tag:blogger.com,1999:blog-21846828.post8492579972973039535..comments2024-01-14T16:01:08.962-08:00Comments on The Rational Realist: Bad GuessRational Realisthttp://www.blogger.com/profile/08886526093283532105noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-21846828.post-24928849349871070222015-04-06T17:06:28.984-07:002015-04-06T17:06:28.984-07:00With CNL, it was not just the reduction of equity ...With CNL, it was not just the reduction of equity as a result of the real estate price decline since purchase. The REIT returned a hefty chunk of principal for many years, (they were raising capital for 6+ years ?), and I don't think they ever generated enough cashflow to support the dividend during that stretch or after during the operating period, until reducing the dividend, and it turns out the buybacks since inception have been at a premium to true NAV further reducing the remaining NAV for current shareholders. Leverage of course amplifies all of this, which could have been positive had the market gone the other way, but weighs heavy in each of these areas. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21846828.post-5420398203467404732015-03-20T05:36:06.817-07:002015-03-20T05:36:06.817-07:00With these stealer results and track record, you s...With these stealer results and track record, you should sell a lot of product on this platform. Makes sense - maybe that is why NPH is losing a lot of their advisors.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21846828.post-75791595572678337452015-03-14T21:43:12.631-07:002015-03-14T21:43:12.631-07:00Can't wait to see CNL on NPH's platform. A...Can't wait to see CNL on NPH's platform. Any day now.Anonymousnoreply@blogger.com