rosemontseneca

Basket of multifamily REITS - CPT, MAA, EQR, ESS, AVB

AHT common

Time to load up?

Check with your bank about an unsecured line also. I recently opened a 3-year unsecured revolving line with a regional bank at Prime + 25 bps. Was pleasantly surprised how easy the process was.

What impact do we think inflation has on the group? Struggling with this question. Assume it all gets passed through in the medium/long term, but how much turnkey risk do they have on longer-term fixed price work?

Does anyone worry about the expiration of the MSG use permit in 2023? With Cuomo on the way out, I don't think MSG is as well protected politically as it was in 2013. Could MSG get shut down or get forced to build elsewhere without adequate compensation? That said, the SOTP math still works even if you zero out the garden.

Foreign holdcos (Exor, CK Hutchison, Jardine Matheson), foreign telecom (TIGO, TNET:BE, VIV), some energy (SU, CHK)

Some of the new issues are really struggling. Presume they have to turn the tap off at some point? Picked up AFAQU at 9.85 just now A-rod spac (SLAMU) also now below 10

Plenty of higher quality new issues at or below $10.00. I like FVIVU, FRWAU, KAHCU, LAACU and ROSSU as cash alternatives.

Good find on APTS. Those Oct $15 calls look pretty good. If it compresses to a 5 cap, payoff is 30:1

Same issue, but I got foreign ordinaries (JDSHF and JARLF), not ADRs. I think since they are dollar denominated fidelity shows them using the foreign ordinary ticker but you can trade them on Singapore exchange seamlessly using local J37/J36 tickers. I called Fidelity on it when I first bought J37 and got JDSHF thinking it was some mistake, and they said they are the same security so it doesn't matter. Didn't realize that.

FLMEU, AGACU, HERAU. All sub $10.

There are a dozen or so recent SPAC IPOs trading at or below $10/unit right now. Seems like buying these and selling the warrants and shares separately when they detach in ~2 months is free money and beats holding cash in a savings account. What am I missing?

Bought NEN with proceeds from EQR/CPT sales

I got to a 7 cap by backing out 487mm for the development pipeline. That's what they use in their NAV buildup on page 35 of their latest investor deck, but I don't know if that reflects cost or some write-up to cost. If the latter, it's probably an aggressive assumption. I also go back and forth on the overhead question, but for purposes of my math it's excluded.