Whiterock Real Estate Investment Trust T.WRK.DB.K

Jumped in today

[techguru]

Has been on my radar for long time due to high yield but waiting for some kind of break out and looks like we have one now.  High yield which looks safe.  Should be an easy double from these levels.  Looking at q2 results if you take revenue back out G&A and payout to unitholders gives you an annualized number of 46 million for year or about $10 a unit.  At $20 it is trading about 2 times a rough measure of EBITDA.  Assuming no collapse in commercial market pricing looks awfully cheap all the way up to $40 where it is more reasonably priced but still on the cheap side even at $40.

[baudelaire]

 EBITDA is crazy. And so is REIT accounting for that matter. REITs already ignore D&A, which is particularly nonsensical for class B office focused REITs. Tax isn't an issue. But, for an entity using 70% leverage, to ignore interest expense is absurd. Your EBITDA figure excludes operating expense, which it shouldn't.Putting everything in per unit figures based on the Q2 six month

[canadafan]

Baudleaireyou are taking great efforts to discredit any good that comes out of the WRK camp.I would assume you are not a unit holder, becuase if you were "bashing" the thing all over the place as you have been doing would be like shooting yourself in the foot.I have disclosed my position: I have held WRK for some time, I read the financials, listen to the confernce calls and have

[techguru]

ebitda is a good measure for anything.  Whiterock is especially undervalued when you consider we are in a deflationary economy where interest rates are going to stay low for a very long time.  I think their renewal rates will be on very favourable terms so your interest expense line will ramp down very quickly.  Could go on with financials but other work interesting aspect is

[baudelaire]

"ebitda is a good measure for anything."Anything?"Whiterock is especially undervalued when you consider we are in a deflationary economy where interest rates are going to stay low for a very long time"The REIT with the largest relative debt load is the go to name in a deflationary environment?  Rental rates should fall in such an environment while the debt is almost all