Real Estate Updates, Earnings and Warrants, Plus a Guest Commentary

A few Friday File notes as we prepare for the Value Investing Congress


The portion of my brain that’s dedicated to our weekly missives to the Irregulars is on standby, waiting to see if there’s anything of interest to share with you on Monday and Tuesday of next week during the Value Investing Congress in Las Vegas (if you’ve shelled out your $4,500 to be at the Congress too, drop me an email — The least I can do is buy you a drink).

But we do like to make sure you’ve always got plenty to read, of course, so even though I’m again writing to you from an airplane (more successfully this time), we’ve prepared some extra content for you.

We’re featuring a guest column from a longtime reader today, Myron Martin, and we’ll let him share his thoughts with you once a month for a few months and see if folks are interested in seeing his musings continue. You can see that commentary here, special for the Irregulars (if you lost your username or password, just contact us) — this time he actually expresses some interest in a few stocks we’ve covered this week from the teaser world, though I expect that probably won’t happen very often. Myron and I have differing opinions about lots of things, but I’m always curious to see what kinds of small cap and junior stocks he’s exploring — he writes about a few different ideas and sectors today, but he tends to focus on the little junior mining stocks. Juniors make my head hurt, but that I know many of you are interested in hearing more about them, so hopefully Myron’s musings on this stuff will be of interest.

Here’s what I’ve got to share for now as I fly westward:

I’ve written several times about Retail Opportunity Investments Corp (ROIC), which has been one of our better investments, and the ROIC Warrants, which have been shoot-out-the-lights good since we covered them last year. I’ve been a bit concerned about what might happen with the stock in the short term after they absorb the impact of a large number of warrant exercises hitting the stock with a higher share count, but it turns out it’s not having a particularly severe impact on their guidance so far.

The report for the first quarter was more or less as expected, funds from operations at 19 cents per share and a continuing ...

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