tag:blogger.com,1999:blog-21846828.post7193040756151604500..comments2024-01-14T16:01:08.962-08:00Comments on The Rational Realist: A Valuation Too FarRational Realisthttp://www.blogger.com/profile/08886526093283532105noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-21846828.post-91414653946702263482013-03-04T03:50:44.382-08:002013-03-04T03:50:44.382-08:00Property valuation compares the value and cost. Th...Property valuation compares the value and cost. They may not be equal. Cost is the initial amount put up in all the material or labor. Price is the amount that is paid. However, both cost and price cannot determine the value of a propertyproperty valuations in sydneyhttp://www.dkpp.com.au/property-valuations-in-sydney/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-87940101932762966322012-12-05T01:51:43.257-08:002012-12-05T01:51:43.257-08:00Commonly they are realized from sale of stocks, bo...Commonly they are realized from sale of stocks, bonds, precious metals and property. All countries do not implement a capital gains tax and most have different rates of taxation for individuals and corporations.valuershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-71760939122611779692012-10-05T04:17:40.499-07:002012-10-05T04:17:40.499-07:00The common thing that may prove it good for the e...The common thing that may prove it good for the enhanced of the people courage to get the more and more investment , you can get more professional advise from valuersvaluershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-82885957452260971942012-10-05T04:17:23.098-07:002012-10-05T04:17:23.098-07:00The common thing that may prove it good for the e...The common thing that may prove it good for the enhanced of the people courage to get the more and more investment , you can get more professional advise from valuers valuershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-3087283343950536212012-09-22T03:01:06.018-07:002012-09-22T03:01:06.018-07:00This is such a great source you are offering. I ap...This is such a great source you are offering. I appreciate seeing web pages that recognize the value of offering a primary source totally free. I really beloved looking at your content. Thanks!valuershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-53341819790258203232012-09-20T22:28:50.058-07:002012-09-20T22:28:50.058-07:00As common i am seeking some useful details, quickl...As common i am seeking some useful details, quickly i found this content and obtain some useful details great work such a great mind to use.valuershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-25226935489572819222012-09-17T03:00:58.846-07:002012-09-17T03:00:58.846-07:00it is really a very great writer.i really fortunat...it is really a very great writer.i really fortunate 2 u, because last three year i have no home.Really it is a very awesome site which gives us great thoughts.valuershttp://www.dkpp.com.au/property-valuers/noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-42585062446659521672012-08-28T08:21:40.119-07:002012-08-28T08:21:40.119-07:00" Direct cap with significant debt maturities..." Direct cap with significant debt maturities??"<br /><br />uh, yes, I would definitely prefer they use a cap rate than some nonsensical DCF.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21846828.post-18775222928997737912012-08-15T17:49:30.573-07:002012-08-15T17:49:30.573-07:00Thanks for the comments. You're right, all va...Thanks for the comments. You're right, all valuations can be made as instructed, and as I've written before these values have nothing to do with an actual market value if the REIT were to list on an exchange or be sold. <br /><br />I didn't read that the third party firm confirmed the valuation. Most of the times the third parties confirm the methodology, like your DCF, not the valuation itself, which as you must know is a big difference. A sponsor-derived valuation with its $#&% ton of assumptions would be more credible if a third party put its name and reputation behind the final value, not just the methodology. <br /><br />You're right too, that for investors that aren't selling their shares the new paper value doesn't mean much. Lifestyle has nearly stopped its share redemption progam. Last quarter it only redeemed 2% of shares in its redemption queue. Future redemptions, I'm sure, will be based on the new lower price.<br /><br />Non-traded REITs have to provide a value 18 months after their offering closes. The wide difference in how these REITs value their shares makes the process a joke. Lifestyle's weak disclosure didn't help the process and confirms that the valuation process is ineffective execpt for meeting a regulatory requirement.Rational Realisthttps://www.blogger.com/profile/08886526093283532105noreply@blogger.comtag:blogger.com,1999:blog-21846828.post-72861743236935945952012-08-15T16:45:01.581-07:002012-08-15T16:45:01.581-07:00Really dude?
All valuations are subjective and ...Really dude? <br /><br />All valuations are subjective and come with a $#!@ ton of assumptions. That's what valuations are--estimates of intrinsic value. Intrinsic value is not ever known, and buyers' market value may or may not accurately know intrinsic value. An you're calling BS on them using DCF??? Really??? What method would you prefer?! Direct cap with significant debt maturities?? Comparable sales by square foot with all of their historically troubled assets (I'm joking, of course, that's only considered meaningful in non-income-producing property. Of course, you knew that, right?)<br /><br />I'm beginning to legitimately question your finance/valuation credentials for real estate or any other asset class. <br /><br />And how in the world is having these REITs get an MAI appraisal better than doing it on their own with third party confirmation?? After leaving the corporate analyst world to becoming a real estate analyst, I realized that MAI stood for "Made as Instructed." If you don't think you can buy any valuation you want, ask Moody's...<br /><br />Perhaps you also forgot that the value shouldn't mean much for investors who aren't selling, so spending more money than necessary may be a wasteful use of shareholder capital. <br />Anonymousnoreply@blogger.com