Hi all
After the interesting thread on whether picking individual shares is for mugs, I was wondering if anyone who has a good understanding commercial property can tell me what they think of a particular ASX listed REIT I have on my radar.
Its called Reckson New York (RNY), They own a portfolio of offices in the NY tri state region. According to last annual report they are almost 90% occupied and generating enough revenue to cover their interest 2x.
I had a small speculative stake based on its large discount to NTA, but was considering topping up due to the prospect of a recovery in the NY comm property market which could make this even more underpriced.
I recently noticed that the Intelligent Investor Value Fund has bought a sizeable stake of the company and I like their general investment strategy, but I haven't had a great deal of experience in this particular geographic sector.
If anyone has any thoughts on the negatives or positives of RNY I'd be interested to hear them.
After the interesting thread on whether picking individual shares is for mugs, I was wondering if anyone who has a good understanding commercial property can tell me what they think of a particular ASX listed REIT I have on my radar.
Its called Reckson New York (RNY), They own a portfolio of offices in the NY tri state region. According to last annual report they are almost 90% occupied and generating enough revenue to cover their interest 2x.
I had a small speculative stake based on its large discount to NTA, but was considering topping up due to the prospect of a recovery in the NY comm property market which could make this even more underpriced.
I recently noticed that the Intelligent Investor Value Fund has bought a sizeable stake of the company and I like their general investment strategy, but I haven't had a great deal of experience in this particular geographic sector.
If anyone has any thoughts on the negatives or positives of RNY I'd be interested to hear them.