tag:blogger.com,1999:blog-2080506270244832638.post9142893764706179174..comments2024-03-18T20:44:42.858-05:00Comments on Clark Street Value: HMG/Courtland Properties: Microcap REIT LiquidationMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-2080506270244832638.post-16829460082533693092024-01-14T10:37:48.291-06:002024-01-14T10:37:48.291-06:00Great news. was hoping it would be faster but thi...Great news. was hoping it would be faster but this at least gets our basis backAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-35780144002087413832024-01-04T09:41:05.877-06:002024-01-04T09:41:05.877-06:00Another $10 distribution to paid on 1/19/24Another $10 distribution to paid on 1/19/24MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-25699948659815882402023-01-13T10:40:39.406-06:002023-01-13T10:40:39.406-06:00Thank you, didn't see this until you posted it...Thank you, didn't see this until you posted it. Good news, hoping it would have been a little more, but nice to see some movement.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-36937580526518337372023-01-13T10:35:55.248-06:002023-01-13T10:35:55.248-06:00https://www.hmgcourtland.com/Notice-of-liquidating...https://www.hmgcourtland.com/Notice-of-liquidating-distribution-1-13-23.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-72240567399603773572022-11-11T16:18:32.568-06:002022-11-11T16:18:32.568-06:00No real update as far as I know. I hope Ian didn&...No real update as far as I know. I hope Ian didn't cause any problems with the Fort Myers apartment complex sale, I'm guessing it was completed well before that.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-5284472335695535872022-11-11T12:16:06.125-06:002022-11-11T12:16:06.125-06:00Anyone have any ideas on when we should get a dist...Anyone have any ideas on when we should get a distribution here? Or really even an update from HMG? Thanks again for sharing this one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-34041304533909333222022-07-31T01:39:52.339-05:002022-07-31T01:39:52.339-05:00Very impressed with your back of the envelope valu...Very impressed with your back of the envelope valuation! Factoring in sales expenses i.e. broker commission etc. HMG's equity seems to be right around your estimate. With the biggest question mark de-risked I guess the biggest factor going forward is the timing of the distribution. I wonder how long that will take...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-33573476640455735952022-06-24T08:20:33.202-05:002022-06-24T08:20:33.202-05:00https://www.gulfshorebusiness.com/murano-at-three-...https://www.gulfshorebusiness.com/murano-at-three-oaks-apartments-sell-for-122-5-million/<br /><br />Murano at Three Oaks sold for $122.5MM, $10MM above my estimate.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-87879887805130984182022-05-02T08:15:37.135-05:002022-05-02T08:15:37.135-05:00Oh nice, now hoping to see it is up for sale. A b...Oh nice, now hoping to see it is up for sale. A bit disappointed that this went non-traded before they made any distributions or even sold anything, money likely tied up in this for a while but still have confidence it will turn out pretty well.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-29447250790530761662022-05-02T07:47:32.104-05:002022-05-02T07:47:32.104-05:00for what its worth, the zestimate for "Execu...for what its worth, the zestimate for "Executive Offices" at 1870 South Bayshore Dr in Coconut Grove, FL is now showing $3.5mm+ vs $2.5mm at the time of posting.<br />Thanks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-6883026718178201232021-12-16T14:47:38.769-06:002021-12-16T14:47:38.769-06:00That's totally fair, I do agree, don't thi...That's totally fair, I do agree, don't think they're in a big hurry and there is a lot to untangle here. Less of a screaming buy at $22 today.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-39081523419317965452021-12-16T14:18:47.363-06:002021-12-16T14:18:47.363-06:00The one bad thing that stood out to me is that the...The one bad thing that stood out to me is that they do not intend to make any pre-effective date distributions. And they only intend to implement the monetization strategy after the effective date. So, Q1 vote, then a maximum of 90 days to the effective date, post-effective date liquidations will be made 150 days after the last notice of rejection given, etc. <br /><br />I guess we would be lucky if a first distribution is paid out in 2022. Value is surely there but I don't think these guys are in a hurry and the IRR could be (relatively) disappointing. Though still an above-average bet, probably.writserhttps://www.blogger.com/profile/04755781938953507727noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-21861698060943970182021-12-15T19:33:15.273-06:002021-12-15T19:33:15.273-06:00Guessing Q1, liquidation vote is early in the new ...Guessing Q1, liquidation vote is early in the new year.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-88239725428143449762021-12-15T17:12:24.275-06:002021-12-15T17:12:24.275-06:00When do they have to issue their financials on a l...When do they have to issue their financials on a liquidation basis?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-55322164577830418062021-12-15T15:35:47.214-06:002021-12-15T15:35:47.214-06:00https://www.sec.gov/Archives/edgar/data/311817/000...https://www.sec.gov/Archives/edgar/data/311817/000157587221000375/0001575872-21-000375-index.htm<br /><br />Initial estimation is $20-30/share. So my guess was the high side, but the initial range tends to be conservative, might be roughly right.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-43838855379323809802021-12-03T14:24:29.957-06:002021-12-03T14:24:29.957-06:00Yes, they're best bought in an IRA.Yes, they're best bought in an IRA.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-55998445935690415892021-12-03T12:09:25.290-06:002021-12-03T12:09:25.290-06:00Very interesting. Does anyone know whether you can...Very interesting. Does anyone know whether you can buy liquidations in an IRA?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-28188838736421887832021-12-03T08:41:11.009-06:002021-12-03T08:41:11.009-06:00I appreciate the added color, thank you.I appreciate the added color, thank you.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-29651981963144786552021-12-03T01:23:55.440-06:002021-12-03T01:23:55.440-06:00Murano has 318 units averaging 942 square feet, fo...Murano has 318 units averaging 942 square feet, for a total of around 300,000 leasable sf (the difference between 312,000 and 300,000 is leasing offices, fitness, etc).<br /><br />Data providers tell me the property is achieving $26.64/SF per year in rent right now, currently 97.5% occupied. Your cap and expense assumptions are reasonably accurate for the Ft. Myers market. So, overall, lease leasable area but a little more in rent. <br /><br />Day job is in real estate so figured I'd pass along finer information, the way I look at the apartment valuation I'd end with maybe $4 million more in value. These assets can get refinanced at 75-80% leverage pretty easily, that would be ~$12M back to HMG, no insight into what HMG's other investor partners strategy is, though. Usually you can match capital source to what's going to happen... always enjoy your thoughts, thanks for sharing, good luck.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-65991428250837625192021-11-27T08:08:25.586-06:002021-11-27T08:08:25.586-06:00Hence my disclaimer at the top, it'll probably...Hence my disclaimer at the top, it'll probably come back down, I'm holding.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-46302393433203893962021-11-26T21:54:55.048-06:002021-11-26T21:54:55.048-06:00the stock jumped $2/share on your article.the stock jumped $2/share on your article.Pacojethttps://www.blogger.com/profile/14815754512267587257noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-55501375452270911912021-11-26T06:54:22.444-06:002021-11-26T06:54:22.444-06:00Could be an oversight, but it is a REIT so my unde...Could be an oversight, but it is a REIT so my understanding is the taxes would transfer to the individual, each person's situation is different.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-44055572044669813802021-11-26T02:15:12.261-06:002021-11-26T02:15:12.261-06:00Like always, Thanks for the idea. Is there a reaso...Like always, Thanks for the idea. Is there a reason why you didn't deduct taxes from your analysis?Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.com