My friend, you read way too much into my posts. Half the time I'm just playing with posters like you that take their business here very seriously, but in a weird way.
While I think you put too much energy into finding old posts that indicate you are long, I am impressed that you found one post 2+ years old, written by me that says something that suggests you are not short. I do remember writing it.
Long live Mug, the long. Long live RAS, the pawnbroker real estate lender.
Ok. You own 100 shares! Am I close?
Maybe I have memory problems.
Sorry, I didn't go back and read your old posts.
What I mean is, I thought the plan was to lend. Now they say they will only originate $200 to $500 million in new loans in 2016. I understand there are capital constraints.
I thought the plan was to own and manage real estate, yet Ras is selling of many properties. Some that are operating poorly and others that appear to be highly profitable.
They do continue to manage billions in real property.
So, I find the business model is one that continues to evolve rather than a set game plan.
One might say the company continues to play the hand the marketplace delt it. All depends on ones point of view.
I think 15 is reasonable. CAD will decline as loans get repaid. Presumably, an excessive amount of loans were not repaid in Q1.
If cad comes in at 13, I don't see how they will make 50 by year end.
So, what say you for this quarter? I say 15 cents of regular CAD. CAD from property sales is all guess work.
Yes, CAD wil slowly dip quarter by quarter as loans get repaid.
The SEC is in charge of price decline investigations?
I know a few very noisy posters......quiet? What board have you been on?
I'm not talking Scott's effort up. Just trying to put Blame where it belongs.
He didn't decide to merge Tabernas into RAS, that was the Cohen's call.
Yes, Scott let his staff extract fees from the Tabernas borrowers........illegally so, according to the SEC. It didn't work, but seemed like a good idea trying to make some lemon aid out of Tabernas. Pushing the limits of legality seems to be the way of the day. Didn't work.
Institutional investors have bought the common. Maybe check where you have your retirement money and you will find that they have invested in RAS😀
Tabernas was not current management. That was done by the Cohens.
Over issuing Prfd shares is easy to fix. Buy them back. No harm done, just some expenses related to issuing them.
I'm not a Scott apologist, I'm just gently challenging the statements you have made. I think you will do fine with RFT and RFTA.
IRT's selling off of the original properties that Ras contributed at the formation of the company will not change Ras fees earned. At the time of the IPO Ras agreed to take nothing for managing those 6 properties.
So, by now the 7% convert in the amount of about $30 million has been retired.
I KNOW ras has raise another $50 million and speculate that it has used some of it to buy back SOME of the publicly traded debt at a discount.
Just for fun....
How about RAS cut its common dividend for a while and also stop paying dividends on the Prfd A, B, C for a while. Everyone would be mad, but how much cash would be generated and what could be done with it. I give a rough calculation that this move would help Ras hold $50 million per year.
Ras could buy back ALL of the publicly traded five year debt. Then it could pay back the 7% debt owed to Taberna. Then it could lastly retire the 4% convert.
Everyone would be mad. I think it's a relatively good idea.
What do you all think?
He will never buy back PDFS.
However, I believe we will see shortly that the company has been buying back some of the shorter term debt.
Retail investors are pulling in their horns at the moment. They are all Very afraid. I bet the high payout scares some retail investors away too. It looks unrealistically high. I'm sure many have been burned chasing high dividends only to be disappointed when the dividend is cut😜
Scott says IRT's dividend, while high, will not be cut. So there we have it, no worries!
As an example. EQR has a market cap that is 83 times larger than IRT.
EQR focuses on larger market cities and is decades old.
EQR's stock is relatively liquid. Buying into IRT is more of a commitment......more like buying into a partnership.
Irt is young and small cap. In a $300 million market cap company just how much capital can any institution deploy?
You hit the nail on the head, perhaps without realizing it...........at its size and age it can in no way be a blue chip, yet you compare it to the blue chips of the REIT residential universe.