REITS - Buying 1 - 2 weeks before going ex-dividend Message Board

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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend

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To: bob s who wrote (1416)	7/28/1999 9:21:00 AM
From: Richard Barron	Read Replies (2) of 2561

Bob, I was pleased that KPA didn't drop any in FFO. It is very cheap, trading less than 6 x trailing FFO, but a few competitors are still building excessively, so significant earnings growth is likely short term. I would imagine it pays to add some shares every 6 months at these prices, as the dividend looks quite secure at 67% of FFO. It isn't significantly leveraged either. I picked some up last week around 9-1/4 and will trade out of most of it around 10 and 11. It is trading just below book. WRE is a darling and needs to grow FFO to maintain this status. It didn't disappoint and the FFO multiple is approaching 11, down from 13-14 a year ago. It is a good company with a great long term and mediocre 5 year performance, (since the end of 1994 when the price carried an expensive FFO multiple). WRE probably will trade between 16 and 17-1/2 until REITs climb out of the rut they are stuck in. OFC and CCG both are down 5-10% in the last few days/weeks, and reported stellar FFO growth this morning. Richard

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