According to latest Realty Stock Review, MT common stock has a net asset value of $10.57 a share, which is $1,563 million. It has debt of $2,708 million, and $70 million of preferred. Its interest coverage is 2.1. They are showing FFO for 2000 of $1.43 and AFFO of $1.19.
Butch Cash was named CEO on March 23rd. I am sure that he has his plate full, but his silence is very loud.
Going back to the NAV number in the first paragraph, MT common stock has NAV of about 36% of the company's estimated total value. So, in liquidating assets, they can't take much of a mark down without seriously reducing the NAV of the common. If the NAV estimate is accurate, selling assets at 75 cents on the dollar would, for example, reduce the common stock by about 70% from the NAV to just over $3.00 a share.
I hoped that by now Butch Cash would have released an update of MTs plan of action. The stock can't do much more than slowly sink in value when people know nothing about its progress. No news is not good news in this kind of situation. |
