FSP. Okay, I'll take a starter position.
Complicated,confusing, conflicting situation to my mind.
Unlevered real estate. But company seeks to prepare for increase in debt:
biz.yahoo.com
Catch22 as regards their possible property sales:
"There are properties in our portfolio, which we believe have potential merit as sale candidates for a variety of reasons, some "property specific" and some "market driven". However, we generally consider sales of properties viable only if there is a potentially better property in which to reinvest the sales proceeds. Without any permanent mortgage debt and with significant cash already on the balance sheet, property sales would generate cash that is not currently needed for reserves or for mortgage debt pay down. Cash does not generate significant returns these days, and, consequently, we are less likely to consider any significant property sales until the Company has acquired other properties that we believe have the potential to outperform the ones being sold. Market conditions and pricing of potentially acceptable property acquisitions have presented a challenge. However, potentially acceptable acquisition and sale opportunities are appearing more likely for the second half of 2005 and could, if consummated, positively impact 2005 second half results."
"Opportunities" don't look as good now, but "more likely" later in 2005. Why?
Dividend seems to fluctuate now, more so than in past.
Has been in business several years - they emphasize their real estate experience - but only recently as a public company.
------
Stock's a buy for me. Will MAYBE add a touch of stability to a portfolio.
Increasing dividend history.
phx.corporate-ir.net
Maybe increases can continue. (maybe not) Maybe dividend yield on today's stock price might be approaching 7%.
Buying stock today below prices some insiders recently paid. |
