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Strategies & Market Trends : Value Investing

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From: Paul Senior	3/17/2005 3:05:55 PM
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Starting a position in recent IPO GMH Communities Trust. GCT is "a Maryland real estate investment trust (REIT). It is a self-advised specialty housing company focused on providing housing to college and university students residing off-campus and to members of the U.S. military residing at installations throughout the country. GMH Communities will also provide property management services to third party owners of student housing, including colleges, universities and other private owners." Ruling reason for buying: At current price ($11.90/sh) you get the stock at price lower than several insiders recently paid. An example: Chairman Holloway bought 160,000 sh. at $12.10-$12.35 on 1-Mar-05, according to Yahoo. finance.yahoo.com ------ While waiting there's a 5.4% div. yield. Negatives include: IPO - not much business or stock history; aggressive competitors; niche market - may not be a viable business inside a REIT; no record of dividend history, no indication of increasing FFO - might be too late in the real estate cycle to be buying REITs, etc.

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