News Quarterly Financial Results

[Zachary]

Okay so with this whole land sale or lease situation, I have been under the assumption for a long time that we are only talking about owned but undeveloped land.

Examples include the expansion lot across the street from SWO or the vast swathes of undeveloped parcels adjacent to SWSA, rather than the parks themselves. Am I mistaken with that?

CEO said "some or most of our real estate." They're definitely flirting with a full REIT/leaseback setup akin to EPR's there by my reading. I think if they meant undeveloped, they definitely would have included that word in the prepared remarks.

It's not the first time they've floated selling off to a REIT or spinning off a REIT either if I remember correctly. Seems to be the first time they've publicly admitted to taking offers though.

 

[MakoMania]

I see what you're saying, I guess I just didn't take it that way. Especially with their answer to the analyst question about whether they are considering if the buyer/leaser's intended use of the land would be complementary to the nearby parks.

 

[rvadude85]

CEO said "some or most of our real estate." They're definitely flirting with a full REIT/leaseback setup akin to EPR's there by my reading. I think if they meant undeveloped, they definitely would have included that word in the prepared remarks.

It's not the first time they've floated selling off to a REIT or spinning off a REIT either if I remember correctly. Seems to be the first time they've publicly admitted to taking offers though.

I don't like this one bit. This deserves watching closely. It's one thing to sell or lease a small section of land let's say for a hotel which I would be supportive of for a park like BGW. But a full REIT/leaseback would be a disastrous decision to say the least.

 

[warfelg]

Here’s my prediction if they ever do REIT/leaseback and use BGW:
It would become a Kingsmill housing and course expansion quickly.

 

[rvadude85]

Here’s my prediction if they ever do REIT/leaseback and use BGW:
It would become a Kingsmill housing and course expansion quickly.

Good point, I think that certainly could be possible. But hopefully not! lol

 

[MisterToro]

Imagine owning your home. Then imagine selling the land under your house to an investor with an agreement in place allowing you to continue living in your house on its same land, but you just have to rent said land from the investor from now on.

This is really a thing, called a residential sale-leaseback. And people actually fall for it. It's baaad news for the *former* property owner.

Just one example: Rentback.com