Author Topic: GRIF - Griffin Industrial Realty  (Read 83337 times)

cubsfan

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Re: GRIF - Griffin Industrial Realty
« Reply #290 on: November 24, 2020, 04:37:14 AM »
^ BG2008 - I've followed GRIF for some time now. You did a terrific job working with management. Kudos to you for all your efforts.


villainx

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Re: GRIF - Griffin Industrial Realty
« Reply #291 on: November 24, 2020, 11:16:31 AM »
So now what?!?

Gregmal

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Re: GRIF - Griffin Industrial Realty
« Reply #292 on: November 24, 2020, 11:25:04 AM »
So now what?!?

A congrats to BG for sure and a wish of luck fitting a camel through the eye of a needle trying to pair down 1%+ of a micro cap RE company at full(maybe even a hair overvalued!) FV...something I dont think Ive ever seen anyone do successfully. Usually, its at 80% of FV for these type of names...which sadly is what I ended up selling this for. Anyway, I didnt think he could top FRP on a start to finish basis, but somehow did. Whats the 3rd act now?

thepupil

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Re: GRIF - Griffin Industrial Realty
« Reply #293 on: November 24, 2020, 11:28:01 AM »
gregmal, you can't fully sell GRIF!!!! the more the stock goes up the more undervalued this may be  :P

pansy trims, take some fruit off the tree, but don't cut it down!

Management may start PRINTING shares  ;)
« Last Edit: November 24, 2020, 11:38:43 AM by thepupil »

Gregmal

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Re: GRIF - Griffin Industrial Realty
« Reply #294 on: November 24, 2020, 12:19:09 PM »
I will say, as a RE investor, the past month has now made me capable of understanding what it feels like to have been a tech investor for the past 10 years! Hopefully we get the same.

thepupil

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Re: GRIF - Griffin Industrial Realty
« Reply #295 on: November 24, 2020, 12:26:35 PM »
ha, unfortunately real estate doesn't have that whole rapidly growing earnings thing going for it...

villainx

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Re: GRIF - Griffin Industrial Realty
« Reply #296 on: November 24, 2020, 01:32:11 PM »
New high today.  I wouldn't mind if they were issuing equity via the ATM today.  $64-65 price $70 NAV.  Higher trading volume will improve liquidity which makes it more invest-able for the bigger guys.

Plus the new distribution is supposed to have a stock div component. They've been attacking the float in a number of different ways.

BG2008

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Re: GRIF - Griffin Industrial Realty
« Reply #297 on: November 25, 2020, 07:53:31 AM »
So now what?!?

A congrats to BG for sure and a wish of luck fitting a camel through the eye of a needle trying to pair down 1%+ of a micro cap RE company at full(maybe even a hair overvalued!) FV...something I dont think Ive ever seen anyone do successfully. Usually, its at 80% of FV for these type of names...which sadly is what I ended up selling this for. Anyway, I didnt think he could top FRP on a start to finish basis, but somehow did. Whats the 3rd act now?

Greg,

Thank you for the kind words.  Your kind words a while back got me through this thesis.  I guess I am now a bit more seasoned and really understand what some of the old timers are mean when they say that "value can underperform for a long time."  If you look at the performance for the first 3 years froma  $35 cost basis, this was a low to mid single digit CAGR.  And then 3-4 months turns this into a 20-25% CAGR.  Tobias Carlisle talks a lot about value staying stagnant and then when performances do come, they come in a very violent way to the upside.   The same thing is true for a lot of the office REITs this year.   I guess, I have a tendency to buy stuff that are beaten down and unloved.  But I have to stick with it being out of favor for a while.   

I've got a 3rd act loaded and building a 4th act.  Almost 25% of my book in those 2 names. 

I agree with Pupil that this becomes a reflexivity play form here.  At double digits of my book today, I have to think about the proper allocation in my portfolio.  I am conflicted because it is trading at fair value now more or less.  But people seem to love Gordon Dugan.  Also, it's much easier to grow a $400mm market cap than a $50bn MC. 


BG2008

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Re: GRIF - Griffin Industrial Realty
« Reply #298 on: November 25, 2020, 09:46:39 AM »
Trimmed 5% to help solve the trading liquidity issue.  Watch the stock soar 50% from here because I took a few chips off the table! Probably going to keep at least 60% of my original position to see what Gordon can do.  I'm also loading up on Act 4.  So there is an alternative use of capital. 

BG2008

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Re: GRIF - Griffin Industrial Realty
« Reply #299 on: November 25, 2020, 11:52:53 AM »
I am in awe of the Gordon DuGan magic.  New high of $71.88 on 21,160 shares traded today on a down day in the market.  When I grow up, I want to be Gordon DuGan.