Using Veritas to Construct the "Per…

29-04-2017 Hits:84610 BoomBustBlog Reggie Middleton

Using Veritas to Construct the "Perfect" Digital Investment Portfolio" & How to Value "Hard to Value" tokens, Pt 1

The golden grail of investing is to find that investable asset that provides the greatest reward with the least risk. Alas, despite how commonsensical that precept seems to be, many...

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The Veritas 2017 Token Offering Summary …

15-04-2017 Hits:79081 BoomBustBlog Reggie Middleton

The Veritas 2017 Token Offering Summary Available For Download and Sharing

The Veritas Offering Summary is now available for download, which packs all the information about Veritas in a single page. A step by step guide to purchasing Veritas can be downloaded here.

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What Happens When the Fund Fee Fight Hit…

10-04-2017 Hits:78928 BoomBustBlog Reggie Middleton

What Happens When the Fund Fee Fight Hits the Blockchain

A hedge fund recently made news by securitizing its LP units as Ethereum-based tokens and selling them as tradeable (thereby liquid) assets. This brings technology to the VC industry that...

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Veritaseum: The ICO That's Ushering in t…

07-04-2017 Hits:83414 BoomBustBlog Reggie Middleton

Veritaseum: The ICO That's Ushering in the Era of P2P Capital Markets

Veritaseum is in the process of building peer-to-peer capital markets that enable financial and value market participants to deal directly with each other on a counterparty risk-free basis in lieu...

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This Is Ground Zero for the 2017 Veritas…

03-04-2017 Hits:79978 BoomBustBlog Reggie Middleton

This Is Ground Zero for the 2017 Veritas Offering. Are You Ready to Get Your Key to the P2P Capital Markets?

This is the link to the Veritas Crowdsale landing page. Here is where you will be able to buy the Veritas ICO when it is launched in mid-April. Below, please...

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What is the Value Proposition For Verita…

01-04-2017 Hits:82285 BoomBustBlog Reggie Middleton

What is the Value Proposition For Veritas, Veritaseum's Software Token?

 A YouTube commenter asked a very good question that we will like to take some time to answer. The question was, verbatim: I've watched your video and gone through the slides. The exchange...

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This Real Estate Bubble, Like Some Relat…

28-03-2017 Hits:53259 BoomBustBlog Reggie Middleton

This Real Estate Bubble, Like Some Relationships, Is Complicated...

CNBC reports US home prices rise 5.9 percent to 31-month high in January according to S&P CoreLogic Case-Shiller. This puts the 20 city index close to an all time high, including...

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Bloomberg Chimes In With My Warnings As …

28-03-2017 Hits:81291 BoomBustBlog Reggie Middleton

Bloomberg Chimes In With My Warnings As Landlords Offer First Time Ever Concessions to Retail Renters

Over the last quarter I've been warning about the significant weakness in retailers and the retail real estate that most occupy (links supplied below). Now, Bloomberg reports: Manhattan Landlords Are Offering...

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Our Apple Analysis This Week - This Comp…

27-03-2017 Hits:81292 BoomBustBlog Reggie Middleton

Our Apple Analysis This Week - This Company Is Not What Most Think It IS

We will releasing our Apple forensic analysis and valuation this week for subscribers (click here to subscribe - lowest tier is the same as a Netflix subscription). As can be...

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The Country's First Newly Elected Lame D…

27-03-2017 Hits:81101 BoomBustBlog Reggie Middleton

The Country's First Newly Elected Lame Duck President Will Cause Massive Reversal Of Speculative Gains

Note: Subscribers should reference  the paywall material here for stocks that should give a good risk/reward scenario for bearish trades. The Trump administration's legislative outlook is effectively a political desert, with...

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Sears Finally Throws In The Towel Exactl…

22-03-2017 Hits:86951 BoomBustBlog Reggie Middleton

Sears Finally Throws In The Towel Exactly When I Predicted "has ‘substantial doubt’ about its future"

My prediction of Sears collapsing once interest rates started ticking upwards was absolutely on point.

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The Transformation of Television in Amer…

21-03-2017 Hits:84969 BoomBustBlog Reggie Middleton

The Transformation of Television in America and Worldwide

TV has changed more in the past 10 years than it has since it's inception nearly 100 years ago This change is profound, and the primary benefactors look and act...

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The most recent quarterly earnigns highlight for ACC is now available to subscribers. ACC 2Q09 results review ACC 2Q09 results review 2009-08-12 01:25:50 110.50 Kb

Highlights from the opinion...

In 2Q09 ACC’s net income available to common shareholders’ declined to $(5.3) mn, or $(0.11) per share, for 2Q09 compared with $0.30 mn, or $0.01 per share, in 1Q09 primarily owing to decline in average occupancy to 90.7% in 2Q09 compared with 92.8% in 1Q09 and higher marketing expenses. Although in 2Q09 ACC’s total debt declined to $1,190 mn as of June 30, 2009 due to equity offering ($199 mn) the company still continues to face significant problems relating to financing of its debt maturities, particularly in light of its meager cash flows. The company’s average debt maturity as of 2Q09 was at 4.2 years while its Debt-FFO as of June 30, 2009 was at 20.5x.

 

Although ACC does not have significant proportion of debt obligations due in H209 and 2010 the company’s sparse cash from operations is not likely to fund the debt obligations. Based on management guidance for 2009 and a nominal growth in FFO going forward (2.5% y-o-y, in line with ) and taking into consideration ACC’s recurring capex, new development capex dividend payments and debt obligations, ACC is expected to face a shortfall of $146 mn, $83 mn and $239 mn in 2H09, 2010 and 2011, respectively.

FFO growth

 

2.5%

2.5%

2.5%

2.5%

$ mn

2H-09

2010

2011

2012

2013

FFO

           38

           76

           78

           80

           82

 

       

 

Recurring capex

           (5)

         (10)

         (10)

         (10)

         (10)

New Development capex

           (9)

            -  

         (46)

            -  

            -  

Dividend

         (32)

         (65)

         (65)

         (65)

         (65)

Debt payable

       (138)

         (84)

       (197)

         (75)

       (118)

Total outflow

       (185)

       (159)

       (317)

       (149)

       (193)

 

       

 

Shortfall

       (146)

         (83)

       (239)

         (69)

       (111)

FFO for H209 based on average range of management guidance. 2010-2013 FFO is computed based on 2.5% y-o-y growth in FFO as inflationary 2% to 3% rental rate increases. Occupancy is implicitly held constant. Dividend payable based on 1Q09 dividend of $0.3375 per share and shares outstanding as of 2Q09. Recurring capex based on average recurring capex per bed multiplied by average beds. Debt payable as per company’s debt schedule