$9.06 -0.01 (-0.11%)
12/3/2009 4:01 PM

Winthrop Realty Trust (FUR)

CAPS Rating: 4 out of 5

The Company is engaged in the business of owning real property and real estate related assets.

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Member Avatar aparker385 (97.45) Submitted: 3/13/2009 2:00:23 PM : Outperform Start Price: $6.47 FUR Score: -5.83

Concord and Marc have no recourse to parent. After we write these investments down to $0, the implied cap rate on the operating properties today is over 12%. For triple net lease assets with pretty decent credit quality tenants, you have to step up and buy. Who knows where stock will go near term, but I think it's pretty easy to believe these assets are undervalued. The parent company BS is extremely solid with a net cash position. Very little BK risk at this REIT. I'm willing to wait for market to recognize this value. Catalyst will come when earnings drag from MARC and Concord disappear

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Member Avatar aparker385 (97.45) Submitted: 3/24/2009 11:06:18 AM
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Additionally, FUR is essentially a vehicle to invest in real estae assets. It's comprable to a MRKL, BRK-A, or GLRE, except that it instead of insurance premiums, it uses real estate cash flows to invest in other real estate assets. Basically FUR is a cpaital allocator focused on real estate. The manager here is Michael Ashner, who owns a significant portion of the stock and has an impressive track record. At today's prices I think you are not only getting the real estate assets and value of the company at a discount, but also Ashner's capital allocation skills.

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