SugarRE

Too small for Greenstreet, which would be a big win if they could get covered.

I might have been a bit to harsh, but I would like more detail and I am focused on the spin. There was just a general overview of that they call the properties. Hoping that "the little book...." lessons can help me out there as CR said below. Can I assume you all are following land and buildings soapbox as well?

While I mostly like "too complicated" this one seems too complicated. I am only now catching up after my initial 2 hours spent on this 2 or 3 weeks ago, but at first blush I like the development spin off. People are going to hate it.....which makes it interesting maybe via forced sales. Has anyone seen (besides the garbage in the presentation), good info on what the portfolios actually are. I know I'm being a bit lazy, but......

While I mostly like "too complicated" this one seems too complicated. I am only now catching up after my initial 2 hours spent on this 2 or 3 weeks ago, but at first blush I like the development spin off. People are going to hate it.....which makes it interesting maybe via forced sales. Has anyone seen (besides the garbage in the presentation), good info on what the portfolios actually are. I know I'm being a bit lazy, but......

I'm reaching out to a few REIT investors to see if this is showing up on any of their radars yet. Any thoughts?

I'm more of an asset valuation person so some of the structuring nuances can get lost on me bu the below from the recent 10k was a bit scary. I didn't diligently check if it was in prior 10ks. And I only took my favorite section. Brookfield DTLA’s subsidiaries have issued, and may in the future issue, equity securities that are senior to the equity interests of such subsidiary that are owned, directly or indirectly, by the Company. The respective organizational documents of Brookfield DTLA and its subsidiaries generally do not restrict the issuance of debt or equity by any of Brookfield DTLA’s subsidiaries, and any such issuance may adversely impact the amount of funds available to Brookfield DTLA for any purpose, including for dividends or other distributions to holders of its capital stock, including the Series A preferred stock. As part of the transactions immediately following the consummation of the merger with MPG, subsidiaries of the Company issued equity interests that rank senior to the equity securities of such subsidiaries held indirectly by Brookfield DTLA, and as a result, effectively rank senior to the Series A preferred stock. Additionally, at the time of the merger with MPG, DTLA Holdings made a commitment to contribute up to $260.0 million in cash or property to New OP, for which it will be entitled to receive a preferred return. As of December 31, 2019 and the date of this report, $44.5 million is available to the Company under this commitment for future funding. The Series B preferred interest in New OP held by DTLA Holdings is effectively senior to the interest in New OP held by Brookfield DTLA and has a priority on distributions senior to the equity securities of such subsidiaries held indirectly by Brookfield DTLA and, as a result, effectively rank senior to the Series A preferred stock. The Series B preferred interest in New OP may limit the amount of funds available to Brookfield DTLA for any purpose, including for dividends or other distributions to holders of its capital stock, including the Series A preferred stock. Then in the cash flows and notes, it seems as they are using the Series B as a type of a revolver.

A bit delayed here....but my 2 cents on this masturbation. If one is truly looking at private market value as THE valuation metric, buyers of individual real estate assets and portfolios do not load them with corporate OH/G&A when purchasing. I'm almost 20 years into a career with name brand core/value add/debt investment management organizations. Not once have I underwritten my salary into a purchase. I could be wrong, but........

In case you all didn't notice my mistake and virtually snicker at me, I misread the press release between day job tasks so please disregard my last post. Damn roman numerals!

United Development Funding Income Fund V (“UDF V”) also announced today that on September 9, 2020 its board of trustees authorized a cash distribution of $1.694 per share payable on September 30, 2020 to shareholders of record at the close of business on September 23, 2020.

Trying again.....can anyone help with their asset base?

Can anyone connect me with the author of the original VIC post?

I've been very slowly digging into this and wanted to throw a few comments/questions out there and then one request resulting from my own pure laziness. From in market DD, i have heard that the CEO of UDF is slippery, unsavory, self serving, etc like many private REIT managers. While it seems there is little chance of fraud given the progress of these suits, it seems pretty obvious there were massive conflicts. And this is an externally managed REIT, sooooooo, is there any strong argument that when there is clarity on the financials, they are not just going to go back to making crappy land equity (ooops, I mean land loans) to their friends and sending the mother company big fees? In the vein of conflicts, I believe their biggest borrower is widely known as a great salesman...but not necessarily real estate investor. Though on second thought, maybe thats what you need to be to sell lots! Any thoughts on NexPoint/Highland owning almost 10%? Or am I not adding correctly and its more. https://www.nexpointgroup.com/wp-content/uploads/2020/06/NHF-12.31.19-Annual-Report.pdf http://investors.udfiv.com/Cache/IRCache/752ac659-360a-5228-d3f9-dda37a8036e7.pdf For the lazy ask, I'm trying to get a read on the land collateralizing their loans (assuming that so much interest has accrued that they effectively own the land (which is really the game in in event). Does anyone have a nice neat chart of the properties collateralize the land (or seen a write up where that exists)? While they will remain nameless, I have some in market folks who have been in this biz for a few decades who have offered to help get a read on the positions to figure if they are ripe for sales this cycle, next cycle or after we are gone.

And also to be fair, I personally (in line with BG) don't love the risk of waiting for others to be shareholder friendly. There are too many other fish in the sea. That said I hold a small position.

I'm familiar with some of the players in the LA private real estate community, so was passing along the general feel of a conversation I've had with someone familiar with the portfolio. And to be fiar, much of my research on this topic has been second hand review of work done. And yes, it was communicated to me that they were not going to bring the prefs current. I was not a first party to the conversation, so did they mean they were going to drag it out as long as possible? Who knows. Do they want to get paid on their equity from the purchase? Obviously.

Has anyone gained insight from Bulldog? From credible market sources I've heard that B is not going to pay .