by jalicllc Sep 16, 2014 10:19 AM
    davidbdc2001 davidbdc2001 Sep 16, 2014 10:19 PM Flag

    Why would there be news?

    GRT got bought for a 40% premium. Some folks surmise that PEI or CBL could make a good acquisition target - that's why they went up today.

  • Reply to

    info on PEI

    by gerrttyc Sep 14, 2014 11:41 AM
    davidbdc2001 davidbdc2001 Sep 16, 2014 10:17 PM Flag

    I don't think there is anything really to say - No real reason to be nervous nor excited. The redevelopment in Philly will take a few years and outside of that there isn't much to comment on.

    Collect the dividend. Visit the grandkids!

  • Reply to

    Current stock price

    by lamboman_48 Apr 28, 2014 10:12 PM
    davidbdc2001 davidbdc2001 Jul 15, 2014 2:12 AM Flag

    Well I have a mixed opinion. I was happy we can finally fully develop the gallery and surrounding area and was hoping we'd swing for the fences. Instead they have indicated that we'll look for a partner.

    Then we bought that mall in Northern Virginia - an area we don't really have a presence - and we gave away 1/2 of the gains through 2017 (that's off the top of my head). I really don't understand that - we paid a strong cap rate and then further agree to split any of the near term gains. That doesn't make sense to me. I really felt we overpaid for that property. The selling firm has publicly stated they wanted to move properties - given that I would have liked to see a better cap rate and no way sharing of the gains.

    Outside of that I think we are pretty much fully valued. Not expecting a lot to change going forward and the dividend seems fairly secure at this level. Would have much rather spent some of the No. Virginia money on the Gallery and own that outright. But that's just my opinion of course.

  • Just released Q2 earnings and it was strong. Slightly higher production. Will be interesting to see what dividend is paid out. Also refinanced bank line at lower rates. So should be further strong cash flow as we move forward - looking forward to hearing what they have to say.

CBL
17.855-0.045(-0.25%)3:57 PMEDT

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