Wolfpack Research
@WolfpackReports
Wolfpack Research is a short-biased activist research and due-diligence firm founded by Dan David. For personal/political views follow @Dan_David44
We are short $CTO because we believe its dividend is unsustainable and management has deceived investors with a bullshit AFFO, a sham loan, and false and misleading statements about its tenants. It's like $CTO is aiming to be the $RILY of REITs. Our analysis shows a $38M cash…
For those unfamiliar with shopping center REITs, this is incorrect. Only maintenance capex that does not extend the useful life or improve the productive capacity of the asset is expensed per CTO. The costs that we added back to arrive at real AFFO were the ones that $CTO itself…
They can't even do basic accounting. FFO/AFFO calculations both start with Net Income. Maintenance Capex is expensed as incurred, so deducting it again, as they say is needed is an accounting error. That's literally their entire argument. It's pathetic.
🚨Stop everything you're doing, NEW Chopping Block🪓 just dropped: zeroesfinance.com/cto-the-b-rile… @Dan_David44 of @WolfpackReports joins @zeroes_finance to reveal his short thesis on CTO Realty Growth. $CTO #RealEstateInvesting #ShortSelling #FinanceNews #StockMarket #Stocks
Dan and his team Wolfpack Research nailed the short thesis and then some on the $RILY crime scene, so when they compare $CTO to B Riley in the same sentence, my ears certainly perk up. Where is Realty Growth's response to this? If you're a shareholder, wouldn't this worry you?
We are short $CTO because we believe its dividend is unsustainable and management has deceived investors with a bullshit AFFO, a sham loan, and false and misleading statements about its tenants. It's like $CTO is aiming to be the $RILY of REITs. Our analysis shows a $38M cash…
I agree with this skeptical take on $CTO. Earnings quality is poor and mgmt are frenetic dealmakers. I'm not short presently but I have been at times over the last 18 months.
We are short $CTO because we believe its dividend is unsustainable and management has deceived investors with a bullshit AFFO, a sham loan, and false and misleading statements about its tenants. It's like $CTO is aiming to be the $RILY of REITs. Our analysis shows a $38M cash…