# RNY - RNY Property Trust



## System (16 August 2010)

Reckson New York Property Trust is the first Australian listed property trust with the primary strategy of investing in office properties in the New York Tri State area in the U.S.   

http://www.rnypt.com.au


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## countryboy (19 August 2010)

*Re: RNY - Reckson New York Property Trust*

Recent announcement was kinda positive

Occupancy rates dropped from 88.4% to 82.2% 


 They are using  distributable earnings of 2 cents  to repay debt. 

Decline in NTA to 45 cents from 47 cents.

 A 10th  Sept visit from some bankers is an important date and if we can jump thru this ring RNY could continue to claw its way back to profitability.

Share price of 10-14c of recent times reflects the fact that we wont be getting a divy for some time and have survived the worst of GFC and resulting property price drops.
Holding for a couple of years now


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## Huskar (29 May 2011)

*Re: RNY - Reckson New York Property Trust*

Interesting to note that Intelligent Investor is very bullish on RNY and RCU.

Argument is that these REITs are vastly undervalued as compared with similarly listed REITs in the US. 

RNY is selling at .3x book value and has positive cash flow. Concern is that the book value figure is illusory and will be further devalued. The question is how much lower will US commercial property prices go?


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## countryboy (23 February 2015)

Share price sitting around 36 c
Occupancy levels are under considerable pressure coming into 2015
last slide show stated they were looking at some minor capital works to improve the attractiveness of some leases
We still have a truck load of debt to deal with.....so one wonders how this share price continues its slow track north

Us $- Aus $ ??


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## Huskar (25 February 2015)

countryboy said:


> Share price sitting around 36 c
> Occupancy levels are under considerable pressure coming into 2015
> last slide show stated they were looking at some minor capital works to improve the attractiveness of some leases
> We still have a truck load of debt to deal with.....so one wonders how this share price continues its slow track north
> ...




It was doing nothing for a year while AUD fell considerably, I think some of recent rises is just playing catchup. Still a fair bit of value in this in my opinion what with pick up in US economy the commercial property market will follow suit in not too distant future. Provided RNY merely realises its already significantly marked down property prices then at a 30% discount to NTA still


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## Cashflows (16 November 2016)

This is my worst investment so far. So I'm writing about it in the hopes I learn the lessons which will prevent me from making similar mistakes in the future, and also because I really didn't want to - which means it's probably a good way of processing it.

 I suppose it was a good case study on the second edge of the sword of leverage, and as howard marks has said, 'leverage magnifies outcomes, but doesn't add value.' I'm not saying I'm anti-leverage, but am saying that it is worth recognizing that it you borrow money to purchase an asset and that asset decreases in value then the loss on the original investment dramatically increases. And you have to couch up more money to cover the equity... 

I wonder in hindsight if I should have taken greater consideration of the recent valuations in July, which wrote the BV even more despite the rather vicious write offs 6 months earlier. This is certainly one case in which the market knew something I didn't, and perhaps because of my lack of knowledge of the commercial property market in the tri-state area (circle of competence) I should never have invested in RNY in the first place... 

Lastly, perhaps ignoring or should I say compartmentalizing different spheres without considering their possible impacts was an issue. I'm talking about the impact that all of the political uncertainty of the presidential election would have on buyer's decisions and their risk appetites - regardless of who won. To think I almost sold out two weeks ago at $0.11 - which would have been only a 15% loss... Fortunately, it was only 2% of the overall portfolio and I didn't average down as I normally would have but a loss is a loss. I think that it was less about the money that I lost and more about the fact that my 'fundamental analysis' of the company was wrong... and I hate being wrong haha.

Can't think of a suitable conclusion other than I hope nobody reads this miserable post haha.


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## peter2 (16 November 2016)

I know how a bad loss feels. We all do. A bad loss is holding on when you know you should have sold earlier. Nobody is perfect, but we can get better and make fewer mistakes if we learn as we go. 

You have the opportunity to learn from this mistake. Obviously you'll make adjustments to your company assessment process. 

You've got to feel much better now that you're out. Losing 66% of 2% is OK. You can earn that back soon if your investment process has a positive edge. There are good opportunities out there waiting for you to discover them.


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## System (2 March 2021)

On February 26th, 2021, RNY Property Trust (RNY) was removed from the ASX's Official List in accordance with Listing Rule 17.11, after security holders resolved to remove RNY from the Official List.


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