CorpRaider

Same.

NTCO.

AIV

AIV

Haha. Maybe I will try renting one first.

I like him. Seems nice and smart. I've watched/read most of his stuff. I think I follow the reduced liquidity/higher volatility hypothesis which I gather (if I'm able to follow him) is actually what he does/uses to inform his strategies to make $$$ (my caveman way of articulating it is basically he thinks many derivatives are underpricing this risk/feature of markets). The sort of hypothetical endgame about the value premium: I don't think he's actually betting on, but it is interesting to think about. Seems like maybe the price simulations and like extreme conclusions could be missing the impact of carry/actual businesses doing stuff with their cash (i.e., mkt is not just zero sum traders back and forth...there are bidnesses and cash and income/shareholder yield derived therefrom).

A boat? ;D

What's your @twitter BG?

AIV

I'm going to try to do public school if at all possible. I feel like private school (outside of like nationally elite schools) kind of cuts off the right tail. Anecdotally, there also seems to be more drug use and other issues due to the resources prevalent among the kids (or something). Likely to build a better/more useful network, which is probably the main positive factor. I sort of feel like the best plan is to get the fancy imprimatur on the final degree, all else being equal.

AIV

Whelp.

BAC, WFC :o

FCNCB

AIV, JBGS, BRK.B, DIS, TD

Haha. They are just citing the MRQ total debt to ebitda. They both have ~55% TL/TA. Lazy balance sheets. SLG is weird because it has like a mini merchant bank on the BS (should be levered like 5/1 LFG). They seem to be harping on the VNO retail exposure. The most troubling thing to me is that they are actually a fan company (did we already exhaust that joke <groan>)?.

Yeah I'ma fade this. Youngs trying to get dates through the local church group so they can go get some papa johns? Nah man.

Sold a little $SLG yesterday.

thanks for sharing. these numbers are shockingly high. I am amazed that half of people are back in some places. the NYC REITs have been saying 10%-20% of people are back and I would've guessed 15-25% elsewhere (in the US). this article is very different than what my impression is from following the REITs. weird. trying to think if there a reason that locks/unlocks would overstate occupancy? data seems suspiciously good to me. Maybe the nuance is that higher rent type of tenants (tech/finance/law etc) that are in the blue chip buildings are functioning better remotely whereas some others are more eager to get back to the office? Vornado speaking yesterday at BofA to follow up here, ther'e a bloomberg article today saying Manhattan office is about 10% full and other major cities are more like 25%. If you pro forma'd for the real estate industry's 50%+* occupancy in Manhattan, you'd probably be in the single digits. *for the record, I think this is kind of dumb for them to be "leading by example". Can you imagine the headline if Related/VNO/SLG's/BPY's leasing/acquisition team gets covid? tenants will return because they want to/feel good about doing so, not because their landlord is in the office. Yeah that is stupid and cringey. Not as bad as the plea that the Related guy penned for the WSJ, but cringe. W/R/T some of the other comments above, I agree we could see things shaking out with the BSD guys and gunners fighting for space in the trophy/downtown space and the more drone workers being in a hoteling situation at the nice digs downtown with the BSD views (and the network effect of proximity to the decision makers at clients/potential clients and popping over and meeting bob the billionaire for lunch if he's available to take a meeting, etc...) and wow I just talked myself into thinking this is all galaxy brain bs and not much will change.

Interesting. Thanks for sharing. Bilerman @ citi pretty much reflects my impression of the deal, like wtf are they doing...they have all these cross-company options and other inter-party relationships they are setting up to "simplify" things and they are sticking holders with a phantom tax bill (!) because they think they can predict the future (wow that would probably be a malpractice suit for me) to close a discount to mgmt's estimate of NAV? Looks like L&B owns ~1.4% percent of the outstanding as of last q.

If I had to try and code from one of those shared desks I would never want to come in.

My biggest fear is they sit there sucking their thumb and paying the SG&A. I saw some commentary that the paying of the dividend means people infer they don't intend to close a deal this tax year. I dunno about that but I do know Zell has been cautious for years in his like "market commentary." Though to be honest from what I've read about him I kind of think he just gives his opinion on macro stuff but it doesn't really impact what he actually does, which seems to be buy quality property below replacement value that has been under-managed/presents obvious value-add opportunities. But if he said that every time he was asked a question on a TV program, he probably wouldn't get many invites. I almost did some more EQR (and some PGRE) today too but I have to save some room for "disrupted" financials and "disrupted" media companies in with my "disrupted" real estate. haha

EQC

Diworsified from WFC into BAC. Ok Li Lu and WEB?

I would be less inclined to go into my office in midtown where I normally ride the path/subway or take an uber versus driving my Tahoe to my suburbia nightmare office park with a view of a retention pond in Atlanta or Houston where there is really no viable public transportation anyway and the traffic is now slightly less hellish. So I would buy that NYC is lower than RUS.