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Non-Tech : Income Investing

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To: FL_Guy who wrote (46964)	12/1/2021 8:57:37 AM
From: E_K_S	Read Replies (2) of 52143

Re: Broken preferred I posted this on another thread regarding SOHO. It looks like they hold their properties in different LLC and have operating partnership. Then it looks like some of those properties have individual mortgages. They even have them encumbered w/ debt across all their properties. It's hard to know exactly how much debt there is and what's reflected on the balance sheet is the total of all the loans (I think it is). The positive is cost of the real estate is reflected on the balance sheet not the market price. Stated BV is $1.99/share and I think it is 2x that amount based on this last sale. I still think SOHO is a good buy-out candidate or at the very least they may sell another property to pay off most/all of the outstanding debt. This leaves them a lot of flexibility to refinance their preferreds and/or w/ long term debt.

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