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Strategies & Market Trends : Value Investing

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To: gcrispin who wrote (28473)	10/11/2007 11:33:25 AM
From: Brendan W	Read Replies (1) of 78639

I'm intrigued by manufactured homes and timber REITs due to their "contra" nature. Calling a turn on SUI requires more prescience than I can bring. In the span 2002 to the present they have increased long-term debt by $500 million, decreased equity by $260 million, increased assets by only $100 million, turned operating income into operating losses. Effectively, they are paying for the dividend ($220 million over the period) and buybacks ($58 million) with debt. Is there some strength over this period that I am missing, or is your call based on forecasting a turn in operating performance?

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