Gregor,
It appears to me that the ^RMS is starting to put in a head and shoulders bottom. Of course we need to keep the upward momentum going.
GLB - apparently in the press release, it stated that earnings derived from Associated Company fees would drop from .06 to .02 quarterly for the next year due to less revenues being earned from some sold properties. Maybe, but a 5-6% drop in FFO growth doesn't mean that the stock needs to drop 25% does it? At $12.00, the dividend is being discounted as cut already. I don't see this happening short term, and would be surprised if it happens at all, but the big money players want out and fast. I imagine this is similar to HIW and TRI, but both of those companies were so attractive near their lows, that takeover attempts are in progress. GLB is 25% cheaper yet, with a book value north of $20.00.
Great buyback opportunity!!!
here's the paragraph about the reduced fee income:
Non Property Revenue
As we have discussed previously, over the last few quarters, sales of properties owned by partnerships managed by the Associated Companies have generated disposition fees, as well as asset and property management fees, which will diminish as a result of the liquidation of those partnerships. Non-property revenues -- primarily third party management fees and income from the Associated Companies -- averaged $2.1 million or $0.06 per share in each of the first three quarters, which the company expects to decline to approximately $750,000 or $0.02 per share in the fourth quarter and each quarter in 2000
Richard |
