Author Topic: Smart, Fiduciary-Minded Real Estate Operators  (Read 2736 times)

BPCAP

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Smart, Fiduciary-Minded Real Estate Operators
« on: June 13, 2019, 11:41:47 AM »
I'm trying to get a handle on Real Estate securities.  I've tried in the past, only to find balance sheets I didn't like and a ubiquitous principal/agent problem where managements are in it for the fees and have too many incentives for growing square footage (regardless of price).  I haven't seen a "per-share-net-worth" and fiduciary-minded approach (at least among U.S. REITs). 

Any operators impress you?  Looking for:

Conservative balance sheets;
Good, Conservative management;
Independent thinking;

Basically, you know what I'm talking about.

Thanks for the help!


bizaro86

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #1 on: June 13, 2019, 12:42:37 PM »
FRPH?

BPCAP

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #2 on: June 14, 2019, 11:33:23 AM »
Thanks, don't know that one, and I'll look into it.

Also willing to take ideas on private REITs selling at a discount (treacherous grounds, I know--but I thought I'd look across the whole RE landscape). 


CorpRaider

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #3 on: June 14, 2019, 01:05:28 PM »
Sorry if this reply is too elementary:

The Zell/equity complex comes to mind, but I think he would tell you himself not to touch them/RE at this price (which kind of make me think he's not full of sh*t).  SRG has some Buffett associations/imprimatur, but then again he's loaning them money at 7%. 

You could check out HHC and JOE. I think the incentives are at least right there... 

People on here (I am not among them) like KW and BAM.

 U could also maybe screen for REITs that have reduced float, since that would run contrary to the typical constant dilution behavior.

Happy hunting and let us know if you find anything interesting.
« Last Edit: June 14, 2019, 01:11:06 PM by CorpRaider »

cherzeca

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #4 on: June 14, 2019, 06:45:31 PM »
Sorry if this reply is too elementary:

The Zell/equity complex comes to mind, but I think he would tell you himself not to touch them/RE at this price (which kind of make me think he's not full of sh*t).  SRG has some Buffett associations/imprimatur, but then again he's loaning them money at 7%. 

You could check out HHC and JOE. I think the incentives are at least right there... 

People on here (I am not among them) like KW and BAM.

 U could also maybe screen for REITs that have reduced float, since that would run contrary to the typical constant dilution behavior.

Happy hunting and let us know if you find anything interesting.

JOE is interesting but something you put away and not look at for 5 years

scorpioncapital

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #5 on: June 17, 2019, 12:34:32 PM »
Srg?

Spekulatius

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #6 on: June 17, 2019, 01:48:02 PM »
HHC and VNO come to my mind.
To be a realist, one has to believe in miracles.

BPCAP

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #7 on: June 17, 2019, 04:26:34 PM »
I've read and re-read a lot of HHC filings, hoping to see what the bulls are seeing.  I don't get it. 

I know some of the choice properties well, and all I can see is they're not really making much profit at the end of the day. This is the time the big bucks start rolling in, but the numbers suggest they're still just washing lettuce.  It looks like the execution hasn't matched the promises of its people and premise. 

But I might be missing something.

BG2008

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #8 on: June 18, 2019, 08:15:33 AM »
I've read and re-read a lot of HHC filings, hoping to see what the bulls are seeing.  I don't get it. 

I know some of the choice properties well, and all I can see is they're not really making much profit at the end of the day. This is the time the big bucks start rolling in, but the numbers suggest they're still just washing lettuce.  It looks like the execution hasn't matched the promises of its people and premise. 

But I might be missing something.

Haha

BG2008

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Re: Smart, Fiduciary-Minded Real Estate Operators
« Reply #9 on: June 18, 2019, 08:35:54 AM »
I've read and re-read a lot of HHC filings, hoping to see what the bulls are seeing.  I don't get it. 

I know some of the choice properties well, and all I can see is they're not really making much profit at the end of the day. This is the time the big bucks start rolling in, but the numbers suggest they're still just washing lettuce.  It looks like the execution hasn't matched the promises of its people and premise. 

But I might be missing something.

Haha

BPCAP,

Can you outline exactly why you don't see value in HHC?  The haha isn't meant to be a taunt.  I feel like there are three groups of investors of HHC.  First, the ones that don't get the value.  On the surface, it is hard to see the value.  We struggled with it for a long time as well.  Second, there are the group that sees the value but believes that the catalyst is many years away and don't want to own it now.  Third, there's the group that owns the stock and are willing to ride through the up and downs and believes that it is crazy undervalued.