Gregor,
I was surprised at the strength of the second leg of this REIT rally. 350 is within target if 329 doesn't mark a topping resistance. I am curious what economic numbers are going to do to REITs. If employment is too strong on Friday's #'s, then a 1/2 point move will be likely at the next fed meeting. That should halt any run in gold, but I'm curious if there are so many $ out there chasing anything that is hot, and the techs continue to melt down, then the REITs could stay hot for 1-2 months while the techs melt. Still, variable rate interest will hurt FFO on many, and if the Nasdaq corrects enough, a bear market should hurt the economy, which will hurt real estate values.
Still the ride up is enjoyable for a change.
SIZ had a surprisingly good report for a REIT that dropped 20% in the last 3 months while the rest of the REITs have run.
Jim,
I love the fundamentals at CRRR. EPR and CARS are the only other REITs that seem to grow that actually have P/E's near or below 10, though CARS is up 25% in the last month. You are right that the management appears to be greedy and self-serving, but I'm hoping that they can be kicked out. I bought some today near 9 and sold that plus a little around 9-3/4 and 10-1/2. I will probably buy back if it gets down to 9-1/2 again. There is probably a 10% chance that the company will be sold. If so, I have heard $12 and $13, but with the $1.50 dividend, one can afford to be patient.
Richard |
