the only thing about that guidance is that it is pre-split i believe, as TARR did a 3 for 2 split in the interim, so the adjusted guidance would be about 2.60 to 2.80 a share, still not bad for a stock trading at 19 and change
that said, the company seems to be executing well in its space, and my non-industry-insider view is that the condo business is a decent place to be at this point, with prices reasonable and demand increasing from aging buyers who don't want to do yard work, and/or are buying second "homes" in areas like florida and arizona
biz.yahoo.com
normally it's a good sign to see real estate companies being proactive, in the same way that successful investors are usually proactive, making adjustments to their portfolio to improve its quality and results for the long term
biz.yahoo.com
quote from their recent earnings release, where they talked about selling more rental property to fund their home building business without diluting their stock:
"While the 2004 numbers were extremely strong, it is the homebuilding pipeline that fuels our confidence in Tarragon's continued rapid growth," Friedman said. "Our homebuilding pipeline includes over 3,800 units with potential sales in excess of $1.5 billion in communities where we have site control, and have initially determined project feasibility. Our pipeline one year ago was less than $700 million." |
